JPM INSTITUTIONAL FUNDS
NSAR-B, 1996-08-13
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<PAGE>      
000 B000000 05/31/96
000 C000000 0000894088
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 JPM INSTITUTIONAL FUNDS
001 B000000 811-7342
001 C000000 6174230800
002 A000000 6 ST. JAMES AVE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02116
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000 16
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 C021000 JPM INSTITUTIONAL US SMALL COMPANY FUND
007 C031000 N
007 C011100 11
007 C021100 JPM INSTITUTIONAL SELECTED US EQUITY FUND
007 C031100 N
007 C011200 12
007 C021200 JPM INSTITUTIONAL US STOCK FUND
007 C031200 Y
007 C011300 13
007 C011400 14
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 B00AA01 8-41134
010 C01AA01 BOSTON
<PAGE>      
010 C02AA01 MA
010 C03AA01 02116
010 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
010 C01AA02 NEW YORK
010 C02AA02 NY
010 C03AA02 10036
010 A00AA03 PIERPONT GROUP INC
010 C01AA03 NEW YORK
010 C02AA03 NY
010 C03AA03 10017
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 AND TRUST
012 B00AA01 85-50003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02101
012 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
012 B00AA02 84-000000
012 C01AA02 NEW YORK
012 C02AA02 NY
012 C03AA02 10036
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10023
014 A00AA01 SIGNATURE BROKER-DEALER SERVICES, INC
014 B00AA01 8-41134
015 A00AA01 STATE STREET BANK & TRUST
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   40
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
<PAGE>      
021  000000        0
022 A000001 THE SELECTED U.S. EQUITY PORTFOLIO
022 B000001 04-3194421
022 C000001     82194
022 D000001     78306
022 A000002 THE US SMALL COMPANY PORTFOLIO
022 B000002 04-3194469
022 C000002    111393
022 D000002     26877
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     193587
023 D000000     105183
024  00AA00 N
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 N
027  000000 Y
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
<PAGE>      
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
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048 E01AA00        0
048 E02AA00 0.000
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048 G01AA00        0
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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
055 B00AA00 N
056  00AA00 Y
057  00AA00 N
058 A00AA00 N
059  00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061  00AA00  3000000
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
<PAGE>      
062 Q00AA00   0.0
062 R00AA00   0.0
066 A00AA00 N
067  00AA00 N
068 A00AA00 N
068 B00AA00 N
069  00AA00 N
070 A01AA00 N
070 A02AA00 N
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
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 N
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 N
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 N
070 N02AA00 N
070 O01AA00 N
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
<PAGE>      
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 CHUBB INSURANCE
080 C00AA00    18000
081 A00AA00 Y
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
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
028 A011000     11162
028 A021000      3199
028 A031000         0
028 A041000     10690
028 B011000      5822
028 B021000         0
028 B031000         0
028 B041000      2309
028 C011000      8877
028 C021000         0
028 C031000         0
028 C041000      2048
028 D011000      4687
028 D021000         0
028 D031000         0
<PAGE>      
028 D041000      5811
028 E011000      8356
028 E021000         0
028 E031000         0
028 E041000      2329
028 F011000     13256
028 F021000         0
028 F031000         0
028 F041000      1366
028 G011000     52160
028 G021000      3199
028 G031000         0
028 G041000     24553
028 H001000         0
071 A001000         0
071 B001000         0
071 C001000         0
071 D001000    0
072 A001000 12
072 B001000        0
072 C001000        0
072 D001000        0
072 E001000     2917
072 F001000        0
072 G001000       84
072 H001000        0
072 I001000      177
072 J001000        0
072 K001000        0
072 L001000       18
072 M001000        4
072 N001000       32
072 O001000        0
072 P001000        0
072 Q001000        0
072 R001000        7
072 S001000        4
072 T001000        0
072 U001000       10
072 V001000        0
072 W001000        5
072 X001000      341
072 Y001000       56
072 Z001000     2632
072AA001000    24089
072BB001000        0
072CC011000    40158
072CC021000        0
072DD011000     2014
072DD021000        0
072EE001000    14496
<PAGE>      
073 A011000   0.1200
073 A021000   0.0000
073 B001000   0.8600
073 C001000   0.0000
074 A001000        0
074 B001000        0
074 C001000        0
074 D001000        0
074 E001000        0
074 F001000        0
074 G001000        0
074 H001000        0
074 I001000   291352
074 J001000        0
074 K001000       38
074 L001000     1411
074 M001000       30
074 N001000   292831
074 O001000        0
074 P001000        6
074 Q001000        0
074 R011000        0
074 R021000        0
074 R031000        0
074 R041000      894
074 S001000        0
074 T001000   291931
074 U011000    20897
074 U021000        0
074 V011000    13.97
074 V021000     0.00
074 W001000   0.0000
074 X001000      359
074 Y001000        0
075 A001000        0
075 B001000   218511
076  001000     0.00
028 A011100      6269
028 A021100      9732
028 A031100         0
028 A041100      4382
028 B011100      7973
028 B021100         0
028 B031100         0
028 B041100      2498
028 C011100      6244
028 C021100         0
028 C031100         0
028 C041100      2302
028 D011100      3241
028 D021100         0
<PAGE>      
028 D031100         0
028 D041100     17609
028 E011100      2776
028 E021100         0
028 E031100         0
028 E041100      3579
028 F011100      5080
028 F021100         0
028 F031100         0
028 F041100     11113
028 G011100     31583
028 G021100      9732
028 G031100         0
028 G041100     41483
028 H001100         0
071 A001100         0
071 B001100         0
071 C001100         0
071 D001100    0
072 A001100 12
072 B001100        0
072 C001100        0
072 D001100        0
072 E001100     4588
072 F001100        0
072 G001100       79
072 H001100        0
072 I001100      169
072 J001100        0
072 K001100        0
072 L001100       18
072 M001100        4
072 N001100       27
072 O001100        0
072 P001100        0
072 Q001100        0
072 R001100        9
072 S001100        2
072 T001100        0
072 U001100       10
072 V001100        0
072 W001100        7
072 X001100      325
072 Y001100       43
072 Z001100     4306
072AA001100    23685
072BB001100        0
072CC011100    19112
072CC021100        0
072DD011100     3073
072DD021100        0
<PAGE>      
072EE001100    12842
073 A011100   0.2000
073 A021100   0.0000
073 B001100   0.8300
073 C001100   0.0000
074 A001100        0
074 B001100        0
074 C001100        0
074 D001100        0
074 E001100        0
074 F001100        0
074 G001100        0
074 H001100        0
074 I001100   221067
074 J001100        0
074 K001100       15
074 L001100      794
074 M001100       36
074 N001100   221912
074 O001100        0
074 P001100       27
074 Q001100        0
074 R011100        0
074 R021100        0
074 R031100        0
074 R041100      517
074 S001100        0
074 T001100   221368
074 U011100    15809
074 U021100        0
074 V011100    14.00
074 V021100     0.00
074 W001100   0.0000
074 X001100       89
074 Y001100        0
075 A001100        0
075 B001100   207249
076  001100     0.00
028 A011200         0
028 A021200         0
028 A031200         0
028 A041200         0
028 B011200         0
028 B021200         0
028 B031200         0
028 B041200         0
028 C011200         0
028 C021200         0
028 C031200         0
028 C041200         0
028 D011200         0
<PAGE>      
028 D021200         0
028 D031200         0
028 D041200         0
028 E011200         0
028 E021200         0
028 E031200         0
028 E041200         0
028 F011200         0
028 F021200         0
028 F031200         0
028 F041200         0
028 G011200         0
028 G021200         0
028 G031200         0
028 G041200         0
028 H001200         0
071 A001200         0
071 B001200         0
071 C001200         0
071 D001200    0
072 A001200 12
072 B001200        0
072 C001200        0
072 D001200        0
072 E001200        1
072 F001200        0
072 G001200        0
072 H001200        0
072 I001200        0
072 J001200        0
072 K001200        0
072 L001200        0
072 M001200        0
072 N001200        0
072 O001200        0
072 P001200        0
072 Q001200        0
072 R001200        0
072 S001200        0
072 T001200        0
072 U001200        0
072 V001200        0
072 W001200        1
072 X001200        0
072 Y001200        1
072 Z001200        1
072AA001200        0
072BB001200        0
072CC011200        0
072CC021200        0
072DD011200        0
<PAGE>      
072DD021200        0
072EE001200        0
073 A011200   0.0000
073 A021200   0.0000
073 B001200   0.0000
073 C001200   0.0000
074 A001200        0
074 B001200        0
074 C001200        0
074 D001200        0
074 E001200        0
074 F001200        0
074 G001200        0
074 H001200        0
074 I001200        0
074 J001200        0
074 K001200        0
074 L001200        0
074 M001200        0
074 N001200        0
074 O001200        0
074 P001200        0
074 Q001200        0
074 R011200        0
074 R021200        0
074 R031200        0
074 R041200        0
074 S001200        0
074 T001200        0
074 U011200        0
074 U021200        0
074 V011200     0.00
074 V021200     0.00
074 W001200   0.0000
074 X001200        0
074 Y001200        0
075 A001200        0
075 B001200       75
076  001200     0.00
SIGNATURE   JOHN R. ELDER                                
TITLE       TREASURER           
 


<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated May 31, 1996 for the JPM Institutional Select U.S. Equity Fund and is
qualified in its entirety by reference to such annual report.
</LEGEND>
<CIK> 0000894088
<NAME> THE JPM INSTITUTIONAL FUNDS
<SERIES>
   <NUMBER> 011
   <NAME> THE JPM INSTITUTIONAL SELECT U.S. EQUITY FUND
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-START>                             JUN-01-1995
<PERIOD-END>                               MAY-31-1996
<INVESTMENTS-AT-COST>                                0
<INVESTMENTS-AT-VALUE>                         221,067
<RECEIVABLES>                                      809
<ASSETS-OTHER>                                      36
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 221,912
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          544
<TOTAL-LIABILITIES>                                544
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       172,920
<SHARES-COMMON-STOCK>                           15,809
<SHARES-COMMON-PRIOR>                           14,251
<ACCUMULATED-NII-CURRENT>                        2,366
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         14,263
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        31,819
<NET-ASSETS>                                   221,368
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                   4,588
<EXPENSES-NET>                                     282
<NET-INVESTMENT-INCOME>                          4,306
<REALIZED-GAINS-CURRENT>                        23,685
<APPREC-INCREASE-CURRENT>                       19,112
<NET-CHANGE-FROM-OPS>                           47,103
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        3,073
<DISTRIBUTIONS-OF-GAINS>                        12,842
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          6,496
<NUMBER-OF-SHARES-REDEEMED>                      6,044
<SHARES-REINVESTED>                              1,106
<NET-CHANGE-IN-ASSETS>                           1,558
<ACCUMULATED-NII-PRIOR>                          1,133
<ACCUMULATED-GAINS-PRIOR>                        3,420
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  1,286
<AVERAGE-NET-ASSETS>                           207,249
<PER-SHARE-NAV-BEGIN>                            12.10
<PER-SHARE-NII>                                   0.27
<PER-SHARE-GAIN-APPREC>                           2.66
<PER-SHARE-DIVIDEND>                            (0.20)
<PER-SHARE-DISTRIBUTIONS>                       (0.83)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.00
<EXPENSE-RATIO>                                   0.62
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated May 31, 1996 for the JPM Institutional U.S. Small Company Fund and is
qualified in its entirety by reference to such annual report.
</LEGEND>
<CIK> 0000894088
<NAME> THE JPM INSTITUTIONAL FUNDS
<SERIES>
   <NUMBER> 010
   <NAME> THE JPM INSTITUTIONAL U.S. SMALL COMPANY FUND
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-START>                             JUN-01-1995
<PERIOD-END>                               MAY-31-1996
<INVESTMENTS-AT-COST>                                0
<INVESTMENTS-AT-VALUE>                         291,352
<RECEIVABLES>                                    1,449
<ASSETS-OTHER>                                      30
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 292,831
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          900
<TOTAL-LIABILITIES>                                900
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       233,188
<SHARES-COMMON-STOCK>                           20,897
<SHARES-COMMON-PRIOR>                           13,375
<ACCUMULATED-NII-CURRENT>                        1,193
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         14,000
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        43,550
<NET-ASSETS>                                   291,931
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                   2,917
<EXPENSES-NET>                                     285
<NET-INVESTMENT-INCOME>                          2,632
<REALIZED-GAINS-CURRENT>                        24,089
<APPREC-INCREASE-CURRENT>                       40,158
<NET-CHANGE-FROM-OPS>                           66,879
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        2,014
<DISTRIBUTIONS-OF-GAINS>                        14,496
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          9,021
<NUMBER-OF-SHARES-REDEEMED>                      2,148
<SHARES-REINVESTED>                                649
<NET-CHANGE-IN-ASSETS>                           7,522
<ACCUMULATED-NII-PRIOR>                            575
<ACCUMULATED-GAINS-PRIOR>                        4,407
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                      0
<AVERAGE-NET-ASSETS>                           218,511
<PER-SHARE-NAV-BEGIN>                            11.16
<PER-SHARE-NII>                                   0.99
<PER-SHARE-GAIN-APPREC>                           2.80
<PER-SHARE-DIVIDEND>                              0.12
<PER-SHARE-DISTRIBUTIONS>                         0.86
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              13.97
<EXPENSE-RATIO>                                   0.80
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated May 31, 1996 for the JPM Institutional U.S. Stock Fund and is qualified in
its entirety by reference to such annual report.
</LEGEND>
<CIK> 0000894088
<NAME> THE JPM INSTITUTIONAL FUNDS
<SERIES>
   <NUMBER> 012
   <NAME> THE JPM INSTITUTIONAL U.S. STOCK FUND
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-START>                             JUN-01-1995
<PERIOD-END>                               MAY-31-1996
<INVESTMENTS-AT-COST>                                0
<INVESTMENTS-AT-VALUE>                               0
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                       0
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                                  0
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                                0
<SHARES-COMMON-PRIOR>                           10,001
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                         0
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                    1
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                       0
<NET-INVESTMENT-INCOME>                              1
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
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