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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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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 20
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<PAGE> PAGE 21
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028 F042600 137715
028 G012600 1127144
028 G022600 4228
028 G032600 0
028 G042600 960012
028 H002600 0
037 002600 N
038 002600 0
039 002600 N
040 002600 Y
041 002600 Y
042 A002600 0
042 B002600 0
042 C002600 0
042 D002600 0
042 E002600 0
042 F002600 100
042 G002600 0
042 H002600 0
043 002600 230
044 002600 0
055 A002600 N
055 B002600 N
056 002600 N
057 002600 N
058 A002600 N
059 002600 Y
060 A002600 Y
060 B002600 Y
061 002600 10000000
070 A012600 Y
070 A022600 N
<PAGE> PAGE 22
070 B012600 N
070 B022600 N
070 C012600 N
070 C022600 N
070 D012600 N
070 D022600 N
070 E012600 N
070 E022600 N
070 F012600 N
070 F022600 N
070 G012600 N
070 G022600 N
070 H012600 N
070 H022600 N
070 I012600 N
070 I022600 N
070 J012600 Y
070 J022600 N
070 K012600 Y
070 K022600 Y
070 L012600 Y
070 L022600 N
070 M012600 N
070 M022600 N
070 N012600 Y
070 N022600 N
070 O012600 Y
070 O022600 N
070 P012600 N
070 P022600 N
070 Q012600 N
070 Q022600 N
070 R012600 N
070 R022600 N
071 A002600 0
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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SIGNATURE GEORGE A. RIO
TITLE 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
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Opportunities Fund and is qualified in its entirety by reference to such annual
report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
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<ACCUMULATED-NII-PRIOR> 6790
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[AVG-DEBT-OUTSTANDING] 406849
[AVG-DEBT-PER-SHARE] 0.02
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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
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and is qulified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
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<NET-CHANGE-IN-ASSETS> (744)
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[AVG-DEBT-OUTSTANDING] 50959
[AVG-DEBT-PER-SHARE] 0.07
</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 November 30, 1999 for the J.P. Morgan Institutional Tax Exempt Money
Market Fund and is qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
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<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 161
<AVERAGE-NET-ASSETS> 428323
<PER-SHARE-NAV-BEGIN> 1.00
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[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 November 30, 1999 for the J.P. Morgan Institutional Service Tax Exempt
Money Market Fund and is qualified in its entirety by reference to such annual
report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
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<REALIZED-GAINS-CURRENT> (1)
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<NUMBER-OF-SHARES-SOLD> 10398
<NUMBER-OF-SHARES-REDEEMED> 13290
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2893
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 29
<AVERAGE-NET-ASSETS> 7980
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.008
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.008
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.45
[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 November 30, 1999 for the J.P. Morgan Prime Money Market Reserves 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> NOV-30-1999
<PERIOD-END> NOV-30-1999
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<ACCUMULATED-NET-GAINS> 0
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<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 171360
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 4736
<EXPENSES-NET> 503
<NET-INVESTMENT-INCOME> 4233
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 1
<NET-CHANGE-FROM-OPS> 4234
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4233
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1127144
<NUMBER-OF-SHARES-REDEEMED> 960012
<SHARES-REINVESTED> 4228
<NET-CHANGE-IN-ASSETS> 171360
<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> 652
<AVERAGE-NET-ASSETS> 183291
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.023
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.023
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.70
[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 financial data extracted from the annual report dated
November 30, 1999 for the J.P. Morgan Institutional Service Prime Money Market
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> NOV-30-1999
<PERIOD-END> NOV-30-1999
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<OTHER-INCOME> 68114
<EXPENSES-NET> 4008
<NET-INVESTMENT-INCOME> 64106
<REALIZED-GAINS-CURRENT> (53)
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<DISTRIBUTIONS-OF-INCOME> 64106
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 9350437
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<NET-CHANGE-IN-ASSETS> 1019868
<ACCUMULATED-NII-PRIOR> 2331
<ACCUMULATED-GAINS-PRIOR> (5)
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<GROSS-EXPENSE> 4791
<AVERAGE-NET-ASSETS> 1342383
<PER-SHARE-NAV-BEGIN> 1.00
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<EXPENSE-RATIO> 0.45
[AVG-DEBT-OUTSTANDING] 0
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</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 November 30, 1999 for the J.P. Morgan Institutional Prime Money Market
Fund and is qualified in ts entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 7765283
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<SHARES-COMMON-PRIOR> 3458886
<ACCUMULATED-NII-CURRENT> (266)
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<SHARES-REINVESTED> 134875
<NET-CHANGE-IN-ASSETS> 4293060
<ACCUMULATED-NII-PRIOR> (53)
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<OVERDIST-NET-GAINS-PRIOR> (213)
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<GROSS-EXPENSE> 7225
<AVERAGE-NET-ASSETS> 5106775
<PER-SHARE-NAV-BEGIN> 1.00
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.20
[AVG-DEBT-OUTSTANDING] 0
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</TABLE>
2
Report of Independent Accountants
To the Trustees and Shareholders of
J.P. Morgan Institutional Prime Money Market Fund
J.P. Morgan Institutional Service Prime Money Market Fund
J.P. Morgan Prime Money Market Reserves Fund
J.P. Morgan Institutional European Equity Fund
J.P. Morgan Institutional International Opportunities Fund
J.P. Morgan Institutional Tax Exempt Money Market Fund and
J.P. Morgan Institutional Service Tax Exempt Money Market Fund
In planning and performing our audit of the financial statements of J.P. Morgan
Institutional Prime Money Market Fund, J.P. Morgan Institutional Service Prime
Money Market Fund, J.P. Morgan Prime Money Market Reserves Fund, J.P. Morgan
Institutional European Equity Fund and J.P. Morgan Institutional International
Opportunities Fund for the year ended November 30, 1999 and J.P. Morgan
Institutional Tax Exempt Money Market Fund and J.P. Morgan Institutional Service
Tax Exempt Money Market Fund (the "Funds") for the period ended November 30,
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
November 30, 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.
January 14, 2000
