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Semi-Annual Report February 28, 2001 (unaudited)
JPMorgan Tax Free Funds
Tax Free Income Fund
Intermediate Tax Free Income Fund
New York Intermediate Tax Free Income Fund
New Jersey Tax Free Income Fund
California Intermediate Tax Free Fund
[LOGO]JPMorganFleming
Asset Management
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Contents
Letter to the Shareholders ................................................ 1
JPMorgan Tax Free Income Fund Fund Commentary ............................. 3
JPMorgan Intermediate Tax Free Income Fund Fund Commentary ................ 5
JPMorgan New York Intermediate Tax Free Income Fund Fund Commentary ....... 7
JPMorgan New Jersey Tax Free Income Fund Fund Commentary .................. 9
JPMorgan California Intermediate Tax Free Fund Fund Commentary ............ 11
Portfolio of Investments .................................................. 13
Financial Statements ...................................................... 47
Notes to Financial Statements ............................................. 53
Highlights
o The municipal bond market benefited from an influx of investors fleeing
the volatile equity markets during the reporting period.
o Lower interest rates led to strong total returns.
o The California electric utility deregulation crisis had an impact on the
market, leading to sharp underperformance by California municipal
securities.
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NOT FDIC INSURED | May lose value / No bank guarantee
----------------------------------------------------
JPMorgan Funds are distributed by J.P. Morgan Fund Distributors, Inc.
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JPMorgan Tax Free Funds
LETTER TO THE SHAREHOLDERS
April 9, 2001
Dear Shareholder:
We are pleased to present this semi-annual report for the JPMorgan Tax Free
Income Funds for the six-month period ended February 28, 2001. As you are aware,
a historic merger was completed on December 31, 2000 between JPMorgan and The
Chase Manhattan Corp., creating JPMorgan Chase & Co. In an effort to give a
common name to the mutual funds that draw upon the outstanding resources of the
combined entity, your Fund's Trustees approved the proposal to re-name your
Funds on February 28, 2001 as the JPMorgan Funds. Please be assured of our
commitment to you, and know that the investment objectives and the account
privileges of your Fund will remain unchanged. Inside you'll find in-depth
information on each of the tax-free funds along with updates from the portfolio
management team.
As Economy Slows, Fixed Income Securities Rise
As the reporting period began in September, the formerly red-hot U.S. economy
was showing definite signs of slowing following a series of interest rate
increases by the Federal Reserve Board that began in June 1999. While the
country was focused on the Presidential election campaign and post-election
drama, the slowdown accelerated and broadened much faster than was anticipated
by most economists and market analysts.
Investors who had come to favor equities over fixed income securities during the
long bull market in stocks, particularly Nasdaq stocks, began to feel the pinch
of the ongoing stock market correction in the fall. As they began to look for
alternatives, the municipal bond market was a prime beneficiary. As 2000 drew to
a close, the erratic supply of new issues in December sparked a sharp rise in
municipal bond prices.
Investors Snap Up New Supply
With state and local governments looking to take advantage of the lower interest
rate environment to issue and refund municipal bonds, long-term issuance was up
43% in the first two months of 2001 compared to the similar period in 2000. This
new supply was met by investors, and over $2 billion flowed into long-term
tax-free mutual funds. Of course, the market was further supported by the Fed's
unexpected 50-basis point Fed Funds rate cut on January 3rd, a subsequent
50-basis point move at the end of January and the expectation that aggressive
rate-cutting would continue.
While municipal finances across the country remained strong and credit concerns
were generally subdued, the electric utility deregulation crisis in California
led to a sharp selloff in California issues. After trading at a premium for
years, California bonds lost significant ground in the first two months of 2001
and, as the period ended, were no longer trading
1
JPMorgan Tax Free Funds
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at lofty levels. While we are carefully monitoring the situation in California,
in particular the impact of the new supply of General Obligation (GO) bonds that
will likely have to be issued, we do not expect significant further
deterioration relative to other states.
New Resources, Same Commitment
On behalf of the thousands of professionals working on your behalf, I thank you
for the trust you have placed in us over the years and welcome you to the
JPMorgan Family of Funds. We look forward to serving your investment needs for
many years to come.
Sincerely yours,
/s/ George Gatch
George Gatch
Managing Director
2
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JPMorgan Tax Free Income Fund
As of February 28, 2001 (Unaudited)
HOW THE FUND PERFORMED
JPMorgan Tax Free Income Fund, which seeks to provide tax-exempt income through
higher-quality municipal bonds, had a total return of 5.42% (Class I shares,
without sales charges) for the six months ended February 28, 2001. This compares
to the 5.19% return from the Lehman Municipal Bond Index.
HOW THE FUND WAS MANAGED
A major factor in the fixed income markets in the final four months of 2000 was
the compression in yields between bonds of higher and lower quality in a market
with relatively little new supply. Therefore, a key aspect of management
strategy involved upgrading quality and call protection, since the yield
compression meant that the Fund could buy higher quality and better structured
issues without giving up very much in terms of yield.
Additionally, the management team maintained a longer-than-benchmark duration
during almost all of the reporting period, which helped performance as interest
rates fell given that longer-term securities fared better in the falling rate
environment. To further benefit from falling rates, the management team moved
out of premium coupon bonds and into discount coupons given the latter's higher
interest-rate sensitivity.
Having reduced exposure to California in November given what the management team
considered to be overly rich price levels, the Fund was well positioned for the
selloff in California bonds that accompanied the electric utility deregulation
crisis. As the reporting period ended, the management team had begun switching
from a focus on the 20-year portion of the yield curve to the 15-year area,
effectively reducing the Fund's duration.
LOOKING AHEAD
The management team expects the Federal Reserve Board to continue cutting
short-term interest rates in light of the ongoing economic slowdown. With the
view that the sweet spot on the yield curve will be in the 15-17 year range, the
management team may reduce exposure to 30-year discount coupon bonds that have
gone up significantly in value and focus on premium issues in the desired 15-17
year maturity range. Finally, the Fund's underweight exposure to California is
slowly and carefully being increased given what are the most attractive relative
yield levels seen in years, with a focus on revenue bonds whose payment of
principal and interest is not expected to be affected by the energy crisis.
3
JPMorgan Tax Free Income Fund
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As of February 28, 2001 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR 5 YEARS 10 YEARS
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CLASS A SHARES
WITHOUT SALES CHARGE 12.12% 5.57% 6.78%
WITH SALES CHARGE 7.13% 4.61% 6.29%
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CLASS B SHARES
WITHOUT CDSC 12.09% 5.57% 6.78%
WITH CDSC 7.09% 5.25% 6.78%
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CLASS I SHARES 12.12% 5.57% 6.78%
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10-YEAR PERFORMANCE (2/28/91 TO 2/28/01)
[GRAPHIC OMITTED]
Source: Lipper Analytical Services. Past performance is not indicative of future
results. Investment return and principal value will fluctuate so that shares,
when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 4.50%. Class B Shares CDSC: 5% for the one-year
period, 2% for the five-year period and 0% for the ten-year period.
Returns for Class I shares include performance of a predecessor account for the
period dating back to 2/28/91, prior to the Fund's commencement of operations on
1/1/97. Returns for Class I shares are adjusted to reflect historical expenses
at the levels indicated (absent reimbursements) in the Expense Summary as
disclosed in the prospectus at the Fund's commencement of operations. The
account was not registered with the Securities and Exchange Commission and,
therefore, was not subject to the investment restrictions imposed by law on
registered mutual funds. If it had been registered, the performance may have
been adversely affected.
Class A and B Shares were introduced on 2/16/01. Performance is based on the
historical expenses of the predecessor Class I Shares, which are lower than the
expenses for Class A and B Shares.
The Fund is currently waiving fees. The waiver may be terminated, which would
reduce performance.
The graph illustrates comparative performance of $10,000 (Class I), and assumes
reinvestment of all distributions. Performance of the unmanaged average and
index does not include sales charges, but includes reinvestment of all
distributions. The Lehman Municipal Bond Index is a broad-based index that
replicates the long-term, investment grade tax-exempt bond market. The Lipper
Index consists of funds that invest in municipal bonds. Investors cannot invest
directly in an index. Capital gains are subject to federal income tax, a portion
of the Fund's income may be subject to the Alternative Minimum Tax and some
investors may be subject to certain state and local taxes.
4
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JPMorgan Intermediate Tax Free Income Fund
As of February 28, 2001 (Unaudited)
HOW THE FUND PERFORMED
JPMorgan Intermediate Tax Free Income Fund had a total return of 4.72% (Class I
shares, without sales charges) for the six months ended February 28, 2001. This
compares to the 4.83% return of the Lehman Municipal Intermediate Mutual Fund
Index and 4.64% from the Lehman Municipal Bond 3-10 Year Blend Index.
HOW THE FUND WAS MANAGED
A major factor in the fixed income markets in the final four months of 2000 was
the compression in yields between bonds of higher and lower quality in a market
with relatively little new supply. Therefore, a key aspect of management
strategy involved upgrading quality and call protection, since the yield
compression meant that the Fund could buy higher quality and better structured
issues without giving up very much in terms of yield.
Additionally, the management team maintained a longer-than-benchmark duration
throughout most of the reporting period, which helped performance as interest
rates fell given that longer-term securities fared better in the falling rate
environment. To further benefit from falling rates, the management team moved
out of premium coupon bonds and into discount coupons given the latter's higher
interest-rate sensitivity.
Having reduced exposure to California in November given what the management team
considered to be overly rich price levels, the Fund was well positioned for the
selloff in California bonds that accompanied the electric utility deregulation
crisis. In the last two months of the reporting period, the management team
further extended duration, selling bonds maturing in 2002/2003 and buying 13- to
16-year maturities.
LOOKING AHEAD
The management team expects the Federal Reserve Board to continue cutting
short-term interest rates in light of the ongoing economic slowdown. With the
view that the sweet spot on the yield curve will be in the 15-year range, the
management team will continue its focus in this area. The Fund's underweight
exposure to California is slowly and carefully being increased given what are
the most attractive relative yield levels seen in years, with a focus on revenue
bonds whose payment of principal and interest is not expected to be affected by
the energy crisis.
5
JPMorgan Intermediate Tax Free Income Fund
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As of February 28, 2001 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR 5 YEARS 10 YEARS
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10.07% 5.34% 6.70%
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10-YEAR PERFORMANCE (2/28/91 TO 2/28/01)
[GRAPHIC OMITTED]
Source: Lipper Analytical Services. Past performance is not indicative of future
results. Investment return and principal value will fluctuate so that shares,
when redeemed, may be worth more or less than their original cost.
Returns include performance of a predecessor account for the period dating back
to 2/28/91, prior to the Fund's commencement of operations on 1/1/97. Returns
are adjusted to reflect historical expenses at the levels indicated (absent
reimbursements) in the Expense Summary as disclosed in the prospectus at the
Fund's commencement of operations. The account was not registered with the
Securities and Exchange Commission and, therefore, was not subject to the
investment restrictions imposed by law on registered mutual funds. If it had
been registered, the performance may have been adversely affected. The Fund is
currently waiving fees. The waiver may be terminated, which would reduce
performance.
The graph illustrates comparative performance of $10,000 (Class I), and assumes
reinvestment of all distributions. Performance of the unmanaged average and
indices does not include sales charges, but includes reinvestment of all
distributions. The Lehman Municipal Bond 3-10 year Blend Index replicates the 3,
5, 7 and 10 year term investment grade tax-exempt bond market. The Lipper Index
consists of funds that invest in intermediate tax-exempt municipal bonds.
Investors cannot invest directly in an index. Capital gains are subject to
federal income tax, a portion of the Fund's income may be subject to the
Alternative Minimum Tax and some investors may be subject to certain state and
local taxes.
6
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JPMorgan New York Intermediate Tax Free Income Fund
As of February 28, 2001 (Unaudited)
HOW THE FUND PERFORMED
JPMorgan New York Intermediate Tax Free Income Fund, which seeks to provide
tax-exempt income through higher-quality, longer-term municipal bonds, had a
total return of 5.02% (Class I shares, without sales charges) for the six months
ended February 28, 2001. This compares to the 4.78% return of the Lehman
Intermediate NY Municipal Bond Index.
HOW THE FUND WAS MANAGED
A major factor in the fixed income markets during the first four months of the
reporting period was the compression in yields between bonds of higher and lower
quality in a market with relatively little new supply. Therefore, a key aspect
of management strategy involved upgrading quality and call protection, since the
yield compression meant that the Fund could buy higher quality and better
structured issues without giving up very much in terms of yield. Although there
was a brief supply bubble in early 2001 that caused a decompression in quality
yields, it subsided rather quickly and the management team continued to upgrade
quality, primarily by selling A-rated New York City General Obligation bonds and
moving into insured bonds for minimal loss of yield.
The management team maintained a longer-than-benchmark duration in the first
part of the reporting period, which helped performance as interest rates fell
given that longer-term securities fared better in the falling rate environment.
To further benefit from falling rates, the management team moved out of premium
coupon bonds and into discount coupons given the latter's higher interest-rate
sensitivity. Duration was trimmed back in the latter part of the period as the
management team focused on 15-20 year bonds at the expense of 30-year issues.
When the New York supply bulge arrived, the management team was able to capture
the higher yields associated with the heavy issuance. It achieved this by
selling Puerto Rico bonds which were trading at high levels in light of the
California electric utility deregulation crisis. Puerto Rico bonds are free of
state and local income taxes and benefited from investors looking to get out of
California issues while maintaining state tax free income.
LOOKING AHEAD
The management team expects the Federal Reserve Board to continue cutting
short-term interest rates in light of the ongoing economic slowdown and,
therefore, anticipates maintaining a long duration relative to its new
intermediate-term benchmark. With the view that the sweet spot on the yield
curve will be in the 15-17 year range, the management team may further reduce
exposure to longer-term discount coupon bonds that have gone up significantly in
value and focus on premium issues in the desired 15-17 year maturity range.
7
JPMorgan New York Intermediate Tax Free Income Fund
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As of February 28, 2001 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR 5 YEARS 10 YEARS
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CLASS A SHARES
WITHOUT SALES CHARGE 10.81% 5.44% 6.46%
WITH SALES CHARGE 5.83% 4.48% 5.97%
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CLASS B SHARES
WITHOUT CDSC 10.79% 5.44% 6.46%
WITH CDSC 5.79% 5.11% 6.46%
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CLASS I SHARES 10.81% 5.44% 6.46%
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10-YEAR PERFORMANCE (2/28/91 TO 2/28/01)
[GRAPHIC OMITTED]
Source: Lipper Analytical Services. Past performance is not indicative of future
results. Investment return and principal value will fluctuate so that shares,
when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 4.50%. Class B Shares CDSC: 5% for the one-year
period, 2% for the five-year period and 0% for the ten-year period.
Returns for Class I shares include performance of a predecessor account for the
period dating back to 2/28/91, prior to the Fund's commencement of operations on
1/1/97. Returns for Class I shares are adjusted to reflect historical expenses
at the levels indicated (absent reimbursements) in the Expense Summary as
disclosed in the prospectus at the Fund's commencement of operations. The
account was not registered with the Securities and Exchange Commission and,
therefore, was not subject to the investment restrictions imposed by law on
registered mutual funds. If it had been registered, the performance may have
been adversely affected.
Class A and B Shares were introduced on 2/16/01. Performance is based on the
historical expenses of the predecessor Class I Shares, which are lower than the
expenses for Class A and B Shares.
The Fund is currently waiving fees. The waiver may be terminated, which would
reduce performance.
The graph illustrates comparative performance of $10,000 (Class I), and assumes
reinvestment of all distributions. Performance of the unmanaged average and
index does not include sales charges, but includes reinvestment of all
distributions. Comparison of Fund performance to the Lehman Intermediate New
York Municipal Bond Index is not presented as the Index lacks ten years of
history. The Lehman Municipal Bond Index is a broad-based index that replicates
the long-term, investment grade tax-exempt bond market. The Lipper Index
consists of funds that invest in New York intermediate tax-exempt municipal
bonds. Investors cannot invest directly in an index. Capital gains are subject
to federal income tax, a portion of the Fund's income may be subject to the
Alternative Minimum Tax and some investors may be subject to certain state and
local taxes.
8
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JPMorgan New Jersey Tax Free Income Fund
As of February 28, 2001 (Unaudited)
HOW THE FUND PERFORMED
JPMorgan New Jersey Tax Free Income Fund had a total return of 5.92% (Class A
shares, without sales charges) for the six months ended February 28, 2001. This
compares to the 4.67% return from the Lehman Quality Intermediate Index and the
5.19% return from the Lehman Municipal Bond Index.
HOW THE FUND WAS MANAGED
A major factor in the fixed income markets in the final four months of 2000 was
the compression in yields between bonds of higher and lower quality in a market
with relatively little new supply. Therefore, a key aspect of management
strategy involved upgrading quality and call protection, since the yield
compression meant that the Fund could buy higher quality and better structured
issues without giving up very much in terms of yield.
Additionally, the management team extended duration early in the reporting
period to take advantage of falling interest rates that accompanied the U.S.
economic slowdown. The Fund also sold Puerto Rico bonds which were trading at
high levels in line with California issues in the latter part of 2000 (income
from Puerto Rico bonds is exempt from California state income taxes). With the
proceeds, the Fund purchased New Jersey bonds. To further benefit from falling
rates, the management team began moving out of premium coupon bonds and into
discount coupons given the latter's higher interest-rate sensitivity. This focus
on discount coupon bonds proved beneficial in late 2000 and throughout the first
two months of 2001.
The Fund held its long duration into 2001 and continued to take advantage of
high prices on Puerto Rico bonds by selling them and buying New Jersey bonds
with 15- to 20-year maturities.
LOOKING AHEAD
The management team expects the Federal Reserve Board to continue cutting
short-term interest rates in light of the ongoing economic slowdown. With the
view that the sweet spot on the yield curve will be in the 15-17 year range, the
management team will continue its focus in the area.
9
JPMorgan New Jersey Tax Free Income Fund
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As of February 28, 2001 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR 5 YEARS 10 YEARS
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12.51% 5.24% 6.02%
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10-YEAR PERFORMANCE (2/28/91 TO 2/28/01)
[GRAPHIC OMITTED]
Source: Lipper Analytical Services. Past performance is not indicative of future
results. Investment return and principal value will fluctuate so that shares,
when redeemed, may be worth more or less than their original cost.
Returns include performance of a predecessor account for the period dating back
to 2/28/91, prior to the Fund's commencement of operations on 1/1/97. Returns
are adjusted to reflect historical expenses at the levels indicated (absent
reimbursements) in the Expense Summary as disclosed in the prospectus at the
Fund's commencement of operations. The account was not registered with the
Securities and Exchange Commission and, therefore, was not subject to the
investment restrictions imposed by law on registered mutual funds. If it had
been registered, the performance may have been adversely affected. The Fund is
currently waiving fees. The waiver may be terminated, which would reduce
performance.
The graph illustrates comparative performance of $10,000 (Class I), and assumes
reinvestment of all distributions. Performance of the unmanaged average and
indices does not include sales charges, but includes reinvestment of all
distributions. Comparison of Fund performance to the Lehman Quality Intermediate
Index is not presented as the Index lacks ten years of history. The Lehman
Municipal Bond Index is a broad-based index that replicates the long-term,
investment grade tax-exempt bond market. The Lehman 7-Year Municipal Bond Index
replicates the intermediate-term, investment grade tax-exempt bond market. The
Lipper Average consists of funds that invest in New Jersey tax-exempt municipal
bonds. Investors cannot invest directly in an index. Capital gains are subject
to federal income tax, a portion of the Fund's income may be subject to the
Alternative Minimum Tax and some investors may be subject to certain state and
local taxes.
10
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JPMorgan California Intermediate Tax Free Fund
As of February 28, 2001 (Unaudited)
HOW THE FUND PERFORMED
JPMorgan California Intermediate Tax Free Fund, which seeks to provide
tax-exempt income through high-quality municipal bonds, had a total return of
4.50% (Class A shares, without sales charges) for the six months ended February
28, 2001. This compares to the 3.86% return of the Lehman California
Intermediate Municipal Bond Index.
HOW THE FUND WAS MANAGED
A major factor in the fixed income markets in the final four months of 2000 was
the compression in yields between bonds of higher and lower quality in a market
with relatively little new supply. In late 2000, zero coupon bonds in the 10-15
year range had not compressed as much and, therefore, the management team
focused its new purchases in these bonds. The Fund also sold some Puerto Rico
and other territorial bonds (whose income is free of California state income
taxes) to go back into some California issues that were cheaper on a relative
basis. With the onset of the energy crunch in late 2000, the management team
rotated out of the sector into more liquid names.
Moving into 2001, the Fund had a large cash position. This helped relative
performance dramatically as the energy crunch turned into a full-scale crisis
that caused California bonds to sharply underperform issues from other states.
Fortunately, the Fund owned no California General Obligation (GO) bonds and
therefore was able to avoid the worst of the crisis.
As California issues sold off, prices fell to relative levels not seen in many
years, prompting the management team to begin carefully moving back into
California issues using the proceeds from additional sales of Puerto Rico bonds.
However, the Fund focused on revenue bonds whose payment of principal and
interest is not expected to be affected by the energy crisis.
LOOKING AHEAD
The management team expects the Federal Reserve Board to continue cutting
short-term interest rates in light of the ongoing economic slowdown. While
carefully monitoring the situation in California, the management team will look
to continue to purchase California revenue bonds that have sold off along with
other issues during the crisis but whose payment streams are far more secure.
Accordingly, it is expected to continue to avoid General Obligation bonds which
are likely to underperform as new supply is created to end the crisis.
11
JPMorgan California Intermediate Tax Free Fund
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As of February 28, 2001 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS
SINCE
INCEPTION
1 YEAR 5 YEARS 7/16/93
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CLASS A SHARES
WITHOUT SALES CHARGE 11.20% 5.65% 5.49%
WITH SALES CHARGE 6.23% 4.69% 4.85%
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LIFE OF FUND PERFORMANCE (7/16/93 TO 2/28/01)
[GRAPHIC OMITTED]
Source: Lipper Analytical Services. Past performance is not indicative of future
results. Investment return and principal value will fluctuate so that shares,
when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 4.50%.
The graph illustrates comparative performance of $10,000 (Class A), assumes
reinvestment of all distributions and includes a 4.50% sales charge. Performance
of the unmanaged average and indices does not include sales charges, but
includes reinvestment of all distributions. The Lehman Municipal Bond Index is a
broad-based index that replicates the long-term, investment grade tax-exempt
bond market. The Lehman California Intermediate Municipal Bond Index replicates
the California intermediate-term, investment grade tax-exempt bond market. The
Lipper Average consists of funds that invest in California intermediate-term,
investment-grade municipal bonds. Investors cannot invest directly in an index.
Capital gains are subject to federal income tax, a portion of the Fund's income
may be subject to the Alternative Minimum Tax and some investors may be subject
to certain state and local taxes.
12
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JPMorgan Tax Free Income Fund
Portfolio of Investments
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long-Term Municipal Securities- 97.4%
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Alabama- 0.5%
$ 4,000 Jefferson County, Alabama, Sewer, Ser. D, Warrants,
Rev., 5.75%, 02/01/22 $ 4,165
Arizona- 0.8%
5,300 Pima County, Arizona, Unified School District No. 1,
Tucson, GO, 7.50%, 07/01/10 6,586
Arkansas- 0.6%
5,000 Arkansas State, Federal Highway Grant Anticipation,
Ser. A, GO, 5.25%, 08/01/05 5,297
California- 9.7%
2,000 California State, GO, 6.50%, 11/01/09 2,359
1,000 California State, Ser. B, GO, 10.00%, 08/01/02 1,091
1,000 California State, Veterans Bonds, Ser. AM, GO, 9.00%,
10/01/05 1,221
21,000 California Statewide Communities Development
Authority, Sherman Oaks Project, Ser. A, Rev., 5.00%,
08/01/22 20,889
7,000 Corona, California, Public Financing Authority, Water
Utility Improvements, Rev., 4.75%, 09/01/28 6,517
1,000 Fullerton University Foundation, California, Auxiliary
Organization, Ser. A, Rev., 5.75%, 07/01/30 1,062
21,000 Los Angeles, California, Department of Water & Power,
Ser. A, Rev., 5.13%, 07/01/41 20,244
4,000 Los Angeles, California, Harbor Department, Rev., ^,
7.60%, 10/01/18 5,108
1,235 Metropolitan Water District of Southern California,
Ser. A, GO, 5.25%, 03/01/14 1,303
3,000 Modesto, California, Irrigation District Financing
Authority, Ser. A, Rev., 6.00%, 10/01/15 3,279
9,930 Pomona, California, Unified School District, Ser. A, GO,
6.15%, 08/01/15 11,456
13,600 San Joaquin Hills, California, Transportation Corridor
Agency, Cabs, Senior-Lien, Rev., ^, 0.00%, 01/01/24 4,054
2,800 South Orange County, California, Public Financing
Authority, Special Tax, Senior Lien, Ser. A, 6.20%,
09/01/13 3,023
--------
81,606
Colorado- 2.7%
1,190 Adams County, Colorado, School District No. 12, GO,
6.20%, 12/15/10 1,262
1,145 Colorado Water Resources & Power Development
Authority, Drinking Water, Ser. A, Rev., 5.25%,
09/01/11 1,225
360 Colorado Water Resources & Power Development
Authority, Drinking Water, Ser. A, Rev., 5.25%,
09/01/13 380
2,000 Denver, Colorado, City & County Airport,
Ser. A, Rev., 6.00%, 11/15/17 2,155
1,000 Douglas County, Colorado, Sales & Use Tax, Open
Space, Rev., 5.35%, 10/15/14 1,048
6,000 Garfield, Pitkin & Eagle Counties, Colorado, School
District No. Re 1 Roarge, GO, ^, 6.60%, 06/15/04 6,599
See notes to financial statements.
13
JPMorgan Tax Free Income Fund
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Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long-Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
Colorado- Continued
$ 3,050 Platte River Power Authority, Colorado, Ser. DD, Rev.,
6.00%, 06/01/05 $ 3,300
4,400 Platte River Power Authority, Colorado, Ser. DD, Rev.,
6.00%, 06/01/06 4,818
1,620 Platte River Power Authority, Colorado, Ser. DD, Rev.,
6.00%, 06/01/07 1,790
--------
22,577
Connecticut- 0.7%
4,455 Connecticut State Housing Finance Authority, Housing
Mortgage Finance Program, Ser. C1, Rev., 6.60%,
11/15/23 4,625
1,700 Mashantucket Western Pequot Tribe, Connecticut,
Special Obligation, Sub. Ser. A, Rev., 5.50%, 09/01/28 1,583
--------
6,208
Delaware- 0.7%
5,000 Delaware State, Economic Development Authority,
Osteopathic Hospital Association of Delaware, Ser. A,
Rev., ^, 6.90%, 01/01/18 5,964
Florida- 5.0%
3,715 Broward County, Florida, Resource Recovery, SES
Broward Co. LP South Project, Rev., 7.95%, 12/01/08 3,807
2,200 Dade County, Florida, Special Obligation, Miami Beach
Convention Center Project, Special Tax, 8.63%, 12/01/07 2,664
5,000 Daytona Beach, Florida, Water & Sewer, Ser. 1978, Rev.,
^, 6.75%, 11/15/07 5,331
5,000 Florida State, Board of Education, Lottery, Ser. C, Rev.,
4.50%, 07/01/18 4,578
3,000 Florida State, Division of Bond Finance Dept., General
Services, Department of Environmental Protection,
Preservation 2000, Ser. A, Rev., 5.38%, 07/01/11 3,224
3,670 Greater Orlando Aviation Authority, Orlando, Florida,
Airport Facilities, Ser. A, Rev., 6.50%, 10/01/12 3,880
3,205 Hillsborough County, Florida, Aviation Authority,
Tampa International Airport, Ser. B, Rev., 6.00%,
10/01/18 3,617
3,800 Lakeland, Florida, Electric & Water, First Lien, Ser. B,
Rev., 6.05%, 10/01/14 4,356
1,295 Orange County, Florida, Health Facilities Authority,
Ser. A, Rev., 6.25%, 10/01/12 1,490
3,130 Orange County, Florida, Health Facilities Authority,
Ser. A, Rev., ^, 6.25%, 10/01/12 3,651
680 Orange County, Florida, Health Facilities Authority,
Ser. C, Rev., 6.25%, 10/01/12 783
1,630 Orange County, Florida, Health Facilities Authority,
Ser. C, Rev., ^, 6.25%, 10/01/12 1,901
2,505 Orange County, Florida, Tourist Development, Ser. A,
GO, 6.50%, 10/01/10 2,662
495 Orange County, Florida, Tourist Development, Ser. A,
Rev., ^, 6.50%, 10/01/10 528
--------
42,472
See notes to financial statements.
14
JPMorgan Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long-Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
Georgia- 6.4%
$ 5,000 Burke County, Georgia, Development Authority PCR,
Oglethorpe Power Co., Rev., ^, 8.00%, 01/01/03 $ 5,531
10,000 Dalton, Georgia, Development Authority, Rev., 5.50%,
08/15/26 10,493
7,645 De Kalb County, Georgia, Housing Authority, Apartment
Development, Fox Hollow Apartments, Rev., ^, 7.00%,
05/15/07 8,836
1,000 De Kalb County, Georgia, Water & Sewer Systems, Rev.,
5.25%, 10/01/11 1,074
7,000 Georgia Municipal Electric Authority, Power, Ser. Z, Rev.,
5.50%, 01/01/20 7,467
15 Georgia State, Residential Finance Authority, Single
Family Mortgage, Ser. A, Rev., 8.40%, 12/01/18 15
5,000 Metropolitan Atlanta Rapid Transit Authority, Georgia,
Sales Tax, Second Indenture, Ser. A, Rev., ^, 6.90%,
07/01/04 5,594
10,485 Metropolitan Atlanta Rapid Transit Authority, Georgia,
Sales Tax, Ser. P, Rev., 6.25%, 07/01/20 12,154
3,110 Savannah, Georgia, Economic Development Authority,
College of Art & Design Inc. Project, Rev., 6.60%,
10/01/15 3,249
--------
54,413
Hawaii- 0.7%
5,000 Honolulu, Hawaii, City & County, Ser. A, GO, 7.35%,
07/01/08 5,961
Illinois- 1.6%
75 Chicago, Illinois, O'Hare International Airport, Ser. A,
Rev., 7.50%, 01/01/03 76
3,990 Cook County, Illinois, Community High School District
No. 219, Niles Township, GO, 8.00%, 12/01/15 5,339
862 Illinois Health Facilities Authority, Ser. A, Rev., ^, 7.90%,
08/15/03 922
892 Illinois Health Facilities Authority, Ser. A, Rev., ^, 7.90%,
08/15/03 895
3,250 Illinois Housing Development Authority, Multi-Family
Housing, Ser. 1991-A, Rev., 8.25%, 07/01/16 3,348
2,425 Regional Transportation Authority, Illinois, Rev., 6.25%,
07/01/15 2,806
--------
13,386
Indiana- 1.5%
13,000 Indiana Health Facilities Financing Authority, Clarian
Health Obligation Group, Rev., 5.50%, 02/15/30 13,128
Kentucky- 1.1%
8,000 Louisville & Jefferson County, Kentucky, Metropolitan
Sewer District, Sewer & Drain System, Ser. A, Rev., ^,
6.50%, 11/15/04 8,922
Louisiana- 1.1%
2,000 Orleans Parish, Louisiana, School Board, Defeased,
Rev., ^, 8.85%, 02/01/06 2,439
2,000 Orleans Parish, Louisiana, School Board, Defeased,
Rev., ^, 8.90%, 02/01/07 2,510
4,000 Orleans Parish, Louisiana, School Board, GO, ^, 7.50%,
09/01/05 4,610
--------
9,559
See notes to financial statements.
15
JPMorgan Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long-Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
Massachusetts- 2.3%
$ 3,500 Chelsea, Massachusetts, School Project Loan Act of
1948, GO, ^, 6.50%, 06/15/04 $ 3,871
2,750 Haverhill, Massachusetts, Unlimited Tax, Ser. A, GO, ^,
7.00%, 06/15/02 2,926
9,000 Massachusetts State, Port Authority, Ser. B, Rev., 5.50%,
07/01/13 9,420
1,000 New England Education Loan Marketing Corp.,
Massachusetts Student Loan, Sub-Issue H, Rev., 6.90%,
11/01/09 1,117
2,015 South Essex, Massachusetts, Sewer District, Ser. B, GO,
^, 6.75%, 06/01/04 2,242
--------
19,576
Michigan- 0.2%
1,000 Michigan State, Housing Development Authority,
Rental Housing, Ser. B, Rev., 7.55%, 04/01/23 1,022
500 Wayne County, Michigan, Building Authority, Ser. A, GO,
^, 8.00%, 03/01/02 532
--------
1,554
Minnesota- 1.2%
2,670 Anoka-Hennepin, Minnesota, Independent School
District No. 11, Center Enhancement Program, Ser. A,
GO, 5.00%, 02/01/12 2,771
4,175 Anoka-Hennepin, Minnesota, Independent School
District No. 11, Center Enhancement Program, Ser. A,
GO, 5.00%, 02/01/13 4,300
2,845 Anoka-Hennepin, Minnesota, Independent School
District No. 11, Center Enhancement Program, Ser. A,
GO, 5.00%, 02/01/18 2,842
--------
9,913
Mississippi- 0.7%
5,500 Mississippi State, GO, 5.50%, 09/01/10 6,002
Missouri- 0.1%
1,105 Sikeston, Missouri, Electric, Rev., 6.00%, 06/01/16 1,250
Montana- 0.3%
2,320 Montana State, Long-Range Building Program, Ser. B,
GO, 4.50%, 08/01/15 2,253
Nevada- 0.0%
65 Nevada Housing Division, Single Family Housing,
Ser. A-3, Rev., 8.20%, 10/01/19 67
New Hampshire- 0.4%
3,240 Manchester, New Hampshire, Housing & Redevelopment
Authority, Ser. A, Rev., 6.75%, 01/01/15 3,495
New Jersey- 3.9%
4,200 Freehold, New Jersey, Regional High School, GO,
5.60%, 03/01/16 4,464
3,455 Middletown Township, New Jersey, Board of Education,
GO, ^, 5.80%, 08/01/07 3,814
5,215 New Jersey Economic Development Authority,
Educational Testing Service, Ser. B, Rev., ^, 6.25%,
05/15/05 5,811
1,500 New Jersey Sports & Exposition Authority, Rev., ^, 1,625
8.30%, 01/01/03
See notes to financial statements.
16
JPMorgan Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long-Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
New Jersey- Continued
$ 2,905 New Jersey Sports & Exposition Authority, Ser. A, Rev.,
6.50%, 03/01/19 $ 3,039
565 New Jersey Sports & Exposition Authority, Ser. A, Rev.,
^, 6.50%, 03/01/02 594
1,500 New Jersey State, Educational Facilities Authority,
Fairleigh Dickinson University, Ser. G, Rev., 5.70%,
07/01/28 1,356
5,000 New Jersey State, Highway Authority, Garden State
Parkway, Rev., 6.20%, 01/01/10 5,712
1,000 New Jersey State, Transportation Trust Fund Authority,
Transportation Systems, Ser. A, Rev., 5.75%, 06/15/15 1,112
5,000 New Jersey State, Transportation Trust Fund Authority,
Transportation Systems, Ser. B, Rev., 6.50%, 06/15/10 5,873
--------
33,400
New York- 24.7%
3,000 Nassau County, New York, IDA, Civic Facility, Hofstra
University Project, Rev., ^, 6.75%, 08/01/01 3,103
440 New York City, New York, IDA, Civic Facility, Mt. St.
Vincent College, Rev., 7.00%, 05/01/08 468
2,250 New York City, New York, IDA, IDR, Brooklyn Navy Yard
Cogen Partners Project, Rev., 5.75%, 10/01/36 2,079
3,500 New York City, New York, IDA, IDR, Brooklyn Navy Yard
Cogen Partners Project, Rev., 6.20%, 10/01/22 3,535
5,000 New York City, New York, IDA, Special Facilities, British
Airways PLC Project, Rev., 5.25%, 12/01/32 4,493
7,500 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Rev., 5.66%,
06/15/33 7,714
6,565 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Ser. A, Rev., 5.50%,
06/15/23 6,670
2,850 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Ser. A, Rev., 5.75%,
06/15/30 2,988
2,000 New York City, New York, Ser. A, GO, 5.38%, 08/01/15 2,062
12,000 New York City, New York, Ser. A, GO, 6.25%, 08/01/08 13,363
2,450 New York City, New York, Ser. A, GO, 6.25%, 08/01/09 2,714
4,000 New York City, New York, Ser. B, GO, 6.50%, 08/15/10 4,668
8,000 New York City, New York, Transitional Finance Authority,
Future Tax Secured, Ser. C, Rev., 5.50%, 11/01/24 8,256
9,000 New York City, New York, Transitional Finance Authority,
Future Tax Secured, Ser. C, Rev., 5.50%, 11/01/29 9,264
7,160 New York State, Dorm Authority, City University System,
3rd General Reserve, Ser. 2, Rev., 5.00%, 07/01/18 7,110
5,000 New York State, Dorm Authority, City University System,
Ser. A, Rev., 5.75%, 07/01/13 5,572
1,500 New York State, Dorm Authority, Nursing Home, Ser. A,
Rev., 5.50%, 08/01/30 1,530
2,000 New York State, Dorm Authority, Pratt Institute, Rev.,
6.00%, 07/01/28 2,135
4,500 New York State, Dorm Authority, University of Rochester,
Ser. A, Rev., 6.40%, 07/01/13 4,898
6,000 New York State, Energy Research & Development
Authority, PCR, Niagara Mohawk Power Corp., Ser. A,
Rev., 7.20%, 07/01/29 6,638
See notes to financial statements.
17
JPMorgan Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long-Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
New York- Continued
$ 2,000 New York State, Environmental Facilities Corp., PCR,
Ser. B, Rev., 7.10%, 09/15/11 $ 2,046
2,650 New York State, Environmental Facilities Corp., PCR,
Ser. D, Rev., 6.85%, 11/15/11 2,968
4,100 New York State, GO, ^, 6.30%, 09/15/02 4,359
435 New York State, Housing Finance Agency, Health
Facilities, Monroe County, Ser. A, Rev., 7.63%, 05/01/05 446
4,000 New York State, Housing Finance Agency, State
University Construction, Ser. A, Rev., ^, 7.90%, 11/01/06 4,523
5,500 New York State, Local Government Assistance Corp.,
Ser. C, Rev., ^, 7.00%, 04/01/01 5,628
2,780 New York State, Medical Care Facilities Finance Agency,
Hospital and Nursing Home, Ser. C, Rev., ^, 6.25%,
08/15/12 3,016
2,000 New York State, Medical Care Facilities Finance Agency,
Special Obligation, Mental Health Services
Improvement Facilities, Ser. A, Rev., ^, 8.30%,
05/01/04 2,261
10,155 New York State, Mortgage Agency, Homeowner
Mortgage, Ser. 85, Rev., 5.70%, 10/01/17 10,587
5,000 New York State, Ser. F, GO, 5.25%, 09/15/10 5,326
2,500 New York State, Urban Development Corp., Correctional
Capital Facilities, Rev., 5.70%, 01/01/27 2,597
2,000 Niagara, New York, Frontier Transportation Authority,
Greater Buffalo International Airport, Ser. B, Rev.,
5.75%, 04/01/04 2,106
4,000 Port Authority of New York & New Jersey, Consolidated
Bonds 109th Ser., Rev., 5.38%, 01/15/32 4,061
11,500 Port Authority of New York & New Jersey, Consolidated
Bonds 114th Ser., Rev., 4.75%, 08/01/33 10,727
6,270 Port Authority of New York & New Jersey, Consolidated
Bonds 78th Ser., Rev., 6.50%, 04/15/11 6,524
26,000 Port Authority of New York & New Jersey, Consolidated
Bonds 93rd Ser., Rev., 6.13%, 06/01/94 29,412
9,000 Triborough Bridge & Tunnel Authority, New York,
Convention Center Project, Ser. E, Rev., 7.25%,
01/01/10 10,374
2,000 Utica, New York, IDA, Civic Facility,
Munson-Williams-Proctor Institute Project, Ser. A, Rev.,
5.38%, 07/15/19 2,023
--------
208,244
North Dakota- 0.7%
5,000 Mercer County, North Dakota, PCR, Antelope Valley
Station, Rev., 7.20%, 06/30/13 6,103
Ohio- 3.1%
11,000 Cleveland, Ohio, Public Power System, First Mortgage,
Ser. A, Rev., ^, 7.00%, 11/15/04 12,444
2,000 Dublin, Ohio, Refunding & Public Improvement, Ser. A,
GO, 5.25%, 12/01/14 2,093
12,000 Hamilton County, Ohio, Sales Tax, Sub. Ser. B, Rev.,
Aaa, 5.25%, 12/01/32 12,044
--------
26,581
See notes to financial statements.
18
JPMorgan Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long-Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
Oklahoma- 1.8%
$ 1,960 Oklahoma Housing Finance Agency, Single Family
Housing, Ser. B-2, Rev., 6.80%, 09/01/26 $ 2,122
7,500 Oklahoma State, Turnpike Authority, Second Ser., Ser. A,
Rev., 5.25%, 01/01/13 7,903
5,000 Tulsa, Oklahoma, Metropolitan Utility Authority, Rev.,
5.75%, 09/01/19 5,189
--------
15,214
Oregon- 3.3%
5,780 Oregon State, Higher Education Building, Ser. A, GO, ^,
6.45%, 08/01/04 6,346
11,565 Portland, Oregon, Sewer Systems, Ser. A, Rev., 5.00%,
06/01/15 11,688
3,900 Salem, Oregon, Hospital Facilities Authority, Salem
Hospital, Rev., 5.25%, 08/15/14 3,987
5,000 Washington County, Oregon, Sewer Agency, Senior Lien,
Ser. A, Rev., 5.75%, 10/01/10 5,561
--------
27,582
Pennsylvania- 2.4%
2,255 Allegheny County, Pennsylvania, Hospital Development
Authority, South Hills Health, Ser. B, Rev., 6.75%,
05/01/25 2,363
1,000 Allegheny County, Pennsylvania, IDA, Health Care
Facilities, Presbyterian Senior Care, Rev., 5.75%,
01/01/23 802
3,190 Carbon County, Pennsylvania, IDA, Panther Creek
Partners Project, Rev., 6.65%, 05/01/10 3,269
13,500 Delaware Valley, Pennsylvania, Regional Finance
Authority, Local Government, Ser. A, Rev., 5.50%,
08/01/28 14,172
--------
20,606
Puerto Rico- 6.1%
5,655 Puerto Rico Commonwealth, GO, 6.00%, 07/01/16 6,485
5,000 Puerto Rico Commonwealth, Highway & Transportation
Authority, Ser. B, Rev., 6.00%, 07/01/39 5,418
1,500 Puerto Rico Commonwealth, Highway & Transportation
Authority, Ser. T, Rev., ^, 6.63%, 07/01/02 1,589
60 Puerto Rico Commonwealth, Urban Renewal & Housing
Corp., Rev., 7.88%, 10/01/04 61
25,300 Puerto Rico Electric Power Authority, Ser. HH, Rev.,
5.25%, 07/01/29 25,620
5,000 Puerto Rico Electric Power Authority, Ser. Y, Rev.,
7.00%, 07/01/07 5,869
2,500 Puerto Rico Municipal Finance Agency, Ser. A, GO,
6.00%, 08/01/15 2,798
3,000 Puerto Rico Public Buildings Authority, Government 3,525
Facilities, Ser. A, Rev., 6.25%, 07/01/11
--------
51,365
See notes to financial statements.
19
JPMorgan Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long-Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
South Carolina- 1.3%
$ 6,000 Richland County, South Carolina, School District No. 1,
GO, 4.63%, 03/01/22 $ 5,519
250 South Carolina State, Housing Finance & Development
Authority, Multi-Family Housing, Fairway Apartments
Project, Rev., 7.63%, 04/01/33 255
5,000 South Carolina State, Public Service Authority, Ser. A,
Rev., 6.25%, 01/01/22 5,358
--------
11,132
South Dakota- 0.4%
3,000 Heartland Consumers Power District, Rev., ^, 7.00%,
01/01/16 3,543
100 South Dakota Housing Development Authority,
Homeownership Mortgage, Ser. A, Rev., 5.88%,
05/01/12 104
--------
3,647
Tennessee- 0.7%
3,000 Knox County, Tennessee, Health, Educational &
Housing Facilities Board, University Health Systems
Inc., Rev., 5.63%, 04/01/29 2,798
3,000 Metropolitan Government of Nashville & Davidson
Counties, Tennessee, Water & Sewer, Rev., 5.20%,
01/01/13 3,174
--------
5,972
Texas- 10.3%
6,500 Austin, Texas, Utility System, Rev., 6.00%, 11/15/13 7,382
2,000 Austin, Texas, Utility System, Ser. A, Rev., ^, 8.00%,
05/15/01 2,020
7,000 Dallas-Fort Worth, Texas, International Airport Facilities
Improvement Corp., American Airlines Inc., Rev., 6.38%,
05/01/35 6,990
2,115 Dallas-Fort Worth, Texas, Regional Airport, Ser. A,
7.38%, 11/01/08 2,375
2,945 Dallas-Fort Worth, Texas, Regional Airport, Ser. A,
7.38%, 11/01/09 3,307
2,000 Dallas-Fort Worth, Texas, Regional Airport, Ser. A,
7.38%, 11/01/11 2,236
9,000 Houston, Texas, Airport Systems, Sub-Lien, Ser. B, Rev.,
5.50%, 07/01/30 9,184
59,100 Houston, Texas, Water & Sewer Systems, Capital
Appreciation, Junior Lien, Ser. A, Rev., 0.00%, 12/01/19 21,872
2,500 Houston, Texas, Water Conveyance System, Ser. F,
COP, 7.20%, 12/15/05 2,835
2,000 Houston, Texas, Water Conveyance System, Ser. F,
COP, 7.20%, 12/15/06 2,306
2,400 Klein, Texas, Independent School District, Ser. A, GO,
5.00%, 08/01/17 2,403
10,000 Lewisville, Texas, Independent School District, GO,
5.00%, 08/15/17 9,878
5,000 Plano, Texas, Independent School District, GO, 5.25%,
02/15/15 5,145
8,500 Texas Water Development Board, State Revolving Fund,
Senior Lien, Ser. B, Rev., 5.13%, 07/15/18 8,509
--------
86,442
See notes to financial statements.
20
JPMorgan Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long-Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
Utah- 0.1%
$ 1,000 Sevier County, Utah, Sevier School District, GO, ^, $ 1,116
9.20%, 05/01/03
Virgin Islands- 0.3%
3,000 Virgin Islands Public Finance Authority, Senior Lien, 2,915
Ser. A, Rev., 5.50%, 10/01/22
Washington- 0.0%
250 Washington State, Public Power Supply System, 289
Nuclear Project No. 1, Ser. B, Rev., 7.25%, 07/01/09
- ---------------------------------------------------------------------------------------------
Total Long-Term Municipal Securities 824,962
(Cost $784,348)
- ---------------------------------------------------------------------------------------------
Short-Term Investments- 2.4%
- ---------------------------------------------------------------------------------------------
Municipal Securities- 1.3%
---------------------------
California- 0.0%
100 California PCFA, Resource Recovery, OMS Equity 100
Stanislaus Project, Rev., FRDO, 1.50%, 03/01/01
100 Irvine Ranch, California, Water District, Consolidated 100
Bonds, Rev., FRDO, 1.50%, 03/01/01
-------
200
New Jersey- 0.1%
1,000 New Jersey Economic Development Authority, El Dorado 1,000
Terminals, Ser. B, Rev., FRDO, 2.80%, 03/01/01
Alabama - 1.2%
4,000 Stevenson, Alabama, Industrial Development Board, 4,000
Environmental Improvement, Mead Corp. Project, Ser. B,
Rev., FRDO, 3.15%, 03/01/01
6,000 Stevenson, Alabama, Industrial Development Board, 6,001
Environmental Improvement, The Mead Corp. Project,
Rev., FRDO, 3.15%, 03/01/01
--------------------------------------------------------------------------
Total Municipal Securities 11,201
(Cost $11,201)
- ---------------------------------------------------------------------------------------------
Shares
Money Market Funds- 1.1%
-------------------------
4,389 Provident Municipal Cash Money Market Fund 4,389
5,174 Provident Municipal Money Market Fund 5,174
--------------------------------------------------------------------------
Total Money Market Funds 9,563
(Cost $9,563)
- ---------------------------------------------------------------------------------------------
Total Short-Term Investments 20,764
(Cost $20,764)
- ---------------------------------------------------------------------------------------------
Total Investments-- 99.8% $845,726
(Cost $805,112)
- ---------------------------------------------------------------------------------------------
See notes to financial statements.
21
- --------------------------------------------------------------------------------
JPMorgan Intermediate Tax Free Income Fund
Portfolio of Investments
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long-Term Municipal Securities- 97.8%
- ---------------------------------------------------------------------------------------------
Alabama- 1.8%
$ 8,485 Alabama State, Public School & College Authority,
Capital Improvement, Ser. D, Rev., 5.25%, 08/01/05 $ 8,975
2,650 Alabama State, Ser. A, GO, 5.50%, 10/01/02 2,732
1,000 Shelby County, Alabama, Board of Education, Capital
Outlay School Warrants, 5.70%, 02/01/09 1,070
---------
12,777
California- 0.8%
5,000 Los Angeles County, California, Public Works
Financing Authority, Regional Park & Open Space
District, Ser. A, Rev., ^, 6.00%, 10/01/04 5,512
Colorado - 0.5%
3,000 Eagle, Garfield & Routt Counties, Colorado, School
District No. Re 50J, GO, ^, 6.13%, 12/01/04 3,311
Connecticut- 0.7%
4,735 Connecticut State, Special Tax Obligation,
Transportation Infrastructure, Ser. A, Rev., 5.40%,
06/01/09 5,003
Delaware- 0.5%
3,000 Delaware Transportation Authority, Transportation
System, Rev., 6.00%, 07/01/05 3,252
Florida- 1.2%
2,000 Dade County, Florida, Aviation, Ser. B, Rev., 6.40%,
10/01/06 2,204
1,495 Florida State, Board of Education, Capital Outlay,
Public Education, Ser. B, GO, 5.25%, 06/01/12 1,600
2,000 Florida State, Department of Corrections,
Okeechobee Correctional, COP, 6.00%, 03/01/08 2,172
2,350 Miami-Dade County, Florida, Aviation, Ser. A, Rev.,
5.25%, 10/01/07 2,487
---------
8,463
Georgia- 2.7%
1,720 Forsyth County, Georgia, School District, GO, 5.00%,
07/01/12 1,800
5,000 Georgia Municipal Electric Authority, Ser. DD, Rev.,
7.00%, 01/01/08 5,821
5,000 Georgia State, Ser. B, GO, 6.25%, 04/01/04 5,372
2,000 Georgia State, Ser. D, GO, 6.00%, 10/01/04 2,156
3,700 Metropolitan Atlanta Rapid Transit Authority,
Georgia, Sales Tax, Second Indenture, Ser. A,
Rev., ^, 6.90%, 07/01/04 4,139
---------
19,288
Hawaii- 1.0%
4,405 Hawaii State, Ser CK, GO, ^, 5.25%, 09/01/05 4,675
2,000 Honolulu, Hawaii, City & County, Ser. A, GO, 7.35%,
07/01/06 2,313
---------
6,988
See notes to financial statements.
22
JPMorgan Intermediate Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long-Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
Illinois- 11.1%
$ 1,245 Chicago, Illinois, Park District, Harbor Facilities, Rev.,
5.38%, 01/01/06 $ 1,315
1,500 Chicago, Illinois, Metropolitan Water Reclamation
District, Greater Chicago, Capital Improvement
Bonds, GO, ^, 7.00%, 01/01/08 1,746
10,000 Chicago, Illinois, Metropolitan Water Reclamation
District, Greater Chicago, Capital Improvement, GO,
5.50%, 12/01/12 10,896
5,000 Chicago, Illinois, Metropolitan Water Reclamation
District, Greater Chicago, GO, 5.50%, 12/01/08 5,437
10,025 Chicago, Illinois, Metropolitan Water Reclamation
District, Greater Chicago, GO, 5.50%, 12/01/09 10,918
7,200 Chicago, Illinois, Metropolitan Water Reclamation
District, Greater Chicago, GO, 5.95%, 12/01/07 7,987
3,000 Chicago, Illinois, O'Hare International Airport, General
Airport, Second Lien, Ser. A, Rev., 6.75%, 01/01/06 3,347
6,055 Chicago, Illinois, O'Hare International Airport,
Passenger Facilities Charge, Ser. A, Rev., 5.38%,
01/01/07 6,439
1,000 Illinois Regional Transportation Authority, Ser. B, Rev.,
6.40%, 06/01/12 1,165
1,810 Illinois State, 1st Ser., GO, 5.25%, 08/01/05 1,908
2,565 Illinois State, 1st Ser., GO, 5.50%, 08/01/06 2,751
4,000 Illinois State, 1st Ser., GO, 5.50%, 08/01/07 4,313
5,485 Illinois State, GO, 5.25%, 04/01/04 5,713
2,000 Illinois State, GO, 5.25%, 06/01/10 2,124
1,320 Illinois State, GO, 5.50%, 08/01/06 1,405
10,000 Illinois State, GO, 5.50%, 04/01/10 10,763
---------
78,227
Indiana- 3.2%
2,600 Indiana Municipal Power Agency, Power Supply
Systems, Ser. B, Rev., 5.63%, 01/01/05 2,757
5,500 Indiana Municipal Power Agency, Power Supply
Systems, Ser. B, Rev., 5.80%, 01/01/08 6,015
2,485 Indiana State, Office Building Commission Facilities,
Ser. A, Rev., 5.00%, 07/01/04 2,576
7,315 Indianapolis, Indiana, Gas Utility, Distribution Systems,
Ser. A, Rev., 5.75%, 08/15/08 8,030
3,000 Indianapolis, Indiana, Local Public Improvement,
Bond Bank, Ser. A, Rev., 6.50%, 01/01/08 3,397
---------
22,775
Kansas- 0.3%
2,175 Kansas State, Department of Transportation, Highway,
Rev., 5.00%, 09/01/03 2,245
Kentucky- 0.0%
275 Owensboro, Kentucky, Electric Light & Power, Rev., ^,
10.50%, 01/01/04 298
Louisiana- 0.5%
3,500 Lake Charles, Louisiana, Harbor & Terminal District,
Reynolds Metals Co. Project, Rev., 5.50%, 05/01/06 3,571
See notes to financial statements.
23
JPMorgan Intermediate Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long-Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
Maryland- 4.4%
$ 3,335 Maryland State, Stadium Authority, Rev., 5.75%,
12/15/08 $ 3,587
3,535 Maryland State, Stadium Authority, Rev., 5.80%,
12/15/09 3,796
15,640 Maryland State, State & Local Facilities Loan,
Third Ser., GO, 5.80%, 10/15/08 16,769
6,500 Maryland State, Transportation Authority,
Transportation Facilities Project, Rev., 5.80%,
07/01/06 7,103
---------
31,255
Massachusetts- 4.2%
5,000 Chelsea, Massachusetts, School Project Loan Act of
1948, GO, ^, 5.90%, 06/15/04 5,438
2,045 Massachusetts Bay, Transportation Authority,
General Transportation Systems, Ser. A, Rev.,
5.50%, 03/01/14 2,222
3,000 Massachusetts State, Housing Finance Agency,
Residential Development, Ser. C, Rev., 6.45%,
05/15/04 3,146
10,000 Massachusetts State, Turnpike Authority, Ser. A,
Rev., ^, 5.00%, 01/01/13 10,446
2,000 Massachusetts State, Water Resources Authority,
Ser. A, Rev., 5.50%, 08/01/13 2,185
3,000 Massachusetts State, Water Resources Authority,
Ser. C, Rev., 5.25%, 12/01/15 3,177
1,980 Southeastern, Massachusetts, University Building
Authority Project, Ser. A, Rev., 5.90%, 05/01/09 2,138
1,000 Southeastern, Massachusetts, University Building
Authority Project, Ser. A, Rev., 5.90%, 05/01/10 1,076
---------
29,828
Michigan- 5.1%
2,030 Michigan State, Environmental Protection Program,
GO, 5.50%, 11/01/04 2,157
10,750 Michigan State, Trunk Line, Ser. A, Rev., 5.25%,
11/01/13 11,458
4,000 Michigan State, Trunk Line, Ser. A, Rev., 5.25%,
11/01/15 4,218
3,565 Michigan State, Underground Storage Tank, Financial
Assurance Authority, Ser. I, Rev., 5.75%, 05/01/10 3,824
10,000 Wayne Charter County, Michigan, Airport, Ser. A,
Rev., 5.25%, 12/01/06 10,536
3,780 Wayne Charter County, Michigan, Airport, Ser. A,
Rev., 5.50%, 12/01/07 4,046
---------
36,239
Minnesota- 0.5%
3,000 University of Minnesota, Ser. A, Rev., 5.75%,
07/01/15 3,316
Mississippi- 0.9%
4,000 Mississippi State, Capital Improvements Issue, Ser. I,
GO, 5.50%, 11/01/06 4,312
2,000 Mississippi State, GO, 5.75%, 12/01/12 2,229
---------
6,541
See notes to financial statements.
24
JPMorgan Intermediate Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long-Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
Missouri- 0.2%
$ 1,105 Missouri State, Environmental Improvement &
Energy Resources Authority, Water Pollution
Control & Drinking Water, State Revolving Funds
Program, Ser. B, Rev., 5.50%, 07/01/12 $ 1,209
Nebraska- 0.4%
2,635 American Public Energy Agency, Nebraska, Gas
Supply, Public Gas Agency Project, Ser. A, Rev.,
5.25%, 06/01/11 2,637
Nevada- 2.7%
2,415 Henderson, Nevada, Water & Sewer, Ser. A, GO, 5.50%,
09/01/08 2,614
1,000 Nevada State, GO, 6.75%, 07/01/03 1,010
1,000 Nevada State, Municipal Bond Bank, GO, ^, 7.20%,
11/01/04 1,023
1,000 Nevada State, Municipal Bond Bank,
Project No. 20-23A, GO, ^, 7.20%, 07/01/02 1,008
5,390 Nevada State, Ser. A, GO, 5.00%, 07/01/10 5,629
5,000 Nevada State, Ser. A, GO, 5.60%, 07/15/06 5,299
2,000 Nevada State, Ser. C, GO, 6.50%, 05/01/05 2,197
---------
18,780
New Jersey- 8.8%
3,245 Elizabeth, New Jersey, GO, 6.25%, 08/15/08 3,576
10,000 New Jersey Building Authority, State Building, Rev.,
5.75%, 06/15/09 11,016
955 New Jersey Economic Development Authority, Market
Transition Facility, Senior Lien, Ser. A, Rev., 5.80%,
07/01/08 1,029
8,800 New Jersey Economic Development Authority, Market
Transition Facility, Senior Lien, Ser. A, Rev., 5.80%,
07/01/09 9,482
7,000 New Jersey State, Transportation Trust Fund Authority,
Ser. B, Rev., 5.50%, 06/15/09 7,485
3,660 New Jersey State, Transportation Trust Fund Authority,
Transportation Systems, Ser. A, Rev., 5.75%, 06/15/15 4,069
4,190 New Jersey State, Turnpike Authority, Rev., ^, 5.70%,
05/01/13 4,536
400 New Jersey State, Turnpike Authority, Rev., ^, 10.38%,
01/01/03 436
3,895 New Jersey State, Turnpike Authority, Ser. G, Rev., ^,
5.75%, 01/01/09 4,214
2,545 New Jersey Wastewater Treatment Trust, Ser. A, Rev.,
7.00%, 05/15/06 2,910
2,910 New Jersey Wastewater Treatment Trust, Ser. A, Rev.,
7.00%, 05/15/08 3,428
3,120 New Jersey Wastewater Treatment Trust, Ser. A, Rev.,
7.00%, 05/15/09 3,724
5,520 New Jersey Wastewater Treatment Trust, Ser. C, Rev.,
6.88%, 06/15/07 6,382
---------
62,287
See notes to financial statements.
25
JPMorgan Intermediate Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long-Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
New Mexico- 0.3%
$ 2,075 Gallup, New Mexico, PCR, Plains Electric Generation,
Rev., 6.40%, 08/15/05 $ 2,181
New York- 10.0%
1,500 Long Island Power Authority, New York, Electric
Systems, Ser. A, Rev., 5.50%, 12/01/13 1,647
155 New York State, Dorm Authority, Pooled Capital
Program, Rev., ^, 7.80%, 12/01/05 158
770 New York State, Dorm Authority, St. John's University,
Rev., 6.70%, 07/01/04 793
2,800 New York State, Dorm Authority, State University
Educational Facilities, Ser. A, Rev., 5.50%, 05/15/06 2,994
4,025 New York State, Dorm Authority, State University
Educational Facilities, Ser. A, Rev., 5.50%, 05/15/13 4,404
1,500 New York State, Dorm Authority, State University
Educational Facilities, Ser. A, Rev., 5.50%, 05/15/13 1,643
1,200 New York State, Environmental Facilities Corp., PCR,
State Water Revolving Fund, Ser. D, Rev., 6.55%,
03/15/08 1,227
4,915 New York State, Housing Finance Agency, Housing
Project Mortgage, Ser. A, Rev., 5.40%, 11/01/05 5,201
75 New York State, Medical Care Facilities, Finance
Agency, Rev., ^, 7.38%, 08/15/03 75
6,000 New York State, Ser. B, GO, 5.60%, 08/15/07 6,426
5,000 New York State, Ser. B, GO, 5.70%, 08/15/10 5,314
4,000 New York State, Thruway Authority, Highway &
Bridge Trust Fund, Ser. A, Rev., ^, 5.60%, 04/01/04 4,301
5,700 New York State, Thruway Authority, Highway & Bridge
Trust Fund, Ser. B, Rev., ^, 6.00%, 04/01/04 6,195
5,000 New York State, Thruway Authority, Service Contract,
Local Highway & Bridge, Rev., 5.10%, 04/01/08 5,258
10,000 New York State, Thruway Authority, Service Contract,
Local Highway & Bridge, Rev., 5.20%, 04/01/09 10,574
7,500 New York State, Thruway Authority, Service Contract,
Local Highway & Bridge, Rev., 5.25%, 04/01/03 7,735
3,910 Port Authority of New York & New Jersey,
Consolidated Bonds 112th Ser., Rev., 5.00%, 12/01/05 4,073
1,500 Suffolk County, New York, IDA, IDR, Nissequogue
Cogen Partners Facility, Rev., 4.88%, 01/01/08 1,457
990 Westchester County, New York, IDA, Resource
Recovery, Resco Co. Project, Ser. A, Rev., 5.60%,
07/01/07 1,045
---------
70,520
Ohio- 3.0%
4,000 Montgomery County, Ohio, Solid Waste, Rev., 5.50%,
11/01/10 4,267
1,420 Ohio State, Building Authority, State Facilities,
Administration Building Fund, Ser. A, Rev., 6.00%,
10/01/06 1,564
3,360 Ohio State, Building Authority, State Facilities, Adult
Correctional, Ser. A, Rev., 5.75%, 10/01/08 3,571
5,000 Ohio State, Infrastructure Improvement, Ser. B, GO,
5.25%, 02/01/14 5,309
See notes to financial statements.
26
JPMorgan Intermediate Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long-Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
Ohio- Continued
$ 6,000 Ohio State, Turnpike Commission, Ser. A, Rev., 5.40%,
02/15/09 $ 6,412
---------
21,123
Oregon- 1.3%
5,300 Oregon State, State Board of Higher Education, Ser. A,
GO, ^, 6.00%, 08/01/06 5,925
3,000 Washington County, Oregon, School District No. 3,
Hillsboro, GO, ^, 6.00%, 11/01/05 3,285
---------
9,210
Pennsylvania- 0.7%
3,000 Carbon County, Pennsylvania, IDA, Panther Creek
Partners Project, Rev., 6.65%, 05/01/10 3,074
2,000 Pennsylvania State, Second Ser., GO, 5.00%, 08/01/09 2,108
---------
5,182
Puerto Rico- 2.6%
10,000 Puerto Rico Commonwealth, GO, 5.50%, 07/01/08 10,998
5,500 Puerto Rico Commonwealth, GO, 5.50%, 07/01/09 6,072
1,140 Puerto Rico Industrial, Medical & Environmental
PCFFA, Renasa Inc., Squibb Corp. Project, Rev.,
6.50%, 07/01/04 1,143
---------
18,213
Tennessee- 0.9%
5,335 Tennergy Corp., Tennessee, Gas, Rev., 5.00%,
06/01/09 5,250
1,000 Tennessee State, Ser. A, GO, 5.00%, 05/01/13 1,044
---------
6,294
Texas- 12.1%
2,000 Austin, Texas, Independent School District, Public
Property Finance, Contractual Obligation, GO, 5.25%,
02/01/08 2,126
5,255 Austin, Texas, Utility Systems, Rev., 5.80%,
11/15/06 5,736
3,000 Austin, Texas, Utility Systems, Rev., ^, 6.25%,
05/15/04 3,235
6,200 Dallas, Texas, Civic Center, Improvement, Rev., 5.25%,
08/15/07 6,605
4,845 Dallas, Texas, GO, 5.00%, 02/15/09 5,105
6,220 Harris County, Texas, GO, 5.88%, 10/01/07 6,856
4,940 Houston, Texas, Ser. A, GO, 5.50%, 03/01/04 5,172
8,675 Houston, Texas, Ser. A, GO, 5.50%, 03/01/08 9,337
4,975 Houston, Texas, Water & Sewer Systems, Ser. B, Rev.,
6.40%, 12/01/09 5,297
1,520 Katy, Texas, Independent School District, Ser. A, GO,
5.00%, 02/15/11 1,585
5,300 North East Independent School District, Texas, GO,
6.50%, 10/01/09 6,126
5,650 Texas State, Ser. A, GO, 6.00%, 10/01/05 6,147
7,500 Texas State, Ser. A, GO, 6.00%, 10/01/09 8,431
See notes to financial statements.
27
JPMorgan Intermediate Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long-Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
Texas- Continued
$ 1,320 Texas Water Development Board, State Revolving
Fund, Senior Lien, Rev., 6.20%, 07/15/05 $ 1,385
4,700 Texas Water Development Board, State Revolving
Fund, Senior Lien, Ser. A, Rev., 5.00%, 07/15/07 4,946
3,000 Texas Water Development Board, State Revolving
Fund, Senior Lien, Ser. A, Rev., 5.25%, 07/15/09 3,186
1,000 Texas Water Development Board, State Revolving
Fund, Senior Lien, Ser. A, Rev., 5.63%, 07/15/11 1,084
3,175 Texas Water Development Board, State Revolving
Fund, Senior Lien, Ser. B, Rev., 5.25%, 07/15/08 3,391
---------
85,750
Utah- 1.7%
3,800 Intermountain Power Agency, Utah, Power Supply,
Ser. B, Rev., 6.50%, 07/01/10 4,402
2,850 Salt Lake City, Utah, GO, 5.50%, 06/15/11 3,101
3,915 Utah State, Building Ownership Authority, State
Facilities Master Lease Program, Ser. C, Rev., 5.50%,
05/15/08 4,226
---------
11,729
Vermont- 1.8%
4,100 Burlington, Vermont, Electric, Ser. A, Rev., 6.38%,
07/01/09 4,702
3,510 Vermont State, Ser. A, GO, ^, 6.40%, 01/15/05 3,897
3,510 Vermont State, Ser. A, GO, ^, 6.50%, 01/15/05 3,909
---------
12,508
Virgin Islands- 1.6%
2,500 Virgin Islands Public Finance Authority, Gross Receipts,
Taxes Lien Notes, Ser. A, Rev., 5.63%, 10/01/10 2,633
5,000 Virgin Islands Public Finance Authority, Senior Lien,
Fund Lien Notes, Ser. C, Rev., 5.50%, 10/01/06 5,172
3,070 Virgin Islands Water & Power Authority, Electric
Systems, Rev., 5.25%, 07/01/07 3,151
---------
10,956
Virginia- 1.3%
5,515 Chesapeake Bay Bridge & Tunnel Commission,
Virginia, General Resolution, Rev., 5.75%, 07/01/08 5,968
3,135 Virginia Commonwealth, Transportation Board,
Federal Highway Reimbursement Anticipation
Notes, Rev., 5.50%, 10/01/06 3,388
---------
9,356
Washington- 1.4%
4,340 Grant County, Washington, Public Utilities District
No. 2, Electric, Ser. G, Rev., 5.25%, 01/01/08 4,603
5,000 Washington State, Ser. B, GO, 5.00%, 01/01/07 5,237
---------
9,840
Wisconsin- 7.6%
3,025 Milwaukee County, Wisconsin, Corporate Purpose,
Ser. A, GO, 5.38%, 09/01/05 3,210
2,350 Milwaukee County, Wisconsin, Corporate Purpose,
Ser. A, GO, 5.63%, 09/01/10 2,558
See notes to financial statements.
28
JPMorgan Intermediate Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long-Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
Wisconsin- Continued
$ 5,000 Wisconsin State, Clean Water, Ser. 2, Rev., 5.50%,
06/01/11 $ 5,437
6,545 Wisconsin State, Clean Water, Ser. 2, Rev., 5.50%,
06/01/14 7,090
3,585 Wisconsin State, Clean Water, Ser. 2, Rev., 6.13%,
06/01/06 3,941
6,000 Wisconsin State, GO, GO, 6.20%, 05/01/06 6,618
1,000 Wisconsin State, GO, 6.25%, 05/01/12 1,154
2,775 Wisconsin State, Ser. 1, GO, 5.00%, 11/01/07 2,928
6,275 Wisconsin State, Ser. 1, GO, 5.50%, 11/01/11 6,852
5,000 Wisconsin State, Ser. 2, GO, 5.00%, 05/01/04 5,184
4,450 Wisconsin State, Ser. 3, GO, 5.20%, 11/01/09 4,750
4,040 Wisconsin State, Transportation, Ser. A, Rev., 5.00%,
07/01/05 4,212
---------
53,934
- ---------------------------------------------------------------------------------------------
Total Long-Term Municipal Securities 690,598
(Cost $658,561)
- ---------------------------------------------------------------------------------------------
Short-Term Investments- 1.2%
- ---------------------------------------------------------------------------------------------
Municipal Securities- 0.1%
---------------------------
California- 0.1%
100 California PCFA, Resource Recovery, OMS Equity
Stanislaus Project, Rev., FRDO, 1.50%, 03/01/01 100
500 Irvine Ranch, California, Water District, Capital
Improvement Project, COP, FRDO, 1.40%, 03/01/01 500
100 Irvine Ranch, California, Water District, District No. 105,
140, 240 & 250, GO, FRDO, 1.40%, 03/01/01 100
100 Irvine Ranch, California, Water District, District No. 182,
Ser. A, GO, FRDO, 1.40%, 03/01/01 100
100 Los Angeles, California, Regional Airports
Improvement Corp., Terminal Facility, Los Angeles
International Airport, Rev., FRDO, 3.30%, 03/01/01 100
---------
900
New York- 0.0%
100 Port Authority of New York & New Jersey, Special
Obligation, Versatile Structure Obligation, Ser. 6,
Rev., FRDO, 3.00%, 03/01/01 100
- ---------------------------------------------------------------------------------------------
Total Municipal Securities 1,000
(Cost $1,000)
- ---------------------------------------------------------------------------------------------
Shares
- ---------------------------------------------------------------------------------------------
Money Market Funds- 1.1%
-------------------------
3,654 Provident Municipal Cash Money Market Fund 3,654
3,876 Provident Municipal Money Market Fund 3,876
--------------------------------------------------------------------------
Total Money Market Funds 7,530
(Cost $7,530)
- ---------------------------------------------------------------------------------------------
Total Short-Term Investments 8,530
(Cost $8,530)
- ---------------------------------------------------------------------------------------------
Total Investments-- 99.0% $699,128
(Cost $667,091)
- ---------------------------------------------------------------------------------------------
See notes to financial statements.
29
JPMorgan New York Intermediate Tax Free Income Fund
Portfolio of Investments
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long Term Municipal Securities- 86.7%
- ---------------------------------------------------------------------------------------------
New York- 77.5%
$ 2,000 Albany County, New York, Airport Authority, Rev.,
5.30%, 12/15/15 $ 2,055
1,120 Allegany County, New York, IDA, Civic Facility,
Alfred University, Rev., 5.25%, 08/01/11 1,192
1,290 Amherst, New York, IDA, Civic Facility, Faculty
Student Housing, Ser. B, Rev., 5.75%, 08/01/15 1,411
1,175 Amherst, New York, IDA, Civic Facility, Student
Housing Corp., Ser. A, Rev., 5.50%, 08/01/15 1,251
1,000 Amherst, New York, IDA, Civic Facility, Student
Housing Corp., Ser. B, Rev., 5.50%, 08/01/15 1,065
150 Arkport, New York, Central School District, GO,
5.20%, 06/15/09 160
50 Arkport, New York, Central School District, GO,
5.20%, 06/15/10 53
500 Attica, New York, Central School District, GO,
5.00%, 06/15/15 507
420 Barker, New York, Central School District, GO,
5.13%, 06/01/04 438
480 Barker, New York, Central School District, GO,
5.15%, 06/01/06 507
2,000 Battery Park City Authority, New York, Ser. A, Rev.,
5.50%, 11/01/26 2,046
1,040 Beacon, New York, City School District, GO, 5.50%,
07/15/11 1,130
250 Brentwood, New York, Union Free School District, GO,
5.63%, 06/15/11 273
100 Brentwood, New York, Union Free School District, GO,
5.63%, 06/15/12 109
650 Brentwood, New York, Union Free School District, GO,
5.63%, 06/15/13 704
590 Burnt Hills-Ballston Lake, New York, Central School
District, GO, 5.40%, 07/15/16 616
305 Burnt Hills-Ballston Lake, New York, Central School
District, GO, 5.50%, 07/15/17 320
375 Burnt Hills-Ballston Lake, New York, Central School
District, GO, 5.50%, 07/15/18 392
250 Chenango Forks, New York, Central School District, GO,
5.63%, 06/15/11 273
850 Chenango Forks, New York, Central School District, GO,
5.70%, 06/15/12 930
1,655 Cleveland Hill, New York, Union Free School District,
Cheektowaga, GO, 5.50%, 10/15/13 1,775
1,730 Cleveland Hill, New York, Union Free School District,
Cheektowaga, GO, 5.50%, 10/15/14 1,844
175 Colonie, New York, Public Improvement, Ser. B, GO,
5.20%, 04/01/04 182
375 Colonie, New York, Public Improvement, Ser. B, GO,
5.20%, 04/01/05 394
185 East Meadow, New York, Fire District, GO, 5.30%,
04/01/04 193
250 East Meadow, New York, Fire District, GO, 5.30%,
04/01/05 263
250 East Meadow, New York, Fire District, GO, 5.30%,
04/01/06 265
See notes to financial statements.
30
JPMorgan New York Intermediate Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
New York- Continued
$ 885 Erie County, New York, Public Improvement, GO,
6.00%, 01/15/05 $ 919
855 Erie County, New York, Ser. B, GO, 6.00%, 03/15/06 889
1,695 Erie County, New York, Water Authority,
Improvement & Extension, Rev., ^, 5.75%, 12/01/08 1,815
1,050 Goshen, New York, Central School District, GO,
5.00%, 06/15/16 1,078
1,050 Goshen, New York, Central School District, GO,
5.00%, 06/15/17 1,071
1,070 Lindenhurst, New York, Union Free School District, GO,
5.25%, 07/15/12 1,132
1,295 Lindenhurst, New York, Union Free School District, GO,
5.25%, 07/15/16 1,341
1,460 Lindenhurst, New York, Union Free School District, GO,
5.25%, 07/15/17 1,500
5,000 Long Island Power Authority, New York, Electric
Systems, Ser. A, Rev., 5.50%, 12/01/11 5,508
405 Longwood Central School District at Middle Island,
New York, GO, 4.80%, 06/15/11 418
1,290 Longwood Central School District at Middle Island,
New York, GO, 4.80%, 06/15/13 1,311
525 Mahopac, New York, Central School District, Ser. B, GO,
5.60%, 06/15/14 568
815 Mahopac, New York, Central School District, Ser. B, GO,
5.60%, 06/15/15 876
1,090 Massapequa, New York, Union Free School District,
Ser. A, GO, 5.38%, 06/15/09 1,179
2,180 Massapequa, New York, Union Free School District,
Ser. A, GO, 5.38%, 06/15/12 2,341
2,485 Massapequa, New York, Union Free School District,
Ser. A, GO, 5.40%, 06/15/13 2,653
3,135 Massapequa, New York, Union Free School District,
Ser. A, GO, 5.70%, 06/15/16 3,374
500 Metropolitan Transportation Authority, New York,
Commuter Facilities, Ser. B, Rev., 6.10%, 07/01/09 565
2,000 Metropolitan Transportation Authority, New York,
Dedicated Tax Fund, Ser. A, Rev., 5.50%, 04/01/16 2,085
200 Metropolitan Transportation Authority, New York,
Transportation Facilities, Ser. C, Rev., 4.75%, 07/01/16 197
510 Metropolitan Transportation Authority, New York,
Transportation Facilities, Ser. C, Rev., 5.25%, 07/01/16 545
550 Monroe County, New York, IDA, Public Improvement,
Canal Ponds Park, Ser. A, Rev., 7.00%, 06/15/13 581
1,050 Monroe County, New York, Public Improvement, GO,
4.50%, 06/01/09 1,073
775 Monroe County, New York, Public Improvement, GO,
4.50%, 06/01/10 788
100 Monroe County, New York, Public Improvement, GO,
6.00%, 03/01/01 100
1,230 Monroe County, New York, Public Improvement, GO,
6.00%, 03/01/12 1,401
1,000 Monroe County, New York, Public Improvement, GO,
6.00%, 03/01/14 1,140
See notes to financial statements.
31
JPMorgan New York Intermediate Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
New York- Continued
$ 1,000 Monroe County, New York, Public Improvement, GO,
6.00%, 03/01/18 $ 1,132
1,000 Monroe County, New York, Public Improvement, GO,
6.00%, 03/01/19 1,129
1,020 Monticello, New York, Central School District, GO,,
5.63%, 06/15/06 1,101
2,400 Municipal Assistance Corp. for New York City, Ser. E,
Rev., 6.00%, 07/01/05 2,607
6,740 Municipal Assistance Corp. for New York City, Ser. E,
Rev., 6.00%, 07/01/06 7,393
6,500 Municipal Assistance Corp. for New York City, Ser. G,
Rev., 6.00%, 07/01/08 7,251
2,000 Nassau County, New York, General Improvement,
Ser. Q, GO, 5.20%, 08/01/12 2,099
1,800 Nassau County, New York, General Improvement,
Ser. R, GO, 5.13%, 11/01/03 1,870
2,010 Nassau County, New York, IDA, Civic Facility, Hofstra
University Project, Rev., 5.00%, 07/01/03 2,075
1,705 Nassau County, New York, IDA, Civic Facility, Hofstra
University Project, Rev., 5.00%, 07/01/06 1,791
4,740 Nassau County, New York, IDA, Civic Facility, Hofstra
University Project, Rev., 5.25%, 07/01/09 5,077
1,000 Nassau County, New York, Ser. E, GO, 7.00%, 03/01/04 1,077
450 New York City, New York, IDA, Civic Facility,
Mt. St. Vincent College, Rev., 7.00%, 05/01/08 479
1,000 New York City, New York, IDA, Civic Facility, New School
for Social Research, Ser. A, Rev., 5.75%, 09/01/15 1,057
1,430 New York City, New York, IDA, Civic Facility, New York
Blood Center Inc. Project, Rev., ^, 7.20%, 05/01/04 1,577
1,500 New York City, New York, IDA, Civic Facility, YMCA
Greater New York Project, Rev., 5.80%, 08/01/16 1,471
3,010 New York City, New York, IDA, IDR, Brooklyn Navy Yard
Cogen Partners Project, Rev., 6.20%, 10/01/22 3,040
1,380 New York City, New York, Industrial Development
Agency, Civic Facility, Polytechnic University Project,
Rev., 5.00%, 11/01/04 1,404
1,435 New York City, New York, Industrial Development
Agency, Civic Facility, Polytechnic University Project,
Rev., 5.13%, 11/01/06 1,470
2,500 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Rev., 5.66%,
06/15/33 2,571
3,000 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Ser. A, Rev.,
5.75%, 06/15/31 3,157
1,010 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Ser. A, Rev.,
7.00%, 06/15/09 1,030
725 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Ser. A, Rev., ^,
7.00%, 06/15/01 740
2,000 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Ser. B, Rev.,
5.50%, 06/15/27 2,047
See notes to financial statements.
32
JPMorgan New York Intermediate Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
New York- Continued
$ 1,000 New York City, New York, Ser. A, GO, 6.25%, 08/01/03 $ 1,049
1,025 New York City, New York, Ser. A, GO, 6.38%, 08/01/05 1,077
500 New York City, New York, Ser. A, GO, ^, 6.10%, 08/01/02 518
475 New York City, New York, Ser. A, GO, ^, 6.38%, 08/01/02 501
60 New York City, New York, Ser. D, GO, ^, 7.65%, 02/01/02 63
2,500 New York City, New York, Ser. E, GO, 6.00%, 08/01/07 2,766
2,000 New York City, New York, Ser. F, GO, 5.75%, 02/01/12 2,121
400 New York City, New York, Ser. F, GO, 8.25%, 11/15/02 419
1,250 New York City, New York, Ser. G, GO, 5.75%, 02/01/04 1,318
75 New York City, New York, Ser. H, GO, 6.88%, 02/01/02 77
40 New York City, New York, Ser. H, GO, 7.00%, 02/01/06 42
460 New York City, New York, Ser. H, GO, ^, 7.00%, 02/01/02 482
975 New York City, New York, Ser. H, GO, ^, 7.10%, 02/01/02 1,023
25 New York City, New York, Ser. H, GO, ^, 7.10%, 02/01/12 26
315 New York City, New York, Ser. I, GO, 7.75%, 08/15/01 321
1,000 New York City, New York, Transit Authority,
Metropolitan Transportation Authority, Triborough,
Ser. A, COP, 5.63%, 01/01/12 1,090
4,575 New York City, New York, Transitional Finance
Authority, Future Tax Secured, Ser. A, Rev., 5.00%,
11/15/09 4,823
1,700 New York City, New York, Transitional Finance
Authority, Future Tax Secured, Ser. A, Rev., 5.50%,
02/15/08 1,836
1,550 New York City, New York, Trust Cultural Resources,
Museum of Modern Art, Ser. A, Rev., 5.40%, 01/01/12 1,596
1,000 New York Convention Center, Operating Corp., Yale
Building Acquisition Project, COP, 6.50%, 12/01/04 1,018
100 New York State, Dorm Authority, Canisius College, Rev.,
4.75%, 07/01/12 102
525 New York State, Dorm Authority, Canisius College, Rev.,
4.85%, 07/01/13 537
295 New York State, Dorm Authority, Canisius College, Rev.,
4.95%, 07/01/14 299
230 New York State, Dorm Authority, Canisius College, Rev.,
5.00%, 07/01/15 232
1,545 New York State, Dorm Authority, City University System,
Ser. D, Rev., 5.75%, 07/01/06 1,675
1,000 New York State, Dorm Authority, City University System,
3rd General Reserve, Ser. 1, Rev., 5.25%, 07/01/08 1,059
3,000 New York State, Dorm Authority, City University System,
3rd General Reserve, Ser. 2, Rev., 5.00%, 07/01/17 2,954
2,500 New York State, Dorm Authority, City University System,
3rd General Reserve, Ser. 2, Rev., 5.38%, 07/01/13 2,637
3,565 New York State, Dorm Authority, City University System,
Ser. A, Rev., 5.75%, 07/01/13 3,972
2,000 New York State, Dorm Authority, City University System,
Ser. B, Rev., 5.75%, 07/01/07 2,188
2,470 New York State, Dorm Authority, City University System,
Ser. D, Rev., 7.00%, 07/01/09 2,810
3,080 New York State, Dorm Authority, City University System,
Ser. D, Rev., 7.00%, 07/01/09 3,504
470 New York State, Dorm Authority, Long Island University,
Rev., 5.00%, 09/01/12 487
See notes to financial statements.
33
JPMorgan New York Intermediate Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
New York- Continued
$ 1,020 New York State, Dorm Authority, Long Island University,
Rev., 5.13%, 09/01/10 $ 1,078
1,000 New York State, Dorm Authority, Long Island University,
Rev., 5.25%, 09/01/11 1,065
1,000 New York State, Dorm Authority, Memorial Sloan
Kettering Cancer Center, Ser. C, Rev., 5.50%, 07/01/09 1,081
1,000 New York State, Dorm Authority, Memorial Sloan
Kettering Cancer Center, Ser. C, Rev., 5.50%, 07/01/23 1,063
1,215 New York State, Dorm Authority, Mental Health
Services, Facilities Improvement, Ser. B, Rev., 5.50%,
02/15/12 1,300
1,665 New York State, Dorm Authority, Mental Health
Services, Facilities Improvement, Ser. B, Rev., 5.60%,
08/15/13 1,787
170 New York State, Dorm Authority, New York University,
Rev., ^, 6.38%, 07/01/01 175
2,580 New York State, Dorm Authority, New York University,
Rev., ^, 6.38%, 07/01/07 2,651
2,000 New York State, Dorm Authority, New York University,
Ser. A, Rev., 5.75%, 07/01/09 2,212
1,000 New York State, Dorm Authority, New York University,
Ser. A, Rev., 5.75%, 07/01/15 1,112
3,500 New York State, Dorm Authority, New York University,
Ser. A, Rev., 5.75%, 07/01/16 3,878
500 New York State, Dorm Authority, Nursing Home, Ser. A,
Rev., 5.50%, 08/01/20 513
2,015 New York State, Dorm Authority, Rockefeller University,
Rev., 5.00%, 07/01/12 2,101
1,400 New York State, Dorm Authority, Rockefeller University,
Rev., 5.00%, 07/01/28 1,366
1,305 New York State, Dorm Authority, Special Act, School
Districts Program, Rev., 5.30%, 07/01/11 1,394
2,065 New York State, Dorm Authority, State Service Contract,
Albany County, Rev., 5.25%, 04/01/12 2,153
340 New York State, Dorm Authority, State Service Contract,
Albany County, Rev., 5.50%, 04/01/08 366
1,000 New York State, Dorm Authority, State University
Educational Facilities, Ser. A, Rev., 5.25%, 05/15/11 1,059
1,380 New York State, Dorm Authority, State University
Educational Facilities, Ser. A, Rev., 5.50%, 05/15/06 1,480
6,500 New York State, Dorm Authority, State University
Educational Facilities, Ser. A, Rev., 5.50%, 05/15/13 7,111
2,000 New York State, Dorm Authority, State University
Educational Facilities, Ser. C, Rev., ^, 7.38%, 05/15/10 2,353
2,500 New York State, Energy Research & Development
Authority, Electric Facilities, Lilco Project, Ser. B, Rev.,
FRDO, 5.30%, 11/01/23 2,429
5,000 New York State, Energy Research & Development
Authority, PCR, New York State Electric and Gas Corp.,
Ser. E, Rev., 5.90%, 12/01/06 5,494
7,200 New York State, Environmental Facilities Corp., PCR,
State Water Revolving Fund, New York City Municipal
Water, Rev., 5.75%, 06/15/12 8,050
See notes to financial statements.
34
JPMorgan New York Intermediate Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
New York- Continued
$ 1,425 New York State, Environmental Facilities Corp., PCR,
State Water Revolving Fund, Ser. A, Rev., 7.25%,
06/15/10 $ 1,469
5,415 New York State, Environmental Facilities Corp., PCR,
State Water Revolving Fund, Ser. E, Rev., 6.00%,
06/15/12 6,184
1,000 New York State, GO, 2.75%, 07/01/04 972
345 New York State, GO, 5.25%, 03/01/09 366
1,280 New York State, Housing Finance Agency, Health
Facilities, Monroe County, Ser. A, Rev., 7.63%,
05/01/05 1,314
300 New York State, Housing Finance Agency, Multi-Family
Housing, Ser. A, Rev., 6.95%, 08/15/12 314
530 New York State, Housing Finance Agency, Rev., 8.00%,
11/01/08 540
650 New York State, Housing Finance Agency, Service
Contract Obligation, Ser. A, Rev., ^, 7.38%, 03/15/02 689
1,550 New York State, Housing Finance Agency, State
University Construction, Ser. A, Rev., ^, 8.00%,
05/01/11 1,949
205 New York State, Medical Care Facilities Finance Agency,
Mortgage Project, Ser. A, Rev., 5.40%, 08/15/04 216
70 New York State, Medical Care Facilities Finance Agency,
Rev. ^, 7.70%, 08/15/03 72
3,365 New York State, Mortgage Agency, Ser. 19, Rev., ^,
4.45%, 10/01/15 3,366
1,000 New York State, Municipal Bond Bank Agency, Special
Program, Buffalo, Ser. A, Rev., 6.88%, 03/15/06 1,035
120 New York State, Thruway Authority, Highway & Bridge
Trust Fund, Ser. B, Rev., 5.00%, 04/01/08 126
3,000 New York State, Thruway Authority, Ser. D, Rev.,
5.25%, 01/01/21 3,015
3,315 New York State, Thruway Authority, Service Contract,
Local Highway & Bridge, 6.00%, 04/01/11 3,622
5,000 New York State, Thruway Authority, Service Contract,
Local Highway & Bridge, Ser. A-2, Rev., 5.00%,
04/01/18 4,960
5,930 New York State, Thruway Authority, Service Contract,
Local Highway & Bridge, Ser. A-2, Rev., 5.38%,
04/01/10 6,345
1,490 New York State, Urban Development Corp., Community
Enhancement Facilities, Ser. A, Rev., 5.00%, 04/01/03 1,529
100 New York State, Urban Development Corp.,
Correctional Facilities Service Contract, Ser. D, Rev.,
5.00%, 01/01/14 102
250 New York State, Urban Development Corp., Youth
Facilities Services Contract, Ser. B, Rev., 5.60%,
04/01/11 271
95 New York State, Urban Development Corp., Youth
Facilities Services Contract, Ser. B, Rev., 5.88%,
04/01/14 103
1,035 Niagara, New York, Frontier Transportation Authority,
Greater Buffalo International Airport, Ser. B, Rev.,
5.75%, 04/01/04 1,090
See notes to financial statements.
35
JPMorgan New York Intermediate Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
New York- Continued
$ 1,045 Oneida County, New York, GO, 5.50%, 03/15/11 $ 1,146
1,000 Oneida-Herkimer, New York, Solid Waste Management
Authority, Solid Waste Systems, Rev., 5.50%, 04/01/11 1,085
3,000 Port Authority of New York & New Jersey, Special
Obligation, 3rd Installment, Special Project, Ser. 4, Rev.,
7.00%, 10/01/07 3,149
275 Randolph, New York, Central School District, GO,
5.00%, 06/15/06 289
2,180 Rochester, New York, Ser. A, GO, 5.70%, 08/15/04 2,332
1,905 Rome, New York, City School District, GO, 5.50%,
06/15/13 2,036
1,050 Scotia Glenville, New York, Central School District, GO,
5.40%, 06/15/12 1,124
1,050 Scotia Glenville, New York, Central School District, GO,
5.50%, 06/15/13 1,125
1,025 Scotia Glenville, New York, Central School District, GO,
5.50%, 06/15/14 1,092
275 Shenendehowa, New York, Central School District,
Clifton Park, GO, 5.50%, 07/15/11 302
500 Stillwater, New York, Central School District, GO,
5.20%, 06/15/11 531
1,000 Suffolk County, New York, IDA, IDR, Nissequogue
Cogen Partners Facility, Rev., 5.30%, 01/01/13 914
1,780 Suffolk County, New York, Public Improvement, Ser. C,
GO, 5.10%, 11/01/02 1,830
5,000 Suffolk County, New York, Southwest Sewer District,
GO, 6.00%, 02/01/05 5,396
1,065 Sullivan County, New York, Public Improvement, GO,
5.00%, 03/15/08 1,100
7,125 Triborough Bridge & Tunnel Authority, New York,
General Purpose, Ser. Y, Rev., 6.00%, 01/01/12 8,073
1,000 Utica, New York, IDA, Civic Facility, Munson William
Porter Institute, Rev., 5.40%, 07/15/30 1,007
440 Utica, New York, Public Improvement, GO, 6.00%,
01/15/03 454
465 Utica, New York, Public Improvement, GO, 6.00%,
01/15/04 486
700 Utica, New York, Public Improvement, GO, 6.00%,
01/15/11 750
675 Utica, New York, Public Improvement, GO, 6.00%,
01/15/12 718
295 Utica, New York, Public Improvement, GO, 6.10%,
01/15/13 314
295 Utica, New York, Public Improvement, GO, 6.20%,
01/15/14 314
320 Utica, New York, Public Improvement, GO, 6.25%,
01/15/15 339
565 Warwick Valley, Central School District, New York, GO,
5.50%, 01/15/14 602
600 Watertown, New York, City School District, GO, 5.63%,
06/15/16 637
1,365 Watertown, New York, City School District, GO, 5.63%,
06/15/17 1,443
See notes to financial statements.
36
JPMorgan New York Intermediate Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
New York- Continued
$ 1,245 Watertown, New York, City School District, GO, 5.63%,
06/15/18 $ 1,311
1,150 Westchester County, New York, GO, ^, 6.70%, 11/01/06 1,317
480 Westchester County, New York, IDA, AGR Realty Co.
Project, Rev., ^, 5.75%, 01/01/02 487
2,000 Westchester County, New York, IDA, Civic Facility,
Children's Village Project, Ser. A, Rev.,
5.30%, 03/15/14 2,036
1,000 Westchester County, New York, IDA, Civic Facility,
Rippowam-Cisqua School Project, Rev., 5.75%,
06/01/29 1,001
2,000 Westchester County, New York, IDA, Resource Recovery,
Resco Co. Project, Ser. A, Rev., 5.70%, 07/01/08 2,110
1,000 Windsor, New York, Central School District, GO,
5.50%, 06/15/13 1,075
1,170 Windsor, New York, Central School District, GO,
5.50%, 06/15/14 1,251
650 Windsor, New York, Central School District, GO,
5.50%, 06/15/15 691
-------
298,850
Northern Mariana Islands- 0.1%
500 Northern Mariana Islands, Public School System
Project, Ser. A, GO, 3.70%, 10/01/03 503
Puerto Rico- 4.2%
160 Puerto Rico Commonwealth, Infrastructure
Financing Authority, Special Obligation,
Ser. A, ^, 4.75%, 10/01/12 166
3,500 Puerto Rico Commonwealth, Public Improvement,
GO, 6.00%, 07/01/29 3,674
4,390 Puerto Rico Electric Power Authority, Ser. AA, Rev.,
5.40%, 07/01/13 4,688
1,250 Puerto Rico Electric Power Authority, Ser. AA, Rev.,
6.25%, 07/01/10 1,455
1,300 Puerto Rico Electric Power Authority, Ser. HH, Rev.,
5.50%, 07/01/10 1,439
1,800 Puerto Rico Electric Power Authority, Ser. X, Rev.,
6.00%, 07/01/11 1,951
1,000 Puerto Rico Municipal Finance Agency, Ser. A, GO,
5.00%, 08/01/02 1,023
1,500 Puerto Rico Municipal Finance Agency, Ser. A, GO,
6.00%, 08/01/15 1,679
---------
16,075
Virgin Islands- 4.9%
1,390 Virgin Islands Public Finance Authority, Gross Receipts,
Taxes Lien Notes, Ser. A, Rev., 5.00%, 10/01/03 1,406
1,090 Virgin Islands Public Finance Authority, Gross Receipts,
Taxes Lien Notes, Ser. A, Rev., 5.25%, 10/01/01 1,096
1,000 Virgin Islands Public Finance Authority, Gross Receipts,
Taxes Lien Notes, Ser. A, Rev., 5.50%, 10/01/02 1,017
4,000 Virgin Islands Public Finance Authority, Gross Receipts,
Taxes Lien Notes, Ser. A, Rev., 6.38%, 10/01/19 4,275
1,150 Virgin Islands Public Finance Authority, Matching Fund
Lien Notes, Ser. A, Rev., ^, 7.25%, 10/01/02 1,241
See notes to financial statements.
37
JPMorgan New York Intermediate Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
Virgin Islands- Continued
$ 2,000 Virgin Islands Public Finance Authority, Senior Lien,
Fund Lien Notes, Ser. C, Rev., 5.00%, 10/01/01 $ 2,007
3,075 Virgin Islands Public Finance Authority, Senior Lien,
Fund Lien Notes, Ser. C, Rev., 5.00%, 10/01/02 3,096
5,000 Virgin Islands Public Finance Authority, Senior Lien,
Ser. A, Rev., 5.50%, 10/01/22 4,858
-------
18,996
- ---------------------------------------------------------------------------------------------
Total Long-Term Municipal Securities $334,424
(Cost $318,994)
- ---------------------------------------------------------------------------------------------
Short-Term Investments- 13.2%
- ---------------------------------------------------------------------------------------------
Municipal Securities- 10.8%
----------------------------
New York- 10.8%
4,000 Long Island Power Authority, New York, Electric
Systems, Sub. Ser. 2, Rev., FRDO, 2.95%, 03/01/01 4,000
4,000 New York City, New York, Housing Development Corp.,
Multi-Family Rental Housing, Carnegie Park, Ser. A,
Rev., FRDO, 2.95%, 03/02/01 4,000
6,900 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Ser. C, Rev., FRDO,
2.95%, 03/01/01 6,900
1,050 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Ser. C, Rev., FRDO,
2.95%, 03/01/01 1,050
2,700 New York City, New York, Ser. B, Sub. Ser. B-3, GO,
FRDO, 2.95%, 03/01/01 2,700
300 New York City, New York, Ser. B, Sub. Ser. B-4, GO,
FRDO, 2.95%, 03/01/01 300
800 New York City, New York, Sub. Ser. A-5, GO, FRDO,
2.95%, 03/01/01 800
14,000 New York City, New York, Transitional Finance
Authority, Floating Rate Trusts Receipts, Ser. L-3,
Regulation D, Rev., FRDO, 3.30%, 03/06/01 13,999
1,000 New York State, Energy Research & Development
Authority, PCR, Rochester Gas & Electric Corp., Ser. C,
Rev., FRDO, 2.80%, 03/06/01 1,000
5,000 New York State, Housing Finance Agency, Worth Street
Housing, Ser. A, Rev., FRDO, 3.20%, 03/07/01 5,000
1,750 Port Authority of New York & New Jersey, Special
Obligation, Versatile Structure Obligation, Ser. 6, Rev.,
FRDO, 3.00%, 03/01/01 1,750
--------------------------------------------------------------------------
Total Municipal Securities 41,499
(Cost $41,499)
--------------------------------------------------------------------------
Shares
Money Market Fund- 2.4%
------------------------
9,271 Provident New York Money Market Fund 9,271
(Cost $9,271)
- ---------------------------------------------------------------------------------------------
Total Short-Term Investments 50,770
(Cost $50,770)
- ---------------------------------------------------------------------------------------------
Total Investments - 99.9% $385,194
(Cost $369,764)
- ---------------------------------------------------------------------------------------------
See notes to financial statements.
38
- --------------------------------------------------------------------------------
JPMorgan New Jersey Tax Free Income Fund
Portfolio of Investments
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long Term Municipal Securities- 96.2%
- ---------------------------------------------------------------------------------------------
New Jersey- 81.7%
$ 105 Asbury Park, New Jersey, Board of Education, GO,
5.50%, 08/01/11 $ 115
1,160 Atlantic City, New Jersey, GO, 5.00%, 12/15/10 1,226
1,650 Atlantic City, New Jersey, GO, 5.00%, 12/15/11 1,732
395 Bayshore Regional Sewer Authority, New Jersey,
Rev., 5.50%, 04/01/12 420
935 Bloomfield Township, New Jersey, GO, 5.20%,
06/15/11 994
510 Bloomfield Township, New Jersey, GO, 5.20%,
06/15/12 539
70 Brick Township, New Jersey, Improvement, GO,
5.40%, 05/01/07 76
570 Brick Township, New Jersey, Improvement, GO,
5.40%, 05/01/09 621
250 Camden County, New Jersey, IAR, Health Systems,
Catholic Health East, Ser. B, Rev., 5.25%, 11/15/12 265
1,625 Cherry Hill Township, New Jersey, School District,
GO, 4.70%, 02/15/08 1,685
345 Cinnaminson Township, New Jersey, School
District, GO, 5.20%, 08/01/10 370
600 Delaware River & Bay Authority, Delaware & New Jersey,
Rev., 5.20%, 01/01/10 633
555 Delaware River & Bay Authority, Delaware & New Jersey,
Ser. A, Rev., 5.50%, 01/01/16 587
500 Delaware River & Bay Authority, Delaware & New Jersey,
Ser. A, Rev., 5.70%, 01/01/20 532
1,700 Delaware River Port Authority of Pennsylvania & New
Jersey, Port District Project, Ser. B, Rev., 5.70%,
01/01/21 1,796
285 Deptford Township, New Jersey, Municipal Utilities
Authority, Rev., 4.88%, 02/01/10 298
315 Deptford Township, New Jersey, Municipal Utilities
Authority, Rev., 5.00%, 02/01/12 328
350 Deptford Township, New Jersey, Municipal Utilities
Authority, Rev., 5.25%, 02/01/14 366
370 East Orange, New Jersey, Capital Improvement, GO,
5.50%, 07/15/10 403
570 Edison Township, New Jersey, School District, GO,
6.50%, 06/01/04 618
1,000 Ewing Township, New Jersey, School District,
School Bonds, GO, 5.30%, 08/01/03 1,040
1,385 Ewing Township, New Jersey, School District,
School Bonds, GO, 5.30%, 08/01/09 1,486
160 Gloucester County, New Jersey, Improvement
Authority, County Guaranteed, Ser. A, Rev., 5.35%,
08/01/09 174
220 Gloucester County, New Jersey, Improvement
Authority, County Guaranteed, Ser. A, Rev., 5.55%,
08/01/12 240
225 Gloucester County, New Jersey, Improvement
Authority, County Guaranteed, Ser. A, Rev., 5.70%,
08/01/15 243
See notes to financial statements.
39
JPMorgan New Jersey Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
New Jersey- Continued
$1,140 Hamilton Township, Atlantic County, New Jersey,
School District, GO, 5.88%, 12/15/07 $ 1,198
220 Hawthorne, New Jersey, General Improvement, GO,
5.00%, 10/01/08 234
220 Hawthorne, New Jersey, General Improvement, GO,
5.00%, 10/01/09 234
220 Hawthorne, New Jersey, General Improvement, GO,
5.00%, 10/01/10 234
220 Hawthorne, New Jersey, General Improvement, GO,
5.00%, 10/01/12 231
130 Hawthorne, New Jersey, General Improvement, GO,
5.00%, 10/01/13 136
500 Hunterdon, New Jersey, Central Regional High
School District, GO, 5.40%, 05/01/09 532
105 Long Hill Township, New Jersey, GO, 5.15%, 08/15/05 111
100 Long Hill Township, New Jersey, GO, 5.15%, 08/15/06 106
275 Long Hill Township, New Jersey, GO, 5.15%, 08/15/07 294
275 Long Hill Township, New Jersey, GO, 5.15%, 08/15/08 295
380 Lopatcong Township, New Jersey, Board of Education,
GO, 5.63%, 07/15/13 414
400 Lopatcong Township, New Jersey, Board of Education,
GO, 5.70%, 07/15/16 430
500 Lopatcong Township, New Jersey, Board of Education,
GO, 5.70%, 07/15/23 530
100 Mainland, New Jersey, Regional High School District,
GO, 5.20%, 11/15/06 107
105 Mainland, New Jersey, Regional High School District,
GO, 5.20%, 11/15/07 113
110 Mainland, New Jersey, Regional High School District,
GO, 5.25%, 11/15/08 119
110 Mainland, New Jersey, Regional High School District,
GO, 5.25%, 11/15/09 119
115 Mainland, New Jersey, Regional High School District,
GO, 5.25%, 11/15/10 124
120 Mainland, New Jersey, Regional High School District,
GO, 5.25%, 11/15/11 128
1,460 Marlboro Township, New Jersey, Board of Education,
GO, 5.00%, 07/15/06 1,540
400 Medford Township, New Jersey, GO , 5.30%, 07/15/09 434
2,000 Middletown Township, New Jersey, Board of Education,
GO, ^, 5.85%, 08/01/07 2,215
350 Monmouth County, New Jersey, Improvement
Authority, Governmental Loan, Rev., 4.95%, 12/01/11 367
1,550 Monmouth County, New Jersey, Improvement
Authority, Governmental Loan, Rev., 5.10%, 12/01/13 1,617
725 Monmouth County, New Jersey, Improvement
Authority, Governmental Loan, Rev., 5.20%, 12/01/14 757
2,065 Monmouth County, New Jersey, Improvement
Authority, Governmental Loan, Rev., 5.30%, 12/01/16 2,141
300 Montclair Township, New Jersey, GO, 5.40%, 01/15/08 324
1,710 New Jersey Economic Development Authority, Market
Transition Facility, Senior Lien, Ser. A, Rev., 5.80%,
07/01/08 1,842
See notes to financial statements.
40
JPMorgan New Jersey Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
New Jersey- Continued
$1,200 New Jersey Economic Development Authority, Market
Transition Facility, Senior Lien, Ser. A, Rev., 5.80%,
07/01/09 $ 1,293
1,105 New Jersey Economic Development Authority,
Municipal Loan Pool, Rev., 5.25%, 11/15/11 1,182
1,160 New Jersey Economic Development Authority,
Municipal Loan Pool, Rev., 5.25%, 11/15/12 1,232
1,060 New Jersey Economic Development Authority, New
Jersey Performing Arts Center Project, Ser. A, Rev.,
6.00%, 06/15/08 1,183
380 New Jersey Health Care Facilities, Financing Authority,
St. Elizabeth Hospital Obligation Group, Rev., 6.00%,
07/01/14 342
670 New Jersey Sports & Exposition Authority, Ser. A,
Rev., 6.50%, 03/01/07 702
720 New Jersey State, Educational Facilities Authority,
Capital Improvement Fund, Ser. A, Rev., 5.00%,
09/01/08 763
2,545 New Jersey State, Educational Facilities Authority,
Drew University Issue, Ser. C, Rev., 5.25%, 07/01/13 2,666
435 New Jersey State, Educational Facilities Authority,
Fairleigh Dickinson University, Ser. G, Rev., 4.88%,
07/01/04 431
1,000 New Jersey State, Educational Facilities Authority,
Fairleigh Dickinson University, Ser. G, Rev., 5.70%,
07/01/28 904
1,000 New Jersey State, Educational Facilities Authority,
Princeton University, Ser. E, Rev., 5.25%, 07/01/13 1,058
110 New Jersey State, Transportation Trust Fund
Authority, Transportation Systems, Ser. A, Rev.,
5.00%, 06/15/12 114
1,000 New Jersey State, Transportation Trust Fund
Authority, Transportation Systems, Ser. A, Rev.,
5.75%, 06/15/16 1,109
1,000 New Jersey State, Turnpike Authority, Ser. A, Rev.,
5.50%, 01/01/07 1,079
1,570 North Bergen Township, New Jersey, GO, 5.00%,
08/15/11 1,636
130 North Brunswick Township, New Jersey, GO, 5.25%,
04/01/04 136
1,140 North Jersey District Water Supply, Wanaque South
Project, Rev., 5.50%, 07/01/03 1,189
1,140 Northwest Bergen County, New Jersey, Utilities
Authority, Utilities System, Rev., 6.00%, 07/15/07 1,211
195 Ocean County, New Jersey, General Improvement,
GO, 6.38%, 04/15/03 206
1,435 Port Authority of New York & New Jersey,
Consolidated Bonds 114th Ser., Rev., 4.75%,
08/01/33 1,339
1,500 Port Authority of New York & New Jersey,
Consolidated Bonds 93rd Ser., Rev., 6.13%,
06/01/94 1,697
See notes to financial statements.
41
JPMorgan New Jersey Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long Term Municipal Securities- Continued
- ---------------------------------------------------------------------------------------------
New Jersey- Continued
$1,550 Port Authority of New York & New Jersey, Special
Obligation, JFK International Airport Terminal 6,
Rev., 6.25%, 12/01/08 $ 1,758
3,000 Port Authority of New York & New Jersey, Special
Obligation, JFK International Airport Terminal 6,
Rev., 6.25%, 12/01/09 3,431
305 Rahway, New Jersey, COP, 5.00%, 02/15/06 321
430 Rahway, New Jersey, COP, 5.30%, 02/15/11 466
435 Summit, New Jersey, GO, 5.70%, 06/01/10 481
1,105 Summit, New Jersey, GO, 5.70%, 06/01/11 1,219
435 Union County Improvement Authority, Plainfield
Board of Education Project, Rev. , 6.25%, 08/01/07 489
1,101 Union County, New Jersey, General Improvement, GO,
4.75%, 12/15/15 1,100
1,100 West Orange, New Jersey, GO, 5.45%, 02/15/15 1,159
1,100 West Orange, New Jersey, GO, 5.45%, 02/15/16 1,151
--------
66,760
Puerto Rico- 10.7%
1,200 Puerto Rico Commonwealth, Highway &
Transportation Authority, Ser. W, Rev., 5.50%,
07/01/15 1,318
3,000 Puerto Rico Commonwealth, Highway &
Transportation Authority, Ser.Y, Rev., 5.00%,
07/01/36 2,951
1,000 Puerto Rico Commonwealth, Infrastructure Financing
Authority, Special Obligation, Ser. A, ^, 5.50%,
10/01/40 1,036
1,050 Puerto Rico Electric Power Authority, Capital
Appreciation, Ser. N, Rev., 0.00%, 07/01/17 465
1,000 Puerto Rico Electric Power Authority, Ser. AA, Rev.,
6.25%, 07/01/10 1,164
750 Puerto Rico, Public Buildings Authority, Government
Facilities, Ser. B, Rev., 5.00%, 07/01/27 740
1,000 University of Puerto Rico, Ser. O, Rev., 5.75%, 06/01/17 1,087
--------
8,761
Virgin Islands- 3.8%
1,155 Virgin Islands Public Finance Authority, Gross Receipts,
Taxes Lien Notes, Ser. A, Rev., 5.50%, 10/01/02 1,175
500 Virgin Islands Public Finance Authority, Gross Receipts,
Taxes Lien Notes, Ser. A, Rev., 6.38%, 10/01/19 534
1,470 Virgin Islands Public Finance Authority, Senior Lien,
Ser. A, Rev., @, 5.50%, 10/01/22 1,429
--------
3,138
- ---------------------------------------------------------------------------------------------
Total Long-Term Municipal Securities 78,659
(Cost $75,131)
- ---------------------------------------------------------------------------------------------
See notes to financial statements.
42
JPMorgan New Jersey Tax Free Income Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Shares Issuer Value
- ---------------------------------------------------------------------------------------------
Short Term Investments- 3.2%
- ---------------------------------------------------------------------------------------------
Municipal Security- 0.4%
-------------------------
New Jersey- 0.4%
300 New Jersey Economic Development Authority, Water
Facilities, United Water New Jersey Inc. Project,
Ser. B, Rev., FRDO, 3.05%, 03/01/01 300
(Cost $300)
Money Market Fund- 2.8%
------------------------
2,308 Provident New Jersey Money Market Fund $ 2,308
(Cost $2,308)
- ---------------------------------------------------------------------------------------------
Total Short-Term Investments 2,608
(Cost $2,608)
- ---------------------------------------------------------------------------------------------
Total Investments-- 99.4% $ 81,267
(Cost $77,739)
- ---------------------------------------------------------------------------------------------
Number Original Value at Unrealized
of Expiration Notional 02/28/01 Appreciation
Contracts Description Date Value (USD) (USD) (USD)
- ---------------------------------------------------------------------------------------------
Long Futures Outstanding
10 U.S. Treasury Notes March, 2001 $1,034 $1,060 $26
10 U.S. Treasury Notes June, 2001 1,056 1,059 3
See notes to financial statements.
43
- --------------------------------------------------------------------------------
JPMorgan California Intermediate Tax Free Fund
Portfolio of Investments
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long Term Municipal Securities- 95.6%
- ---------------------------------------------------------------------------------------------
California- 84.5%
$ 520 Bay Area Government Association, California, Bay Area
Rapid Transit, Capital Grant, Ser. A, GO, 5.00%,
06/15/05 $ 549
250 Bell Community Redevelopment Agency, California, Bell
Redevelopment Project Area, Ser. B, Tax Allocation,
6.30%, 11/01/13 272
140 California Educational Facilities Authority, Dominican
University, Rev., 4.85%, 12/01/06 143
750 California Educational Facilities Authority, Stanford
University, Ser. P, Rev., 5.25%, 12/01/13 821
600 California State, GO, ^, 6.25%, 10/01/02 637
250 California State, Public Works Board, Ser. A, Rev.,
6.00%, 09/01/01 254
1,850 Contra Costa, California, Water District, Ser. G, Rev.,
5.75%, 10/01/14 1,966
105 El Segundo, California, Unified School District, Capital
Appreciation, Election of 1997, Ser. C, GO, 0.00%,
08/01/15 52
200 El Segundo, California, Unified School District, Capital
Appreciation, Election of 1997, Ser. C, GO, 0.00%,
08/01/16 93
1,000 Fallbrook, California, Unified High School District, San
Diego County, GO, @, 5.38%, 09/01/12 1,102
750 Foothill/Eastern Corridor Agency, California Toll Road,
Rev., 5.00%, 01/15/06 786
100 Fullerton University Foundation, California, Auxiliary
Organization, Ser. A, Rev., 5.50%, 07/01/10 111
100 Fullerton University Foundation, California, Auxiliary
Organization, Ser. A, Rev., 5.50%, 07/01/11 111
570 Golden West Schools Financing Authority, California,
Ser. A, Rev., 5.80%, 02/01/16 646
100 Los Angeles, California, Department of Water & Power,
Ser. A, Rev., 4.10%, 07/01/11 99
125 Los Angeles, California, Unified School District, Ser. A,
GO, 6.00%, 07/01/15 145
600 Metropolitan Water District, Southern California,
Waterworks, Ser. A, Rev., 5.25%, 07/01/10 655
600 Metropolitan Water District, Southern California,
Waterworks, Ser. A, Rev., 5.38%, 07/01/12 659
560 Northern California Power Agency, Public Power, Ser. A,
5.80%, 07/01/09 631
340 Northern California Power Agency, Public Power, Ser. A,
^, 5.80%, 07/01/09 385
150 Oakland, California, State Building Authority, Elihu M.
Harris, Ser. A, Rev., 5.25%, 04/01/09 163
425 Port Oakland, California, Ser. K, Rev., 5.25%,
11/01/07 456
360 Rancho, California, Water District Financing Authority,
Ser. A, Rev., 5.50%, 08/01/10 401
35 Richmond, California, Wastewater, Rev., 5.20%,
08/01/11 38
250 Sacramento County, California, Sanitation District,
Financing Authority, Ser. A, Rev., 5.25%, 12/01/12 272
See notes to financial statements.
44
JPMorgan California Intermediate Tax Free Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Long Term Municipal Securities- (Continued)
- ---------------------------------------------------------------------------------------------
California- Continued
$ 150 Sacramento County, California, Sanitation District,
Financing Authority, Ser. A, Rev., 5.75%, 12/01/10 $ 171
20 Sacramento, California, City Unified School District,
Ser. A, GO, 5.00%, 07/01/02 20
900 Sacramento, California, Public Facilities Project, COP,
6.00%, 07/01/12 925
515 San Bruno Park, California, School District, Capital
Appreciation, Ser. B., GO, 0.00%, 08/01/14 272
550 San Bruno Park, California, School District, Capital
Appreciation, Ser. B., GO, 0.00%, 08/01/15 273
500 San Francisco, California, City & County Public Utilities
Commission, Ser. A, Rev., 6.25%, 11/01/07 567
145 San Jose, California, Unified School District, Santa
Clara County, Capital Appreciation, Ser. A, GO, 0.00%,
08/01/13 81
110 San Marcos, California, Public Facilities Authority,
Custody Receipts, Rev., ^, 0.00%, 07/01/13 62
250 San Mateo County, California, Joint Powers Authority,
Capital Projects Program, Rev., 6.50%, 07/01/15 303
275 Sanger, California, Unified School District, GO, 5.25%,
02/01/10 300
1,000 Santa Clara County, California, Financing Authority,
Ser. A, Rev., 5.75%, 11/15/13 1,138
100 Santa Cruz County, California, Redevelopment Agency,
Live Oak/Soquel Project, Tax Allocation, 4.25%,
09/01/05 103
1,200 South Orange County, California, Public Financing
Authority, Special Tax, Senior Lien, Ser. A, 6.20%,
09/01/13 1,295
1,000 University of California, UC Medical Center, Rev.,
10.00%, 07/01/06 1,295
--------
18,252
Puerto Rico- 9.2%
235 Children's Trust Fund, Puerto Rico, Tobacco Settlement,
Rev., 5.00%, 07/01/06 239
355 Puerto Rico Commonwealth, GO, 5.30%, 07/01/04 373
100 Puerto Rico Commonwealth, GO, 5.50%, 07/01/01 101
420 Puerto Rico Commonwealth, Highway & Transportation
Authority, Ser. W, Rev., 5.50%, 07/01/15 461
115 Puerto Rico Commonwealth, Public Improvement, GO,
5.00%, 07/01/07 122
125 Puerto Rico Electric Power Authority, Ser. Z, Rev.,
5.10%, 07/01/06 132
500 Puerto Rico Municipal Finance Agency, Ser. A, GO,
5.75%, 08/01/13 556
--------
1,984
Virgin Islands- 1.9%
400 Virgin Islands Public Finance Authority, Gross Receipts,
Taxes Lien Notes, Ser. A, Rev., 5.63%, 10/01/10 421
- ---------------------------------------------------------------------------------------------
Total Long-Term Municipal Securities 20,657
(Cost $19,572)
- ---------------------------------------------------------------------------------------------
See notes to financial statements.
45
JPMorgan California Intermediate Tax Free Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------------
Short-Term Investments- 14.0%
- ---------------------------------------------------------------------------------------------
Municipal Securities- 11.1%
----------------------------
California- 10.1%
$ 500 Irvine Ranch, California, Water District, Consolidated
Bonds, Ser. A, Rev., FRDO, 1.65%, 03/01/01 $ 500
100 Irvine Ranch, California, Water District, Capital
Improvement Project, COP, FRDO, 1.40%, 03/01/01 100
300 Irvine Ranch, California, Water District, District No. 284,
Ser. A, Rev., FRDO, 1.40%, 03/01/01 300
1,000 Irvine Ranch, California, Water District, No. 102, 103,
105 & 106, Rev., FRDO, 1.65%, 03/01/01 1,000
500 Irvine, California, Improvement Bond Act of 1915,
Assessment District No. 93-14, Rev., FRDO, 1.40%,
03/01/01 500
--------------------------------------------------------------------------
Total Municipal Securities 2,400
(Cost $2,400)
--------------------------------------------------------------------------
Shares
Money Market Fund- 2.9%
------------------------
633 Provident California Money Market Fund 633
(Cost $633)
- ---------------------------------------------------------------------------------------------
Total Short-Term Investments 3,033
(Cost $3,033)
- ---------------------------------------------------------------------------------------------
Total Investments- 109.6% $23,690
(Cost $22,605)
- ---------------------------------------------------------------------------------------------
Number Original Value at Unrealized
of Expiration Notional 02/28/01 Appreciation
Contracts Description Date Value (USD) (USD) (USD)
- ---------------------------------------------------------------------------------------------
Long Futures Outstanding
5 U.S. Treasury Notes March, 2001 $522 $530 $8
5 U.S. Treasury Notes June, 2001 528 530 2
INDEX:
^ - Security is prerefunded or escrowed to maturity. The maturity date
shown is the date of the prerefunded call.
@ - All or a portion of the security is segregated for futures.
COP - Certificates of Participation.
Dorm - Dormitory.
FRDO - Floating Rate Demand Obligation. The maturity date shown is the
next interest reset date. The interest rate shown is the rate in
effect at February 28, 2001.
GO - General Obligation.
IDA - Industrial Development Authority.
IDR - Industrial Development Revenue.
PCFA - Pollution Control Financing Authority.
PCFFA - Pollution Control Facilities Financing Authority.
PCR - Pollution Control Revenue.
Rev. - Revenue Bond.
Ser. - Series.
See notes to financial statements.
46
- --------------------------------------------------------------------------------
JPMorgan Funds
Statement of Assets and Liabilities As of February 28, 2001 (unaudited)
(Amounts in Thousands, Except Per Share Amounts)
New York
Intermediate Intermediate
Tax Free Tax Free Tax Free
Income Fund Income Fund Income Fund
- ----------------------------------------------------------------------------------------------------
ASSETS:
Investment securities, at value (Note 1).............. $ 845,726 $ 699,128 $ 385,194
Cash.................................................. - - 1
Other assets.......................................... 13 13 5
Receivables:
Investment securities sold......................... - - 4,065
Interest........................................... 9,996 9,514 4,529
Fund shares sold................................... 294 - 172
- --------------------------------------------------------------------------------------------------
Total Assets................................... 856,029 708,655 393,966
- --------------------------------------------------------------------------------------------------
LIABILITIES:
Payables:
Investment securities purchased.................... 5,214 - 6,959
Fund shares redeemed............................... 87 - 30
Dividends.......................................... 2,805 2,216 997
Accrued liabilities: (Note 2)
Investment advisory fees........................... 186 162 72
Administration fees................................ 93 81 29
Shareholder servicing fees......................... 152 135 57
Distribution fees.................................. 2 - 2
Custodian fees..................................... 53 27 30
Other.............................................. 242 171 200
- --------------------------------------------------------------------------------------------------
Total Liabilities.............................. 8,834 2,792 8,376
- --------------------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital....................................... 814,649 675,926 372,207
Accumulated undistributed/(distributions
in excess of) net investment income................... (71) 40 (135)
Accumulated net realized loss on
investments and futures transactions.................. (7,997) (2,140) (1,912)
Net unrealized appreciation of investments
and futures contracts................................. 40,614 32,037 15,430
- --------------------------------------------------------------------------------------------------
Net Assets..................................... $ 847,195 $ 705,863 $ 385,590
- --------------------------------------------------------------------------------------------------
Shares of beneficial interest outstanding
($.001 par value; unlimited number of
shares authorized)
Class A Shares........................................ 8,127 - 10,744
Class B Shares........................................ 1,571 - 1,764
Institutional Class Shares............................ 121,914 65,766 40,992
Net Asset Value:
Class A Shares (and redemption price)................. $ 6.44 - $ 7.21
Class B Shares *...................................... $ 6.44 - $ 7.21
Institutional Class Shares (and redemption
price)................................................ $ 6.44 $ 10.73 $ 7.21
Class A Maximum Public Offering Price Per
Share (net asset value per share/95.5%)................ $ 6.74 - $ 7.55
Cost of Investments..................................... $ 805,112 $ 667,091 $ 369,764
- --------------------------------------------------------------------------------------------------
* Redemption price may be reduced by contigent deferred sales charge.
See notes to financial statements.
47
- --------------------------------------------------------------------------------
JPMorgan Funds
Statement of Assets and Liabilities As of February 28, 2001 (unaudited)
(Amounts in Thousands, Except Per Share Amounts)
California
New Jersey Intermediate
Tax Free Tax Free
Income Fund Fund
- -------------------------------------------------------------------------------------------------
ASSETS:
Investment securities, at value (Note 1)........................ $ 81,267 $ 23,690
Other assets.................................................... 1 -
Receivables:
Investment securities sold................................... 1,067 391
Interest..................................................... 867 269
Margin account for futures contracts......................... 5 2
- -------------------------------------------------------------------------------------------------
Total Assets............................................. 83,207 24,352
- -------------------------------------------------------------------------------------------------
LIABILITIES:
Payables:
To Custodian................................................. 3 1
Investment securities purchased.............................. 1,070 2,643
Dividends.................................................... 262 65
Accrued liabilities: (Note 2)
Investment advisory fees..................................... 19 5
Administration fees.......................................... 7 2
Shareholder servicing fees................................... 6 4
Distribution fees............................................ - 4
Custodian fees............................................... 7 9
Other........................................................ 58 7
- -------------------------------------------------------------------------------------------------
Total Liabilities........................................ 1,432 2,740
- -------------------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital................................................. 77,848 20,381
Accumulated undistributed/(distributions
in excess of) net investment income............................. (68) 186
Accumulated net realized gain (loss) on
investments and futures transactions............................ 438 (50)
Net unrealized appreciation
of investments and futures contracts............................ 3,557 1,095
- -------------------------------------------------------------------------------------------------
Net Assets............................................... $ 81,775 $ 21,612
- -------------------------------------------------------------------------------------------------
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized)
Class A Shares.................................................. - 2,113
Institutional Class Shares...................................... 8,102 -
Net Asset Value:
Class A Shares (and redemption price)........................... - $ 10.23
Institutional Class Shares (and redemption
price).......................................................... $ 10.09 -
Class A Maximum Public Offering Price Per
Share (net asset value per share/95.5%)........................... - $ 10.71
Cost of Investments............................................... $ 77,739 $ 22,605
- -------------------------------------------------------------------------------------------------
See notes to financial statements.
48
- --------------------------------------------------------------------------------
JPMorgan Funds
Statement of Operations For the six months ended February 28, 2001 (unaudited)
(Amounts in Thousands)
New York
Intermediate Intermediate
Tax Free Tax Free Tax Free
Income Fund Income Fund Income Fund
- ----------------------------------------------------------------------------------------------------
INTEREST INCOME (Note 1C):.............................. $ 20,502 $ 17,014 $ 6,961
- --------------------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees.............................. 1,146 1,035 420
Administration fees................................... 573 518 210
Shareholder servicing fees............................ 955 863 350
Distribution fees..................................... 5 - 7
Custodian fees........................................ 57 54 45
Printing and postage.................................. 11 17 7
Professional fees..................................... 21 17 12
Registration expenses................................. 8 14 17
Transfer agent fees................................... 17 13 16
Trustees' fees........................................ 18 17 7
Other................................................. 39 18 11
- --------------------------------------------------------------------------------------------------
Total expenses................................. 2,850 2,566 1,102
- --------------------------------------------------------------------------------------------------
Less amounts waived (Note 2F)......................... 6 - 48
Less earnings credits (Note 2E)....................... 2 2 -
- --------------------------------------------------------------------------------------------------
Net expenses................................... 2,842 2,564 1,054
- --------------------------------------------------------------------------------------------------
Net investment income....................... 17,660 14,450 5,907
- --------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments........................................ 2,894 1,244 1,400
Futures transactions............................... (1,086) 529 -
Change in net unrealized appreciation/
depreciation of:
Investments........................................ 20,894 16,065 6,267
Futures contracts.................................. (276) (40) -
- --------------------------------------------------------------------------------------------------
Net realized and unrealized gain
on investments and futures
transactions.......................................... 22,426 17,798 7,667
- --------------------------------------------------------------------------------------------------
Net increase in net
assets from operations................................ $ 40,086 $ 32,248 $ 13,574
- --------------------------------------------------------------------------------------------------
See notes to financial statements.
49
- --------------------------------------------------------------------------------
JPMorgan Funds
Statement of Operations For the six months ended February 28, 2001 (unaudited)
(Amounts in Thousands)
California
New Jersey Intermediate
Tax Free Tax Free
Income Fund Fund
- -------------------------------------------------------------------------------------------------
INTEREST INCOME (Note 1C):........................................ $ 1,906 $ 474
- -------------------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees........................................ 113 29
Administration fees............................................. 57 15
Shareholder servicing fees...................................... 95 24
Distribution fees............................................... - 24
Custodian fees.................................................. 36 26
Printing and postage............................................ 2 1
Professional fees............................................... 16 8
Registration expenses........................................... 21 1
Transfer agent fees............................................. 11 19
Trustees' fees.................................................. 2 -
Other........................................................... 3 3
- -------------------------------------------------------------------------------------------------
Total expenses........................................... 356 150
- -------------------------------------------------------------------------------------------------
Less amounts waived (Note 2F)................................... 72 92
- -------------------------------------------------------------------------------------------------
Net expenses............................................. 284 58
- -------------------------------------------------------------------------------------------------
Net investment income................................. 1,622 416
- -------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain on:
Investments.................................................. 244 90
Futures transactions......................................... 238 8
Change in net unrealized appreciation/
depreciation of:
Investments.................................................. 2,300 327
Futures contracts............................................ 29 8
- -------------------------------------------------------------------------------------------------
Net realized and unrealized gain
on investments and futures
transactions.................................................... 2,811 433
- -------------------------------------------------------------------------------------------------
Net increase in net
assets from operations.......................................... $ 4,433 $ 849
- -------------------------------------------------------------------------------------------------
See notes to financial statements.
50
- --------------------------------------------------------------------------------
JPMorgan Funds
Statement of Changes in Net Assets For the periods indicated (unaudited)
JPMorgan Funds
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
(Amounts in Thousands)
New York
Intermediate Intermediate
Tax Free Income Fund Tax Free Fund Tax Free Fund
------------------- ------------ ------------
9/1/2000 Year 9/1/2000 Year 9/1/2000 Year
Through Ended Through Ended Through Ended
2/28/2001 8/31/2000 2/28/2001 8/31/2000 2/28/2001 8/31/2000
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income................................. $ 17,660 $ 36,498 $ 14,450 $ 31,544 $ 5,907 $ 12,743
Net realized gain (loss) on investments and
futures transactions.................................. 1,808 (8,782) 1,773 (3,903) 1,400 (2,145)
Change in net unrealized appreciation
of investments and futures contracts.................. 20,618 16,318 16,025 10,143 6,266 5,793
- -----------------------------------------------------------------------------------------------------------------------------------
Increase in net assets from operations............ 40,086 44,034 32,248 37,784 13,573 16,391
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................................. (17,662) (36,500) (14,459) (31,525) (5,909) (12,793)
Net realized gain on investment transactions.......... - - - (3,807) - (83)
- -----------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders............... (17,662) (36,500) (14,459) (35,332) (5,909) (12,876)
- -----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from capital share
transactions (Note 10).................................. 71,966 1,173 (6,100) (37,025) 101,347 (21,544)
- -----------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets........... 94,390 8,707 11,689 (34,573) 109,011 (18,029)
NET ASSETS:
Beginning of period................................... 752,805 744,098 694,174 728,747 276,579 294,608
- -----------------------------------------------------------------------------------------------------------------------------------
End of period......................................... $ 847,195 $ 752,805 $ 705,863 $ 694,174 $ 385,590 $ 276,579
- -----------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
51
JPMorgan Funds
- --------------------------------------------------------------------------------
Statement of Changes in Net Assets For the periods indicated (unaudited)
JPMorgan Funds
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
(Amounts in Thousands)
New Jersey California
Tax Free Intermediate
Income Fund Tax Free Fund
---------- ------------
9/1/00 Year 9/1/00 Year
Through Ended Through Ended
2/28/01 8/31/00 2/28/01 8/31/00
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income......................................................... $ 1,622 $ 3,144 $ 416 $ 865
Net realized gain (loss) on investments and futures transactions.............. 482 26 98 (148)
Change in net unrealized appreciation of investments and futures contracts ... 2,329 950 335 739
- -----------------------------------------------------------------------------------------------------------------------------------
Increase in net assets from operations.................................... 4,433 4,120 849 1,456
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income......................................................... (1,623) (3,149) (416) (868)
Net realized gain on investment transactions.................................. - - - (217)
- -----------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders....................................... (1,623) (3,149) (416) (1,085)
- -----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from capital share transactions (Note 10)................... 6,446 3,901 1,850 (2,031)
- -----------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets................................... 9,256 4,872 2,283 (1,660)
NET ASSETS:
Beginning of period........................................................... 72,519 67,647 19,329 20,989
- -----------------------------------------------------------------------------------------------------------------------------------
End of period................................................................. $ 81,775 $ 72,519 $ 21,612 $ 19,329
- -----------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
52
- --------------------------------------------------------------------------------
JPMorgan Funds
Notes to Financial Statements (unaudited)
1. Organization and Significant Accounting Policies
Mutual Fund Select Trust and Mutual Fund Trust (the "Trusts") were organized as
Massachusetts business trusts and are registered under the Investment Company
Act of 1940 (the "1940 Act"), as amended, as open-end, non-diversified
management investment companies.
Effective February 28, 2001, the following five separate portfolios of the
Trusts (collectively, the "Funds") were renamed with the approval of the Board
of Trustees of the Trusts:
New Name Old Name
- ------------------------------------------------------------------------------------------------------------------
JPMorgan Tax Free Income Fund ("TFI") Chase Vista Select Tax Free Income Fund
JPMorgan Intermediate Tax Free Income Fund ("ITFI") Chase Vista Select Intermediate Tax Free Income Fund
JPMorgan New York Intermediate Tax Free Income Fund ("NYTF) Chase Vista Select New York Intermediate Tax Free
Income Fund
JPMorgan New Jersey Tax Free Income Fund ("NJTFI") Chase Vista Select New Jersey Tax Free Income Fund
JPMorgan California Intermediate Tax Free Fund ("CITF") Chase Vista California Intermediate Tax Free Fund
TFI, ITFI, NYTFI and NJTFI are each a series of Mutual Fund Select Trust. CITF
is a series of Mutual Fund Trust. The funds offer various classes of shares as
follows:
Fund Classes Offered
- --------------------------------------------------------------------------------
TFI Class A, Class B, Institutional
ITFI Institutional
NYTFI Class A, Class B, Institutional
NJTFI Institutional
CITF Class A
Class A Shares generally provide for a front-end sales charge while Class B
Shares provide for a contingent deferred sales charge. All classes of shares
have equal rights as earnings, assets and voting privileges except that each
class may bear different transfer agent, distribution and shareholder servicing
expenses and each class has exclusive voting rights with respect to its
distribution and shareholder servicing agreement. No sales charges are assessed
with respect to the Institutional Class ("Class I").
The following is a summary of significant accounting policies followed by the
Funds:
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements. Actual
results could differ from those estimates.
A. Valuation of investments- Fixed income securities (other than
short-term obligations), including listed issues, are valued using matrix
pricing systems of a major dealer in bonds which take in to account
factors such as institutional-size trading in similar
53
JPMorgan Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
groups of securities, yield, quality, coupon rate, maturity, type of
issue, trading characteristics and other market data, without exclusive
reliance upon quoted exchange or over-the-counter prices. Short-term debt
securities with 61 days or more to maturity at time of purchase are
valued, through the 61st day prior to maturity, at market value based on
quotations obtained from market makers or other appropriate sources;
thereafter, the value on the 61st day is amortized on a straight-line
basis over the remaining number of days to maturity. Short-term
investments with 60 days or less to maturity at time of purchase are
valued at amortized cost, which approximates market.
B. Repurchase agreements- It is the Fund's policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government Agency
securities. All collateral is held by the Fund's custodian bank,
sub-custodian or a bank with which the custodian bank has entered into a
sub-custodian agreement or is segregated in the Federal Reserve Book Entry
System. If the seller of a repurchase agreement defaults and the value of
the collateral declines, or if the seller enters an insolvency proceeding,
realization of the collateral may be delayed or limited.
C. Security transactions and investment income- Investment transactions
are accounted for on the trade date (the date the order to buy or sell is
executed). Securities gains and losses are calculated on the identified
cost basis. Interest income is determined on the basis of coupon interest
accrued, adjusted for amortization of premiums and accretion of discounts.
Purchases of when-issued or delayed delivery securities may be settled a
month or more after the trade date; interest income is not accrued until
settlement date. Each Fund segregates assets with a current value at least
equal to the amount of its when-issued or delayed delivery purchase
commitments.
D. Futures contracts- When a Fund enters into a futures contract, it
makes an initial margin deposit in a segregated account, either in cash or
liquid securities. Thereafter, the futures contract is marked to market
and the Fund makes (or receives) additional cash payments daily to (or
from) the broker. Changes in the value of the contract are recorded as
unrealized appreciation/depreciation until the contract is closed or
settled.
The Funds may enter into futures contracts only on exchanges or boards of
trade. The exchange or board of trade acts as the counterparty to each
futures transaction; therefore, the Fund's credit risk is limited to
failure of the exchange or board of trade.
The Funds invest in U.S. Treasury and/or municipal bond futures contracts
as a hedge to modify the duration of the portfolio holdings.
As of February 28, 2001, the Funds had open futures contracts as shown on
the Portfolios of Investments.
54
JPMorgan Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
E. Federal income taxes- Each Fund is treated as a separate taxable
entity for Federal income tax purposes. The Fund's policy is to comply
with the provisions of the Internal Revenue Code applicable to regulated
investment companies and to distribute to shareholders all of its
distributable net investment income and net realized gain on investments.
In addition, the Fund intends to make distributions as required to avoid
excise taxes. Accordingly, no provision for Federal income or excise tax
is necessary.
F. Distributions to shareholders- Dividends and distributions paid to
shareholders are recorded on the ex-dividend date. The amount of dividends
and distributions from net investment income and net realized capital
gains is determined in accordance with Federal income tax regulations,
which may differ from generally accepted accounting principles. To the
extent these "book/tax" differences are permanent in nature, (i.e., that
they result from other than timing of recognition--"temporary
differences") such amounts are reclassified within the capital accounts
based on their Federal income tax-basis treatment. Dividends and
distributions which exceed net investment income or net realized capital
gains for financial reporting purposes but not for tax purposes are
reported as distributions in excess of net investment income or net
realized capital gains.
G. Allocation of income and expenses- Expenses directly attributable to
a Fund are charged to that Fund; other expenses are allocated
proportionately among each of the Funds within the Trusts in relation to
the net assets of each Fund or on another reasonable basis. Expenses
directly attributable to a particular class are charged directly to such
class. In calculating net asset value per share of each class, investment
income, realized and unrealized gains and losses and expenses other that
class specific expenses (e.g., transfer agent fees), are allocated daily
to each class of shares based upon the proportion of net assets of each
class at the beginning of each day.
H. Organization costs- Organization and initial registration costs
incurred in connection with establishing each of the Funds, except for
CITF, have been deferred and are being amortized on a straight-line basis
over a sixty month period beginning with the commencement of operations of
each Fund.
2. Fees and Other Transactions with Affiliates
A. Investment advisory fee- Pursuant to separate Investment Advisory
Agreements, J.P. Morgan Fleming Asset Management (USA) Inc. ("JPMFAM" or
"Adviser") (formerly Chase Fleming Asset Management (USA) Inc., formerly
Chase Asset Management Inc.) acts as the investment adviser to the Funds.
JPMFAM is a direct wholly-owned subsidiary of J.P. Morgan Chase & Co.
(formerly The
55
JPMorgan Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
Chase Manhattan Corporation). As investment adviser, JPMFAM supervises the
investments of each Fund and for such services is paid a fee. The fee is
accrued daily and paid monthly at an annual rate equal to 0.30% of the
average daily net assets for each respective Fund. The Adviser (and its
predecessor) voluntarily waived fees as outlined in Note 2.F. below.
Prior to February 22, 2001, The Chase Manhattan Bank ("Chase"), also a
direct wholly-owned subsidiary of J.P. Morgan Chase & Co. acted as the
investment advisor to each Fund, and JPMFAM acted as the sub-investment
adviser to each Fund. Pursuant to a Sub-Investment Advisory Agreement
between Chase and JPMFAM, JPMFAM was entitled to receive a fee, payable by
Chase from its advisory fee, at an annual rate equal to 0.15% of each
Fund's average daily net assets. The Investment Advisory Agreement between
each Fund and Chase has been assigned to JPMFAM.
B. Shareholder servicing fees- The Trusts have adopted an Administrative
Services Plan which, among other things, provides that the Trusts on
behalf of the Funds may obtain the services of one or more Shareholder
Servicing Agents. For its services, each Shareholder Servicing Agent
receives a fee. The fee is computed daily and paid monthly at an annual
rate of 0.25% of the average daily net assets of each Fund.
Chase and certain affiliates are the only Shareholder Servicing Agents.
The Shareholder Servicing Agents voluntarily waived fees as outlined in
Note 2.F. below.
C. Distribution and sub-administration fees- Pursuant to a Distribution
and Sub-Administration Agreement, J.P. Morgan Fund Distributors, Inc. (the
"Distributor") (formerly Vista Fund Distributors, Inc., a wholly-owned
subsidiary of The BISYS Group, Inc. ("BISYS"), acts as the Trusts'
exclusive underwriter and promotes and arranges for the sale of each
Fund's shares. In addition, the Distributor provides certain
sub-administration services to the Trusts, including providing officers,
clerical staff and office space for an annual fee computed daily and paid
monthly of 0.05% of the average daily net assets of each Fund. The
Distributor voluntarily waived fees as outlined in Note 2.F. below.
The Trustees have adopted Distribution Plans for Class A Shares of TFI,
NYTFI and CITF, and for Class B Shares of TFI and NYTFI in accordance with
Rule 12b-1 under the 1940 Act. There is no Distribution Plan for
Institutional Class Shares. The Distribution Plans provide that each Fund
shall pay distribution fees at annual rate not to exceed 0.25% of each
Fund's average daily net assets for Class A Shares and 0.75% of each
Fund's average daily net assets for Class B Shares. The Distributor
voluntarily waived fees as outlined in Note 2.F. below.
56
JPMorgan Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
D. Administration fee- Pursuant to an Administration Agreement, Chase
(the "Administrator") provides certain administration services to the
Trusts at an annual fee computed daily and paid monthly of 0.10% of the
respective Fund's average daily net assets. The Administrator voluntarily
waived fees as outlined in Note 2.F. below.
E. Custodian and accounting fees- Chase provides portfolio accounting
and custody services for the Funds. Compensation for such services is
presented in the Statement of Operations as custodian fees. Custodian fees
are subject to reduction by credits earned by each Fund, based on cash
balances held by Chase as custodian. Such earnings credits are presented
separately in the Statement of Operations. The Funds could have invested
the cash balances utilized in connection with the earnings credit
arrangements in income producing assets if they had not entered into such
arrangements.
F. Waivers of fees-- For the six months ended February 28, 2001, the
Funds' vendors voluntarily waived fees for each of the Funds as follows
(in thousands):
Investment Shareholder
Advisory Administration Servicing Distribution
- -----------------------------------------------------------------------------------------------
TFI................ $- $ 3 $ 3 $-
NYTFI.............. - 39 4 5
NJTFI.............. - 15 57 -
CITF............... 29 15 24 24
G. Other- Certain officers of the Trust are officers of the Distributor
or of its parent corporation, BISYS.
Deferred organization costs are included in Other assets in the Statement
of Assets and Liabilities, and amortization of such costs is included in
Other expenses in the Statement of Operations.
The Distributor voluntarily reimbursed expenses of the Funds in the
amounts as shown on the Statement of Operations.
3. Investment Transactions
The cost of purchases and proceeds from sales of investments (excluding
short-term investments) for the six months ended February 28, 2001, were as
follows (amounts in thousands):
TFI ITFI NYTFI NJTFI CITF
- ----------------------------------------------------------------------------------------------
Purchases...................... $ 207,635 $ 103,817 $ 114,101 $ 40,504 $ 5,335
Sales.......................... 201,258 120,982 96,108 35,265 4,051
57
JPMorgan Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
4. Federal Income Tax Matters
For Federal income tax purposes, the cost and unrealized
appreciation/(depreciation) in value of the investment securities at February
28, 2001, are as follows (amounts in thousands):
TFI ITFI NYTFI NJTFI CITF
- ----------------------------------------------------------------------------------------------
Aggregate cost............... $ 805,112 $ 667,091 $ 369,764 $ 77,739 $22,605
-------- -------- -------- ------- ------
Gross unrealized
appreciation.............. $ 42,786 $ 32,453 $ 15,932 $ 3,705 $ 1,095
Gross unrealized
depreciation.............. (2,172) (416) (502) (148) -
-------- -------- -------- ------- ------
Net unrealized
appreciation.............. $ 40,614 $ 32,037 $ 15,430 $ 3,557 $ 1,095
========= ========= ========= ======== =======
5. Concentration of Credit Risk
The Funds invest substantially all of their assets in a diversified portfolio of
debt obligations issued by states, territories and possessions of the United
States and by the District of Columbia, and by their political subdivisions and
duly constituted authorities. NYTFI, CITF and NJTFI primarily invest in issuers
in the States of New York, California and New Jersey, respectively. TFI invested
approximately 24.7% of its net assets in issuers in New York State. The issuer's
abilities to meet their obligations may be affected by economic or political
developments in a specific state or region.
6. Trustee Compensation
The Funds have adopted an unfunded noncontributory defined benefit pension plan
covering all independent trustees of the Funds who will have served as an
independent trustee for at least five years at the time of retirement. Benefits
under this plan are based on compensation and years of service. Pension expenses
for the six months ended February 28, 2001, included in Trustees Fees in the
Statement of Operations, and accrued pension liability included in Other Accrued
Liabilities, in the Statement of Assets and Liabilities were as follows (in
thousands):
Pension Accrued Pension
Expenses Liability
- --------------------------------------------------------------------------------
TFI $8 $71
ITFI 7 70
NYTFI 3 23
NJTFI 1 6
CITF - 3
7. Bank Borrowings
The Funds may borrow money for temporary or emergency purposes. Any borrowings
representing more than 5% of a Fund's total assets must
58
JPMorgan Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
be repaid before the Fund may make additional investments. The funds have
entered into an agreement, enabling them to participate with other Chase Vista
Funds in an unsecured line of credit with a syndicate of banks, which permits
borrowings up to $350 million, collectively. Interest is charged to each fund
based on its borrowings at an annual rate equal to the sum of the Federal Funds
Rate plus 0.50%. The Funds also pay a commitment fee of 0.10% per annum on the
average daily amount of the available commitment, which is allocated on a
pro-rata basis to the Funds. The commitment fee is included in Other expenses on
the Statement of Operations. Borrowings are payable on demand.
The Funds had no borrowings outstanding at February 28, 2001, nor at any time
during the year then ended.
8. Reorganizations
On February 16, 2001, TFI and NYTFI (the "acquiring funds") acquired all the net
assets of Chase Vista Tax Free Income Fund ("CVTFI") and Chase Vista New York
Tax Free Income Fund ("CVNYTFI") (collectively, the "acquired funds"),
respectively, pursuant to Reorganization Plans approved by CVTFI and CVNYTFI
shareholders on January 26, 2001. The transactions were structured for tax
purposes to qualify as tax-free reorganizations under the Internal Revenue Code.
Under each Reorganization Plan, shareholders of the acquired funds received
shares in the acquiring funds with a value equal to their holdings in the
acquired funds. Holders of Class A Shares in the acquired funds received Class A
Shares in the acquiring funds and holders of Class B Shares in the acquired
funds received Class B Shares in the acquiring funds.
The following is a summary of shares outstanding, net assets, net asset values
per share and net unrealized appreciation immediately before and after the
reorganization:
Before After Before After
Reorganization Reorganization Reorganization Reorganization
------------------------- ------------- ------------------------- -------------
CVTFI TFI TFI CVNYTFI NYTFI NYTFI
----------- ----------- ------------- ----------- ----------- -------------
Class A
Shares 4,211,871 8,191,841 6,653,356 10,754,108
Net Assets $ 52,784,038 $ 52,784,038 $ 77,620,280 $ 77,620,280
Net Asset Value $ 12.53 $ 6.44 $ 11.67 $ 7.22
Class B
Shares 832,033 1,609,355 1,088,287 1,754,524
Net Assets $ 10,370,788 $ 10,370,788 $ 12,669,055 $ 12,669,055
Net Asset
Value $ 12.46 $ 6.44 $ 11.64 $ 7.22
Class I
Shares 122,398,528 122,398,528 39,361,372 39,361,372
Net Assets $788,020,648 $788,020,648 $284,240,813 $284,240,813
Net Asset
Value $ 6.44 $ 6.44 $ 7.22 $ 7.22
Net Unrealized
Appreciation $ 2,198,910 $ 39,531,740 $ 41,730,650 $ 2,920,739 $ 13,199,227 $ 16,119,966
59
JPMorgan Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
9. Subsequent Events
On April 3, 2001, the Board of Trustees of Mutual Fund Select Trust and Mutual
Fund Trust approved a Plan of Reorganization (the "Reorganization Plan") between
the Funds listed below. Under the Reorganization Plan, the acquired fund would
transfer all of its assets and liabilities to the acquiring fund in a tax-free
reorganization. In exchange, shareholders of the acquired fund would receive
shares of the acquiring fund with a value equal to their respective holdings in
the acquired fund. The costs and expenses associated with the Reorganization
will be borne by the Advisor and not by the Funds (or by the shareholders of
either fund.) The Reorganization can be consummated only if, among other things,
it is approved by the vote of a majority (as defined by the 1940 Act) of
outstanding voting securities of the Funds.
Acquiring Fund Acquired Fund
- ---------------------------------------------------------------------------------------------
ITFI J.P. Morgan Tax Exempt Bond Fund
ITFI J.P. Morgan Institutional Tax Exempt Bond Fund
NYTFI J.P. Morgan New York Tax Exempt Bond Fund
NYTFI J.P. Morgan Institutional New York Tax Exempt Bond Fund
J.P. Morgan California Bond Fund CITF
60
JPMorgan Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (continued)
10. Capital Share Transactions
Capital share transactions were as follows for the periods presented (amounts in
thousands):
TAX FREE INCOME FUND
- ----------------------------------------------------------------------------------------------------------------------
Class A Class B Class I
- ----------------------------------------------------------------------------------------------------------------------
Amount Shares Amount Shares Amount Shares
- ----------------------------------------------------------------------------------------------------------------------
Six Months Ended February 28, 2001*
- ----------------------------------------------------------------------------------------------------------------------
Shares sold $ 1,528 241 $ - - $ 49,719 7,855
Shares issued in connection with fund merger (Note 8) 52,784 8,192 10,371 1,609 - -
Shares issued in reinvestment of distributions - - - - 25 4
Shares redeemed (1,967) (306) (248) (38) (40,246) (6,322)
- ----------------------------------------------------------------------------------------------------------------------
Net increase in Fund shares outstanding $ 52,345 8,127 $ 10,123 1,571 $ 9,498 1,537
======================================================================================================================
Year Ended August 31, 2000
- ----------------------------------------------------------------------------------------------------------------------
Shares sold $ 94,232 15,513
Shares issued in reinvestment of distributions 55 9
Shares redeemed (93,114) (15,332)
- ----------------------------------------------------------------------------------------------------------------------
Net increase in Fund shares outstanding $ 1,173 190
======================================================================================================================
* For Class A and B Shares, from commencement of offering on February 16, 2001.
INTERMEDIATE TAX FREE INCOME FUND
- ---------------------------------------------------------------------------------------
Class I
- ---------------------------------------------------------------------------------------
Amount Shares
- ---------------------------------------------------------------------------------------
Six Months Ended February 28, 2001
- ---------------------------------------------------------------------------------------
Shares sold $ 35,052 3,317
Shares issued in reinvestment of distributions 20 2
Shares redeemed (41,172) (3,909)
- ---------------------------------------------------------------------------------------
Net decrease in Fund shares outstanding $ (6,100) (590)
=======================================================================================
Year Ended August 31, 2000
- ---------------------------------------------------------------------------------------
Shares sold $ 66,780 6,521
Shares issued in reinvestment of distributions 3,806 372
Shares redeemed (107,611) (10,502)
- ---------------------------------------------------------------------------------------
Net decrease in Fund shares outstanding $(37,025) (3,609)
=======================================================================================
61
JPMorgan Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (continued)
NEW YORK INTERMEDIATE TAX FREE INCOME FUND
- ----------------------------------------------------------------------------------------------------------------------
Class A Class B Class I
- ----------------------------------------------------------------------------------------------------------------------
Amount Shares Amount Shares Amount Shares
- ----------------------------------------------------------------------------------------------------------------------
Six Months Ended February 28, 2001*
- ----------------------------------------------------------------------------------------------------------------------
Shares sold $ 127 18 $ 100 14 $ 30,596 4,293
Shares issued in connection with fund merger (Note 8) 77,620 10,754 12,669 1,754 - -
Shares issued in reinvestment of distributions - - - - 4 1
Shares redeemed (203) (28) (30) (4) (19,536) (2,769)
Net increase in Fund shares outstanding $ 77,544 10,744 $ 12,739 1,764 $ 11,064 1,525
======================================================================================================================
Year Ended August 31, 2000
- ----------------------------------------------------------------------------------------------------------------------
Shares sold $ 42,794 6,259
Shares issued in reinvestment of distributions 89 13
Shares redeemed (64,427) (9,421)
- ----------------------------------------------------------------------------------------------------------------------
Net decrease in Fund shares outstanding $(21,544) (3,149)
======================================================================================================================
* For Class A and B Shares, from commencement of offering on February 16, 2001.
NEW JERSEY TAX FREE INCOME FUND
- ---------------------------------------------------------------------------------------
Class I
- ---------------------------------------------------------------------------------------
Amount Shares
- ---------------------------------------------------------------------------------------
Six Months Ended February 28, 2001
- ---------------------------------------------------------------------------------------
Shares sold $ 10,563 1,067
Shares issued in reinvestment of distributions 4 1
Shares redeemed (4,121) (417)
- ---------------------------------------------------------------------------------------
Net increase in Fund shares outstanding $ 6,446 651
=======================================================================================
Year Ended August 31, 2000
- ---------------------------------------------------------------------------------------
Shares sold $ 12,035 1,271
Shares issued in reinvestment of distributions 6 1
Shares redeemed (8,140) (862)
- ---------------------------------------------------------------------------------------
Net increase in Fund shares outstanding $ 3,901 410
=======================================================================================
62
JPMorgan Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (continued)
CALIFORNIA INTERMEDIATE TAX FREE FUND
- ---------------------------------------------------------------------------------------
Class A
- ---------------------------------------------------------------------------------------
Amount Shares
- ---------------------------------------------------------------------------------------
Six Months Ended February 28, 2001
- ---------------------------------------------------------------------------------------
Shares sold $ 2,747 268
Shares issued in reinvestment of distributions 180 18
Shares redeemed (1,077) (107)
- ---------------------------------------------------------------------------------------
Net increase in Fund shares outstanding $ 1,850 179
=======================================================================================
Year Ended August 31, 2000
- ---------------------------------------------------------------------------------------
Shares sold $ 653 67
Shares issued in reinvestment of distributions 591 61
Shares redeemed (3,275) (338)
- ---------------------------------------------------------------------------------------
Net decrease in Fund shares outstanding $ (2,031) (210)
=======================================================================================
63
- --------------------------------------------------------------------------------
JPMorgan Funds
Financial Highlights (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
Tax Free Income Fund @
-------------------------------------------------------------------------------
Class A Class B Institutional Class
------- ------- -------------------------------------------------------
2/16/01^ 2/16/01^ 9/1/00 Year Ended 1/1/97*
Through Through Through ------------------------------- Through
2/28/01 2/28/01 2/28/01 8/31/00 8/31/99 8/31/98 8/31/97
------ ------ ------ ------ ------ ------ ------
Per share operating performance:
Net asset value, beginning of period........... $ 6.44 $ 6.44 $ 6.25 $ 6.19 $ 6.60 $ 6.45 $ 6.39
------ ------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income........................ 0.01 0.01 0.14 0.30 0.34 0.35 0.24
Net gains or losses in securities (both
realized and unrealized)................... - - 0.19 0.06 (0.37) 0.21 0.06
------ ------ ------ ------ ------ ------ ------
Total from investment operations........... 0.01 0.01 0.33 0.36 (0.03) 0.56 0.30
------ ------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income......... 0.01 0.01 0.14 0.30 0.34 0.35 0.24
Distributions from capital gains............. - - - - 0.04 0.06 -
------ ------ ------ ------ ------ ------ ------
Total distributions........................ 0.01 0.01 0.14 0.30 0.38 0.41 0.24
------ ------ ------ ------ ------ ------ ------
Net asset value, end of period................. $ 6.44 $ 6.44 $ 6.44 $ 6.25 $ 6.19 $ 6.60 $ 6.45
======= ======= ======= ======= ======= ======= =======
Total return(1)................................ 0.11% 0.09% 5.42% 6.11% (0.63%) 8.99% 4.86%
Ratios/supplemental data:
Net assets, end of period (millions)......... $ 52 $ 10 $ 785 $ 753 $ 744 $ 761 $ 677
Ratios to average net assets:#
Expenses..................................... 0.52% 1.14% 0.74% 0.57% 0.03% 0.02% 0.02%
Net investment income........................ 4.83% 4.21% 4.61% 4.98% 5.25% 5.39% 5.73%
Expenses without waivers, reimbursements
and earnings credits....................... 0.85% 1.19% 0.74% 0.66% 0.50% 0.50% 0.49%
Net investment income without waivers,
reimbursements and earnings credits........ 4.50% 4.16% 4.61% 4.89% 4.78% 4.91% 5.26%
Portfolio turnover rate........................ 26% 26% 26% 35% 39% 47% 48%
- -----------------------------------------------------------------------------------------------------------------------------------
@ Formerly Chase Vista Select Tax Free Income Fund.
* Commencement of operations.
^ Commencement of offering of class of shares.
(1) Total return figures do not include the effect of any front-end or deferred
sales load.
# Short periods have been annualized.
See notes to financial statements.
64
JPMorgan Funds
- --------------------------------------------------------------------------------
Financial Highlights (unaudited) (continued)
FINANCIAL HIGHLIGHTS (unaudited) (continued)
Intermediate Tax Free Income Fund @
---------------------------------------------------
Institutional Class
---------------------------------------------------
9/1/00 Year Ended 1/1/97*
Through ----------------------------- Through
2/28/01 8/31/00 8/31/99 8/31/98 8/31/97
------ ------ ------ ------ ------
Per share operating performance:
Net asset value, beginning of period.............. $ 10.46 $ 10.42 $ 10.93 $ 10.85 $ 10.75
------ ------ ------ ------ ------
Income from investment operations:
Net investment income........................... 0.22 0.46 0.52 0.56 0.39
Net gains or losses in securities (both
realized and unrealized)...................... 0.27 0.10 (0.39) 0.29 0.10
------ ------ ------ ------ ------
Total from investment operations.............. 0.49 0.56 0.13 0.85 0.49
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income............ 0.22 0.46 0.52 0.56 0.39
Distributions from capital gains................ - 0.06 0.12 0.21 -
------ ------ ------ ------ ------
Total distributions........................... 0.22 0.52 0.64 0.77 0.39
------ ------ ------ ------ ------
Net asset value, end of period.................... $ 10.73 $ 10.46 $ 10.42 $ 10.93 $ 10.85
======= ======= ======= ======= =======
Total return...................................... 4.72% 5.54% 1.15% 8.08% 4.58%
Ratios/supplemental data:
Net assets, end of period (millions)............ $ 706 $ 694 $ 729 $ 717 $ 631
Ratios to average net assets:#
Expenses........................................ 0.74% 0.57% 0.03% 0.02% 0.02%
Net investment income........................... 4.18% 4.49% 4.81% 5.10% 5.40%
Expenses without waivers, reimbursements
and earnings credits.......................... 0.74% 0.66% 0.50% 0.50% 0.50%
Net investment income without waivers,
reimbursements and earnings credits........... 4.18% 4.40% 4.34% 4.62% 4.92%
Portfolio turnover rate........................... 15% 60% 62% 71% 60%
- ----------------------------------------------------------------------------------------------------------
@ Formerly Chase Vista Select Intermediate Tax Free Income Fund.
* Commencement of operations.
# Short periods have been annualized.
See notes to financial statements.
65
JPMorgan Funds
- --------------------------------------------------------------------------------
Financial Highlights (unaudited) (continued)
FINANCIAL HIGHLIGHTS (unaudited)
New York Intermediate Tax Free Income Fund @
-------------------------------------------------------------------------------
Class A Class B Institutional Class
------- ------- -------------------------------------------------------
2/16/01^ 2/16/01^ 9/1/00 Year Ended 1/1/97*
Through Through Through ------------------------------- Through
2/28/01 2/28/01 2/28/01 8/31/00 8/31/99 8/31/98 8/31/97
------ ------ ------ ------ ------ ------ ------
Per share operating performance:
Net asset value, beginning of period........... $ 7.22 $ 7.22 $ 7.01 $ 6.91 $ 7.29 $ 7.15 $ 7.09
------ ------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income........................ 0.01 0.01 0.15 0.31 0.35 0.37 0.26
Net gains or losses in securities (both
realized and unrealized)................... (0.01) (0.01) 0.20 0.10 (0.31) 0.21 0.06
------ ------ ------ ------ ------ ------ ------
Total from investment operations........... - - 0.35 0.41 0.04 0.58 0.32
------ ------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income......... 0.01 0.01 0.15 0.31 0.35 0.37 0.26
Distributions from capital gains............. - - - - 0.07 0.07 -
------ ------ ------ ------ ------ ------ ------
Total distributions........................ 0.01 0.01 0.15 0.31 0.42 0.44 0.26
------ ------ ------ ------ ------ ------ ------
Net asset value, end of period................. $ 7.21 $ 7.21 $ 7.21 $ 7.01 $ 6.91 $ 7.29 $ 7.15
======= ======= ======= ======= ======= ======= =======
Total return(1)................................ (0.04%) (0.06) 5.02% 6.13% 0.38% 8.37% 4.62%
Ratios/supplemental data:
Net assets, end of period (millions)......... $ 77 $ 13 $ 296 $ 277 $ 295 $ 283 $ 235
Ratios to average net assets:#
Expenses..................................... 0.52% 1.14% 0.75% 0.58% 0.04% 0.03% 0.03%
Net investment income........................ 4.44% 3.82% 4.21% 4.48% 4.85% 5.08% 5.52%
Expenses without waivers, reimbursements
and earnings credits....................... 1.13% 1.47% 0.77% 0.70% 0.53% 0.53% 0.53%
Net investment income without waivers,
reimbursements and earnings credits........ 3.83% 3.49% 4.19% 4.36% 4.36% 4.58% 5.02%
Portfolio turnover rate........................ 33% 33% 33% 46% 39% 66% 32%
- -----------------------------------------------------------------------------------------------------------------------------------
@ Formerly Chase Vista Select Tax Free Income Fund.
* Commencement of operations.
^ Commencement of offering of class of shares.
(1) Total return figures do not include the effect of any front-end or deferred
sales load.
# Short periods have been annualized.
See notes to financial statements.
66
JPMorgan Funds
- --------------------------------------------------------------------------------
Financial Highlights (unaudited) (continued)
FINANCIAL HIGHLIGHTS (unaudited) (continued)
New Jersey Tax Free Income Fund @
---------------------------------------------------
Institutional Class
---------------------------------------------------
9/1/00 Year Ended 1/1/97*
Through ----------------------------- Through
2/28/01 8/31/00 8/31/99 8/31/98 8/31/97
------ ------ ------ ------ ------
Per share operating performance:
Net asset value, beginning of period.............. $ 9.73 $ 9.61 $ 10.24 $ 10.04 $ 9.99
------ ------ ------ ------ ------
Income from investment operations:
Net investment income........................... 0.21 0.44 0.49 0.52 0.37
Net gains or losses in securities (both
realized and unrealized)...................... 0.36 0.12 (0.45) 0.24 0.05
------ ------ ------ ------ ------
Total from investment operations.............. 0.57 0.56 0.04 0.76 0.42
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income............ 0.21 0.44 0.49 0.52 0.37
Distributions from capital gains................ - - 0.18 0.04 -
------ ------ ------ ------ ------
Total distributions........................... 0.21 0.44 0.67 0.56 0.37
------ ------ ------ ------ ------
Net asset value, end of period.................... $ 10.09 $ 9.73 $ 9.61 $ 10.24 $ 10.04
======= ======= ======= ======= =======
Total return...................................... 5.92% 6.08% 0.37% 7.82% 4.20%
Ratios/supplemental data:
Net assets, end of period (millions)............ $ 82 $ 73 $ 68 $ 71 $ 64
Ratios to average net assets:#
Expenses........................................ 0.75% 0.59% 0.04% 0.02% 0.02%
Net investment income........................... 4.28% 4.67% 4.94% 5.16% 5.52%
Expenses without waivers, reimbursements
and earnings credits.......................... 0.94% 0.82% 0.63% 0.63% 0.57%
Net investment income without waivers,
reimbursements and earnings credits........... 4.09% 4.44% 4.35% 4.55% 4.97%
Portfolio turnover rate........................... 48% 48% 24% 60% 14%
- ---------------------------------------------------------------------------------------------------------
@ Formerly Chase Vista Select New Jersey Tax Free Income Fund.
* Commencement of operations.
# Short periods have been annualized.
See notes to financial statements.
67
JPMorgan Funds
- --------------------------------------------------------------------------------
Financial Highlights (unaudited) (continued)
FINANCIAL HIGHLIGHTS (unaudited) (continued)
California Intermediate Tax Free Fund @
-------------------------------------------------------------------
Class A
-------------------------------------------------------------------
9/1/00 Year Ended
Through --------------------------------------------------------
2/28/01 8/31/00 8/31/99 8/31/98 8/31/97 8/31/96
------ ------ ------ ------ ------ ------
Per share operating performance:
Net asset value, beginning of period.............. $ 10.00 $ 9.79 $ 10.29 $ 10.07 $ 9.81 $ 9.89
------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment income........................... 0.21 0.42 0.41 0.45 0.46 0.48
Net gains or losses in securities (both
realized and unrealized)...................... 0.23 0.31 (0.37) 0.32 0.26 0.01
------- ------- ------- ------- ------- -------
Total from investment operations.............. 0.44 0.73 0.04 0.77 0.72 0.49
------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income............ 0.21 0.42 0.41 0.45 0.33 0.48
Distributions from capital gains................ - 0.10 0.13 0.10 0.13 0.09
------- ------- ------- ------- ------- -------
Total distributions........................... 0.21 0.52 0.54 0.55 0.46 0.57
------- ------- ------- ------- ------- -------
Net asset value, end of period.................... $ 10.23 $ 10.00 $ 9.79 $ 10.29 $ 10.07 $ 9.83
======== ======== ======== ======== ======== ========
Total return(1)................................... 4.50% 7.83% 0.28% 7.81% 7.46% 5.00%
Ratios/supplemental data:
Net assets, end of period (millions)............ $ 22 $ 19 $ 21 $ 24 $ 26 $ 28
Ratios to average net assets:#
Expenses........................................ 0.60% 0.60% 0.60% 0.60% 0.60% 0.60%
Net investment income........................... 4.29% 4.35% 3.99% 4.38% 4.65% 4.77%
Expenses without waivers, reimbursements
and earnings credits.......................... 1.55% 1.55% 1.46% 1.44% 1.33% 1.47%
Net investment income without waivers,
reimbursements and earnings credits........... 3.34% 3.40% 3.13% 3.54% 3.92% 3.90%
Portfolio turnover rate........................... 22% 116% 111% 44% 66% 188%
- ---------------------------------------------------------------------------------------------------------------------------
@ Formerly Chase Vista California Intermediate Tax Free Fund.
(1) Total return figures do not include the effect of any front-end or deferred
sales load.
# Short periods have been annualized.
See notes to financial statements.
68
- --------------------------------------------------------------------------------
JPMorgan Funds
Funds Special Meeting of Shareholders (unaudited)
A Special Meeting of Shareholders was held on January 26, 2001 at One Chase
Square, Rochester, New York 14643 for purposes of approving an Agreement and
Plan of Reorganization (the "Reorganization Plan") between Chase Vista Select
New York Intermediate Tax Free Income Fund and Chase Vista Select Tax Free
Income Fund (the "acquiring funds"), both a series of Mutual Fund Select Trust
and Chase Vista New York Tax Free Income Fund and Chase Vista Tax Free Income
Fund (the "acquired funds"), both a series of Mutual Fund Trust. Under the
Reorganization Plan, the acquired funds would transfer all of their asset and
liabilities to the acquiring funds in a tax-free reorganization. In exchange,
shareholders of the acquired funds would receive shares of the acquiring funds
with a value equal to their respective holdings in the acquired funds. A
majority of shareholders of Chase Vista New York Tax Free Income Fund and Chase
Vista Tax Free Income Fund, respectively, approved the Reorganization Plan by
the following votes:
Chase Vista New York Chase Vista Tax Free
Tax Free Income Fund Income Fund
- --------------------------------------------------------------------------------
For 3,823,042 2,529,246
Against 346,885 58,795
Abstain 149,156 74,968
69
- --------------------------------------------------------------------------------
JPMorgan Tax Free Funds
Semi-Annual Report
INVESTMENT ADVISER
JPMorgan Fleming Asset Management
ADMINISTRATOR, SHAREHOLDER AND FUND SERVICING AGENT AND CUSTODIAN
The Chase Manhattan Bank
DISTRIBUTOR
J.P. Morgan Fund Distributors, Inc.
TRANSFER AGENT
DST Systems, Inc.
LEGAL COUNSEL
Simpson, Thatcher & Barnett
INDEPENDENT ACCOUNTANTS
PriceWaterhouseCoopers LLP
JPMorgan Funds are distributed by J.P. Morgan Fund Distributors, Inc. which is
unaffiliated with The Chase Manhattan Bank. Chase and its respective affiliates
receive compensation from JPMorgan Funds for providing services to the Funds.
This report is submitted for the general information of the shareholders of the
funds. It is not authorized for distribution to prospective investors in the
funds unless preceeded or accompanied by a prospectus.
The financial information in this report has been taken from the books and
records of the funds without examination by independent accoutants, who express
no opinion thereto.
To obtain a prospectus for any of the JPMorgan Funds, call 1-800-348-4782. The
prospectus contains more complete information, including charges and expenses.
Please read it carefully before you invest or send money.
JPMorgan Funds Fulfillment Center
393 Manley Street
West Bridgewater, MA 02379-1039
(c) J.P. Morgan Chase & Co., All Rights Reserved. April 2001
ANSTF-2-40