<PAGE> PAGE 1
000 B000000 05/31/97
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 16
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 U.S.EQUITY FUND
007 C031100 N
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C021600 THE JPM INSTITUTIONAL DISCIPLINED EQUITY FUND
007 C031600 N
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
<PAGE> PAGE 2
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
010 A00AA01 FUNDS DISTRIBUTOR,INC.
010 B00AA01 8-420518
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02109
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 B00AA03 8-49999
010 C01AA03 NEW YORK
010 C02AA03 NY
010 C03AA03 10036
011 A00AA01 DELETE
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 DELETE
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 70
019 C00AA00 JPM/PIERPO
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
<PAGE> PAGE 3
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 THE U.S.EQUITY PORTFOLIO
022 B000001 04-3194421
022 C000001 48328
022 D000001 22347
022 A000002 THE U.S.SMALL COMPANY PORTFOLIO
022 B000002 04-3194469
022 C000002 78751
022 D000002 38258
022 A000003 THE DISCIPLINED EQUITY PORTFOLIO
022 C000003 49177
022 D000003 2612
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 176256
023 D000000 63217
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
<PAGE> PAGE 4
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
037 00AA00 N
038 00AA00 0
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
<PAGE> PAGE 5
048 K02AA00 0.000
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
063 A00AA00 0
063 B00AA00 0.0
066 A00AA00 Y
066 G00AA00 Y
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 GULF INSURANCE
080 C00AA00 25000
081 A00AA00 Y
081 B00AA00 24
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
086 C010000 0
086 C020000 0
<PAGE> PAGE 6
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
015 A001001 STATE STREET BANK TRUST COMPANY
015 B001001 C
015 C011001 BOSTON
015 C021001 MA
015 C031001 02101
015 E011001 X
028 A011000 20469
028 A021000 2746
028 A031000 0
028 A041000 9153
028 B011000 12513
028 B021000 0
028 B031000 0
028 B041000 4182
028 C011000 12130
028 C021000 0
028 C031000 0
028 C041000 667
028 D011000 14800
028 D021000 0
028 D031000 0
028 D041000 9878
028 E011000 8943
028 E021000 0
028 E031000 0
028 E041000 2798
028 F011000 9894
028 F021000 0
028 F031000 0
028 F041000 4636
028 G011000 78749
028 G021000 2746
028 G031000 0
028 G041000 31314
028 H001000 0
058 A001000 N
059 001000 Y
060 A001000 Y
060 B001000 Y
061 001000 1000000
062 A001000 N
062 B001000 0.0
062 C001000 0.0
062 D001000 0.0
062 E001000 0.0
<PAGE> PAGE 7
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 0.0
062 N001000 0.0
062 O001000 0.0
062 P001000 0.0
062 Q001000 0.0
062 R001000 0.0
070 A011000 Y
070 A021000 N
070 B011000 Y
070 B021000 N
070 C011000 N
070 C021000 N
070 D011000 Y
070 D021000 N
070 E011000 N
070 E021000 N
070 F011000 Y
070 F021000 N
070 G011000 Y
070 G021000 N
070 H011000 Y
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 Y
070 J021000 N
070 K011000 Y
070 K021000 Y
070 L011000 Y
070 L021000 N
070 M011000 Y
070 M021000 N
070 N011000 Y
070 N021000 N
070 O011000 Y
070 O021000 N
070 P011000 N
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
071 A001000 0
071 B001000 0
<PAGE> PAGE 8
071 C001000 0
071 D001000 0
072 A001000 12
072 B001000 0
072 C001000 0
072 D001000 0
072 E001000 3056
072 F001000 0
072 G001000 128
072 H001000 0
072 I001000 354
072 J001000 0
072 K001000 0
072 L001000 10
072 M001000 4
072 N001000 41
072 O001000 0
072 P001000 0
072 Q001000 0
072 R001000 14
072 S001000 1
072 T001000 0
072 U001000 10
072 V001000 0
072 W001000 6
072 X001000 569
072 Y001000 180
072 Z001000 2667
072AA001000 25048
072BB001000 0
072CC011000 0
072CC021000 6794
072DD011000 3199
072DD021000 0
072EE001000 21834
073 A011000 0.1300
073 A021000 0.0000
073 B001000 0.9200
073 C001000 0.0000
074 A001000 0
074 B001000 0
074 C001000 0
074 D001000 0
074 E001000 0
074 F001000 0
074 G001000 0
074 H001000 0
074 I001000 401134
074 J001000 0
074 K001000 5
074 L001000 0
<PAGE> PAGE 9
074 M001000 749
074 N001000 401888
074 O001000 0
074 P001000 45
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 46
074 S001000 0
074 T001000 401797
074 U011000 28511
074 U021000 0
074 V011000 14.09
074 V021000 0.00
074 W001000 0.0000
074 X001000 465
074 Y001000 0
075 A001000 0
075 B001000 330177
076 001000 0.00
015 A001101 STATE STREET BANK TRUST COMPANY
015 B001101 C
015 C011101 BOSTON
015 C021101 MA
015 C031101 02101
015 E011101 X
028 A011100 10676
028 A021100 9794
028 A031100 0
028 A041100 5083
028 B011100 10448
028 B021100 0
028 B031100 0
028 B041100 1111
028 C011100 13672
028 C021100 0
028 C031100 0
028 C041100 4417
028 D011100 2984
028 D021100 0
028 D031100 0
028 D041100 6171
028 E011100 5597
028 E021100 0
028 E031100 0
028 E041100 1912
028 F011100 4951
028 F021100 0
028 F031100 0
028 F041100 2726
<PAGE> PAGE 10
028 G011100 48328
028 G021100 9794
028 G031100 0
028 G041100 21420
028 H001100 0
058 A001100 N
059 001100 Y
060 A001100 Y
060 B001100 Y
061 001100 3000000
062 A001100 N
062 B001100 0.0
062 C001100 0.0
062 D001100 0.0
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
062 L001100 0.0
062 M001100 0.0
062 N001100 0.0
062 O001100 0.0
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
070 A011100 Y
070 A021100 N
070 B011100 Y
070 B021100 N
070 C011100 N
070 C021100 N
070 D011100 Y
070 D021100 N
070 E011100 N
070 E021100 N
070 F011100 Y
070 F021100 N
070 G011100 Y
070 G021100 N
070 H011100 Y
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 Y
070 J021100 N
070 K011100 Y
070 K021100 Y
070 L011100 Y
<PAGE> PAGE 11
070 L021100 N
070 M011100 Y
070 M021100 N
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 N
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 0
071 B001100 0
071 C001100 0
071 D001100 0
072 A001100 6
072 B001100 0
072 C001100 0
072 D001100 0
072 E001100 3863
072 F001100 0
072 G001100 102
072 H001100 0
072 I001100 282
072 J001100 0
072 K001100 0
072 L001100 12
072 M001100 4
072 N001100 32
072 O001100 0
072 P001100 0
072 Q001100 0
072 R001100 15
072 S001100 3
072 T001100 0
072 U001100 10
072 V001100 0
072 W001100 7
072 X001100 467
072 Y001100 125
072 Z001100 3521
072AA001100 35970
072BB001100 0
072CC011100 24882
072CC021100 0
072DD011100 4444
072DD021100 0
072EE001100 22485
073 A011100 0.2500
<PAGE> PAGE 12
073 A021100 0.0000
073 B001100 1.2800
073 C001100 0.0000
074 A001100 0
074 B001100 0
074 C001100 0
074 D001100 0
074 E001100 0
074 F001100 0
074 G001100 0
074 H001100 0
074 I001100 328898
074 J001100 0
074 K001100 19
074 L001100 1237
074 M001100 23
074 N001100 330177
074 O001100 0
074 P001100 38
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 363
074 S001100 0
074 T001100 329776
074 U011100 21060
074 U021100 0
074 V011100 15.66
074 V021100 0.00
074 W001100 0.0000
074 X001100 125
074 Y001100 0
075 A001100 0
075 B001100 264684
076 001100 0.00
015 A001601 STATE STREET BANK TRUST COMPANY
015 B001601 C
015 C011601 BOSTON
015 C021601 MA
015 C031601 02101
015 E011601 X
028 A011600 0
028 A021600 0
028 A031600 0
028 A041600 0
028 B011600 7530
028 B021600 0
028 B031600 0
028 B041600 0
028 C011600 32250
<PAGE> PAGE 13
028 C021600 0
028 C031600 0
028 C041600 0
028 D011600 3119
028 D021600 0
028 D031600 0
028 D041600 0
028 E011600 3629
028 E021600 0
028 E031600 0
028 E041600 2512
028 F011600 2649
028 F021600 0
028 F031600 0
028 F041600 100
028 G011600 49177
028 G021600 0
028 G031600 0
028 G041600 2612
028 H001600 0
058 A001600 N
059 001600 Y
060 A001600 N
060 B001600 N
061 001600 1000000
062 A001600 N
062 B001600 0.0
062 C001600 0.0
062 D001600 0.0
062 E001600 0.0
062 F001600 0.0
062 G001600 0.0
062 H001600 0.0
062 I001600 0.0
062 J001600 0.0
062 K001600 0.0
062 L001600 0.0
062 M001600 0.0
062 N001600 0.0
062 O001600 0.0
062 P001600 0.0
062 Q001600 0.0
062 R001600 0.0
070 A011600 Y
070 A021600 N
070 B011600 Y
070 B021600 N
070 C011600 N
070 C021600 N
070 D011600 N
070 D021600 N
<PAGE> PAGE 14
070 E011600 N
070 E021600 N
070 F011600 Y
070 F021600 Y
070 G011600 Y
070 G021600 N
070 H011600 Y
070 H021600 N
070 I011600 N
070 I021600 N
070 J011600 Y
070 J021600 N
070 K011600 Y
070 K021600 Y
070 L011600 Y
070 L021600 N
070 M011600 N
070 M021600 N
070 N011600 Y
070 N021600 N
070 O011600 Y
070 O021600 N
070 P011600 N
070 P021600 N
070 Q011600 N
070 Q021600 N
070 R011600 N
070 R021600 N
071 A001600 0
071 B001600 0
071 C001600 0
071 D001600 0
072 A001600 5
072 B001600 0
072 C001600 0
072 D001600 0
072 E001600 192
072 F001600 0
072 G001600 4
072 H001600 0
072 I001600 12
072 J001600 0
072 K001600 0
072 L001600 8
072 M001600 0
072 N001600 23
072 O001600 0
072 P001600 0
072 Q001600 0
072 R001600 12
072 S001600 0
<PAGE> PAGE 15
072 T001600 0
072 U001600 1
072 V001600 0
072 W001600 13
072 X001600 73
072 Y001600 73
072 Z001600 192
072AA001600 0
072BB001600 144
072CC011600 3114
072CC021600 0
072DD011600 0
072DD021600 0
072EE001600 0
073 A011600 0.0000
073 A021600 0.0000
073 B001600 0.0000
073 C001600 0.0000
074 A001600 0
074 B001600 0
074 C001600 0
074 D001600 0
074 E001600 0
074 F001600 0
074 G001600 0
074 H001600 0
074 I001600 49552
074 J001600 205
074 K001600 19
074 L001600 0
074 M001600 11
074 N001600 49787
074 O001600 0
074 P001600 6
074 Q001600 0
074 R011600 55
074 R021600 0
074 R031600 0
074 R041600 0
074 S001600 0
074 T001600 49726
074 U011600 4336
074 U021600 0
074 V011600 11.47
074 V021600 0.00
074 W001600 0.0000
074 X001600 44
074 Y001600 0
075 A001600 0
075 B001600 30419
076 001600 0.00
<PAGE> PAGE 16
SIGNATURE RICHARD W. INGRAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual
report dated 5/31/97 for The JPM Institutional U.S. Small Company Fund
and is qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 401134
<RECEIVABLES> 725
<ASSETS-OTHER> 29
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 401888
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 91
<TOTAL-LIABILITIES> 91
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 334061
<SHARES-COMMON-STOCK> 28511
<SHARES-COMMON-PRIOR> 20897
<ACCUMULATED-NII-CURRENT> 553
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 17869
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 49314
<NET-ASSETS> 401797
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 3056
<EXPENSES-NET> 389
<NET-INVESTMENT-INCOME> 2667
<REALIZED-GAINS-CURRENT> 25048
<APPREC-INCREASE-CURRENT> 6794
<NET-CHANGE-FROM-OPS> 34509
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3199)
<DISTRIBUTIONS-OF-GAINS> (21834)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10786
<NUMBER-OF-SHARES-REDEEMED> (3792)
<SHARES-REINVESTED> 620
<NET-CHANGE-IN-ASSETS> 109866
<ACCUMULATED-NII-PRIOR> 1191
<ACCUMULATED-GAINS-PRIOR> 14651
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 570
<AVERAGE-NET-ASSETS> 330177
<PER-SHARE-NAV-BEGIN> 13.97
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> 1.07
<PER-SHARE-DIVIDEND> (.13)
<PER-SHARE-DISTRIBUTIONS> (.92)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.09
<EXPENSE-RATIO> .80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
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 May 31, 1997,for The Disciplined Equity Portfolio and is
qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 70369
<INVESTMENTS-AT-VALUE> 75876
<RECEIVABLES> 323
<ASSETS-OTHER> 1491
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 77690
<PAYABLE-FOR-SECURITIES> 1056
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 86
<TOTAL-LIABILITIES> 1142
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70374
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 325
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 158
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5691
<NET-ASSETS> 76548
<DIVIDEND-INCOME> 383
<INTEREST-INCOME> 37
<OTHER-INCOME> 0
<EXPENSES-NET> 95
<NET-INVESTMENT-INCOME> 325
<REALIZED-GAINS-CURRENT> 158
<APPREC-INCREASE-CURRENT> 5691
<NET-CHANGE-FROM-OPS> 76548
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 76548
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 74
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 164
<AVERAGE-NET-ASSETS> 50760
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> .45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> MAY-31-1997
[INVESTMENTS-AT-COST] 0
[INVESTMENTS-AT-VALUE] 328,898
[RECEIVABLES] 1,242
[ASSETS-OTHER] 36
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 330,176
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 401
[TOTAL-LIABILITIES] 401
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 244,566
[SHARES-COMMON-STOCK] 21,060
[SHARES-COMMON-PRIOR] 18,462
[ACCUMULATED-NII-CURRENT] 1,443
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 26,884
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 56,883
[NET-ASSETS] 329,776
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 0
[OTHER-INCOME] 3,863
[EXPENSES-NET] 342
[NET-INVESTMENT-INCOME] 3,521
[REALIZED-GAINS-CURRENT] 35,970
[APPREC-INCREASE-CURRENT] 24,882
[NET-CHANGE-FROM-OPS] 64,374
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 4,444
[DISTRIBUTIONS-OF-GAINS] 22,485
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 84,614
[NUMBER-OF-SHARES-REDEEMED] 37,589
[SHARES-REINVESTED] 23,939
[NET-CHANGE-IN-ASSETS] 108,407
[ACCUMULATED-NII-PRIOR] 2,788
[ACCUMULATED-GAINS-PRIOR] 10,015
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 0
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 0
[AVERAGE-NET-ASSETS] 264,684
[PER-SHARE-NAV-BEGIN] 14.000
[PER-SHARE-NII] 0.170
[PER-SHARE-GAIN-APPREC] 3.020
[PER-SHARE-DIVIDEND] 0.250
[PER-SHARE-DISTRIBUTIONS] 1.280
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 15.660
[EXPENSE-RATIO] 0.600
[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 5/31/97 for the JPM disciplined Equity Fund and is qualified
in its entirety by reference to such annual.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 49552
<RECEIVABLES> 224
<ASSETS-OTHER> 11
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 49787
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 61
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 46564
<SHARES-COMMON-STOCK> 4336
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 192
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (144)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3114
<NET-ASSETS> 49726
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 192
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 192
<REALIZED-GAINS-CURRENT> (144)
<APPREC-INCREASE-CURRENT> 3114
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4595
<NUMBER-OF-SHARES-REDEEMED> (259)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 49726
<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> 73
<AVERAGE-NET-ASSETS> 30419
<PER-SHARE-NAV-BEGIN> 10
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 1.43
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.47
<EXPENSE-RATIO> .45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
July 21, 1997
To the Shareholders and Trustees of
The JPM Institutional U.S. Equity Fund
The JPM Institutional U.S. Small Company Fund
The JPM Institutional Disciplined Equity Fund
In planning and performing our audits of the financial statements of The JPM
Institutional U.S. Equity Fund and The JPM Institutional U.S. Small Company Fund
for the year ended May 31, 1997, and The JPM Institutional Disciplined Equity
Fund (the "Funds") for the period January 3, 1997 (commencement of operations)
to May 31, 1997, we considered their internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
control activities. Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control 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 internal control would not necessarily disclose all matters
in internal control 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 any
specific internal control components 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 internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of May 31, 1997.
This report is intended solely for the information and use of management and the
Trustees of the Funds and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
