<PAGE>
000 A000000 04/30/96
000 C000000 0000894088
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE JPM INSTITUTIONAL FUNDS
001 B000000 811-7342
001 C000000 6174230800
002 A000000 6 ST JAMES AVE.
002 B000000 BOSTON
002 C000000 MA
002 D010000 02116
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 16
007 C010100 1
007 C020100 THE JPM INSTITUTIONAL TREASURY MONEY MKT FUND
007 C030100 N
007 C010200 2
007 C020200 THE JPM INSTITUTIONAL SHORT TERM BOND FUND
007 C030200 N
007 C010300 3
007 C020300 THE JPM INSTITUTIONAL BOND FUND
007 C030300 N
007 C010400 4
007 C020400 THE JPM INSTITUTIONAL INTERNATIONAL EQUITY FD
007 C030400 N
007 C010500 5
007 C020500 THE JPM INSTITUTIONAL EMERGING MKTS EQUITY FD
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
<PAGE>
007 C012000 20
010 A00AA01 SIGNATURE BROKER DEALER SERVICES, INC
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02116
010 A00AA02 PIERPONT GROUP, INC
010 C01AA02 NEW YORK
010 C02AA02 NY
010 C03AA02 10017
010 A00AA03 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
010 C01AA03 NEW YORK
010 C02AA03 NY
010 C03AA03 10036
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 COMPANY
012 B00AA01 85-50003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02101
012 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
012 B00AA02 85-00000
012 C01AA02 NEW YORK
012 C02AA02 NY
012 C03AA02 10036
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 SIGNATURE BROKER DEALER SERVICES, INC
014 B00AA01 8-4134
015 A00AA01 STATE STREET BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 40
019 C00AA00 JPM/PIERPO
022 A000001 THE TREASURY MONEY MARKET PORTFOLIO
022 B000001 04-3174352
022 C000001 156184
022 D000001 119028
022 A000002 THE SHORT TERM BOND PORTFOLIO
022 B000002 04-3194467
022 C000002 7026
<PAGE>
022 D000002 20022
022 A000003 THE US FIXED INCOME PORTFOLIO
022 B000003 04-3194464
022 C000003 238385
022 D000003 55309
022 A000004 THE NON-US EQUITY PORTFOLIO
022 B000004 04-3194416
022 C000004 196899
022 D000004 51387
022 A000005 THE EMERGING MARKETS EQUITY PORTFOLIO
022 B000005 04-3194471
022 C000005 124873
022 D000005 87556
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 723367
023 D000000 333302
024 00AA00 N
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
<PAGE>
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
045 00AA00 N
048 00AA00 0.000
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
066 A00AA00 N
067 00AA00 N
<PAGE>
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 N
070 A02AA00 N
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 N
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 N
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 N
070 N02AA00 N
070 O01AA00 N
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 N
078 000000 N
028 A010100 13431
028 A020100 425
028 A030100 0
028 A040100 13566
028 B010100 3186
028 B020100 452
028 B030100 0
028 B040100 4198
028 C010100 29946
028 C020100 453
<PAGE>
028 C030100 0
028 C040100 22864
028 D010100 0
028 D020100 450
028 D030100 0
028 D040100 59381
028 E010100 500
028 E020100 193
028 E030100 0
028 E040100 2111
028 F010100 109121
028 F020100 200
028 F030100 0
028 F040100 18324
028 G010100 156184
028 G020100 2173
028 G030100 0
028 G040100 120444
028 H000100 0
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 10000000
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 6
072 B000100 0
072 C000100 0
072 D000100 0
072 E000100 3451
072 F000100 0
072 G000100 27
072 H000100 0
072 I000100 48
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 1
072 N000100 8
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 4
072 S000100 1
<PAGE>
072 T000100 0
072 U000100 11
072 V000100 0
072 W000100 15
072 X000100 115
072 Y000100 115
072 Z000100 3451
072AA000100 52
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 3451
072DD020100 0
072EE000100 38
073 A010100 0.0257
073 A020100 0.0000
073 B000100 0.0003
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 185113
074 J000100 0
074 K000100 19
074 L000100 0
074 M000100 47
074 N000100 185179
074 O000100 0
074 P000100 13
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 715
074 S000100 0
074 T000100 184451
074 U010100 18440
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 1.0003
074 X000100 17
074 Y000100 0
075 A000100 137566
075 B000100 0
076 000100 0.00
<PAGE>
028 A010200 92
028 A020200 0
028 A030200 0
028 A040200 2570
028 B010200 444
028 B020200 84
028 B030200 0
028 B040200 2446
028 C010200 5987
028 C020200 77
028 C030200 0
028 C040200 10107
028 D010200 413
028 D020200 45
028 D030200 0
028 D040200 102
028 E010200 90
028 E020200 47
028 E030200 0
028 E040200 3663
028 F010200 0
028 F020200 69
028 F030200 0
028 F040200 1126
028 G010200 7026
028 G020200 322
028 G030200 0
028 G040200 20014
028 H000200 0
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 6
072 B000200 0
072 C000200 0
072 D000200 0
072 E000200 327
072 F000200 0
072 G000200 2
072 H000200 0
072 I000200 12
072 J000200 0
072 K000200 0
072 L000200 5
072 M000200 1
072 N000200 6
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 5
<PAGE>
072 S000200 0
072 T000200 0
072 U000200 5
072 V000200 0
072 W000200 1
072 X000200 37
072 Y000200 37
072 Z000200 327
072AA000200 108
072BB000200 0
072CC010200 6
072CC020200 0
072DD010200 327
072DD020200 0
072EE000200 0
073 A010200 0.2800
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 6224
074 J000200 0
074 K000200 5
074 L000200 0
074 M000200 24
074 N000200 6253
074 O000200 0
074 P000200 1
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 31
074 S000200 0
074 T000200 6221
074 U010200 638
074 U020200 0
074 V010200 9.76
074 V020200 0.00
074 W000200 0.0000
074 X000200 17
074 Y000200 0
075 A000200 0
075 B000200 11728
<PAGE>
076 000200 0.00
028 A010300 29499
028 A020300 0
028 A030300 0
028 A040300 2964
028 B010300 41095
028 B020300 1886
028 B030300 0
028 B040300 3964
028 C010300 56574
028 C020300 953
028 C030300 0
028 C040300 3867
028 D010300 36104
028 D020300 1119
028 D030300 0
028 D040300 1149
028 E010300 62465
028 E020300 1133
028 E030300 0
028 E040300 30082
028 F010300 12648
028 F020300 2853
028 F030300 0
028 F040300 3359
028 G010300 238385
028 G020300 7944
028 G030300 0
028 G040300 45385
028 H000300 0
055 A000300 N
055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 N
060 B000300 N
061 000300 5000000
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 6
072 B000300 0
072 C000300 0
072 D000300 0
072 E000300 17121
072 F000300 0
072 G000300 110
072 H000300 0
<PAGE>
072 I000300 186
072 J000300 0
072 K000300 0
072 L000300 4
072 M000300 4
072 N000300 25
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 4
072 S000300 2
072 T000300 0
072 U000300 6
072 V000300 0
072 W000300 13
072 X000300 354
072 Y000300 49
072 Z000300 16816
072AA000300 2072
072BB000300 0
072CC010300 0
072CC020300 21766
072DD010300 16814
072DD020300 0
072EE000300 1214
073 A010300 0.3000
073 A020300 0.0000
073 B000300 0.0300
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 620440
074 J000300 0
074 K000300 17
074 L000300 67
074 M000300 24
074 N000300 620548
074 O000300 0
074 P000300 60
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 1839
074 S000300 0
<PAGE>
074 T000300 618649
074 U010300 63938
074 U020300 0
074 V010300 9.68
074 V020300 0.00
074 W000300 0.0000
074 X000300 112
074 Y000300 0
075 A000300 0
075 B000300 547526
076 000300 0.00
028 A010400 20299
028 A020400 0
028 A030400 0
028 A040400 7226
028 B010400 28758
028 B020400 5467
028 B030400 0
028 B040400 15839
028 C010400 35829
028 C020400 0
028 C030400 0
028 C040400 641
028 D010400 66874
028 D020400 0
028 D030400 0
028 D040400 15768
028 E010400 25295
028 E020400 0
028 E030400 0
028 E040400 6348
028 F010400 19844
028 F020400 0
028 F030400 0
028 F040400 5565
028 G010400 196899
028 G020400 5467
028 G030400 0
028 G040400 51387
028 H000400 0
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 1000000
071 A000400 0
071 B000400 0
<PAGE>
071 C000400 0
071 D000400 0
072 A000400 6
072 B000400 0
072 C000400 0
072 D000400 0
072 E000400 2919
072 F000400 0
072 G000400 112
072 H000400 0
072 I000400 243
072 J000400 0
072 K000400 0
072 L000400 6
072 M000400 5
072 N000400 24
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 4
072 S000400 2
072 T000400 0
072 U000400 5
072 V000400 0
072 W000400 18
072 X000400 419
072 Y000400 0
072 Z000400 2500
072AA000400 15065
072BB000400 0
072CC010400 54979
072CC020400 0
072DD010400 11370
072DD020400 0
072EE000400 2641
073 A010400 0.2400
073 A020400 0.0000
073 B000400 0.0600
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 676121
074 J000400 0
074 K000400 2
074 L000400 1377
<PAGE>
074 M000400 39
074 N000400 677539
074 O000400 0
074 P000400 63
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 453
074 S000400 0
074 T000400 677023
074 U010400 58557
074 U020400 0
074 V010400 11.56
074 V020400 0.00
074 W000400 0.0000
074 X000400 377
074 Y000400 0
075 A000400 0
075 B000400 566372
076 000400 0.00
028 A010500 42776
028 A020500 0
028 A030500 0
028 A040500 10219
028 B010500 10346
028 B020500 376
028 B030500 0
028 B040500 24708
028 C010500 23562
028 C020500 0
028 C030500 0
028 C040500 41733
028 D010500 29432
028 D020500 173
028 D030500 0
028 D040500 5287
028 E010500 8957
028 E020500 0
028 E030500 0
028 E040500 2880
028 F010500 9800
028 F020500 0
028 F030500 0
028 F040500 1283
028 G010500 124873
028 G020500 549
028 G030500 0
028 G040500 86110
028 H000500 0
055 A000500 N
<PAGE>
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 500000
071 A000500 0
071 B000500 0
071 C000500 0
071 D000500 0
072 A000500 6
072 B000500 0
072 C000500 0
072 D000500 0
072 E000500 2638
072 F000500 0
072 G000500 44
072 H000500 0
072 I000500 93
072 J000500 0
072 K000500 0
072 L000500 7
072 M000500 2
072 N000500 22
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 4
072 S000500 1
072 T000500 0
072 U000500 5
072 V000500 0
072 W000500 1357
072 X000500 1535
072 Y000500 0
072 Z000500 1103
072AA000500 0
072BB000500 1204
072CC010500 25563
072CC020500 0
072DD010500 1794
072DD020500 0
072EE000500 0
073 A010500 0.0800
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 0
<PAGE>
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 248482
074 J000500 0
074 K000500 0
074 L000500 635
074 M000500 39
074 N000500 249156
074 O000500 0
074 P000500 29
074 Q000500 0
074 R010500 135
074 R020500 0
074 R030500 0
074 R040500 0
074 S000500 0
074 T000500 248992
074 U010500 23076
074 U020500 0
074 V010500 10.79
074 V020500 0.00
074 W000500 0.0000
074 X000500 405
074 Y000500 0
075 A000500 0
075 B000500 221741
076 000500 0.00
SIGNATURE JOHN ELDER
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEUDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE SEMI ANNUAL
REPORT DATED APRIL 30, 1996 FOR THE JPM INSTITUTIONAL TREASURY MONEY MARKET FUND
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH SEMI ANNUAL REPORT.
</LEGEND>
<CIK> 0000894088
<NAME> THE JPM INSTITUTIONAL FUNDS
<SERIES>
<NUMBER> 010
<NAME> TREASURY MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 185113129
<INVESTMENTS-AT-VALUE> 185113129
<RECEIVABLES> 19320
<ASSETS-OTHER> 46172
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 185178621
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 727728
<TOTAL-LIABILITIES> 727728
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 184401402
<SHARES-COMMON-STOCK> 184401402
<SHARES-COMMON-PRIOR> 145071925
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 49491
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 184450893
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3677745
<OTHER-INCOME> 0
<EXPENSES-NET> 136972
<NET-INVESTMENT-INCOME> 3540773
<REALIZED-GAINS-CURRENT> 51985
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3592758
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3540773
<DISTRIBUTIONS-OF-GAINS> 38278
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 156184444
<NUMBER-OF-SHARES-REDEEMED> 119028430
<SHARES-REINVESTED> 2173463
<NET-CHANGE-IN-ASSETS> 39343184
<ACCUMULATED-NII-PRIOR> 35784
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 182642
<AVERAGE-NET-ASSETS> 137566140
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.03
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE SEMI-ANNUAL
REPORT DATED APRIL 30, 1996 FOR THE JPM INSTITUTIONAL SHORT TERM BOND FUND AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH SEMI-ANNUAL REPORT.
</LEGEND>
<CIK> 0000894088
<NAME> THE JPM INSTITUTIONAL FUNDS
<SERIES>
<NUMBER> 020
<NAME> THE JPM INSTITUTIONAL SHORT TERM BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-1-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 6224446
<INVESTMENTS-AT-VALUE> 6224446
<RECEIVABLES> 5124
<ASSETS-OTHER> 128
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6253342
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 32336
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6564405
<SHARES-COMMON-STOCK> 637617
<SHARES-COMMON-PRIOR> 1923840
<ACCUMULATED-NII-CURRENT> (10716)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (338543)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5860
<NET-ASSETS> 6221006
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 353698
<OTHER-INCOME> 0
<EXPENSES-NET> 26280
<NET-INVESTMENT-INCOME> 327418
<REALIZED-GAINS-CURRENT> 107886
<APPREC-INCREASE-CURRENT> (136597)
<NET-CHANGE-FROM-OPS> 398707
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 327418
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 710262
<NUMBER-OF-SHARES-REDEEMED> 2029162
<SHARES-REINVESTED> 32677
<NET-CHANGE-IN-ASSETS> (1286223)
<ACCUMULATED-NII-PRIOR> (10716)
<ACCUMULATED-GAINS-PRIOR> (446429)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 73020
<AVERAGE-NET-ASSETS> 11728047
<PER-SHARE-NAV-BEGIN> 9.83
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> (.07)
<PER-SHARE-DIVIDEND> (.28)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.76
<EXPENSE-RATIO> .45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE SEMI ANNUAL
REPORT DATED APRIL 30, 1996 FOR THE JPM INSTITUTIONAL BOND FUND AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH SEMI ANNUAL REPORT.
</LEGEND>
<CIK> 0000894088
<NAME> THE JPM INSTITUTIONAL FUNDS
<SERIES>
<NUMBER> 030
<NAME> THE JPM INSTITUTIONAL BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-1-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 620439792
<RECEIVABLES> 84140
<ASSETS-OTHER> 24340
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 620548272
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 1899383
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 624774561
<SHARES-COMMON-STOCK> 63937956
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 435266
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2120393
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8681331)
<NET-ASSETS> 618648889
<DIVIDEND-INCOME> 62884
<INTEREST-INCOME> 18083091
<OTHER-INCOME> 0
<EXPENSES-NET> 1329648
<NET-INVESTMENT-INCOME> 16816327
<REALIZED-GAINS-CURRENT> 2072456
<APPREC-INCREASE-CURRENT> (21765796)
<NET-CHANGE-FROM-OPS> (2877013)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (16813891)
<DISTRIBUTIONS-OF-GAINS> (1214257)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23779314
<NUMBER-OF-SHARES-REDEEMED> 4604040
<SHARES-REINVESTED> 799020
<NET-CHANGE-IN-ASSETS> 19974244
<ACCUMULATED-NII-PRIOR> 432830
<ACCUMULATED-GAINS-PRIOR> 1262194
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1379141
<AVERAGE-NET-ASSETS> 547526233
<PER-SHARE-NAV-BEGIN> 9.98
<PER-SHARE-NII> .30
<PER-SHARE-GAIN-APPREC> (.27)
<PER-SHARE-DIVIDEND> (.20)
<PER-SHARE-DISTRIBUTIONS> (.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.68
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE SEMI ANNUAL
REPORT DATED APRIL 30, 1996 FOR THE JPM INSTITUTIONAL INTERNATIONAL EQUITY FUND
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH SEMI ANNUAL REPORT.
</LEGEND>
<CIK> 0000894088
<NAME> THE JPM INSTITUTIONAL FUNDS
<SERIES>
<NUMBER> 040
<NAME> THE JPM INSTITUTIONAL INTERNATIONAL EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-1-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 676121
<RECEIVABLES> 1377
<ASSETS-OTHER> 41
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 677539
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 516
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 612372
<SHARES-COMMON-STOCK> 58557
<SHARES-COMMON-PRIOR> 44765
<ACCUMULATED-NII-CURRENT> 1233
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14914
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48504
<NET-ASSETS> 677023
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 2919
<EXPENSES-NET> 419
<NET-INVESTMENT-INCOME> 2500
<REALIZED-GAINS-CURRENT> 15065
<APPREC-INCREASE-CURRENT> 54979
<NET-CHANGE-FROM-OPS> 72544
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11370
<DISTRIBUTIONS-OF-GAINS> 2641
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17990
<NUMBER-OF-SHARES-REDEEMED> 4707
<SHARES-REINVESTED> 509
<NET-CHANGE-IN-ASSETS> 13792
<ACCUMULATED-NII-PRIOR> 10103
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 419
<AVERAGE-NET-ASSETS> 566372
<PER-SHARE-NAV-BEGIN> 10.44
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 1.38
<PER-SHARE-DIVIDEND> .24
<PER-SHARE-DISTRIBUTIONS> .06
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.56
<EXPENSE-RATIO> .92
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE SEMI ANNUAL
REPORT DATED APRIL 30, 1996 FOR THE JPM INSTITUTIONAL EMERGING MARKETS FUND AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH SEMI ANNUAL REPORT.
</LEGEND>
<CIK> 0000894088
<NAME> THE JPM INSTITUTIONAL FUNDS
<SERIES>
<NUMBER> 050
<NAME> THE JPM INSTITUTIONAL EMERGING MARKETS FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-1-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 248481
<RECEIVABLES> 635
<ASSETS-OTHER> 50
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 249166
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 164
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 248367
<SHARES-COMMON-STOCK> 23076263
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 445
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (9418)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9608
<NET-ASSETS> 249002
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 2638
<EXPENSES-NET> 1535
<NET-INVESTMENT-INCOME> 1103
<REALIZED-GAINS-CURRENT> (1204)
<APPREC-INCREASE-CURRENT> 25563
<NET-CHANGE-FROM-OPS> 25462
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1794
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12466178
<NUMBER-OF-SHARES-REDEEMED> 8606881
<SHARES-REINVESTED> 55093
<NET-CHANGE-IN-ASSETS> 3914390
<ACCUMULATED-NII-PRIOR> 1136
<ACCUMULATED-GAINS-PRIOR> (8215)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1535
<AVERAGE-NET-ASSETS> 221741
<PER-SHARE-NAV-BEGIN> 9.71
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 1.12
<PER-SHARE-DIVIDEND> .08
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.79
<EXPENSE-RATIO> 1.39
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
