<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
048 J011000 0
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<PAGE> PAGE 10
070 R011000 Y
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
070 C011100 N
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<PAGE> PAGE 14
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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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<PAGE> PAGE 18
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SIGNATURE GEORGE A. RIO
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, 1999 for the J.P. Institutional Large Cap Growth
Fund and is qualified in its entirety by reference to such semi-annual report.
</LEGEND>
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<S> <C>
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<REALIZED-GAINS-CURRENT> (82)
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[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 semi-annual
report dated November 30, 1999 for the J.P. Morgan Institutional SmartIndex
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-31-2000
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 123750
<INVESTMENTS-AT-VALUE> 127049
<RECEIVABLES> 1030
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 128079
<PAYABLE-FOR-SECURITIES> 392
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 731
<TOTAL-LIABILITIES> 1123
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 123580
<SHARES-COMMON-STOCK> 7467
<SHARES-COMMON-PRIOR> 334
<ACCUMULATED-NII-CURRENT> 424
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (523)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3475
<NET-ASSETS> 126956
<DIVIDEND-INCOME> 575
<INTEREST-INCOME> 124
<OTHER-INCOME> 0
<EXPENSES-NET> 148
<NET-INVESTMENT-INCOME> 551
<REALIZED-GAINS-CURRENT> (570)
<APPREC-INCREASE-CURRENT> 3184
<NET-CHANGE-FROM-OPS> 3165
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (141)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7855
<NUMBER-OF-SHARES-REDEEMED> (730)
<SHARES-REINVESTED> 8
<NET-CHANGE-IN-ASSETS> 121593
<ACCUMULATED-NII-PRIOR> 15
<ACCUMULATED-GAINS-PRIOR> 46
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 106
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 262
<AVERAGE-NET-ASSETS> 84527
<PER-SHARE-NAV-BEGIN> 16.06
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.94
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.00
<EXPENSE-RATIO> 0.35
[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 semi-annual
report dated November 30, 1999, for the J.P.Morgan Institutional Market Neutral
Fund and is qualified in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-2000
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 10013
<INVESTMENTS-AT-VALUE> 9774
<RECEIVABLES> 172
<ASSETS-OTHER> 9701
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19647
<PAYABLE-FOR-SECURITIES> 84
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9292
<TOTAL-LIABILITIES> 9376
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10126
<SHARES-COMMON-STOCK> 675
<SHARES-COMMON-PRIOR> 669
<ACCUMULATED-NII-CURRENT> 163
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 290
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (308)
<NET-ASSETS> 10271
<DIVIDEND-INCOME> 73
<INTEREST-INCOME> 273
<OTHER-INCOME> 0
<EXPENSES-NET> 151
<NET-INVESTMENT-INCOME> 195
<REALIZED-GAINS-CURRENT> 125
<APPREC-INCREASE-CURRENT> (192)
<NET-CHANGE-FROM-OPS> 128
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 94
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 6
<NET-CHANGE-IN-ASSETS> 128
<ACCUMULATED-NII-PRIOR> 62
<ACCUMULATED-GAINS-PRIOR> 164
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 77
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 221
<AVERAGE-NET-ASSETS> 10202
<PER-SHARE-NAV-BEGIN> 15.16
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> (.09)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .14
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.22
<EXPENSE-RATIO> 2
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
