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 May 31, 2000 for the J.P. Morgan Institutional Market Neutral 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> MAY-31-2000
<PERIOD-END> MAY-31-2000
<INVESTMENTS-AT-COST> 12102
<INVESTMENTS-AT-VALUE> 12162
<RECEIVABLES> 256
<ASSETS-OTHER> 153
<OTHER-ITEMS-ASSETS> 11713
<TOTAL-ASSETS> 24284
<PAYABLE-FOR-SECURITIES> 150
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11605
<TOTAL-LIABILITIES> 11755
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13202
<SHARES-COMMON-STOCK> 894
<SHARES-COMMON-PRIOR> 669
<ACCUMULATED-NII-CURRENT> 187
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 512
<ACCUM-APPREC-OR-DEPREC> (348)
<NET-ASSETS> 12529
<DIVIDEND-INCOME> 95
<INTEREST-INCOME> 577
<OTHER-INCOME> 0
<EXPENSES-NET> 216
<NET-INVESTMENT-INCOME> 456
<REALIZED-GAINS-CURRENT> (338)
<APPREC-INCREASE-CURRENT> (232)
<NET-CHANGE-FROM-OPS> (114)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 325
<DISTRIBUTIONS-OF-GAINS> 344
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2500
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 669
<NET-CHANGE-IN-ASSETS> 2386
<ACCUMULATED-NII-PRIOR> 62
<ACCUMULATED-GAINS-PRIOR> 165
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 153
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 377
<AVERAGE-NET-ASSETS> 10230
<PER-SHARE-NAV-BEGIN> 15.16
<PER-SHARE-NII> .6
<PER-SHARE-GAIN-APPREC> (.75)
<PER-SHARE-DIVIDEND> .48
<PER-SHARE-DISTRIBUTIONS> .51
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.02
<EXPENSE-RATIO> 1.5
</TABLE>
