<PAGE> PAGE 1
000 B000000 05/31/98
000 C000000 0000894088
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007 C010900 9
007 C011000 10
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007 C021100 J.P. MORGAN INSTITUTIONAL U.S. EQUITY FUN
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007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C021600 J.P. MORGAN INSTITUTIONAL DISCIPLINED EQU
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007 C012000 20
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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014 A00AA03 JP MORGAN SECURITIES LTD.
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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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070 H011000 Y
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070 I021000 N
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<PAGE> PAGE 9
070 L021000 N
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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
015 A001601 STATE STREET BANK TRUST COMPANY
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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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SIGNATURE RICHARD W. INGRAM
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
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This schedule contains summary financial data extracted from the annual report
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
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<NET-CHANGE-FROM-OPS> 42968
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1506
<DISTRIBUTIONS-OF-GAINS> 1517
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16123
<NUMBER-OF-SHARES-REDEEMED> 893
<SHARES-REINVESTED> 233
<NET-CHANGE-IN-ASSETS> 246465
<ACCUMULATED-NII-PRIOR> 192
<ACCUMULATED-GAINS-PRIOR> (144)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1189
<AVERAGE-NET-ASSETS> 165110
<PER-SHARE-NAV-BEGIN> 11.47
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 3.62
<PER-SHARE-DIVIDEND> 0.12
<PER-SHARE-DISTRIBUTIONS> 0.13
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0.45
<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 May 31, 1998 for the J.P. Morgan Institutional U.S. Small Company Fund and
is qualifed in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 420072
<RECEIVABLES> 420
<ASSETS-OTHER> 14
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 420506
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 93
<TOTAL-LIABILITIES> 93
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 348593
<SHARES-COMMON-STOCK> 27474
<SHARES-COMMON-PRIOR> 28511
<ACCUMULATED-NII-CURRENT> 359
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 36599
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34862
<NET-ASSETS> 420413
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 2926
<EXPENSES-NET> 501
<NET-INVESTMENT-INCOME> 2425
<REALIZED-GAINS-CURRENT> 102704
<APPREC-INCREASE-CURRENT> (14451)
<NET-CHANGE-FROM-OPS> 90678
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2161
<DISTRIBUTIONS-OF-GAINS> 52222
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5152
<NUMBER-OF-SHARES-REDEEMED> 7445
<SHARES-REINVESTED> 1256
<NET-CHANGE-IN-ASSETS> 18616
<ACCUMULATED-NII-PRIOR> 553
<ACCUMULATED-GAINS-PRIOR> 17869
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 732
<AVERAGE-NET-ASSETS> 437716
<PER-SHARE-NAV-BEGIN> 14.09
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> 3.04
<PER-SHARE-DIVIDEND> .08
<PER-SHARE-DISTRIBUTIONS> 1.84
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.30
<EXPENSE-RATIO> .80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE>
Report of Independent Accountants
July 17, 1998
To the Shareholders and Trustees of
J.P. Morgan Institutional U.S. Equity Fund
J.P. Morgan Institutional U.S. Small Company Fund
J.P. Morgan Institutional Disciplined Equity Fund
In planning and performing our audit of the financial statements of J.P. Morgan
Institutional U.S. Equity Fund, J.P. Morgan Institutional U.S. Small Company
Fund, and J.P. Morgan Institutional Disciplined Equity Fund (the "Funds") for
the year ended May 31, 1998, 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
controls. Generally, controls 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 controls include the safeguarding of assets against
unauthorized acquisition, use or disposition. Because of inherent limitations in
internal control, errors or fraud 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
fraud 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 controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
May 31, 1998. This report is intended solely for the information and use of
management and the Trustees of the Funds and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
