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 semiannual
report dated April 30, 2000 for the J.P. Morgan Select Shares and is qualified
in its entirety by reference to such semiannual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-2000
<PERIOD-END> APR-30-2000
<INVESTMENTS-AT-COST> 291635
<INVESTMENTS-AT-VALUE> 290621
<RECEIVABLES> 4648
<ASSETS-OTHER> 18223
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 313492
<PAYABLE-FOR-SECURITIES> 5048
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 349
<TOTAL-LIABILITIES> 5397
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 310142
<SHARES-COMMON-STOCK> 14356
<SHARES-COMMON-PRIOR> 13955
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1033)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1014)
<NET-ASSETS> 308095
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8154
<OTHER-INCOME> 0
<EXPENSES-NET> 491
<NET-INVESTMENT-INCOME> 7663
<REALIZED-GAINS-CURRENT> (585)
<APPREC-INCREASE-CURRENT> 84
<NET-CHANGE-FROM-OPS> 7162
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 608
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11238
<NUMBER-OF-SHARES-REDEEMED> 11109
<SHARES-REINVESTED> 272
<NET-CHANGE-IN-ASSETS> (74450)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (447)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 453
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 885
<AVERAGE-NET-ASSETS> 30393
<PER-SHARE-NAV-BEGIN> 1.99
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> (0.01)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.98
<EXPENSE-RATIO> 0.50
</TABLE>
