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007 C020900 THE JPM INSTITUTIONAL DIVERSIFIED FUND
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010 A00AA01 SIGNATURE BROKER DEALER SERVICES INC.
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02116
011 A00AA01 SIGNATURE BROKER DEALER SERVICES INC.
011 B00AA01 8-41134
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02116
012 A00AA01 STATE STREET BANK & TRUST
012 B00AA01 85-50003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02101
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10020
014 A00AA01 JP MORGAN SECURITIES
014 B00AA01 8-99999999
015 A00AA01 STATE STREET BANK & TRUST
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SIGNATURE DANIEL E. SHEA
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE JUNE 30, 1995
ANNUAL REPORT FOR THE JPM DIVERSIFIED FUND AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH ANNUAL REPORT.
</LEGEND>
<CIK>0000894088
<NAME> THE JPM INSTITUTIONAL FUNDS
<SERIES>
<NUMBER>9
<NAME> THE JPM DIVERSIFIED FUND
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 164,669,691
<RECEIVABLES> 207,591
<ASSETS-OTHER> 31,360
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<TOTAL-ASSETS> 164,908,642
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<OTHER-ITEMS-LIABILITIES> 53,791
<TOTAL-LIABILITIES> 53,791
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 148,338,007
<SHARES-COMMON-STOCK> 14,642,108
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2,371,590
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 164,854,851
<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 3,927,917
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<DISTRIBUTIONS-OF-GAINS> 384,123
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> 1,078,435
<SHARES-REINVESTED> 243,338
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<ACCUMULATED-NII-PRIOR> 0
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</TABLE>
August 28, 1995
To the Trustees of
The JPM Institutional Diversified Fund
In planning and performing our audit of the financial statements of The JPM
Institutional Diversified Fund (the "Fund") for the year ended June 30, 1995, we
considered its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purposes of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the internal control
structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are appropriately
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities 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 the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
June 30, 1995.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/PRICE WATERHOUSE LLP
PRICE WATERHOUSE LLP
