<PAGE> PAGE 1
000 B000000 09/30/98
000 C000000 0000894088
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE JPM INSTITUTIONAL FUNDS
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007 C012100 21
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007 C012300 23
007 C012400 24
007 C012500 25
007 C022500 THE JPM INSTITUTONAL INTERNATIONAL BOND FUND
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<PAGE> PAGE 2
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<PAGE> PAGE 3
007 C017900 79
007 C018000 80
010 A00AA01 FUNDS DISTRIBUTOR,INC.
010 B00AA01 8-420518
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02116
010 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
010 B00AA02 8-49999
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 FUNDS DISTRIBUTOR,INC.
011 B00AA01 8-420518
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02116
012 A00AA01 STATE STREET BANK & TRUST COMPANY
012 B00AA01 85-50003
012 C01AA01 BOSTON
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012 C03AA01 02101
012 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
012 B00AA02 84-9999999
012 C01AA02 NEW YORK
012 C02AA02 NY
012 C03AA02 10036
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013 B01AA01 NEW YORK
013 B02AA01 NY
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014 A00AA01 FUNDS DISTRIBUTOR,INC.
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014 A00AA02 JP MORGAN SECURITIES,INC.
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014 A00AA03 JP MORGAN SECURITIES,LTD.
014 B00AA03 8-99999
014 A00AA04 BOSTON INSTITUTIONAL SERVICES, INC.
014 B00AA04 8-99999
015 A00AA01 STATE STREET BANK & TRUST CO.
015 B00AA01 C
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018 00AA00 Y
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<PAGE> PAGE 4
019 B00AA00 69
019 C00AA00 JPM/PIERPO
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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
SIGNATURE DOUGLAS C. CONROY
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This Schedule contains summary financial data extracted from the annual report
dated 09/30/98 for the J.P. Morgan Institutional International Bond Fund and is
qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 7245
<RECEIVABLES> 21
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7267
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 50
<TOTAL-LIABILITIES> 50
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6942
<SHARES-COMMON-STOCK> 845
<SHARES-COMMON-PRIOR> 764
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 350
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (75)
<NET-ASSETS> 7217
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 259
<EXPENSES-NET> 1
<NET-INVESTMENT-INCOME> 258
<REALIZED-GAINS-CURRENT> 707
<APPREC-INCREASE-CURRENT> (65)
<NET-CHANGE-FROM-OPS> 900
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 834
<DISTRIBUTIONS-OF-GAINS> 172
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 689
<NUMBER-OF-SHARES-REDEEMED> 774
<SHARES-REINVESTED> 107
<NET-CHANGE-IN-ASSETS> 91
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 477
<OVERDISTRIB-NII-PRIOR> 205
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 62
<AVERAGE-NET-ASSETS> 6964
<PER-SHARE-NAV-BEGIN> 8.65
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> .78
<PER-SHARE-DIVIDEND> .97
<PER-SHARE-DISTRIBUTIONS> .20
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.54
<EXPENSE-RATIO> .65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
To the Shareholders and Board of Directors of
J.P. Morgan Institutional International Bond Fund
Report of Independent Accountants
November 12, 1998
To the Shareholders and Trustees of
J.P. Morgan Institutional International Bond Fund
In planning and performing our audit of the financial statements of J.P. Morgan
Institutional International Bond Fund (the "Fund") for the year ended September
30, 1998, 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 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 fraud 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 fraud 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 for safeguarding securities, that we consider to be material weaknesses
as defined above as of September 30, 1998.
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/PricewaterhouseCoopers LLP
J.P. Morgan Institutional International Bond Fund
Supplemental Proxy Information
A Joint Special Meeting of Shareholders of the J.P. Morgan Family of Funds was
held on August 20, 1998. Each of the applicable funds voted in favor of adopting
the following proposals, therefore, the results are aggregated for the Trust
unless otherwise specified. The meeting was held for the following purposes:
1. To elect a slate of five Trustees to hold office for a term of unlimited
duration subject to the current retirement age of 70.
2a. To approve the amendment of the Fund's investment restriction relating to
diversification of assets. 2b. To approve the amendment of the Fund's investment
restriction relating to concentration of assets in a particular industry. 2c. To
approve the amendment of the Fund's investment restriction relating to the
issuance of senior securities. 2d. To standardize the borrowing ability of the
Fund to the extent permitted by applicable law. 2e. To approve the amendment of
the Fund's investment restriction relating to underwriting. 2f. To approve the
amendment of the Fund's investment restriction relating to investment in real
estate. 2g. To approve the amendment of the Fund's investment restriction
relating to commodities. 2h. To approve the amendment of the Fund's investment
restriction relating to lending. 2i. To approve the reclassification of the
Fund's other fundamental restrictions as nonfundamental. 3. To approve the
reclassification of the Fund's investment objective from fundamental to
nonfundamental. 4. To approve a new investment advisory agreement of the Fund.
5. To amend the Declaration of Trust to provide dollar-based voting rights. 6.
To ratify the selection of independent accountants, PricewaterhouseCoopers LLP.
The results of the proxy solicitation on the above matters were as follows:
<TABLE>
<S> <C> <C> <C>
Votes for Votes against Abstentions
Directors/Matter
1. Frederick S. Addy 2,592,561,591 8,840,251 --
William G. Burns 2,592,561,591 8,840,251 --
Arthur C. Eschenlauer 2,592,561,591 8,840,251 --
Matthew Healey 2,592,561,591 8,840,251 --
Michael P. Mallardi 2,592,561,591 8,840,251 --
1. Amending of Investment Restrictions:
a. Relating to diversification of assets 358,915 9,828 19,394
b. Relating to concentration of assets 356,915 11,151 19,394
c. Relating to issuance of senior securities 354,355 9,113 23,992
d. Relating to borrowing 360,106 11,151 16,203
e. Relating to underwriting 356,915 11,151 19,394
f. Relating to investment in real estate 356,915 11,151 19,394
g. Relating to commodities 356,915 11,151 19,394
h. Relating to lending 356,915 11,151 19,394
i. Reclassification of other restrictions as nonfundamental 361,429 8,888 17,143
3. Reclassification of investment objectives 343,898 26,419 17,143
4. Investment advisory agreement 404,544 11,304 17,142
5. Dollar-based voting rights 2,411,567,264 7,638,329 179,591,823
6. Independent accountants, PricewaterhouseCoopers LLP 2,402,592,025 19,567,729 179,242,087
</TABLE>
