<PAGE> PAGE 1
000 A000000 11/30/97
000 C000000 0000894088
000 D000000 N
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000 J000000 A
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001 C000000 6175570700
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002 C000000 MA
002 D010000 02109
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 C010300 3
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007 C010600 6
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007 C010900 9
007 C011000 10
007 C021000 THE J.P. MORGAN INSTITUTIONAL U.S. SMALL CO.
007 C031000 N
007 C011100 11
007 C021100 THE J.P. MORGAN INSTITUTIONAL U.S. EQUITY FUN
007 C031100 N
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C021600 THE 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
014 A00AA02 JP MORGAN SECURITIES,INC.
014 B00AA02 8-99999
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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<PAGE> PAGE 9
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<PAGE> PAGE 10
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015 A001101 STATE STREET BANK TRUST COMPANY
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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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015 A001601 STATE STREET BANK TRUST COMPANY
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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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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
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</LEGEND>
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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 data extracted from the semi-annual
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</LEGEND>
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<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 110
<AVERAGE-NET-ASSETS> 98947
<PER-SHARE-NAV-BEGIN> 11.47
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 1.52
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> (0.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.97
<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 semi-annual
report dated November 30, 1997, for the J.P. Morgan Institutional U.S. 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> MAY-31-1998
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 298,504
<INVESTMENTS-AT-VALUE> 356,181
<RECEIVABLES> 8
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 27
<TOTAL-ASSETS> 356,225
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 117
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 264,352
<SHARES-COMMON-STOCK> 22,357
<SHARES-COMMON-PRIOR> 21,060
<ACCUMULATED-NII-CURRENT> 1,523
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 32,556
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 57,677
<NET-ASSETS> 356,108
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 1,757
<EXPENSES-NET> 235
<NET-INVESTMENT-INCOME> 1,522
<REALIZED-GAINS-CURRENT> 33,442
<APPREC-INCREASE-CURRENT> 794
<NET-CHANGE-FROM-OPS> 35,758
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,442
<DISTRIBUTIONS-OF-GAINS> 27,769
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 30,204
<NUMBER-OF-SHARES-REDEEMED> 36,792
<SHARES-REINVESTED> 26,373
<NET-CHANGE-IN-ASSETS> 26,332
<ACCUMULATED-NII-PRIOR> 1,443
<ACCUMULATED-GAINS-PRIOR> 26,884
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 293
<AVERAGE-NET-ASSETS> 350,767
<PER-SHARE-NAV-BEGIN> 15.66
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 1.64
<PER-SHARE-DIVIDEND> 0.07
<PER-SHARE-DISTRIBUTIONS> 1.37
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.93
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 00
</TABLE>
