<PAGE> PAGE 1
000 B000000 10/31/98
000 C000000 0000894089
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 J.P. MORGAN FUNDS
001 B000000 811-7340
001 C000000 6175570700
002 A000000 60 STATE STREET SUITE 1300
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 20
007 C010100 1
007 C020100 J.P. MORGAN FEDERAL MONEY MARKET FUND
007 C030100 N
007 C010200 2
007 C020200 J.P. MORGAN SHORT TERM BOND FUND
007 C030200 N
007 C010300 3
007 C020300 J.P. MORGAN BOND FUND
007 C030300 N
007 C010400 4
007 C020400 J.P. MORGAN INTERNATIONAL EQUITY
007 C030400 N
007 C010500 5
007 C020500 J.P. MORGAN EMERGING MARKETS EQUITY FUND
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
062 A00AA00 N
062 B00AA00 0.0
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE GEORGE A. RIO
TITLE ASSISTANT 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
dated October 31,1998 for the "J.P.Morgan Bond 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> 216256
<RECEIVABLES> 327
<ASSETS-OTHER> 5
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 216588
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 303
<TOTAL-LIABILITIES> 303
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 209706
<SHARES-COMMON-STOCK> 20426
<SHARES-COMMON-PRIOR> 16244
<ACCUMULATED-NII-CURRENT> 130
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2317
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4133
<NET-ASSETS> 216285
<DIVIDEND-INCOME> 313
<INTEREST-INCOME> 12476
<OTHER-INCOME> 0
<EXPENSES-NET> 593
<NET-INVESTMENT-INCOME> 12196
<REALIZED-GAINS-CURRENT> 2386
<APPREC-INCREASE-CURRENT> 988
<NET-CHANGE-FROM-OPS> 15570
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12189
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 140085
<NUMBER-OF-SHARES-REDEEMED> 107449
<SHARES-REINVESTED> 11036
<NET-CHANGE-IN-ASSETS> 47052
<ACCUMULATED-NII-PRIOR> 72
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 15
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 593
<AVERAGE-NET-ASSETS> 198699
<PER-SHARE-NAV-BEGIN> 10.42
<PER-SHARE-NII> .65
<PER-SHARE-GAIN-APPREC> .17
<PER-SHARE-DIVIDEND> .65
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.59
<EXPENSE-RATIO> .66
<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 Short Term Bond 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> 31018
<RECEIVABLES> 36
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31054
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 70
<TOTAL-LIABILITIES> 70
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30657
<SHARES-COMMON-STOCK> 3106
<SHARES-COMMON-PRIOR> 1474
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 72
<ACCUMULATED-NET-GAINS> 148
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 251
<NET-ASSETS> 30984
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 1374
<EXPENSES-NET> 58
<NET-INVESTMENT-INCOME> 1316
<REALIZED-GAINS-CURRENT> 124
<APPREC-INCREASE-CURRENT> 238
<NET-CHANGE-FROM-OPS> 1678
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1316
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2431
<NUMBER-OF-SHARES-REDEEMED> 899
<SHARES-REINVESTED> 100
<NET-CHANGE-IN-ASSETS> 16465
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 49
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 227
<AVERAGE-NET-ASSETS> 23266
<PER-SHARE-NAV-BEGIN> 9.85
<PER-SHARE-NII> .56
<PER-SHARE-GAIN-APPREC> .13
<PER-SHARE-DIVIDEND> .56
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.98
<EXPENSE-RATIO> .50
<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 Global Strategic Income 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> 10,317
<RECEIVABLES> 41
<ASSETS-OTHER> 27
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,385
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 219
<TOTAL-LIABILITIES> 219
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,704
<SHARES-COMMON-STOCK> 1,041
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 54
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (463)
<ACCUM-APPREC-OR-DEPREC> (129)
<NET-ASSETS> 10,166
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 562
<EXPENSES-NET> 30
<NET-INVESTMENT-INCOME> 532
<REALIZED-GAINS-CURRENT> (431)
<APPREC-INCREASE-CURRENT> (129)
<NET-CHANGE-FROM-OPS> (28)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 516
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 22
<NUMBER-OF-SHARES-SOLD> 1,475
<NUMBER-OF-SHARES-REDEEMED> 471
<SHARES-REINVESTED> 38
<NET-CHANGE-IN-ASSETS> 10,732
<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> 106
<AVERAGE-NET-ASSETS> 8,671
<PER-SHARE-NAV-BEGIN> 10.21
<PER-SHARE-NII> 0.70
<PER-SHARE-GAIN-APPREC> (0.49)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.63
<RETURNS-OF-CAPITAL> 0.02
<PER-SHARE-NAV-END> 9.77
<EXPENSE-RATIO> 1.00
<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 International Equity 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> 76528
<RECEIVABLES> 12
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 76541
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69
<TOTAL-LIABILITIES> 69
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 64046
<SHARES-COMMON-STOCK> 7241
<SHARES-COMMON-PRIOR> 13371
<ACCUMULATED-NII-CURRENT> 1491
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1525
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9410
<NET-ASSETS> 76472
<DIVIDEND-INCOME> 1895
<INTEREST-INCOME> 162
<OTHER-INCOME> 0
<EXPENSES-NET> 1268
<NET-INVESTMENT-INCOME> 789
<REALIZED-GAINS-CURRENT> 2945
<APPREC-INCREASE-CURRENT> 2676
<NET-CHANGE-FROM-OPS> 6410
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4506
<DISTRIBUTIONS-OF-GAINS> 5060
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2472
<NUMBER-OF-SHARES-REDEEMED> 9272
<SHARES-REINVESTED> 670
<NET-CHANGE-IN-ASSETS> (67029)
<ACCUMULATED-NII-PRIOR> 3833
<ACCUMULATED-GAINS-PRIOR> 5082
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 9
<GROSS-EXPENSE> 1268
<AVERAGE-NET-ASSETS> 108744
<PER-SHARE-NAV-BEGIN> 10.97
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 0.14
<PER-SHARE-DIVIDEND> 0.42
<PER-SHARE-DISTRIBUTIONS> 0.47
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.56
<EXPENSE-RATIO> 1.17
<AVG-DEBT-OUTSTANDING> 247
<AVG-DEBT-PER-SHARE> 0.03
</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 10/31/98 for the J.P. Morgan Emerging Markets Equity 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> 23301
<RECEIVABLES> 122
<ASSETS-OTHER> 7
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23430
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43
<TOTAL-LIABILITIES> 43
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43127
<SHARES-COMMON-STOCK> 3743
<SHARES-COMMON-PRIOR> 4648
<ACCUMULATED-NII-CURRENT> 914
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (19193)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1461)
<NET-ASSETS> 23387
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 732
<EXPENSES-NET> 191
<NET-INVESTMENT-INCOME> 541
<REALIZED-GAINS-CURRENT> (21322)
<APPREC-INCREASE-CURRENT> 4221
<NET-CHANGE-FROM-OPS> (16560)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 315
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6068
<NUMBER-OF-SHARES-REDEEMED> 7003
<SHARES-REINVESTED> 30
<NET-CHANGE-IN-ASSETS> (22057)
<ACCUMULATED-NII-PRIOR> 49
<ACCUMULATED-GAINS-PRIOR> (1184)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 221
<AVERAGE-NET-ASSETS> 43717
<PER-SHARE-NAV-BEGIN> 9.78
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> (3.57)
<PER-SHARE-DIVIDEND> (0.08)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.25
<EXPENSE-RATIO> 1.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial dated extracted from the annual report
dated October 31, 1998 for the J.P. Morgan 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> 463,813
<RECEIVABLES> 116
<ASSETS-OTHER> 4
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 463,933
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,048
<TOTAL-LIABILITIES> 1,048
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 462,886
<SHARES-COMMON-STOCK> 462,886
<SHARES-COMMON-PRIOR> 239,073
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 462,885
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 20,080
<OTHER-INCOME> 0
<EXPENSES-NET> 845
<NET-INVESTMENT-INCOME> 19,235
<REALIZED-GAINS-CURRENT> (1)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 19,234
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 19,235
<DISTRIBUTIONS-OF-GAINS> 1
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,782,025
<NUMBER-OF-SHARES-REDEEMED> 2,570,534
<SHARES-REINVESTED> 12,322
<NET-CHANGE-IN-ASSETS> 223,811
<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> 983
<AVERAGE-NET-ASSETS> 376,159
<PER-SHARE-NAV-BEGIN> 1.000
<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> 1.000
<EXPENSE-RATIO> .43
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
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 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 2,692,335,831 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 9,283,294 1,442,631 592,167
b. Relating to concentration of assets 9,282,741 1,443,184 592,167
c. Relating to issuance of senior securities 9,283,294 1,442,631 592,167
d. Relating to borrowing 9,283,294 1,442,631 592,167
e. Relating to underwriting 9,283,294 1,442,631 592,167
f. Relating to investment in real estate 9,283,721 1,442,204 592,167
g. Relating to commodities 9,278,267 1,447,658 592,167
h. Relating to lending 9,279,675 1,446,250 592,167
Reclassification of other
restrictions as nonfundamental 9,200,042 1,525,883 592,167
3.Reclassification of investment objectives 9,047,058 1,661,772 609,261
4.Investment advisory agreement 9,464,956 1,446,130 609,261
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>
J.P. Morgan 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 2,692,335,831 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 --
1. Amending of Investment Restrictions:
a. Relating to diversification of assets 3,766,809 62,840 13,450
b. Relating to concentration of assets 3,764,753 64,874 13,475
c. Relating to issuance of senior securities 3,764,201 64,456 14,442
d. Relating to borrowing 3,763,837 65,790 13,472
e. Relating to underwriting 3,765,488 64,170 13,441
f. Relating to investment in real estate 3,760,069 69,707 13,323
g. Relating to commodities 3,765,757 63,893 13,449
h. Relating to lending 3,765,483 64,167 13,449
i. Reclassification of other restrictions as nonfundamental 3,724,303 105,093 13,703
3. Reclassification of investment objectives 3,725,479 99,466 18,153
4. Investment advisory agreement 4,026,704 63,352 17,663
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>
J.P. Morgan Global Strategic Income 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 2,692,335,831 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 --
1. Amending of Investment Restrictions:
a. Relating to diversification of assets 567,655 -- 680
b. Relating to concentration of assets 567,655 -- 680
c. Relating to issuance of senior securitie 567,655 -- 680
d. Relating to borrowing 567,655 -- 680
e. Relating to underwriting 567,655 -- 680
f. Relating to investment in real estate 567,655 -- 680
g. Relating to commodities 567,655 -- 680
h. Relating to lending 567,655 -- 680
i. Reclassification of other restrictions
as nonfundamental 567,655 -- 680
3.Reclassification of investment objectives -- -- --
4.Investment advisory agreement 570,556 -- 680
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>
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 2,692,335,831 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 --
Amending of Investment Restrictions:
a. Relating to diversification of assets 191,306,903 949,515 3,047,755
b. Relating to concentration of assets 191,169,208 1,050,353 3,084,612
c. Relating to issuance of senior securities 191,230,637 949,515 3,124,021
d. Relating to borrowing 189,673,344 2,500,664 3,130,165
e. Relating to underwriting 190,128,382 2,121,893 3,053,898
f. Relating to investment in real estate 190,938,575 1,316,000 3,049,598
g. Relating to commodities 190,851,865 1,404,553 3,047,755
h. Relating to lending 191,224,493 1,025,782 3,053,898
i. Reclassification of other restrictions as
nonfundamental 190,882,579 1,291,429 3,130,165
3. Reclassification of investment objectives 189,724,503 1,319,686 4,259,984
4. Investment advisory agreement 191,460,421 506,333 3,337,419
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>
J.P. Morgan 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 2,692,335,831 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 --
1. Amending of Investment Restrictions:
a. Relating to diversification of assets 5,088,267 185,839 113,444
b. Relating to concentration of assets 5,088,257 185,839 113,444
c .Relating to issuance of senior securities 8,088,257 185,839 113,444
d. Relating to borrowing 5,079,705 194,391 113,444
e. Relating to underwriting 5,088,257 185,839 113,444
f. Relating to investment in real estate 5,086,759 187,337 113,444
g. Relating to commodities 5,084,116 189.980 113,444
h. Relating to lending 5,084,116 189,980 113,444
i. Reclassification of other restrictions as nonfundamental 5,088,071 185,839 113,630
3. Reclassification of investment objectives 5,077,354 190,019 120,168
4. Investment advisory agreement 5,135,682 185,839 113,744
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>
J.P. Morgan 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.
<PAGE>
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 2,692,335,831 8,884,648 --
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 1,699,026 0 32,391
b. Relating to concentration of assets 1,698,097 893 32,427
c. Relating to issuance of senior securities 1,698,097 0 33,320
d. Relating to borrowing 1,698,097 893 32,427
e. Relating to underwriting 1,698,097 0 33,320
f. Relating to investment in real estate 1,699,026 0 32,391
g. Relating to commodities 1,699,026 0 32,391
h. Relating to lending 1,698,097 0 33,320
i. Reclassification of other restrictions
as nonfundamental 1,698,097 0 33,320
3. Reclassification of investment objectives 1,694,444 3,617 33,356
4. Investment advisory agreement 1,766,890 893 31,821
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>
