NOTES TO PRO FORMA FINANCIAL STATEMENTS
1. BASIS OF COMBINATION:
The Pro Forma Combining Statement of Assets and Liabilities, Statement of Operations and Schedule of
Investments ("Pro Forma Statements") reflect the accounts of The Federal Money Market Portfolio ("Master
Portfolio"), J.P. Morgan Federal Money Market Fund ("Federal Money Market Fund"), J.P. Morgan
Institutional Service Federal Money Market Fund ("Institutional Service") and J.P. Morgan Institutional Money
Market Fund ("Institutional"), (collectively the "feeder funds" of the Master Portfolio) and JPMorgan Federal
Money Market Fund II ("JPMFMF") as if the proposed Concurrent Reorganization occurred as of and for the
twelve months ended February 28, 2001.
Under the Concurrent Reorganization, the Pro Forma Statements give effect to the proposed transfer of all assets
and liabilities of the Master Portfolio and the feeder funds in exchange for shares in JPMFMF. The Pro Forma
Statements should be read in conjunction with the historical financial statements of each Fund, which have been
incorporated by reference in their respective Statements of Additional Information.
2. SHARES OF BENEFICIAL INTEREST:
Immediately prior to the Concurrent Reorganization, JPMFMF would commence offering Institutional Shares.
The net asset value per share for the Institutional Shares at the commencement of offering would be identical to
the closing net asset value per share for the Premier Shares immediately prior to Concurrent Reorganization.
Under the Concurrent Reorganization, the existing shares of the Federal Money Market Fund and Institutional
Service Fund would be renamed Premier Class Shares and the Institutional Fund would be renamed Institutional
Class Shares. The net asset values per share for the Premier and Institutional Class Shares at the commencement
of offering would be identical to the closing net asset value per share for the Premier Shares immediately prior to
the Reorganization. In addition, the Chase Vista and Re