<PAGE> PAGE 1
000 A000000 04/30/97
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
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001 C000000 6175570700
002 A000000 60 STATE STREET SUITE 1300
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002 C000000 MA
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007 C020100 THE JPM INSTITUTIONAL FEDERAL MONEY MKT FUND
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007 C020200 THE JPM INSTITUTIONAL SHORT TERM BOND FUND
007 C030200 N
007 C010300 3
007 C020300 THE JPM INSTITUTIONAL BOND FUND
007 C030300 N
007 C010400 4
007 C020400 THE JPM INSTITUTIONAL INTERNATIONAL EQUITY FD
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007 C010500 5
007 C020500 THE JPM INSTITUTIONAL EMERGING MKTS EQUITY FD
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007 C011100 11
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007 C011500 15
007 C011600 16
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007 C021800 THE JPM INSTITUTIONAL GLOBAL STRATEGIC INC FD
<PAGE> PAGE 2
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007 C012000 20
010 A00AA01 FUNDS DISTRIBUTOR, INC.
010 B00AA01 8-420518
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010 A00AA03 PIERPONT GROUP, INC.
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<PAGE> PAGE 3
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022 C000003 159852
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022 B000004 04-3194416
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022 B000005 04-3194471
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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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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
061 001800 1000000
070 A011800 Y
070 A021800 N
070 B011800 N
070 B021800 N
070 C011800 Y
070 C021800 N
070 D011800 N
070 D021800 N
070 E011800 Y
070 E021800 N
070 F011800 N
070 F021800 N
070 G011800 Y
070 G021800 N
070 H011800 N
070 H021800 N
070 I011800 N
070 I021800 N
070 J011800 Y
070 J021800 N
070 K011800 Y
070 K021800 Y
070 L011800 Y
070 L021800 N
070 M011800 Y
070 M021800 N
070 N011800 Y
070 N021800 N
070 O011800 Y
070 O021800 N
070 P011800 Y
070 P021800 N
070 Q011800 N
070 Q021800 N
070 R011800 N
070 R021800 N
071 A001800 0
071 B001800 0
071 C001800 0
071 D001800 0
072 A001800 2
072 B001800 0
072 C001800 0
072 D001800 0
072 E001800 413
072 F001800 0
072 G001800 2
072 H001800 0
072 I001800 6
072 J001800 0
<PAGE> PAGE 22
072 K001800 0
072 L001800 3
072 M001800 0
072 N001800 12
072 O001800 0
072 P001800 0
072 Q001800 0
072 R001800 2
072 S001800 0
072 T001800 0
072 U001800 1
072 V001800 3
072 W001800 1
072 X001800 30
072 Y001800 30
072 Z001800 413
072AA001800 0
072BB001800 121
072CC011800 176
072CC021800 0
072DD011800 373
072DD021800 0
072EE001800 0
073 A011800 0.0700
073 A021800 0.0000
073 B001800 0.0000
073 C001800 0.0000
074 A001800 0
074 B001800 0
074 C001800 0
074 D001800 0
074 E001800 0
074 F001800 0
074 G001800 0
074 H001800 0
074 I001800 58167
074 J001800 0
074 K001800 0
074 L001800 20
074 M001800 35
074 N001800 58222
074 O001800 0
074 P001800 6
074 Q001800 0
074 R011800 0
074 R021800 0
074 R031800 0
074 R041800 282
074 S001800 0
074 T001800 57934
074 U011800 5799461
<PAGE> PAGE 23
074 U021800 0
074 V011800 9.99
074 V021800 0.00
074 W001800 0.0000
074 X001800 19
074 Y001800 0
075 A001800 0
075 B001800 51201
076 001800 0.00
SIGNATURE RICHARD W. INGRAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
report dated 4/30/97 for the JPM Institutional Global Strategic Income Fund
and is qualified in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
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<INVESTMENTS-AT-VALUE> 58167
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 40
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (121)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 176
<NET-ASSETS> 57934
<DIVIDEND-INCOME> 0
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<NET-INVESTMENT-INCOME> 413
<REALIZED-GAINS-CURRENT> (121)
<APPREC-INCREASE-CURRENT> 176
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<DISTRIBUTIONS-OF-INCOME> 373
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<NUMBER-OF-SHARES-SOLD> 5786
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<SHARES-REINVESTED> 13
<NET-CHANGE-IN-ASSETS> 5799
<ACCUMULATED-NII-PRIOR> 0
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<AVERAGE-NET-ASSETS> 51201
<PER-SHARE-NAV-BEGIN> 10
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<PER-SHARE-GAIN-APPREC> (.02)
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<PER-SHARE-NAV-END> 9.99
<EXPENSE-RATIO> .65
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial summary data extracted from the
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Equity fund and is qualified in its entirety by reference to such semi-annual
report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 375110
<RECEIVABLES> 302
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<TOTAL-ASSETS> 375465
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 28600
<ACCUMULATED-NII-CURRENT> 114
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<ACCUMULATED-NET-GAINS> (5458)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27722
<NET-ASSETS> 373206
<DIVIDEND-INCOME> 3078
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<NET-INVESTMENT-INCOME> 1298
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<APPREC-INCREASE-CURRENT> 29982
<NET-CHANGE-FROM-OPS> 38157
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2687)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> 5177
<SHARES-REINVESTED> 109
<NET-CHANGE-IN-ASSETS> 3996
<ACCUMULATED-NII-PRIOR> 1502
<ACCUMULATED-GAINS-PRIOR> (12333)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 344040
<PER-SHARE-NAV-BEGIN> 10.27
<PER-SHARE-NII> .04
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<PER-SHARE-DIVIDEND> .09
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 11.45
<EXPENSE-RATIO> 1.37
<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 semi-annual
report dated 4/30/97 for the JPM Institutional International Equity Fund
and is qualified in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 647013
<INVESTMENTS-AT-VALUE> 677109
<RECEIVABLES> 847
<ASSETS-OTHER> 18
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 677974
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 615
<TOTAL-LIABILITIES> 615
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 628109
<SHARES-COMMON-STOCK> 59827
<SHARES-COMMON-PRIOR> 63585
<ACCUMULATED-NII-CURRENT> 2818
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16335
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 30097
<NET-ASSETS> 677359
<DIVIDEND-INCOME> 5364
<INTEREST-INCOME> 1255
<OTHER-INCOME> 0
<EXPENSES-NET> 3317
<NET-INVESTMENT-INCOME> 3302
<REALIZED-GAINS-CURRENT> 16535
<APPREC-INCREASE-CURRENT> 1369
<NET-CHANGE-FROM-OPS> 21206
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 16232
<DISTRIBUTIONS-OF-GAINS> 12924
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6698
<NUMBER-OF-SHARES-REDEEMED> 11528
<SHARES-REINVESTED> 1072
<NET-CHANGE-IN-ASSETS> (49505)
<ACCUMULATED-NII-PRIOR> 15748
<ACCUMULATED-GAINS-PRIOR> 12725
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3317
<AVERAGE-NET-ASSETS> 718804
<PER-SHARE-NAV-BEGIN> 11.43
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> .29
<PER-SHARE-DIVIDEND> .25
<PER-SHARE-DISTRIBUTIONS> .20
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.32
<EXPENSE-RATIO> .93
<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 semi-annual
report dated 4/30/97 for the JPM Institutional Bond Fund and is qualified
in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 790055
<RECEIVABLES> 82
<ASSETS-OTHER> 13
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 790149
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<OTHER-ITEMS-LIABILITIES> 2289
<TOTAL-LIABILITIES> 2289
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 791460
<SHARES-COMMON-STOCK> 81214
<SHARES-COMMON-PRIOR> 84945
<ACCUMULATED-NII-CURRENT> 198
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2912
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6708)
<NET-ASSETS> 787861
<DIVIDEND-INCOME> 294
<INTEREST-INCOME> 26925
<OTHER-INCOME> 0
<EXPENSES-NET> 1921
<NET-INVESTMENT-INCOME> 25298
<REALIZED-GAINS-CURRENT> 2917
<APPREC-INCREASE-CURRENT> (13265)
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 25113
<DISTRIBUTIONS-OF-GAINS> 1207
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21228
<NUMBER-OF-SHARES-REDEEMED> 2672
<SHARES-REINVESTED> 1312
<NET-CHANGE-IN-ASSETS> 3732
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1160
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1921
<AVERAGE-NET-ASSETS> 778295
<PER-SHARE-NAV-BEGIN> 9.84
<PER-SHARE-NII> .32
<PER-SHARE-GAIN-APPREC> (.12)
<PER-SHARE-DIVIDEND> .32
<PER-SHARE-DISTRIBUTIONS> .02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.70
<EXPENSE-RATIO> .50
<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 semi-annual
report dated 4/30/97 for the JPM Institutional Short Term Bond Fund and is
qualified in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 22091
<RECEIVABLES> 8
<ASSETS-OTHER> 13
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22112
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38
<TOTAL-LIABILITIES> 38
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22430
<SHARES-COMMON-STOCK> 2257
<SHARES-COMMON-PRIOR> 1808
<ACCUMULATED-NII-CURRENT> (11)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (272)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (73)
<NET-ASSETS> 22074
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 727
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 727
<REALIZED-GAINS-CURRENT> 24
<APPREC-INCREASE-CURRENT> (201)
<NET-CHANGE-FROM-OPS> 550
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (727)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1309
<NUMBER-OF-SHARES-REDEEMED> 934
<SHARES-REINVESTED> 73
<NET-CHANGE-IN-ASSETS> 448
<ACCUMULATED-NII-PRIOR> (11)
<ACCUMULATED-GAINS-PRIOR> (296)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 23911
<PER-SHARE-NAV-BEGIN> 9.85
<PER-SHARE-NII> .30
<PER-SHARE-GAIN-APPREC> (.07)
<PER-SHARE-DIVIDEND> .30
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.78
<EXPENSE-RATIO> .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 semi-annual
report dated 4/30/97 for the JPM Institutional Federal Money Market Fund
and is qualified in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 101355
<INVESTMENTS-AT-VALUE> 101355
<RECEIVABLES> 16
<ASSETS-OTHER> 15
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 101386
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 141
<TOTAL-LIABILITIES> 141
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 101249
<SHARES-COMMON-STOCK> 101249
<SHARES-COMMON-PRIOR> 108991
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 101244
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2871
<OTHER-INCOME> 0
<EXPENSES-NET> 109
<NET-INVESTMENT-INCOME> 2762
<REALIZED-GAINS-CURRENT> 3
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2760
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2762
<DISTRIBUTIONS-OF-GAINS> 61
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 159852
<NUMBER-OF-SHARES-REDEEMED> 169399
<SHARES-REINVESTED> 1804
<NET-CHANGE-IN-ASSETS> (7806)
<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> 92
<AVERAGE-NET-ASSETS> 109948
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .0251
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .0251
<PER-SHARE-DISTRIBUTIONS> .0007
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
