<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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010 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
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010 C01AA02 NEW YORK
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010 C03AA02 10036
010 A00AA03 PIERPONT GROUP, INC.
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<PAGE> PAGE 4
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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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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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SIGNATURE GEOGRE A. RIO
TITLE TREASURER
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
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</LEGEND>
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<ACCUM-APPREC-OR-DEPREC> (2510)
<NET-ASSETS> 201366
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 891
<EXPENSES-NET> 370
<NET-INVESTMENT-INCOME> 521
<REALIZED-GAINS-CURRENT> (19037)
<APPREC-INCREASE-CURRENT> (25197)
<NET-CHANGE-FROM-OPS> (43713)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 376
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 37716
<NUMBER-OF-SHARES-REDEEMED> 54356
<SHARES-REINVESTED> 292
<NET-CHANGE-IN-ASSETS> 60437
<ACCUMULATED-NII-PRIOR> 78
<ACCUMULATED-GAINS-PRIOR> 22790
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 371
<AVERAGE-NET-ASSETS> 217993
<PER-SHARE-NAV-BEGIN> 27.68
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> (4.46)
<PER-SHARE-DIVIDEND> (.04)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.24
<EXPENSE-RATIO> 1.03
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] NOV-30-1998
[PERIOD-END] NOV-30-1998
[INVESTMENTS-AT-COST] 3464283
[INVESTMENTS-AT-VALUE] 3464283
[RECEIVABLES] 1252
[ASSETS-OTHER] 26
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 3465561
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 6927
[TOTAL-LIABILITIES] 6927
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 3458896
[SHARES-COMMON-STOCK] 3458886
[SHARES-COMMON-PRIOR] 1388102
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (53)
[OVERDISTRIBUTION-GAINS] (209)
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 3458634
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 132587
[OTHER-INCOME] 0
[EXPENSES-NET] 795
[NET-INVESTMENT-INCOME] 131792
[REALIZED-GAINS-CURRENT] (19)
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 131773
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 131715
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 25120216
[NUMBER-OF-SHARES-REDEEMED] 23125439
[SHARES-REINVESTED] 76007
[NET-CHANGE-IN-ASSETS] 2070842
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (34)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] (286)
[GROSS-ADVISORY-FEES] 0
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3366
[AVERAGE-NET-ASSETS] 2417137
[PER-SHARE-NAV-BEGIN] 1
[PER-SHARE-NII] .055
[PER-SHARE-GAIN-APPREC] 0
[PER-SHARE-DIVIDEND] .055
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 1
[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 November 30, 1998 for the J.P. Morgan Institutional Service Prime Money
Market Fund and is qualified in its entirety by reference to suck annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 418834
<RECEIVABLES> 1865
<ASSETS-OTHER> 41
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 420740
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 331
<TOTAL-LIABILITIES> 331
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 290025
<SHARES-COMMON-STOCK> 15770
<SHARES-COMMON-PRIOR> 17467
<ACCUMULATED-NII-CURRENT> 1036
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 71793
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 57555
<NET-ASSETS> 420409
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 2335
<EXPENSES-NET> 656
<NET-INVESTMENT-INCOME> 1679
<REALIZED-GAINS-CURRENT> 22796
<APPREC-INCREASE-CURRENT> (12054)
<NET-CHANGE-FROM-OPS> 12422
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1223
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1658955
<NUMBER-OF-SHARES-REDEEMED> 3400499
<SHARES-REINVESTED> 44
<NET-CHANGE-IN-ASSETS> (27735)
<ACCUMULATED-NII-PRIOR> 579
<ACCUMULATED-GAINS-PRIOR> 48997
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 656
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 25.66
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 0.97
<PER-SHARE-DIVIDEND> 0.07
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 26.66
<EXPENSE-RATIO> 0.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] NOV-30-1998
[PERIOD-END] NOV-30-1998
[INVESTMENTS-AT-COST] 472575
[INVESTMENTS-AT-VALUE] 472575
[RECEIVABLES] 162
[ASSETS-OTHER] 12
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 472749
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1886
[TOTAL-LIABILITIES] 1886
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 470866
[SHARES-COMMON-STOCK] 470868
[SHARES-COMMON-PRIOR] 384
[ACCUMULATED-NII-CURRENT] 2
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (5)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 470863
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 17896
[OTHER-INCOME] 0
[EXPENSES-NET] 931
[NET-INVESTMENT-INCOME] 16965
[REALIZED-GAINS-CURRENT] (5)
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 16960
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 16965
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2428915
[NUMBER-OF-SHARES-REDEEMED] 1960200
[SHARES-REINVESTED] 1769
[NET-CHANGE-IN-ASSETS] 470479
[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] 1307
[AVERAGE-NET-ASSETS] 328159
[PER-SHARE-NAV-BEGIN] 1
[PER-SHARE-NII] .052
[PER-SHARE-GAIN-APPREC] 0
[PER-SHARE-DIVIDEND] .052
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] (2)
[PER-SHARE-NAV-END] 1
[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 November 30, 1998 for the J.P. Morgan Institutional International Opportunties
and is qualified in its entirety by reference to such annual report.
report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 322991
<RECEIVABLES> 1129
<ASSETS-OTHER> 11
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 324131
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 213
<TOTAL-LIABILITIES> 213
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 341217
<SHARES-COMMON-STOCK> 32054
<SHARES-COMMON-PRIOR> 21257
<ACCUMULATED-NII-CURRENT> 6789
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (33957)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9869
<NET-ASSETS> 323918
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 4783
<EXPENSES-NET> 561
<NET-INVESTMENT-INCOME> 4222
<REALIZED-GAINS-CURRENT> (26884)
<APPREC-INCREASE-CURRENT> 17184
<NET-CHANGE-FROM-OPS> (5780)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2838
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 27279
<NUMBER-OF-SHARES-REDEEMED> 16572
<SHARES-REINVESTED> 90
<NET-CHANGE-IN-ASSETS> 112689
<ACCUMULATED-NII-PRIOR> 1906
<ACCUMULATED-GAINS-PRIOR> (3579)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 9
<GROSS-EXPENSE> 670
<AVERAGE-NET-ASSETS> 373884
<PER-SHARE-NAV-BEGIN> 9.94
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> .05
<PER-SHARE-DIVIDEND> .10
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.11
<EXPENSE-RATIO> 0.99
<AVG-DEBT-OUTSTANDING> 162192
<AVG-DEBT-PER-SHARE> .005
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated 11/30/98 for the J.P. Morgan Institutional European Equity Fund and is
qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 12371
<RECEIVABLES> 22
<ASSETS-OTHER> 78
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12471
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32
<TOTAL-LIABILITIES> 32
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12346
<SHARES-COMMON-STOCK> 845
<SHARES-COMMON-PRIOR> 810
<ACCUMULATED-NII-CURRENT> 161
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (155)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 87
<NET-ASSETS> 12439
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 206
<EXPENSES-NET> 24
<NET-INVESTMENT-INCOME> 182
<REALIZED-GAINS-CURRENT> (156)
<APPREC-INCREASE-CURRENT> (206)
<NET-CHANGE-FROM-OPS> (180)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1003
<NUMBER-OF-SHARES-REDEEMED> 968
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2265
<ACCUMULATED-NII-PRIOR> (4)
<ACCUMULATED-GAINS-PRIOR> (1593)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 89
<AVERAGE-NET-ASSETS> 15000
<PER-SHARE-NAV-BEGIN> 12.56
<PER-SHARE-NII> .2
<PER-SHARE-GAIN-APPREC> 1.97
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.73
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
To the Shareholders and Trustees of
J.P. Morgan Institutional Prime Money Market Fund
J.P. Morgan Institutional Service Prime Money Market Fund
J.P. Morgan Institutional International Opportunities Fund
(2)
J.P. Morgan Institutional European Equity Fund
Report of Independent Accountants
To the Shareholders and Trustees of
J.P. Morgan Institutional Prime Money Market Fund
J.P. Morgan Institutional Service Prime Money Market Fund
J.P. Morgan Institutional International Opportunities Fund
J.P. Morgan Institutional European Equity Fund
In planning and performing our audit of the financial statements of J.P. Morgan
Institutional Prime Money Market Fund, J.P. Morgan Institutional Service Prime
Money Market Fund and J.P. Morgan Institutional International Opportunities Fund
for the year ended November 30, 1998 and J.P. Morgan Institutional European
Equity Fund (the "Funds") for the period ended November 30, 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
November 30, 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.
PricewaterhouseCoopers LLP
January 19, 1999
Report of Independent Accountants
To the Board of Directors and Shareholders of
J.P. Morgan Institutional Service Prime Money Market Fund
In our opinion, the accompanying statement of assets and liabilities and the
related statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
J.P. Morgan Institutional Service Prime Money Market Fund (one of the series
constituting part of The J.P. Morgan Institutional Funds, hereafter referred to
as the "Fund") at November 30, 1998, and the results of its operations for the
year ended and the changes in its net assets and the financial highlights for
the period October 23, 1997 (commencement of operations) to November 30, 1998,
in conformity with accounting principles generally accepted in the United States
of America. These financial statements and financial highlights (hereafter
referred to as "financial statements") are the responsibility of the Fund's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with generally accepted auditing standards which
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for the opinion expressed above.
/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
New York, New York
January 19, 1999
<PAGE>
The Prime Money Market Portfolio
Annual Report November 30, 1998
(The following pages should be read in conjunction
with J.P. Morgan Institutional Service Prime Money Market Fund.
Annual Financial Statements)
J.P. Morgan Institutional Prime 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:
Directors/Matter
<TABLE>
<S> <C> <C> <C>
Votes for Votes against Abstentions
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 --
1. Amending of Investment Restrictions:
a. Relating to diversification of assets 1,001,365,158 37,478,178 120,867,833
b. Relating to concentration of assets 1,000,652,522 38,191,008 120,867,639
c. Relating to issuance of senior securities 1,001,365,158 37,478,178 120,867,833
d. Relating to borrowing 1,001,244,590 37,598,746 120,867,833
e. Relating to underwriting 1,001,365,158 37,478,178 120,867,833
f. Relating to investment in real estate 1,000,652,329 38,191,008 120,867,832
g. Relating to commodities 1,001,365,158 37,478,178 120,867,833
h. Relating to lending 1,001,244,590 37,598,746 120,867,833
i. Reclassification of other restrictions as nonfundamental 1,000,653,683 38,189,654 120,867,832
3. Reclassification of investment objectives 1,007,476,198 31,369,103 120865,869
4. Investment advisory agreement 1,032,611,822 31,369,103 120,865,869
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 European 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:
Directors/Matter
<TABLE>
<C> <S> <S> <S>
Votes for Votes against Abstentions
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 613,562 -- --
b. Relating to concentration of assets 613,562 -- --
c. Relating to issuance of senior securities 613,562 -- --
d. Relating to borrowing 613,562 -- --
e. Relating to underwriting 613,562 -- --
f. Relating to investment in real estate 613,562 -- --
g. Relating to commodities 613,562 -- --
h. Relating to lending 613,562 -- --
i. Reclassification of other restrictions as
nonfundamental 613,562 -- --
3. Reclassification of investment objectives 613,562 -- --
4. Investment advisory agreement 615,737 -- --
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 Opportunities 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:
Directors/Matter
<TABLE>
<C> <S> <S> <S>
Votes for Votes against Abstentions
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 29,071,037 -- --
b. Relating to concentration of assets 29,071,037 -- --
c. Relating to issuance of senior securities 29,071,037 -- --
d. Relating to borrowing 28,973,516 97,521 --
e. Relating to underwriting 29,071,037 -- --
f. Relating to investment in real estate 28,898,754 172,283 --
g. Relating to commodities 28,898,754 172,283 --
h. Relating to lending 28,801,233 269,804 --
i. Reclassification of other restrictions as
nonfundamental 29,071,037 -- --
3. Reclassification of investment objectives -- -- --
4. Investment advisory agreement 29,262,746 -- 97,521
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>
