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<PAGE> PAGE 2
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013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
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<PAGE> PAGE 3
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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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SIGNATURE RICHARD W. INGRAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual
report dated 3/31/97 for The JPM Institutional New York Total Return
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> MAR-31-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 90655
<INVESTMENTS-AT-VALUE> 91110
<RECEIVABLES> 12
<ASSETS-OTHER> 0
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<TOTAL-ASSETS> 91126
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<TOTAL-LIABILITIES> 334
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<SHARES-REINVESTED> 875
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<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 150
<AVERAGE-NET-ASSETS> 71290
<PER-SHARE-NAV-BEGIN> 10.34
<PER-SHARE-NII> .48
<PER-SHARE-GAIN-APPREC> .02
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</TABLE>
1177 Avenue of the Americas Telephone 212 596 7000
New York, NY 10036 Facsimile 212 596 8910
PRICE WATERHOUSE LLP [logo]
May 14, 1997
To the Trustees of
The JPM Institutional New York Total Return Bond Fund
In planning and performing our audit of the financial statements of The JPM
Institutional New York Total Return Bond Fund (the "Fund") for the year ended
March 31, 1997, 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
March 31, 1997.
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
