<PAGE> PAGE 1
000 B000000 08/31/96
000 C000000 894088
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
001 B000000 811-7342
001 C000000 6175573334
002 A000000 60 STATE STREET SUITE 1300
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 16
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C020600 THE JPM INSTITUTIONAL TAX-EXEMPT BOND FUND
007 C030600 N
007 C010700 7
007 C020700 THE JPM INSTITUTIONAL TAX-EXEMPT MONEY MKT FD
007 C030700 N
007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 FUNDS DISTRIBUTORS, INC.
010 B00AA01 8-420518
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 CO. OF NEW YORK
010 B00AA03 8-49999
010 C01AA03 NEW YORK
010 C02AA03 NY
010 C03AA03 10036
011 A00AA01 FUNDS DISTRIBUTOR, INC.
<PAGE> PAGE 2
011 B00AA01 8-420518
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02116
012 A00AA01 STATE STREET BANK AND TRUST CO.
012 B00AA01 85-50003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02101
012 A00AA02 MORGAN GUARANTY TRUST CO. OF NEW YORK
012 B00AA02 85-9999999
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 FUNDS DISTRIBUTOR, INC.
014 B00AA01 8-420518
014 A00AA02 JP MORGAN SECURITIES, INC.
014 B00AA02 8-99999
014 A00AA03 JP MORGAN SECURITIES LTD.
014 B00AA03 8-99999
015 A00AA01 STATE STREET BANK AND TRUST CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
018 00AA00 N
019 A00AA00 Y
019 B00AA00 56
019 C00AA00 JPM/PIERPO
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 THE JPM INSTITUTIONAL TAX-EXEMPT BOND FUND
022 B000001 04-3194405
022 C000001 48945
022 D000001 18348
022 A000002 THE JPM INSTITUTIONAL TAX-EXEMPT MONEY MKT FD
022 B000002 04-3194418
<PAGE> PAGE 3
022 C000002 210581
022 D000002 198335
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
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 259526
023 D000000 216683
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
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
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
038 00AA00 0
<PAGE> PAGE 4
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
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
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
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
<PAGE> PAGE 5
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
063 A00AA00 0
063 B00AA00 0.0
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 CHUBB INSURANCE
080 C00AA00 18000
081 A00AA00 Y
081 B00AA00 17
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
<PAGE> PAGE 6
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010600 7262
028 A020600 65
028 A030600 0
028 A040600 986
028 B010600 1613
028 B020600 75
028 B030600 0
028 B040600 5138
028 C010600 3123
028 C020600 74
028 C030600 0
028 C040600 3340
028 D010600 16250
028 D020600 76
028 D030600 0
028 D040600 1734
028 E010600 5848
028 E020600 67
028 E030600 0
028 E040600 3965
028 F010600 14849
028 F020600 95
028 F030600 0
028 F040600 1282
028 G010600 48945
028 G020600 452
028 G030600 0
028 G040600 16445
028 H000600 0
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 5000000
070 A010600 N
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
<PAGE> PAGE 7
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 N
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 N
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
071 A000600 0
071 B000600 0
071 C000600 0
071 D000600 0
072 A000600 12
072 B000600 0
072 C000600 0
072 D000600 0
072 E000600 4304
072 F000600 0
072 G000600 34
072 H000600 0
072 I000600 79
072 J000600 0
072 K000600 0
072 L000600 18
072 M000600 2
072 N000600 35
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 11
072 S000600 2
072 T000600 0
072 U000600 10
072 V000600 0
<PAGE> PAGE 8
072 W000600 2
072 X000600 193
072 Y000600 89
072 Z000600 4200
072AA000600 71
072BB000600 0
072CC010600 1051
072CC020600 0
072DD010600 4200
072DD020600 0
072EE000600 117
073 A010600 0.4800
073 A020600 0.0000
073 B000600 0.0200
073 C000600 0.0000
074 A000600 0
074 B000600 0
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 121190
074 J000600 0
074 K000600 0
074 L000600 360
074 M000600 18
074 N000600 121568
074 O000600 0
074 P000600 11
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 426
074 S000600 0
074 T000600 121131
074 U010600 12215
074 U020600 0
074 V010600 9.92
074 V020600 0.00
074 W000600 0.0000
074 X000600 109
074 Y000600 0
075 A000600 0
075 B000600 87142
076 000600 0.00
028 A010700 50290
028 A020700 351
028 A030700 0
<PAGE> PAGE 9
028 A040700 18060
028 B010700 38189
028 B020700 383
028 B030700 0
028 B040700 29067
028 C010700 65919
028 C020700 412
028 C030700 0
028 C040700 63290
028 D010700 15113
028 D020700 366
028 D030700 0
028 D040700 16928
028 E010700 28128
028 E020700 311
028 E030700 0
028 E040700 51073
028 F010700 12942
028 F020700 315
028 F030700 0
028 F040700 19131
028 G010700 210581
028 G020700 2138
028 G030700 0
028 G040700 197549
028 H000700 0
058 A000700 N
059 000700 Y
060 A000700 Y
060 B000700 Y
061 000700 10000000
070 A010700 N
070 A010700 N
070 A020700 N
070 A020700 N
070 B010700 N
070 B010700 N
070 B020700 N
070 B020700 N
070 C010700 N
070 C010700 N
070 C020700 N
070 C020700 N
070 D010700 N
070 D010700 N
070 D020700 N
070 D020700 N
070 E010700 N
070 E010700 N
070 E020700 N
070 E020700 N
<PAGE> PAGE 10
070 F010700 Y
070 F010700 Y
070 F020700 N
070 F020700 N
070 G010700 N
070 G010700 N
070 G020700 N
070 G020700 N
070 H010700 N
070 H010700 N
070 H020700 N
070 H020700 N
070 I010700 N
070 I010700 N
070 I020700 N
070 I020700 N
070 J010700 N
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 N
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 N
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 0
071 B000700 0
071 C000700 0
071 D000700 0
072 A000700 12
072 B000700 0
072 C000700 0
072 D000700 0
072 E000700 5366
072 F000700 0
072 G000700 63
072 H000700 0
072 I000700 121
072 J000700 0
072 K000700 0
072 L000700 18
072 M000700 3
<PAGE> PAGE 11
072 N000700 47
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 11
072 S000700 1
072 T000700 0
072 U000700 11
072 V000700 0
072 W000700 4
072 X000700 279
072 Y000700 116
072 Z000700 5203
072AA000700 0
072BB000700 1
072CC010700 0
072CC020700 0
072DD010700 5203
072DD020700 0
072EE000700 0
073 A010700 0.0331
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 0
074 B000700 0
074 C000700 0
074 D000700 0
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 163717
074 J000700 0
074 K000700 32
074 L000700 0
074 M000700 21
074 N000700 163770
074 O000700 0
074 P000700 14
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 187
074 S000700 0
074 T000700 163569
074 U010700 163593
074 U020700 0
074 V010700 1.00
074 V020700 0.00
<PAGE> PAGE 12
074 W000700 1.0013
074 X000700 37
074 Y000700 0
075 A000700 158584
075 B000700 0
076 000700 0.00
SIGNATURE RICHARD W. INGRAM
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 dated 8/31/96 for the JPM Institutional Tax Exempt Money Market
Portfolio and is qualified in its entirety by reference to such annual
report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 163717
<INVESTMENTS-AT-VALUE> 163717
<RECEIVABLES> 32
<ASSETS-OTHER> 21
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 163770
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 201
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 163593
<SHARES-COMMON-STOCK> 163593
<SHARES-COMMON-PRIOR> 100165
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 163569
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 5366
<EXPENSES-NET> 163
<NET-INVESTMENT-INCOME> 5203
<REALIZED-GAINS-CURRENT> (1)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5202
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5203
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 390767
<NUMBER-OF-SHARES-REDEEMED> 331889
<SHARES-REINVESTED> 4550
<NET-CHANGE-IN-ASSETS> 63427
<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> 279
<AVERAGE-NET-ASSETS> 158584
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .033
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .033
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .35
<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 annual
report dated 8/31/96 for the JPM Institutional Tax Exempt 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> AUG-31-1996
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 120529
<INVESTMENTS-AT-VALUE> 121190
<RECEIVABLES> 378
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 121568
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 437
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 120478
<SHARES-COMMON-STOCK> 12215
<SHARES-COMMON-PRIOR> 5982
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 661
<NET-ASSETS> 121131
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 4304
<EXPENSES-NET> 104
<NET-INVESTMENT-INCOME> 4200
<REALIZED-GAINS-CURRENT> 71
<APPREC-INCREASE-CURRENT> (1051)
<NET-CHANGE-FROM-OPS> 3220
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4201
<DISTRIBUTIONS-OF-GAINS> 117
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8525
<NUMBER-OF-SHARES-REDEEMED> (2394)
<SHARES-REINVESTED> 102
<NET-CHANGE-IN-ASSETS> 6233
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 41
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 193
<AVERAGE-NET-ASSETS> 87142
<PER-SHARE-NAV-BEGIN> 10.01
<PER-SHARE-NII> .48
<PER-SHARE-GAIN-APPREC> (0.07)
<PER-SHARE-DIVIDEND> 0.48
<PER-SHARE-DISTRIBUTIONS> 0.02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.92
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
1177 Avenue of the Americas Telephone 212 596 7000
New York, NY 10036 Facsimile 212 596 8910
Price Waterhouse LLP [logo]
October 16, 1996
To the Trustees of
The JPM Institutional Tax Exempt Bond Fund and
The JPM Institutional Tax Exempt Money Market Fund
In planning and performing our audits of the financial statements of The
JPM Institutional Tax Exempt Bond Fund and The JPM Institutional Tax Exempt
Money Market Fund (the "Funds") for the year ended August 31, 1996, 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
August 31, 1996.
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
