<PAGE> PAGE 1
000 B000000 05/31/95
000 C000000 0000894088
000 D000000 N
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000 F000000 Y
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000 I000000 3.0
000 J000000 A
001 A000000 THE JPM INSTITUTIONAL FUNDS
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001 C000000 6174230800
002 A000000 6 ST. JAMES AVENUE, 9TH FLOOR
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002 C000000 MA
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007 C010600 6
007 C010700 7
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007 C010900 9
007 C011000 10
007 C021000 THE JPM INSTITUTIONAL US SMALL COMPANY FUND
007 C031000 N
007 C011100 11
007 C021100 THE JPM INSTITUTIONAL SELECTED US EQUITY FUND
007 C031100 N
007 C011200 12
007 C021200 THE JPM INSTITUTIONAL US STOCK FUND
007 C031200 Y
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
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<PAGE> PAGE 2
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010 A00AA01 SIGNATURE BROKER-DEALER SERVICES, INC.
010 B00AA01 8-41134
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02116
011 A00AA01 SIGNATURE BROKER-DEALER SERVICES, INC.
011 B00AA01 8-41134
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02116
012 A00AA01 STATE STREET BANK & TRUST CO.
012 B00AA01 85-50003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02101
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10020
014 A00AA01 JP MORGAN
014 B00AA01 8-xxxxxxxx
015 A00AA01 STATE STREET BANK & TRUST CO.
015 B00AA01 C
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022 A000001 THE SELECTED US EQUITY PORTFOLIO
022 B000001 04-3194421
<PAGE> PAGE 3
022 C000001 118652
022 D000001 3493
022 A000002 THE US SMALL COMPANY PORTFOLIO
022 B000002 04-3194469
022 C000002 96124
022 D000002 20172
022 A000003 THE U.S. STOCK PORTFOLIO
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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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<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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SIGNATURE DANIEL E SHEA
TITLE ASST. TREASURER
July 26, 1995
To the Trustees of
The JPM Institutional Selected U.S. Equity Fund
The JPM Institutional U.S. Small Company Fund
In planning and performing our audit of the financial statements of The JPM
Institutional Selected U.S. Equity Fund and The JPM Institutional U.S. Small
Company Fund (the "Funds") for the year ended May 31, 1995, 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 Funds 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
May 31, 1995.
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
