<PAGE> PAGE 1
000 A000000 11/30/96
000 C000000 0000894088
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 6175570700
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 18
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C021000 THE JPM INSTITUTIONAL U.S. SMALL COMPANY FUND
007 C031000 N
007 C011100 11
007 C021100 THE JPM INSTITUTIONAL SELECTED U.S.EQUITY FD
007 C031100 N
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
010 A00AA01 FUNDS DISTRIBUTOR,INC.
010 B00AA01 84-20518
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02109
<PAGE> PAGE 2
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 FUNDS DISTRIBUTOR, INC.
011 B00AA01 8-420518
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
012 A00AA02 MORGAN GUARANTY TRUST COMPANY 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
014 A00AA04 BOSTON INSTITUTIONAL SERVICES
014 B00AA04 8-99999
018 00AA00 N
019 A00AA00 Y
019 B00AA00 55
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 SELECTED U.S.EQUITY PORTFOLIO
<PAGE> PAGE 3
022 B000001 04-3194421
022 C000001 36286
022 D000001 18417
022 A000002 THE U.S.SMALL COMPANY PORTFOLIO
022 B000002 04-3194469
022 C000002 64045
022 D000002 30337
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025 D00AA08 0
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<PAGE> PAGE 4
033 00AA00 0
034 00AA00 N
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036 B00AA00 0
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039 00AA00 N
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055 A00AA00 N
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<PAGE> PAGE 5
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
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070 E01AA00 N
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 N
070 G01AA00 Y
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015 A001001 STATE STREET BANK AND TRUST COMPANY
015 B001001 C
015 C011001 BOSTON
015 C021001 MA
015 C031001 02101
015 E011001 X
028 A011000 10296
028 A021000 0
028 A031000 0
028 A041000 2476
<PAGE> PAGE 6
028 B011000 7482
028 B021000 0
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028 C011000 19335
028 C021000 5092
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028 C041000 4138
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<PAGE> PAGE 7
071 D001000 0
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<PAGE> PAGE 8
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015 A001101 STATE STREET BANK TRUST COMPANY
015 B001101 C
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<PAGE> PAGE 9
028 G021100 14145
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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 SEMI-ANNUAL
REPORT DATED 11/30/96FOR THE JPM INSTITUTIONAL SELECTED U.S. EQUITY FUND AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH SEMI-ANNUAL REPORT.
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<MULTIPLIER> 1000
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE SEMI-ANNUAL
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</TABLE>
