<PAGE> PAGE 1
000 A000000 09/30/98
000 C000000 894089
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007 C022000 J.P. MORGAN NEW YORK TAX EXEMPT BOND FUND
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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.
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012 B00AA02 85-9999999
012 C01AA02 NEW YORK
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013 B01AA01 NEW YORK
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<PAGE> PAGE 4
014 A00AA04 BOSTON INSTITUTIONAL SERVICES INC
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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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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 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> 99691
<RECEIVABLES> 777
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 10
<TOTAL-ASSETS> 100479
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 149
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 95369
<SHARES-COMMON-STOCK> 9246
<SHARES-COMMON-PRIOR> 8016
<ACCUMULATED-NII-CURRENT> 21
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 956
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3984
<NET-ASSETS> 100300
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 2007
<EXPENSES-NET> 143
<NET-INVESTMENT-INCOME> 1864
<REALIZED-GAINS-CURRENT> 812
<APPREC-INCREASE-CURRENT> 1215
<NET-CHANGE-FROM-OPS> 3891
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1864
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1980
<NUMBER-OF-SHARES-REDEEMED> 883
<SHARES-REINVESTED> 133
<NET-CHANGE-IN-ASSETS> 15170
<ACCUMULATED-NII-PRIOR> 21
<ACCUMULATED-GAINS-PRIOR> 144
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 159
<AVERAGE-NET-ASSETS> 90789
<PER-SHARE-NAV-BEGIN> 10.62
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> .23
<PER-SHARE-DIVIDEND> .22
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> .007
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</TABLE>
J.P. Morgan 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 2,692,335,831 18,884,648 --
William G. Burns 2,692,395,937 18,824,542 --
Arthur C. Eschenlauer 2,691,798,990 19,421,489 --
Matthew Healey 2,692,393,425 18,827,054 --
Michael P. Mallardi 2,692,488,290 18,732,189 --
2. Amending of Investment Restrictions:
a. Relating to diversification of assets 5,122,704 17,833 16,606
b. Relating to concentration of assets 5,116,956 23,581 16,606
c. Relating to issuance of senior securities 5,122,704 17,833 16,606
d. Relating to borrowing 5,122,704 17,833 16,606
e. Relating to underwriting 5,122,704 17,833 16,606
f. Relating to investment in real estate 5,122,704 17,833 16,606
g. Relating to commodities 5,122,704 17,833 16,606
h. Relating to lending 5,122,704 17,833 16,606
i. Reclassification of other restrictions as nonfundamental 5,066,604 73,933 16,606
3. Reclassification of investment objectives 5,047,710 92,827 16,606
4. Investment advisory agreement 5,118,145 9,457 32,364
5. Dollar-based voting rights 2,645,059,081 16,807,551 47,376,755
6. Independent accountants, PricewaterhouseCoopers LLP 2,682,031,391 4,303,418 24,885,671
</TABLE>
