FORM OF PROXY

Preliminary Proxy Material


                                J.P. MORGAN FUNDS

                    J.P. MORGAN GLOBAL STRATEGIC INCOME FUND

      This proxy is solicited on behalf of the Board of Trustees of J.P. Morgan
Funds for the Special Meeting of the Shareholders to be held on July 3, 2001.

      The undersigned hereby appoints ___, ___ AND ___, and each of them,
attorneys and proxies for the undersigned, with full power of substitution, and
revocation to represent the undersigned and to vote on behalf of the undersigned
all shares of J.P. Morgan Global Strategic Income Fund which the undersigned is
entitled to vote at the Special Meeting of Shareholders to be held at
_____________________________________ on July 3, 2001, at 9:00 a.m., and at any
adjournments thereof. The undersigned hereby acknowledges receipt of the Notice
of the Special Meeting of Shareholders and hereby instructs said attorneys and
proxies to vote said shares as indicated hereon. In their discretion, the
proxies are authorized to vote upon such other business as may properly come
before the Special Meeting of Shareholders in person or by substitute (or, if
only one shall be so present, then that one) shall have and may exercise all of
the power and authority of said proxies hereunder. The undersigned hereby
revokes any proxy previously given.

      NOTE: Please sign exactly as your name appears on this proxy. If joint
owners, EITHER may sign this proxy. When signing as attorney, executor,
administrator, trustee, guardian or corporate officer, please give your full
title.

      DATE ------------  ---, ------

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      Signature(s), Title(s) (if applicable)

      PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE OR YOU CAN
VOTE BY CALLING _______________.



                                J.P. MORGAN FUNDS

                    J.P. MORGAN GLOBAL STRATEGIC INCOME FUND


      PLEASE INDICATE YOUR VOTE BY AN "X" ON THE APPROPRIATE LINE BELOW.

      This proxy, if properly executed, will be voted in the manner directed by
the shareholder.

      IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR EACH PROPOSAL.

      Please refer to the Combined Prospectus/Proxy Statement for a discussion
of each Proposal.

      THE BOARD OF TRUSTEES UNANIMOUSLY RECOMMENDS A VOTE "FOR" EACH FOLLOWING
PROPOSAL.

      Proposal 1: To approve or disapprove of the Reorganization.

      For_____    Against_____    Abstain_____



      Proposal 2: To approve or disapprove the election of each of the Nominees.

            For_____    Against_____            Abstain_____

      To withhold authority to vote for any individual Nominee, write that
Nominee's name here: