Report of Independent Accountants
To the Trustees and Shareholders of
J.P. Morgan Bond Fund,
J.P. Morgan Emerging Markets Equity Fund,
J.P. Morgan Federal Money Market Fund,
J.P. Morgan Global Strategic Income Fund,
J.P. Morgan International Equity Fund,
J.P. Morgan Short Term Bond Fund and
J.P. Morgan Treasury Money Market Reserves Fund
In planning and performing our audits of the
financial
statements of J.P. Morgan Bond Fund, J.P.
Morgan
Emerging Markets Equity Fund, J.P. Morgan
Federal
Money Market Fund, J.P. Morgan Global Strategic
Income
Fund, J.P. Morgan International Equity Fund,
J.P. Morgan
Short Term Bond Fund and J.P. Morgan Treasury
Money
Market Reserves Fund (the Funds) for the year
ended
October 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
October 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
December 15, 2000
To the Trustees and Shareholders of
J.P. Morgan Bond Fund,
J.P. Morgan Emerging Markets Equity Fund,
J.P. Morgan Federal Money Market Fund,
J.P. Morgan Global Strategic Income Fund,
J.P. Morgan International Equity Fund,
J.P. Morgan Short Term Bond Fund and
J.P. Morgan Treasury Money Market Reserves Fund
