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<PAGE> PAGE 2
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SIGNATURE GEORGE E.RIO
TITLE ASSISTANT TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<LEGEND>
This schedule contains summary financial data extracted from the "annual" report
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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This schedule contains summary financial data extracted from the annual report
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<PER-SHARE-NAV-BEGIN> 9.86
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> (3.44)
<PER-SHARE-DIVIDEND> (0.13)
<PER-SHARE-DISTRIBUTIONS> (0.52)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 5.91
<EXPENSE-RATIO> 1.46
<AVG-DEBT-OUTSTANDING> 1500
<AVG-DEBT-PER-SHARE> 0.06
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated October 31, 1998 for the J.P. Morgan Institutional Federal money Market
Fund and is qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 970,198
<RECEIVABLES> 387
<ASSETS-OTHER> 6
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 970,591
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 718
<TOTAL-LIABILITIES> 718
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 969,873
<SHARES-COMMON-STOCK> 969,874
<SHARES-COMMON-PRIOR> 137,308
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 969,873
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 28,202
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 28,202
<REALIZED-GAINS-CURRENT> 1
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 28,203
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 28,202
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,665,332
<NUMBER-OF-SHARES-REDEEMED> 2,856,975
<SHARES-REINVESTED> 24,210
<NET-CHANGE-IN-ASSETS> 832,567
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 876
<AVERAGE-NET-ASSETS> 530,875
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .054
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .054
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated October 31, 1998 for the J.P. Morgan Institutional Treasury Money Market
Fund and is qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 231717
<RECEIVABLES> 52
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 231778
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 459
<TOTAL-LIABILITIES> 459
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 231326
<SHARES-COMMON-STOCK> 231326
<SHARES-COMMON-PRIOR> 80922
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 231319
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 9595
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 9595
<REALIZED-GAINS-CURRENT> (7)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9588
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9595
<DISTRIBUTIONS-OF-GAINS> 2
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1553927
<NUMBER-OF-SHARES-REDEEMED> 5208
<SHARES-REINVESTED> 1408731
<NET-CHANGE-IN-ASSETS> 150395
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 297
<AVERAGE-NET-ASSETS> 178835
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .054
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .054
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .11
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains financial data extracted from the "annual" report dated
"October 31,1998" for the "J.P Morgan Institutional Bond Fund-Ultra" and is
qualified in its entirety by reference to such "annual" report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 128539
<RECEIVABLES> 53
<ASSETS-OTHER> 10
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 128602
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 352
<TOTAL-LIABILITIES> 352
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 127451
<SHARES-COMMON-STOCK> 12604
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 263
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 148
<ACCUM-APPREC-OR-DEPREC> 1209
<NET-ASSETS> 128250
<DIVIDEND-INCOME> 94
<INTEREST-INCOME> 3854
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 3948
<REALIZED-GAINS-CURRENT> (439)
<APPREC-INCREASE-CURRENT> 1209
<NET-CHANGE-FROM-OPS> 4718
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3920
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 127389
<NUMBER-OF-SHARES-REDEEMED> 1550
<SHARES-REINVESTED> 1612
<NET-CHANGE-IN-ASSETS> 128250
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 145
<AVERAGE-NET-ASSETS> 71732
<PER-SHARE-NAV-BEGIN> 10.03
<PER-SHARE-NII> .54
<PER-SHARE-GAIN-APPREC> .16
<PER-SHARE-DIVIDEND> .56
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.17
<EXPENSE-RATIO> .37
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated October 31, 1998 for the J.P Morgan Istitutional Service Federal Money
Market Fund and is qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 29,565
<RECEIVABLES> 22
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29,596
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 137
<TOTAL-LIABILITIES> 137
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,459
<SHARES-COMMON-STOCK> 29,459
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 29,459
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 595
<OTHER-INCOME> 0
<EXPENSES-NET> 28
<NET-INVESTMENT-INCOME> 567
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 567
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 567
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 176,100
<NUMBER-OF-SHARES-REDEEMED> 146,827
<SHARES-REINVESTED> 187
<NET-CHANGE-IN-ASSETS> 29,459
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 121
<AVERAGE-NET-ASSETS> 11,320
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .052
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .052
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated October 31, 1998 for the J.P. Morgan Institutional Service Treasury Money
Market Fund and is qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 473330
<RECEIVABLES> 95
<ASSETS-OTHER> 12
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 473437
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2158
<TOTAL-LIABILITIES> 2158
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 471283
<SHARES-COMMON-STOCK> 471283
<SHARES-COMMON-PRIOR> 35982
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 471279
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 19332
<EXPENSES-NET> 901
<NET-INVESTMENT-INCOME> 18431
<REALIZED-GAINS-CURRENT> (4)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 18427
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 18431
<DISTRIBUTIONS-OF-GAINS> 1
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4249895
<NUMBER-OF-SHARES-REDEEMED> 3815269
<SHARES-REINVESTED> 675
<NET-CHANGE-IN-ASSETS> 435296
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1405
<AVERAGE-NET-ASSETS> 360672
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .051
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .051
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .37
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
J.P. Morgan Institutional Bond Ultra Fund
Supplemental Proxy Information
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 non fundamental.
3. To approve the reclassification of the Fund's investment objective from
fundamental to non fundamental.
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>
<CAPTION>
Directors/Matter Votes for Votes against Abstentions
<S> <C> <C> <C>
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 3,721,121 0 0
b. Relating to concentration of assets 3,721,121 0 0
c. Relating to issuance of senior securities 3,721,121 0 0
d. Relating to borrowing 3,721,121 0 0
e. Relating to underwriting 3,721,121 0 0
f. Relating to investment in real estate 3,721,121 0 0
g. Relating to commodities 3,721,121 0 0
h. Relating to lending 3,721,121 0 0
i. Reclassification of other restrictions as
non fundamental 3,721,121 0 0
3. Reclassification of investment objectives 3,721,121 0 0
4. Investment advisory agreement 3,721,121 0 0
5. Dollar-based voting rights 2,411,567,264 7,638,329 79,591,823
6. Independent accountants,
PricewaterhouseCoopers LLP 2,402,592,025 19,567,729 179,242,087
</TABLE>
Report of Independent Accountants
To the Shareholders and Trustees of
J.P. Morgan Institutional Federal Money Market Fund
J.P. Morgan Institutional Service Federal Money Market Fund
J.P. Morgan Institutional Treasury Money Market Fund
J.P. Morgan Institutional Service Treasury Money Market Fund
J.P. Morgan Institutional Short Term Bond Fund
J.P. Morgan Institutional Bond Fund
J.P. Morgan Institutional Bond Fund - Ultra
J.P. Morgan Institutional International Equity Fund
J.P. Morgan Institutional Emerging Markets Equity Fund and
J.P. Morgan Institutional Global Strategic Income Fund
In planning and performing our audit of the financial statements of J.P. Morgan
Institutional Federal Money Market Fund, J.P. Morgan Institutional Treasury
Money Market Fund, J.P. Morgan Institutional Service Treasury Money Market Fund,
J.P. Morgan Institutional Short Term Bond Fund, J.P. Morgan Institutional Bond
Fund, J.P. Morgan Institutional International Equity Fund, J.P. Morgan
Institutional Emerging Markets Equity Fund and J.P. Morgan Institutional Global
Strategic Income Fund for the year ended October 31, 1998, J.P. Morgan
Institutional Service Federal Money Market Fund for the period November 5, 1997
(commencement of operations) through October 31, 1998, and J.P. Morgan
Institutional Bond Fund - Ultra (the "Funds") for the period December 15, 1997
(commencement of operations) through October 31, 1998, we considered their
internal control, including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1998.
This report is intended solely for the information and use of management and the
Trustees of the Funds and the Securities and Exchange Commission.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
December 17, 1998
Report of Independent Accountants
To the Shareholders and Trustees of
J.P. Morgan Federal Money Market Fund
J.P. Morgan Short Term Bond Fund
J.P. Morgan Bond Fund
J.P. Morgan International Equity Fund
J.P. Morgan Emerging Markets Equity Fund and
J.P. Morgan Global Strategic Income Fund
In planning and performing our audit of the financial statements of J.P.
Morgan Federal Money Market Fund, J.P. Morgan Short Term Bond Fund, J.P. Morgan
Bond Fund, J.P. Morgan International Equity Fund, J.P. Morgan Emerging Markets
Equity Fund and J.P. Morgan Global Strategic Income Fund (the "Funds") for the
year ended October 31, 1998, we considered their internal control, including
control activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1998.
This report is intended solely for the information and use of management and the
Trustees of the Funds and the Securities and Exchange Commission.
/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
December 17, 1998
J.P. Morgan Institutional Emerging Markets Equity Fund
Supplemental Proxy Information
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>
<CAPTION>
Directors/Matter Votes for Votes against Abstentions
<S> <C> <C> <C>
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 14,575,372 1,685,037 54,589
b. Relating to concentration of assets 14,575,653 1,687,357 51,988
c. Relating to issuance of senior securities 14,578,058 1,687,357 49,583
d. Relating to borrowing 14,120,833 2,126,350 67,815
e. Relating to underwriting 14,085,847 2,126,350 102,801
f. Relating to investment in real estate 14,127,286 2,125,053 62,659
g. Relating to commodities 14,577,033 1,687,628 50,337
h. Relating to lending 14,574,081 1,687,628 53,566
i. Reclassification of other restrictions as nonfundamental 14,122,563 2,127,372 65,063
3. Reclassification of investment objectives 14,139,935 2,127,527 47,536
4. Investment advisory agreement 15,769,298 1,694,143 44,388
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>
J.P. Morgan Institutional Bond Fund
Supplemental Proxy Information
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 non fundamental.
3. To approve the reclassification of the Fund's investment objective from
fundamental to non fundamental.
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>
<CAPTION>
Directors/Matter Votes for Votes against Abstentions
<S> <C> <C> <C>
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 45,089,408 0 6,422,126
b. Relating to concentration of assets 45,089,408 0 6,422,126
c. Relating to issuance of senior securities 43,574,740 0 7,936,794
d. Relating to borrowing 43,350,172 224,568 7,936,794
e. Relating to underwriting 45,089,415 0 6,422,119
f. Relating to investment in real estate 43,574,740 1,514,675 6,422,119
g. Relating to commodities 43,574,740 1,514,675 6,422,119
h. Relating to lending 43,350,172 1,739,243 6,422,119
i. Reclassification of other restrictions
as non fundamental 43,468,743 1,620,672 6,422,119
3. Reclassification of investment objectives 41,816,874 1,758,019 7,936,640
4. Investment advisory agreement 43,557,551 0 8,134,229
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>
J.P. Morgan Institutional International Equity Fund
Supplemental Proxy Information
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>
<CAPTION>
Directors/Matter Votes for Votes against Abstentions
<S> <C> <C> <C>
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 21,73,017 82,725 1,170,252
b. Relating to concentration of assets 21,173,017 82,725 1,170,252
c .Relating to issuance of senior securities 21,173,017 82,725 1,170,252
d. Relating to borrowing 21,173,017 82,725 1,170,252
e. Relating to underwriting 21,173,017 87,725 1,170,252
f. Relating to investment in real estate 21,173,017 82,725 1,170,252
g. Relating to commodities 21,255,742 0 1,170,252
h. Relating to lending 21,228,584 27,158 1,170,252
i. Reclassification of other restrictions as nonfundamental 21,255,742 0 1,170,252
3. Reclassification of investment objectives 21,027,404 228,325 1,170,265
4. Investment advisory agreement 21,395,427 0 1,163,739
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>
J.P. Morgan Institutional Short Term Bond Fund
Supplemental Proxy Information
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>
<CAPTION>
Directors/Matter Votes for Votes against Abstentions
<S> <C> <C> <C>
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 4,434,997 0 0
b. Relating to concentration of assets 4,434,997 0 0
c. Relating to issuance of senior securities 4,434,997 0 0
d. Relating to borrowing 4,434,997 0 0
e. Relating to underwriting 4,434,997 0 0
f. Relating to investment in real estate 4,434,997 0 0
g. Relating to commodities 4,434,997 0 0
h. Relating to lending 4,434,997 0 0
i. Reclassification of other restrictions
as nonfundamental 4,434,997 0 0
3 .Reclassification of investment objectives 4,434,997 0 0
4. Investment advisory agreement 4,488,493 0 0
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>
J.P. Morgan Institutional Federal Money Market Fund
Supplemental Proxy Information
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>
<CAPTION>
Directors/Matter Votes for Votes against Abstentions
<S> <C> <C> <C>
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 --
Amending of Investment Restrictions:
a. Relating to diversification of assets 362,797,393 0 51,747,410
b. Relating to concentration of assets 362,797,393 0 51,747,410
c. Relating to issuance of senior securities 362,797,393 0 51,747,410
d. Relating to borrowing 362,797,393 0 51,747,410
e. Relating to underwriting 362,797,393 0 51,747,410
f. Relating to investment in real estate 362,787,393 0 51,757,410
g. Relating to commodities 362,787,393 0 51,757,410
h. Relating to lending 362,787,368 0 51,757,435
i. Reclassification of other restrictions
as nonfundamental 362,787,393 0 51,757,410
3. Reclassification of investment objectives 335,516,679 30,018,125 49,010,000
4. Investment advisory agreement 365,534,804 0 49,010,000
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>
J.P. Morgan Institutional Treasury Money Market Fund
Supplemental Proxy Information
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>
<CAPTION>
Directors/Matter Votes for Votes against Abstentions
<S> <C> <C> <C>
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 37,158,422 0 0
b. Relating to concentration of assets 37,158,422 0 0
c. Relating to issuance of senior securities 37,158,422 0 0
d. Relating to borrowing 37,158,422 0 0
e. Relating to underwriting 37,158,422 0 0
f. Relating to investment in real estate 37,158,422 0 0
g. Relating to commodities 37,158,422 0 0
h. Relating to lending 37,158,422 0 0
i. Reclassification of other restrictions as
nonfundamental 37,158,422 0 0
3. Reclassification of investment objectives N/A N/A N/A
4. Investment advisory agreement 37,158,422 0 0
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>
J. P. Morgan Institutional Service Federal Money Market Fund
Supplemental Proxy Information
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>
<CAPTION>
Directors/Matter Votes for Votes against Abstentions
<S> <C> <C> <C>
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 ----
Amending of Investment Restrictions:
a. Relating to diversification of assets 10 0 0
b. Relating to concentration of assets 10 0 0
c. Relating to issuance of senior securities 10 0 0
d. Relating to borrowing 10 0 0
e. Relating to underwriting 10 0 0
f. Relating to investment in real estate 10 0 0
g. Relating to commodities 10 0 0
h. Relating to lending 10 0 0
i. Reclassification of other restrictions as 10 0 0
nonfundamental
3. Reclassification of investment objectives 10 0 0
4. Investment advisory agreement 10 0 0
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>
J. P. Morgan Money Market Fund
Supplemental Proxy Information
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>
<CAPTION>
Directors/Matter Votes for Votes against Abstentions
<S> <C> <C> <C>
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 --
Amending of Investment Restrictions:
a. Relating to diversification of assets 286,646,379 0 0
b. Relating to concentration of assets 286,646,379 0 0
c. Relating to issuance of senior securities 286,646,379 0 0
d. Relating to borrowing 286,646,379 0 0
e. Relating to underwriting 286,646,379 0 0
f. Relating to investment in real estate 286,646,379 0 0
g. Relating to commodities 286,646,379 0 0
h. Relating to lending 286,646,379 0 0
i. Reclassification of other restrictions as
nonfundamental 286,646,379 0 0
3. Reclassification of investment objectives N/A N/A N/A
4. Investment advisory agreement 286,646,379 0 0
5. Dollar-based voting rights 2,411,567,26 7,638,329 179,591,823
6. Independent accountants,
PricewaterhouseCoopers LLP 2,402,592,02 19,567,729 179,242,087
</TABLE>
J.P. Morgan Institutional Global Strategic Income 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>
<CAPTION>
Directors/Matter Votes for Votes against Abstentions
<S> <C> <C> <C>
1. Frederick S. Addy 2,592,561,591 8,840,251 --
William G. Burn 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 10,694,749 10,481 50,650
b. Relating to concentration of assets 10,652,746 52,101 51,033
c. Relating to issuance of senior securities 10,692,462 11,218 52,200
d. Relating to borrowing 10,694,012 11,218 50,650
e. Relating to underwriting 10,693,628 11,602 50,650
f. Relating to investment in real estate 10,694,749 10,481 50,650
g. Relating to commodities 10,675,820 23,589 56,741
h. Relating to lending 10,677,426 26,640 51,814
i. Reclassification of other restrictions as
nonfundamental 10,694,012 11,218 50,650
3.Reclassification of investment objectives -- -- --
4.Investment advisory agreement 10,773,671 11,410 50,442
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>
