<PAGE> PAGE 1
000 A000000 09/30/98
000 C000000 894088
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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010 A00AA01 FUNDS DISTRIBUTOR, INC.
010 B00AA01 8-420518
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02116
010 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
010 B00AA02 8-49999
010 C01AA02 NEW YORK
010 C02AA02 NY
010 C03AA02 10036
010 A00AA03 PIERPONT GROUP, INC.
010 C01AA03 NEW YORK
010 C02AA03 NY
010 C03AA03 10017
011 A00AA01 FUNDS DISTRIBUTOR, INC.
011 B00AA01 8-420518
011 C01AA01 BOSTON
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012 B00AA01 85-50003
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012 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
012 B00AA02 85-9999999
012 C01AA02 NEW YORK
012 C02AA02 NY
012 C03AA02 10036
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013 B01AA01 NEW YORK
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<PAGE> PAGE 4
014 A00AA04 FUNDS DISTRIBUTOR INC.
014 B00AA04 8-420518
015 A00AA01 STATE STREET BANK & TRUST COMPANY
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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SIGNATURE GEORGE A. RIO
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
report dated September 30, 1998 for the J.P. Morgan Institutional New York Tax
Exempt Bond Fund and is qualified in its entirety by reference to such
semi-annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 167324
<RECEIVABLES> 16
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2
<TOTAL-ASSETS> 167342
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 484
<TOTAL-LIABILITIES> 484
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 159538
<SHARES-COMMON-STOCK> 15309
<SHARES-COMMON-PRIOR> 10441
<ACCUMULATED-NII-CURRENT> 44
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1246
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6030
<NET-ASSETS> 166858
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 3148
<EXPENSES-NET> 81
<NET-INVESTMENT-INCOME> 3067
<REALIZED-GAINS-CURRENT> 1108
<APPREC-INCREASE-CURRENT> 2438
<NET-CHANGE-FROM-OPS> 6613
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3067
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5968
<NUMBER-OF-SHARES-REDEEMED> 1170
<SHARES-REINVESTED> 70
<NET-CHANGE-IN-ASSETS> 55440
<ACCUMULATED-NII-PRIOR> 44
<ACCUMULATED-GAINS-PRIOR> 138
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 121
<AVERAGE-NET-ASSETS> 142234
<PER-SHARE-NAV-BEGIN> 10.67
<PER-SHARE-NII> .23
<PER-SHARE-GAIN-APPREC> .23
<PER-SHARE-DIVIDEND> .23
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.9
<EXPENSE-RATIO> .005
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
J.P. Morgan Institutional New York Tax Exempt Bond Fund
Supplemental Proxy Information (unaudited)
A Joint Special Meeting of Shareholders of the J.P. Morgan Family of Funds was
held on August 20, 1998. Each of the applicable funds voted in favor of adopting
the following proposals, therefore, the results are aggregated for the Trust
unless otherwise specified. The meeting was held for the following purposes:
1. To elect a slate of five Trustees to hold office for a term of unlimited
duration subject to the current retirement age of 70.
2a. To approve the amendment of the Fund's investment restriction relating to
diversification of assets. 2b. To approve the amendment of the Fund's investment
restriction relating to concentration of assets in a particular industry. 2c. To
approve the amendment of the Fund's investment restriction relating to the
issuance of senior securities. 2d. To standardize the borrowing ability of the
Fund to the extent permitted by applicable law. 2e. To approve the amendment of
the Fund's investment restriction relating to underwriting. 2f. To approve the
amendment of the Fund's investment restriction relating to investment in real
estate. 2g. To approve the amendment of the Fund's investment restriction
relating to commodities. 2h. To approve the amendment of the Fund's investment
restriction relating to lending. 2i. To approve the reclassification of the
Fund's other fundamental restrictions as nonfundamental. 3. To approve the
reclassification of the Fund's investment objective from fundamental to
nonfundamental. 4. To approve a new investment advisory agreement of the Fund.
5. To amend the Declaration of Trust to provide dollar-based voting rights. 6.
To ratify the selection of independent accountants, PricewaterhouseCoopers LLP.
The results of the proxy solicitation on the above matters were as follows:
<TABLE>
<C> <S> <S> <S>
Votes for Votes against Abstentions
Directors/Matter
1. Frederick S. Addy 2,592,561,591 8,840,251 --
William G. Burns 2,592,561,591 8,840,251 --
Arthur C. Eschenlauer 2,592,561,591 8,840,251 --
Matthew Healey 2,592,561,591 8,840,251 --
Michael P. Mallardi 2,592,561,591 8,840,251 --
2. Amending of Investment Restrictions:
a. Relating to diversification of assets 5,684,462 -- 21,806
b. Relating to concentration of assets 5,684,462 -- 21,806
c. Relating to issuance of senior securities 5,684,462 -- 21,806
d. Relating to borrowing 5,684,462 -- 21,806
e. Relating to underwriting 5,684,462 -- 21,806
f. Relating to investment in real estate 5,684,462 -- 21,806
g. Relating to commodities 5,684,462 -- 21,806
h. Relating to lending 5,706,268 -- --
i. Reclassification of other restrictions as nonfundamental 5,684,462 -- 21,806
3. Reclassification of investment objectives 5,684,462 -- 21,806
4. Investment advisory agreement 6,031,279 -- 17,357
5. Dollar-based voting rights 2,411,567,264 7,638,329 179,591,823
6. Independent accountants, PricewaterhouseCoopers LLP 2,402,592,025 19,567,729 179,242,087
</TABLE>
