JP MORGAN INSTITUTIONAL FUNDS
NSAR-A, 1998-04-29
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<PAGE>      PAGE  1
000 A000000 02/28/98
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 J.P. MORGAN INSTITUTIONAL FUNDS
001 B000000 811-7342
001 C000000 6175573334
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 25
007 C010100  1
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C020600 J.P. MORGAN INSTITUTIONAL TAX-EXEMPT BOND FD
007 C030600 N
007 C010700  7
007 C020700 J.P. MORGAN INSTITUTIONAL TAX-EXEMPT MONEY M
007 C030700 N
007 C010800  8
007 C010900  9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
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007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C022400 JP MORGAN INSTITUTIONAL SERVICE TAX EXEMPT MM
<PAGE>      PAGE  2
007 C032400 N
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 02116
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 8-49999
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 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 85-9999999
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 INC.
014 B00AA04 8-99999
015 A00AA01 STATE STREET BANK AND TRUST CO.
015 B00AA01 C
015 C01AA01 BOSTON
<PAGE>      PAGE  3
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   70
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 TAX-EXEMPT BOND PORTFOLIO
022 B000001 04-3194405
022 C000001     66036
022 D000001     30101
022 A000002 THE TAX-EXEMPT MONEY MARKET PORTFOLIO
022 B000002 04-3194418
022 C000002   1433637
022 D000002   1087383
022 C000003         0
022 D000003         0
022 C000004         0
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023 D000000    1117484
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<PAGE>      PAGE  4
025 D00AA07       0
025 D00AA08       0
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<PAGE>      PAGE  5
048 F02AA00 0.000
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055 A00AA00 N
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066 A00AA00 N
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<PAGE>      PAGE  6
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058 A000600 N
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070 D020600 N
070 E010600 N
<PAGE>      PAGE  7
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
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070 I020600 N
070 J010600 Y
070 J020600 Y
070 K010600 Y
070 K020600 Y
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070 L020600 N
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070 M020600 N
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070 P020600 N
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070 R020600 N
071 A000600         0
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<PAGE>      PAGE  8
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074 V020600     0.00
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074 Y000600        0
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075 B000600   223730
076  000600     0.00
028 A010700     49935
<PAGE>      PAGE  9
028 A020700       475
028 A030700         0
028 A040700     58401
028 B010700    415047
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028 C020700       651
028 C030700         0
028 C040700    300104
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028 D020700       476
028 D030700         0
028 D040700    261201
028 E010700    303106
028 E020700       724
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028 E040700    134465
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028 F020700      1030
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028 F040700    163025
028 G010700   1433637
028 G020700      4134
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028 G040700   1087383
028 H000700         0
058 A000700 N
059  000700 Y
060 A000700 Y
060 B000700 Y
061  000700 10000000
070 A010700 Y
070 A010700 N
070 A020700 N
070 A020700 N
070 B010700 N
070 B010700 N
070 B020700 N
070 B020700 N
070 C010700 N
070 C010700 N
070 C020700 N
070 C020700 N
070 D010700 N
070 D010700 N
070 D020700 N
070 D020700 N
070 E010700 N
070 E010700 N
<PAGE>      PAGE  10
070 E020700 Y
070 E020700 N
070 F010700 Y
070 F010700 Y
070 F020700 N
070 F020700 N
070 G010700 N
070 G010700 N
070 G020700 Y
070 G020700 N
070 H010700 Y
070 H010700 N
070 H020700 N
070 H020700 N
070 I010700 N
070 I010700 N
070 I020700 N
070 I020700 N
070 J010700 N
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 N
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 N
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700         0
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<PAGE>      PAGE  11
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073 A010700   0.0171
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<PAGE>      PAGE  12
074 V010700     1.00
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028 A012400         0
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061  002400 10000000
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070 C022400 N
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070 D022400 N
070 E012400 N
<PAGE>      PAGE  13
070 E022400 N
070 F012400 N
070 F022400 N
070 G012400 N
070 G022400 N
070 H012400 N
070 H022400 N
070 I012400 N
070 I022400 N
070 J012400 Y
070 J022400 N
070 K012400 Y
070 K022400 Y
070 L012400 N
070 L022400 N
070 M012400 N
070 M022400 N
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070 N022400 N
070 O012400 Y
070 O022400 N
070 P012400 N
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070 Q012400 N
070 Q022400 N
070 R012400 N
070 R022400 N
071 A002400         0
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072 A002400  6
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<PAGE>      PAGE  14
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<PAGE>      PAGE  15
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 2/28/98 for the J.P. Morgan Institutional Tax Exempt 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>                          AUG-31-1997
<PERIOD-END>                               FEB-28-1998
<INVESTMENTS-AT-COST>                          243,891
<INVESTMENTS-AT-VALUE>                         243,891
<RECEIVABLES>                                        2
<ASSETS-OTHER>                                       4
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 243,897
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          674
<TOTAL-LIABILITIES>                                674
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       235,394
<SHARES-COMMON-STOCK>                                0
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                             44
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         7,785
<NET-ASSETS>                                   243,223
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                5,316
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     142
<NET-INVESTMENT-INCOME>                          5,174
<REALIZED-GAINS-CURRENT>                            64
<APPREC-INCREASE-CURRENT>                        3,964
<NET-CHANGE-FROM-OPS>                            9,202
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        5,174
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         66,036
<NUMBER-OF-SHARES-REDEEMED>                     30,101
<SHARES-REINVESTED>                              1,646
<NET-CHANGE-IN-ASSETS>                          41,609
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                         (20)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    162
<AVERAGE-NET-ASSETS>                           223,760
<PER-SHARE-NAV-BEGIN>                            10.12
<PER-SHARE-NII>                                    .24
<PER-SHARE-GAIN-APPREC>                            .19
<PER-SHARE-DIVIDEND>                                .0
<PER-SHARE-DISTRIBUTIONS>                          .24
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.31
<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 02/28/98 for J.P. Morgan Institutional Tax Exempt 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>                          AUG-31-1997
<PERIOD-END>                               FEB-28-1998
<INVESTMENTS-AT-COST>                          641,743
<INVESTMENTS-AT-VALUE>                         641,743
<RECEIVABLES>                                       25
<ASSETS-OTHER>                                       5
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 641,773
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          375
<TOTAL-LIABILITIES>                                375
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       641,358
<SHARES-COMMON-STOCK>                          641,359
<SHARES-COMMON-PRIOR>                          290,970
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                             39
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                   641,398
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                6,687
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                       0
<NET-INVESTMENT-INCOME>                          6,687
<REALIZED-GAINS-CURRENT>                            66
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                            6,753
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        6,687
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,433,637
<NUMBER-OF-SHARES-REDEEMED>                  1,087,384
<SHARES-REINVESTED>                              4,135
<NET-CHANGE-IN-ASSETS>                         350,454
<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>                                    122
<AVERAGE-NET-ASSETS>                           394,328
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                   .017
<PER-SHARE-GAIN-APPREC>                           .000
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                         .017
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                    .22
<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 semi-annual
report dated 02/28/98 for J.P. Morgan Institutional Service Tax exempt Money
Market Fund and is qualified in its entirety by reference to such semi-annual
report.
</LEGEND>
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1997
<PERIOD-END>                               FEB-28-1998
<INVESTMENTS-AT-COST>                           38,595
<INVESTMENTS-AT-VALUE>                          38,595
<RECEIVABLES>                                    6,717
<ASSETS-OTHER>                                  10,301
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  55,613
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       37,703
<TOTAL-LIABILITIES>                             37,703
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        17,906
<SHARES-COMMON-STOCK>                           17,906
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              4
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                    17,910
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                  369
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                      32
<NET-INVESTMENT-INCOME>                            337
<REALIZED-GAINS-CURRENT>                             4
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                              341
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          337
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        238,645
<NUMBER-OF-SHARES-REDEEMED>                    220,739
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                          17,910
<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>                                 27,441
<AVERAGE-NET-ASSETS>                            28,605
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                   .009
<PER-SHARE-GAIN-APPREC>                           .000
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                         .009
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                    .60
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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