000 B000000 09/30/95
000 C000000 0000894088
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE JPM INSTITUTIONAL FUNDS
001 B000000 811-7342
001 C000000 6174230800
002 A000000 6 ST JAMES AVENUE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02116
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 14
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C021400 THE INTERNATIONAL BOND FUND
007 C031400 N
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
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 8-8-41134
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02116
012 A00AA01 STATE STREET BANK & TRUST CO.
012 B00AA01 85-50003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02101
013 A00AA01 PRICE WATERHOUSE
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10020
015 A00AA01 STATE STREET BANK & TRUST CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 31
019 C00AA00 PIERPONTXX
020 A000001 NONE
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 THE NON-US FIXED INCOME PORTFOLIO
022 B000001 04-3194466
022 C000001 17373
022 D000001 13682
022 C000002 0
022 D000002 0
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 17373
023 D000000 13682
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
045 00AA00 N
048 00AA00 0.000
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 N
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 N
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 CHUBB INSURANCE
080 C00AA00 25000
081 B00AA00 27
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
075 A000200 0
075 B000200 0
076 000200 0.00
071 A000800 0
071 B000800 0
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072 A000800 0
072 B000800 0
072 C000800 0
072 D000800 0
072 E000800 0
072 F000800 0
072 G000800 0
072 H000800 0
071 A001300 0
071 B001300 0
071 C001300 0
071 D001300 0
072 A001300 6
072 B001300 0
072 C001300 0
072 D001300 0
072 E001300 0
072 F001300 0
072 G001300 0
072 H001300 0
072 I001300 0
072 J001300 0
072 K001300 0
072 L001300 0
072 M001300 0
072 N001300 0
072 O001300 0
072 P001300 0
072 Q001300 0
072 R001300 0
072 S001300 0
072 T001300 0
072 U001300 0
072 V001300 0
072 W001300 0
072 X001300 0
072 Y001300 0
072 Z001300 0
072AA001300 0
072BB001300 0
072CC011300 0
072CC021300 0
072DD011300 0
072DD021300 0
072EE001300 0
073 A011300 0.0000
073 A021300 0.0000
073 B001300 0.0000
073 C001300 0.0000
074 A001300 0
074 B001300 0
074 C001300 0
074 D001300 0
074 E001300 0
074 F001300 0
074 G001300 0
074 H001300 0
074 I001300 0
074 J001300 0
074 K001300 0
074 L001300 0
074 M001300 0
074 N001300 0
074 O001300 0
074 P001300 0
074 Q001300 0
074 R011300 0
074 R021300 0
074 R031300 0
074 R041300 0
074 S001300 0
074 T001300 0
074 U011300 0
074 U021300 0
074 V011300 0.00
074 V021300 0.00
074 W001300 0.0000
074 X001300 0
074 Y001300 0
075 A001300 0
075 B001300 0
076 001300 0.00
024 001400 N
028 A011400 0
028 A021400 29
028 A031400 0
028 A041400 232
028 B011400 10050
028 B021400 0
028 B031400 0
028 B041400 1765
028 C011400 0
028 C021400 0
028 C031400 0
028 C041400 10345
028 D011400 230
028 D021400 0
028 D031400 0
028 D041400 416
028 E011400 750
028 E021400 0
028 E031400 0
028 E041400 0
028 F011400 2587
028 F021400 0
028 F031400 0
028 F041400 203
028 G011400 13617
028 G021400 29
028 G031400 0
028 G041400 12961
028 H001400 0
055 A001400 N
055 B001400 N
056 001400 Y
057 001400 N
058 A001400 N
059 001400 Y
060 A001400 N
060 B001400 N
061 001400 1000000
062 A001400 N
062 B001400 0.0
062 C001400 0.0
062 D001400 0.0
062 E001400 0.0
062 F001400 0.0
062 G001400 0.0
062 H001400 0.0
062 I001400 0.0
062 J001400 0.0
062 K001400 0.0
062 L001400 0.0
062 M001400 0.0
062 N001400 0.0
062 O001400 0.0
062 P001400 0.0
062 Q001400 0.0
062 R001400 0.0
063 A001400 0
063 B001400 0.0
066 A001400 N
067 001400 N
068 A001400 N
068 B001400 Y
069 001400 N
071 A001400 0
071 B001400 0
071 C001400 0
071 D001400 0
072 A001400 10
072 B001400 165
072 C001400 0
072 D001400 0
072 E001400 0
072 F001400 0
072 G001400 0
072 H001400 0
072 I001400 15
072 J001400 0
072 K001400 0
072 L001400 15
072 M001400 0
072 N001400 15
072 O001400 0
072 P001400 0
072 Q001400 0
072 R001400 7
072 S001400 2
072 T001400 0
072 U001400 11
072 V001400 0
072 W001400 1
072 X001400 66
072 Y001400 65
072 Z001400 164
072AA001400 0
072BB001400 29
072CC011400 453
072CC021400 0
072DD011400 36
072DD021400 0
072EE001400 0
073 A011400 0.1500
073 A021400 0.0000
073 B001400 0.0000
073 C001400 0.0000
074 A001400 0
074 B001400 0
074 C001400 0
074 D001400 0
074 E001400 0
074 F001400 0
074 G001400 0
074 H001400 0
074 I001400 4281
074 J001400 0
074 K001400 0
074 L001400 0
074 M001400 59
074 N001400 4340
074 O001400 0
074 P001400 56
074 Q001400 0
074 R011400 0
074 R021400 0
074 R031400 0
074 R041400 51
074 S001400 0
074 T001400 4233
074 U011400 381
074 U021400 0
074 V011400 11.12
074 V021400 0.00
074 W001400 0.0000
074 X001400 7
074 Y001400 0
075 A001400 0
075 B001400 3391
076 001400 0.00
SIGNATURE DANIEL SHEA
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from The JPM
Institutional Funds Semian nual Report dated September 30, 1995 and is qualified
by reference in its entirety to such Semiannual Report.
</LEGEND>
<CIK> 0000894088
<NAME> THE JPM INSTITUTIONAL FUNDS
<SERIES>
<NUMBER> 14
<NAME> THE JPM INSTITUTIONAL INTERNATIONAL BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 3,827,709
<INVESTMENTS-AT-VALUE> 4,280,811
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 58,837
<TOTAL-ASSETS> 4,339,648
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 106,648
<TOTAL-LIABILITIES> 106,648
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,742,814
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 37,084
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 453,102
<NET-ASSETS> 4,233,000
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 164,977
<OTHER-INCOME> 0
<EXPENSES-NET> 632
<NET-INVESTMENT-INCOME> 164,345
<REALIZED-GAINS-CURRENT> (28,335)
<APPREC-INCREASE-CURRENT> 453,102
<NET-CHANGE-FROM-OPS> 589,112
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 35,969
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,648,390
<NUMBER-OF-SHARES-REDEEMED> 1,270,878
<SHARES-REINVESTED> 3,022
<NET-CHANGE-IN-ASSETS> 4,232,900
<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> 65,557
<AVERAGE-NET-ASSETS> 3,390,843
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.49
<PER-SHARE-GAIN-APPREC> 0.78
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.15
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.12
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
November 20, 1995
To the Trustees of
The JPM Institutional International Bond Fund
In planning and performing our audit of the financial statements of The JPM
Institutional International Bond Fund (the "Fund") for the period December 1,
1994 (commencement of operations) through September 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
September 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
