To the Investors and Trustees of
"J.P. Morgan Emerging Markets Debt Fund,"
J.P. Morgan New York Tax Exempt Bond Fund and
J.P. Morgan Tax Exempt Bond Fund
Report of Independent Accountants
To the Shareholders and Trustees of
"J.P. Morgan Emerging Markets Debt Fund,"
J.P. Morgan New York Tax Exempt Bond Fund and
J.P. Morgan Tax Exempt Bond Fund
In planning and performing our audits of the
financial statements of J.P. Morgan Emerging
"Markets Debt Fund, J.P. Morgan New York Tax"
Exempt Bond Fund and J.P. Morgan Tax Exempt
Bond Fund (the Fund) for the year ended July
"31, 2000, we considered their internal"
"control, including control activities for"
"safeguarding securities, in order to"
determine our auditing procedures for the
purpose of expressing our opinion on the
financial statements and to comply with the
"requirements of Form N-SAR, not to provide"
assurance on internal control.
The management of the Funds is responsible
for establishing and maintaining internal
"control. In fulfilling this responsibility,"
estimates and judgments by management are
required to assess the expected benefits and
"related costs of controls. Generally,"
controls that are relevant to an audit
pertain to the entitys objective of
preparing financial statements for external
purposes that are fairly presented in
conformity with generally accepted accounting
principles. Those controls include the
safeguarding of assets against unauthorized
"acquisition, use or disposition."
Because of inherent limitations in internal
"control, errors or fraud may occur and not be"
"detected. Also, projection of any evaluation"
of internal control to future periods is
subject to the risk that it may become
inadequate because of changes in conditions
or that the effectiveness of their design and
operation may deteriorate.
Our consideration of internal control would
not necessarily disclose all matters in
internal control that might be material
weaknesses under standards established by the
American Institute of Certified Public
Accountants. A material weakness is a
condition in which the design or operation of
one or more of the internal control
components does not reduce to a relatively
low level the risk that misstatements caused
by error or fraud in amounts that would be
material in relation to the financial
statements being audited may occur and not be
detected within a timely period by employees
in the normal course of performing their
"assigned functions. However, we noted no"
matters involving internal control and their
"operation, including controls for"
"safeguarding securities, that we consider to"
be material weaknesses as defined above as of
"July 31, 2000."
This report is intended solely for the
"information and use of management, the"
Trustees of the Funds and the Securities and
Exchange Commission and is not intended to be
and should not be used by anyone other than
these specified parties.
PricewaterhouseCoopers LLP
"New York, New York"
15-Sep-00
