<PAGE> PAGE 1
000 B000000 10/31/96
000 C000000 894088
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 6175570700
002 A000000 60 STATE STREET SUITE 1300
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 16
007 C010100 1
007 C020100 THE JPM INSTITUTIONAL TREASURY MONEY MKT FUND
007 C030100 N
007 C010200 2
007 C020200 THE JPM INSTITUTIONAL SHORT TERM BOND FUND
007 C030200 N
007 C010300 3
007 C020300 THE JPM INSTITUTIONAL BOND FUND
007 C030300 N
007 C010400 4
007 C020400 THE JPM INSTITUTIONAL INTERNATIONAL EQUITY FD
007 C030400 N
007 C010500 5
007 C020500 THE JPM INSTITUTIONAL EMERGING MKTS EQUITY FD
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 FUNDS DISTRIBUTOR, INC.
010 B00AA01 8-420518
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02109
010 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
010 B00AA02 8-49999
010 C01AA02 NEW YORK
010 C02AA02 NY
<PAGE> PAGE 2
010 C03AA02 10036
010 A00AA03 PIERPONT GROUP, INC.
010 C01AA03 NEW YORK
010 C02AA03 NY
010 C03AA03 10017
011 A00AA01 FUNDS DISTRIBUTOR, INC.
011 B00AA01 8-420518
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
012 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
012 B00AA02 85-9999999
012 C01AA02 NEW YORK
012 C02AA02 NY
012 C03AA02 10036
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 BOSTON INSTITUTIONAL SERVICES, INC.
014 B00AA01 8-420518
014 A00AA02 JP MORGAN SECURITIES, INC.
014 B00AA02 8-99999
014 A00AA03 JP MORGAN SECURITIES LTD.
014 B00AA03 8-99999
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
018 00AA00 N
019 A00AA00 Y
019 B00AA00 53
019 C00AA00 JPM/PIERPO
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
<PAGE> PAGE 3
022 A000001 THE U.S. FIXED INCOME PORTFOLIO
022 B000001 04-3194464
022 C000001 477260
022 D000001 93777
022 A000002 THE SHORT TERM BOND PORTFOLIO
022 B000002 04-3194467
022 C000002 50307
022 D000002 52152
022 A000003 THE TREASURY MONEY MARKET PORTFOLIO
022 B000003 04-3174352
022 C000003 285173
022 D000003 324947
022 A000004 THE NON US EQUITY PORTFOLIO
022 B000004 04-3194416
022 C000004 319281
022 D000004 116498
022 A000005 THE EMERGING MARKETS EQUITY PORTFOLIO
022 B000005 04-3194471
022 C000005 194712
022 D000005 97294
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 1326733
023 D000000 684668
024 00AA00 N
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 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
<PAGE> PAGE 4
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
045 00AA00 N
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048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
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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
055 A00AA00 N
<PAGE> PAGE 5
055 B00AA00 N
056 00AA00 N
057 00AA00 N
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 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 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 GULF INSURANCE COMPANY
080 C00AA00 25000
081 A00AA00 Y
<PAGE> PAGE 6
081 B00AA00 17
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
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028 A010100 8198
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028 B010100 26770
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028 B040100 22939
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028 C020100 130
028 C030100 0
028 C040100 20403
028 D010100 16090
028 D020100 141
028 D030100 0
028 D040100 13977
028 E010100 7135
028 E020100 134
028 E030100 0
028 E040100 9683
028 F010100 60433
028 F020100 159
028 F030100 0
028 F040100 49623
028 G010100 128989
028 G020100 1303
028 G030100 0
028 G040100 205918
028 H000100 0
058 A000100 N
<PAGE> PAGE 7
059 000100 Y
060 A000100 N
060 B000100 N
061 000100 10000000
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 12
072 B000100 6268
072 C000100 0
072 D000100 0
072 E000100 0
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072 G000100 49
<PAGE> PAGE 8
072 H000100 0
072 I000100 93
072 J000100 0
072 K000100 0
072 L000100 21
072 M000100 3
072 N000100 22
072 O000100 0
072 P000100 0
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072 R000100 11
072 S000100 1
072 T000100 0
072 U000100 0
072 V000100 21
072 W000100 4
072 X000100 225
072 Y000100 225
072 Z000100 6268
072AA000100 62
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 6268
072DD020100 0
072EE000100 38
073 A010100 0.0508
073 A020100 0.0000
073 B000100 0.0003
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 109314
074 D000100 0
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074 F000100 0
074 G000100 0
074 H000100 0
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074 J000100 0
074 K000100 0
074 L000100 50
074 M000100 26
074 N000100 109390
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 340
<PAGE> PAGE 9
074 S000100 0
074 T000100 109050
074 U010100 108991
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 1.0005
074 X000100 17
074 Y000100 0
075 A000100 123096
075 B000100 0
076 000100 0.00
028 A010200 0
028 A020200 0
028 A030200 0
028 A040200 12
028 B010200 0
028 B020200 27
028 B030200 0
028 B040200 13
028 C010200 33469
028 C020200 1
028 C030200 0
028 C040200 27997
028 D010200 1355
028 D020200 108
028 D030200 0
028 D040200 12
028 E010200 5
028 E020200 0
028 E030200 0
028 E040200 0
028 F010200 8452
028 F020200 147
028 F030200 0
028 F040200 4104
028 G010200 43281
028 G020200 283
028 G030200 0
028 G040200 32138
028 H000200 0
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 5000000
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 Y
<PAGE> PAGE 10
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 N
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 12
072 B000200 0
072 C000200 0
072 D000200 0
072 E000200 648
072 F000200 0
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072 H000200 0
072 I000200 25
072 J000200 0
072 K000200 0
072 L000200 17
072 M000200 0
072 N000200 14
072 O000200 0
072 P000200 0
<PAGE> PAGE 11
072 Q000200 0
072 R000200 11
072 S000200 0
072 T000200 0
072 U000200 11
072 V000200 0
072 W000200 4
072 X000200 86
072 Y000200 86
072 Z000200 648
072AA000200 149
072BB000200 0
072CC010200 0
072CC020200 14
072DD010200 648
072DD020200 0
072EE000200 0
073 A010200 0.5500
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 17806
074 J000200 0
074 K000200 0
074 L000200 28
074 M000200 18
074 N000200 17852
074 O000200 0
074 P000200 2
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 40
074 S000200 0
074 T000200 17810
074 U010200 1808
074 U020200 0
074 V010200 9.85
074 V020200 0.00
074 W000200 0.0000
074 X000200 20
074 Y000200 0
<PAGE> PAGE 12
075 A000200 0
075 B000200 11399
076 000200 0.00
028 A010300 123645
028 A020300 1478
028 A030300 0
028 A040300 2628
028 B010300 15975
028 B020300 1747
028 B030300 0
028 B040300 9351
028 C010300 31021
028 C020300 4364
028 C030300 0
028 C040300 7113
028 D010300 24780
028 D020300 2222
028 D030300 0
028 D040300 7692
028 E010300 23636
028 E020300 2232
028 E030300 0
028 E040300 11764
028 F010300 19885
028 F020300 2394
028 F030300 0
028 F040300 9845
028 G010300 238942
028 G020300 14437
028 G030300 0
028 G040300 48393
028 H000300 0
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 5000000
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 Y
070 G020300 N
<PAGE> PAGE 13
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 Y
070 L020300 N
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 12
072 B000300 0
072 C000300 0
072 D000300 0
072 E000300 41917
072 F000300 0
072 G000300 263
072 H000300 0
072 I000300 473
072 J000300 0
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072 L000300 5
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072 N000300 148
072 O000300 0
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072 R000300 11
072 S000300 4
072 T000300 0
072 U000300 11
072 V000300 0
072 W000300 31
072 X000300 959
072 Y000300 176
<PAGE> PAGE 14
072 Z000300 41134
072AA000300 820
072BB000300 0
072CC010300 0
072CC020300 6528
072DD010300 41141
072DD020300 0
072EE000300 1214
073 A010300 0.6100
073 A020300 0.0000
073 B000300 0.0300
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 836656
074 J000300 0
074 K000300 110
074 L000300 1537
074 M000300 20
074 N000300 838323
074 O000300 0
074 P000300 79
074 Q000300 0
074 R010300 0
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074 R030300 0
074 R040300 2178
074 S000300 0
074 T000300 836066
074 U010300 84945
074 U020300 0
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075 A000300 0
075 B000300 654774
076 000300 0.00
028 A010400 18970
028 A020400 0
028 A030400 0
028 A040400 4953
028 B010400 23972
028 B020400 0
<PAGE> PAGE 15
028 B030400 0
028 B040400 3097
028 C010400 16419
028 C020400 0
028 C030400 0
028 C040400 8339
028 D010400 29699
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028 D040400 34858
028 E010400 25573
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028 E040400 7124
028 F010400 7749
028 F020400 0
028 F030400 0
028 F040400 6739
028 G010400 122382
028 G020400 0
028 G030400 0
028 G040400 65110
028 H000400 0
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 1000000
070 A010400 Y
070 A020400 N
070 B010400 Y
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 Y
<PAGE> PAGE 16
070 L020400 N
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 0
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071 D000400 0
072 A000400 12
072 B000400 0
072 C000400 0
072 D000400 0
072 E000400 8910
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072CC010400 35203
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072DD010400 11370
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072EE000400 2641
073 A010400 0.2400
<PAGE> PAGE 17
073 A020400 0.0000
073 B000400 0.0600
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074 A000400 0
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074 I000400 726144
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074 L000400 942
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074 N000400 727123
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074 R040400 174
074 S000400 0
074 T000400 726864
074 U010400 63585
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075 B000400 635163
076 000400 0.00
028 A010500 9578
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028 A040500 517
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028 B040500 1736
028 C010500 9011
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028 C030500 0
028 C040500 2710
028 D010500 16857
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028 D030500 0
<PAGE> PAGE 18
028 D040500 3547
028 E010500 7265
028 E020500 0
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028 E040500 1423
028 F010500 18450
028 F020500 0
028 F030500 0
028 F040500 1365
028 G010500 70473
028 G020500 0
028 G030500 0
028 G040500 11298
028 H000500 0
058 A000500 N
059 000500 Y
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061 000500 500000
070 A010500 Y
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070 D010500 Y
070 D020500 N
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070 F010500 Y
070 F020500 N
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070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
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<PAGE> PAGE 19
070 Q010500 N
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071 A000500 0
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<PAGE> PAGE 20
074 G000500 0
074 H000500 0
074 I000500 293598
074 J000500 0
074 K000500 0
074 L000500 60
074 M000500 53
074 N000500 293711
074 O000500 0
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074 R020500 0
074 R030500 0
074 R040500 0
074 S000500 0
074 T000500 293594
074 U010500 28600
074 U020500 0
074 V010500 10.27
074 V020500 0.00
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076 000500 0.00
SIGNATURE RICHARD W. INGRAM
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARYFINANCIAL DATA EXTRACTED FROM THE ANNUAL REPORT
DATED 10/31/96 FOR THE JPM INSTITUTIONAL TREASURY MONEY MARKET FUND AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ANNUAL REPORT.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 109314
<INVESTMENTS-AT-VALUE> 109314
<RECEIVABLES> 50
<ASSETS-OTHER> 26
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 109390
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 340
<TOTAL-LIABILITIES> 340
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 108991
<SHARES-COMMON-STOCK> 108991
<SHARES-COMMON-PRIOR> 145072
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 60
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 109050
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6268
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 6268
<REALIZED-GAINS-CURRENT> 62
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6330
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6268
<DISTRIBUTIONS-OF-GAINS> 38
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (36057)
<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> 0
<AVERAGE-NET-ASSETS> 123096
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .05
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
1177 Avenue of the Americas
New York, NY 10036
Telephone 212 596-7000
Facsimile 212 596-8910
Price Waterhouse LLP [logo]
December 26, 1996
To the Trustees of
The JPM Institutional Emerging Markets Equity Fund
The JPM Institutional International Equity Fund
In planning and performing our audit of the financial statements of The JPM
Institutional Emerging Markets Equity Fund and The JPM Institutional
International Equity Fund ("the Funds") for the year ended October 31, 1996, we
considered their 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 Funds 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
October 31, 1996.
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
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE ANNUAL
REPORT DATED 10/31/96 FOR THE JPM INSTITUTIONAL SHORT TERM BOND FUND AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ANNUAL REPORT.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 17806
<RECEIVABLES> 27
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 18
<TOTAL-ASSETS> 17852
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 42
<TOTAL-LIABILITIES> 42
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17989
<SHARES-COMMON-STOCK> 1808
<SHARES-COMMON-PRIOR> 1924
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (11)
<ACCUMULATED-NET-GAINS> (296)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 128
<NET-ASSETS> 17810
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 691
<OTHER-INCOME> (42)
<EXPENSES-NET> 86
<NET-INVESTMENT-INCOME> 648
<REALIZED-GAINS-CURRENT> 149
<APPREC-INCREASE-CURRENT> (14)
<NET-CHANGE-FROM-OPS> 783
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 648
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5146
<NUMBER-OF-SHARES-REDEEMED> 5323
<SHARES-REINVESTED> 62
<NET-CHANGE-IN-ASSETS> (1106)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 11
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 11399
<PER-SHARE-NAV-BEGIN> 9.83
<PER-SHARE-NII> .55
<PER-SHARE-GAIN-APPREC> .02
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .55
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.85
<EXPENSE-RATIO> .37
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
1177 Avenue of the Americas
New York, NY 10036
Telephone 212 596-7000
Facsimile 212 596-8910
Price Waterhouse LLP [logo]
December 18, 1996
To the Trustees of
The JPM Institutional Short Term Bond Fund
The JPM Institutional Treasury Money Market Fund
The JPM Institutional Bond Fund
In planning and performing our audit of the financial statements of The JPM
Institutional Short Term Bond Fund, The JPM Institutional Treasury Money Market
Fund and The JPM Institutional Bond Fund ("the Funds") for the year ended
October 31, 1996, we considered their 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 Funds 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
October 31, 1996.
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
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE ANNUAL REPORT
DATED 10/31/96 FOR THE JPM INSTITUTIONAL BOND FUND AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH ANNUAL REPORT.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 836656
<RECEIVABLES> 1647
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 21
<TOTAL-ASSETS> 838324
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2257
<TOTAL-LIABILITIES> 2257
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 828295
<SHARES-COMMON-STOCK> 84945
<SHARES-COMMON-PRIOR> 43964
<ACCUMULATED-NII-CURRENT> 13
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1202
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6556
<NET-ASSETS> 836066
<DIVIDEND-INCOME> 44281
<INTEREST-INCOME> 95
<OTHER-INCOME> (2460)
<EXPENSES-NET> 783
<NET-INVESTMENT-INCOME> 41134
<REALIZED-GAINS-CURRENT> 820
<APPREC-INCREASE-CURRENT> (6528)
<NET-CHANGE-FROM-OPS> 35425
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 41141
<DISTRIBUTIONS-OF-GAINS> 1214
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 48462
<NUMBER-OF-SHARES-REDEEMED> 9620
<SHARES-REINVESTED> 2139
<NET-CHANGE-IN-ASSETS> 397456
<ACCUMULATED-NII-PRIOR> 433
<ACCUMULATED-GAINS-PRIOR> 1262
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 783
<AVERAGE-NET-ASSETS> 654774
<PER-SHARE-NAV-BEGIN> 9.98
<PER-SHARE-NII> .61
<PER-SHARE-GAIN-APPREC> (.11)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .64
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.84
<EXPENSE-RATIO> .50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
1177 Avenue of the Americas
New York, NY 10036
Telephone 212 596-7000
Facsimile 212 596-8910
Price Waterhouse LLP [logo]
December 18, 1996
To the Trustees of
The JPM Institutional Short Term Bond Fund
The JPM Institutional Treasury Money Market Fund
The JPM Institutional Bond Fund
In planning and performing our audit of the financial statements of The JPM
Institutional Short Term Bond Fund, The JPM Institutional Treasury Money Market
Fund and The JPM Institutional Bond Fund ("the Funds") for the year ended
October 31, 1996, we considered their 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 Funds 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
October 31, 1996.
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
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE ANNUAL REPORT
DATED 10/31/96 FOR THE JPM INSTITUTIONAL INTERNATIONAL EQUITY FUND AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ANNUAL REPORT.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 726144
<RECEIVABLES> 956
<ASSETS-OTHER> 23
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 727123
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 259
<TOTAL-LIABILITIES> 259
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 669663
<SHARES-COMMON-STOCK> 63585
<SHARES-COMMON-PRIOR> 44765
<ACCUMULATED-NII-CURRENT> 15748
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12725
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28728
<NET-ASSETS> 726864
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 8910
<EXPENSES-NET> 1039
<NET-INVESTMENT-INCOME> 7871
<REALIZED-GAINS-CURRENT> 22039
<APPREC-INCREASE-CURRENT> 35203
<NET-CHANGE-FROM-OPS> 65113
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11370
<DISTRIBUTIONS-OF-GAINS> 2642
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28823
<NUMBER-OF-SHARES-REDEEMED> 10512
<SHARES-REINVESTED> 509
<NET-CHANGE-IN-ASSETS> 18820
<ACCUMULATED-NII-PRIOR> 10103
<ACCUMULATED-GAINS-PRIOR> 2490
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1075
<AVERAGE-NET-ASSETS> 635163
<PER-SHARE-NAV-BEGIN> 10.44
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> 1.17
<PER-SHARE-DIVIDEND> .24
<PER-SHARE-DISTRIBUTIONS> .06
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.43
<EXPENSE-RATIO> .95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
1177 Avenue of the Americas
New York, NY 10036
Telephone 212 596-7000
Facsimile 212 596-8910
Price Waterhouse LLP [logo]
December 26, 1996
To the Trustees of
The JPM Institutional Emerging Markets Equity Fund
The JPM Institutional International Equity Fund
In planning and performing our audit of the financial statements of The JPM
Institutional Emerging Markets Equity Fund and The JPM Institutional
International Equity Fund ("the Funds") for the year ended October 31, 1996, we
considered their 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 Funds 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
October 31, 1996.
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
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE ANNUAL REPORT
DATED 10/31/96 FOR THE JPM INSTITUTIONAL EMERGING MARKETS EQUITY FUND AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ANNUAL REPORT.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 293598
<RECEIVABLES> 60
<ASSETS-OTHER> 53
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 293711
<PAYABLE-FOR-SECURITIES> 118
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 118
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 306686
<SHARES-COMMON-STOCK> 28600
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1502
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (12333)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2261)
<NET-ASSETS> 293594
<DIVIDEND-INCOME> 4907
<INTEREST-INCOME> 932
<OTHER-INCOME> 0
<EXPENSES-NET> 3482
<NET-INVESTMENT-INCOME> 2357
<REALIZED-GAINS-CURRENT> (4661)
<APPREC-INCREASE-CURRENT> 13693
<NET-CHANGE-FROM-OPS> 11389
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1794
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19044
<NUMBER-OF-SHARES-REDEEMED> 9661
<SHARES-REINVESTED> 55
<NET-CHANGE-IN-ASSETS> 9438
<ACCUMULATED-NII-PRIOR> 1136
<ACCUMULATED-GAINS-PRIOR> (8215)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 246616
<PER-SHARE-NAV-BEGIN> 9.71
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> .56
<PER-SHARE-DIVIDEND> .08
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.27
<EXPENSE-RATIO> 1.41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
1177 Avenue of the Americas
New York, NY 10036
Telephone 212 596-7000
Facsimile 212 596-8910
Price Waterhouse LLP [logo]
December 18, 1996
To the Trustees of
The JPM Institutional Short Term Bond Fund
The JPM Institutional Treasury Money Market Fund
The JPM Institutional Bond Fund
In planning and performing our audit of the financial statements of The JPM
Institutional Short Term Bond Fund, The JPM Institutional Treasury Money Market
Fund and The JPM Institutional Bond Fund ("the Funds") for the year ended
October 31, 1996, we considered their 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 Funds 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
October 31, 1996.
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
