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<PAGE> PAGE 2
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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 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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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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SIGNATURE RICHARD W. INGRAM
TITLE TREASURER
<TABLE> <S> <C>
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<LEGEND>
This schedule contains summary financial data extracted from the annual report
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<LEGEND>
This schedule contains summary financial data extracted from the annual report
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<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated 11/30/97 for the Institutional International Opportunities fund and is
qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
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<PERIOD-END> NOV-30-1997
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<INVESTMENTS-AT-VALUE> 211053
<RECEIVABLES> 49
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<TOTAL-ASSETS> 211371
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<TOTAL-LIABILITIES> 142
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<PAID-IN-CAPITAL-COMMON> 220218
<SHARES-COMMON-STOCK> 21257
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<ACCUMULATED-NII-CURRENT> 1906
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3579)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (7315)
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<NET-INVESTMENT-INCOME> 1584
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<NET-CHANGE-FROM-OPS> (8990)
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<NUMBER-OF-SHARES-SOLD> 22719
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</TABLE>
PRICE WATERHOUSE LLP 1177 Avenue of the Americas Telephone 212 596-7000
New York, NY 10036 Facsimile 212 596-8910
PRICE WATERHOUSE [logo]
REPORT OF INDEPENDENT ACCOUNTANTS
January 20, 1998
To the Investors and Trustees of
J.P. Morgan Institutional Prime Money Market Fund
In planning and performing our audit of the financial statements of J.P. Morgan
Institutional Prime Money Market Fund (the "Fund") for the year ended November
30, 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 Fund 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 November 30, 1997.
This report is intended solely for the information and use of management and the
Trustees of the Fund and the Securities and Exchange Commission.
/s/PRICE WATERHOUSE LLP
PRICE WATERHOUSE LLP
PRICE WATERHOUSE LLP 1177 Avenue of the Americas Telephone 212 596-7000
New York, NY 10036 Facsimile 212 596-8910
PRICE WATERHOUSE [logo]
REPORT OF INDEPENDENT ACCOUNTANTS
January 20, 1998
To the Investors and Trustees of
J.P. Morgan Institutional International Opportunities Fund
In planning and performing our audit of the financial statements of J.P. Morgan
Institutional International Opportunities Fund (the "Fund") for the period
February 26, 1997 (commencement of operations) to November 30, 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 Fund 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 November 30, 1997.
This report is intended solely for the information and use of management and the
Trustees of the Fund and the Securities and Exchange Commission.
/s/ PRICE WATERHOUSE LLP
PRICE WATERHOUSE LLP
