JPM INSTITUTIONAL FUNDS
NSAR-B, 1997-03-13
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<PAGE>      PAGE  1
000 B000000 12/31/96
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 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 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C021400 THE JPM INSTITUTIONAL ASIA GROWTH FUND
007 C031400 N
007 C011500 15
007 C021500 THE JPM INSTITUTIONAL EUROPEAN EQUITY FUND
007 C031500 N
007 C011600 16
007 C021600 THE JPM INSTITUTIONAL JAPAN EQUITY FUND
007 C031600 N
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
010 A00AA01 FUNDS DISTRIBUTOR, INC.
010 B00AA01 8-420518
010 C01AA01 BOSTON
<PAGE>      PAGE  2
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 CO. OF NEW YORK
010 B00AA03 8-99999
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 02109
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 85-99999
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
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   55
019 C00AA00 JPM/PIERPO
020 C000001      0
020 C000002      0
020 C000003      0
<PAGE>      PAGE  3
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 EUROPEAN EQUITY PORTFOLIO
022 B000001 98-0150124
022 C000001      6230
022 D000001       504
022 A000002 THE JAPAN EQUITY PORTFOLIO
022 B000002 98-0150123
022 C000002      5947
022 D000002      3556
022 A000003 THE ASIA GROWTH PORTFOLIO
022 B000003 98-0150125
022 C000003      3438
022 D000003       116
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      15615
023 D000000       4176
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
<PAGE>      PAGE  4
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
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
<PAGE>      PAGE  5
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
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
<PAGE>      PAGE  6
078  000000 N
080 A00AA00 NATIONAL UNION
080 C00AA00    25000
081 A00AA00 Y
081 B00AA00  19
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
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
028 A011400       200
028 A021400         0
028 A031400         0
028 A041400         0
028 B011400       148
028 B021400         0
028 B031400         0
028 B041400       100
028 C011400         0
028 C021400         0
028 C031400         0
028 C041400         0
028 D011400         0
028 D021400         0
028 D031400         0
028 D041400         0
028 E011400       590
028 E021400         0
028 E031400         0
028 E041400         0
028 F011400       120
028 F021400         7
028 F031400         0
028 F041400         0
028 G011400      1058
028 G021400         7
<PAGE>      PAGE  7
028 G031400         0
028 G041400       100
028 H001400         0
058 A001400 N
059  001400 Y
060 A001400 Y
060 B001400 Y
061  001400   500000
070 A011400 Y
070 A021400 N
070 B011400 Y
070 B021400 N
070 C011400 N
070 C021400 N
070 D011400 Y
070 D021400 N
070 E011400 N
070 E021400 N
070 F011400 Y
070 F021400 N
070 G011400 Y
070 G021400 N
070 H011400 Y
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 Y
070 K021400 Y
070 L011400 Y
070 L021400 N
070 M011400 Y
070 M021400 N
070 N011400 Y
070 N021400 N
070 O011400 Y
070 O021400 N
070 P011400 N
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
071 A001400         0
071 B001400         0
071 C001400         0
071 D001400    0
072 A001400 12
072 B001400        0
072 C001400        0
<PAGE>      PAGE  8
072 D001400        0
072 E001400       20
072 F001400        0
072 G001400        1
072 H001400        0
072 I001400        9
072 J001400        0
072 K001400        0
072 L001400       13
072 M001400        0
072 N001400       31
072 O001400        0
072 P001400        0
072 Q001400        0
072 R001400       11
072 S001400        0
072 T001400        0
072 U001400        3
072 V001400        0
072 W001400        2
072 X001400       70
072 Y001400       68
072 Z001400       18
072AA001400        0
072BB001400      140
072CC011400      163
072CC021400        0
072DD011400       24
072DD021400        0
072EE001400        0
073 A011400   0.0700
073 A021400   0.0000
073 B001400   0.0000
073 C001400   0.0000
074 A001400        0
074 B001400        0
074 C001400        0
074 D001400        0
074 E001400        0
074 F001400        0
074 G001400        0
074 H001400        0
074 I001400     3389
074 J001400        0
074 K001400       13
074 L001400        0
074 M001400       14
074 N001400     3416
074 O001400        0
074 P001400        7
074 Q001400        0
<PAGE>      PAGE  9
074 R011400        0
074 R021400        0
074 R031400        0
074 R041400       47
074 S001400        0
074 T001400     3362
074 U011400      332
074 U021400        0
074 V011400    10.14
074 V021400     0.00
074 W001400   0.0000
074 X001400       15
074 Y001400        0
075 A001400        0
075 B001400     2289
076  001400     0.00
028 A011500         0
028 A021500         0
028 A031500         0
028 A041500         0
028 B011500       380
028 B021500         0
028 B031500         0
028 B041500       200
028 C011500         0
028 C021500         0
028 C031500         0
028 C041500         0
028 D011500       235
028 D021500         0
028 D031500         0
028 D041500         0
028 E011500         0
028 E021500         0
028 E031500         0
028 E041500         0
028 F011500         0
028 F021500        13
028 F031500         0
028 F041500         0
028 G011500       615
028 G021500        13
028 G031500         0
028 G041500       200
028 H001500         0
058 A001500 N
059  001500 Y
060 A001500 Y
060 B001500 Y
061  001500  1000000
070 A011500 Y
<PAGE>      PAGE  10
070 A021500 N
070 B011500 Y
070 B021500 N
070 C011500 N
070 C021500 N
070 D011500 Y
070 D021500 N
070 E011500 N
070 E021500 N
070 F011500 Y
070 F021500 N
070 G011500 Y
070 G021500 N
070 H011500 Y
070 H021500 N
070 I011500 N
070 I021500 N
070 J011500 Y
070 J021500 N
070 K011500 Y
070 K021500 Y
070 L011500 Y
070 L021500 N
070 M011500 Y
070 M021500 N
070 N011500 Y
070 N021500 N
070 O011500 Y
070 O021500 N
070 P011500 N
070 P021500 N
070 Q011500 N
070 Q021500 N
070 R011500 N
070 R021500 N
071 A001500         0
071 B001500         0
071 C001500         0
071 D001500    0
072 A001500 12
072 B001500        0
072 C001500        0
072 D001500        0
072 E001500       73
072 F001500        0
072 G001500        2
072 H001500        0
072 I001500       14
072 J001500        0
072 K001500        0
072 L001500       16
<PAGE>      PAGE  11
072 M001500        0
072 N001500       32
072 O001500        0
072 P001500        0
072 Q001500        0
072 R001500       11
072 S001500        0
072 T001500        0
072 U001500        3
072 V001500        0
072 W001500        2
072 X001500       80
072 Y001500       74
072 Z001500       67
072AA001500       69
072BB001500        0
072CC011500      766
072CC021500        0
072DD011500       55
072DD021500        0
072EE001500       28
073 A011500   0.1000
073 A021500   0.0000
073 B001500   0.0500
073 C001500   0.0000
074 A001500        0
074 B001500        0
074 C001500        0
074 D001500        0
074 E001500        0
074 F001500        0
074 G001500        0
074 H001500        0
074 I001500     6556
074 J001500        0
074 K001500       15
074 L001500        0
074 M001500       22
074 N001500     6593
074 O001500        0
074 P001500        8
074 Q001500        0
074 R011500        0
074 R021500        0
074 R031500        0
074 R041500       53
074 S001500        0
074 T001500     6532
074 U011500      565
074 U021500        0
074 V011500    11.56
<PAGE>      PAGE  12
074 V021500     0.00
074 W001500   0.0000
074 X001500        6
074 Y001500        0
075 A001500        0
075 B001500     4774
076  001500     0.00
028 A011600         0
028 A021600         0
028 A031600         0
028 A041600         0
028 B011600        80
028 B021600         0
028 B031600         0
028 B041600       100
028 C011600         0
028 C021600         0
028 C031600         0
028 C041600         0
028 D011600      1015
028 D021600         0
028 D031600         0
028 D041600         0
028 E011600       459
028 E021600         0
028 E031600         0
028 E041600       364
028 F011600        81
028 F021600         0
028 F031600         0
028 F041600      2955
028 G011600      1635
028 G021600         0
028 G031600         0
028 G041600      3419
028 H001600         0
058 A001600 N
059  001600 Y
060 A001600 N
060 B001600 N
061  001600  1000000
070 A011600 Y
070 A021600 N
070 B011600 Y
070 B021600 N
070 C011600 N
070 C021600 N
070 D011600 Y
070 D021600 N
070 E011600 N
070 E021600 N
<PAGE>      PAGE  13
070 F011600 Y
070 F021600 N
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 Y
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 12
072 B001600        0
072 C001600        0
072 D001600        0
072 E001600       -6
072 F001600        0
072 G001600        1
072 H001600        0
072 I001600       10
072 J001600        0
072 K001600        0
072 L001600       12
072 M001600        0
072 N001600       32
072 O001600        0
072 P001600        0
072 Q001600        0
072 R001600       11
072 S001600        0
072 T001600        0
072 U001600        3
<PAGE>      PAGE  14
072 V001600        0
072 W001600        2
072 X001600       71
072 Y001600       69
072 Z001600       -8
072AA001600        0
072BB001600      224
072CC011600        0
072CC021600      629
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     4151
074 J001600        0
074 K001600       10
074 L001600        0
074 M001600       15
074 N001600     4176
074 O001600        0
074 P001600        8
074 Q001600        0
074 R011600        0
074 R021600        0
074 R031600        0
074 R041600     2666
074 S001600        0
074 T001600     1502
074 U011600      173
074 U021600        0
074 V011600     8.67
074 V021600     0.00
074 W001600   0.0000
074 X001600        2
074 Y001600        0
075 A001600        0
075 B001600     3322
076  001600     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 12/31/96 for The JPM Institutional Asia Growth 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>                          DEC-31-1996
<PERIOD-END>                               DEC-31-1996
<INVESTMENTS-AT-COST>                                0
<INVESTMENTS-AT-VALUE>                            3389
<RECEIVABLES>                                       13
<ASSETS-OTHER>                                      14
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                    3416
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           54
<TOTAL-LIABILITIES>                                 54
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                          3339
<SHARES-COMMON-STOCK>                              332
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               7
<ACCUMULATED-NET-GAINS>                          (133)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                           163
<NET-ASSETS>                                      3362
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                      20
<EXPENSES-NET>                                       2
<NET-INVESTMENT-INCOME>                             18
<REALIZED-GAINS-CURRENT>                         (140)
<APPREC-INCREASE-CURRENT>                          163
<NET-CHANGE-FROM-OPS>                               41
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                           24
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            341
<NUMBER-OF-SHARES-REDEEMED>                         10
<SHARES-REINVESTED>                                  1
<NET-CHANGE-IN-ASSETS>                            3362
<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>                                     70
<AVERAGE-NET-ASSETS>                              2289
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                    .06
<PER-SHARE-GAIN-APPREC>                            .15
<PER-SHARE-DIVIDEND>                               .07
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.14
<EXPENSE-RATIO>                                   1.25
<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 12/31/96 for The JPM Institutional European Equity 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>                          DEC-31-1996
<PERIOD-END>                               DEC-31-1996
<INVESTMENTS-AT-COST>                                0
<INVESTMENTS-AT-VALUE>                            6556
<RECEIVABLES>                                       15
<ASSETS-OTHER>                                      22
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                    6593
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           61
<TOTAL-LIABILITIES>                                 61
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                          5712
<SHARES-COMMON-STOCK>                              565
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               4
<ACCUMULATED-NET-GAINS>                             58
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                           766
<NET-ASSETS>                                      6532
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                      73
<EXPENSES-NET>                                       6
<NET-INVESTMENT-INCOME>                             67
<REALIZED-GAINS-CURRENT>                            69
<APPREC-INCREASE-CURRENT>                          766
<NET-CHANGE-FROM-OPS>                              902
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                           55
<DISTRIBUTIONS-OF-GAINS>                            28
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            615
<NUMBER-OF-SHARES-REDEEMED>                         51
<SHARES-REINVESTED>                                  1
<NET-CHANGE-IN-ASSETS>                            6532
<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>                                     80
<AVERAGE-NET-ASSETS>                              4774
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                    .12
<PER-SHARE-GAIN-APPREC>                           1.59
<PER-SHARE-DIVIDEND>                               .10
<PER-SHARE-DISTRIBUTIONS>                          .05
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.56
<EXPENSE-RATIO>                                   1.00
<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 12/31/96 for The JPM Institutional Japan Equity 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>                          DEC-31-1996
<PERIOD-END>                               DEC-31-1996
<INVESTMENTS-AT-COST>                                0
<INVESTMENTS-AT-VALUE>                            4151
<RECEIVABLES>                                       10
<ASSETS-OTHER>                                      15
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                    4176
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         2674
<TOTAL-LIABILITIES>                               2674
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                          2332
<SHARES-COMMON-STOCK>                              173
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                          (9)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          (192)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         (629)
<NET-ASSETS>                                      1502
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                     (6)
<EXPENSES-NET>                                       2
<NET-INVESTMENT-INCOME>                            (8)
<REALIZED-GAINS-CURRENT>                         (224)
<APPREC-INCREASE-CURRENT>                        (629)
<NET-CHANGE-FROM-OPS>                            (861)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            579
<NUMBER-OF-SHARES-REDEEMED>                        406
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                            1502
<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>                                     71
<AVERAGE-NET-ASSETS>                              3332
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                  (.05)
<PER-SHARE-GAIN-APPREC>                         (1.28)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               8.67
<EXPENSE-RATIO>                                    .89
<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]






February 21, 1997

To the Trustees of
The JPM Institutional Japan Equity Fund
The JPM Institutional European Equity Fund
The JPM Institutional Asia Growth Fund


In planning and performing our audits of the financial statements of The JPM
Institutional Japan Equity Fund, The JPM Institutional European Equity Fund, and
The JPM Institutional Asia Growth Fund (the "Funds") for the period February 29,
1996 (commencement of operations) to December 31, 1996, we considered their
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 are 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
December 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





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