<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated May 31, 2000 for the J.P. Morgan Institutional SmartIndex Fund and is
qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-2000
<PERIOD-END> MAY-31-2000
<INVESTMENTS-AT-COST> 397376
<INVESTMENTS-AT-VALUE> 400162
<RECEIVABLES> 27623
<ASSETS-OTHER> 216
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 428001
<PAYABLE-FOR-SECURITIES> 27068
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 392
<TOTAL-LIABILITIES> 27460
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 400549
<SHARES-COMMON-STOCK> 23464
<SHARES-COMMON-PRIOR> 334
<ACCUMULATED-NII-CURRENT> 1087
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3932
<ACCUM-APPREC-OR-DEPREC> 2837
<NET-ASSETS> 400541
<DIVIDEND-INCOME> 2365
<INTEREST-INCOME> 426
<OTHER-INCOME> 0
<EXPENSES-NET> 605
<NET-INVESTMENT-INCOME> 2186
<REALIZED-GAINS-CURRENT> (3927)
<APPREC-INCREASE-CURRENT> 2545
<NET-CHANGE-FROM-OPS> 804
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1114
<DISTRIBUTIONS-OF-GAINS> 51
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 430662
<NUMBER-OF-SHARES-REDEEMED> 36287
<SHARES-REINVESTED> 1164
<NET-CHANGE-IN-ASSETS> 395178
<ACCUMULATED-NII-PRIOR> 15
<ACCUMULATED-GAINS-PRIOR> 47
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 425
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1013
<AVERAGE-NET-ASSETS> 174
<PER-SHARE-NAV-BEGIN> 16.06
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> 1.02
<PER-SHARE-DIVIDEND> .14
<PER-SHARE-DISTRIBUTIONS> .01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.07
<EXPENSE-RATIO> .35
</TABLE>
