<PAGE> PAGE 1
000 B000000 12/31/97
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 J.P.MORGAN 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 24
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 C021300 J.P.MORGAN INSTITUTIONAL ASIA GROWTH FUND
007 C031300 Y
007 C011400 14
007 C021400 J.P.MORGAN INSTITUTIONAL JAPAN EQUITY FUN
007 C031400 N
007 C011500 15
007 C021500 J.P.MORGAN INSTITUTIONAL EUROPEAN EQUITY FUND
007 C031500 N
007 C011600 16
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 8-49999
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 85-99999
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, INC
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 Y
019 A00AA00 Y
019 B00AA00 70
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 4704
022 D000001 3066
022 A000002 THE JAPAN EQUITY PORTFOLIO
022 B000002 98-0150123
022 C000002 5140
022 D000002 3722
022 A000003 THE ASIA GROWTH PORTFOLIO
022 B000003 98-0150125
022 C000003 282
022 D000003 3266
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 10126
023 D000000 10054
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 Y
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 GULF INSURANCE CO.
080 C00AA00 25000
081 A00AA00 Y
081 B00AA00 24
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 A011300 0
028 A021300 0
028 A031300 0
028 A041300 0
028 B011300 3
028 B021300 0
028 B031300 0
028 B041300 953
028 C011300 0
028 C021300 0
028 C031300 0
028 C041300 0
028 D011300 0
028 D021300 0
028 D031300 0
028 D041300 0
028 E011300 0
028 E021300 0
028 E031300 0
028 E041300 119
028 F011300 0
028 F021300 0
028 F031300 0
028 F041300 306
028 G011300 3
028 G021300 0
<PAGE> PAGE 7
028 G031300 0
028 G041300 1378
028 H001300 0
058 A001300 N
059 001300 Y
060 A001300 Y
060 B001300 Y
061 001300 1000000
070 A011300 Y
070 A021300 N
070 B011300 Y
070 B021300 N
070 C011300 N
070 C021300 N
070 D011300 Y
070 D021300 N
070 E011300 N
070 E021300 N
070 F011300 Y
070 F021300 N
070 G011300 Y
070 G021300 N
070 H011300 Y
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 N
070 K011300 Y
070 K021300 Y
070 L011300 Y
070 L021300 N
070 M011300 Y
070 M021300 N
070 N011300 Y
070 N021300 N
070 O011300 Y
070 O021300 N
070 P011300 N
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
071 A001300 0
071 B001300 0
071 C001300 0
071 D001300 0
072 A001300 12
072 B001300 0
072 C001300 0
<PAGE> PAGE 8
072 D001300 0
072 E001300 18
072 F001300 0
072 G001300 1
072 H001300 0
072 I001300 17
072 J001300 0
072 K001300 0
072 L001300 13
072 M001300 0
072 N001300 15
072 O001300 0
072 P001300 0
072 Q001300 0
072 R001300 11
072 S001300 0
072 T001300 0
072 U001300 3
072 V001300 0
072 W001300 2
072 X001300 62
072 Y001300 62
072 Z001300 18
072AA001300 0
072BB001300 135
072CC011300 0
072CC021300 163
072DD011300 0
072DD021300 0
072EE001300 0
073 A011300 0.0000
073 A021300 0.0000
073 B001300 0.0000
073 C001300 0.0000
074 A001300 0
074 B001300 0
074 C001300 0
074 D001300 0
074 E001300 0
074 F001300 0
074 G001300 0
074 H001300 0
074 I001300 0
074 J001300 0
074 K001300 0
074 L001300 0
074 M001300 0
074 N001300 0
074 O001300 0
074 P001300 0
074 Q001300 0
<PAGE> PAGE 9
074 R011300 0
074 R021300 0
074 R031300 0
074 R041300 0
074 S001300 0
074 T001300 0
074 U011300 0
074 U021300 0
074 V011300 0.00
074 V021300 0.00
074 W001300 0.0000
074 X001300 0
074 Y001300 0
075 A001300 0
075 B001300 1783
076 001300 0.00
028 A011400 150
028 A021400 0
028 A031400 0
028 A041400 3
028 B011400 0
028 B021400 0
028 B031400 0
028 B041400 113
028 C011400 7
028 C021400 0
028 C031400 0
028 C041400 0
028 D011400 18
028 D021400 0
028 D031400 0
028 D041400 1207
028 E011400 0
028 E021400 0
028 E031400 0
028 E041400 598
028 F011400 1250
028 F021400 0
028 F031400 0
028 F041400 1771
028 G011400 1425
028 G021400 0
028 G031400 0
028 G041400 3692
028 H001400 0
058 A001400 N
059 001400 Y
060 A001400 N
060 B001400 N
061 001400 1000000
070 A011400 Y
<PAGE> PAGE 10
070 A021400 Y
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 Y
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 Y
070 M011400 Y
070 M021400 Y
070 N011400 Y
070 N021400 N
070 O011400 Y
070 O021400 Y
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
072 D001400 0
072 E001400 9
072 F001400 0
072 G001400 2
072 H001400 0
072 I001400 4
072 J001400 0
072 K001400 0
072 L001400 22
<PAGE> PAGE 11
072 M001400 0
072 N001400 16
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 22
072 X001400 80
072 Y001400 73
072 Z001400 2
072AA001400 0
072BB001400 1054
072CC011400 34
072CC021400 0
072DD011400 0
072DD021400 0
072EE001400 0
073 A011400 0.0000
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 1879
074 J001400 0
074 K001400 9
074 L001400 0
074 M001400 6
074 N001400 1894
074 O001400 0
074 P001400 0
074 Q001400 0
074 R011400 0
074 R021400 0
074 R031400 0
074 R041400 21
074 S001400 0
074 T001400 1873
074 U011400 305
074 U021400 0
074 V011400 6.14
<PAGE> PAGE 12
074 V021400 0.00
074 W001400 0.0000
074 X001400 2
074 Y001400 0
075 A001400 0
075 B001400 4181
076 001400 0.00
028 A011500 0
028 A021500 0
028 A031500 0
028 A041500 0
028 B011500 500
028 B021500 0
028 B031500 0
028 B041500 0
028 C011500 0
028 C021500 0
028 C031500 0
028 C041500 0
028 D011500 0
028 D021500 0
028 D031500 0
028 D041500 797
028 E011500 0
028 E021500 0
028 E031500 0
028 E041500 270
028 F011500 1079
028 F021500 0
028 F031500 0
028 F041500 738
028 G011500 1579
028 G021500 0
028 G031500 0
028 G041500 1805
028 H001500 0
058 A001500 N
059 001500 Y
060 A001500 Y
060 B001500 Y
061 001500 1000000
070 A011500 Y
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
<PAGE> PAGE 13
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 165
072 F001500 0
072 G001500 4
072 H001500 0
072 I001500 25
072 J001500 0
072 K001500 0
072 L001500 17
072 M001500 0
072 N001500 16
072 O001500 0
072 P001500 0
072 Q001500 0
072 R001500 11
072 S001500 0
072 T001500 0
072 U001500 3
<PAGE> PAGE 14
072 V001500 0
072 W001500 3
072 X001500 79
072 Y001500 69
072 Z001500 155
072AA001500 2287
072BB001500 0
072CC011500 0
072CC021500 472
072DD011500 129
072DD021500 0
072EE001500 1040
073 A011500 0.1700
073 A021500 0.0000
073 B001500 1.3800
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 10152
074 J001500 0
074 K001500 8
074 L001500 0
074 M001500 34
074 N001500 10194
074 O001500 0
074 P001500 1
074 Q001500 0
074 R011500 0
074 R021500 0
074 R031500 0
074 R041500 19
074 S001500 0
074 T001500 10174
074 U011500 810
074 U021500 0
074 V011500 12.56
074 V021500 0.00
074 W001500 0.0000
074 X001500 7
074 Y001500 0
075 A001500 0
075 B001500 9835
076 001500 0.00
SIGNATURE RICHARD W.INGRAM
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 332
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 18
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 18
<REALIZED-GAINS-CURRENT> (135)
<APPREC-INCREASE-CURRENT> (163)
<NET-CHANGE-FROM-OPS> (280)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 29
<NUMBER-OF-SHARES-REDEEMED> 303
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (3362)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (133371)
<OVERDISTRIB-NII-PRIOR> (6406)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 62
<AVERAGE-NET-ASSETS> 1783
<PER-SHARE-NAV-BEGIN> 10.14
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> (10.20)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.00
<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 12/31/97 for the J.P. Morgan 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-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 1879
<RECEIVABLES> 9
<ASSETS-OTHER> 6
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1894
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21
<TOTAL-LIABILITIES> 21
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3721
<SHARES-COMMON-STOCK> 305
<SHARES-COMMON-PRIOR> 173
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (34)
<ACCUMULATED-NET-GAINS> (1219)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (595)
<NET-ASSETS> 1873
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 9
<EXPENSES-NET> 7
<NET-INVESTMENT-INCOME> 2
<REALIZED-GAINS-CURRENT> (1054)
<APPREC-INCREASE-CURRENT> 34
<NET-CHANGE-FROM-OPS> (1018)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 697
<NUMBER-OF-SHARES-REDEEMED> 565
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 371
<ACCUMULATED-NII-PRIOR> (9)
<ACCUMULATED-GAINS-PRIOR> (192)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 80
<AVERAGE-NET-ASSETS> 4181
<PER-SHARE-NAV-BEGIN> 8.67
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> (2.56)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.14
<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 December 31, 1997 for the J.P. Morgan 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-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 10152
<RECEIVABLES> 8
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 34
<TOTAL-ASSETS> 10194
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20
<TOTAL-LIABILITIES> 20
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11477
<SHARES-COMMON-STOCK> 810
<SHARES-COMMON-PRIOR> 565
<ACCUMULATED-NII-CURRENT> 0000
<OVERDISTRIBUTION-NII> 4
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1593
<ACCUM-APPREC-OR-DEPREC> 294
<NET-ASSETS> 10174
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 165
<EXPENSES-NET> 10
<NET-INVESTMENT-INCOME> 155
<REALIZED-GAINS-CURRENT> 2287
<APPREC-INCREASE-CURRENT> (473)
<NET-CHANGE-FROM-OPS> 1969
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 129
<DISTRIBUTIONS-OF-GAINS> 1040
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 384
<NUMBER-OF-SHARES-REDEEMED> 139
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3642
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 58
<OVERDISTRIB-NII-PRIOR> (4)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 79
<AVERAGE-NET-ASSETS> 9835
<PER-SHARE-NAV-BEGIN> 11.56
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> 2.34
<PER-SHARE-DIVIDEND> (0.17)
<PER-SHARE-DISTRIBUTIONS> (1.38)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.56
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 00
</TABLE>
1177 AVENUE OF THE AMERICAS TELEPHONE 212 596 7000
NEW YORK, NY 10036 FACSIMILE 212 596 8910
PRICE WATERHOUSE LLP [LOGO]
REPORT OF INDEPENDENT ACCOUNTANTS
February 23, 1998
To the Shareholders and Trustees of
J.P. Morgan Institutional Japan Equity Fund and
J.P. Morgan Institutional European Equity Fund
In planning and performing our audits of the financial statements of J.P. Morgan
Institutional Japan Equity Fund and the J.P. Morgan Institutional European
Equity Fund (the "Funds") for the year ended December 31, 1997, 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
control activities. Generally, control activities 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 control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
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 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 internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use of management and the
Trustees of the Funds and the Securities and Exchange Commission.
/s/ PRICE WATERHOUSE LLP
PRICE WATERHOUSE LLP
