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007 C020700 THE JPM INSTITUTIONAL TAX EXEMPT MONEY MKT FD
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011 A00AA01 SIGNATURE BROKER DEALER SERVICES INC.
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011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02116
012 A00AA01 STATE STREET BANK
012 B00AA01 85-50003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02101
013 A00AA01 PRICE WATERHOUSE L.L.P.
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 J.P. MORGAN SECURITIES
014 B00AA01 8-99999999
015 A00AA01 STATE STREET BANK & TRUST
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022 A000002 THE TAX EXEMPT MONEY MARKET PORTFOLIO
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080 A00AA00 CHUBB INSURANCE CO.
080 C00AA00 25000
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061 000600 5000000
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070 D020600 N
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070 E020600 N
070 F010600 N
070 F020600 N
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070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 N
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
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071 A000600 0
071 B000600 0
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072 A000600 12
072 B000600 1994
072 C000600 0
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073 A010600 0.4900
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 0
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074 I000600 59967
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074 N000600 60022
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074 R040600 134
074 S000600 0
074 T000600 59867
074 U010600 5982
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074 V010600 10.01
074 V020600 0.00
074 W000600 0.0000
074 X000600 56
074 Y000600 0
075 A000600 0
075 B000600 38620
076 000600 0.00
028 A010700 59482
028 A020700 208
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028 A040700 16506
028 B010700 10153
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028 B030700 0
028 B040700 58371
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028 C040700 16456
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028 G030700 0
028 G040700 135654
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055 A000700 N
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056 000700 Y
057 000700 N
058 A000700 N
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060 A000700 Y
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061 000700 10000000
070 A010700 Y
070 A020700 N
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070 D020700 N
070 E010700 N
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070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 N
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070 K010700 Y
070 K020700 Y
070 L010700 N
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 N
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 0
071 B000700 0
071 C000700 0
071 D000700 0
072 A000700 12
072 B000700 3156
072 C000700 0
072 D000700 0
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072 X000700 218
072 Y000700 132
072 Z000700 3070
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072CC020700 0
072DD010700 3070
072DD020700 0
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073 A010700 0.0352
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 0
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074 H000700 0
074 I000700 100418
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074 M000700 33
074 N000700 100534
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074 R040700 345
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074 T000700 100142
074 U010700 100165
074 U020700 0
074 V010700 1.00
074 V020700 0.00
074 W000700 0.9998
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074 Y000700 0
075 A000700 87885
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076 000700 0.00
028 A010800 0
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028 B020800 0
028 B030800 0
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028 C020800 0
028 C030800 0
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SIGNATURE DANIEL E SHEA
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 information extracted from the August
31, 1995 JPM Institutional Tax Exempt Money Market Fund Annual Report and is
qualified in its entirety to such Annual Report.
</LEGEND>
<CIK> 0000894088
<NAME> THE JPM INSTITUTIONAL FUNDS
<SERIES>
<NUMBER> 7
<NAME> THE JPM INSTITUTIONAL TAX EXEMPT MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-START> SEP-01-1994
<PERIOD-END> AUG-31-1995
<INVESTMENTS-AT-COST> 100,418,334
<INVESTMENTS-AT-VALUE> 100,418,334
<RECEIVABLES> 83,247
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 32,233
<TOTAL-ASSETS> 100,533,814
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 391,892
<TOTAL-LIABILITIES> 391,892
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 100,164,382
<SHARES-COMMON-STOCK> 100,164,716
<SHARES-COMMON-PRIOR> 46,084,794
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (22,460)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 100,141,922
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,156,104
<OTHER-INCOME> 0
<EXPENSES-NET> 86,361
<NET-INVESTMENT-INCOME> 3,069,743
<REALIZED-GAINS-CURRENT> (21,359)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,048,384
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,069,743
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 302,212,433
<NUMBER-OF-SHARES-REDEEMED> 250,850,852
<SHARES-REINVESTED> 2,718,341
<NET-CHANGE-IN-ASSETS> 54,058,563
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,101)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 334
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 218,596
<AVERAGE-NET-ASSETS> 87,885,045
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> (.0002)
<PER-SHARE-DIVIDEND> .04
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE AUGUST 31, 1995
ANNUAL REPORT FOR THE JPM INSTITUTIONAL TAX EXEMPT BOND FUND AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH ANNUAL REPORT.
</LEGEND>
<CIK> 0000894088
<NAME> THE JPM INSTITUTIONAL FUNDS
<SERIES>
<NUMBER> 6
<NAME> THE JPM INSTITUTIONAL TAX EXEMPT BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-START> SEP-01-1994
<PERIOD-END> AUG-31-1995
<INVESTMENTS-AT-COST> 58,254,745
<INVESTMENTS-AT-VALUE> 59,966,936
<RECEIVABLES> 27,113
<ASSETS-OTHER> 27,874
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 60,021,923
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 155,196
<TOTAL-LIABILITIES> 155,196
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58,134,504
<SHARES-COMMON-STOCK> 5,981,643
<SHARES-COMMON-PRIOR> 1,682,747
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 20,032
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,712,191
<NET-ASSETS> 59,866,727
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,994,342
<OTHER-INCOME> 0
<EXPENSES-NET> 29,931
<NET-INVESTMENT-INCOME> 1,964,411
<REALIZED-GAINS-CURRENT> 84,801
<APPREC-INCREASE-CURRENT> 1,865,868
<NET-CHANGE-FROM-OPS> 3,915,080
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,964,411
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 58,554,177
<NUMBER-OF-SHARES-REDEEMED> 18,469,239
<SHARES-REINVESTED> 1,416,511
<NET-CHANGE-IN-ASSETS> 43,452,118
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (64,769)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 112,937
<AVERAGE-NET-ASSETS> 38,619,677
<PER-SHARE-NAV-BEGIN> 9.75
<PER-SHARE-NII> .49
<PER-SHARE-GAIN-APPREC> .26
<PER-SHARE-DIVIDEND> .49
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.01
<EXPENSE-RATIO> .50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
October 24, 1995
To the Trustees of
The JPM Institutional Tax Exempt Bond Fund
In planning and performing our audit of the financial statements of
The JPM Institutional Tax Exempt Bond Fund (the "Fund") for the year
ended August 31, 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 August 31, 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
<PAGE>
October 24, 1995
To the Trustees of
The JPM Institutional Tax Exempt Money Market Fund
In planning and performing our audit of the financial statements of
The JPM Institutional Tax Exempt Money Market Fund (the "Fund") for
the year ended August 31, 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 August 31, 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
