Semi-Annual Report February 28, 2001 (unaudited)
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JPMorgan Money Market Funds
100% U.S. Treasury Securities Money Market Fund
U.S. Government Money Market Fund
Treasury Plus Money Market Fund
Federal Money Market Fund II
Prime Money Market Fund II
Tax Free Money Market Fund
New York Tax Free Money Market Fund
California Tax Free Money Market Fund
[LOGO] JPMorgan Fleming
Asset Management
Contents
Letter to the Shareholders ................................................ 1
JPMorgan 100% U.S. Treasury Securities
Money Market Fund
Fund Facts ................................................................ 2
JPMorgan U.S. Government
Money Market Fund
Fund Facts ................................................................ 3
JPMorgan Treasury Plus
Money Market Fund
Fund Facts ................................................................ 4
JPMorgan Federal Money Market Fund II
Fund Facts ................................................................ 5
JPMorgan Prime Money Market Fund II
Fund Facts ................................................................ 6
JPMorgan Tax Free Money Market Fund
Fund Facts ................................................................ 7
JPMorgan New York Tax Free
Money Market Fund
Fund Facts ................................................................ 8
JPMorgan California Tax Free
Money Market Fund
Fund Facts ................................................................ 9
Portfolios of Investments ................................................. 10
Financial Statements ...................................................... 63
Notes to Financial Statements ............................................. 72
Highlights
o The U.S. economy slowed dramatically during the reporting period, with GDP
growth in the fourth quarter of 2000 slipping to a tepid 1.1%.
o After six interest rate increases beginning in June 1999, the Fed Funds
rate stood at 6.50% through most of the reporting period.
o The Federal Open Markets Committee (FOMC) changed course and made an
inter-meeting cut in the Federal Funds rate of .50% on January 3, 2001. It
acted again at its late-January meeting, cutting the Fed Funds rate by
another .50%.
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NOT FDIC INSURED | May lose value / No bank guarantee
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JPMorgan Funds are distributed by J.P. Morgan Fund Distributors, Inc.
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JPMorgan Money Market Funds
LETTER TO THE SHAREHOLDERS
April 9, 2001
Dear Shareholder:
We are pleased to present this semi-annual report for the JPMorgan Money Market
Funds for the six months ended February 28, 2001. As you are aware, a historic
merger was completed on December 31, 2000 between J.P. Morgan and Chase
Manhattan, creating J.P. Morgan 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 rename 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 money market funds, including holdings and maturity structure.
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.
As 2000 drew to a close, concerns grew that the desired soft landing for the
economy may give way to a harder landing, perhaps even a recession. In fact, the
monthly National Association of Purchasing Managers (NAPM) readings fell to
levels that signaled recession in the final months of 2000. In response to this
and other weak data, the Federal Reserve moved to a bias towards lowering
short-term interest rates and then made an unexpected cut of .50% in the Federal
Funds rate on January 3, 2001. The Fed moved again with a .50% cut at its
regular end of January meeting.
A Hard Landing?
As consumer confidence began falling, expectations rose that the Fed would act
again before its March meeting. However, mixed economic signals began to arrive,
showing strength in key areas such as housing, automobiles and retail. This
caused a great deal of uncertainty in the fixed income markets as investors
began to question whether the Fed had gotten behind in its work of creating the
desired soft landing.
By waiting until the regular March meeting, Mr. Greenspan and his colleagues at
the Fed showed that they are taking a deliberate approach in cutting rates. In
our view, this approach does not obscure the fact that the Fed is in the midst
of a multi-step easing process which should continue into the summer and perhaps
throughout 2001. Overall, we believe that the odds of a hard landing have
increased to the point that they're now even with those of a soft landing. In
this environment, our fixed income team will continue to focus on preservation
of principal first and foremost while attempting to lock in the highest possible
yields given the falling-rate backdrop.
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 Funds. We look forward to serving your investment needs for many years
to come.
Sincerely yours,
/s/ George Gatch
George Gatch
Managing Director
1
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JPMorgan 100% U.S. Treasury Securities
Money Market Fund
As of February 28, 2001 (Unaudited)
FUND FACTS
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Objective High current income consistent with
capital preservation
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Primary investments Direct obligations of the U.S. Treasury
including Treasury bills, bonds and notes
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Suggested investment time frame Short-term
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Share classes offered Vista, Premier and Institutional Shares
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Net assets $5.6 Billion
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Average maturity 61 days
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S&P Rating Not Rated
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Moody's Rating Not Rated
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NAIC Rating Not Rated
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MATURITY SCHEDULE
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1-14 days 0.00%
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15-30 days 16.04%
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31-60 days 41.53%
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61-90 days 34.74%
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91-180 days 7.69%
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181-270 days 0.00%
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271+ days 0.00%
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7-DAY SEC YIELD(1)
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Vista Shares 4.81%
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Premier Shares 4.92%
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Institutional Shares 5.15%
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Past performance is not a guarantee of future results. Yields will fluctuate. An
investment in a money market fund is not insured by the FDIC or any other
government agency. Although money market funds strive to preserve the value of
the investment at $1.00 per share, it is possible to lose money by investing in
a money market fund.
(1) The yields for Vista Shares, Premier Shares and Institutional Shares reflect
the voluntary waiver of certain expenses. Without waivers, the yields would have
been 4.69%, 4.88% and 5.05% for Vista Shares, Premier Shares and Institutional
Shares, respectively. This voluntary waiver may be modified or terminated at any
time, which would reduce the fund's performance.
2
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JPMorgan U.S. Government
Money Market Fund
As of February 28, 2001 (Unaudited)
FUND FACTS
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Objective High current income consistent with
capital preservation
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Primary investments Direct obligations of the U.S. Treasury
and its Agencies including Treasury
bills, bonds, notes and repurchase
agreements
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Suggested investment time frame Short-term
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Share classes offered Vista, Premier and Institutional Shares
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Net assets $8.7 Billion
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Average maturity 41 days
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S&P Rating* AAA
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Moody's Rating* Aaa
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NAIC Rating* Class 1
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* This rating is historical and is based upon the Fund's credit quality, market
price exposure and management. It signifies that the Fund's safety is excellent
and that it has superior capacity to maintain a $1 Net Asset Value per share.
The National Association of Insurance Commissioners' (NAIC's) Class 1 status
indicates that the Fund meets certain pricing and quality guidelines.
MATURITY SCHEDULE
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1-14 days 75.92%
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15-30 days 1.69%
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31-60 days 2.85%
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61-90 days 1.67%
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91-180 days 11.44%
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181-270 days 0.00%
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271+ days 6.43%
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7-DAY SEC YIELD(1)
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Vista Shares 5.06%
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Premier Shares 5.20%
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Institutional Shares 5.39%
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Past performance is not a guarantee of future results. Yields will fluctuate. An
investment in a money market fund is not insured by the FDIC or any other
government agency. Although money market funds strive to preserve the value of
the investment at $1.00 per share, it is possible to lose money by investing in
a money market fund.
(1) The yields for Vista Shares, Premier Shares and Institutional Shares reflect
the voluntary waiver of certain expenses. Without waivers, the yields would have
been 4.96%, 5.07% and 5.33% for Vista Shares, Premier Shares and Institutional
Shares, respectively. This voluntary waiver may be modified or terminated at any
time, which would reduce the fund's performance.
3
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JPMorgan Treasury Plus Money Market Fund
As of February 28, 2001 (Unaudited)
FUND FACTS
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Objective High current income consistent with
capital preservation
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Primary investments Direct obligations of the U.S. Treasury
includ ing Treasury bills, bonds and
notes as well as repurchase agreements
which are fully collateralized by
obligations issued or guaranteed by the
U.S. Treasury
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Suggested investment time frame Short-term
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Share classes offered Vista, Premier and Institutional Shares
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Net assets $2.8 Billion
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Average maturity 23 days
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S&P Rating* AAA
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Moody's Rating* Aaa
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NAIC Rating* Exempt
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* This rating is historical and is based upon the Fund's credit quality, market
price exposure and management. It signifies that the Fund's safety is excellent
and that it has superior capacity to maintain a $1 Net Asset Value per share.
The National Association of Insurance Commissioners' (NAIC's) "exempt" status
indicates that the Fund meets certain pricing and quality guidelines.
MATURITY SCHEDULE
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1-14 days 56.05%
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15-30 days 7.05%
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31-60 days 22.88%
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61-90 days 14.02%
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91-180 days 0.00%
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181-270 days 0.00%
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271+ days 0.00%
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7-DAY SEC YIELD(1)
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Vista Shares 4.72%
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Premier Shares 4.86%
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Institutional Shares 5.06%
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Past performance is not a guarantee of future results. Yields will fluctuate. An
investment in a money market fund is not insured by the FDIC or any other
government agency. Although money market funds strive to preserve the value of
the investment at $1.00 per share, it is possible to lose money by investing in
a money market fund.
(1) The yields for Vista Shares, Premier Shares and Institutional Shares reflect
the voluntary waiver of certain expenses. Without waivers, the yields would have
been 4.61%, 4.81% and 4.97% for Vista Shares, Premier Shares and Institutional
Shares, respectively. This voluntary waiver may be modified or terminated at any
time, which would reduce the fund's performance.
4
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JPMorgan Federal Money Market Fund II
As of February 28, 2001 (Unaudited)
FUND FACTS
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Objective High current income consistent with
capital preservation
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Primary investments Direct obligations of the U.S. Treasury
including Treasury bills, bonds and
notes as well as obligations issued or
guaranteed by the U.S. Treasury and its
Agencies
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Suggested investment time frame Short-term
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Share classes offered Vista, Premier, Institutional and
Reserve Shares
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Net assets $1.9 Billion
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Average maturity 57 days
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S&P Rating Not Rated
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Moody's Rating Not Rated
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NAIC Rating Not Rated
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MATURITY SCHEDULE
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1-14 days 53.87%
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15-30 days 3.95%
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31-60 days 6.48%
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61-90 days 10.45%
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91-180 days 8.54%
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181-270 days 5.21%
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271+ days 11.50%
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7-DAY SEC YIELD(1)
---------------------------------------------
Vista Shares 5.00%
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Premier Shares 5.21%
---------------------------------------------
Institutional Shares 5.44%
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Reserve Shares 4.96%
---------------------------------------------
Past performance is not a guarantee of future results. Yields will fluctuate. An
investment in a money market fund is not insured by the FDIC or any other
government agency. Although money market funds strive to preserve the value of
the investment at $1.00 per share, it is possible to lose money by investing in
a money market fund.
(1) The yields for Vista Shares, Institutional Shares and Reserve Shares reflect
the voluntary waiver of certain expenses. Without waivers, the yields would have
been 4.96%, 5.37% and 4.31% for Vista Shares, Institutional Shares and Reserve
Shares, respectively. This voluntary waiver may be modified or terminated at any
time, which would reduce the fund's performance.
5
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JPMorgan Prime Money Market Fund II
As of February 28, 2001 (Unaudited)
FUND FACTS
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Objective High current income consistent with
capital preservation
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Primary investments High quality, short-term, U.S. dollar-
denominated money market instruments
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Suggested investment time frame Short-term
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Share classes offered Vista, Premier, Institutional, Reserve,
B and C Shares
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Net assets $29.6 Billion
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Average maturity 45 days
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S&P Rating* AAA
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Moody's Rating* Aaa
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NAIC Rating* Class 1
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* This rating is historical and is based upon the Fund's credit quality, market
price exposure and management. It signifies that the Fund's safety is excellent
and that it has superior capacity to maintain a $1 Net Asset Value per share.
The National Association of Insurance Commissioners' (NAIC's) Class 1 status
indicates that the Fund meets certain pricing and quality guidelines.
MATURITY SCHEDULE
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1-14 days 42.17%
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15-30 days 22.58%
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31-60 days 10.85%
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61-90 days 8.70%
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91-180 days 12.57%
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181-270 days 1.73%
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271+ days 1.40%
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7-DAY SEC YIELD(1)
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B Shares 4.56%
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C Shares 4.56%
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Vista Shares 5.21%
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Premier Shares 5.35%
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Institutional Shares 5.54%
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Reserve Shares 5.01%
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Past performance is not a guarantee of future results. Yields will fluctuate. An
investment in a money market fund is not insured by the FDIC or any other
government agency. Although money market funds strive to preserve the value of
the investment at $1.00 per share, it is possible to lose money by investing in
a money market fund.
(1) The yields for B Shares, C Shares, Vista Shares, Premier Shares,
Institutional Shares and Reserve Shares reflect the voluntary waiver of certain
expenses. Without waivers, the yields would have been 4.55%, 4.55%, 5.20%,
5.32%, 5.47% and 4.35% for B Shares, C Shares, Vista Shares, Premier Shares,
Institutional Shares and Reserve Shares, respectively. This voluntary waiver may
be modified or terminated at any time, which would reduce the fund's
performance.
6
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JPMorgan Tax Free Money Market Fund
As of February 28, 2001 (Unaudited)
FUND FACTS
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Objective High current tax free income consistent
with capital preservation*
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Primary investments Short-term municipal obligations
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Suggested investment time frame Short-term
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Share classes offered Vista, Premier, Institutional and
Reserve Shares
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Net assets $1.8 Billion
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Average maturity 46 days
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S&P Rating** AAA
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Moody's Rating Not rated
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NAIC Rating Not rated
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** This rating is historical and is based upon the Fund's credit quality, market
price exposure and management. It signifies that the Fund's safety is excellent
and that it has superior capacity to maintain a $1 Net Asset Value per share.
MATURITY SCHEDULE
---------------------------------------------
1-14 days 72.01%
---------------------------------------------
15-30 days 1.45%
---------------------------------------------
31-60 days 2.98%
---------------------------------------------
61-90 days 2.84%
---------------------------------------------
91-180 days 14.29%
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181-270 days 3.03%
---------------------------------------------
271+ days 3.40%
---------------------------------------------
YIELDS
Taxable
7-Day Equivalent
SEC Yield(1) Yield(2)
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Vista Shares 3.10% 5.13%
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Premier Shares 3.18% 5.26%
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Institutional Shares 3.43% 5.68%
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Reserve Shares 2.96% 4.90%
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Past performance is not a guarantee of future results. Yields will fluctuate. An
investment in a money market fund is not insured by the FDIC or any other
government agency. Although money market funds strive to preserve the value of
the investment at $1.00 per share, it is possible to lose money by investing in
a money market fund.
(1) The yields for Vista Shares, Premier Shares, Institutional Shares and
Reserve Shares reflect the voluntary waiver of certain expenses. Without
waivers, the yields would have been 2.99%, 3.18%, 3.34% and 2.31% for Vista
Shares, Premier Shares, Institutional Shares and Reserve Shares, respectively.
This voluntary waiver may be modified or terminated at any time, which would
reduce performance.
(2) Taxable equivalent yields are calculated based on the SEC yield divided by 1
minus the effective tax rate. The effective federal tax rate used for this
illustration is 39.6%.
* A portion of the Fund's income may be subject to the Alternative Minimum Tax
(AMT), and some investors may be subject to certain state and local taxes.
7
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JPMorgan New York Tax Free
Money Market Fund
As of February 28, 2001 (Unaudited)
FUND FACTS
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Objective High current tax free income consistent
with capital preservation*
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Primary investments New York short-term municipal
obligations
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Suggested investment time frame Short-term
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Share classes offered Vista and Reserve Shares
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Net assets $2.2 Billion
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Average maturity 38 days
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S&P Rating Not rated
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Moody's Rating Not rated
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NAIC Rating Not rated
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MATURITY SCHEDULE
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1-14 days 75.46%
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15-30 days 1.23%
---------------------------------------------
31-60 days 5.12%
---------------------------------------------
61-90 days 1.24%
---------------------------------------------
91-180 days 11.74%
---------------------------------------------
181-270 days 1.63%
---------------------------------------------
271+ days 3.58%
---------------------------------------------
YIELDS
Taxable
7-Day Equivalent
SEC Yield(1) Yield(2)
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Vista Shares 2.95% 5.47%
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Reserve Shares 2.75% 5.10%
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Past performance is not a guarantee of future results. Yields will fluctuate. An
investment in a money market fund is not insured by the FDIC or any other
government agency. Although money market funds strive to preserve the value of
the investment at $1.00 per share, it is possible to lose money by investing in
a money market fund.
(1) The yields for Vista Shares and Reserve Shares reflect the voluntary waiver
of certain expenses. Without waivers, the yield would have been 2.84% for Vista
Shares and 2.05% for Reserve Shares. This voluntary waiver may be modified or
terminated at any time, which would reduce performance.
(2) Taxable Equivalent Yields are calculated based on the SEC yield divided by 1
minus the effective tax rate. The effective combined federal, state and local
tax rate used for this illustration is 46.05%.
* A portion of the Fund's income may be subject to the Alternative Minimum Tax
(AMT), and some investors may be subject to certain state and local taxes.
8
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JPMorgan California Tax Free
Money Market Fund
As of February 28, 2001 (Unaudited)
FUND FACTS
- --------------------------------------------------------------------------------
Objective High current tax free income consistent
with capital preservation*
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Primary investments California short-term municipal obligations
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Suggested investment time frame Short-term
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Share Classes Offered Vista Shares
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Net assets $88.6 Million
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Average maturity 46 days
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S&P Rating Not rated
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Moody's Rating Not rated
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NAIC Rating Not rated
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MATURITY SCHEDULE
---------------------------------------------
1-14 days 73.14%
---------------------------------------------
15-30 days 0.00%
---------------------------------------------
31-60 days 1.13%
---------------------------------------------
61-90 days 6.69%
---------------------------------------------
91-180 days 13.64%
---------------------------------------------
181-270 days 4.83%
---------------------------------------------
271+ days 0.57%
---------------------------------------------
YIELDS
Taxable
7-Day Equivalent
SEC Yield(1) Yield(2)
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Vista Shares 2.32% 4.24%
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Past performance is not a guarantee of future results. Yields will fluctuate. An
investment in a money market fund is not insured by the FDIC or any other
government agency. Although money market funds strive to preserve the value of
the investment at $1.00 per share, it is possible to lose money by investing in
a money market fund.
(1) The yield for Vista Shares reflects the voluntary waiver of certain
expenses. Without waivers, the yield would have been 2.07%. This voluntary
waiver may be modified or terminated at any time, which would reduce
performance.
(2) Taxable Equivalent Yields are calculated based on the SEC yield divided by 1
minus the effective tax rate. The effective combined federal, state and local
tax rate used for this illustration is 45.22%.
* A portion of the Fund's income may be subject to the Alternative Minimum Tax
(AMT), and some investors may be subject to certain state and local taxes.
9
JPMorgan 100% U.S. Treasury Securities
Money Market Fund
Portfolio of Investments
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
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Money Market Instruments -- 100.2%
- --------------------------------------------------------------------------------
U.S. Treasury Securities -- 100.2%
U.S. Treasury Bills,
$300,000 4.89%, 04/26/01 $ 297,720
48,040 4.91%, 04/26/01 47,675
219,510 4.92%, 04/19/01 218,010
100,000 4.92%, 05/03/01 99,144
190,210 4.93%, 05/03/01 188,582
222,625 4.95%, 04/05/01 221,550
125,000 4.96%, 05/24/01 123,571
200,000 4.97%, 04/26/01 198,481
35,500 4.98%, 04/05/01 35,329
29,690 4.98%, 04/12/01 29,517
200,000 4.98%, 05/17/01 197,889
100,000 4.99%, 05/10/01 99,039
150,000 5.00%, 04/05/01 149,276
8,935 5.00%, 05/03/01 8,859
300,000 5.00%, 05/10/01 297,117
100,000 5.01%, 04/12/01 99,416
94,085 5.01%, 04/26/01 93,370
129,520 5.01%, 05/03/01 128,411
70,580 5.01%, 05/10/01 69,902
183,335 5.01%, 05/17/01 181,400
100,000 5.02%, 04/12/01 99,416
125,140 5.03%, 04/12/01 124,409
195,145 5.05%, 04/19/01 193,811
225,000 5.11%, 04/12/01 223,686
54,360 5.14%, 04/19/01 53,988
62,370 5.19%, 04/05/01 62,069
175,000 5.27%, 04/19/01 173,804
500,000 5.78%, 03/29/01 497,784
400,000 5.93%, 03/22/01 398,635
U.S. Treasury Notes,
95,000 5.00%, 04/30/01 94,955
251,000 5.50%, 07/31/01 251,067
198,000 5.63%, 05/15/01 197,715
86,510 6.25%, 04/30/01 86,643
27,000 6.50%, 05/31/01 27,008
150,000 7.88%, 08/15/01 151,886
168,000 8.00%, 05/15/01 168,542
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Total Investments -- 100.2% $5,589,676
(Cost $5,589,676)*
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See notes to financial statements.
10
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JPMorgan U.S. Government
Money Market Fund
Portfolio of Investments
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- 101.5%
- --------------------------------------------------------------------------------
U.S. Government Agency Securities -- 77.5%
Federal Farm Credit Bank -- 1.6%
Federal Farm Credit Bank,
$ 50,000 FRN, 5.45%, 01/18/02 $ 49,991
90,000 FRN, 5.46%, 03/01/01 90,000
-----------
139,991
Federal Home Loan Bank -- 21.9%
Federal Home Loan Bank,
123,000 5.38%, 03/02/01 122,999
75,000 5.50%, 01/18/02 75,000
100,000 6.35%, 12/20/01 99,987
300,000 6.38%, 12/20/01 299,981
100,000 6.70%, 03/01/01 100,000
75,000 6.75%, 03/01/01 75,000
162,000 DN, 4.95%, 08/03/01 158,621
100,000 DN, 5.38%, 03/02/01 99,985
100,000 DN, 6.44%, 03/09/01 99,866
100,000 FRN, 5.19%, 04/12/01 100,000
150,000 FRN, 5.24%, 05/10/01 149,986
100,000 FRN, 5.40%, 02/15/02 99,972
65,000 FRN, 5.42%, 03/06/01 65,000
200,000 FRN, 5.48%, 07/18/01 199,947
175,000 FRN, 5.52%, 10/19/01 174,924
-----------
1,921,268
Federal Home Loan Mortgage Corp.-- 2.6%
Federal Home Loan Mortgage Corp.,
150,000 DN, 5.18%, 08/10/01 146,605
79,248 DN, 5.40%, 04/26/01 78,591
-----------
225,196
Federal National Mortgage Association -- 35.8%
Federal National Mortgage Association,
187,177 DN, 4.85%, 08/16/01 183,037
160,000 DN, 4.86%, 07/30/01 156,806
100,000 DN, 5.01%, 12/14/01 96,160
50,000 DN, 5.33%, 03/20/01 49,860
275,000 DN, 5.40%, 06/01/01 271,289
150,000 DN, 5.47%, 05/01/01 148,633
310,000 FRN, 5.24%, 05/10/01 309,993
500,000 FRN, 5.47%, 10/04/01 499,825
250,000 FRN, 5.48%, 06/07/01 249,944
315,000 FRN, 5.53%, 05/24/01 315,000
250,000 FRN, 6.49%, 03/01/01 250,000
400,000 FRN, 6.54%, 12/03/01 399,882
200,000 MTN, FRN, 5.53%, 11/06/01 199,987
-----------
3,130,416
Student Loan Marketing Association -- 15.6%
Student Loan Marketing Association,
100,000 FRN, 5.21%, 08/16/01 100,000
50,000 FRN, 5.24%, 03/15/01 50,000
225,000 FRN, 5.24%, 04/19/01 225,000
200,000 FRN, 5.35%, 07/24/01 199,960
165,000 FRN, 5.35%, 08/23/01 165,015
200,000 FRN, 5.48%, 03/05/01 199,999
See notes to financial statements.
11
JPMorgan U.S. Government Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Student Loan Marketing Association-- Continued
$ 150,000 MTN, FRN, 5.25%, 09/13/01 $ 149,953
175,000 MTN, FRN, 5.28%, 08/09/01 174,963
100,000 MTN, FRN, 5.31%, 08/09/01 99,979
----------
1,364,869
----------------------------------------------------------------
Total U.S. Government Agency Securities 6,781,740
(Cost $6,781,740)
----------------------------------------------------------------
Repurchase Agreements -- 24.0%
500,000 Bear Stearns & Co., Inc., Tri Party, 5.50%,
due 03/01/01 (Dated 02/28/01, Proceeds $500,076,
Secured by U.S. Government Agency Obligations,
$509,036, various rates, due 01/18/04 through
02/01/31, Market Value $512,126) 500,000
500,000 Credit Suisse First Boston Corp., Tri Party, 5.48%,
due 03/01/01 (Dated 02/28/01, Proceeds $500,076,
Secured by U.S. Government Agency Obligations,
$518,180, various rates, due 08/01/01 through
03/01/33, Market Value $516,565) 500,000
150,000 Deutsche Bank Securities, Tri Party, 5.30%,
due 03/01/01 (Dated 02/28/01, Proceeds $150,022,
Secured by USTR & U.S. Government Agency
Obligations, $151,223, various rates, due 03/02/01
through 02/15/16, Market Value $153,000) 150,000
549,067 Deutsche Bank Securities, Tri Party, 5.47%,
due 03/01/01 (Dated 02/28/01, Proceeds $549,150,
Secured by USTR & U.S. Government Agency
Obligations, $553,546, various rates, due 03/02/01
through 02/15/16, Market Value $560,049) 549,067
300,000 Merrill Lynch & Co., Inc., Tri Party, 5.47%,
due 03/01/01 (Dated 02/28/01, Proceeds $300,046,
Secured by U.S. Government Agency Obligations,
$299,578, various rates, due 04/15/02 through
11/15/30, Market Value $306,001) 300,000
100,000 Merrill Lynch & Co., Inc., Tri Party, 5.50%,
due 03/01/01 (Dated 02/28/01, Proceeds $100,015,
Secured by U.S. Government Agency Obligations,
$100,709, various rates, due 01/01/26 through
12/01/30, Market Value $102,003) 100,000
----------------------------------------------------------------
Total Repurchase Agreements 2,099,067
(Cost $2,099,067)
- --------------------------------------------------------------------------------
Total Investments -- 101.5% $8,880,807
(Cost $8,880,807)*
- --------------------------------------------------------------------------------
See notes to financial statements.
12
- --------------------------------------------------------------------------------
JPMorgan Treasury Plus Money Market Fund
Portfolio of Investments
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- 100.4%
- --------------------------------------------------------------------------------
U.S. Treasury Securities -- 44.1%
U.S. Treasury Bills,
$ 200,000 4.94%, 03/29/01 $ 199,236
100,000 4.95%, 04/05/01 99,522
100,000 4.95%, 04/19/01 99,327
100,000 4.97%, 05/03/01 99,138
200,000 4.98%, 05/17/01 197,895
100,000 4.99%, 04/19/01 99,328
100,000 4.99%, 05/10/01 99,041
100,000 5.08%, 04/12/01 99,413
250,000 5.11%, 04/12/01 248,532
----------------------------------------------------------------
Total U.S. Treasury Securities 1,241,432
(Cost $1,241,432)
----------------------------------------------------------------
Repurchase Agreements -- 56.3%
250,000 Bear Stearns & Co., Inc., Tri Party, 5.38%,
due 03/01/01 (Dated 02/28/01, Proceeds $250,037,
Secured by USTR, $208,360, various rates, due
08/15/02 through 02/15/25, Market Value $255,859) 250,000
57,834 Goldman Sachs & Co., Tri Party, 5.10%,
due 03/01/01 (Dated 02/28/01, Proceeds $57,842,
Secured by USTR, $50,311, various rates,
due 05/15/06 through 02/15/29, Market Value
$58,991) 57,834
175,000 Goldman Sachs & Co., Tri Party, 5.20%,
due 03/01/01 (Dated 02/28/01, Proceeds $175,025,
Secured by USTR, $152,235, various rates, due
05/15/06 through 02/15/29, Market Value $178,500) 175,000
200,000 Goldman Sachs & Co., Tri Party, 5.35%,
due 03/01/01 (Dated 02/28/01, Proceeds $200,030,
Secured by USTR, $173,983, various rates, due
05/15/06 through 02/15/29, Market Value $204,000) 200,000
250,000 Greenwich Capital Markets, Inc., Tri Party, 5.37%,
due 03/01/01 (Dated 02/28/01, Proceeds $250,037,
Secured by USTR, $211,607, various rates, due
11/15/01 through 08/15/29, Market Value $254,660) 250,000
250,000 Greenwich Capital Markets, Inc., Tri Party, 5.45%,
due 03/06/01 (Dated 02/28/01, Proceeds $250,227,
Secured by U.S. Government Agency Obligations,
$316,639, various rates, due 02/15/07 through
02/15/31, Market Value $255,003) 250,000
400,000 Merrill Lynch & Co., Inc., Tri Party, 5.37%,
due 03/01/01 (Dated 02/28/01, Proceeds $400,060,
Secured by USTR, $339,469, various rates, due
06/30/01 through 05/15/30, Market Value $406,655) 400,000
----------------------------------------------------------------
Total Repurchase Agreements 1,582,834
(Cost $1,582,834)
- --------------------------------------------------------------------------------
Total Investments-- 100.4% $2,824,266
(Cost $2,824,266)*
See notes to financial statements.
13
- --------------------------------------------------------------------------------
JPMorgan Federal Money Market Fund II
Portfolio of Investments
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- 100.1%
- --------------------------------------------------------------------------------
U.S. Government Agency Securities -- 100.1%
Federal Farm Credit Bank -- 8.9%
Federal Farm Credit Bank,
$ 50,000 DN, 5.07%, 01/09/02 $ 47,898
20,000 DN, 5.39%, 03/05/01 19,988
100,000 FRN, 6.45%, 05/01/01 99,992
----------
167,878
Federal Home Loan Bank -- 78.5%
Federal Home Loan Bank,
20,000 5.12%, 01/16/02 19,986
50,000 6.38%, 12/20/01 50,000
25,000 6.75%, 03/01/01 25,000
50,000 7.13%, 11/15/01 50,325
9,005 DN, 4.75%, 03/01/01 9,005
35,000 DN, 4.86%, 08/10/01 34,252
40,000 DN, 4.95%, 08/03/01 39,166
90,000 DN, 5.18%, 07/06/01 88,397
23,216 DN, 5.19%, 04/27/01 23,027
300,000 DN, 5.23%, 03/01/01 300,000
50,000 DN, 5.36%, 03/02/01 49,993
100,000 DN, 5.38%, 03/02/01 99,985
50,000 DN, 5.46%, 03/22/01 49,842
75,000 DN, 5.95%, 05/11/01 74,139
75,000 DN, 6.03%, 05/01/01 74,250
50,000 DN, 6.37%, 05/04/01 49,449
25,000 DN, 6.51%, 03/15/01 24,941
25,000 DN, 6.55%, 04/09/01 24,833
25,000 DN, 6.55%, 09/13/01 24,163
25,000 DN, 6.57%, 04/20/01 24,786
25,000 DN, 6.63%, 08/31/01 24,210
50,000 FRN, 5.24%, 05/10/01 49,995
100,000 FRN, 5.45%, 02/21/02 99,981
50,000 FRN, 5.48%, 07/18/01 49,987
50,000 FRN, 5.52%, 10/19/01 49,978
75,000 MTN, FRN, 5.47%, 03/20/01 74,998
----------
1,484,688
Student Loan Marketing Association -- 12.7%
Student Loan Marketing Association,
50,000 FRN, 5.25%, 11/15/01 50,000
28,200 FRN, 5.28%, 07/19/01 28,198
113,000 FRN, 5.35%, 08/23/01 113,011
50,000 MTN, FRN, 5.25%, 09/13/01 49,984
----------
241,193
- --------------------------------------------------------------------------------
Total Investments -- 100.1% $1,893,759
(Cost $1,893,759)*
- --------------------------------------------------------------------------------
See notes to financial statements.
14
- --------------------------------------------------------------------------------
JPMorgan Prime Money Market Fund II
Portfolio of Investments
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- 100.3%
- --------------------------------------------------------------------------------
U.S. Government Agency Securities -- 2.8%
$ 25,000 Federal Farm Credit Bank, DN, 4.86%, 08/22/01 $ 24,426
Federal Home Loan Bank,
13,702 DN, 4.95%, 08/03/01 13,416
5,488 DN, 4.96%, 08/10/01 5,368
20,375 DN, 4.96%, 08/15/01 19,917
10,105 DN, 4.97%, 08/17/01 9,875
40,456 DN, 4.97%, 08/24/01 39,497
75,000 DN, 6.51%, 03/15/01 74,822
Federal Home Loan Mortgage Corp.,
160,000 DN, 4.86%, 07/27/01 156,869
23,000 DN, 4.86%, 08/16/01 22,482
192,000 DN, 4.95%, 08/16/01 187,671
Federal National Mortgage Association,
100,000 DN, 4.95%, 08/16/01 97,741
98,856 DN, 4.97%, 08/02/01 96,801
76,762 DN, 4.97%, 08/09/01 75,094
----------------------------------------------------------------
Total U.S. Government Agency Securities 823,979
(Cost $823,979)
----------------------------------------------------------------
State and Municipal Obligations -- 0.5%
California -- 0.3%
California Housing Finance Agency, Single Family
Housing, Home Mortgage, Taxable,
33,530 Ser. M, Rev., FRDO, 5.31%, 03/05/01 33,530
20,205 Ser. M, Rev., FRDO, 5.31%, 03/05/01 20,205
20,000 California Pollution Control Financing Authority,
Environmental Improvement, Shell Oil Co. Project,
Taxable, Ser. B, Rev., FRDO, 5.46%, 03/07/01 20,000
22,000 Sacramento County, California, Taxable, Rev., FRDO,
5.45%, 03/07/01 22,000
--------
95,735
Michigan -- 0.0%
3,636 Sault Sainte Marie, Michigan, Tribe Building Authority,
Taxable, Rev., FRDO, 7.04%, 06/01/01 3,636
Missouri -- 0.1%
16,200 SSM Healthcare, Missouri Health Facilities, Taxable,
Ser. E, Rev., FRDO, 5.50%, 03/06/01 16,200
Texas -- 0.1%
32,500 Texas State, Veterans Housing Assistance, Taxable,
Ser. A-2, GO, FRDO, 5.45%, 03/07/01 32,500
----------------------------------------------------------------
Total State and Municipal Obligations 148,071
(Cost $148,071)
----------------------------------------------------------------
Corporate Notes & Bonds -- 31.7%
Asset Backed Securities -- 6.2%
47,000 ACE Overseas Corp., FRN, 6.51%, 03/16/01 46,999
Beta Finance Corp., Inc., (Channel Islands),
75,000 FRN, 5.56%, 08/14/01 74,998
30,000 MTN, #, 6.90%, 03/30/01 30,000
85,000 MTN, #, 6.94%, 05/02/01 85,000
50,000 MTN, FRN, 5.36%, 04/30/01 50,000
125,000 MTN, FRN, #, 5.55%, 05/08/01 125,000
See notes to financial statements.
15
JPMorgan Prime Money Market Fund II
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Asset Backed Securities -- Continued
$ 50,000 MTN, FRN, #, 6.11%, 03/30/01 $ 50,000
CC USA, Inc. (Centauri Corp.),
100,000 MTN, #, 7.07%, 07/25/01 100,000
35,000 MTN, #, 7.12%, 05/07/01 35,000
75,000 MTN, #, 7.48%, 06/07/01 75,000
50,000 MTN, FRN, #, 5.56%, 04/20/01 50,000
Ciesco L.P.,
120,000 Ser. A, MTN, FRN, 5.54%, 10/15/01 120,000
80,000 Ser. A, MTN, FRN, #, 5.54%, 09/20/01 80,000
70,000 Dorada Finance Inc., MTN, #, 7.06%, 07/17/01 70,000
K2 (USA) LLC,
55,000 MTN, FRN, #, 5.57%, 07/16/01 55,000
100,000 MTN, FRN, #, 5.57%, 08/15/01 100,000
120,000 Liberty Lighthouse U.S. Capital Co., MTN, FRN, #,
5.36%, 03/05/01 120,000
75,000 Links Finance LLC, MTN, FRN, #, 5.55%, 05/11/01 74,998
Restructured Asset Securities with Enhanced
Returns (RACERS),
37,000 1999 Ser. MM-35, FRN, #, 5.60%, 12/17/01 37,000
90,000 2000 Ser. MM-7, FRN, #, 5.40%, 05/30/01 89,988
100,000 2000 Ser. MM-10, FRN, #, 5.59%, 06/22/01 100,000
Sigma Finance Corp., (Channel Islands),
100,000 MTN, FRN, #, 5.46%, 05/02/01 100,000
75,000 MTN, FRN, #, 5.56%, 03/05/01 75,000
100,000 MTN, FRN, #, 5.57%, 05/15/01 100,000
-----------
1,843,983
Automotive -- 0.8%
60,000 American Honda Finance Corp., MTN, FRN, #,
6.55%, 06/19/01 60,000
General Motors Acceptance Corp.,
5,000 MTN, FRN, 5.61%, 07/27/01 5,000
30,000 MTN, FRN, 5.81%, 04/30/01 30,006
150,000 Toyota Motor Credit Corp., MTN, FRN,
6.37%, 04/23/01 149,992
-----------
244,998
Banking -- 10.0%
Abbey National Treasury Services PLC
(United Kingdom), (Yankee),
210,000 FRN, 5.44%, 10/25/01 209,932
350,000 MTN, FRN, 5.47%, 06/15/01 349,921
American Express Centurion Bank,
100,000 FRN, 5.54%, 02/14/02 100,000
50,000 MTN, FRN, 5.53%, 04/12/01 49,999
200,000 MTN, FRN, 5.54%, 05/08/01 200,000
50,000 MTN, FRN, 5.56%, 11/20/01 50,000
Bank of America, N.A.,
23,600 6.60%, 10/30/01 23,775
50,000 FRN, 6.71%, 09/06/01 50,019
70,000 MTN, FRN, 5.66%, 07/11/01 70,002
Bank One, N.A.,
50,000 5.13%, 07/17/01 50,000
100,000 FRN, 5.60%, 09/10/01 100,013
39,000 FRN, 5.60%, 12/17/01 39,011
85,000 FRN, 5.62%, 02/15/02 85,040
See notes to financial statements.
16
JPMorgan Prime Money Market Fund II
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Banking -- Continued
$ 85,000 MTN, FRN, 5.64%, 12/12/01 $ 84,981
190,000 Bayerische Landesbank Girozentrale, FRN,
(Germany), (Yankee), 5.64%, 03/01/01 190,000
Commerzbank AG (Germany), (Yankee),
160,000 FRN, 5.34%, 06/29/01 159,968
200,000 FRN, 5.48%, 04/26/01 199,991
240,000 FRN, 5.50%, 03/19/01 239,994
100,000 Credit Suisse First Boston Inc. (Switzerland), MTN,
FRN, 5.54%, 05/09/01 99,998
100,000 Dexia Bank (Belgium), (Yankee), FRN, 5.63%, 03/01/01 100,000
246,000 Dresdner Bank AG, (Germany), (Yankee), FRN,
5.31%, 03/28/01 245,993
85,000 Fleet National Bank, MTN, FRN, 5.77%, 05/24/01 85,019
National City Bank,
70,000 FRN, 5.54%, 12/04/01 70,000
50,000 MTN, FRN, 6.27%, 07/05/01 49,992
50,000 Wachovia Bank, N.A., FRN, 5.55%, 01/07/02 50,000
----------
2,953,648
Financial Services -- 10.4%
Associates Corp. of North America,
26,000 FRN, 5.48%, 02/22/02 26,045
75,000 FRN, 6.46%, 06/26/01 75,000
110,000 SUB, FRN, 6.58%, 03/15/01 110,000
85,000 Bear Stearns Companies, Inc., FRN, 5.78%, 08/01/01 85,065
5,000 Bollingbrent L.P., Ser. 1999, FRDO, 5.67%, 03/06/01 5,000
Citigroup, Inc.,
175,000 MTN, FRN, 5.52%, 04/04/01 175,000
250,000 MTN, FRN, 5.54%, 06/06/01 250,000
Goldman Sachs Group, Inc.,
244,000 FRN, #, 5.80%, 03/15/02 244,000
67,000 MTN, FRN, 5.59%, 02/11/02 67,113
5,000 Homeside Lending, Inc., MTN, FRN, 5.68%, 04/24/01 5,001
Household Finance Corp.,
50,000 MTN, FRN, 5.36%, 03/30/01 49,995
25,000 MTN, FRN, 5.76%, 07/16/01 25,004
100,000 MTN, FRN, 6.62%, 06/22/01 100,027
37,000 MTN, FRN, 6.65%, 06/21/01 37,011
Merrill Lynch & Co., Inc.,
4,885 MTN, FRN, 5.48%, 08/10/01 4,887
350,000 MTN, FRN, 5.52%, 03/06/01 349,999
75,000 MTN, FRN, 5.56%, 11/19/01 75,000
70,000 MTN, FRN, 5.64%, 01/04/02 69,982
70,000 MTN, FRN, 5.65%, 03/11/02 70,065
Morgan Stanley Dean Witter & Co.,
260,000 FRN, 5.59%, 03/15/02 260,000
50,000 FRN, 6.73%, 12/17/01 50,124
150,000 MTN, FRN, 5.55%, 03/16/01 150,000
55,000 MTN, FRN, 5.64%, 05/15/01 55,000
50,000 MTN, FRN, 6.62%, 09/14/01 50,061
35,000 MTN, FRN, 6.67%, 03/13/01 35,000
75,000 MTN, FRN, 6.68%, 03/15/01 75,000
Wells Fargo Bank, N.A.,
175,000 MTN, FRN, 5.51%, 07/24/01 174,973
330,000 MTN, FRN, 5.55%, 03/15/02 329,999
See notes to financial statements.
17
JPMorgan Prime Money Market Fund II
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Financial Services -- Continued
$ 75,000 Westpac Banking Corp., (Australia), (Yankee),
FRN, 5.43%, 05/08/01 $ 75,005
-----------
3,079,356
Insurance -- 0.2%
50,000 Prudential Funding Corp., MTN, FRN, 5.82%, 04/17/01 50,004
Machinery & Engineering Equipment -- 0.3%
Caterpillar Financial Services Corp.,
10,000 MTN, FRN, 5.83%, 07/09/01 10,003
75,000 MTN, FRN, 5.92%, 07/09/01 75,001
5,000 MTN, FRN, 6.79%, 06/01/01 5,000
-----------
90,004
Telecommunications -- 3.8%
AT&T Corp.,
250,000 FRN, #, 5.51%, 03/08/01 249,999
273,000 FRN, #, 5.61%, 07/19/01 273,000
250,000 BellSouth Telecommunications, Inc.,
FRN, 6.56%, 01/04/02 250,000
356,000 SBC Communications, Inc., FRN, #, 5.34%, 05/15/01 355,986
-----------
1,128,985
----------------------------------------------------------------
Total Corporate Notes & Bonds 9,390,978
(Cost $9,390,978)
----------------------------------------------------------------
Commercial Paper -- 41.4%
Asset Backed Securities -- 28.3%
Alpine Securitization Corp.,
100,000 5.52%, 03/22/01 99,679
143,191 5.52%, 03/23/01 142,710
Amstel Funding Corp.,
152,000 5.37%, 05/09/01 150,456
95,000 5.56%, 03/07/01 94,912
48,000 6.67%, 03/15/01 47,878
Amsterdam Funding Corp.,
25,000 5.43%, 04/04/01 24,873
50,000 5.51%, 03/07/01 49,954
37,300 Asset Portfolio Funding Corp., 6.47%, 03/16/01 37,201
Atlantis One Funding Corp.,
50,000 5.30%, 05/04/01 49,534
50,000 5.31%, 05/04/01 49,534
Barton Capital Corp.,
115,000 5.50%, 03/07/01 114,895
140,154 5.52%, 03/07/01 140,026
74,366 5.52%, 03/13/01 74,230
50,000 Bavaria Universal Funding Co.,
Floating Rate, 5.54%, 08/10/01 50,000
50,000 Beta Finance Corp., Inc. (Channel Islands),
6.73%, 03/22/01 49,810
82,500 Bills Securitization LTD, 5.33%, 05/08/01 81,680
Blue Ridge Asset Funding Corp.,
83,478 5.48%, 03/23/01 83,199
50,015 5.52%, 03/14/01 49,916
23,000 5.53%, 03/09/01 22,972
Brahms Funding Corp.,
40,000 5.45%, 04/25/01 39,670
See notes to financial statements.
18
JPMorgan Prime Money Market Fund II
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Asset Backed Securities -- Continued
$ 140,000 5.61%, 03/26/01 $ 139,459
Certain Funding Corp.,
45,815 5.46%, 05/01/01 45,397
59,000 6.51%, 03/12/01 58,885
40,000 Christiania Capital Corp., 4.93%, 08/28/01 39,038
Ciesco L.P.,
50,000 5.39%, 04/12/01 49,688
50,000 5.39%, 04/18/01 49,643
Compass Securitization LLC,
120,000 5.52%, 03/16/01 119,725
60,000 6.50%, 03/15/01 59,851
60,000 Corporate Receivables Corp., 5.32%, 05/10/01 59,388
147,956 Dakota Certificate Program (Citibank Credit
Card Master Trust I), 5.51%, 03/07/01 147,821
Dorada Finance, Inc.,
47,000 5.44%, 04/19/01 46,656
30,890 5.47%, 04/24/01 30,640
31,000 5.47%, 04/25/01 30,744
40,500 5.47%, 04/30/01 40,136
Edison Asset Securitization LLC,
150,000 5.50%, 03/06/01 149,886
150,000 5.50%, 03/07/01 149,863
Falcon Asset Securitization Corp.,
45,000 5.51%, 03/13/01 44,916
171,000 5.64%, 03/13/01 170,682
57,100 5.65%, 03/09/01 57,029
Forrestal Funding Master Trust,
102,140 5.47%, 04/24/01 101,313
140,000 6.64%, 03/16/01 139,621
Four Winds Funding Corp.,
26,480 5.49%, 04/10/01 26,320
73,000 5.54%, 03/19/01 72,799
50,000 #, 5.52%, 03/21/01 49,847
Galaxy Funding Inc.,
90,000 5.17%, 08/10/01 87,963
73,000 5.56%, 03/15/01 72,843
50,000 5.56%, 03/16/01 49,885
2,164 Giro Funding U.S. Corp., 5.52%, 03/01/01 2,164
Giro Multi-Funding Corp.,
3,365 5.52%, 03/01/01 3,365
121,000 5.53%, 03/20/01 120,648
40,000 Grand Funding Corp., #, 5.51%, 03/12/01 39,933
Greenwich Funding Corp.,
100,000 #, 5.52%, 03/06/01 99,919
57,468 #, 6.54%, 03/06/01 57,421
Greyhawk Funding LLC,
53,000 5.51%, 04/24/01 52,568
90,000 5.52%, 03/14/01 89,821
220,000 #, 5.47%, 05/04/01 217,891
136,300 #, 6.40%, 06/08/01 133,976
Jupiter Securitization Corp.,
98,710 5.52%, 03/07/01 98,620
211,167 5.52%, 03/12/01 210,812
See notes to financial statements.
19
JPMorgan Prime Money Market Fund II
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Asset Backed Securities -- Continued
$ 47,435 5.53%, 03/08/01 $ 47,384
41,880 6.40%, 06/12/01 41,137
K2 (USA) LLC,
28,000 5.15%, 08/07/01 27,379
52,000 5.17%, 08/09/01 50,828
14,000 5.47%, 04/25/01 13,884
50,000 6.94%, 04/17/01 49,569
19,880 Liberty Street Funding Corp., 5.55%, 04/20/01 19,729
20,000 Links Finance LLC, #, 5.16%, 08/01/01 19,572
100,000 Montauk Funding Corp., 5.51%, 03/09/01 99,878
36,000 Monte Rosa Capital Corp., 5.51%, 03/19/01 35,901
Moriarty LLC,
65,000 5.16%, 08/09/01 63,538
65,000 5.21%, 08/13/01 63,487
250,000 5.33%, 05/08/01 247,515
26,400 5.36%, 07/16/01 25,876
89,000 5.56%, 04/09/01 88,472
80,000 5.92%, 07/05/01 78,390
57,900 Ness Limited., 5.52%, 03/16/01 57,768
New Castle Certificate Program (Discover
Card Master Trust I, Ser. 2000-A),
40,000 5.55%, 03/22/01 39,871
175,000 ECN, 6.66%, 03/06/01 174,840
65,556 Old Line Funding Corp., 5.52%, 03/14/01 65,426
Pennine Funding LLC,
40,000 5.15%, 08/01/01 39,147
45,000 5.49%, 04/19/01 44,668
50,000 Pooled Accounts Receivable Capital Corp.,
5.52%,03/16/01 49,885
65,640 Preferred Rec Funding (PREFCO), 5.62%, 03/13/01 65,518
Receivables Capital Corp.,
90,462 5.51%, 03/09/01 90,352
60,000 5.52%, 03/12/01 59,899
71,340 Repeat Offering Securitization Entity (ROSE),
5.53%, 04/23/01 70,768
Sheffield Receivables Corp.,
53,500 5.52%, 03/12/01 53,405
175,000 5.52%, 03/15/01 174,625
150,000 5.53%, 03/19/01 149,588
150,000 5.62%, 03/20/01 149,559
26,800 6.50%, 03/12/01 26,753
Sigma Finance Corp., (Channel Islands),
150,000 #, 5.14%, 08/02/01 146,778
83,500 #, 5.16%, 08/02/01 81,707
66,400 #, 5.47%, 04/23/01 65,872
45,000 #, 6.37%, 06/11/01 44,213
Silver Tower U.S. Funding LLC,
135,000 4.98%, 08/29/01 131,701
95,000 5.25%, 08/17/01 92,721
Special Purpose Accounts Receivable Cooperative,
117,000 5.47%, 04/26/01 116,017
18,320 5.54%, 04/12/01 18,203
30,000 Surrey Funding Corp., 5.49%, 03/26/01 29,886
See notes to financial statements.
20
JPMorgan Prime Money Market Fund II
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Asset Backed Securities -- Continued
Thames Asset Global Securitization (TAGS),
$ 32,000 5.61%, 04/17/01 $ 31,769
86,394 6.51%, 03/15/01 86,179
Tulip Funding Corp.,
150,000 5.49%, 05/01/01 148,625
46,687 #, 5.07%, 08/28/01 45,534
100,000 Variable Funding Capital Corp., 5.47%, 04/27/01 99,145
50,000 Victory Receivables, 5.57%, 04/11/01 49,687
50,000 WCP Funding, Inc., 5.33%, 05/14/01 49,460
Windmill Funding Corp.,
110,800 5.51%, 03/07/01 110,699
40,000 5.52%, 03/07/01 39,963
75,000 5.52%, 03/20/01 74,782
----------
8,417,857
Banking -- 5.8%
170,000 Abbey National North America Corp.,
5.20%, 08/20/01 165,882
25,000 Banco B.I. Creditanstalt SA (United Kingdom),
6.73%, 03/09/01 24,964
20,000 Banco Rio De La Plata SA (Argentina),
6.78%, 03/08/01 19,975
50,000 Banco Santander Central Hispano SA (Spain), (Yankee),
5.17%, 08/06/01 48,894
Bank of America, N.A.,
75,000 6.52%, 05/10/01 74,075
250,000 6.69%, 03/12/01 249,505
100,000 Banque ET Caisse D'Epargne De L'Etat (Luxembourg),
4.93%, 08/30/01 97,568
50,000 Banque Generale du Luxembourg SA (Luxembourg),
5.50%, 07/16/01 48,982
200,000 Commerzbank US Finance, Inc., 5.53%, 03/13/01
Credit Suisse First Boston International,
(Switzerland), 199,633
36,000 6.63%, 04/16/01 35,703
20,000 6.66%, 05/07/01 19,760
Credit Suisse First Boston, Inc.,
70,000 5.24%, 07/20/01 68,594
100,000 6.71%, 03/12/01 99,802
75,000 6.71%, 03/14/01 74,824
70,000 Dexia Delaware LLC, 5.16%, 08/10/01 68,416
Halifax PLC (United Kingdom),
75,000 5.45%, 07/16/01 73,487
30,000 5.60%, 04/10/01 29,816
150,000 6.61%, 05/02/01 148,347
40,000 Lloyds TSB Bank PLC (United Kingdom),
5.14%, 08/01/01 39,148
65,000 Svenska Handelsbanken, Inc. (Sweden),
5.20%, 08/15/01 63,471
60,000 Unibanco-Grand Cayman, Series A, (Germany),
5.55%, 07/11/01 58,812
----------
1,709,658
Chemicals -- 0.3%
75,000 BASF AG (Germany), 6.68%, 03/29/01 74,623
See notes to financial statements.
21
JPMorgan Prime Money Market Fund II
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Consumer Products -- 0.2%
$ 50,000 Procter & Gamble Co., ECN, 5.60%, 04/05/01 $ 49,731
Diversified -- 0.4%
50,000 General Electric Capital Corp., 6.66%, 03/07/01 49,946
80,000 General Electric Capital Services, Inc.,
5.11%, 07/11/01 78,534
-----------
128,480
Financial Services -- 5.7%
109,000 Associates Corp. of North America,
ECN, 6.50%, 03/02/01 108,981
Citicorp,
300,000 5.51%, 03/02/01 299,955
200,000 5.52%, 03/05/01 199,878
75,000 CXC, Inc., 5.59%, 04/04/01 74,609
Fairway Finance Corp.,
6,392 5.48%, 04/16/01 6,348
40,000 6.48%, 03/15/01 39,901
200,000 Goldman Sachs Group, Inc., 5.76%, 04/12/01 198,677
60,000 Govco, Inc., 5.32%, 05/16/01 59,335
HomeSide Lending, Inc.,
25,000 5.50%, 03/21/01 24,924
12,775 5.50%, 03/22/01 12,734
14,716 5.50%, 03/23/01 14,667
69,647 Kitty Hawk Funding Corp., 5.18%, 08/15/01 68,015
75,000 Morgan Stanley Dean Witter & Co.,
Floating Rate, 5.64%, 05/30/01 75,000
Nationwide Building Society (United Kingdom),
100,000 5.18%, 08/13/01 97,685
65,000 5.73%, 04/03/01 64,663
68,000 Newport Funding Corp., 5.58%, 04/11/01 67,574
Quincy Capital Corp.,
34,212 5.51%, 03/09/01 34,170
100,032 5.51%, 03/12/01 99,864
Triple-A One Funding Corp.,
82,107 5.51%, 03/08/01 82,019
24,963 5.61%, 04/05/01 24,829
45,000 Wells Fargo & Co., 5.38%, 05/04/01 44,575
-----------
1,698,403
Foreign Government Securities -- 0.1%
35,000 Canada (Government of), 6.52%, 06/07/01 34,400
Retailing -- 0.1%
25,000 Wal-Mart Funding Corp, 5.53%, 03/22/01 24,920
Utilities -- 0.5%
150,000 Comision Federal De Electricdad (Mexico),
6.48%, 03/20/01 149,495
----------------------------------------------------------------
Total Commercial Paper 12,287,567
(Cost $12,287,567)
----------------------------------------------------------------
See notes to financial statements.
22
JPMorgan Prime Money Market Fund II
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Residential Mortgage Backed Securities -- 1.0%
Collateralized Mortgage Obligations -- 1.0%
Merrill Lynch Mortgage Investors, Inc.,
$ 231,069 Ser. 2000-WM2, Class A1, FRN, 5.41%, 11/27/01 $ 231,069
57,583 Ser. 2000-WM2, Class A2, 6.68%, 11/27/01 57,583
----------------------------------------------------------------
Total Residential Mortgage Backed Securities 288,652
(Cost $288,652)
----------------------------------------------------------------
Funding Agreements/GIC -- 3.0%
50,000 AIG Funding Inc., Floating Rate, 6.63%, 10/01/01 50,000
25,000 First Allmerica Financial Life Insurance Co.,
Floating Rate, 5.72%, 04/06/01 25,000
150,000 G E Financial Assurance, Floating Rate,
6.81%, 03/01/01 150,000
Jackson National Life Insurance Co., Floating Rate,
100,000 5.83%, 01/18/02 100,000
80,000 5.86%, 09/01/03 80,000
100,000 MetLife Funding Inc., Floating Rate, #,
6.81%, 06/01/01 100,000
275,000 Security Life of Denver Insurance Co., Floating Rate,
5.43%, 02/27/02 275,000
50,000 Travelers Insurance Co., Floating Rate,
5.71%, 04/24/01 50,000
50,000 United of Omaha Life Insurance Company,
Floating Rate, 5.72%, 05/17/02 50,000
----------------------------------------------------------------
Total Funding Agreements/GIC 880,000
(Cost $880,000)
----------------------------------------------------------------
Certificates of Deposit -- 6.6%
100,000 Banca Commerciale Italiana (Italy), (Yankee),
5.75%, 04/09/01 100,000
50,000 Banco Santander Central Hispano SA (Spain), (Yankee),
6.50%, 06/06/01 50,000
75,000 Bank Austria AG, Floating Rate, (Austria), (Yankee),
5.63%, 07/16/01 74,994
Barclays Bank PLC (United Kingdom), (Yankee),
120,000 5.53%, 04/10/01 119,973
260,000 Floating Rate, 5.57%, 12/12/01 259,941
210,000 Floating Rate, 5.59%, 09/24/01 209,937
100,000 Bayerische Hypo-und Vereinsbank AG (Germany),
(Yankee), 5.58%, 04/27/01 100,000
150,000 Bayerische Landesbank Girozentrale (Germany),
(Yankee), 5.22%, 02/20/02 149,958
141,000 Credit Agricole Indosuez SA (France), (Yankee),
5.23%, 02/20/02 140,974
150,000 Deutsche Bank AG, (Germany), (Yankee),
6.73%, 03/16/01 149,996
Landesbank Hessen-Thuringen Girozentrale,
(Germany), (Yankee),
75,000 6.54%, 04/06/01 75,000
110,000 6.89%, 04/30/01 109,997
50,000 Svenska Handelsbanken, Inc. (Sweden), (Yankee),
5.12%, 08/02/01 49,996
100,000 UBS AG (Switzerland), (Yankee), 5.10%, 08/02/01 99,983
See notes to financial statements.
23
JPMorgan Prime Money Market Fund II
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Certificates of Deposit -- Continued
$ 100,000 Westdeutsche Landesbank Girozentrale (Germany),
(Yankee), 6.66%, 11/16/01 $ 100,005
160,000 World Savings Bank, 5.32%, 05/31/01 160,000
----------------------------------------------------------------
Total Certificates of Deposit 1,950,754
(Cost $1,950,754)
----------------------------------------------------------------
Time Deposits -- 13.1%
300,000 ABN AMRO Bank N.V. (Netherlands),
5.54%, 03/01/01 300,000
50,000 Allied Irish Banks PLC (United Kingdom),
6.66%, 03/30/01 50,000
120,000 Bank of Ireland (Ireland), 5.38%, 07/02/01 120,000
100,000 Bank of Nova Scotia (Canada), 5.50%, 07/16/01 100,000
134,000 Bayerische Hypo-und Vereinsbank AG (Germany),
(Yankee), 5.66%, 03/01/01 134,000
Caisse des Depots et Consignations, (France),
750,000 5.53%, 03/01/01 750,000
300,000 5.54%, 03/01/01 300,000
Caja De Madrid Bank (Spain),
59,000 5.38%, 07/10/01 59,000
60,000 6.64%, 04/27/01 60,000
37,000 6.65%, 04/24/01 37,000
110,000 6.65%, 07/24/01 110,000
75,000 6.67%, 11/19/01 75,000
200,000 Credit Suisse First Boston (Swiss Bank),
(Switzerland), 5.56%, 03/01/01 200,000
275,000 ING Bank N.V. (Netherlands), 5.63%, 03/01/01 275,000
100,000 Landesbank Baden-Wuerttemberg (Germany),
5.56%, 03/01/01 100,000
100,000 Landesbank Schleswig Holstein (Germany),
6.69%, 04/17/01 100,000
Societe Generale (France),
250,000 5.53%, 03/01/01 250,000
417,044 5.63%, 03/01/01 417,044
175,000 Svenska Handelsbanken, Inc. (Sweden),
5.53%, 03/01/01 175,000
223,500 Swedbank (Sweden), 5.59%, 03/01/01 223,500
48,000 Wells Fargo Bank, N.A., 5.55%, 04/30/01 48,000
----------------------------------------------------------------
Total Time Deposits 3,883,544
(Cost $3,883,544)
----------------------------------------------------------------
Repurchase Agreement -- 0.2%
51,206 Deutsche Bank Securities, Tri Party,
5.47%, due 03/01/01 (Dated 02/28/01,
Proceeds $51,214, Secured by FNMA, $51,808,
5.75%, due 02/15/08, Market Value $52,230) 51,206
(Cost $51,206)
----------------------------------------------------------------
Total Investments -- 100.3% $29,704,751
(Cost $29,704,751)*
----------------------------------------------------------------
See notes to financial statements.
24
- --------------------------------------------------------------------------------
JPMorgan Tax Free Money Market Fund
Portfolio of Investments
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- 100%
- --------------------------------------------------------------------------------
U.S. Government Agency Security -- 0.1%
$ 1,100 Federal Home Loan Mortgage Corp., DN, 5.23%,
03/01/01 $ 1,100
(Cost $1,100)
Municipal Securities -- 99.9%
Alabama -- 0.6%
5,000 Birmingham, Alabama, Apartment Authority,
Municipal Securities Trust Receipts, Ser. SGA-47,
Rev., FRDO, 3.24%, 03/02/01 5,000
3,000 Infirmary Health Systems, Special Care Facilities
Financing Authority, Mobile, Alabama, Infirmary
Health Systems Inc., Ser. A, Rev., FRDO, 3.50%,
03/06/01 3,000
1,500 Stevenson, Alabama, Industrial Development Board,
Environmental Improvement, The Mead Corp.
Project, Rev., FRDO, 3.15%, 03/01/01 1,500
1,900 University of Alabama, Hospital, Ser. B, Rev., FRDO,
3.15%, 03/07/01 1,900
---------
11,400
Alaska -- 1.6%
7,875 Alaska State, Housing Finance Corp., Floating Rate
Trusts Receipts, Ser. N-13, Regulation D, Rev., FRDO,
3.35%, 03/02/01 7,875
7,835 Alaska State, Housing Finance Corp., FLOATS,
Ser. L20, Regulation D, FRDO, 3.35%, 03/02/01 7,849
6,845 Alaska State, Housing Finance Corp., FLOATS,
Ser. PT-202, Rev., FRDO, 3.54%, 03/01/01 6,845
5,000 Valdez, Alaska, Marine Terminal, Ser. A-28,
Regulation D, FRDO, 3.35%, 03/07/01 5,000
---------
27,569
Arizona -- 0.6%
3,200 Salt River, Arizona, Agricultural Improvement &
Power District, Electric Systems, Salt River Project,
Ser. B, Rev., 4.65%, 01/01/02 3,227
1,300 Tempe, Arizona, Excise Tax, Rev., FRDO, 3.15%,
03/01/01 1,300
5,300 University of Arizona, Main Campus & Research,
Ser. A, Rev., COP, FRDO, 3.15%, 03/02/01 5,300
---------
9,827
Arkansas -- 0.8%
8,000 Arkansas Hospital Equipment Finance Authority,
AHA Pooled Financing Program, Rev., FRDO,
3.20%, 03/07/01 8,000
5,500 Columbia County, Arkansas, Solid Waste Disposal,
Albemarle Corp. Project, Rev., FRDO, 3.70%,
03/01/01 5,500
---------
13,500
Colorado -- 1.4%
1,000 Arapahoe County, Colorado, Capital Improvement
Trust, Federal Highway, FLOATS, Ser. PT-437, Rev.,
Prerefunded to 08/31/05, FRDO, 3.54%, 03/01/01 1,001
2,850 Arvada, Colorado, Rev., FRDO, 3.80%, 03/22/01 2,850
See notes to financial statements.
25
JPMorgan Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Colorado -- Continued
$ 4,800 Colorado Health Facilities Authority, Catholic Health,
Ser. B, Rev., FRDO, 3.25%, 03/01/01 $ 4,800
6,000 Colorado Springs, Colorado, Utilities, Municipal
Securities Trust Receipts, Ser. SGA-88, Rev., FRDO,
3.20%, 03/01/01 6,000
2,500 Colorado Student Obligation Bond Authority,
Student Loan, Senior Lien, Ser. A-3, Rev., FRDO,
3.25%, 03/07/01 2,500
3,400 Denver, Colorado, City & County Airport, Floating
Rate Certificates, Ser.L-27, Regulation D, Rev.,
FRDO, 3.40%, 03/07/01 3,400
1,000 Denver, Colorado, City & County, GO, ^, 6.38%,
08/01/01 1,023
3,000 Jefferson County, Colorado, School District No. R-001,
TAN, GO, 5.00%, 06/27/01 3,006
-------
24,580
Connecticut -- 0.9%
15,100 Meriden, Connecticut, GO, BAN, 4.75%, 08/08/01 15,118
District of Columbia -- 3.4%
2,050 District of Columbia, Housing Finance Agency,
Ser. L-1, Regulation D, Rev., FRDO, 3.40%, 03/01/01 2,050
2,535 District of Columbia, National Children's Center Inc.,
FRDO, 3.55%, 03/01/01 2,535
6,155 Eagle Tax Exempt Trust, Weekly Option Mode,
Water & Sewer Rev., District of Columbia,
Ser. 98-5202, FRDO, #, 3.57%, 03/01/01 6,155
14,500 Eagle Tax Exempt Trust, Weekly Option Mode,
Water & Sewer, Ser. 3, Class 7, Rev., FRDO, #,
3.57%, 03/01/01 14,500
10,000 Metropolitan Washington Airport, Rev., 3.38%,
04/04/01 10,000
10,000 Metropolitan Washington Airport, Rev., 3.45%,
03/08/01 10,000
6,500 Metropolitan Washington Airport, Rev., 3.45%,
07/25/01 6,500
9,000 Metropolitan Washington Airport, Rev., 3.50%,
04/04/01 9,000
-------
60,740
Florida -- 4.7%
400 Alachua County, Florida, Health Facilities Authority,
Shands Teaching Hospital, Ser. B, Rev., FRDO,
3.25%, 03/07/01 400
6,700 Broward County, Florida, Port Facilities, Everglades,
SUB, Rev., FRDO, 3.50%, 03/07/01 6,700
1,150 Collier County, Florida, Health Facilities Authority,
The Moorings Inc. Project, Rev., FRDO, 3.10%,
03/07/01 1,150
2,695 Dade County, Florida, Housing Finance Authority,
Multi-Family Housing, Kendall Ct. Apartments,
Rev., FRDO, 3.55%, 03/01/01 2,695
1,995 Dade County, Florida, Housing Finance Authority,
Multi-Family Housing, Star Creek Apartments,
Rev., FRDO, 3.55%, 03/01/01 1,995
See notes to financial statements.
26
JPMorgan Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Florida -- Continued
$ 1,675 Dade County, Florida, Housing Finance Authority,
Single Family Housing, FLOATS, Ser. PT-344, Rev.,
FRDO, 3.59%, 03/01/01 $ 1,681
5,700 Escambia County, Florida, Housing Finance Authority,
Single Family Housing, FLOATS, Ser. PT-1228, Rev.,
FRDO, 3.59%, 03/01/01 5,700
6,500 Florida Finance Commission, 3.40%, 08/24/01 6,500
7,750 Florida Housing Finance Agency, Ashley Lake II, Ser. J,
Rev., FRDO, 3.25%, 03/07/01 7,750
5,275 Florida Housing Finance Agency, Multi-Family
Housing, Banyon, Ser. L, Rev., FRDO, 3.25%,
03/06/01 5,275
1,500 Florida State, Board of Public Education, Municipal
Securities Trust Receipts, Ser. SGA-102, GO, FRDO,
3.20%, 03/01/01 1,500
12,500 Florida, Local Government Finance Commission,
3.40%, 06/07/01 12,500
5,330 Gulf Breeze, Florida, Local Government Loan
Program, Ser. B, Rev., FRDO, 3.45%, 03/01/01 5,330
100 Jacksonville, Florida, Capital Project, Ser. 1, Rev.,
FRDO, 3.20%, 03/05/01 100
3,705 Jacksonville, Florida, Electric Authority, Municipal
Securities Trust Receipts, Ser. SGA-17, Rev., FRDO,
3.24%, 03/07/01 3,705
1,000 Jacksonville, Florida, Health Facilities Authority, River
Garden Project, Rev., FRDO, 3.50%, 03/01/01 1,000
9,990 Municipal Securities Trust Certificates, Ser. 2000-9007,
Class A, Rev., FRDO, 3.34%, 03/07/01 9,990
4,800 Tampa, Florida, Sports Authority, Municipal Securities
Trust Receipts, Ser. SGA-61, Rev., FRDO, 3.20%,
03/01/01 4,801
4,500 The University of North Florida Foundation Inc.,
Parking System, Rev., FRDO, 3.60%, 03/02/01 4,500
-------
83,272
Georgia -- 2.4%
10,580 Atlanta, Georgia, Water & Wastewater, Municipal
Securities Trust Receipts, Ser. SGA-86, Rev., FRDO,
3.27%, 03/05/01 10,580
960 Bibb County, Georgia, Class A Certificates, Ser. C,
FRDO, 3.64%, 03/01/01 960
1,660 Clayton County, Georgia, Housing Authority,
Multi-Family Housing, Chateau Forest Apartments,
Ser. E, Rev., FRDO, 3.20%, 03/07/01 1,660
1,000 Fulton County, Georgia, Development Authority,
Arthritis Foundation Inc. Project, Rev., FRDO,
3.50%, 03/01/01 1,000
2,020 Fulton County, Georgia, Development Authority,
Morehouse College Project, Rev., FRDO, 3.15%,
03/06/01 2,020
3,661 Georgia Municipal Association Pooled Bond, COP,
FRDO, 3.50%, 03/07/01 3,661
3,900 Municipal Electric Authority of Georgia, General
Resolution Projects, Sub. Ser. B, Rev., FRDO, 3.10%,
03/06/01 3,900
See notes to financial statements.
27
JPMorgan Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Georgia -- Continued
$ 1,000 Municipal Electric Authority of Georgia, Project One,
Ser. B, Rev., FRDO, 3.05%, 03/02/01 $ 1,000
15,000 Northeast, Georgia, Heath Systems Inc., Ser. A, 4.00%,
02/01/02 15,000
3,000 Richmond County, Georgia, Board of Education, GO,
4.50%, 09/01/01 3,017
--------
42,798
Hawaii -- 1.5%
19,790 Hawaii State, Highway, FLOATS, Ser. PT-1058, FRDO,
3.54%, 03/01/01 19,790
1,580 Hawaii State, Housing Finance & Development Corp.,
Single Family Mortgage, FLOATS, Ser. PA-73A, Rev.,
FRDO, 3.64%, 03/02/01 1,588
5,605 Honolulu, Hawaii, City & County, Ser. A, GO, ^,
6.30%, 03/01/02 5,880
--------
27,258
Idaho -- 0.2%
3,750 Idaho, Housing and Finance Association, Single
Family Housing, Ser F-1, Class 1, Rev., FRDO, 3.30%,
03/05/01 3,750
Illinois -- 5.3%
4,400 Chicago, Illinois, Equipment Notes, GO, FRDO,
4.37%, 10/04/01 4,400
6,700 Chicago, Illinois, O'Hare International Airport,
Second Lien, Ser. B, Rev., FRDO, 3.35%, 03/07/01 6,700
5,600 Chicago, Illinois, Water, Municipal Securities Trust
Receipts, Ser. SGA-93, Rev., FRDO, 3.20%, 03/01/01 5,600
3,885 Cook County, Illinois, Municipal Trust Receipts,
Ser. SG-7, FRDO, 3.54%, 03/07/01 3,885
3,600 Illinois Development Finance Authority, American
Youth Hostels Project, Rev., FRDO, 3.55%, 03/05/01 3,600
3,205 Illinois Development Finance Authority, IDR, CFC
International Inc. Project, Rev., FRDO, 3.60%,
03/05/01 3,205
1,300 Illinois Development Finance Authority, Residential
Rental, Rev., FRDO, 3.50%, 03/01/01 1,300
1,820 Illinois Development Finance Authority, Toughy LTD
Partnership Project, Rev., FRDO, 3.28%, 03/05/01 1,820
4,800 Illinois Health Facilities Authority, Carle Foundation,
Rev., FRDO, 3.20%, 03/07/01 4,800
12,000 Illinois Health Facilities Authority, Ser. 1998-B, Rev.,
3.40%, 06/13/01 12,000
15,865 Illinois Health Facilities Authority, Swedish Covenant
Hospital Project, Rev., FRDO, 3.25%, 03/06/01 15,865
4,595 Illinois Housing Development Authority, FLOATS,
Ser. L19, Regulation D, Rev., FRDO, 3.35%, 03/01/01 4,595
3,600 Illinois Housing Development Authority, Multi-Family
Housing, Camelot, Rev., FRDO, 3.35%, 03/05/01 3,600
2,985 Illinois Housing Development Authority, Multi-Family
Housing, Lakeshore Plaza, Ser. A, Rev., FRDO,
3.20%, 03/06/01 2,985
7,300 Illinois State, Toll Highway Authority, Toll Highway
Priority, Ser. B, Rev., FRDO, 3.05%, 03/07/01 7,300
See notes to financial statements.
28
JPMorgan Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Illinois -- Continued
$ 2,570 Lake County, Illinois, IDR, A.L. Hansen Manufacturing
Project, Rev., FRDO, 3.45%, 03/01/01 $ 2,570
2,325 Libertyville, Illinois, Industrial Revenue, Libertyville
Manor Project, Rev., FRDO, 3.75%, 03/07/01 2,325
9,800 University of Illinois, Health Services Facilities System,
Ser. B, Rev., FRDO, 3.15%, 03/05/01 9,800
-------
96,350
Indiana -- 2.7%
5,000 DeKalb County, Indiana, Economic Development,
New Process Steel Project, Rev., FRDO, 3.70%,
03/02/01 5,000
5,990 Indiana Bond Bank, FLOATS, Ser. PA-688, Rev., FRDO,
3.54%, 03/01/01 5,990
1,100 Indiana Secondary Market Educational Loans Inc.,
Ser. B, Rev., FRDO, 3.25%, 03/06/01 1,100
9,000 Indiana State, Development Finance Authority, PCR,
Southern Indiana Gas & Electric, Ser. A, Rev., FRDO,
4.30%, 03/01/01 9,000
6,665 Indiana State, Office Building Commission Capital
Complex, FLOATS, Ser. PT-381, Rev., FRDO, 3.54%,
03/01/01 6,665
15,000 Indiana, Highway Transportation Finance Authority,
Municipal Securities Trust Receipts, Ser. SGA-113,
Rev., FRDO, 3.20%, 03/01/01 15,000
1,095 Lafayette, Indiana, Economic Development, Health
Quest Realty Project, Rev., FRDO, 3.58%, 03/05/01 1,095
540 Muncie, Indiana, Economic Development, Health
Quest Realty Project, Rev., FRDO, 3.58%, 03/05/01 540
3,305 Municipal Securities Trust Certificates, Ser. 1997-19A,
Class A, Rev., FRDO, #, ^, 3.24%, 03/02/01 3,305
-------
47,695
Iowa -- 1.2%
1,500 Des Moines, Iowa, 3.50%, 08/08/01 1,500
4,300 Des Moines, Iowa, 3.55%, 08/08/01 4,300
15,000 Iowa School Corporations, Iowa School Cash
Anticipation Program, Ser. A, Warrant Certificates,
Rev., 5.50%, 06/22/01 15,045
-------
20,845
Kansas -- 1.3%
2,000 Eagle Tax-Exempt Trust, Weekly Option Mode,
Ser. 2000-1601, FRDO, 3.57%, 03/07/01 2,000
7,500 Kansas City, Kansas, Industrial, PQ Corp. Project, Rev.,
FRDO, 3.15%, 03/01/01 7,500
8,720 Kansas State, Development Finance Authority,
FLOATS, Ser. PA-715, Rev., FRDO, 3.54%, 03/07/01 8,720
2,050 Spring Hill, Kansas, Industrial Revenue, Abrasive
Engineering Project, Rev., FRDO, 3.60%, 03/06/01 2,050
1,650 Wichita, Kansas, Airport Facilities, Cessna Citation
Center Project, Ser. III, Rev., FRDO, 3.35%, 03/06/01 1,650
1,800 Wichita, Kansas, Hospital, Facilities Improvement,
Riverside, Ser. IV, Rev., FRDO, 3.60%, 03/02/01 1,800
-------
23,720
See notes to financial statements.
29
JPMorgan Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Kentucky -- 1.3%
$ 3,000 Jeffersontown, Kentucky, Lease Program, Kentucky
League of Cities Funding Trust, Rev., FRDO, 3.25%,
03/01/01 $ 3,000
14,310 Kentucky Area Development Districts, Financing
Trust Lease Program, Ewing, Kentucky, Rev., FRDO,
3.60%, 03/01/01 14,310
2,000 Kentucky Asset Liability Commission, General Fund,
Ser. A, Rev., TRAN, 5.25%, 06/27/01 2,004
1,085 Kentucky State, Property & Buildings Commission,
Project No. 66, Ser. A, Rev, 5.00%, 05/01/01 1,088
2,540 Kentucky, Development Finance Authority, Pooled
Loan Project, Ser. A, Rev., FRDO, 3.40%, 03/01/01 2,540
--------
22,942
Louisiana -- 1.2%
6,550 Caddo Parish, Louisiana, Industrial Development
Board Inc., Frymaster Corp. Project, Rev., FRDO,
3.25%, 03/06/01 6,550
3,200 Calcasieu Parish, Louisiana, Industrial Development
Board Inc., Citgo Petrol, Rev., FRDO, 3.35%, 03/01/01 3,200
2,685 Iberia Parish, Louisiana, Industrial Development Board
Inc., Cuming Insulation Corp. Project, Rev., FRDO,
3.60%, 03/01/01 2,685
3,000 Lake Charles, Louisiana, Harbor & Term, District
Dock & Wharf, Conoco Inc. Project, Rev., FRDO,
3.30%, 03/06/01 3,000
1,855 Louisiana Housing Finance Agency, Ser. A-52, Rev.,
FRDO, 3.35%, 03/01/01 1,855
4,000 Plaquemines, Louisiana, Port Harbor & Terminal
District, Port Facilities, International Marine
Terminal Project, Ser. B, Rev., FRDO, 4.20%, 03/15/01 4,000
--------
21,290
Maine -- 0.2%
3,310 Maine State, Turnpike Authority, FLOATS, Ser. PA-699,
Rev., FRDO, 3.54%, 03/01/01 3,312
Maryland -- 2.0%
3,000 Anne Arundel County, Maryland, GO, 3.35%,
03/02/01 3,000
8,605 Howard County, Maryland, Multi-Family Housing,
Sherwood Crossing LTD, Rev., FRDO, 4.85%, 06/01/01 8,605
500 Maryland Community Development Administration,
Multi-Family Housing, Avalon Ridge Apartments
Project, Rev., FRDO, 3.10%, 03/05/01 500
14,155 Maryland State, Stadium Authority, Sports Facilities
Lease, Rev., FRDO, 3.25%, 03/07/01 14,155
9,970 Municipal Securities Trust Certificates, Ser. 1999-76,
Class A, Rev., FRDO, 4.40%, 08/15/01 9,970
--------
36,230
Massachusetts -- 0.8%
5,750 Massachusetts Bay, Transportation Authority,
Municipal Securities Trust Receipts, Ser. SGA-123,
Special Assessment, FRDO, 3.24%, 03/01/01 5,750
See notes to financial statements.
30
JPMorgan Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Massachusetts -- Continued
$ 3,300 Massachusetts State, Health & Educational Facilities
Authority, Municipal Securities Trust Receipts,
Ser. SGA-97, Rev., FRDO, 3.20%, 03/01/01 $ 3,301
3,000 Massachusetts State, Ser. A, GO, BAN, 5.00%,
09/06/01 3,010
2,100 Massachusetts State, Ser. A, GO, FRDO, 3.25%,
03/01/01 2,100
--------
14,161
Michigan -- 2.9%
10,300 Detroit, Michigan, Sewer Disposal, Rev., ^, 6.63%,
07/01/01 10,587
6,100 Holt, Michigan, Public Schools, Ser. B, GO, FRDO,
4.30%, 03/01/01 6,100
1,500 Michigan Municipal Bond Authority, Ser. C-2, Rev.,
5.00%, 08/23/01 1,505
19,580 Michigan State, Building Authority, Rev., 4.40%,
03/05/01 19,580
1,200 Michigan State, Hospital Finance Authority,
Mt. Clemens Hospital, Rev., FRDO, 3.15%, 03/05/01 1,200
6,000 Michigan State, Housing Development Authority,
Ser. 1999-B2, Rev., FRDO, 3.30%, 03/02/01 6,000
1,145 Michigan State, Housing Development Authority,
Ser. 2000-A, Rev., FRDO, 3.20%, 03/02/01 1,145
1,175 Michigan State, Strategic Fund LTD, Wayne Disposal,
Oakland Project, Rev., FRDO, 3.36%, 03/07/01 1,175
5,055 Michigan State, University, Ser. A, GO, Rev., FRDO,
3.10%, 03/05/01 5,055
--------
52,347
Minnesota -- 0.1%
1,255 Minnesota State, Housing Finance Agency, Single
Family Mortgage, Ser. E, Rev., FRDO, 4.35%,
05/01/01 1,255
Mississippi -- 0.6%
2,800 Mississippi Business Finance Corp., IDR, Choctaw
Maid Farms, Inc. Project, Rev., FRDO, 3.60%,
03/05/01 2,800
4,820 Mississippi Home Corp., Single Family, Class A
Certificates, Ser. I, Rev., FRDO, 3.62%, 03/06/01 4,820
3,170 Mississippi State, Gaming County, Highway
Improvements, Ser. A, GO, 5.00%, 07/01/01 3,178
--------
10,798
Missouri -- 2.1%
7,260 Independence, Missouri, IDA, Multi-Family Housing,
FLOATS, Ser. PT-314, Rev., FRDO, 4.40%, 03/01/01 7,260
3,400 Kansas City, Missouri, IDR, Livers Bronze Co. Project,
Rev., FRDO, 3.70%, 03/01/01 3,400
880 Macon, Missouri, IDA, Health Care Realty Macon,
Rev., FRDO, 4.30%, 03/01/01 880
1,600 Missouri Higher Education Loan Authority, Student
Loan, Ser. B, Rev., FRDO, 3.30%, 03/05/01 1,600
3,375 Missouri State, Development Finance Board,
Recreational Facilities, Greater St. Louis YMCA
Project, Ser. B, Rev., FRDO, 3.55%, 03/06/01 3,375
See notes to financial statements.
31
JPMorgan Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Missouri -- Continued
$ 8,320 Missouri State, Housing Development Commission,
FLOATS, Ser. PT-223, Rev., FRDO, 3.59%, 03/01/01 $ 8,322
6,735 Missouri State, Housing Development Commission,
FLOATS, Ser. PT-263, Rev., FRDO, 3.59%, 03/01/01 6,736
3,965 Missouri State, Housing Development Commission,
Ser. A-64, Rev., FRDO, 3.35%, 03/07/01 3,970
865 Osage Beach, Missouri, IDA, Health Care Realty
Osage, Rev., FRDO, 4.30%, 03/01/01 865
--------
36,408
Montana -- 0.2%
3,705 Montana State, Board of Housing, FLOATS,
Ser. PT-356, Rev., FRDO, 3.59%, 03/02/01 3,705
Multiple States -- 1.5%
27,500 Charter Mac, Floating Rate Certificates, Ser. NAT-1,
FRDO, 3.72%, 03/06/01 27,501
Nebraska -- 0.6%
4,700 Nebraska, Municipal Securities Trust Receipts,
Ser. 2000-108, Class A, GO, FRDO, 3.20%, 03/01/01 4,700
5,000 Nebraska, Public Power District, Ser. A, Rev., 5.00%,
01/01/02 5,025
1,500 Sidney, Nebraska, IDR, Pennington Seed Inc. Project,
Rev., FRDO, 3.60%, 03/06/01 1,500
--------
11,225
Nevada -- 3.3%
3,300 Clark County, Nevada, Airport, Ser. B-2, Rev., FRDO,
3.15%, 03/07/01 3,300
1,745 Clark County, Nevada, School District, Building &
Renovation, Ser. B, GO, @, 7.50%, 06/15/01 1,760
19,800 Eagle Tax Exempt Trust, Weekly Option Mode, Clark
County, Ser. 98-2801, FRDO, #, 3.57%, 03/05/01 19,800
3,390 Nevada Housing Division, Multi-Unit Housing,
Horizon, Ser. A, Rev., FRDO, 3.60%, 03/02/01 3,390
6,250 Nevada Housing Division, Multi-Unit Housing,
Joshua Villas, Ser. E, Rev., FRDO, 3.60%, 03/02/01 6,250
5,455 Nevada Housing Division, Multi-Unit Housing,
Judith Villas, Ser. C, Rev., FRDO, 3.60%, 03/01/01 5,455
6,750 Nevada Housing Division, Multi-Unit Housing, Ser. A,
Rev., FRDO, 3.60%, 03/01/01 6,750
3,195 Nevada Housing Division, Multi-Unit Housing, Ser. M,
Rev., FRDO, 3.60%, 03/05/01 3,195
4,400 Nevada State, Municipal Securities Trust Receipts,
Ser. SGB-31, GO, FRDO, 3.57%, 03/07/01 4,400
4,350 Reno, Nevada, Hospital, St Mary's Regional Medical,
Ser. B, Rev., FRDO, 3.30%, 03/01/01 4,350
--------
58,650
New Hampshire -- 0.4%
4,060 New Hampshire State, Housing Finance Authority,
Single Family Housing, FLOATS, Ser. PA-744, FRDO,
3.67%, 03/06/01 4,060
2,925 New Hampshire State, Housing Finance Authority,
Single Family, FLOATS, Ser. PT-115, Rev., FRDO,
3.64%, 03/06/01 2,925
--------
6,985
See notes to financial statements.
32
JPMorgan Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
New Jersey -- 1.5%
$ 2,825 Hudson County, New Jersey, Ser. A-9, Regulation D,
COP, FRDO, 3.10%, 03/07/01 $ 2,825
10,405 New Jersey State, Sports & Exposition Authority,
FLOATS, Ser. PA-649R, Rev., FRDO, 3.32%, 03/02/01 10,405
1,500 New Jersey State, Sports & Exposition Authority, State
Contract, Ser. C, Rev., FRDO, 3.20%, 03/05/01 1,500
4,000 New Jersey State, TRAN, 3.45%, 04/05/01 4,000
7,495 New Jersey State, Transportation Corp., FLOATS, COP,
Ser. PA-801, Rev., FRDO, 3.40%, 03/01/01 7,495
--------
26,225
New Mexico -- 0.9%
1,085 Albuquerque, New Mexico, Ser. C, GO, 5.20%,
07/01/01 1,092
300 Farmington, New Mexico, PCR, Arizona Public
Services Co., Ser. A, Rev., FRDO, 3.10%, 03/01/01 300
5,000 New Mexico State, Rev., TRAN, 5.00%, 06/29/01 5,011
8,000 New Mexico State, TRAN, Ser. A, Rev., 5.00%,
06/29/01 8,022
--------
14,425
New York -- 4.9%
1,090 Eagle Tax-Exempt Trust, Weekly Option Mode,
Ser. 96C-4901, Class A, FRDO, #, 3.59%, 03/07/01 1,090
1,305 Fort Plain, New York, Central School District, GO,
@, 4.75%, 06/15/01 1,306
9,320 IBM Tax Exempt Grantor Trust, IBM Project, FLOATS,
Weekly Receipt, FRDO, 3.72%, 03/07/01 9,320
3,000 Jamestown, New York, City School District, GO,
4.90%, 06/15/01 3,003
1,520 Monroe County, New York, Airport Authority,
FLOATS, Ser. PA-585, Rev., FRDO, 3.40%, 03/01/01 1,520
16,300 Nassau County, New York, Ser. B, GO, RAN, 6.00%,
03/20/01 16,313
8,900 New York City, New York, Trust Cultural Resources,
American Museum of National History, Ser. B, Rev.,
FRDO, 4.50%, 07/01/01 8,900
19,300 New York State, Dorm Authority, Columbia University,
Ser. A, Rev., FRDO, 3.70%, 03/07/01 19,300
9,965 New York, Municipal Securities Trust Receipts, Ser.
2000-98, Class A, Rev., FRDO, 3.24%, 03/07/01 9,965
15,000 Onondaga County, New York, IDA, Solid Waste
Disposal Facilities, Solvay Paperboard Project,
Ser. A, FRDO, 4.25%, 12/06/01 15,000
1,020 Rome, New York, City School District, GO, 5.38%,
06/15/01 1,023
--------
86,740
North Carolina -- 1.4%
7,000 Durham, North Carolina, Housing Authority,
Multi-Family Housing, FLOATS, Ser. PT-1258,
Rev., FRDO, 3.82%, 03/02/01 7,000
2,000 Gaston County, North Carolina, Industrial Facilities &
Pollution Control Financing Authority, Industrial
Development, Quality Metal Project, Rev., FRDO,
3.65%, 03/06/01 2,000
See notes to financial statements.
33
JPMorgan Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
North Carolina -- Continued
$ 800 Guilford County, North Carolina, Industrial Facilities &
Pollution Control Financing Authority, Neal
Manufacturing, Rev., FRDO, 3.65%, 03/05/01 $ 800
5,350 Mecklenburg County, North Carolina, COP, FRDO,
3.55%, 03/05/01 5,350
3,300 Mecklenburg County, North Carolina, Public
Improvement, Ser. C, GO, FRDO, 3.10%, 03/07/01 3,300
3,000 North Carolina, Medical Care Commission, Catholic
Health East, Ser. D, Rev., FRDO, 3.10%, 03/07/01 3,000
3,000 North Carolina, Medical Care Commission, Lincoln
Health Systems Project, Ser. A, Rev., FRDO, 3.55%,
03/05/01 3,000
---------
24,450
North Dakota -- 1.0%
2,160 Burleigh County, North Dakota, Health Care, Medical
Center One Inc., Rev, 5.00%, 05/01/01 2,162
16,000 North Dakota State, Housing Finance Agency,
Housing Finance Program, Home Mortgage, Ser. D,
Rev., @, 4.45%, 08/27/01 16,000
---------
18,162
Ohio -- 0.9%
1,505 American Municipal Power-Ohio Inc., Omega JV2
Project, Rev., 4.25%, 01/01/02 1,518
4,600 Columbus, Ohio, Ser. 1, GO, FRDO, 3.35%, 03/01/01 4,600
4,900 Ohio Housing Finance Agency, Residential Mortgage,
Ser. C, Rev., FRDO, 4.35%, 09/01/01 4,900
1,125 Ohio State, Air Quality Development Authority, PCR,
Ohio Edison Project, Ser. C, Rev., FRDO, 3.20%,
03/01/01 1,125
2,800 Ohio State, Water Development Authority, PCR, Ohio
Edison Co. Project, Ser. B, Rev., FRDO, 3.20%,
03/01/01 2,800
1,330 Ohio State, Water Development Authority, Pollution
Control Facilities, Water Control Loan Fund, State
Match, Rev., 5.50%, 06/01/01 1,333
---------
16,276
Oklahoma -- 1.3%
6,000 Norman, Oklahoma, Regional Hospital Authority,
Rev. ^, 6.90%, 09/01/01 6,153
10,000 Oklahoma State, Water Resource Board, State Loan
Program, Rev., FRDO, +, 4.30%, 09/04/01 10,000
6,500 Tulsa, Oklahoma, IDA, Justin Industries Project, Rev.,
FRDO, 3.85%, 03/01/01 6,500
---------
22,653
Oregon -- 1.7%
8,200 Oregon State, Housing & Community Services
Department, Convent Retirement, Ser. A, Rev.,
FRDO, 3.60%, 03/06/01 8,200
5,240 Oregon State, Housing & Community Services
Department, Single Family Mortgage Program,
Ser. C, Rev., 4.25%, 09/27/01 5,240
See notes to financial statements.
34
JPMorgan Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Oregon -- Continued
$ 3,665 Oregon State, Housing & Community Services
Department, Single Family Mortgages, Ser. J, Rev.,
4.35%, 03/01/01 $ 3,665
5,000 Oregon State, Ser. A-18, Regulation D, FRDO, 3.35%,
03/07/01 5,000
3,250 Oregon State, Veterans Welfare, Ser. 80-B, Rev.,
4.35%, 10/01/01 3,250
3,470 Port Portland, Oregon, Airport, Ser. 7-A, Rev., ^,
6.75%, 07/01/01 3,528
800 Port Portland, Oregon, PCR, Reynold Metals, Rev.,
FRDO, 3.10%, 03/01/01 800
--------
29,683
Pennsylvania -- 2.6%
4,000 Allegheny County, Pennsylvania, Ser. C-51, GO,,
4.25%, 05/01/01 4,000
3,900 Butler County, Pennsylvania, Hospital Authority,
North Hills Passavant Hospital, Ser. A, Rev., ^,
7.00%, 06/01/01 3,999
100 Delaware Valley, Pennsylvania, Regional Finance
Authority, Local Government, Rev., FRDO, 3.10%,
03/07/01 100
5,900 Eagle Tax Exempt Trust, Weekly Option Mode,
Class A, FRDO, #, 3.57%, 03/01/01 5,900
2,000 Harrisburg, Pennsylvania, Water Authority, Municipal
Securities Trust Receipts, Ser. SGA-80, Rev., FRDO,
3.24%, 03/07/01 2,000
11,500 Pennsylvania State, Higher Education Assistance
Agency, Student Loan, Ser. E, Rev. FRDO, 3.25%,
03/05/01 11,500
4,230 Philadelphia, Pennsylvania, Authority for Industrial
Development, Airport, FLOATS, Ser. PT-417, Rev.,,
4.55%, 06/14/01 4,230
3,000 Philadelphia, Pennsylvania, Municipal Authority,
Ser. N-14, Regulation D, Rev., FRDO, 3.20%, 03/07/01 3,000
5,000 Philadelphia, Pennsylvania, Ser. A, Rev., TRAN, @,
5.00%, 06/29/01 5,010
3,795 Quakertown, Pennsylvania, General Authority,
Pooled Financing Program, Ser. A, Rev., FRDO,
3.20%, 03/01/01 3,795
1,600 South Fork, Pennsylvania, Hospital Authority,
Conemaugh Health Systems, Ser. A, Rev., FRDO,
3.15%, 03/01/01 1,600
500 Southeastern Pennsylvania, Transportation Authority,
Special Ser. SG-28, 3.47%, 03/02/01 500
--------
45,634
Rhode Island -- 1.2%
4,995 Rhode Island Refunding Bond Authority, State Public
Projects, FLOATS, Ser. PT-419, Rev., 4.50%, 06/14/01 4,995
15,650 Rhode Island, Convention Center Authority, Ser. A.
Rev. ^, 6.70%, 05/15/01 16,040
--------
21,035
See notes to financial statements.
35
JPMorgan Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
South Carolina -- 3.6%
$ 3,000 Cherokee County, South Carolina, Industrial
Revenue, Oshkosh Truck Project, Rev., FRDO,
3.35%, 03/07/01 $ 3,000
2,150 Florence County, South Carolina, Solid Waste
Disposal & Wastewater Treatment, Roche Carolina
Inc., Rev., FRDO, 3.35%, 03/01/01 2,150
3,500 Kershaw County, South Carolina, IDR, New South Inc.
Project, Rev., FRDO, 3.60%, 03/07/01 3,500
5,210 South Carolina State, Housing, Finance &
Development, Rental Housing, Oak Ridge/McGuire,
FRDO, 3.50%, 03/07/01 5,210
3,045 South Carolina State, Housing, Finance &
Development, Rental Housing, Waverly Place
project, Rev., FRDO, 3.50%, 03/01/01 3,045
2,000 South Carolina State, Public Service Authority,
Municipal Trust Receipts, Ser. SG-32, Rev., FRDO, ^,
3.54%, 03/01/01 2,006
23,100 South Carolina Transportation Infrastructure Bank,
Floating Rate Trust Receipts, Ser. L-10,
Regulation D, Rev., FRDO, 3.30%, 03/07/01 23,100
11,000 South Carolina Transportation Infrastructure Bank,
Municipal Trust Receipts, Ser. SGA-116, Rev., FRDO,
3.20%, 03/01/01 11,000
3,500 South Carolina, Jobs Economic Development
Authority, Catholic Diocese, South Carolina
Project, Rev., FRDO, 3.60%, 03/01/01 3,500
3,000 South Carolina, Jobs Economic Development
Authority, Concept Packaging Group Project, Rev.,
FRDO, 3.70%, 03/02/01 3,000
4,750 South Carolina, Jobs Economic Development
Authority, Walley Proteins Inc. Project, FRDO,
3.65%, 03/01/01 4,750
--------
64,261
South Dakota -- 1.5%
4,710 South Dakota Economic Development Finance
Authority, Hastings Filters Inc. Project, Rev., FRDO,
3.55%, 03/05/01 4,710
12,855 South Dakota Housing Development Authority,
FLOATS, Ser. PT-73, Rev., FRDO, 4.42%, 03/02/01 12,855
5,400 South Dakota, Housing Development Authority,
Ser. D, Class A, FRDO, 3.62%, 03/07/01 5,400
4,500 South Dakota, Housing Development Authority,
Ser. N-1, Regulation D, Rev., FRDO, 3.35%, 03/07/01 4,500
--------
27,465
Tennessee -- 4.6%
800 Clarksville, Tennessee, Public Building Authority,
Pooled Financing, Tennessee Municipal Bond Fund,
Rev., FRDO, 3.55%, 03/05/01 800
3,000 Jackson, Tennessee, Industrial Development Board,
Solid Waste Disposal, Steel Corp. Project, FRDO,
3.65%, 03/07/01 3,000
1,700 Knoxville, Tennessee, Utilities Board, Sub-Gas
Systems, Rev., FRDO, 3.15%, 03/01/01 1,700
See notes to financial statements.
36
JPMorgan Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Tennessee -- Continued
$ 5,995 Metropolitan Government Nashville & Davidson
Counties,Tennessee, FLOATS, Ser. PT-394, Rev.,
FRDO, 4.45%, 03/07/01 $ 5,995
2,700 Metropolitan Government of Nashville & Davidson
Counties, Tennessee, Industrial Development Board,
Country Music Hall of Fame, Rev., FRDO, 3.40%,
03/06/01 2,700
1,000 Metropolitan Government of Nashville & Davidson
Counties, Tennessee, Water & Sewer, Rev., ^, 6.00%,
01/01/02 1,041
5,980 Nashville & Davidson County, Tennessee,
Metropolitan Government Water and Sewer,
Ser. L-23, Regulation D, FRDO, 3.30%, 03/06/01 5,980
1,500 Sevier County, Tennessee, Public Building Authority,
Local Government Public Improvement, Ser. II-A-1,
Rev., FRDO, 3.45%, 03/06/01 1,500
2,500 Sevier County, Tennessee, Public Building Authority,
Local Government Public Improvement, Ser. II-A-2,
Rev., FRDO, 3.45%, 03/06/01 2,500
4,000 Sevier County, Tennessee, Public Building Authority,
Local Government Public Improvement, Ser. II-D-2,
Rev., FRDO, 3.45%, 03/01/01 4,000
1,160 Sevier County, Tennessee, Public Building Authority,
Local Government Public Improvement, Ser. II-D-3,
Rev., FRDO, 3.45%, 03/01/01 1,160
6,800 Sevier County, Tennessee, Public Building Authority,
Local Government Public Improvement, Ser. III-C-5,
Rev., FRDO, 3.45%, 03/06/01 6,800
1,600 Sevier County, Tennessee, Public Building Authority,
Local Government Public Improvement, Ser. III-D-3,
Rev., FRDO, 3.45%, 03/05/01 1,600
5,000 Sevier County, Tennessee, Public Building Authority,
Local Government Public Improvement, Ser. III-E-2,
Rev., FRDO, 3.45%, 03/05/01 5,000
2,500 Sevier County, Tennessee, Public Building Authority,
Local Government Public Improvement, Ser. III-E-3,
Rev., FRDO, 3.45%, 03/05/01 2,500
5,500 Sevier County, Tennessee, Public Building Authority,
Local Government Public Improvement, Ser. III-G-2,
Rev., FRDO, 3.45%, 03/07/01 5,500
5,465 Shelby County, Tennessee, Health, Educational &
Housing Facilities Board, Educational Facilities,
Rhodes College, Rev., FRDO, 3.40%, 03/05/01 5,465
7,295 Smyrna, Tennessee, Housing Association Inc.,
Multi-Family Housing, Ser. Q, Class A, Rev., FRDO,
3.57%, 03/01/01 7,296
700 South Pittsburgh, Tennessee, Industrial Development
Board, Lodge Manufacturing Co. Project, Rev.,
FRDO, 3.60%, 03/07/01 700
3,635 Tennessee Housing Development Agency, FLOATS,
Ser. PA-726R, Rev., FRDO, 3.62%, 03/06/01 3,635
13,250 Tennessee, Housing Development Agency, FLOATS,
Ser. PT-279, Rev., FRDO, 4.30%, 04/05/01 13,250
--------
82,122
See notes to financial statements.
37
JPMorgan Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Texas -- 15.0%
$ 5,000 Alamo, Texas, Independent School District,
Pharr-San Juan, Municipal Securities Trust Receipts,
Ser. SGA-101, GO, FRDO, 3.24%, 03/01/01 $ 5,000
2,000 Austin, Texas, Independent School District, GO,
5.20%, 08/01/01 2,006
1,000 Brazos River Authority, Texas, PCR, TXU Electric Co.,
Ser. C, Rev., FRDO, 3.25%, 03/07/01 1,000
9,200 Carroll, Texas, Independent School District, GO, FRDO,
3.50%, 03/01/01 9,200
5,000 Dallas-Fort Worth, Texas, International Airport
Facilities Improvement Corp., Flight Safety Project,
Rev., FRDO, 3.60%, 03/02/01 5,000
1,955 Dallas-Fort Worth, Texas, Regional Airport,
Municipal Securities Trust Receipts, Ser. SGA-49,
Rev., FRDO, 3.20%, 03/01/01 1,955
3,910 Eagle Tax Exempt Trust, Weekly Option Mode,
Ser. 99-4302, #, FRDO, 3.57%, 03/05/01 3,910
2,420 Eagle Tax Exempt Trust, Weekly Option Mode,
Ser. 3C-7, Class A, FRDO, #, 3.57%, 03/05/01 2,420
1,200 Grapevine, Texas, Industrial Development Corp.,
Multiple Mode, American Airlines, Ser. A-4,
Rev., FRDO, 3.10%, 03/01/01 1,200
5,000 Greater East Texas, Higher Education, Ser. B, FRDO,
3.45%, 02/01/02 5,000
10,000 Greater Texas, Student Loan Corp., Student Loan,
Ser. A, Rev., 3.45%, 02/01/02 10,000
3,000 Guadalupe Blanco River Authority, Texas, IDC, IDR,
The BOC Group Inc. Project, Rev., FRDO, 3.50%,
03/06/01 3,000
4,300 Gulf Coast Waste Disposal Authority, Amoco Oil Co.
Project, Rev., FRDO, 3.30%, 03/01/01 4,300
5,000 Harlandale, Texas, Independent School District,
Municipal Securities Trust Receipts, Ser. SGA-100,
GO, FRDO, 3.24%, 03/02/01 5,000
5,200 Harris County, Texas, GO, 3.30%, 06/07/01 5,200
7,500 Harris County, Texas, GO, 3.35%, 06/06/01 7,500
1,100 Harris County, Texas, IDC, Shell Oil Co. Project, FRDO,
3.10%, 03/01/01 1,100
7,600 Hays, Texas, Memorial Health Facilities Development
Corp., Central Texas Medical Center Project, Ser. A,
Rev., 3.60%, 03/05/01 7,600
3,000 Houston, Texas, Independent School District, Ser. A,
GO, 5.40%, 06/01/01 3,014
3,900 Katy, Texas, Independent School District, Ser, A, GO,
FRDO, 3.50%, 03/07/01 3,900
6,010 Kerrville, Texas, Independent School District, FLOATS,
Ser. PA-698, GO, FRDO, 3.54%, 03/01/01 6,010
1,300 Lone Star, Texas, Apartment Improvement Authority,
Multiple Mode, Ser. B-1, Rev., FRDO, 3.20%,
03/01/01 1,300
4,200 Longview, Texas, Industrial Corp., Collins Industries
Inc. Project, Rev., FRDO, 3.70%, 03/01/01 4,200
See notes to financial statements.
38
JPMorgan Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Texas -- Continued
$ 5,290 Mission, Texas, Independent School District,
Municipal Securities Trust Receipts, Ser. SGA-105,
GO, FRDO, 3.24%, 03/02/01 $ 5,290
5,000 North Central, Texas, Health Facilities Development
Corp., Methodist Hospitals, 3.40%, 04/02/01 5,000
2,500 North Central, Texas, Health Facilities Development
Corp., Methodist Hospitals, Dallas, Ser. B, Rev.,
FRDO, 3.15%, 03/01/01 2,500
25,000 North Central, Texas, Health Facilities Development
Corp., Methodist Hospitals, Rev., FRDO, 4.20%,
03/06/01 25,001
3,700 North Texas, Higher Education Authority, Student
Loan, Ser. A, Rev., FRDO, 3.25%, 03/01/01 3,700
8,000 North Texas, Higher Education Authority, Student
Loan, Ser. B, Rev., FRDO, 3.25%, 03/07/01 8,000
1,400 North Texas, Higher Education Authority, Student
Loan, Ser. F, Rev., FRDO, 3.25%, 03/06/01 1,400
1,000 Port Corpus Christi Authority, Texas, Nueces County,
Solid Waste Disposal, Koch Refining Co. Project,
FRDO, 3.15%, 03/05/01 1,000
4,700 Richardson, Texas, Independent School District,
Ser. A, GO, FRDO, 3.50%, 03/01/01 4,700
7,190 San Angelo, Texas, Independent School District, GO,
FRDO, 3.50%, 03/01/01 7,190
19,920 San Antonio, Texas, Electric & Gas, Municipal
Securities Trust Receipts, Ser. SGA-48, Rev., FRDO,
3.24%, 03/02/01 19,920
5,000 San Antonio, Texas, Water Revenue, Municipal
Securities Trust Receipts, Ser. SGA-42, Rev., FRDO,
3.24%, 03/05/01 5,000
8,430 Tarrant County, Texas, Housing Finance Corp,
Multi-Family Housing, Remington Project, Rev.,
FRDO, 3.15%, 03/05/01 8,430
10,470 Texas Board of Water Development, Municipal
Securities Trust Receipts, Ser. SGA-104, Rev., FRDO,
3.24%, 03/06/01 10,470
11,000 Texas State, 3.35%, 05/09/01 11,000
1,100 Texas State, Department of Housing & Community
Affairs, Multi-Family Housing, Timber Point
Apartments, Ser. A-1, Rev., FRDO, 3.25%, 03/05/01 1,100
5,565 Texas State, Department of Housing & Community
Affairs, Residential Mortgage, FLOATS,
Ser. PA-743R, Rev., FRDO, 3.64%, 03/01/01 5,565
4,910 Texas State, FLOATS, Ser. PT-1991, Rev., FRDO,
3.59%, 03/07/01 4,910
12,900 Texas State, Rev., TRAN, 5.25%, 08/31/01 12,961
3,000 Texas State, Turnpike Authority, Dallas North
Thruway, Floating Rate Receipts, Ser. SG-70, Rev.,
FRDO, 3.54%, 03/07/01 3,000
4,300 Texas State, Veteran's Housing Assistance, Ser. A-1,
GO, FRDO, 3.35%, 03/06/01 4,300
See notes to financial statements.
39
JPMorgan Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Texas -- Continued
$ 5,000 Tyler, Texas, Waterworks & Sewer, Municipal
Securities Trust Receipts, Ser. SGA-112, Rev.,
FRDO, 3.20%, 03/01/01 $ 5,000
14,290 University of Texas, Municipal Securities Trust
Receipts, Ser. SGA-78, Rev., FRDO, 3.24%, 03/06/01 14,290
---------
268,542
Utah -- 1.3%
5,000 Intermountain Power Agency of Utah, Power Supply,
Ser. 1985, Rev., 3.40%, 04/02/01 5,000
7,500 Utah State, Housing Finance Agency, Single Family
Mortgage, Ser. D-1, Rev., FRDO, 3.30%, 03/05/01 7,500
5,000 Utah State, Housing Finance Agency, Single Family
Mortgage, Ser. E-1, Rev., FRDO, 3.30%, 03/06/01 5,000
5,000 Utah State, Housing Finance Agency, Single Family
Mortgage, Ser. F-2, Class I, Rev., FRDO, 3.30%,
03/05/01 5,000
---------
22,500
Virginia -- 1.3%
2,000 Harrisonburg, Virginia, Redevelopment & Housing
Authority, Multi-Family Housing, Misty Ridge
Project, Ser. A, Rev., FRDO, 3.58%, 03/05/01 2,000
6,170 King George County, Virginia, IDA, Exempt Facilities,
Birchwood Power Partners, Ser. B, Rev., FRDO,
3.35%, 03/01/01 6,170
3,225 Petersburg, Virginia, Hospital Authority, Hospital
Facilities, Southside Regional, Rev., FRDO, 3.25%,
03/01/01 3,225
11,385 Virginia State, Public School Authority, FLOATS,
Ser. PT-431, Rev. FRDO, 3.47%, 03/06/01 11,385
---------
22,780
Washington -- 5.2%
12,150 Eagle Tax Exempt Trust, Weekly Option Mode,
Ser. A, FRDO, 3.57%, 03/01/01 12,150
15,830 King County, Washington, FLOATS, Ser. PT-385, Rev.,
FRDO, 3.33%, 03/02/01 15,830
950 King County, Washington, Housing Authority,
Auburn Court Apartments Project, Rev., FRDO,
3.65%, 03/07/01 950
2,290 King County, Washington, School District No. 414,
Lake Washington, GO, 5.00%, 12/01/01 2,300
5,000 Port Anacortes, Washington, Industrial Revenue,
Texaco Project, Rev., FRDO, 3.40%, 03/01/01 5,000
2,000 Port Townsend, Washington, Industrial Development,
Port Townsend Paper Corp., Ser. A, Rev., FRDO,
3.65%, 03/05/01 2,000
1,050 Redmond, Washington, Public Corp., Industrial
Revenue, Integrated Circuits Project, Rev., FRDO,
3.50%, 03/01/01 1,050
1,275 Seattle, Washington, Housing Authority, Low Income
Housing Assistance, Bayview Manor Project, Ser. B,
Rev., FRDO, 3.50%, 03/07/01 1,275
See notes to financial statements.
40
JPMorgan Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Washington -- Continued
$ 8,955 Seattle, Washington, Municipal Light & Power,
Municipal Securities Trust Receipts, Ser. SGA-96,
Rev., FRDO, 3.20%, 03/01/01 $ 8,956
1,000 Seattle, Washington, Port Authority, Ser. B, Rev.,
6.10%, 11/01/01 1,018
8,200 Snohomish County, Washington, Public Utilities
District No. 001, Municipal Securities Trust Receipts,
Ser. SGA-124, Rev., FRDO, 3.20%, 03/01/01 8,200
14,500 Tacoma, Washington, Rev., 3.30%, 05/23/01 14,500
1,705 Washington State, Housing Finance Commission,
Single Family Program, Ser. 2-A-S, Rev., 4.40%,
04/01/01 1,705
2,900 Washington State, Housing Finance Commission,
Spokane Community College Foundation, Ser. A,
Rev., FRDO, 3.55%, 03/02/01 2,900
4,000 Washington State, Public Power Supply System,
Nuclear Project No. 1, Ser. A, Rev., ^, 6.88%,
07/01/01 4,107
6,860 Washington State, Public Power Supply Systems,
Nuclear Project No. 1, Ser. C, Rev., 7.63%, 07/01/01 6,942
1,200 Washington State, Ser. R-96-B, GO, 5.50%, 07/01/01 1,209
2,220 Washington State, Ser. R-98-B, GO, 4.00%, 07/01/01 2,225
--------
92,317
West Virginia -- 0.4%
2,000 West Virginia School Building Authority, Capital
Improvement, Ser. A, Rev., ^, 6.75%, 07/01/01 2,061
5,765 West Virginia State, Building Commission, FLOATS,
Ser. PA-520, Rev., FRDO, 3.62%, 03/01/01 5,765
--------
7,826
Wisconsin -- 2.6%
5,520 Eagle Tax Exempt Trust, Weekly Option Mode,
Ser. 94-4904, FRDO, #, 3.59%, 03/05/01 5,520
1,150 Milwaukee County, Wisconsin, Ser. A, GO, 4.50%,
10/01/01 1,151
14,455 Municipal Securities Trust Certificates, Ser. 1999-70,
Class A, Rev., FRDO, 3.24%, 03/06/01 14,455
2,500 University of Wisconsin, Hospital & Clinics Authority,
Rev., FRDO, 3.20%, 03/01/01 2,500
3,250 Wisconsin Housing & Economic Development
Authority, Home Ownership, Floating Rate Trust
Receipts, Ser. 18, Rev., FRDO, 3.40%, 03/07/01 3,250
7,220 Wisconsin Public Power Inc. System, Power Supply
System, Municipal Securities Trust Receipts,
Ser. SGA-2, Rev., FRDO, 3.24%, 03/05/01 7,250
5,000 Wisconsin State, Clean Water, Ser. 1, Rev., ^, 6.75%,
06/01/01 5,124
7,200 Wisconsin State, Health & Education Facilities
Authority, Ser. 1998-A, Rev., 3.70%, 03/07/01 7,200
--------
46,450
See notes to financial statements.
41
JPMorgan Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------
Wyoming -- 1.2%
$ 2,000 Lincoln County, Wyoming, PCR, Exxon Project, Ser. B,
Rev., FRDO, 3.10%, 03/01/01 $ 2,000
400 Uinta County, Wyoming, PCR, Chevron U.S.A. Inc.
Project, Rev., FRDO, 3.05%, 03/01/01 400
14,700 Wyoming Community Development Authority,
Housing, FLOATS, Ser. PT-195, Rev., FRDO, 4.45%,
03/05/01 14,700
3,600 Wyoming Community Development Authority,
Housing, Ser. 2, Rev., 3.75%, 06/01/01 3,600
----------
20,700
------------------------------------------------------------------
Total Municipal Securities 1,775,477
(Cost $1,775,477)
- --------------------------------------------------------------------------------
Total Investments -- 100.0% $1,776,577
(Cost $1,776,577)*
- --------------------------------------------------------------------------------
See notes to financial statements.
42
- --------------------------------------------------------------------------------
JPMorgan New York Tax Free Money Market Fund
Portfolio of Investments
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Shares Issuer Value
- --------------------------------------------------------------------------------
Municipal Securities -- 99.9%
- --------------------------------------------------------------------------------
California -- 0.1%
$ 300 Coronado, California, Community Development
Agency, Coronado Community Development
Project, Tax Allocation, ^, 6.30%, 09/01/01 $ 309
1,000 Oxnard, California, Industrial Development
Financing Authority, IDR, Accurate Engineering
Project, Rev., FRDO, 2.40%, 03/07/01 1,000
--------
1,309
Maryland -- 0.2%
4,100 Maryland State, Stadium Authority, Sports Facilities
Lease, Rev., FRDO, 3.25%, 03/07/01 4,100
New York -- 99.6%
12,000 ABN AMRO Munitops, Certificates Trust, New York,
Ser. 1999-13, FRDO, #, 3.13%, 03/07/01 12,000
11,530 Albany, New York, GO, BAN, 5.00%, 08/03/01 11,546
570 Albany, New York, IDA, IDR, Newkirk Productions
Inc. Project, Ser. A, Rev., FRDO, 3.40%, 03/01/01 570
6,182 Allegany-Limestone, New York, Central School
District, GO, BAN, 3.50%, 02/06/02 6,192
2,500 Arcade, New York, GO, BAN, 5.00%, 09/13/01 2,506
1,125 Attica, New York, Central School District, GO, BAN,
4.30%, 06/15/01 1,128
8,000 Attica, New York, Central School District, GO, BAN,
@, 5.00%, 04/18/01 8,005
8,915 Attica, New York, Central School District, GO, BAN,
5.00%, 06/15/01 8,923
1,450 Babylon, New York, IDA, IDR, Edwin Berger/Lambro
Industries, Rev., FRDO, 3.10%, 03/07/01 1,450
8,800 Babylon, New York, IDA, Resource Recovery, OFS
Equity Babylon Project, Rev., FRDO, 3.10%, 03/01/01 8,800
1,850 Bath, New York, Central School District, GO, 5.00%,
06/15/01 1,853
3,000 Beekmantown, New York, Central School District,
GO, BAN, 5.00%, 06/29/01 3,004
2,000 Bethpage, New York, Union Free School District,
GO, BAN, 3.75%, 09/13/01 2,003
6,000 Board of Cooperative Educational Services,
New York, Sole Supervisory District, GO, RAN,
5.00%, 06/27/01 6,007
9,620 Board of Cooperative Educational Services,
New York, Sole Supervisory District, GO, RAN,
@, 5.00%, 06/29/01 9,628
4,000 Board of Cooperative Educational Services,
New York, Sole Supervisory District, GO, RAN,
@, 5.25%, 06/22/01 4,005
9,950 Board of Cooperative Educational Services,
New York, Sole Supervisory District, Rev.,
RAN, 4.50%, 12/28/01 9,978
7,500 Board of Cooperative Educational Services,
New York, Sole Supervisory District, Ser. A, GO,
RAN, 5.00%, 06/22/01 7,507
3,300 Brentwood, New York, Union Free School District,
GO, TAN, 5.00%, 06/29/01 3,307
See notes to financial statements.
43
JPMorgan New York Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Municipal Securities -- Continued
- --------------------------------------------------------------------------------
New York -- Continued
$ 795 Brockport, New York, Central School District, GO,
5.40%, 06/15/01 $ 797
2,771 Brookhaven, New York, IDA, IDR, Waverly
Association LLC, Rev., FRDO, 3.60%, 03/01/01 2,771
1,000 Broome County, New York, GO, BAN, 4.75%, 04/03/01 1,001
700 Broome County, New York, IDA, IDR, Binghamton
Realty Project, Rev., FRDO, 3.00%, 03/07/01 700
3,075 Camden, New York, Central School District, GO,
RAN, 5.00%, 06/29/01 3,079
3,544 Carthage, New York, Central School District, GO,
RAN,5.00%, 06/22/01 3,547
2,670 Chautauqua County, New York, GO, BAN, ^, 4.50%,
03/06/01 2,670
9,400 Chautauqua Lake, New York, Central School District,
GO, BAN, @, 4.50%, 03/15/01 9,401
9,000 Chemung County, New York, GO, RAN, 4.75%,
05/15/01 9,007
1,525 Chittenango, New York, Central School District,
GO, RAN, @, 5.00%, 06/29/01 1,527
5,000 Cortland, New York, City School District, GO, RAN,
5.00%, 06/29/01 5,007
2,900 Dutchess County, New York, IDA, Civic Facility, Marist
College, Ser. A, Rev., FRDO, 3.40%, 03/01/01 2,900
2,450 Dutchess County, New York, IDA, IDR, Laerdal
Medical Corp. Project, Rev., FRDO, 3.25%, 03/07/01 2,450
5,990 Eagle Tax Exempt Trust, Weekly Option Mode,
Ser. 3C-7, Class A, FRDO, #, 3.49%, 03/01/01 5,990
10,000 Eagle Tax Exempt Trust, Weekly Option Mode,
Ser. 94-3203, Class A, FRDO, #, 3.49%, 03/01/01 10,000
8,805 Eagle Tax Exempt Trust, Weekly Option Mode,
Ser. 94-3205, Class A, FRDO, #, 3.49%, 03/01/01 8,805
9,910 Eagle Tax Exempt Trust, Weekly Option Mode,
Ser. 94-3208, Class A, FRDO, #, 3.49%, 03/01/01 9,910
20,880 Eagle Tax Exempt Trust, Weekly Option Mode,
Ser. 95-3202, Class A, FRDO, #, 3.49%, 03/01/01 20,880
18,900 Eagle Tax Exempt Trust, Weekly Option Mode,
Ser. 95-3203, Class A, FRDO, #, 3.49%, 03/01/01 18,900
12,155 Eagle Tax Exempt Trust, Weekly Option Mode,
Ser. 96-3207, Class A, FRDO, #, 3.49%, 03/01/01 12,155
11,000 Eagle Tax Exempt Trust, Weekly Option Mode,
Ser. 96C-3203, Class A, FRDO, #, 3.49%, 03/01/01 11,000
14,850 Eagle Tax Exempt Trust, Weekly Option Mode,
Ser. 96C-3208, Class A, FRDO, #, 3.49%, 03/01/01 14,850
4,000 East Greenbush, New York, Ser. D, GO, BAN, 4.63%,
09/26/01 4,004
8,200 Eastern Suffolk, New York, Board of Cooperative
Educational Services District, GO, RAN, @, 5.00%,
06/28/01 8,209
650 Elba, New York, Central School District, GO, 5.50%,
06/15/01 651
4,000 Elmira City, New York, School District, Ser. A, GO,
BAN, 5.00%, 06/27/01 4,007
2,700 Erie County, New York, Water Authority, Ser. A,
Rev., FRDO, 2.80%, 03/07/01 2,700
See notes to financial statements.
44
JPMorgan New York Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Municipal Securities -- Continued
- --------------------------------------------------------------------------------
New York -- Continued
$ 1,400 Erie County, New York, Water Authority, Ser. B,
Rev., FRDO, 2.80%, 03/07/01 $ 1,400
6,956 Gananda, New York, Central School District, GO,
BAN, 4.75%, 12/20/01 6,971
530 Glens Falls, New York, IDA, IDR, Broad Street
Center Project, Rev., FRDO, 2.95%, 03/07/01 530
1,955 Glenville, New York, GO, BAN, 5.00%, 07/13/01 1,958
9,700 Gorham-Middlesex, New York, Central School
District, GO, BAN, 3.25%, 01/25/02 9,727
713 Goshen, New York, Central School District, GO, +,
4.00%, 06/15/01 714
4,010 Great Neck North, New York, Water Authority,
Water System, Ser. A, Rev., FRDO, 2.90%, 03/07/01 4,010
1,100 Guilderland, New York, IDA, IDR, Northeastern
Industrial Park, Ser. A, Rev., FRDO, 3.00%, 03/07/01 1,100
2,000 Hempstead, New York, Union Free School District,
GO, RAN, 4.75%, 06/15/01 2,002
2,000 Hempstead, New York, Union Free School District,
GO, TAN, @, 5.25%, 06/28/01 2,004
6,435 Highland Falls-FT Montgomery, New York, Central
School District, GO, BAN, 4.75%, 07/16/01 6,441
3,550 Hilton, New York, Central School District, GO, RAN,
5.00%, 04/26/01 3,552
4,748 Honeoye, New York, Central School District, GO,
BAN, 4.50%, 12/28/01 4,760
1,890 Ilion, New York, Central School District, GO, BAN,
5.00%, 03/29/01 1,891
3,256 Ilion, New York, Central School District, GO, RAN,
5.00%, 06/29/01 3,261
2,000 Islip, New York, IDA, Brentwood Distribution Co.
Facility, Rev., FRDO, 3.50%, 03/01/01 2,000
8,000 Lakeland, New York, Central School District,
Shrub Oak, Ser. A, GO, BAN, 4.75%, 11/21/01 8,021
5,060 Lisbon, New York, Central School District, GO, BAN,
4.75%, 04/27/01 5,062
10,000 Livonia, New York, Central School District, GO, BAN,
5.00%, 06/19/01 10,018
8,780 Long Island Power Authority, New York, Electric
Systems, Floating Rate Receipts, Ser. SG-125, Rev.,
FRDO, 3.40%, 03/01/01 8,780
40,000 Long Island Power Authority, New York, Electric
Systems, Sub. Ser. 2, Rev., FRDO, 2.95%, 03/07/01 40,001
12,500 Long Island Power Authority, New York, Electric
Systems, Sub. Ser. 3, Rev., FRDO, 3.38%, 04/09/01 12,500
8,300 Long Island Power Authority, New York, Electric
Systems, Sub. Ser. 3, Rev., FRDO, 3.40%, 04/02/01 8,300
13,900 Long Island Power Authority, New York, Electric
Systems, Sub. Ser. 3, Rev., FRDO, 3.60%, 03/07/01 13,900
16,000 Long Island Power Authority, New York, Electric
Systems, Sub. Ser. 3, Rev., FRDO, 4.15%, 04/09/01 16,000
8,900 Long Island Power Authority, New York, Electric
Systems, Sub. Ser. 7, Sub. Ser. 7-B, Rev., FRDO,
2.95%, 03/07/01 8,900
See notes to financial statements.
45
JPMorgan New York Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Municipal Securities -- Continued
- --------------------------------------------------------------------------------
New York -- Continued
$ 11,000 Long Island Power Authority, New York, Electric
Systems, Sub. Ser. 7-B, Rev., FRDO, 3.30%, 03/08/01 $ 11,000
8,110 Longwood Central School District, Suffolk County,
New York, GO, TAN, @, 5.00%, 06/29/01 8,119
4,418 Mayfield, New York, Central School District, GO,
BAN, 4.75%, 06/28/01 4,422
3,985 Metropolitan Transportation Authority, New York,
Commuter Facilities, Municipal Securities Trust
Receipts, Ser. SGA-82, Rev., FRDO, 3.12%, 03/07/01 3,985
6,815 Metropolitan Transportation Authority, New York,
Dedicated Tax Fund, FLOATS, Ser. PA-683, Rev.,
FRDO, 3.37%, 03/01/01 6,815
9,425 Metropolitan Transportation Authority, New York,
Dedicated Tax Fund, Municipal Securities Trust
Receipts, Ser. SGA-81, Rev., FRDO, 3.12%, 03/07/01 9,425
18,500 Metropolitan Transportation Authority, New York,
Transportation Facilities, Rev., 3.30%, 05/29/01 18,500
27,400 Metropolitan Transportation Authority, New York,
Transportation Facilities, Special Obligation,
Ser. CP-1, Rev., BAN, 2.75%, 04/05/01 27,400
4,400 Mexico, New York, Central School District, GO, RAN,
5.00%, 06/21/01 4,404
6,000 Mineola, New York, Union Free School District, GO,
TAN, 4.75%, 06/29/01 6,027
10,000 Monroe County, New York, IDA, Civic Facilities,
St. Anns Home For Aged Project, Rev., FRDO,
3.00%, 03/07/01 10,000
1,500 Monroe County, New York, IDA, Public
Improvements, Canal Ponds Park, Ser. D, Rev.,
FRDO, 2.95%, 03/07/01 1,500
4,000 Mount Vernon, New York, City School District,
GO, TAN, 5.00%, 08/30/01 4,010
10,335 Municipal Securities Trust Certificates, Ser. 2000-109,
Class A, Rev., FRDO, 3.20%, 03/01/01 10,335
6,485 Municipal Securities Trust Certificates, Ser. 2000-89,
Class A, Rev., FRDO, 3.20%, 03/01/01 6,485
17,500 Nassau County, New York, Interim Finance Authority,
Municipal Securities Trust Receipts, Ser. SGA-108,
FRDO, 3.20%, 03/07/01 17,500
3,755 New York City, New York, FLOATS, Ser. PA-148, FRDO,
3.52%, 03/01/01 3,755
36,000 New York City, New York, FLOATS, Ser. PT-1038, GO,
FRDO, 3.40%, 03/01/01 36,000
9,245 New York City, New York, FLOATS, Ser. PT-405, GO,
FRDO, 3.40%, 03/01/01 9,245
4,730 New York City, New York, Health & Hospital Corp.,
Health Systems, Ser. B, Rev., FRDO, 2.95%, 03/07/01 4,730
6,160 New York City, New York, Health & Hospital Corp.,
Health Systems, Ser. E, Rev., FRDO 6,160
17,255 New York City, New York, Health & Hospital Corp.,
Health Systems, Ser. F, Rev., FRDO, 2.95%, 03/07/01 17,255
6,100 New York City, New York, Housing Development
Corp., Multi-Family Housing, 55 Pierrepont
Development, Ser. A, Rev., FRDO, 2.95%, 03/07/01 6,100
See notes to financial statements.
46
JPMorgan New York Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Municipal Securities -- Continued
- --------------------------------------------------------------------------------
New York -- Continued
$16,370 New York City, New York, Housing Development
Corp., Multi-Family Housing, Columbus
Apartments, Ser. A, Rev., FRDO, 2.95%, 03/07/01 $ 16,370
8,300 New York City, New York, Housing Development
Corp., Multi-Family Housing, James Tower
Development, Ser. A, Rev., FRDO, 2.85%, 03/07/01 8,300
6,700 New York City, New York, Housing Development
Corp., Multi-Family Housing, Marmion Avenue
Project, Ser. A, Rev., FRDO, 3.00%, 03/07/01 6,700
9,000 New York City, New York, Housing Development
Corp., Multi-Family Housing, Ogden Avenue
Project, Ser. A, Rev., FRDO, 3.00%, 03/07/01 9,000
1,300 New York City, New York, Housing Development
Corp., Multi-Family Housing, Sullivan Street
Project, Ser. A, Rev., FRDO, 3.00%, 03/07/01 1,300
3,400 New York City, New York, Housing Development
Corp., Multi-Family Rental Housing,
100 Jane Street Development, Ser. A, Rev.,
FRDO, 3.00%, 03/07/01 3,400
19,100 New York City, New York, Housing Development
Corp., Multi-Family Rental Housing, Brittany
Development, Ser. A, Rev., FRDO, 3.00%, 03/07/01 19,100
13,700 New York City, New York, Housing Development
Corp., Multi-Family Rental Housing, Carnegie Park,
Ser. A, Rev., FRDO, 2.95%, 03/07/01 13,700
27,000 New York City, New York, Housing Development
Corp., Multi-Family Rental Housing, Monterey,
Ser. A, Rev., FRDO, 2.95%, 03/07/01 27,000
5,600 New York City, New York, Housing Development
Corp., Multi-Family Rental Housing, Tribeca Tower,
Ser. A, Rev., FRDO, 3.00%, 03/07/01 5,600
2,250 New York City, New York, IDA, Civic Facilities,
Columbia Grammar & Prep School, Rev., FRDO,
3.35%, 03/01/01 2,250
7,500 New York City, New York, IDA, Civic Facilities,
Municipal Securities Trust Receipts, Ser. SGA-110,
Rev., FRDO, 3.12%, 03/07/01 7,500
3,000 New York City, New York, IDA, Civic Facility,
Calhoun School Inc. Project, Rev., FRDO, 3.40%,
03/01/01 3,000
3,400 New York City, New York, IDA, IDR, DXB
Videotape Inc. Project, Rev., FRDO, 3.15%,
03/07/01 3,400
450 New York City, New York, IDA, IDR, Rev., FRDO,
3.05%, 03/07/01 450
12,000 New York City, New York, IDA, Solid Waste
Facilities, U.S.A. Waste Services, New York City
Project, Rev., FRDO, 3.40%, 03/01/01 12,000
5,900 New York City, New York, IDA, Special Facilities,
Korean Airlines Co., Ser. C, Rev., FRDO, 3.00%,
03/07/01 5,900
1,300 New York City, New York, Municipal Securities
Trust Receipts, Ser. SG-109, GO, FRDO, 3.40%,
03/01/01 1,300
See notes to financial statements.
47
JPMorgan New York Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Municipal Securities -- Continued
- --------------------------------------------------------------------------------
New York -- Continued
$ 800 New York City, New York, Municipal Securities
Trust Receipts, Ser. SGB-33, GO, FRDO, 3.49%,
03/01/01 $ 800
12,865 New York City, New York, Municipal Securities
Trust Receipts, Ser. SGB-36, GO, FRDO, 3.40%,
03/01/01 12,865
1,500 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, FLOATS,
Ser. PA-454, Rev., FRDO, 3.37%, 03/01/01 1,500
3,000 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, FLOATS,
Ser. PT-1032, Rev., FRDO, 4.60%, 03/01/01 3,000
9,685 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Municipal
Securities Trust Receipts, Ser. SGA-12, Rev., FRDO,
3.12%, 03/07/01 9,685
7,255 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Municipal
Securities Trust Receipts, Ser. SGA-13, Rev., FRDO,
3.12%, 03/07/01 7,255
2,390 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Municipal
Securities Trust Receipts, Ser. SGB-25, Rev., FRDO,
3.49%, 03/01/01 2,390
18,200 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Municipal
Securities Trust Receipts, Ser. SGB-26, Rev., FRDO,
3.49%, 03/01/01 18,200
3,700 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Municipal
Securities Trust Receipts, Ser. SGB-27, Rev., FRDO,
3.49%, 03/01/01 3,700
4,000 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Rev., 2.25%,
03/07/01 4,000
15,960 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Ser. 11, Rev.,
FRDO, 3.10%, 03/07/01 15,960
2,270 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Ser. A, Rev., ^,
7.00%, 06/15/01 2,308
24,600 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Ser. A, Rev.,
FRDO, 2.95%, 03/01/01 24,600
7,700 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Ser. C, Rev.,
FRDO, 2.95%, 03/01/01 7,700
12,400 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Ser. G, Rev.,
FRDO, 3.00%, 03/01/01 12,400
5,000 New York City, New York, Ser. A, GO, RAN, 5.00%,
04/12/01 5,004
See notes to financial statements.
48
JPMorgan New York Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Municipal Securities -- Continued
- --------------------------------------------------------------------------------
New York -- Continued
$ 6,700 New York City, New York, Ser. B, Sub. Ser B-2,
GO, FRDO, 2.95%, 03/01/01 $ 6,700
6,100 New York City, New York, Ser. B, Sub. Ser. B-4,
GO, FRDO, 2.95%, 03/01/01 6,100
5,300 New York City, New York, Ser. B, Sub. Ser. B-6,
GO, FRDO, 3.05%, 03/01/01 5,300
5,285 New York City, New York, Ser. B, Sub. Ser. B-8,
GO, FRDO, 2.95%, 03/07/01 5,285
1,600 New York City, New York, Ser. B-2, Sub. Ser. B-5,
GO, FRDO, 3.05%, 03/01/01 1,600
2,095 New York City, New York, Ser. F-4, GO, FRDO,
2.95%,03/07/01 2,095
12,100 New York City, New York, Ser. F-5, GO, FRDO,
2.95%,03/07/01 12,100
7,300 New York City, New York, Sub. Ser. A-5, GO,
FRDO, 2.95%, 03/01/01 7,300
3,300 New York City, New York, Sub. Ser. E-4, GO,
FRDO, 3.00%, 03/01/01 3,300
4,900 New York City, New York, Transit Authority,
Metropolitan Transportation Authority,
Triborough, Floating Rate Trust Receipts,
Ser. PMD-10, COP, FRDO, 3.47%, 03/01/01 4,900
1,600 New York City, New York, Transitional Finance
Authority, Floating Rate Trust Receipts, Ser. 95,
Rev., FRDO, 3.47%, 03/01/01 1,600
6,000 New York City, New York, Transitional Finance
Authority, Floating Rate Trusts Receipts,
Ser. L-3, Regulation D, Rev., FRDO, 3.30%, 03/06/01 6,000
29,900 New York City, New York, Transitional Finance
Authority, Floating Rate Trusts Receipts, Ser. N-4,
Regulation D, Rev., FRDO, 3.30%, 03/06/01 29,900
9,610 New York City, New York, Transitional Finance
Authority, Future Tax Secured, Ser. A, Rev.,
FRDO, 2.90%, 03/07/0 9,610
1,940 New York City, New York, Transitional Finance
Authority, Future Tax Secured, Ser. A-1, Rev.,
FRDO, 2.90%, 03/07/01 1,940
44,300 New York City, New York, Transitional Finance
Authority, Future Tax Secured, Ser. A-2, Rev.,
FRDO, 2.95%, 03/07/01 44,300
3,000 New York City, New York, Transitional Finance
Authority, Future Tax Secured, Ser. C, Rev.,
FRDO, 3.05%, 03/01/01 3,000
2,250 New York City, New York, Transitional Finance
Authority, Future Tax Secured, Sub. Ser. B-2,
Rev., FRDO, 3.05%, 03/01/01 2,250
2,710 New York City, New York, Transitional Finance
Authority, Future Tax Secured, Sub. Ser. B-3,
Rev., FRDO, 2.90%, 03/07/01 2,710
7,400 New York City, New York, Trust Cultural
Resources, American Museum of Natural
History, Ser. B, Rev., FRDO, 2.80%, 03/07/01 7,400
2,672 New York City, New York, Trust Cultural Resources,
Carnegie Hall, Rev., FRDO, 3.00%, 03/07/01 2,672
See notes to financial statements.
49
JPMorgan New York Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Municipal Securities -- Continued
- --------------------------------------------------------------------------------
New York -- Continued
$ 1,600 New York City, New York, Trust Cultural Resources,
Ser. 162, Rev., FRDO, 3.47%, 03/01/01 $ 1,600
8,865 New York State, Commissioner of General Services
Executive Department, +, COP, 4.00%, 03/01/02 8,920
3,400 New York State, Dorm Authority, Beaverwyck Inc.,
Rev., FRDO, 2.90%, 03/07/01 3,400
12,400 New York State, Dorm Authority, Columbia
University, Ser. A, Rev., FRDO, 3.70%, 03/01/01 12,400
9,645 New York State, Dorm Authority, FLOATS,
Ser. PA-409, Rev., FRDO, 3.37%, 03/01/01 9,645
13,870 New York State, Dorm Authority, FLOATS,
Ser. PA-419, Rev., FRDO, 3.37%, 03/01/01 13,870
3,545 New York State, Dorm Authority, FLOATS,
Ser. PA-449, Rev., FRDO, 3.37%, 03/01/01 3,545
9,340 New York State, Dorm Authority, FLOATS,
Ser. PA-541, Rev., FRDO, 3.37%, 03/01/01 9,340
3,000 New York State, Dorm Authority, FLOATS,
Ser. PA-640, Rev., FRDO, 3.37%, 03/01/01 3,000
990 New York State, Dorm Authority, FLOATS,
Ser. PT-130, Rev., FRDO, 3.37%, 03/01/01 990
2,900 New York State, Dorm Authority, FLOATS,
Ser. PT-1067, Rev., FRDO, 3.37%, 03/01/01 2,900
5,770 New York State, Dorm Authority, New York
Public Library, Ser. A, Rev., FRDO, 2.95%, 03/07/01 5,770
3,100 New York State, Dorm Authority, New York
Public Library, Ser. B, Rev., FRDO, 2.95%, 03/07/01 3,100
8,345 New York State, Energy Research & Development
Authority, Facilities, FLOATS, Ser. PA-411,
Rev., FRDO, 3.37%, 03/01/01 8,345
5,000 New York State, Energy Research & Development
Authority, PCR, Annual Tender, New York
State Electric & Gas, Rev., FRDO, 4.20%, 03/15/01 5,000
6,600 New York State, Energy Research & Development
Authority, PCR, New York Electric & Gas,
Ser. D. Rev., FRDO, 3.05%, 03/01/01 6,600
7,760 New York State, Energy Research & Development
Authority, PCR, Niagara Mohawk Power Corp.
Project, Ser. A, Rev., FRDO, 2.95%, 03/01/01 7,760
22,900 New York State, Energy Research & Development
Authority, PCR, Niagara Mohawk Power Corp.
Project, Ser. A, Rev., FRDO, 3.25%, 03/01/01 22,900
6,800 New York State, Energy Research & Development
Authority, PCR, Niagara Mohawk Power Corp.
Project, Ser. C, Rev., FRDO, 3.00%, 03/01/01 6,800
18,600 New York State, Energy Research & Development
Authority, PCR, Orange & Rockland Utilities
Project, Ser. A, Rev., FRDO, 2.80%, 03/07/01 18,600
3,500 New York State, Energy Research & Development
Authority, PCR, Rochester Gas & Electric Corp.,
Ser. B, Rev., FRDO, 2.90%, 03/07/01 3,500
1,300 New York State, Energy Research & Development
Authority, PCR, Rochester Gas & Electric Corp.,
Ser. C, Rev., FRDO, 2.80%, 03/07/01 1,300
See notes to financial statements.
50
JPMorgan New York Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Municipal Securities -- Continued
- --------------------------------------------------------------------------------
New York -- Continued
$ 1,200 New York State, Environmental Facilities Corp.,
OFS Equity Huntington Project, Rev., FRDO,
3.05%, 03/01/01 $ 1,200
3,675 New York State, Environmental Facilities Corp.,
PCR, State Water Revolving Fund, Ser. E, Rev., ^,
6.88%, 06/15/01 3,773
37,050 New York State, Housing Finance Agency,
101 West End Ave. Housing, Ser. A, Rev., FRDO,
3.00%, 03/07/0 37,050
26,000 New York State, Housing Finance Agency,
150 East 44th Street Housing, Ser. A, Rev.,
FRDO, 3.00%, 03/07/01 26,000
5,100 New York State, Housing Finance Agency,
345 East 94th Street Housing, Ser. A, Rev.,
FRDO, 2.90%, 03/07/01 5,100
1,850 New York State, Housing Finance Agency,
363 West 30th Street Housing, Ser. A, Rev.,
FRDO, 3.00%, 03/07/01 1,850
2,495 New York State, Housing Finance Agency, FLOATS,
Ser. PA-143, Rev., FRDO, 3.49%, 03/01/01 2,495
8,820 New York State, Housing Finance Agency, FLOATS,
Ser. PA-423, Rev., FRDO, 3.51%, 03/01/01 8,820
1,000 New York State, Housing Finance Agency,
Multi-Family Housing, Liberty View, Ser. A,
Rev., FRDO, 2.95%, 03/07/01 1,000
1,600 New York State, Housing Finance Agency,
Multi-Family Housing, Ser. A, Rev., FRDO,
3.00%, 03/07/01 1,600
3,300 New York State, Housing Finance Agency,
Multi-Family Housing, Ser. A, Rev., FRDO,
3.20%, 03/07/01 3,300
19,000 New York State, Housing Finance Agency,
Normandie Court I Project, Rev., FRDO,
2.85%, 03/07/01 19,000
5,100 New York State, Housing Finance Agency,
Residential, Ser. A, Rev., FRDO, 3.20%, 03/07/01 5,100
28,500 New York State, Housing Finance Agency, Saxony
Housing, Rev., FRDO, 3.00%, 03/07/01 28,500
23,000 New York State, Housing Finance Agency,
Ser. A, Rev., FRDO, 3.00%, 03/07/01 23,000
2,000 New York State, Housing Finance Agency, Service
Contract Obligation, Ser. A, Rev., FRDO,
2.90%, 03/07/01 2,000
10,000 New York State, Housing Finance Agency,
Theatre Row Tower, Ser. A, Rev., FRDO,
3.00%, 03/07/01 10,000
21,900 New York State, Housing Finance Agency,
Tribeca, Ser. A, Rev., FRDO, 3.00%, 03/07/01 21,900
5,000 New York State, Housing Finance Agency,
Worth Street, Housing, Ser. A, Rev., FRDO,
3.20%, 03/07/01 5,000
6,620 New York State, Job Development Authority,
Ser. A-1 through A-42, Rev., FRDO,
3.10%, 03/01/01 6,620
See notes to financial statements.
51
JPMorgan New York Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Municipal Securities -- Continued
- --------------------------------------------------------------------------------
New York -- Continued
$ 8,330 New York State, Job Development Authority,
Ser. B-1 through B-21, Rev., FRDO, 3.10%,
03/01/01 $ 8,330
5,800 New York State, Local Government Assistance
Corp., Floating Rate Receipts, Ser. SG-99,
Rev., FRDO, 3.37%, 03/01/01 5,800
14,925 New York State, Local Government Assistance
Corp., FLOATS, Ser. PT-410, Rev., FRDO, 3.37%,
03/01/01 14,925
20,000 New York State, Local Government Assistance
Corp., FLOATS, Ser. PT-1040, Rev., FRDO,
3.37%, 03/01/01 20,000
5,900 New York State, Local Government Assistance
Corp., Municipal Securities Trust Receipts,
Ser. SGA-59, Rev., FRDO, 3.20%, 03/01/01 5,900
12,085 New York State, Local Government Assistance
Corp., Ser. A, Rev., ^, 7.25%, 04/01/01 12,356
24,275 New York State, Local Government Assistance
Corp., Ser. A, Rev., FRDO, 2.90%, 03/07/01 24,275
1,030 New York State, Local Government Assistance
Corp., Ser. B, Rev., ^, 7.13%, 04/01/01 1,053
4,240 New York State, Local Government Assistance
Corp., Ser. B, Rev., ^, 7.25%, 04/01/01 4,335
7,900 New York State, Local Government Assistance
Corp., Ser. B, Rev., ^, 7.50%, 04/01/01 8,079
8,400 New York State, Local Government Assistance
Corp., Ser. B, Rev., FRDO, 2.90%, 03/07/01 8,400
3,800 New York State, Local Government Assistance
Corp., Ser. C, Rev., FRDO, 2.85%, 03/07/01 3,800
3,300 New York State, Local Government Assistance
Corp., Ser. D, Rev., FRDO, 2.85%, 03/07/01 3,300
15,500 New York State, Local Government Assistance
Corp., Ser. F, Rev., FRDO, 2.90%, 03/07/01 15,500
2,000 New York State, Local Government Assistance
Corp., Ser. G, Rev., FRDO, 2.75%, 03/07/01 2,000
12,125 New York State, Medical Care Facilities, Finance
Agency, FLOATS, Ser. PA-72, Rev., FRDO, 3.37%,
03/01/01 12,125
3,640 New York State, Medical Care Facilities, Finance
Agency, FLOATS, Ser. PA-82, Rev., FRDO, 3.51%,
03/01/01 3,644
9,700 New York State, Medical Care Facilities, Finance
Agency, FLOATS, Ser. PA-113, Rev., FRDO, 3.37%,
03/01/01 9,700
4,420 New York State, Medical Care Facilities, Finance
Agency, FLOATS, Ser. PA-408, Rev., FRDO, 3.37%,
03/01/01 4,420
6,765 New York State, Medical Care Facilities, Finance
Agency, FLOATS, Ser. PT-17, Rev., FRDO,
3.37%, 03/01/01 6,765
8,425 New York State, Medical Care Facilities, Finance
Agency, FLOATS, Ser. PT-100, Rev., FRDO,
3.37%, 03/01/01 8,425
See notes to financial statements.
52
JPMorgan New York Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Municipal Securities -- Continued
- --------------------------------------------------------------------------------
New York -- Continued
$ 4,765 New York State, Medical Care Facilities, Finance
Agency, FLOATS, Ser. PT-109, Rev., FRDO,
3.37%, 03/01/01 $ 4,765
8,355 New York State, Medical Care Facilities, Finance
Agency, FLOATS, Ser. PT-145A, Rev., FRDO,
3.37%, 03/01/01 8,355
2,500 New York State, Mortgage Agency, FLOATS,
Ser. PA-628, Rev., FRDO, 3.40%, 03/01/01 2,500
11,165 New York State, Mortgage Agency, FLOATS,
Ser. PA-657, Rev., FRDO, 3.37%, 03/01/01 11,165
3,230 New York State, Mortgage Agency, FLOATS,
Ser. PT-217, Rev., FRDO, 3.40%, 03/01/01 3,230
4,720 New York State, Mortgage Agency, FLOATS,
Ser. PT-260, Rev., FRDO, 4.45%, 03/07/01 4,720
8,165 New York State, Mortgage Agency, FLOATS,
Ser. PT-322, Rev., FRDO, 4.30%, 03/01/01 8,165
6,110 New York State, Mortgage Agency, FLOATS,
Ser. PT-1190, Rev., FRDO, 3.37%, 03/01/01 6,110
810 New York State, Mortgage Agency, Homeowner
Mortgage, Ser. 91, Rev., 4.15%, 04/01/01 810
210 New York State, Mortgage Agency, Homeowner
Mortgage, Ser. 93, Rev., 4.15%, 04/01/01 210
7,000 New York State, Ser. A, GO, FRDO, 3.20%, 03/07/01 7,000
52,405 New York State, Thruway Authority, Floating Rate
Receipts, Ser. SGA-119, FRDO, 3.25%, 03/01/01 52,406
11,415 New York State, Thruway Authority, FLOATS,
Ser. PA-532, Rev., FRDO, 3.37%, 03/01/01 11,415
1,030 New York State, Thruway Authority, Municipal
Securities Trust Receipts, Ser. SGA-66, Rev.,
FRDO, 3.12%, 03/07/01 1,030
1,300 New York State, Thruway Authority, Rev., FRDO,
3.00%, 03/01/01 1,300
1,000 Niagara County, New York, IDA, Solid Waste
Disposal, American Refunding, Fuel Co.,
Ser. A, Rev., FRDO, 2.95%, 03/07/01 1,000
1,000 Niagara County, New York, IDA, Solid Waste
Disposal, American Refunding, Fuel Co.,
Ser. B, Rev., FRDO, 3.05%, 03/07/01 1,000
4,995 Niagara Falls, New York, Bridge Commission,
FLOATS, Ser. PA-530, Rev., FRDO, 3.37%, 03/01/01 4,995
10,300 Niagara Falls, New York, Bridge Commission,
Ser. A, Rev., FRDO, 2.80%, 03/07/01 10,300
7,000 North Babylon, New York, Union Free School
District, GO, TAN, @, 5.00%, 06/28/01 7,007
7,017 North Hempstead, New York, GO, BAN,
5.00%, 07/26/01 7,031
4,000 Northern Adironadack Central School District,
Ellenburg, New York, GO, BAN, 5.00%, 07/06/01 4,005
5,000 Ogdensburg, New York, Enlarged City School
District, GO, RAN, 5.00%, 06/29/01 5,005
4,500 Oneonta, New York, City School District,
GO, RAN, 5.00%, 06/15/01 4,503
See notes to financial statements.
53
JPMorgan New York Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Municipal Securities -- Continued
- --------------------------------------------------------------------------------
New York -- Continued
$10,000 Onondaga County, New York, IDA, Solid Waste
Disposal Facilities, Solvay Paperboard Project,
Ser. A, FRDO, 4.25%, 12/06/01 $ 10,000
8,000 Oyster Bay, New York, Ser. A, BAN, 3.75%, 01/25/02 8,019
1,780 Panama, New York, Central School District, GO,
BAN, 5.00%, 08/15/01 1,783
8,000 Phelps-Clifton Springs, New York, Central School
District, GO, BAN, 4.60%, 12/19/01 8,005
3,405 Port Authority of New York & New Jersey, FLOATS,
Ser. PA-518, Rev., FRDO, 3.32%, 03/01/01 3,405
1,305 Port Jervis, New York, IDA, The Future Home
Tech Inc., Rev., FRDO, 3.25%, 03/07/01 1,305
2,455 Pulaski, New York, Central School District, GO,
RAN, 5.00%, 06/29/01 2,458
12,658 Riverhead, New York, Central School District,
4th Ser., GO, BAN, @, 4.50%, 10/02/01 12,667
2,900 Riverhead, New York, Central School District,
GO, BAN, 5.00%, 10/02/01 2,908
5,025 Riverhead, New York, Central School District,
GO, TAN, 5.00%, 06/22/01 5,029
5,000 Rochester, New York, GO, BAN, @, 4.75%, 03/07/01 5,000
725 Rockland County, New York, IDA, IDR, X Products
Corp. Project, Rev., FRDO, 3.50%, 03/01/01 725
2,120 Rockland County, New York, IDA, Shock Technical
Inc. Project, Rev., FRDO, 3.25%, 03/07/01 2,120
10,000 Rome, New York, City School District, GO, RAN,
@, 5.00%, 06/29/01 10,007
10,958 Rondout Valley Central School District, Accord,
New York, GO, BAN, 4.75%, 03/15/01 10,959
4,635 Roosevelt, New York, Union Free School District,
GO, TAN, 5.25%, 06/28/01 4,637
12,215 Schenectady, New York, City School District,
GO, RAN, @, 5.50%, 06/29/01 12,225
3,450 Sidney, New York, Central School District, GO,
BAN, 4.75%, 06/29/01 3,453
852 Sodus, New York, Central School District, GO, 4.40%,
06/15/01 853
4,500 South Colonie, New York, Central School District, GO,
RAN, 5.00%, 06/29/01 4,506
2,500 South Country Central School District, Brookhaven,
New York, GO, TAN, 5.00%, 06/26/01 2,503
3,954 South Jefferson, New York, Central School District,
GO, RAN, 5.00%, 06/20/01 3,957
2,000 Southeast, New York, IDA, IDR, Unilock New York Inc.
Project, Rev., FRDO, 3.30%, 03/07/01 2,000
2,700 St. Lawrence County, New York, IDA, PCR, Reynolds
Metals, Rev., FRDO, 2.95%, 03/01/01 2,700
9,800 Steuben-Allegany Counties, New York, Board of
Cooperative Educational Services, Sole Supervisory,
GO, RAN, @, 4.65%, 06/29/01 9,806
3,207 Stillwater, New York, Central School District, GO,
BAN, 5.00%, 06/18/01 3,213
See notes to financial statements.
54
JPMorgan New York Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Municipal Securities -- Continued
- --------------------------------------------------------------------------------
New York -- Continued
$ 4,000 Suffolk County, New York, IDA, Civic Facilities,
Guide Dog Foundation Inc., Rev., FRDO,
3.40%, 03/01/01 $ 4,000
2,700 Suffolk County, New York, Water Authority,
Rev., FRDO, BAN, 2.90%, 03/07/01 2,700
900 Tompkins-Seneca-Tioga, New York, Board of
Cooperative Educational Services, Sole
Supervisory District, GO, RAN, 4.25%, 06/29/01 901
5,300 Tompkins-Seneca-Tioga, New York, Board of
Cooperative Educational Services, Sole
Supervisory District, GO, RAN, 4.38%, 06/29/01 5,305
6,400 Tompkins-Seneca-Tioga, New York, Board of
Cooperative Educational Services, Sole
Supervisory District, GO, RAN, @, 5.00%, 06/29/01 6,406
55,100 Triborough Bridge & Tunnel Authority, New York,
Floating Rate Trust Receipts, Ser. N-15,
Regulation D, Rev., FRDO, 3.10%, 03/07/01 55,101
4,115 Triborough Bridge & Tunnel Authority, New York,
FLOATS, Ser. PA-200, Rev., FRDO, 3.37%, 03/01/01 4,115
4,995 Triborough Bridge & Tunnel Authority, New York,
FLOATS, Ser. PA-665, Rev., FRDO, 3.40%, 03/01/01 4,995
4,200 Triborough Bridge & Tunnel Authority, New York,
FLOATS, Ser. SG-41, Rev., FRDO, 3.37%, 03/01/01 4,200
33,980 Triborough Bridge & Tunnel Authority, New York,
General Purpose, Ser. C, Rev., FRDO,
3.15%, 03/01/01 33,980
10,000 Triborough Bridge & Tunnel Authority, New York,
Special Obligation, Ser. B, Rev., FRDO,
3.00%, 03/07/01 10,000
15,100 Triborough Bridge & Tunnel Authority, New York,
Special Obligation, Ser. C, Rev., FRDO,
2.80%, 03/07/01 15,100
21,100 Triborough Bridge & Tunnel Authority, New York,
Special Obligation, Ser. D, Rev., FRDO,
2.80%, 03/07/01 21,100
4,050 Tully, New York, Central School District, GO, RAN,
5.00%, 06/29/01 4,056
5,000 Utica, New York, City School District, GO, RAN,
5.00%, 06/26/01 5,005
2,663 Utica, New York, City School District, Ser. A, GO,
BAN, 3.75%, 02/15/02 2,669
6,000 VRDC/IVRC Trust, Tax Exempt, Ser. 93-C, Rev.,
FRDO, #, 3.15%, 03/07/01 6,000
2,500 Wayandanch, New York, Union, Free School
District, GO, TAN, 4.90%, 06/28/01 2,504
3,878 Wayland-Cohocton, New York, Central School
District, GO, BAN, 3.25%, 01/25/02 3,889
4,050 Westchester County, New York, IDA, Civic
Facility, Northern Westchester Hospital, Rev.,
FRDO, 3.00%, 03/07/01 4,050
5,000 William Floyd, Union Free School District,
Mastics-Moricher-Shirley, GO, BAN, 3.63%,
06/22/01 5,003
See notes to financial statements.
55
JPMorgan New York Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Municipal Securities -- Continued
- --------------------------------------------------------------------------------
New York -- Continued
$ 8,000 Yonkers, New York, IDA, Civic Facility, Sarah
Lawrence College Project, Rev., FRDO,
2.90%, 03/07/01 $ 8,000
----------
2,213,078
------------------------------------------------------------------
Total Investments -- 99.9% $2,218,487
(Cost $2,218,487)*
------------------------------------------------------------------
See notes to financial statements.
56
- --------------------------------------------------------------------------------
JPMorgan California Tax Free Money Market Fund
Portfolio of Investments
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Municipal Securities -- 100.0%
- --------------------------------------------------------------------------------
California -- 82.8%
$3,190 Alameda County, California, Multi-Family Housing,
Quail, Ser. A, Rev., FRDO, 1.85%, 03/07/01 $ 3,190
800 Alameda-Contra Costa, California, School Financing
Authority, Capital Improvements Financing Projects,
Ser. I, COP, FRDO, 2.70%, 03/01/01 800
345 Anaheim, California, Electric, Rev., 4.50%, 10/01/01 348
1,000 California Community College Financing Authority,
Ser. B, Rev., TRAN, @, 5.00%, 08/03/01 1,003
150 California Educational Facilities Authority, FLOATS,
Ser. PA-542, Rev., FRDO, 2.87%, 03/01/01 150
500 California Educational Facilities Authority, University
of San Francisco, Rev., FRDO, 2.00%, 03/07/01 500
1,700 California Housing Finance Agency, FLOATS,
Ser. PA-539R, Rev., FRDO, 2.87%, 03/01/01 1,700
1,000 California Housing Finance Agency, Home Mortgage,
Ser. W, Rev., 3.90%, 10/01/01 1,000
100 California Housing Finance Agency, Multi-Family
Housing, Ser. A, Rev., FRDO, 1.85%, 03/07/01 100
1,000 California Housing Finance Agency, Ser. II-R-44, Rev.,
FRDO, 2.82%, 03/01/01 1,000
1,610 California Infrastructure & Economic Development,
IDR, Pleasant Mattress Inc. Project, Ser. A,
Rev., FRDO, 2.40%, 03/07/01 1,610
100 California PCFA, PCR, Shell Oil Co. Project, Ser. B,
Rev., FRDO, 1.45%, 03/01/01 100
100 California PCFA, Solid Waste Disposal, Gilton Solid
Waste Management, Ser. A, Rev., FRDO, 2.65%,
03/01/01 100
450 California State, Department of Water Resources,
Central Valley Project, Water Systems, Ser. J-2,
Rev., ^, 6.00%, 06/01/01 460
300 California State, Economic Development Financing
Authority, Airport Facilities, Mercury Air Group,
Rev., FRDO, 2.65%, 03/01/01 300
700 California State, Economic Development Financing
Authority, IDR, Coast Grain Co. Project, Rev., FRDO,
2.70%, 03/01/01 700
2,000 California State, Economic Development Financing
Authority, IDR, Provena Foods Inc. Project,
Rev., FRDO, 2.45%, 03/07/01 2,000
1,700 California State, Economic Development Financing
Authority, IDR, Standard Abrasives Manufacturing
Project, Rev., FRDO, 2.40%, 03/07/01 1,700
400 California State, Economic Development Financing
Authority, IDR, Volk Enterprises Inc. Project,
Rev., FRDO, 2.55%, 03/01/01 400
2,000 California State, Floating Rate Receipts, Ser. SG-85,
FRDO, 2.92%, 03/01/01 2,000
495 California State, FLOATS, Ser. PA-464, GO, FRDO,
2.97%, 03/01/01 495
1,000 California State, FLOATS, Ser. PA-779-R, GO, FRDO,
2.97%, 03/01/01 1,000
800 California State, FLOATS, Ser. PT-1070, GO, FRDO,
2.92%, 03/01/01 800
See notes to financial statements.
57
JPMorgan California Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Municipal Securities -- Continued
- --------------------------------------------------------------------------------
California -- Continued
$ 900 California State, FLOATS, Ser. PT-1072, GO, FRDO,
2.92%, 03/01/01 $ 900
400 California State, Municipal Securities Trust Receipts,
Ser. SGA-119, GO, FRDO, 1.70%, 03/01/01 400
1,000 California State, Municipal Securities Trust Receipts,
Ser. SGA-40, GO, FRDO, 2.00%, 03/07/01 1,000
2,800 California State, Municipal Securities Trust Receipts,
Ser. SGA-55, GO, FRDO, 2.00%, 03/07/01 2,800
200 California State, Public Works Board Lease, Department
of Corrections, State Prisons, Ser. A, Rev., 5.00%,
12/01/01 202
2,000 California State, Ser. L, Class A, 2.97%, 03/01/01 2,000
400 California Statewide Communities Development
Authority, IDR, Del Mesa Farms Project, Ser. A, Rev.,
FRDO, 2.65%, 03/01/01 400
1,000 California Statewide Communities Development
Authority, Ser. A, Rev., TRAN, 5.25%, 06/29/01 1,003
2,400 California Statewide Communities Development
Authority, Ser. N-6, Regulation D, Rev., FRDO, 2.75%,
03/07/01 2,400
1,000 Carlsbad, California, Unified School District, School
Facilities Bridge Funding Project, COP, FRDO, 2.60%,
03/01/01 1,000
655 Chula Vista, California, Ser. A, COP, 4.25%,
09/01/01 656
245 Citrus Heights, California, Water District, COP, 4.00%,
10/01/01 245
200 Contra Costa County, California, Ser. A, GO, TRAN,
5.25%, 10/01/01 203
1,400 Foothill-de Anza, California, Community College
District, Ser. 473-X, GO, FRDO, 3.00%, 03/01/01 1,400
100 Irvine Ranch, California, Water District, Consolidated
Bonds, Rev., FRDO, 1.50%, 03/01/01 100
100 Irvine Ranch, California, Water District, Consolidated
Bonds, Rev., FRDO, Consolidated Bonds, Rev., FRDO,
1.50%, 03/01/01 100
200 Irvine Ranch, California, Water District, Consolidated
Improvement Districts, GO, FRDO, 1.65%, 03/01/01 200
400 Irvine, California, Improvement Bond Act of 1915,
Assessment District No. 94-13, Special Assessment,
FRDO, 1.50%, 03/01/01 400
400 Irvine, California, Improvement Bond Act of 1915,
Assessment District No. 97-16, Rev., FRDO, 1.50%,
03/01/01 400
1,215 Los Angeles County, California, Harbor Department,
Ser. B, Rev., @, 5.00%, 08/01/01 1,221
590 Los Angeles County, California, Housing Authority,
Multi-Family Housing, Ser. A, Rev., FRDO,
2.10%, 03/06/01 590
100 Los Angeles County, California, Metropolitan
Transportation Authority, Proposition C, Second Ser.,
Ser. A, Rev., FRDO, 2.50%, 03/01/01 100
See notes to financial statements.
58
JPMorgan California Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Municipal Securities -- Continued
- --------------------------------------------------------------------------------
California -- Continued
$2,000 Los Angeles County, California, Metropolitan
Transportation Authority, Sales Tax Revenue,
Floating Rate Receipts, Ser. SG-54, FRDO,
2.87%, 03/01/01 $ 2,000
400 Los Angeles County, California, Public Works
Financing Authority, Regulation Park & Open
Space District, Ser. A, Rev., 5.00%, 10/01/01 403
1,410 Los Angeles County, California, Regional Airports
Improvement Corporation Lease, American Airlines,
Los Angeles International Airport, Ser. E, Rev.,
FRDO, 3.15%, 03/01/01 1,410
1,000 Los Angeles County, California, Schools Pooled
Financing Program, Pooled Transportation, Ser. A,
COP, GO, 5.00%, 07/02/01 1,002
160 Los Angeles County, California, Wastewater Systems,
Ser. C, Rev., 4.50%, 06/01/01 160
220 Los Angeles, California, Community Redevelopment
Agency, Community Redevelopment Financing
Authority, Pooled Financing, Monterey, Ser. E,
Rev., 4.50%, 09/01/01 221
1,000 Los Angeles, California, Department of Water &
Power, Waterworks, Rev., FRDO, 3.75%, 05/17/01 1,000
500 Metropolitan Water District, Southern California,
Waterworks, Rev., 5.10%, 07/01/01 501
500 Metropolitan Water District, Southern California,
Waterworks, Ser. B, GO, +, 3.00%, 03/01/02 501
485 Milpitas, California, Public Financing Authority, COP,
4.13%, 11/01/01 486
1,000 Monrovia, California, Unified School District,
Municipal Securities Trust Receipt, Ser. SGA-70,
Rev., FRDO, 2.00%, 03/07/01 1,000
1,000 Moreno Valley, California, Unified School District,
TRAN, 4.75%, 08/15/01 1,003
5,280 Municipal Securities Trust Certificates, Ser. 1998-47,
Class A, Rev., FRDO, #, 2.00%, 03/07/01 5,279
500 Newport Beach, California, Hoagan Memorial
Hospital, Ser. A, Rev., FRDO, 1.55%, 03/01/01 500
400 Newport Beach, California, Hoagan Memorial
Hospital, Ser. B, Rev., FRDO, 1.55%, 03/01/01 400
1,500 Newport Beach, California, Hoagan Memorial
Hospital, Ser. C, Rev., FRDO, 1.55%, 03/01/01 1,500
1,000 Oakland-Alameda County, California, Coliseum
Authority, Coliseum Project, Ser. C-1, Rev.,
FRDO, 2.05%, 03/07/01 1,000
100 Ontario, California, Redevelopment Agency, IDR,
Safariland Project, Rev., FRDO, 3.25%, 03/07/01 100
400 Ontario, California, Redevelopment Agency,
Multi-Family Housing, Seasons at Gateway,
Sub. Ser. B, Rev., FRDO, 2.20%, 03/07/01 400
949 Orange County, California, Apartment Development,
Niguel Summit 2, Ser. B, Rev., FRDO, 2.20%, 03/06/01 949
See notes to financial statements.
59
JPMorgan California Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Municipal Securities -- Continued
- --------------------------------------------------------------------------------
California -- Continued
$ 300 Orange County, California, Sanitation Districts No. 1-3,
5-7 & 11, COP, FRDO, 1.50%, 03/01/01 $ 300
200 Orange County, California, Sanitation Districts, Ser. A,
COP, FRDO, 1.50%, 03/01/01 200
1,355 Oxnard, California, Industrial Development Financing
Authority, IDR, Accurate Engineering Project, Rev.,
FRDO, 2.40%, 03/07/01 1,355
1,500 Pasadena, California, Rose Bowl Improvements Project,
COP, FRDO, 1.90%, 03/07/01 1,500
450 Petaluma, California, City School District, GO, TRAN,
5.00%, 07/05/01 451
700 Riverside County, California, IDA, Design Time Inc.
Project, Ser. A-I, Rev., FRDO, 2.35%, 03/07/01 700
500 Riverside County, California, Riverside County Public
Facilities, Ser. C, COP, FRDO, 2.00%, 03/06/01 500
200 Sacramento, California, Municipal Utility District, Ser.L,
Rev., 5.00%, 07/01/01 201
550 San Bernardino County, California, Housing Authority,
Multi-Family Housing, Victoria Terrace Project, Ser. A,
Rev., FRDO, 2.60%, 03/01/01 550
90 San Bernardino County, California, IDA, Aqua-Service,
Rev., FRDO, 3.20%, 03/07/01 90
80 San Bernardino County, California, IDA, Master Halco
Inc., Ser. II, Rev., FRDO, 3.25%, 03/06/01 80
1,000 San Diego County, California, 3.90%, 03/07/01 1,000
300 San Diego County, California, Multi-Family Housing,
Issue A, Rev., FRDO, 2.55%, 03/01/01 300
300 San Francisco, California, City & County, Affordable
Housing, Ser. D, GO, 7.38%, 06/15/01 303
300 San Francisco, California, City & County, Redevelopment
Agency, Multi-Family Housing, 3rd & Mission, Ser. C,
Rev., FRDO, 1.95%, 03/07/01 300
390 San Francisco, California, State Building Authority
Lease, Civic Center Complex, Ser. A, Rev., 4.30%,
12/01/01 394
300 San Jose, California, Unified School District, Santa
Clara County, Ser. B, GO, 4.20%, 08/01/01 300
500 Santa Ana, California, Housing Authority, Multi-Family
Housing, Vintage Apartments, Ser. A, Rev., FRDO,
2.75%, 03/01/01 500
600 Santa Ana, California, Unified School District, COP,
FRDO, 1.90%, 03/07/01 600
625 Santa Clara County-El Camino, California, Hospital
District, Hospital Facilities Authority, ACES, Lease,
Valley Medical Center Project, Ser. B, Rev., FRDO,
2.50%, 03/06/01 625
490 Santa Cruz County, California, Redevelopment Agency,
Live Oak/Soquel Project, Tax Allocation, 4.25%,
09/01/01 491
460 Sonoma Valley, California, Unified School District, GO,
10.00%, 08/01/01 471
600 Three Valleys Municipal Water District, California,
Miramar Water Treatment, COP, FRDO, 2.35%, 03/07/01 600
See notes to financial statements.
60
JPMorgan California Tax Free Money Market Fund
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
As of February 28, 2001 (unaudited)
(Amounts in Thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Municipal Securities -- Continued
- --------------------------------------------------------------------------------
California -- Continued
$ 600 Tustin, California, Improvement Bond Act of 1915,
Reassessment District No. 95-2-A, Special
Assessment, FRDO, 1.50%, 03/01/01 $ 600
425 Upland, California, Community Redevelopment
Agency, Multi-Family Housing, Northwoods Project,
Ser. 168-A, Rev., FRDO, 2.65%, 03/01/01 425
1,500 Vacaville, California, Multi-Family Mortgage,
Quail Run, Ser. A, Rev., 1.85%, 03/07/01 1,500
-------
73,327
Louisiana -- 1.0%
900 Louisiana Public Facilities Authority, Industrial
Development, Kenner Hotel, Rev., FRDO,
3.00%, 03/01/01 900
Puerto Rico -- 16.2%
2,000 Municipal Securities Trust Certificates, Ser. 2000-103,
Class A, Special Obligation, FRDO, #, 2.90%, 03/06/01 2,000
700 Municipal Securities Trust Certificates, Ser. 2000-91,
Class A, Rev., FRDO, 1.70%, 03/01/01 700
600 Puerto Rico Commonwealth, FLOATS, Ser. PA-472,
Rev., FRDO, 2.87%, 03/01/01 600
1,000 Puerto Rico Commonwealth, FLOATS, Ser. PA-625, GO,
FRDO, 2.87%, 03/01/01 1,000
1,000 Puerto Rico Commonwealth, FLOATS, Ser. PT-1025,
GO, FRDO, 2.87%, 03/01/01 1,000
1,500 Puerto Rico Commonwealth, FLOATS, Ser. PT-1226,
2.87%, 03/01/01 1,500
600 Puerto Rico Commonwealth, GO, 5.50%, 07/01/01 603
200 Puerto Rico Commonwealth, Public Improvements,
Ser. B, GO, 5.00%, 07/01/01 201
1,722 Puerto Rico Government Development Bank, 3.00%,
09/12/01 1,722
1,000 Puerto Rico Government Development Bank, 3.00%,
09/21/01 1,000
3,000 Puerto Rico Government Development Bank, 3.30%,
05/30/01 3,000
1,000 Puerto Rico, Electric Power Authority, Ser. P, Rev.,
7.00%, 07/01/01 1,032
-------
14,358
- --------------------------------------------------------------------------------
Total Investments -- 100.0% $88,585
(Cost $88,585)*
- --------------------------------------------------------------------------------
See notes to financial statements.
61
JPMorgan Money Market Funds
- --------------------------------------------------------------------------------
Portfolio of Investments (Continued)
INDEX:
* -- The cost of securities is substantially the same for federal income
tax purposes.
# -- Security may only be sold to qualified institutional buyers.
^ -- Security is prerefunded or escrowed to maturity. The maturity date
shown is the date of the prerefunded call.
+ -- When issued or delayed delivery security.
@ -- All or portion of this security is segregated for when issued or
delayed delivery securities.
ACES -- Auction Rate Securities.
BAN -- Bond Anticipation Notes.
COP -- Certificates of Participation.
DN -- Discount Note: The rate shown is the effective yield at the date of
purchase.
Eagles -- Earnings of accrual generated on local exempt securities.
ECN -- Extendible Commercial Note. The maturity date shown is the call
date. The interest rate shown is the effective yield at the date of
purchase.
FHLMC -- Federal Home Loan Mortgage Corporation.
FLOATS -- Floating Auction Tax Exempts.
FNMA -- Federal National Mortgage Association.
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.
FRN -- Floating Rate Note. The maturity date shown is the actual maturity
date. The rate shown is the rate in effect at February 28, 2001.
GIC -- Guaranteed Insurance Contract.
GO -- General Obligation.
IDA -- Industrial Development Authority.
IDR -- Industrial Development Revenue.
MTN -- Medium Term Note.
PCFA -- Pollution Control Financing Authority.
PCR -- Pollution Control Revenue.
PUTTERS -- Putable Tax Exempt Receipts.
RAN -- Revenue Anticipation Notes.
Rev. -- Revenue Bond.
Ser. -- Series.
SUB -- Step-Up Bond. The maturity date shown is the earlier of the next
interest rate reset date or the call date. The interest rate shown
is the rate in effect at February 28, 2001.
TAN -- Tax Anticipation Notes.
TRAN -- Tax & Revenue Anticipation Notes.
USTR -- United States Treasury Notes, Bonds and Bills.
See notes to financial statements.
62
- --------------------------------------------------------------------------------
JPMorgan Funds
Statement of Assets and Liabilities As of February 28, 2001 (unaudited)
(Amounts in Thousands, Except Per Share Amounts)
100% U.S.
Treasury U.S.
Securities Government Treasury Plus
Money Market Money Market Money Market
Fund Fund Fund
=============================================================================================
ASSETS:
Investment securities, at
value (Note 1) ................ $ 5,589,676 $ 8,880,807 $ 2,824,266
Other assets .................. 31 48 17
Receivables:
Interest .................... 12,593 60,905 273
- ---------------------------------------------------------------------------------------------
Total Assets ............ 5,602,300 8,941,760 2,824,556
- ---------------------------------------------------------------------------------------------
LIABILITIES:
Payables:
To Custodian ................ 15 52 --
Investment securities
purchased ................... -- 156,805 --
Dividends ................... 21,921 33,447 9,671
Accrued liabilities: (Note 2)
Investment advisory fees .... 431 653 198
Administration fees ......... 259 327 119
Shareholder servicing fees .. 1,076 1,520 379
Distribution fees ........... 65 189 105
Custody fees ................ 78 112 27
Other ....................... 1,154 1,496 542
- ---------------------------------------------------------------------------------------------
Total Liabilities ....... 24,999 194,601 11,041
- ---------------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital ............... 5,576,507 8,747,160 2,813,618
Accumulated distributions in
excess of net investment income (117) (2) (59)
Accumulated net realized gain
(loss) on investments ......... 911 1 (44)
- ---------------------------------------------------------------------------------------------
Net Assets .............. $ 5,577,301 $ 8,747,159 $ 2,813,515
- ---------------------------------------------------------------------------------------------
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized)
Vista Shares .................. 3,722,298 3,955,740 1,391,162
Premier Shares ................ 132,158 1,083,142 347,882
Institutional Shares .......... 1,722,108 3,708,331 1,074,655
Net Asset Value, offering and
redemption price per share
(all classes) ................... $ 1.00 $ 1.00 $ 1.00
- ---------------------------------------------------------------------------------------------
Cost of Investments ............. $ 5,589,676 $ 8,880,807 $ 2,824,266
=============================================================================================
See notes to financial statements.
63
- --------------------------------------------------------------------------------
JPMorgan Funds
Statement of Assets and Liabilities As of February 28, 2001 (unaudited)
(Amounts in Thousands, Except Per Share Amounts)
Federal Prime Tax Free
Money Market Money Market Money Market
Fund II Fund II Fund
==============================================================================================
ASSETS:
Investment securities, at value
(Note 1) ...................... $ 1,893,759 $ 29,704,751 $ 1,776,577
Cash .......................... 1 146 70
Other assets .................. 7 143 12
Receivables:
Interest .................... 6,762 116,304 14,566
Fund shares sold ............ -- 13 --
Expense Reimbursement from
Distributor ................. 7 7 7
- ----------------------------------------------------------------------------------------------
Total Assets ............ 1,900,536 29,821,364 1,791,232
- ----------------------------------------------------------------------------------------------
LIABILITIES:
Payables:
Investment securities
purchased ................... -- 70,252 10,000
Fund shares redeemed ........ -- 31 --
Dividends ................... 7,618 122,404 4,424
Accrued liabilities: (Note 2)
Investment advisory fees .... 143 2,331 133
Administration fees ......... 143 2,096 133
Shareholder servicing fees .. 246 3,718 199
Distribution fees ........... 52 7 72
Custody fees ................ 38 204 31
Other ....................... 519 1,978 387
- ----------------------------------------------------------------------------------------------
Total Liabilities ....... 8,759 203,021 15,379
- ----------------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital ............... 1,891,793 29,619,699 1,776,363
Accumulated distributions in
excess of net investment income (35) (258) (33)
Accumulated net realized gain
(loss) on investments ......... 19 (1,098) (477)
- ----------------------------------------------------------------------------------------------
Net Assets .............. $ 1,891,777 $ 29,618,343 $ 1,775,853
- ----------------------------------------------------------------------------------------------
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized)
Vista Shares .................. 673,027 10,213,350 972,428
Premier Shares ................ 312,286 2,059,160 99,025
Institutional Shares .......... 906,471 17,334,106 704,931
Reserve Shares ................ 1 123 1
B Shares ...................... -- 12,496 --
C Shares ...................... -- 309 --
Net Asset Value, offering and
redemption price per share
(all classes) * ................. $ 1.00 $ 1.00 $ 1.00
- ----------------------------------------------------------------------------------------------
Cost of Investments $ 1,893,759 $ 29,704,751 $ 1,776,577
==============================================================================================
* Redemption price for Class B and C Shares may be reduced by contigent
deferred sales charge.
See notes to financial statements.
64
- --------------------------------------------------------------------------------
JPMorgan Funds
Statement of Assets and Liabilities As of February 28, 2001 (unaudited)
(Amounts in Thousands, Except Per Share Amounts)
New York California
Tax Free Tax Free
Money Market Money Market
Fund Fund
==============================================================================================
ASSETS:
Investment securities, at value Note 1) .............. $ 2,218,487 $ 88,585
Cash ................................................. -- 81
Other assets ......................................... 12 1
Receivables:
Interest ........................................... 18,997 641
Expense Reimbursement from Distributor ............. 7 --
- ----------------------------------------------------------------------------------------------
Total Assets ................................... 2,237,503 89,308
- ----------------------------------------------------------------------------------------------
LIABILITIES:
Payables:
To Custodian ....................................... 266 --
Investment securities purchased .................... 9,641 502
Dividends .......................................... 4,976 170
Accrued liabilities: (Note 2)
Investment advisory fees ........................... 163 7
Administration fees ................................ 82 7
Shareholder servicing fees ......................... 572 10
Distribution fees .................................. 65 3
Custody fees ....................................... 30 13
Other .............................................. 272 41
- ----------------------------------------------------------------------------------------------
Total Liabilities .............................. 16,067 753
- ----------------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital ...................................... 2,221,418 88,574
Accumulated undistributed/(distributions in excess of)
net investment income ................................ 44 (3)
Accumulated net realized loss on investments ......... (26) (16)
- ----------------------------------------------------------------------------------------------
Net Assets ..................................... $ 2,221,436 $ 88,555
- ----------------------------------------------------------------------------------------------
Shares of beneficial interest outstanding ($.001 par
value; unlimited number of shares authorized)
Vista Shares ......................................... 2,221,519 88,573
Reserve Shares ....................................... 1 --
Net Asset Value, offering and redemption price per
share (all classes) .................................... $ 1.00 $ 1.00
- ----------------------------------------------------------------------------------------------
Cost of Investments .................................... $ 2,218,487 $ 88,585
==============================================================================================
See notes to financial statements.
65
- --------------------------------------------------------------------------------
JPMorgan Funds
Statement of Operations For the six months ended
February 28, 2001 (unaudited)
(Amounts in Thousands)
100% U.S.
Treasury U.S.
Securities Government Treasury Plus
Money Market Money Market Money Market
Fund Fund Fund
=======================================================================================
INTEREST INCOME: (Note 1C) ......... $156,444 $252,613 $ 79,151
- ---------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ......... 2,556 3,960 1,257
Administration fees .............. 2,556 3,960 1,257
Shareholder servicing fees ....... 7,483 9,582 3,183
Distribution fees ................ 1,933 2,473 693
Custodian fees ................... 213 256 76
Printing and postage ............. 26 20 13
Professional fees ................ 50 72 37
Registration expenses ............ 511 179 195
Transfer agent fees .............. 401 293 119
Trustees' fees ................... 123 191 61
Other ............................ 82 133 126
- ---------------------------------------------------------------------------------------
Total expenses ............. 15,934 21,119 7,017
- ---------------------------------------------------------------------------------------
Less amounts waived (Note 2E) .... 2,818 3,388 1,229
Less earnings credits (Note 2F) .. 9 58 30
- ---------------------------------------------------------------------------------------
Net expenses ............... 13,107 17,673 5,758
- ---------------------------------------------------------------------------------------
Net investment income .... 143,337 234,940 73,393
- ---------------------------------------------------------------------------------------
REALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on
on investment transactions ....... 1,664 197 (8)
- ---------------------------------------------------------------------------------------
Net increase in net assets
from operations .................. $145,001 $235,137 $ 73,385
=======================================================================================
See notes to financial statements.
66
- --------------------------------------------------------------------------------
JPMorgan Funds
Statement of Operations For the six months ended
February 28, 2001 (unaudited)
(Amounts in Thousands)
Federal Prime Tax Free
Money Market Money Market Money Market
Fund II Fund II Fund
==========================================================================================
INTEREST INCOME: (Note 1C) ............ $51,024 $ 733,308 $ 35,957
- ------------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ............ 806 11,286 866
Administration fees ................. 806 11,286 866
Shareholder servicing fees .......... 1,793 21,824 2,067
Distribution fees ................... 306 54 451
Custodian fees ...................... 91 634 116
Printing and postage ................ 8 158 23
Professional fees ................... 22 162 22
Registration expenses ............... 14 277 51
Transfer agent fees ................. 220 935 85
Trustees' fees ...................... 39 541 42
Other ............................... 2 1,173 144
- ------------------------------------------------------------------------------------------
Total expenses ................ 4,107 48,330 4,733
- ------------------------------------------------------------------------------------------
Less amounts waived (Note 2E) ....... 318 5,064 807
Less earnings credits (Note 2F) ..... 6 70 52
Less expense reimbursements (Note 2F) 11 11 11
- ------------------------------------------------------------------------------------------
Net expenses .................. 3,772 43,185 3,863
- ------------------------------------------------------------------------------------------
Net investment income ....... 47,252 690,123 32,094
- ------------------------------------------------------------------------------------------
REALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on
on investment transactions .......... 75 (72) (23)
- ------------------------------------------------------------------------------------------
Net increase in net assets
from operations ..................... $47,327 $ 690,051 $ 32,071
==========================================================================================
See notes to financial statements.
67
- --------------------------------------------------------------------------------
JPMorgan Funds
Statement of Operations For the six months ended
February 28, 2001 (unaudited)
(Amounts in Thousands)
New York California
Tax Free Tax Free
Money Market Money Market
Fund Fund
================================================================================
INTEREST INCOME: (Note 1C) .................. $38,862 $ 1,616
- --------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees .................. 967 46
Administration fees ....................... 967 46
Shareholder servicing fees ................ 3,385 160
Distribution fees ......................... 967 46
Custodian fees ............................ 116 36
Printing and postage ...................... 8 1
Professional fees ......................... 23 16
Registration expenses ..................... 54 3
Transfer agent fees ....................... 186 9
Trustees' fees ............................ 47 2
Other ..................................... 90 6
- --------------------------------------------------------------------------------
Total expenses ...................... 6,810 371
- --------------------------------------------------------------------------------
Less amounts waived (Note 2E) ............. 1,064 115
Less earnings credits (Note 2F) ........... 31 4
Less expense reimbursements (Note 2F) ..... 11 --
- --------------------------------------------------------------------------------
Net expenses ........................ 5,704 252
- --------------------------------------------------------------------------------
Net investment income ............. 33,158 1,364
- --------------------------------------------------------------------------------
REALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on
on investment transactions ................ 3 (2)
- --------------------------------------------------------------------------------
Net increase in net assets
from operations ........................... $33,161 $ 1,362
================================================================================
See notes to financial statements.
68
JPMorgan Funds
- --------------------------------------------------------------------------------
Statement of Changes in Net Assets For the periods indicated (unaudited)
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
(Amounts in Thousands)
100% U.S. Treasury
Securities U.S. Government Treasury Plus
Money Market Money Market Money Market
Fund Fund Fund
------------------------ ------------------------ ------------------------
9/1/00 Year 9/1/00 Year 9/1/00 Year
Through Ended Through Ended Through Ended
2/28/01 8/31/00 2/28/01 8/31/00 2/28/01 8/31/00
====================================================================================================================================
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income ...................... $ 143,337 $ 214,942 $ 234,940 $ 400,842 $ 73,393 $ 142,715
Net realized gain (loss) on investments .... 1,664 183 197 25 (8) 7
- ------------------------------------------------------------------------------------------------------------------------------------
Increase in net assets from operations . 145,001 215,125 235,137 400,867 73,385 142,722
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ...................... (143,335) (214,925) (234,935) (400,848) (73,392) (142,713)
Net realized gain on investment transactions (763) (200) (176) -- (42) (62)
- ------------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders .... (144,098) (215,125) (235,111) (400,848) (73,434) (142,775)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from capital
share transactions (Note 7) .................. 1,053,787 291,140 1,576,559 (202,496) 314,639 (690,943)
- ------------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets 1,054,690 291,140 1,576,585 (202,477) 314,590 (690,996)
NET ASSETS:
Beginning of period ........................ 4,522,611 4,231,471 7,170,574 7,373,051 2,498,925 3,189,921
- -
- ------------------------------------------------------------------------------------------------------------------------------------
End of period .............................. $5,577,301 $4,522,611 $8,747,159 $7,170,574 $2,813,515 $2,498,925
====================================================================================================================================
69
JPMorgan Funds
- --------------------------------------------------------------------------------
Statement of Changes in Net Assets For the periods indicated (unaudited)
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
(Amounts in Thousands)
Federal Prime Tax Free
Money Market Money Market Money Market
Fund II Fund II Fund
------------------------ -------------------------- ------------------------
9/1/00 Year 9/1/00 Year 9/1/00 Year
Through Ended Through Ended Through Ended
2/28/01 8/31/00 2/28/01 8/31/00 2/28/01 8/31/00
====================================================================================================================================
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income ...................... $ 47,252 $ 60,450 $ 690,123 $ 615,937 $ 32,094 $ 54,183
Net realized gain (loss) on investments .... 75 (24) (72) (60) (23) (60)
Change in net unrealized appreciation
of investments ............................. -- -- -- 3,884 -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Increase in net assets from operations . 47,327 60,426 690,051 619,761 32,071 54,123
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ...................... (47,239) (60,450) (690,157) (615,944) (32,150) (54,097)
Net realized gain on investment transactions (24) -- (13) (121) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders .... (47,263) (60,450) (690,170) (616,065) (32,150) (54,097)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase from capital share
transactions (Note 7) ........................ 749,559 45,691 16,861,160 2,947,065 121,268 294,372
- ------------------------------------------------------------------------------------------------------------------------------------
Total increase in net assets ........... 749,623 45,667 16,861,041 2,950,761 121,189 294,398
NET ASSETS:
Beginning of period ........................ 1,142,154 1,096,487 12,757,302 9,806,541 1,654,664 1,360,266
- ------------------------------------------------------------------------------------------------------------------------------------
End of period .............................. $1,891,777 $1,142,154 $29,618,343 $12,757,302 $1,775,853 $1,654,664
====================================================================================================================================
70
JPMorgan Funds
- --------------------------------------------------------------------------------
Statement of Changes in Net Assets For the periods indicated (unaudited)
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
(Amounts in Thousands)
New York Tax Free California Tax Free
Money Market Money Market
Fund 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 ...................................... $ 33,158 $ 53,819 $ 1,364 $ 1,912
Net realized gain (loss) on investments .................... 3 60 (2) --
- ---------------------------------------------------------------------------------------------------------------------------------
Increase in net assets from operations ................ 33,161 53,879 1,362 1,912
- ---------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ...................................... (33,174) (53,800) (1,364) (1,912)
Net realized gain on investment transactions ............... (27) -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders ................... (33,201) (53,800) (1,364) (1,912)
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase from capital share
transactions (Note 7) ........................................ 390,264 326,622 11,038 9,879
- ---------------------------------------------------------------------------------------------------------------------------------
Total increase in net assets .......................... 390,224 326,701 11,036 9,879
NET ASSETS:
Beginning of period ........................................ 1,831,212 1,504,511 77,519 67,640
- ---------------------------------------------------------------------------------------------------------------------------------
End of period .............................................. $2,221,436 $1,831,212 $88,555 $77,519
=================================================================================================================================
71
- --------------------------------------------------------------------------------
JPMorgan Funds
Notes to Financial Statements (unaudited)
1. Organization and Significant Accounting Policies
Mutual Fund Trust (the "Trust") was organized as a Massachusetts business trust,
and is registered under the Investment Company Act of 1940, as amended (the
"1940 Act"), as an open-end, management investment company.
Effective February 21, 2001, the following eight separate portfolios of the
Trust (collectively, the "Funds") were renamed with the approval of the Board of
Trustees of the Trust:
New Name Old Name
- -------------------------------------------------------------------------------------------------------------------------------
JPMorgan 100% U.S. Treasury Securities Money Chase Vista 100% U.S. Treasury Securities Market
Fund ("USTS")
Money Market Fund
JPMorgan U.S. Government Money Market Fund ("USG") Chase Vista U.S. Government Money Market Fund
JPMorgan Treasury Plus Money Market Fund ("TP") Chase Vista Treasury Plus Money Market Fund
JPMorgan Federal Money Market Fund II ("FED") Chase Vista Federal Money Market Fund
JPMorgan Prime Money Market Fund II ("PRM") Chase Vista Prime Money Market Fund
JPMorgan Tax Free Money Market Fund ("TF") Chase Vista Tax Free Money Market Fund
JPMorgan New York Tax Free Money Market Fund ("NYTF") Chase Vista New York Tax Free Money Market Fund
JPMorgan California Tax Free Money Money Market Fund ("CTF") Chase Vista California Tax Free Money Money
Market Fund
The Funds offer various classes of shares as follows:
Fund Classes Offered
- -------------------------------------------------------------------------------------------------------------------------------
USTS Vista, Premier, Institutional
USG Vista, Premier, Institutional
TP Vista, Premier, Institutional
FED Vista, Premier, Institutional, Reserve
PRM Vista, Premier, Institutional, Reserve,
B Shares, C Shares
TF Vista, Premier, Institutional, Reserve
NYTF Vista, Reserve
CTF Vista
All classes of shares have equal rights as to 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 plan and shareholder servicing
agreement.
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.
72
JPMorgan Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
A. Valuation of investments -- Money market instruments are valued at
amortized cost which approximates market value. The Trust's use of
amortized cost is subject to the Trust's compliance with certain
conditions as specified under Rule 2a-7 of the 1940 Act.
B. Repurchase and reverse repurchase agreements -- It is each 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, subcustodian or a bank in which the custodian bank
has entered into a subcustodian 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
into an insolvency proceeding, realization of the collateral may be
delayed or limited.
At all times that a reverse repurchase agreement is outstanding, the Fund
segregates assets with a value at least equal to its obligation under the
agreement. In the event the buyer of securities under a reverse repurchase
agreement files for bankruptcy or becomes insolvent, the Fund's use of
proceeds from the agreement may be restricted pending a determination by
the other party, or its trustee or receiver, whether to enforce the Fund's
obligation to repurchase the securities. The Fund's use of the proceeds of
the reverse repurchase agreement may also effectively be restricted
pending such decisions.
During the six months ended February 28, 2001, PRM entered into two
reverse repurchase agreements totaling $98,760,000 at 6.55%. Interest
expense totaled $53,907, which is included in Other expenses on the
Statement of Operations. The agreements, which matured September 25, 2000,
were collateralized by Federal Home Loan Bank notes with a par value
totaling $100,000,000, due November 24, 2000 and December 8, 2000,
respectively.
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.
D. 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 income, including 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.
73
JPMorgan Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
E. 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.
F. 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 Trust 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 than 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.
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 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
0.10% of the average daily net assets for each respective Fund. The
Adviser (and its predecessor) voluntarily waived fees as outlined in Note
2.E. 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 Investment Advisory
Agreement between Chase and JPMFAM for each fund other than TF, JPMFAM was
entitled to
74
JPMorgan Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
receive a fee, payable by Chase from its advisory fee, at an annual rate
equal to 0.03% of each Fund's average daily net assets. The Investment
Advisory Agreement between each Fund and Chase has been assigned to
JPMFAM.
B. Shareholder and Fund servicing fees -- The Trust adopted Administrative
Service Plans which, among other things, provide that the Trust 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 0.35% of
the average daily net assets of the Vista and Reserve Classes, 0.25% of
the average daily net assets of the Premier, B Share and C Share Classes,
and 0.10% of the average daily net assets of the Institutional Class of
each Fund.
Chase and certain of its affiliates are the only Shareholder Servicing
Agents. The Shareholder Servicing Agents have voluntarily waived fees as
outlined in Note 2.E. below.
C Distribution and sub-administrations 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 Trust's
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 Trust, 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 Trustees have adopted plans of distribution under the 1940 Act for the
Premier Shares of USG (the "Premier Plan"), for the Vista Shares of each
Fund (the "Vista Plan") except for PRM, for the Reserve Shares of FED,
PRM, TF and NYTF (the "Reserve Plan") and for the B Shares and C Shares of
PRM (the "B Plan" and "C Plan", respectively). There are no distribution
plans for the Institutional Shares. The Premier, Vista, Reserve, B and C
Share Plans pay the Distributor a distribution fee. The fee is computed
daily and paid monthly at an annual rate of: 0.10% of the average daily
net assets of the Vista Class of each Fund (except PRM), 0.10% of the
average daily net assets of the USG Premier Class, 0.30% of the average
daily net assets of the Reserve Class of FED, PRM, TF and NYTF, and 0.75%
of the average daily net assets of the B Shares and C Shares of PRM.
The Distributor voluntarily waived fees as outlined in Note 2.E. below.
75
JPMorgan Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
D. Administration fee -- Pursuant to the Administration Agreement, Chase
(the "Administrator") provides certain administration services and
facilities to each Fund at a fee computed daily and paid monthly at the
annual rate equal to 0.05% of the respective Fund's average daily net
assets. The Administrator voluntarily waived fees as outlined in Note 2.E.
below.
E. Waiver of fees -- For the six months ended February 28, 2001, the
Funds' vendors voluntarily waived fees for each of the Funds as follows
(amounts in thousands):
Shareholder
Administration Servicing Distribution
- --------------------------------------------------------------------------------
USTS ................... $1,022 $ 308 $1,488
USG .................... 1,858 620 910
TP ..................... 503 726 --
FED .................... -- 318 --
PRM .................... 1,129 3,935 --
TF ..................... -- 807 --
NYTF ................... 484 -- 580
CTF .................... -- 92 23
F. Other -- Certain officers of the Trust are officers of the Distributor
or of its parent corporation, BISYS. 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.
The Distributor voluntarily reimbursed expenses of the Funds in the
amounts as shown on the Statement of Operations.
3. Concentration of Credit Risk
As of February 28, 2001, PRM invested 90.3% of its net assets in securities
issued by institutions in the financial services industry including banks,
broker dealers and insurance companies. General economic conditions, as well as
exposure to credit losses arising from possible financial difficulties of
borrowers, play an important role in the operation of the financial services
industry.
TF, NYTF and CTF 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
76
JPMorgan Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
political subdivisions and duly constituted authorities, with NYTF primarily
investing in issuers in the State of New York, and CTF primarily investing in
issuers in the State of California. As of February 28, 2001, TF invested 15.0%
of its net assets in issuers in the State of Texas. The issuers' abilities to
meet their obligations may be affected by economic or political developments in
a specific state or region.
4. 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
Fund Expenses Pension Liability
- --------------------------------------------------------------------------------
USTS ............................. $ 48 $ 370
USG .............................. 75 683
TP ............................... 26 257
FED .............................. 13 104
PRM .............................. 189 1,199
TF ............................... 17 137
NYTF ............................. 18 141
CTF .............................. 1 6
77
JPMorgan Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
5. Reorganizations
On October 20, 2000, PRM acquired all the net assets of Chase Vista Cash
Management Fund (CM) pursuant to a Reorganization Plan approved by CM
shareholders on October 5, 2000. The transaction was structured for tax purposes
to qualify as a tax-free reorganization under the Internal Revenue Code. Under
the Reorganization Plan, each shareholder of CM received shares in PRM with a
value equal to their holdings in CM. Holders of Vista Class Shares in CM
received Vista Class Shares in PRM, holders of Premier Class Shares in CM
received Premier Class Shares in PRM and holders of Institutional Class Shares
in CM received Institutional Class Shares in PRM.
The following is a summary of shares outstanding, net assets and net asset
values per share immediately before and after the reorganization:
After
Before Reorganization Reorganization
------------------------------- ---------------
CM PRM PRM
-------------- -------------- ---------------
Vista Shares
Shares ................ 6,780,303,378 2,020,776,873 8,801,080,251
Net Assets ............ $6,779,513,682 $2,017,127,824 $ 8,796,641,506
Net Asset Value ....... $1.00 $1.00 $1.00
Premier Shares
Shares ................ 383,299,637 1,852,607,948 2,235,907,585
Net Assets ............ $ 383,301,511 $1,852,650,154 $ 2,235,951,665
Net Asset Value ....... $1.00 $1.00 $1.00
Institutional Shares
Shares ................ 3,333,130,912 9,511,943,317 12,845,074,229
Net Assets ............ $3,332,909,551 $9,515,447,112 $12,848,356,663
Net Asset Value ....... $1.00 $1.00 $1.00
Reserve Shares
Shares ................ 1,211 1,211
Net Assets ............ $ 1,211 $ 1,211
Net Asset Value ....... $1.00 $1.00
B Shares
Shares ................ 20,765,128 20,765,128
Net Assets ............ $ 20,763,172 $ 20,763,172
Net Asset Value ....... $1.00 $1.00
C Shares
Shares ................ 139,800 139,800
Net Assets ............ $ 139,808 $ 139,808
Net Asset Value ....... $1.00 $1
78
JPMorgan Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
On February 16, 2001, PRM acquired all the net assets of Chase Money Market Fund
(CMMF) pursuant to a Reorganization Plan approved by CMMF shareholders on
January 26, 2001. The transaction was structured for tax purposes to qualify as
a tax-free reorganization under the Internal Revenue Code. Under the
Reorganization Plan, each shareholder of CMMF received shares in PRM with a
value equal to their holdings in CMMF. Holders of Investor Class Shares in CMMF
received Vista Class Shares in PRM, holders of Premier Class Shares in CMMF
received Premier Class Shares in PRM.
The following is a summary of shares outstanding, net assets and net asset
values per share immediately before and after the reorganization:
After
Before Reorganization Reorganization
------------------------------- ---------------
CMMF PRM PRM
------------ --------------- ---------------
Vista Shares
Shares ................ 10,186,612,136 10,192,134,877
Net Assets ............ $10,182,180,207 $10,187,704,072
Net Asset Value ....... $1.00 $1.00
Premier Shares
Shares ................ 2,041,521,265 2,148,011,818
Net Assets ............ $ 2,041,548,458 $ 2,148,063,620
Net Asset Value ....... $1.00 $1.00
Institutional Shares
Shares ................ 18,927,279,631 18,927,279,631
Net Assets ............ $18,930,648,847 $18,930,648,847
Net Asset Value ....... $1.00 $1.00
Reserve Shares
Shares ................ 1,232 1,232
Net Assets ............ $ 1,231 $ 1,231
Net Asset Value ....... $1.00 $1.00
B Shares
Shares ................ 11,626,267 11,626,267
Net Assets ............ $ 11,624,360 $ 11,624,360
Net Asset Value ....... $1.00 $1.00
C Shares
Shares ................ 186,694 186,694
Net Assets ............ $ 186,703 $ 186,703
Net Asset Value ....... $1.00 $1.00
Investor Shares
Shares ................ 5,522,741
Net Assets ............ $ 5,523,865
Net Asset Value ....... $1.00
Premier Shares
Shares ................ 106,490,553
Net Assets ............ $106,515,162
Net Asset Value ....... $1.00
79
JPMorgan FUNDS
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
6. Subsequent Events
On April 3, 2001, the Board of Trustees of 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
- --------------------------------------------------------------------------------
TP J.P. Morgan Treasury Money Market
Reserves Fund
TP J.P. Morgan Institutional Treasury Money
Market Fund
TP J.P. Morgan Institutional Service Treasury
Money Market Fund
FED J.P. Morgan Federal Money Market Fund
FED J.P. Morgan Institutional Federal Money
Market Fund
FED J.P. Morgan Institutional Service Federal
Money Market Fund
PRM J.P. Morgan Prime Money Market Fund
PRM J.P. Morgan Institutional Prime Money
Market Fund
PRM J.P. Morgan Institutional Service Prime Money
Market Fund
PRM J.P. Morgan Manager's Money Market Fund
PRM JPM Institutional Money Market Fund, Ltd.
PRM J.P. Morgan Institutional Service Money
Market Fund, Ltd.
PRM J.P. Morgan Prime Money Market
Reserves Fund
PRM J.P. Morgan Institutional Prime Direct Money
Market Fund
PRM J.P. Morgan Prime Cash Management Fund
TF J.P. Morgan Tax Exempt Money Market Fund
TF J.P. Morgan Institutional Tax Exempt Money
Market Fund
TF J.P. Morgan Institutional Service Tax Exempt
Money Market Fund
80
JPMorgan Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
7. Capital Share Transactions
Capital share transactions were as follows for the periods presented (amounts in
thousands):
100% U.S. TREASURY SECURITIES MONEY MARKET FUND
- ------------------------------------------------------------------------------------------------------------------------------------
Vista Premier Institutional
- ------------------------------------------------------------------------------------------------------------------------------------
Amount Shares Amount Shares Amount Shares
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended February 28, 2001
- ------------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 7,218,528 7,218,528 $ 171,318 171,318 $ 4,354,138 4,354,138
Shares issued in reinvestment of
distributions 69,139 69,139 2,521 2,521 17,436 17,436
Shares redeemed (7,100,597) (7,100,597) (157,525) (157,525) (3,521,171) (3,521,171)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in Fund shares outstanding $ 187,070 187,070 $ 16,314 16,314 $ 850,403 850,403
====================================================================================================================================
Year Ended August 31, 2000
- ------------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 12,269,163 12,269,163 $ 398,033 398,033 $ 5,690,875 5,690,875
Shares issued in reinvestment of
distributions 127,472 127,472 3,353 3,353 32,950 32,950
Shares redeemed (12,174,395) (12,174,395) (309,408) (309,408) (5,746,903) (5,746,903)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in Fund shares
outstanding $ 222,240 222,240 $ 91,978 91,978 $ (23,078) (23,078)
====================================================================================================================================
U.S. GOVERNMENT MONEY MARKET FUND
- ------------------------------------------------------------------------------------------------------------------------------------
Vista Premier Institutional
- ------------------------------------------------------------------------------------------------------------------------------------
Amount Shares Amount Shares Amount Shares
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended February 28, 2001
- ------------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 11,273,845 11,273,845 $ 4,020,136 4,020,136 $ 15,158,244 15,158,244
Shares issued in reinvestment of
distributions 47,761 47,761 14,249 14,249 39,604 39,604
Shares redeemed (10,764,064) (10,764,064) (4,085,262) (4,085,262) (14,127,954) (14,127,954)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in Fund shares
outstanding $ 557,542 557,542 $ (50,877) (50,877) $ 1,069,894 1,069,894
====================================================================================================================================
Year Ended August 31, 2000
- ------------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 21,070,138 21,070,138 $ 7,472,951 7,472,951 $ 24,558,779 24,558,779
Shares issued in reinvestment of
distributions 99,652 99,652 30,191 30,191 78,208 78,208
Shares redeemed (21,310,059) (21,310,059) (7,291,128) (7,291,128) (24,911,228) (24,911,228)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in Fund shares
outstanding $ (140,269) (140,269) $ 212,014 212,014 $ (274,241) (274,241)
====================================================================================================================================
81
JPMorgan Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
TREASURY PLUS MONEY MARKET FUND
- ------------------------------------------------------------------------------------------------------------------------------------
Vista Premier Institutional
- ------------------------------------------------------------------------------------------------------------------------------------
Amount Shares Amount Shares Amount Shares
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended February 28, 2001
- ------------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 5,667,021 5,667,021 $ 1,733,992 1,733,992 $ 5,682,951 5,682,951
Shares issued in reinvestment of
distributions 25,378 25,378 2,511 2,511 18,365 18,365
Shares redeemed (5,668,246) (5,668,246) (1,616,727) (1,616,727) (5,530,606) (5,530,606)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in Fund shares outstanding $ 24,153 24,153 $ 119,776 119,776 $ 170,710 170,710
====================================================================================================================================
Year Ended August 31, 2000
- ------------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 10,985,282 10,985,282 $ 2,838,587 2,838,587 $ 9,562,850 9,562,850
Shares issued in reinvestment of
distributions 54,114 54,114 5,041 5,041 36,706 36,706
Shares redeemed (11,406,802) (11,406,802) $(3,091,819) (3,091,819) (9,674,902) (9,674,902)
- ------------------------------------------------------------------------------------------------------------------------------------
Net decrease in Fund shares outstanding $ (367,406) (367,406) $ (248,191) (248,191) $ (75,346) (75,346)
====================================================================================================================================
FEDERAL MONEY MARKET FUND II
- ------------------------------------------------------------------------------------------------------------------------------------
Vista Premier Institutional Reserve *
- ------------------------------------------------------------------------------------------------------------------------------------
Amount Shares Amount Shares Amount Shares Amount Shares
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended February 28, 2001
- ------------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 708,872 708,872 $ 289,945 289,945 $ 2,115,267 2,115,267 $ 2 2
Shares issued in reinvestment of
distributions 10,784 10,784 6,711 6,711 2,335 2,335 24 24
Shares redeemed (623,235) (623,235) (263,210) (263,210) (1,497,910) (1,497,910) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in Fund shares
outstanding $ 96,421 96,421 $ 33,446 33,446 $ 619,692 619,692 $26 26
====================================================================================================================================
Year Ended August 31, 2000
- ------------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 1,370,953 1,370,953 $ 373,817 373,817 $ 2,941,384 2,941,384 $ 1 1
Shares issued in reinvestment of
distributions 22,852 22,852 13,241 13,241 4,454 4,454 -- --
Shares redeemed (1,367,229) (1,367,229) (406,427) (406,427) (2,907,355) (2,907,355) -- --
Net increase (decrease) in Fund shares
- ------------------------------------------------------------------------------------------------------------------------------------
outstanding $ 26,576 26,576 $ (19,369) (19,369) $ 38,483 38,483 $ 1 1
====================================================================================================================================
* Reserve Shares commencement of offering, 7/31/00.
82
JPMorgan Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
PRIME MONEY MARKET FUND II
- ------------------------------------------------------------------------------------------------------------------------------------
Vista Premier Institutional
- ------------------------------------------------------------------------------------------------------------------------------------
Amount Shares Amount Shares Amount Shares
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended February 28, 2001
- ------------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 17,566,582 17,566,583 $ 9,233,024 9,232,997 $ 60,264,436 60,264,436
Shares issued in connection with the
acquisition of Chase Vista Cash
Management Fund (Note 5) 6,779,514 6,780,303 383,301 383,300 3,332,910 3,333,131
Shares issued in connection with the
acquisition of Chase Money Market
Fund (Note 5) 5,523 5,523 106,515 106,491 -- --
Shares issued in reinvestment of
distributions 137,134 137,134 29,242 29,242 268,238 268,238
Shares redeemed (15,754,899) (15,754,899) (9,534,082) (9,534,082) (55,958,220) (55,958,218)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in Fund shares outstanding $ 8,733,854 8,734,644 $ 218,000 217,948 $ 7,907,364 7,907,587
====================================================================================================================================
Year Ended August 31, 2000
- ------------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 7,131,346 7,131,346 $ 13,034,051 13,034,051 $ 82,896,178 82,896,178
Shares issued in reinvestment of
distributions 39,797 39,797 37,777 37,777 352,349 352,349
Shares redeemed (6,207,576) (6,207,576) (12,325,229) (12,325,229) (81,986,141) (81,986,141)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in Fund shares outstanding $ 963,567 963,567 $ 746,599 746,599 $ 1,262,386 1,262,386
====================================================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
Reserve * B C
- ------------------------------------------------------------------------------------------------------------------------------------
Amount Shares Amount Shares Amount Shares
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended February 28, 2001
- ------------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 122 122 $ 52,684 52,684 $ 1,076 1,076
Shares issued in reinvestment of
distributions -- -- 280 280 3 3
Shares redeemed -- -- (51,409) (51,409) (814) (814)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in Fund shares outstanding $ 122 122 $ 1,555 1,555 $ 265 265
====================================================================================================================================
Year Ended August 31, 2000
- ------------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 1 1 $ 135,290 135,290 $ 7,817 7,817
Shares issued in reinvestment of
distributions -- -- 806 806 8 8
Shares redeemed -- -- (161,484) (161,484) (7,925) (7,925)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in Fund
shares outstanding $ 1 1 $ (25,388) (25,388) $ (100) (100)
====================================================================================================================================
* Reserve Shares commencement of offering, 7/31/00.
83
JPMorgan Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
TAX FREE MONEY MARKET FUND
- ------------------------------------------------------------------------------------------------------------------------------------
Vista Premier Institutional Reserve *
- ------------------------------------------------------------------------------------------------------------------------------------
Amount Shares Amount Shares Amount Shares Amount Shares
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended February 28, 2001
- ------------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 1,393,591 1,393,591 $ 143,139 143,139 $ 2,747,117 2,747,117 $ -- --
Shares issued in reinvestment of
distributions 6,172 6,172 990 990 7,194 7,194 -- --
Shares redeemed (1,321,879) (1,321,879) (165,103) (165,103) (2,689,953) (2,689,953) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in Fund
shares outstanding $ 77,884 77,884 $ (20,974) (20,974) $ 64,358 64,358 $ -- --
====================================================================================================================================
Year Ended August 31, 2000
- ------------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 2,078,075 2,078,075 $ 343,481 343,481 $ 3,019,983 3,019,983 $ 1 1
Shares issued in reinvestment of
distributions 12,007 12,007 2,982 2,982 9,475 9,475 -- --
Shares redeemed (1,949,740) (1,949,740) (356,488) (356,488) (2,865,404) (2,865,404) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in Fund
shares outstanding $ 140,342 140,342 $ (10,025) (10,025) $ 164,054 164,054 $ 1 1
====================================================================================================================================
* Reserve Shares commencement of offering, 7/31/00
NEW YORK TAX FREE MONEY MARKET FUND
- ------------------------------------------------------------------------------------
Vista Reserve *
- ------------------------------------------------------------------------------------
Amount Shares Amount Shares
- ------------------------------------------------------------------------------------
Six Months Ended February 28, 2001
- ------------------------------------------------------------------------------------
Shares sold $ 2,035,723 2,035,723 $ -- --
Shares issued in reinvestment of
distributions 20,268 20,268 -- --
Shares redeemed (1,665,727) (1,665,727) -- --
- ------------------------------------------------------------------------------------
Net increase in Fund shares
outstanding $ 390,264 390,264 $ -- --
====================================================================================
Year Ended August 31, 2000
- ------------------------------------------------------------------------------------
Shares sold $ 3,464,112 3,464,112 $ 1 1
Shares issued in reinvestment of
distributions 37,398 37,398 -- --
Shares redeemed (3,174,889) (3,174,889) -- --
- ------------------------------------------------------------------------------------
Net increase in Fund shares
outstanding $ 326,621 326,621 $ 1 1
====================================================================================
* Reserve Shares commencement of offering, 7/31/00.
84
JPMorgan Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
CALIFORNIA TAX FREE MONEY MARKET FUND
- ------------------------------------------------------------------------------------
Vista
- ------------------------------------------------------------------------------------
Amount Shares
- ------------------------------------------------------------------------------------
Six Months Ended February 28, 2001
- ------------------------------------------------------------------------------------
Shares sold $ 148,497 148,497
Shares issued in reinvestment of distributions 457 457
Shares redeemed (137,916) (137,916)
- ------------------------------------------------------------------------------------
Net increase in Fund shares outstanding $ 11,038 11,038
====================================================================================
Year Ended August 31, 2000
- ------------------------------------------------------------------------------------
Shares sold $ 243,038 243,038
Shares issued in reinvestment of distributions 732 732
Shares redeemed (233,891) (233,891)
- ------------------------------------------------------------------------------------
Net increase in Fund shares outstanding $ 9,879 9,879
====================================================================================
85
JPMorgan Funds
- --------------------------------------------------------------------------------
Financial Highlights (unaudited) (continued)
FINANCIAL HIGHLIGHTS (unaudited)
100% U.S. Treasury Securities Money Market Fund^
--------------------------------------------------------------------------------
Vista Shares
--------------------------------------------------------------------------------
9/1/00 Year Ended August 31, 12/1/95++ 9/1/00
Through ---------------------------------------- Through Through
2/28/01 2000 1999 1998 1997 8/31/96 2/28/01
------- ------ ------ ------ ------ --------- -------
Per Share Operating Performance
Net Asset Value, Beginning of Period .............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
------ ------ ------ ------ ------ ------ -----
Income from Investment Operations:
Net Investment Income .......................... 0.03 0.05 0.04 0.05 0.05 0.04 0.03
Less Dividends from Net
Investment Income ............................ 0.03 0.05 0.04 0.05 0.05 0.04 0.03
------ ------ ------ ------ ------ ------ -----
Net Asset Value, End of Period .................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
====== ====== ====== ====== ====== ====== =====
Total Return ...................................... 2.79% 5.02% 4.31% 4.92% 4.87% 3.50% 2.84%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ........... $3,723 $3,535 $3,312 $3,051 $2,376 $1,672 $ 132
Ratios to Average Net Assets#:
Expenses ....................................... 0.59% 0.59% 0.59% 0.59% 0.59% 0.60% 0.48%
Net Investment Income .......................... 5.54% 4.92% 4.15% 4.78% 4.74% 4.58% 5.65%
Expenses Without Waivers, Reimbursements
and Earnings Credits ......................... 0.71% 0.71% 0.71% 0.71% 0.71% 0.68% 0.52%
Net Investment Income Without Waivers,
Reimbursements and Earnings Credits .......... 5.42% 4.80% 4.03% 4.66% 4.62% 4.50% 5.61%
====================================================================================================================================
100% U.S. Treasury Securities Money Market Fund^
-----------------------------------------------------
Premier Shares
-----------------------------------------------------
Year Ended August 31, 6/3/96*
---------------------------------------- Through
2000 1999 1998 1997 8/31/96
----- ----- ----- ----- -------
Per Share Operating Performance
Net Asset Value, Beginning of Period .............. $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- -----
Income from Investment Operations:
Net Investment Income .......................... 0.05 0.04 0.05 0.05 0.01
Less Dividends from Net
Investment Income ............................ 0.05 0.04 0.05 0.05 0.01
----- ----- ----- ----- -----
Net Asset Value, End of Period .................... $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== =====
Total Return ...................................... 5.12% 4.40% 5.00% 4.91% 1.11%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ........... $ 116 $ 24 $ 22 $ 6 $ 1
Ratios to Average Net Assets#:
Expenses ....................................... 0.49% 0.50% 0.51% 0.55% 0.42%
Net Investment Income .......................... 5.02% 4.22% 4.99% 4.80% 3.45%
Expenses Without Waivers, Reimbursements
and Earnings Credits ......................... 0.53% 0.56% 0.78% 0.80% 0.42%
Net Investment Income Without Waivers,
Reimbursements and Earnings Credits .......... 4.98% 4.16% 4.72% 4.55% 3.45%
====================================================================================================================
++ In 1996, the Fund changed its fiscal year-end from November 30 to August
31.
* Commencement of offering of class of shares.
# Short periods have been annualized.
^ Formerly Chase Vista 100% U.S. Treasury Securities Money Market Fund.
See notes to financial statements.
86
JPMorgan Funds
- --------------------------------------------------------------------------------
Financial Highlights (unaudited)(continued)
FINANCIAL HIGHLIGHTS (unaudited)
100% U.S. Treasury Securities Money Market Fund^
----------------------------------------------------
Institutional Shares
----------------------------------------------------
9/1/00 Year Ended August 31, 6/3/96*
Through ------------------------------ Through
2/28/01 2000 1999 1998 1997 8/31/96
------- ---- ---- ---- ---- -------
Per Share Operating Performance
Net Asset Value, Beginning of Period ........................................ $ 1.00 $1.00 $1.00 $1.00 $1.00 $1.00
------ ----- ----- ------ ----- -----
Income from Investment Operations:
Net Investment Income .................................................... 0.03 0.05 0.05 0.05 0.05 0.01
Less Dividends from Net Investment Income ................................ 0.03 0.05 0.05 0.05 0.05 0.01
------ ----- ----- ------ ----- -----
Net Asset Value, End of Period .............................................. $ 1.00 $1.00 $1.00 $1.00 $1.00 $1.00
====== ===== ===== ====== ===== =====
Total Return ................................................................ 2.96% 5.38% 4.67% 5.30% 5.20% 1.23%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ..................................... $1,722 $ 872 $ 895 $1,796 $ 81 $ 1
Ratios to Average Net Assets#:
Expenses ................................................................. 0.25% 0.25% 0.24% 0.21% 0.27% 0.21%
Net Investment Income .................................................... 5.88% 5.26% 4.51% 5.13% 5.06% 3.65%
Expenses Without Waivers, Reimbursements and Earnings Credits ............ 0.34% 0.34% 0.32% 0.25% 0.27% 0.21%
Net Investment Income Without Waivers, Reimbursements and Earnings Credits 5.79% 5.17% 4.43% 5.09% 5.06% 3.65%
====================================================================================================================================
* Commencement of offering of class of shares.
# Short periods have been annualized.
^ Formerly Chase Vista 100% U.S. Treasury Securities Money Market Fund.
See notes to financial statements.
87
JPMorgan Funds
- --------------------------------------------------------------------------------
Financial Highlights (unaudited) (continued)
FINANCIAL HIGHLIGHTS (unaudited)
U.S. Government Money Market Fund^
---------------------------------------------------
Vista Shares
---------------------------------------------------
9/1/00 Year Ended August 31,
Through ----------------------------------------
2/28/01 2000 1999 1998 1997 1996
------- ---- ---- ---- ---- ----
Per Share Operating Performance
Net Asset Value, Beginning of Period ........................................ $ 1.00 $ 1.00 $ 1.00 $1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------
Income from Investment Operations:
Net Investment Income .................................................... 0.03 0.05 0.04 0.05 0.05 0.05
Less Dividends from Net Investment Income ................................ 0.03 0.05 0.04 0.05 0.05 0.05
------ ------ ------ ------ ------ ------
Net Asset Value, End of Period .............................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return ................................................................ 2.91% 5.48% 4.55% 5.14% 5.04% 4.97%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ..................................... $3,956 $3,398 $3,538 $3,033 $2,139 $2,057
Ratios to Average Net Assets#:
Expenses ................................................................. 0.59% 0.59% 0.59% 0.59% 0.59% 0.65%
Net Investment Income .................................................... 5.78% 5.35% 4.46% 5.01% 4.93% 4.83%
Expenses Without Waivers, Reimbursements and Earnings Credits ............ 0.68% 0.69% 0.69% 0.70% 0.72% 0.73%
Net Investment Income Without Waivers, Reimbursements and Earnings Credits 5.69% 5.25% 4.36% 4.90% 4.80% 4.75%
====================================================================================================================================
# Short periods have been annualized.
^ Formerly Chase Vista U.S. Government Money Market Fund.
See notes to financial statements.
88
JPMorgan Funds
- --------------------------------------------------------------------------------
Financial Highlights (unaudited) (continued)
FINANCIAL HIGHLIGHTS (unaudited)
U.S. Government Money Market Fund^
--------------------------------------------------------------
Premier Shares
-------------------------------------------------------------
9/1/00 Year Ended August 31,
Through ---------------------------------------------
2/28/01 2000 1999 1998 1997 1996
------- ---- ---- ---- ---- ----
Per Share Operating Performance
Net Asset Value, Beginning of Period ...... $ 1.00 $ 1.00 $1.00 $ 1.00 $1.00 $1.00
------ ------ ----- ------ ----- -----
Income from Investment Operations:
Net Investment Income .................. 0.03 0.05 0.05 0.05 0.05 0.05
Less Dividends from Net
Investment Income .................... 0.03 0.05 0.05 0.05 0.05 0.05
------ ------ ----- ------ ----- -----
Net Asset Value, End of Period ............ $ 1.00 $ 1.00 $1.00 $ 1.00 $1.00 $1.00
====== ====== ===== ====== ===== =====
Total Return .............................. 2.98% 5.62% 4.70% 5.25% 5.08% 5.15%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ... $1,083 $1,134 $ 922 $1,084 $ 837 $ 802
Ratios to Average Net Assets#:
Expenses ............................... 0.45% 0.45% 0.45% 0.48% 0.55% 0.55%
Net Investment Income .................. 5.96% 5.50% 4.60% 5.12% 4.97% 5.04%
Expenses Without Waivers, Reimbursements
and Earnings Credits ................. 0.58% 0.58% 0.58% 0.60% 0.60% 0.59%
Net Investment Income Without Waivers,
Reimbursements and Earnings Credits .. 5.83% 5.37% 4.47% 5.00% 4.92% 5.00%
===============================================================================================================
U.S. Government Money Market Fund^
----------------------------------------------------------
Institutional Shares
----------------------------------------------------------
9/1/00 Year Ended August 31,
Through ----------------------------------------------
2/28/01 2000 1999 1998 1997 1996
------- ---- ---- ---- ---- ----
Per Share Operating Performance
Net Asset Value, Beginning of Period ...... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------
Income from Investment Operations:
Net Investment Income .................. 0.03 0.06 0.05 0.05 0.05 0.05
Less Dividends from Net
Investment Income .................... 0.03 0.06 0.05 0.05 0.05 0.05
------ ------ ------ ------ ------ ------
Net Asset Value, End of Period ............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return .............................. 3.08% 5.83% 4.92% 5.51% 5.40% 5.45%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ... $3,708 $2,639 $2,913 $2,797 $2,955 $1,182
Ratios to Average Net Assets#:
Expenses ............................... 0.26% 0.26% 0.25% 0.24% 0.24% 0.27%
Net Investment Income .................. 6.09% 5.66% 4.80% 5.36% 5.29% 5.30%
Expenses Without Waivers, Reimbursements
and Earnings Credits ................. 0.32% 0.33% 0.31% 0.24% 0.24% 0.27%
Net Investment Income Without Waivers,
Reimbursements and Earnings Credits .. 6.03% 5.59% 4.74% 5.36% 5.29% 5.30%
===========================================================================================================
# Short periods have been annualized.
^ Formerly Chase Vista U.S. Government Money Market Fund.
See notes to financial statements.
89
JPMorgan Funds
- --------------------------------------------------------------------------------
Financial Highlights (unaudited) (continued)
FINANCIAL HIGHLIGHTS (unaudited)
Treasury Plus Money Market Fund^
---------------------------------------------------------
Vista Shares
---------------------------------------------------------
9/1/00 Year Ended August 31, 5/6/96*
Through ---------------------------------- Through
2/28/01 2000 1999 1998 1997 8/31/96
------- ---- ---- ---- ---- -------
Per Share Operating Performance
Net Asset Value, Beginning of Period ...... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------
Income from Investment Operations:
Net Investment Income .................. 0.03 0.05 0.04 0.05 0.05 0.02
Less Dividends from Net
Investment Income .................... 0.03 0.05 0.04 0.05 0.05 0.02
------ ------ ------ ------ ------ ------
Net Asset Value, End of Period ............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return .............................. 2.86% 5.29% 4.39% 5.05% 4.89% 1.50%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ... $1,391 $1,367 $1,734 $1,316 $1,606 $1,382
Ratios to Average Net Assets#:
Expenses ............................... 0.59% 0.59% 0.59% 0.59% 0.59% 0.59%
Net Investment Income .................. 5.70% 5.14% 4.27% 4.92% 4.79% 4.63%
Expenses Without Waivers, Reimbursements
and Earnings Credits ................. 0.70% 0.71% 0.69% 0.70% 0.70% 0.73%
Net Investment Income Without Waivers,
Reimbursements and Earnings Credits .. 5.59% 5.02% 4.17% 4.81% 4.68% 4.49%
==========================================================================================================
Treasury Plus Money Market Fund^
--------------------------------------------------
Premier Shares
--------------------------------------------------
9/1/00 Year Ended August 31,
Through ---------------------------------------
2/28/01 2000 1999 1998 1997 1996
------- ---- ---- ---- ---- ----
Per Share Operating Performance
Net Asset Value, Beginning of Period ...... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- -----
Income from Investment Operations:
Net Investment Income .................. 0.03 0.05 0.04 0.05 0.05 0.05
Less Dividends from Net
Investment Income .................... 0.03 0.05 0.04 0.05 0.05 0.05
----- ----- ----- ----- ----- -----
Net Asset Value, End of Period ............ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== ===== =====
Total Return .............................. 2.93% 5.44% 4.54% 5.18% 4.98% 5.07%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ... $ 348 $ 228 $ 476 $ 155 $ 131 $ 106
Ratios to Average Net Assets#:
Expenses ............................... 0.45% 0.45% 0.45% 0.46% 0.51% 0.52%
Net Investment Income .................. 5.83% 5.28% 4.42% 5.06% 4.88% 4.85%
Expenses Without Waivers, Reimbursements
and Earnings Credits ................. 0.50% 0.51% 0.50% 0.50% 0.53% 0.63%
Net Investment Income Without Waivers,
Reimbursements and Earnings Credits .. 5.78% 5.22% 4.37% 5.02% 4.86% 4.74%
====================================================================================================
# Short periods have been annualized.
* Commencement of offering of class of shares.
^ Formerly Chase Vista Treasury Plus Money Market Fund.
See notes to financial statements.
90
JPMorgan Funds
- --------------------------------------------------------------------------------
Financial Highlights (unaudited) (continued)
FINANCIAL HIGHLIGHTS (unaudited)
Treasury Plus Money Market Fund^
----------------------------------------------------
Institutional Shares
----------------------------------------------------
9/1/00 Year Ended August 31,
Through ----------------------------------------
2/28/01 2000 1999 1998 1997 1996
------- ---- ---- ---- ---- ----
Per Share Operating Performance
Net Asset Value, Beginning of Period ........................................ $ 1.00 $1.00 $1.00 $1.00 $1.00 $1.00
------ ----- ----- ----- ----- -----
Income from Investment Operations:
Net Investment Income .................................................... 0.03 0.06 0.05 0.05 0.05 0.05
Less Dividends from Net Investment Income ................................ 0.03 0.06 0.05 0.05 0.05 0.05
------ ----- ----- ----- ----- -----
Net Asset Value, End of Period .............................................. $ 1.00 $1.00 $1.00 $1.00 $1.00 $1.00
====== ===== ===== ===== ===== =====
Total Return ................................................................ 3.04% 5.65% 4.75% 5.44% 5.24% 5.29%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ..................................... $1,075 $ 904 $ 980 $ 876 $ 292 $ 189
Ratios to Average Net Assets#:
Expenses ................................................................. 0.25% 0.25% 0.24% 0.21% 0.26% 0.30%
Net Investment Income .................................................... 6.02% 5.48% 4.61% 5.29% 5.16% 5.11%
Expenses Without Waivers, Reimbursements and Earnings Credits ............ 0.35% 0.36% 0.31% 0.25% 0.26% 0.38%
Net Investment Income Without Waivers, Reimbursements and Earnings Credits 5.92% 5.37% 4.54% 5.25% 5.16% 5.03%
====================================================================================================================================
# Short periods have been annualized.
^ Formerly Chase Vista Treasury Plus Money Market Fund.
See notes to financial statements.
91
JPMorgan Funds
- --------------------------------------------------------------------------------
Financial Highlights (unaudited) (continued)
FINANCIAL HIGHLIGHTS (unaudited)
Federal Money Market Fund II^
----------------------------------------------------
Vista Shares
----------------------------------------------------
9/1/00 Year Ended August 31,
Through ----------------------------------------
2/28/01 2000 1999 1998 1997 1996
------- ---- ---- ---- ---- ----
Per Share Operating Performance
Net Asset Value, Beginning of Period ...... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- -----
Income from Investment Operations:
Net Investment Income .................. 0.03 0.05 0.04 0.05 0.05 0.05
Less Dividends from Net
Investment Income .................... 0.03 0.05 0.04 0.05 0.05 0.05
----- ----- ----- ----- ----- -----
Net Asset Value, End of Period ............ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== ===== =====
Total Return .............................. 2.83% 5.29% 4.46% 4.94% 4.91% 4.83%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ... $ 673 $ 576 $ 550 $ 359 $ 301 $ 353
Ratios to Average Net Assets#:
Expenses ............................... 0.70% 0.70% 0.70% 0.70% 0.70% 0.70%
Net Investment Income .................. 5.62% 5.17% 4.35% 4.88% 4.79% 4.79%
Expenses Without Waivers, Reimbursements
and Earnings Credits ................. 0.72% 0.75% 0.78% 0.84% 0.82% 0.93%
Net Investment Income Without Waivers,
Reimbursements and Earnings Credits .. 5.60% 5.12% 4.27% 4.74% 4.67% 4.56%
===================================================================================================
Federal Money Market Fund II^
---------------------------------------------------
Premier Shares
---------------------------------------------------
9/1/00 Year Ended August 31,
Through ----------------------------------------
2/28/01 2000 1999 1998 1997 1996
------- ---- ---- ---- ---- ----
Per Share Operating Performance
Net Asset Value, Beginning of Period ...... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- -----
Income from Investment Operations:
Net Investment Income .................. 0.03 0.05 0.05 0.05 0.05 0.05
Less Dividends from Net
Investment Income .................... 0.03 0.05 0.05 0.05 0.05 0.05
----- ----- ----- ----- ----- -----
Net Asset Value, End of Period ............ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== ===== =====
Total Return .............................. 2.94% 5.50% 4.67% 5.22% 5.12% 5.14%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ... $ 312 $ 279 $ 298 $ 313 $ 400 $ 249
Ratios to Average Net Assets#:
Expenses ............................... 0.48% 0.50% 0.50% 0.50% 0.50% 0.50%
Net Investment Income .................. 5.84% 5.35% 4.56% 5.07% 5.01% 4.99%
Expenses Without Waivers, Reimbursements
and Earnings Credits ................. 0.48% 0.50% 0.50% 0.51% 0.52% 0.52%
Net Investment Income Without Waivers,
Reimbursements and Earnings Credits .. 5.84% 5.35% 4.56% 5.06% 4.99% 4.97%
===================================================================================================
# Short periods have been annualized.
^ Formerly Chase Vista Federal Money Market Fund.
See notes to financial statements.
92
JPMorgan Funds
- --------------------------------------------------------------------------------
Financial Highlights (unaudited) (continued)
FINANCIAL HIGHLIGHTS (unaudited)
Federal Money Market Fund II^
---------------------------------------------------------------------------
Institutional Shares Reserve Shares
--------------------------------------------------- -------------------
9/1/00 Year Ended August 31, 9/1/00 7/31/00*
Through ----------------------------------------- Through Through
2/28/01 2000 1999 1998 1997 1996 2/28/01 8/31/00
------- ---- ---- ---- ---- ---- ------- -------
Per Share Operating Performance
Net Asset Value, Beginning of Period ...... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $ 1.00 $1.00
----- ----- ----- ----- ----- ----- --------- -----
Income from Investment Operations:
Net Investment Income .................. 0.03 0.06 0.05 0.05 0.05 0.05 0.03 0.01
Less Dividends from Net
Investment Income .................... 0.03 0.06 0.05 0.05 0.05 0.05 0.03 0.01
----- ----- ----- ----- ----- ----- --------- -----
Net Asset Value, End of Period ............ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $ 1.00 $1.00
===== ===== ===== ===== ===== ===== ========= =====
Total Return .............................. 3.05% 5.75% 4.92% 5.46% 5.35% 5.35% 2.78% 0.49%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ... $ 907 $ 287 $ 248 $ 198 $ 131 $ 141 $ + $ +
Ratios to Average Net Assets#:
Expenses ............................... 0.26% 0.26% 0.26% 0.27% 0.27% 0.30% 0.83% 0.79%
Net Investment Income .................. 6.05% 5.61% 4.79% 5.32% 5.23% 5.20% 5.47% 5.08%
Expenses Without Waivers, Reimbursements
and Earnings Credits ................. 0.33% 0.34% 0.34% 0.27% 0.27% 0.30% 1873.84% 1.44%
Net Investment Income Without Waivers,
Reimbursements and Earnings Credits .. 5.98% 5.53% 4.71% 5.32% 5.23% 5.20% (1867.54%) 4.43%
===========================================================================================================================
* Commencement of offering of class of shares.
# Short periods have been annualized.
+ Amount rounds to less than one million.
^ Formerly Chase Vista Federal Money Market Fund.
See notes to financial statements.
93
JPMorgan Funds
- --------------------------------------------------------------------------------
Financial Highlights (unaudited) (continued)
FINANCIAL HIGHLIGHTS (unaudited)
Prime Money Market Fund II^
----------------------------------------------------------
Premier Shares
----------------------------------------------------------
9/1/00 Year Ended August 31, Through
---------------------------------------------
2/28/01 2000 1999 1998 1997 1996
------- ---- ---- ---- ---- -----
Per Share Operating Performance
Net Asset Value, Beginning of Period .......................... $ 1.00 $ 1.00 $ 1.00 $1.00 $1.00 $1.00
------ ------ ------ ----- ----- -----
Income from Investment Operations:
Net Investment Income ....................................... 0.03 0.06 0.05 0.05 0.05 0.05
Less Dividends from Net Investment Income ................. 0.03 0.06 0.05 0.05 0.05 0.05
------ ------ ------ ----- ----- -----
Net Asset Value, End of Period ................................ $ 1.00 $ 1.00 $ 1.00 $1.00 $1.00 $1.00
====== ====== ====== ===== ===== =====
Total Return .................................................. 3.06% 5.81% 4.90% 5.44% 5.34% 5.32%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ........................ $2,059 $1,841 $1,094 $ 590 $ 499 $ 419
Ratios to Average Net Assets:#
Expenses .................................................... 0.45% 0.45% 0.45% 0.45% 0.45% 0.45%
Net Investment Income ....................................... 6.04% 5.67% 4.77% 5.29% 5.17% 5.18%
Expenses Without Waivers, Reimbursements and Earnings Credits 0.48% 0.49% 0.49% 0.51% 0.53% 0.51%
Net Investment Income Without Waivers, Reimbursements and
Earnings Credits .......................................... 6.01% 5.63% 4.73% 5.23% 5.09% 5.12%
============================================================================================================================
# Short periods have been annualized.
^ Formerly Chase Vista Prime Money Market Fund.
See notes to financial statements.
94
JPMorgan Funds
- --------------------------------------------------------------------------------
Financial Highlights (unaudited) (continued)
FINANCIAL HIGHLIGHTS (unaudited)
Prime Money Market Fund II^
--------------------------------------------------------------
Institutional Shares
--------------------------------------------------------------
9/1/00 Year Ended August 31,
Through ------------------------------------------------
2/28/01 2000 1999 1998 1997 1996
------- ---- ---- ---- ---- -----
Per Share Operating Performance
Net Asset Value, Beginning of Period ........................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
------- ------ ------ ------ ------ -----
Income from Investment Operations:
Net Investment Income ....................................... 0.03 0.06 0.05 0.06 0.05 0.05
Less Dividends from Net Investment Income ................. 0.03 0.06 0.05 0.06 0.05 0.05
------- ------ ------ ------ ------ -----
Net Asset Value, End of Period ................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
======= ====== ====== ====== ====== =====
Total Return ................................................... 3.15% 6.01% 5.10% 5.65% 5.49% 5.51%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ........................ $17,338 $9,430 $8,161 $4,722 $1,348 $ 725
Ratios to Average Net Assets:#
Expenses .................................................... 0.26% 0.26% 0.26% 0.24% 0.25% 0.26%
Net Investment Income ....................................... 6.23% 5.86% 4.96% 5.50% 5.37% 5.33%
Expenses Without Waivers, Reimbursements and Earnings Credits 0.33% 0.33% 0.33% 0.24% 0.25% 0.26%
Net Investment Income Without Waivers, Reimbursements and
Earnings Credits .......................................... 6.16% 5.79% 4.89% 5.50% 5.37% 5.33%
==================================================================================================================================
# Short periods have been annualized.
^ Formerly Chase Vista Prime Money Market Fund.
See notes to financial statements.
95
JPMorgan Funds
- --------------------------------------------------------------------------------
Financial Highlights (unaudited) (continued)
FINANCIAL HIGHLIGHTS (unaudited)
Prime Money Market Fund II^
---------------------------------------------------
B Shares
---------------------------------------------------
9/1/00 Year Ended August 31,
Through -----------------------------------------
2/28/01 2000 1999 1998 1997 1996
------- ----- ----- ----- ----- -----
Per Share Operating Performance
Net Asset Value, Beginning of Period .......................... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- -----
Income from Investment Operations:
Net Investment Income ....................................... 0.03 0.05 0.04 0.05 0.04 0.04
Less Dividends from Net Investment Income ................. 0.03 0.05 0.04 0.05 0.04 0.04
----- ----- ----- ----- ----- -----
Net Asset Value, End of Period ................................ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== ===== =====
Total Return .................................................. 2.66% 4.97% 4.07% 4.60% 4.33% 4.25%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ........................ $ 12 $ 11 $ 36 $ 29 $ 10 $ 16
Ratios to Average Net Assets:#
Expenses .................................................... 1.24% 1.25% 1.25% 1.25% 1.35% 1.47%
Net Investment Income ....................................... 5.25% 4.87% 4.00% 4.49% 4.27% 4.17%
Expenses Without Waivers, Reimbursements and Earnings Credits 1.25% 1.27% 1.47% 1.50% 1.53% 1.71%
Net Investment Income Without Waivers, Reimbursements and
Earnings Credits .......................................... 5.24% 4.85% 3.78% 4.24% 4.09% 3.93%
======================================================================================================================
# Short periods have been annualized.
^ Formerly Chase Vista Prime Money Market Fund.
See notes to financial statements.
96
JPMorgan Funds
- --------------------------------------------------------------------------------
Financial Highlights (unaudited) (continued)
FINANCIAL HIGHLIGHTS (unaudited)
Prime Money Market Fund II^
-------------------------------------------------------------------------------------
C Shares Vista Shares Reserve Shares
------------------------------------ -------------------------- -----------------
Year
9/1/00 Year Ended 5/14/98* 9/1/00 Ended 10/1/98* 9/1/00 7/31/00*
Through ----------------- Through Through ------- Through Through Through
2/28/01 8/31/00 8/31/99 8/31/98 2/28/01 8/31/00 8/31/99 2/28/01 8/31/00
------- ------- ------- ------- ------- ------- ------- ------- -------
Per Share Operating Performance
Net Asset Value, Beginning of Period ......... $1.00 $1.00 $1.00 $1.00 $ 1.00 $ 1.00 $1.00 $ 1.00 $1.00
----- ----- ----- ----- ------- ------ ----- -------- -----
Income from Investment Operations:
Net Investment Income ..................... 0.03 0.05 0.04 0.01 0.03 0.06 0.04 0.03 0.01
Less Dividends from Net Investment Income 0.03 0.05 0.04 0.01 0.03 0.06 0.04 0.03 0.01
----- ----- ----- ----- ------- ------ ----- -------- -----
Net Asset Value, End of Period ............... $1.00 $1.00 $1.00 $1.00 $ 1.00 $ 1.00 $1.00 $ 1.00 $1.00
===== ===== ===== ===== ======= ====== ===== ======== =====
Total Return ................................. 2.68% 4.95% 3.85% 1.29% 2.99% 5.65% 4.26% 2.88% 0.50%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ...... $ + $ + $ + $ + $10,209 $1,475 $ 515 $ + $ +
Ratios to Average Net Assets:#
Expenses .................................. 1.24% 1.26% 1.45% 1.50% 0.59% 0.59% 0.59% 0.80% 0.79%
Net Investment Income ..................... 5.25% 4.86% 3.75% 4.21% 5.90% 5.53% 4.61% 5.69% 5.33%
Expenses Without Waivers, Reimbursements
and Earnings Credits .................... 1.25% 1.26% 1.45% 1.50% 0.60% 0.61% 0.72% 700.65% 1.45%
Net Investment Income Without Waivers,
Reimbursements and Earnings Credits ..... 5.24% 4.86% 3.75% 4.21% 5.89% 5.51% 4.48% (694.16%) 4.67%
====================================================================================================================================
# Short periods have been annualized.
* Commencement of offering of classes of shares.
+ Amount rounds to less than one million.
^ Formerly Chase Vista Prime Money Market Fund.
See notes to financial statements.
97
JPMorgan Funds
- --------------------------------------------------------------------------------
Financial Highlights (unaudited) (continued)
FINANCIAL HIGHLIGHTS (unaudited)
Tax Free Money Market Fund^
----------------------------------------------------------------------------------
Vista Shares Reserve Shares
-------------------------------------------------------- --------------------
9/1/00 Year Ended August 31, 9/1/00 7/31/00*
Through -------------------------------------------- Through Through
2/28/01 2000 1999 1998 1997 1996 2/28/01 8/31/00
------- ---- ---- ---- ---- ---- ------- --------
Per Share Operating Performance
Net Asset Value, Beginning of Period ......... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- ----- ----- -----
Income from Investment Operations:
Net Investment Income ...................... 0.02 0.03 0.03 0.03 0.03 0.03 0.02 --
Less Dividends from Net Investment Income 0.02 0.03 0.03 0.03 0.03 0.03 0.02 --
----- ----- ----- ----- ----- ----- ----- -----
Net Asset Value, End of Period ............... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== ===== ===== ===== =====
Total Return ................................. 1.78% 3.37% 2.73% 3.10% 3.12% 2.92% 1.68% 0.30%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ....... $ 973 $ 895 $ 754 $ 733 $ 566 $ 574 $ + $ +
Ratios to Average Net Assets:#
Expenses ................................... 0.59% 0.59% 0.59% 0.59% 0.59% 0.69% 0.83% 0.79%
Net Investment Income ...................... 3.56% 3.33% 2.68% 3.05% 3.08% 2.89% 3.33% 3.13%
Expenses Without Waivers, Reimbursements and
Earnings Credits ......................... 0.70% 0.75% 0.73% 0.72% 0.73% 0.80% 1883.58% 1.44%
Net Investment Income Without Waivers,
Reimbursements and Earnings Credits ...... 3.45% 3.17% 2.54% 2.92% 2.94% 2.78% (1879.42%) 2.48%
===================================================================================================================================
* Commencement of offering of class of shares.
# Short periods have been annualized.
+ Amount rounds to less than one million.
^ Formerly Chase Vista Tax Free Money Market Fund.
See notes to financial statements.
98
JPMorgan Funds
- --------------------------------------------------------------------------------
Financial Highlights (unaudited) (continued)
FINANCIAL HIGHLIGHTS (unaudited)
Tax Free Money Market Fund^
---------------------------------------------------
Premier Shares
---------------------------------------------------
9/1/00 Year Ended August 31,
Through ------------------------------------------
2/28/01 2000 1999 1998 1997 1996
------- ---- ---- ---- ---- ------
Per Share Operating Performance
Net Asset Value, Beginning of Period ........................................ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- -----
Income from Investment Operations:
Net Investment Income .................................................... 0.02 0.03 0.03 0.03 0.03 0.03
Less Dividends from Net Investment Income ............................. 0.02 0.03 0.03 0.03 0.03 0.03
----- ----- ----- ----- ----- -----
Net Asset Value, End of Period .............................................. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== ===== =====
Total Return ................................................................ 1.82% 3.41% 2.78% 3.17% 3.19% 3.12%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ..................................... $ 99 $ 120 $ 130 $ 133 $ 105 $ 145
Ratio to Average Net Assets:#
Expenses ................................................................. 0.51% 0.55% 0.54% 0.53% 0.53% 0.58%
Net Investment Income .................................................... 3.66% 3.40% 2.74% 3.10% 3.13% 3.08%
Expenses Without Waivers, Reimbursements and Earnings Credits ............ 0.51% 0.59% 0.56% 0.53% 0.53% 0.73%
Net Investment Income Without Waivers, Reimbursements and Earnings Credits 3.66% 3.26% 2.72% 3.10% 3.13% 2.93%
==================================================================================================================================
# Short periods have been annualized.
^ Formerly Chase Vista Tax Free Money Market Fund.
See notes to financial statements.
99
JPMorgan Funds
- --------------------------------------------------------------------------------
Financial Highlights (unaudited) (continued)
FINANCIAL HIGHLIGHTS (unaudited)
Tax Free Money Market Fund^
----------------------------------------------------
Institutional Shares
----------------------------------------------------
9/1/00 Year Ended August 31,
Through ------------------------------------------
2/28/01 2000 1999 1998 1997 1996
------- ----- ----- ----- ----- ------
Per Share Operating Performance
Net Asset Value, Beginning of Period ....................................... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- -----
Income from Investment Operations:
Net Investment Income .................................................... 0.02 0.04 0.03 0.03 0.04 0.03
Less Dividends from Net Investment Income ............................. 0.02 0.04 0.03 0.03 0.04 0.03
----- ----- ----- ----- ----- -----
Net Asset Value, End of Period ............................................. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== ===== =====
Total Return ............................................................... 1.95% 3.71% 3.07% 3.45% 3.45% 3.40%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ..................................... $ 704 $ 640 $ 476 $ 410 $ 286 $ 149
Ratio to Average Net Assets:#
Expenses ................................................................. 0.26% 0.26% 0.26% 0.26% 0.26% 0.31%
Net Investment Income .................................................... 3.88% 3.67% 3.01% 3.37% 3.41% 3.33%
Expenses Without Waivers, Reimbursements and Earnings Credits ............ 0.35% 0.39% 0.35% 0.26% 0.26% 0.31%
Net Investment Income Without Waivers, Reimbursements and Earnings Credits 3.79% 3.54% 2.92% 3.37% 3.41% 3.33%
==================================================================================================================================
# Short periods have been annualized.
^ Formerly Chase Vista Tax Free Money Market Fund.
See notes to financial statements.
100
JPMorgan Funds
- --------------------------------------------------------------------------------
Financial Highlights (unaudited) (continued)
FINANCIAL HIGHLIGHTS (unaudited)
New York Tax Free Money Market Fund^
- ---------------------------------------------------------------------------------
Vista Shares Reserve Shares
--------------------------------------------------------- ---------------------
9/1/00 Year Ended August 31, 9/1/00 7/31/00*
Through ---------------------------------------------- Through Through
2/28/01 2000 1999 1998 1997 1996 2/28/01 8/31/00
------- ------ ------ ------ ----- ----- ---------- --------
Per Share Operating Performance
Net Asset Value, Beginning of Period ......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00 $1.00 $1.00 $1.00
------ ------ ------ ------ ----- ----- ----- -----
Income from Investment Operations:
Net Investment Income ..................... 0.02 0.03 0.03 0.03 0.03 0.03 0.02 --
Less Dividends from Net Investment Income 0.02 0.03 0.03 0.03 0.03 0.03 0.02 --
------ ------ ------ ------ ----- ----- ----- -----
Net Asset Value, End of Period ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00 $1.00 $1.00 $1.00
====== ====== ====== ====== ===== ===== ===== =====
Total Return ................................. 1.72% 3.27% 2.66% 3.03% 3.02% 2.85% 1.62% 0.28%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ...... $2,221 $1,831 $1,505 $1,372 $ 957 $ 890 $ + $ +
Ratio to Average Net Assets:#
Expenses .................................. 0.59% 0.59% 0.59% 0.59% 0.59% 0.74% 0.79% 0.79%
Net Investment Income ..................... 3.42% 3.24% 2.61% 2.97% 2.97% 2.79% 3.20% 3.04%
Expenses Without Waivers, Reimbursements
and Earnings Credits .................... 0.70% 0.70% 0.71% 0.72% 0.73% 0.83% 1884.09% 1.49%
Net Investment Income Without Waivers,
Reimbursements and Earnings Credits ..... 3.31% 3.13% 2.49% 2.84% 2.83% 2.70% (1880.10%) 2.34%
===================================================================================================================================
* Commencement of offering of class of shares.
# Short periods have been annualized.
+ Amount rounds to less than one million.
^ Formerly Chase Vista New York Tax Free Money Market Fund.
See notes to financial statements.
101
JPMorgan Funds
- --------------------------------------------------------------------------------
Financial Highlights (unaudited) (continued)
FINANCIAL HIGHLIGHTS (unaudited)
California Tax Free Money Market Fund^
----------------------------------------------------
Vista Shares
----------------------------------------------------
9/1/00 Year Ended August 31,
Through ------------------------------------------
2/28/01 2000 1999 1998 1997 1996
------- ---- ---- ---- ---- -----
Per Share Operating Performance
Net Asset Value, Beginning of Period ..................................... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- -----
Income from Investment Operations:
Net Investment Income .................................................... 0.01 0.03 0.03 0.03 0.03 0.03
Less Dividends from Net Investment Income ............................ 0.01 0.03 0.03 0.03 0.03 0.03
----- ----- ----- ----- ----- -----
Net Asset Value, End of Period .............................................. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== ===== =====
Total Return ................................................................ 1.49% 3.00% 2.66% 2.97% 3.02% 3.06%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ..................................... $ 89 $ 78 $ 68 $ 50 $ 46 $ 43
Ratio of Average Net Assets:#
Expenses ................................................................. 0.55% 0.55% 0.55% 0.55% 0.56% 0.56%
Net Investment Income .................................................... 2.97% 3.03% 2.55% 2.89% 2.99% 3.03%
Expenses Without Waivers, Reimbursements and Earnings Credits ............ 0.81% 0.90% 0.94% 0.93% 0.86% 1.02%
Net Investment Income Without Waivers, Reimbursements and Earnings Credits 2.71% 2.68% 2.16% 2.51% 2.69% 2.57%
===================================================================================================================================
# Short periods have been annualized.
^ Formerly Chase Vista California Tax Free Money Markey Fund.
See notes to financial statements.
102
- --------------------------------------------------------------------------------
JPMorgan Funds
Funds Special Meeting of Shareholders (unaudited)
A Special Meeting of Shareholders was held on October 5, 2000 at 1211 Avenue of
the Americas, New York, New York for purposes of approving an Agreement and Plan
of Reorganization (the "Reorganization Plan") between Chase Vista Prime Money
Market Fund (the "acquiring fund") and Chase Vista Cash Management Fund (the
"acquired fund"), each a series of Mutual Fund Trust. Under the Reorganization
Plan, the acquired fund would transfer all of its asset 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. A majority of shareholders of
Chase Vista Cash Management Fund approved the Reorganization Plan by the
following vote:
For 5,404,982,866
Against 98,099,682
Abstain 228,283,848
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 Prime
Money Market Fund (the "acquiring fund"), a series of Mutual Fund Trust, and
Chase Money Market Fund (the "acquired fund"), a series of Mutual Fund
Investment Trust. Under the Reorganization Plan, the acquired fund would
transfer all of its asset 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. A majority of shareholders of Chase Money Market Fund
approved the Reorganization Plan by the following vote:
For 152,977,629
Against 911,172
Abstain 5,944,315
103
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JPMorgan Money Market 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 Thacher & Bartlett
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 distributions to prospective investors in the
funds unless preceded 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 accountants, 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) JPMorgan Chase & Co., 2001 All Rights Reserved. April 2001
ANMM-2-401