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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 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 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
058 A001800 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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SIGNATURE GEORGE E.RIO
TITLE ASSISTANT TREASURER
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 October 31, 1999 for the J.P. Morgan Institutional Treasury Money
Market Fund and is qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
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<PERIOD-END> OCT-31-1999
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<REALIZED-GAINS-CURRENT> (15)
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<NET-CHANGE-FROM-OPS> 13815
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<NUMBER-OF-SHARES-SOLD> 913169
<NUMBER-OF-SHARES-REDEEMED> 886163
<SHARES-REINVESTED> 10847
<NET-CHANGE-IN-ASSETS> 37838
<ACCUMULATED-NII-PRIOR> (7)
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<GROSS-EXPENSE> 453
<AVERAGE-NET-ASSETS> 292811
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .048
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .048
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .20
[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 October 31, 1999 for the J.P. Morgan 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-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 816144
<RECEIVABLES> 50
<ASSETS-OTHER> 11
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 816205
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3304
<TOTAL-LIABILITIES> 3304
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 812932
<SHARES-COMMON-STOCK> 812932
<SHARES-COMMON-PRIOR> 471283
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (31)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 812901
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 25672
<OTHER-INCOME> 0
<EXPENSES-NET> 1343
<NET-INVESTMENT-INCOME> 24329
<REALIZED-GAINS-CURRENT> (27)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 24302
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 24329
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3300401
<NUMBER-OF-SHARES-REDEEMED> 2959836
<SHARES-REINVESTED> 1083
<NET-CHANGE-IN-ASSETS> 341622
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1856
<AVERAGE-NET-ASSETS> 538108
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .045
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .045
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .45
[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 October 31, 1999 for the J.P. Morgan Treasury Money Market Reserves 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-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 88899
<RECEIVABLES> 10
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 88909
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 280
<TOTAL-LIABILITIES> 280
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 88636
<SHARES-COMMON-STOCK> 88636
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 88629
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2153
<OTHER-INCOME> 0
<EXPENSES-NET> 220
<NET-INVESTMENT-INCOME> 1933
<REALIZED-GAINS-CURRENT> (8)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1925
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1933
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 385554
<NUMBER-OF-SHARES-REDEEMED> 297934
<SHARES-REINVESTED> 1016
<NET-CHANGE-IN-ASSETS> 88629
<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> 313
<AVERAGE-NET-ASSETS> 105318
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .018
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .018
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .70
[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 October 31, 1999 for the J.P. Morgan Institutional Federal 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-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 1398959
<RECEIVABLES> 141
<ASSETS-OTHER> 5
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1399105
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1520
<TOTAL-LIABILITIES> 1520
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1397642
<SHARES-COMMON-STOCK> 1397643
<SHARES-COMMON-PRIOR> 939908
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (57)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1397585
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 54941
<OTHER-INCOME> 0
<EXPENSES-NET> 2173
<NET-INVESTMENT-INCOME> 52768
<REALIZED-GAINS-CURRENT> (53)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 52715
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 52768
<DISTRIBUTIONS-OF-GAINS> 4
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5106951
<NUMBER-OF-SHARES-REDEEMED> 4722750
<SHARES-REINVESTED> 43568
<NET-CHANGE-IN-ASSETS> 427712
<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> 3717
<AVERAGE-NET-ASSETS> 1084216
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .048
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .048
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .2
[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 October 31, 1999 for the J.P. Morgan Institutional Service Federal 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-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 9273
<RECEIVABLES> 6
<ASSETS-OTHER> 8
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9287
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 93
<TOTAL-LIABILITIES> 93
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9199
<SHARES-COMMON-STOCK> 9199
<SHARES-COMMON-PRIOR> 23124
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 9194
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1431
<OTHER-INCOME> 0
<EXPENSES-NET> 129
<NET-INVESTMENT-INCOME> 1302
<REALIZED-GAINS-CURRENT> (4)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1298
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1302
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 235307
<NUMBER-OF-SHARES-REDEEMED> 255896
<SHARES-REINVESTED> 328
<NET-CHANGE-IN-ASSETS> (20265)
<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> 224
<AVERAGE-NET-ASSETS> 28703
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .046
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .046
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .45
[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 OCTOBER 31, 1999 FOR THE J.P. MORGAN INSTITUTIONAL GLOBAL STRATEGIC INCOME
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> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 183568
<RECEIVABLES> 18
<ASSETS-OTHER> 18
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 183604
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 519118
<TOTAL-LIABILITIES> 519118
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 203631
<SHARES-COMMON-STOCK> 19575
<SHARES-COMMON-PRIOR> 23024
<ACCUMULATED-NII-CURRENT> 1126
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (14166)
<ACCUM-APPREC-OR-DEPREC> (7506)
<NET-ASSETS> 183085
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 15369
<EXPENSES-NET> 97
<NET-INVESTMENT-INCOME> 15273
<REALIZED-GAINS-CURRENT> (5304)
<APPREC-INCREASE-CURRENT> (4636)
<NET-CHANGE-FROM-OPS> 5332
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14731)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8593
<NUMBER-OF-SHARES-REDEEMED> (13098)
<SHARES-REINVESTED> 1056
<NET-CHANGE-IN-ASSETS> (40615)
<ACCUMULATED-NII-PRIOR> 1229
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1773
<AVERAGE-NET-ASSETS> 227872
<PER-SHARE-NAV-BEGIN> 9.72
<PER-SHARE-NII> .62
<PER-SHARE-GAIN-APPREC> (.37)
<PER-SHARE-DIVIDEND> .62
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.35
<EXPENSE-RATIO> 0.65
[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 October 31, 1999 for the J.P. Morgan Institutional 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> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 1062846
<RECEIVABLES> 158
<ASSETS-OTHER> 8
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1063012
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21682
<TOTAL-LIABILITIES> 21682
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1084342
<SHARES-COMMON-STOCK> 110634
<SHARES-COMMON-PRIOR> 99123
<ACCUMULATED-NII-CURRENT> 1009
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (27074)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (16947)
<NET-ASSETS> 1041330
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 63638
<EXPENSES-NET> 1446
<NET-INVESTMENT-INCOME> 62192
<REALIZED-GAINS-CURRENT> (27022)
<APPREC-INCREASE-CURRENT> (35532)
<NET-CHANGE-FROM-OPS> (362)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 62215
<DISTRIBUTIONS-OF-GAINS> 12006
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 49432
<NUMBER-OF-SHARES-REDEEMED> 42354
<SHARES-REINVESTED> 4433
<NET-CHANGE-IN-ASSETS> 39919
<ACCUMULATED-NII-PRIOR> 773
<ACCUMULATED-GAINS-PRIOR> 12212
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1519
<AVERAGE-NET-ASSETS> 1050038
<PER-SHARE-NAV-BEGIN> 10.10
<PER-SHARE-NII> .57
<PER-SHARE-GAIN-APPREC> (.57)
<PER-SHARE-DIVIDEND> .57
<PER-SHARE-DISTRIBUTIONS> .12
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.41
<EXPENSE-RATIO> .50
[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 October 31, 1999 for the J.P. Morgan Institutional Bond Fund-Ultra
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> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 299203
<RECEIVABLES> 928
<ASSETS-OTHER> 6
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 300137
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 882
<TOTAL-LIABILITIES> 882
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 311765
<SHARES-COMMON-STOCK> 31176
<SHARES-COMMON-PRIOR> 12604
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 304
<ACCUMULATED-NET-GAINS> (8212)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3994)
<NET-ASSETS> 299255
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 14572
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 14572
<REALIZED-GAINS-CURRENT> (8142)
<APPREC-INCREASE-CURRENT> (5203)
<NET-CHANGE-FROM-OPS> 1227
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 14535
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 29655
<NUMBER-OF-SHARES-REDEEMED> 12063
<SHARES-REINVESTED> 980
<NET-CHANGE-IN-ASSETS> 171005
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 263
<OVERDIST-NET-GAINS-PRIOR> 148
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 321
<AVERAGE-NET-ASSETS> 239633
<PER-SHARE-NAV-BEGIN> 10.17
<PER-SHARE-NII> .61
<PER-SHARE-GAIN-APPREC> (.58)
<PER-SHARE-DIVIDEND> .60
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.60
<EXPENSE-RATIO> .36
[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 October 31, 1999 for the J.P. Morgan Institutional Short Term 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> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 355037
<RECEIVABLES> 97
<ASSETS-OTHER> 3
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 355137
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 870
<TOTAL-LIABILITIES> 870
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 359827
<SHARES-COMMON-STOCK> 36618
<SHARES-COMMON-PRIOR> 23386
<ACCUMULATED-NII-CURRENT> 374
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 4200
<ACCUM-APPREC-OR-DEPREC> (1734)
<NET-ASSETS> 354267
<DIVIDEND-INCOME> 63
<INTEREST-INCOME> 16523
<OTHER-INCOME> 0
<EXPENSES-NET> 820
<NET-INVESTMENT-INCOME> 15767
<REALIZED-GAINS-CURRENT> (3317)
<APPREC-INCREASE-CURRENT> (3486)
<NET-CHANGE-FROM-OPS> 8964
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 15764
<DISTRIBUTIONS-OF-GAINS> 1227
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 29367
<NUMBER-OF-SHARES-REDEEMED> 17303
<SHARES-REINVESTED> 1168
<NET-CHANGE-IN-ASSETS> 121281
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1204
<OVERDISTRIB-NII-PRIOR> 488
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1301
<AVERAGE-NET-ASSETS> 286323
<PER-SHARE-NAV-BEGIN> 9.96
<PER-SHARE-NII> .58
<PER-SHARE-GAIN-APPREC> (.29)
<PER-SHARE-DIVIDEND> .54
<PER-SHARE-DISTRIBUTIONS> .04
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.67
<EXPENSE-RATIO> .29
[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 October 31, 1999 for the J.P. Morgan Emerging Markets Equity 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> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 35909
<RECEIVABLES> 67
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 35977
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 191
<TOTAL-LIABILITIES> 191
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48847
<SHARES-COMMON-STOCK> 4622
<SHARES-COMMON-PRIOR> 3743
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (507)
<ACCUMULATED-NET-GAINS> (23907)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11353
<NET-ASSETS> 35786
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 369
<EXPENSES-NET> 138
<NET-INVESTMENT-INCOME> 231
<REALIZED-GAINS-CURRENT> (4682)
<APPREC-INCREASE-CURRENT> 12814
<NET-CHANGE-FROM-OPS> 8363
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1600)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6806
<NUMBER-OF-SHARES-REDEEMED> 6160
<SHARES-REINVESTED> 232
<NET-CHANGE-IN-ASSETS> 12400
<ACCUMULATED-NII-PRIOR> 914
<ACCUMULATED-GAINS-PRIOR> (19193)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 175
<AVERAGE-NET-ASSETS> 31194
<PER-SHARE-NAV-BEGIN> 6.25
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 1.84
<PER-SHARE-DIVIDEND> (0.43)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.74
<EXPENSE-RATIO> 1.75
[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 October 31, 1999 for the J.P. Morgan Institutional International
Equity 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> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 470991
<RECEIVABLES> 529
<ASSETS-OTHER> 3
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 471523
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 328
<TOTAL-LIABILITIES> 328
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 343528
<SHARES-COMMON-STOCK> 34742
<SHARES-COMMON-PRIOR> 32725
<ACCUMULATED-NII-CURRENT> 3081
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 17080
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 107506
<NET-ASSETS> 471195
<DIVIDEND-INCOME> 6763
<INTEREST-INCOME> 483
<OTHER-INCOME> 0
<EXPENSES-NET> 3916
<NET-INVESTMENT-INCOME> 3330
<REALIZED-GAINS-CURRENT> 22992
<APPREC-INCREASE-CURRENT> 62017
<NET-CHANGE-FROM-OPS> 88339
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10531
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16683
<NUMBER-OF-SHARES-REDEEMED> 15111
<SHARES-REINVESTED> 445
<NET-CHANGE-IN-ASSETS> 104204
<ACCUMULATED-NII-PRIOR> 8237
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 3645
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3929
<AVERAGE-NET-ASSETS> 413127
<PER-SHARE-NAV-BEGIN> 11.21
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> 2.51
<PER-SHARE-DIVIDEND> 0.35
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.56
<EXPENSE-RATIO> 0.95
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
2
Report of Independent Accountants
To the Trustees and Shareholders of
J.P. Morgan Institutional Federal Money Market Fund
J.P. Morgan Institutional Service Federal Money Market Fund
J.P. Morgan Institutional Treasury Money Market Fund
J.P. Morgan Institutional Service Treasury Money Market Fund
J.P. Morgan Treasury Money Market Reserves Fund
J.P. Morgan Institutional Short Term Bond Fund
J.P. Morgan Institutional Bond Fund
J.P. Morgan Institutional Bond Fund - Ultra
J.P. Morgan Institutional International Equity Fund
J.P. Morgan Institutional Emerging Markets Equity Fund and
J.P. Morgan Institutional Global Strategic Income Fund
In planning and performing our audit of the financial statements of J.P. Morgan
Institutional Federal Money Market Fund, J.P. Morgan Institutional Service
Federal Money Market Fund, J.P. Morgan Institutional Treasury Money Market Fund,
J.P. Morgan Institutional Service Treasury Money Market Fund, J.P. Morgan
Treasury Money Market Reserves Fund, J.P. Morgan Institutional Short Term Bond
Fund, J.P. Morgan Institutional Bond Fund, J.P. Morgan Institutional Bond Fund -
Ultra, J.P. Morgan Institutional International Equity Fund, J.P. Morgan
Institutional Emerging Markets Equity Fund and J.P. Morgan Institutional Global
Strategic Income Fund (the "Funds") for the year ended October 31, 1999, 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
controls. Generally, controls 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 controls 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 controls may become inadequate
because of changes in conditions or that the effectiveness of their 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1999.
This report is intended solely for the information and use of the Trustees,
management and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified parties.
December 17, 1999
