<PAGE> PAGE 1
000 B000000 10/31/97
000 C000000 894088
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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
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C021800 THE JPM INSTITUTIONAL GLOBAL STRATEGIC INC FD
<PAGE> PAGE 2
007 C031800 N
007 C011900 19
007 C012000 20
007 C022000 THE JPM INSTITUTIONAL TREASURY MONEY MARKET
007 C032000 N
007 C012100 21
007 C022100 THE JPM INSTITUTIONAL SERVICE TREASURY MM
007 C032100 N
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
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<PAGE> PAGE 3
022 D000005 125421
022 A000006 THE GLOBAL STRATEGIC INC PORTFOLIO
022 B000006 04-3347891
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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SIGNATURE RICHARD W. INGRAM
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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This schedule contains summary financial data extracted from the annual report
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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This schedule contains summary financial data extracted from the annual report
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<TABLE> <S> <C>
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<LEGEND>
This schedule contains summary financial data extracted from the annual report
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<REALIZED-GAINS-CURRENT> 5993
<APPREC-INCREASE-CURRENT> 9054
<NET-CHANGE-FROM-OPS> 68557
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 53248
<DISTRIBUTIONS-OF-GAINS> 1207
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 40888
<NUMBER-OF-SHARES-REDEEMED> 37417
<SHARES-REINVESTED> 2730
<NET-CHANGE-IN-ASSETS> 75988
<ACCUMULATED-NII-PRIOR> 13
<ACCUMULATED-GAINS-PRIOR> 1202
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4038
<AVERAGE-NET-ASSETS> 811699
<PER-SHARE-NAV-BEGIN> 9.84
<PER-SHARE-NII> .65
<PER-SHARE-GAIN-APPREC> .18
<PER-SHARE-DIVIDEND> .64
<PER-SHARE-DISTRIBUTIONS> .02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.01
<EXPENSE-RATIO> .50
<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 10/31/97 for The JPM Institutional Global Strategic Income Fund and is
qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 100381
<RECEIVABLES> 5160
<ASSETS-OTHER> 33
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 105574
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 523
<TOTAL-LIABILITIES> 523
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 104474
<SHARES-COMMON-STOCK> 10340
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 185
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 389
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2
<NET-ASSETS> 105051
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 3356
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 3356
<REALIZED-GAINS-CURRENT> 567
<APPREC-INCREASE-CURRENT> 2
<NET-CHANGE-FROM-OPS> 3925
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3349
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 107327
<NUMBER-OF-SHARES-REDEEMED> 1054
<SHARES-REINVESTED> 4007
<NET-CHANGE-IN-ASSETS> 104951
<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> 180
<AVERAGE-NET-ASSETS> 75421
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.46
<PER-SHARE-GAIN-APPREC> 0.15
<PER-SHARE-DIVIDEND> 0.45
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.16
<EXPENSE-RATIO> 0.65
<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 10/31/97 for The JPM Institutional Service 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-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 36123
<RECEIVABLES> 18
<ASSETS-OTHER> 11
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36152
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 169
<TOTAL-LIABILITIES> 169
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35982
<SHARES-COMMON-STOCK> 35982
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 35983
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 471
<OTHER-INCOME> 0
<EXPENSES-NET> 21
<NET-INVESTMENT-INCOME> 450
<REALIZED-GAINS-CURRENT> 1
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 451
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 450
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 69740
<NUMBER-OF-SHARES-REDEEMED> 33813
<SHARES-REINVESTED> 54
<NET-CHANGE-IN-ASSETS> 35983
<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> 98
<AVERAGE-NET-ASSETS> 26519
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .017
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .017
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .28
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
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 10/31/97 for the JPM Institutional Service Treasury Money Market Fund and
is qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 36123
<INVESTMENTS-AT-VALUE> 36123
<RECEIVABLES> 18
<ASSETS-OTHER> 11
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36152
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 169
<OTHER-ITEMS-LIABILITIES> 000
<TOTAL-LIABILITIES> 169
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35982
<SHARES-COMMON-STOCK> 35982
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 35983
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 471
<OTHER-INCOME> 0
<EXPENSES-NET> 21
<NET-INVESTMENT-INCOME> 450
<REALIZED-GAINS-CURRENT> 1
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 451
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 450
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 69741
<NUMBER-OF-SHARES-REDEEMED> 33813
<SHARES-REINVESTED> 55
<NET-CHANGE-IN-ASSETS> 35983
<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> 98
<AVERAGE-NET-ASSETS> 26519
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .017
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .017
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .28
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 00
</TABLE>
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 10/31/97 for the Treasury Money Market Portfolio and is qualified in its
entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 117028
<INVESTMENTS-AT-VALUE> 117028
<RECEIVABLES> 70050
<ASSETS-OTHER> 15
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 187093
<PAYABLE-FOR-SECURITIES> 69906
<SENIOR-LONG-TERM-DEBT> 83
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 69989
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 117104
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1365
<OTHER-INCOME> 0
<EXPENSES-NET> 9
<NET-INVESTMENT-INCOME> 1356
<REALIZED-GAINS-CURRENT> 4
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1360
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 154888
<NUMBER-OF-SHARES-REDEEMED> 39144
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 49
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 127
<AVERAGE-NET-ASSETS> 76623
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] OCT-31-1997
[PERIOD-END] OCT-31-1997
[INVESTMENTS-AT-COST] 0
[INVESTMENTS-AT-VALUE] 137474
[RECEIVABLES] 28
[ASSETS-OTHER] 8
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 137510
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 204
[TOTAL-LIABILITIES] 204
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 137308
[SHARES-COMMON-STOCK] 137308
[SHARES-COMMON-PRIOR] 108991
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (2)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 137306
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 5653
[OTHER-INCOME] 0
[EXPENSES-NET] 0
[NET-INVESTMENT-INCOME] 5653
[REALIZED-GAINS-CURRENT] 14
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 5667
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 5653
[DISTRIBUTIONS-OF-GAINS] 75
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 345870
[NUMBER-OF-SHARES-REDEEMED] 321355
[SHARES-REINVESTED] 3802
[NET-CHANGE-IN-ASSETS] 28256
[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] 195
[AVERAGE-NET-ASSETS] 108855
[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] .052
[PER-SHARE-GAIN-APPREC] 0
[PER-SHARE-DIVIDEND] .052
[PER-SHARE-DISTRIBUTIONS] .001
[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, 1997
To the Shareholders and Trustees of
The JPM Institutional Emerging Markets Equity Fund and
The JPM Institutional Global Strategic Income Fund
In planning and performing our audit of the financial statements of The JPM
Institutional Emerging Markets Equity Fund and The JPM Institutional Global
Strategic Income Fund (the "Funds") for the year ended October 31, 1997, we
considered its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
control activities. Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control 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 internal control would not necessarily disclose all matters
in internal control 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 any
specific internal control components 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 internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of October 31, 1997.
This report is intended solely for the information and use of management and the
Trustees of the Funds and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
1177 AVENUE OF THE AMERICAS TELEPHONE 212 596 7000
NEW YORK, NY 10036 FACSIMILE 212 596 8910
PRICE WATERHOUSE LLP [LOGO]
December 17, 1997
To the Shareholders and Trustees of
The JPM Institutional Federal Money Market Fund
The JPM Institutional Treasury Money Market Fund and
The JPM Institutional Service Treasury Money Market Fund
In planning and performing our audits of the financial statements of The JPM
Institutional Federal Money Market Fund for the year ended October 31, 1997, The
JPM Institutional Treasury Money Market Fund for the period July 8, 1997
(commencement of operations) to October 31, 1997, and The JPM Institutional
Service Treasury Money Market Fund (the "Funds") for the period July 7, 1997
(commencement of operations) to October 31, 1997, we considered their internal
control, including control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
control activities. Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control 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 internal control would not necessarily disclose all matters
in internal control 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 any
specific internal control components 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 internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of October 31, 1997.
This report is intended solely for the information and use of management and the
Trustees of the Funds and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
Price Waterhouse LLP
