<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 894088
000 D000000 N
000 E000000 F
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007 C021600 THE JPM INSTITUTIONAL JAPAN EQUITY FUND
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007 C011700 17
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007 C011900 19
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<PAGE> PAGE 2
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010 A00AA02 PIERPONT GROUP, INC.
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<PAGE> PAGE 3
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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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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 summery financail data extracted from the semi-annual
report dated 6/30/97 for The JPM Institutional Japan Equity Fund and is
qualified in its entirety by reference to such semi-annual report.
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<S> <C>
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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 semi-annual
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<MULTIPLIER> 1000
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<TABLE> <S> <C>
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<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
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qualified in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1000
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</TABLE>
