<PAGE> PAGE 1
000 A000000 11/30/98
000 C000000 0000894088
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 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 22
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 C021000 J.P. MORGAN INSTITUTIONAL U.S. SMALL CO.
007 C031000 N
007 C011100 11
007 C021100 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 J.P. MORGAN INSTITUTIONAL DISCIPLINED EQU
007 C031600 N
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
<PAGE> PAGE 2
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
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007 C013400 34
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<PAGE> PAGE 3
007 C017500 75
007 C017600 76
007 C017700 77
007 C017800 78
007 C017900 79
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007 C018100 81
007 C018200 82
007 C018300 83
007 C018400 84
007 C018500 85
007 C018600 86
007 C018700 87
007 C018800 88
007 C018900 89
007 C019000 90
010 A00AA01 FUNDS DISTRIBUTOR,INC.
010 B00AA01 8-420518
010 C01AA01 BOSTON
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 COMPANY 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 & TRUST CO.
012 B00AA01 85-50003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02101
012 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
012 B00AA02 85-9999999
012 C01AA02 NEW YORK
012 C02AA02 NY
012 C03AA02 10036
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 FUNDS DISTRIBUTOR, INC.
014 B00AA01 8-420518
<PAGE> PAGE 4
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
014 B00AA04 8-99999
019 A00AA00 Y
019 B00AA00 69
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 U.S.EQUITY PORTFOLIO
022 B000001 04-3194421
022 C000001 63292
022 D000001 104574
022 A000002 THE U.S.SMALL COMPANY PORTFOLIO
022 B000002 04-3194469
022 C000002 152696
022 D000002 184734
022 A000003 THE DISCIPLINED EQUITY PORTFOLIO
022 B000003 98-0165355
022 C000003 156809
022 D000003 29788
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<PAGE> PAGE 5
025 D00AA03 0
025 D00AA04 0
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026 A000000 N
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<PAGE> PAGE 6
048 D02AA00 0.000
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048 K02AA00 0.000
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
063 A00AA00 0
063 B00AA00 0.0
066 A00AA00 N
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068 B00AA00 N
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077 A000000 Y
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<PAGE> PAGE 7
084 A00AA00 N
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015 A001001 STATE STREET BANK TRUST COMPANY
015 B001001 C
015 C011001 BOSTON
015 C021001 MA
015 C031001 02101
015 E011001 X
028 A011000 5515
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<PAGE> PAGE 8
058 A001000 N
059 001000 Y
060 A001000 Y
060 B001000 Y
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062 M001000 0.0
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062 O001000 0.0
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062 Q001000 0.0
062 R001000 0.0
070 A011000 Y
070 A021000 Y
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070 C011000 N
070 C021000 N
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070 D021000 N
070 E011000 N
070 E021000 N
070 F011000 Y
070 F021000 N
070 G011000 Y
070 G021000 N
070 H011000 Y
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 Y
070 J021000 N
070 K011000 Y
070 K021000 Y
070 L011000 Y
070 L021000 N
070 M011000 Y
070 M021000 N
070 N011000 Y
070 N021000 N
<PAGE> PAGE 9
070 O011000 Y
070 O021000 N
070 P011000 N
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
071 A001000 0
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<PAGE> PAGE 10
074 C001000 0
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015 A001101 STATE STREET BANK TRUST COMPANY
015 B001101 C
015 C011101 BOSTON
015 C021101 MA
015 C031101 02101
015 E011101 X
028 A011100 13073
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<PAGE> PAGE 11
028 D031100 0
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058 A001100 N
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070 A011100 Y
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<PAGE> PAGE 12
070 G021100 N
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<PAGE> PAGE 13
072 Y001100 44
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015 A001601 STATE STREET BANK TRUST COMPANY
015 B001601 C
015 C011601 BOSTON
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<PAGE> PAGE 14
015 E011601 X
028 A011600 25186
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058 A001600 N
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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
<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
report dated November 30, 1998 for the "J.P. Morgan Institutional US Small
Company Fund" and is qualified in its entirety by reference to such semi-annual
report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
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<ACCUM-APPREC-OR-DEPREC> (6130)
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<REALIZED-GAINS-CURRENT> (28623)
<APPREC-INCREASE-CURRENT> (40993)
<NET-CHANGE-FROM-OPS> (68312)
<EQUALIZATION> 0
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<NET-CHANGE-IN-ASSETS> (82557)
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<PER-SHARE-NAV-BEGIN> 15.3
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<PER-SHARE-GAIN-APPREC> (2.47)
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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
report dated November 30, 1998, for the J.P.Morgan Disciplined Equity Fund and
is qualified in its entirety by reference to such semi-annual report.
</LEGEND>
<S> <C>
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 56227
<NET-ASSETS> 458399
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 2137
<EXPENSES-NET> 8068
<NET-INVESTMENT-INCOME> 25088
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> (1087)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 10662
<DISTRIBUTIONS-OTHER> (2102)
<NUMBER-OF-SHARES-SOLD> 66
<NUMBER-OF-SHARES-REDEEMED> 162208
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<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> 306
<AVERAGE-NET-ASSETS> 369534
<PER-SHARE-NAV-BEGIN> 14.96
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> 1.15
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.13
<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, 1998 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-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 311095
<RECEIVABLES> 213
<ASSETS-OTHER> 25
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 311333
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 121
<TOTAL-LIABILITIES> 121
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 202431
<SHARES-COMMON-STOCK> 17891
<SHARES-COMMON-PRIOR> 22652
<ACCUMULATED-NII-CURRENT> 1282
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 67250
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 40248
<NET-ASSETS> 311212
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 1823
<EXPENSES-NET> 222
<NET-INVESTMENT-INCOME> 1600
<REALIZED-GAINS-CURRENT> 24872
<APPREC-INCREASE-CURRENT> (19308)
<NET-CHANGE-FROM-OPS> 7165
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1109
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1878
<NUMBER-OF-SHARES-REDEEMED> 6696
<SHARES-REINVESTED> 57
<NET-CHANGE-IN-ASSETS> (67777)
<ACCUMULATED-NII-PRIOR> 790
<ACCUMULATED-GAINS-PRIOR> 42379
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 267
<AVERAGE-NET-ASSETS> 329214
<PER-SHARE-NAV-BEGIN> 16.73
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 0.63
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.40
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
