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001 A000000 THE JPM INSTITUTIONAL FUNDS
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007 C020100 THE JPM INSTITUTIONAL TREASURY MONEY MKT FUND
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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
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012 A00AA01 STATE STREET BANK
012 B00AA01 85-50003
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013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 JP MORGAN SECURITIES, INC.
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SIGNATURE DANIEL 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 October
31, 1995 JPM Institutional Emerging Markets Equity Fund Annual Report and is
qualified in its entirety to such Annual Report.
</LEGEND>
<CIK> 0000894088
<NAME> THE JPM INSTITUTIONAL FUNDS
<SERIES>
<NUMBER> 1
<NAME> THE JPM INSTITUTIONAL EMERGING MARKETS EQUITY FUND
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary finacial information extracted from the October
31, 1995 JPM Institutional International Equity Fund Annual Report and is
qualified in its entirety to such Annual Report.
</LEGEND>
<CIK> 0000894088
<NAME> THE JPM INSTITUTIONAL FUNDS
<SERIES>
<NUMBER> 4
<NAME> THE JPM INSTITUTIONAL INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
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<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 475,925,533
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<TOTAL-LIABILITIES> 141,807
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<PAID-IN-CAPITAL-COMMON> 461,300,519
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<INTEREST-INCOME> 1,144,100
<OTHER-INCOME> (2,749,262)
<EXPENSES-NET> 368,180
<NET-INVESTMENT-INCOME> 4,166,605
<REALIZED-GAINS-CURRENT> 10,917,615
<APPREC-INCREASE-CURRENT> (16,631,988)
<NET-CHANGE-FROM-OPS> (1,547,768)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 2,540,846
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 30,753,019
<NUMBER-OF-SHARES-REDEEMED> 5,897,843
<SHARES-REINVESTED> 228,233
<NET-CHANGE-IN-ASSETS> 254,392,613
<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> 3,180,672
<AVERAGE-NET-ASSETS> 337,131,000
<PER-SHARE-NAV-BEGIN> 10.83
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> (.33)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .12
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.44
<EXPENSE-RATIO> .92
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the October
30, 1995 JPM Institutional Bond Fund Annual Report and is qualified in its
entirety to such Annual Report.
</LEGEND>
<CIK> 0000894088
<NAME> THE JPM INSTITUTIONAL FUNDS
<SERIES>
<NUMBER> 3
<NAME> THE JPM INSTUTIONAL BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 436,915,411
<INVESTMENTS-AT-VALUE> 438,784,743
<RECEIVABLES> 1,222,527
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 30,576
<TOTAL-ASSETS> 440,037,846
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,427,411
<TOTAL-LIABILITIES> 1,427,411
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 423,830,946
<SHARES-COMMON-STOCK> 43,963,712
<SHARES-COMMON-PRIOR> 27,417,659
<ACCUMULATED-NII-CURRENT> 432,830
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,262,194
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,084,465
<NET-ASSETS> 438,610,435
<DIVIDEND-INCOME> 97,142
<INTEREST-INCOME> 22,691,163
<OTHER-INCOME> (1,252,787)
<EXPENSES-NET> 254,599
<NET-INVESTMENT-INCOME> 21,280,919
<REALIZED-GAINS-CURRENT> 6,128,348
<APPREC-INCREASE-CURRENT> 18,701,915
<NET-CHANGE-FROM-OPS> 46,111,182
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 21,287,883
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20,689,217
<NUMBER-OF-SHARES-REDEEMED> 5,143,975
<SHARES-REINVESTED> 1,000,811
<NET-CHANGE-IN-ASSETS> 185,436,849
<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> 254,599
<AVERAGE-NET-ASSETS> 322,023,901
<PER-SHARE-NAV-BEGIN> 9.23
<PER-SHARE-NII> .63
<PER-SHARE-GAIN-APPREC> .75
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .63
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.98
<EXPENSE-RATIO> .47
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the October
31, 1995 JPM Institutional Short Term Bond Fund Annual Report and is qualified
in its entirety to such Annual Report.
</LEGEND>
<CIK> 0000894088
<NAME> THE JPM INSTITUTIONAL FUNDS
<SERIES>
<NUMBER> 2
<NAME> THE JPM INSTITUTIONAL SHORT TERM BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-1-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 19,087,841
<INVESTMENTS-AT-VALUE> 18,927,251
<RECEIVABLES> 15,767
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 29,393
<TOTAL-ASSETS> 18,972,411
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 56,801
<TOTAL-LIABILITIES> 56,801
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,230,298
<SHARES-COMMON-STOCK> 1,923,840
<SHARES-COMMON-PRIOR> 4,965,521
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (10,716)
<ACCUMULATED-NET-GAINS> (446,429)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 142,457
<NET-ASSETS> 18,915,610
<DIVIDEND-INCOME> 52,321
<INTEREST-INCOME> 3,180,772
<OTHER-INCOME> (201,998)
<EXPENSES-NET> 20,559
<NET-INVESTMENT-INCOME> 3,010,536
<REALIZED-GAINS-CURRENT> 331,910
<APPREC-INCREASE-CURRENT> 917,422
<NET-CHANGE-FROM-OPS> 4,259,868
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,024,230
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,447,762
<NUMBER-OF-SHARES-REDEEMED> 5,796,583
<SHARES-REINVESTED> 307,140
<NET-CHANGE-IN-ASSETS> (28,763,038)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 10,716
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 20,559
<AVERAGE-NET-ASSETS> 49,457,080
<PER-SHARE-NAV-BEGIN> 9.60
<PER-SHARE-NII> .58
<PER-SHARE-GAIN-APPREC> .24
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .59
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.83
<EXPENSE-RATIO> .45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the October
31, 1995 JPM Institutional Treasury 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> 1
<NAME> THE JPM INSTITUTIONAL TREASURY MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 145,780,547
<INVESTMENTS-AT-VALUE> 145,780,547
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 47,384
<TOTAL-ASSETS> 145,827,931
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 720,222
<TOTAL-LIABILITIES> 720,222
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 145,071,925
<SHARES-COMMON-STOCK> 145,071,925
<SHARES-COMMON-PRIOR> 80,148,692
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 35,784
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 145,107,709
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,405,117
<OTHER-INCOME> (187,771)
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 5,217,346
<REALIZED-GAINS-CURRENT> 38,279
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,255,625
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,217,346
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 438,967,460
<NUMBER-OF-SHARES-REDEEMED> 376,090,767
<SHARES-REINVESTED> 2,046,540
<NET-CHANGE-IN-ASSETS> 64,961,512
<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> 93,833,839
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .055
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .055
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
December 22, 1995
To the Trustees of
The JPM Institutional International Equity Fund
The JPM Institutional Emerging Markets Equity Fund
The JPM Institutional Bond Fund
The JPM Institutional Short Term Bond Fund
The JPM Institutional Treasury Money Market Fund
In planning and performing our audits of the financial statements of The
JPM Institutional International Equity Fund, The JPM Institutional Treasury
Money Market Fund, The JPM Institutional Short Term Bond Fund, The JPM
Institutional Emerging Markets Equity Fund and The JPM Institutional Bond Fund
(the "Funds"), separate series of The JPM Institutional Funds, for the year
ended October 31, 1995, we considered their internal control structure,
including procedures for safeguarding securities, in order to determine our
auditing procedures for the purposes of expressing our opinions 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, 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
