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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
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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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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<PAGE> PAGE 19
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<PAGE> PAGE 20
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070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 Y
070 P010500 Y
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070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
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072 A000500 6
072 B000500 0
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<PAGE> PAGE 21
072 H000500 0
072 I000500 69
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072 X000500 127
072 Y000500 38
072 Z000500 394
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072BB000500 25590
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<PAGE> PAGE 22
074 S000500 0
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028 A011800 888
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028 B011800 8937
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028 B041800 11346
028 C011800 5831
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028 G011800 68040
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055 A001800 N
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059 001800 Y
060 A001800 Y
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061 001800 1000000
070 A011800 Y
<PAGE> PAGE 23
070 A021800 N
070 B011800 N
070 B021800 N
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070 C021800 N
070 D011800 N
070 D021800 N
070 E011800 Y
070 E021800 N
070 F011800 N
070 F021800 N
070 G011800 Y
070 G021800 N
070 H011800 N
070 H021800 N
070 I011800 N
070 I021800 N
070 J011800 Y
070 J021800 N
070 K011800 Y
070 K021800 Y
070 L011800 Y
070 L021800 N
070 M011800 Y
070 M021800 N
070 N011800 Y
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070 P021800 N
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070 Q021800 N
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070 R021800 N
071 A001800 0
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072 E001800 7763
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<PAGE> PAGE 24
072 M001800 1
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072 Z001800 7707
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073 A011800 0.3000
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074 I001800 266272
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074 T001800 265865
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<PAGE> PAGE 25
074 V021800 0.00
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074 Y001800 0
075 A001800 0
075 B001800 233609
076 001800 0.00
028 A012000 63890
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028 B012000 147391
028 B022000 580
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028 B042000 102997
028 C012000 207245
028 C022000 1174
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028 F022000 936
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028 F042000 105529
028 G012000 539650
028 G022000 5720
028 G032000 0
028 G042000 509216
028 H002000 0
055 A002000 N
055 B002000 N
056 002000 N
057 002000 N
058 A002000 N
059 002000 Y
060 A002000 Y
060 B002000 Y
061 002000 10000000
070 A012000 Y
070 A022000 N
070 B012000 N
070 B022000 N
070 C012000 N
070 C022000 N
<PAGE> PAGE 26
070 D012000 N
070 D022000 N
070 E012000 N
070 E022000 N
070 F012000 N
070 F022000 N
070 G012000 N
070 G022000 N
070 H012000 N
070 H022000 N
070 I012000 N
070 I022000 N
070 J012000 Y
070 J022000 N
070 K012000 Y
070 K022000 Y
070 L012000 N
070 L022000 N
070 M012000 N
070 M022000 N
070 N012000 Y
070 N022000 N
070 O012000 Y
070 O022000 N
070 P012000 Y
070 P022000 N
070 Q012000 N
070 Q022000 N
070 R012000 N
070 R022000 N
071 A002000 0
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072 A002000 6
072 B002000 0
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<PAGE> PAGE 27
072 R002000 6
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072 X002000 255
072 Y002000 255
072 Z002000 7532
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072DD022000 0
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073 A012000 0.0233
073 A022000 0.0000
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074 A002000 0
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074 I002000 267693
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074 N002000 267740
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074 V012000 1.00
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075 A002000 324056
<PAGE> PAGE 28
075 B002000 0
076 002000 0.00
028 A012100 252538
028 A022100 122
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028 A042100 171140
028 B012100 445603
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028 C012100 628092
028 C022100 255
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028 C042100 541914
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028 G012100 1743352
028 G022100 869
028 G032100 0
028 G042100 1858070
028 H002100 0
055 A002100 N
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056 002100 N
057 002100 N
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059 002100 Y
060 A002100 Y
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061 002100 10000000
070 A012100 Y
070 A022100 N
070 B012100 N
070 B022100 N
070 C012100 N
070 C022100 N
070 D012100 N
070 D022100 N
070 E012100 N
070 E022100 N
070 F012100 N
<PAGE> PAGE 29
070 F022100 N
070 G012100 N
070 G022100 N
070 H012100 N
070 H022100 N
070 I012100 N
070 I022100 N
070 J012100 Y
070 J022100 N
070 K012100 Y
070 K022100 Y
070 L012100 N
070 L022100 N
070 M012100 N
070 M022100 N
070 N012100 Y
070 N022100 N
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070 O022100 N
070 P012100 Y
070 P022100 N
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070 Q022100 N
070 R012100 N
070 R022100 N
071 A002100 0
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<PAGE> PAGE 30
072 W002100 5
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073 A012100 0.0221
073 A022100 0.0000
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074 I002100 359127
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028 A012300 9241
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<PAGE> PAGE 31
028 A042300 24901
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028 F042300 101109
028 G012300 169064
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055 A002300 N
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056 002300 N
057 002300 N
058 A002300 N
059 002300 Y
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061 002300 10000000
070 A012300 Y
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070 D022300 N
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070 F022300 N
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070 G022300 N
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<PAGE> PAGE 32
070 I012300 N
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070 L022300 N
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<PAGE> PAGE 33
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028 A012500 34050
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<PAGE> PAGE 34
028 C012500 21029
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028 E022500 988
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028 F042500 42677
028 G012500 147910
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028 G042500 45162
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055 A002500 N
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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073 A012500 0.3100
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SIGNATURE GEORGE E.RIO
TITLE ASSISTANT 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 April 30, 1999 for the J.P Morgan Institutional Treasury Money
Market 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> OCT-31-1999
<PERIOD-END> APR-30-1999
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<ACCUMULATED-NET-GAINS> (12)
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<OTHER-INCOME> 7532
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 7532
<REALIZED-GAINS-CURRENT> (4)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7528
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7532
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 539650
<NUMBER-OF-SHARES-REDEEMED> 509216
<SHARES-REINVESTED> 5720
<NET-CHANGE-IN-ASSETS> 36150
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (7)
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<GROSS-EXPENSE> 255
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<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .023
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .19
[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 semiannual
report dated April 30, 1999 for the J.P. Morgan Institutional Service Treasury
Money Market Fund 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-31-1999
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<SHARES-COMMON-PRIOR> 471283
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 357424
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 11988
<EXPENSES-NET> 637
<NET-INVESTMENT-INCOME> 11351
<REALIZED-GAINS-CURRENT> (6)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 11345
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11351
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1743352
<NUMBER-OF-SHARES-REDEEMED> 1858070
<SHARES-REINVESTED> 869
<NET-CHANGE-IN-ASSETS> (113855)
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (4)
<GROSS-ADVISORY-FEES> 0
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<GROSS-EXPENSE> 900
<AVERAGE-NET-ASSETS> 514612
<PER-SHARE-NAV-BEGIN> 1.00
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .44
[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 April 30, 1999 for the J.P. Morgan Institutional Federal Money
Market 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> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 940297
<RECEIVABLES> 124
<ASSETS-OTHER> 4
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 940425
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 552
<TOTAL-LIABILITIES> 552
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 939907
<SHARES-COMMON-STOCK> 939908
<SHARES-COMMON-PRIOR> 969874
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (34)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 939873
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 26034
<OTHER-INCOME> 0
<EXPENSES-NET> 1042
<NET-INVESTMENT-INCOME> 24992
<REALIZED-GAINS-CURRENT> 29
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 24963
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 24992
<DISTRIBUTIONS-OF-GAINS> 5
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2545137
<NUMBER-OF-SHARES-REDEEMED> 2596115
<SHARES-REINVESTED> 21012
<NET-CHANGE-IN-ASSETS> 30000
<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> 1817
<AVERAGE-NET-ASSETS> 1050801
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .024
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .024
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .20
[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 form the semi-annual
report dated April 30, 1999 for the J.P. Morgan Institutional Service Federal
Money Market 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> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 23329
<RECEIVABLES> 10
<ASSETS-OTHER> 8
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23347
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 227
<TOTAL-LIABILITIES> 227
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23124
<SHARES-COMMON-STOCK> 23124
<SHARES-COMMON-PRIOR> 29459
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 23120
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1038
<OTHER-INCOME> 0
<EXPENSES-NET> 94
<NET-INVESTMENT-INCOME> 944
<REALIZED-GAINS-CURRENT> (4)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 940
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 944
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 169064
<NUMBER-OF-SHARES-REDEEMED> 175660
<SHARES-REINVESTED> 261
<NET-CHANGE-IN-ASSETS> (6339)
<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> 146
<AVERAGE-NET-ASSETS> 42277
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .023
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .023
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .45
[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 semiannual
report dated April 30, 1999 for the J.P. Morgan Institutional Global Strategic
Income Fund 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> APR-30-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 266272
<RECEIVABLES> 38
<ASSETS-OTHER> 27
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 266337
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 472
<TOTAL-LIABILITIES> 472
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 273310
<SHARES-COMMON-STOCK> 26988
<SHARES-COMMON-PRIOR> 23024
<ACCUMULATED-NII-CURRENT> 1788
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 9356
<ACCUM-APPREC-OR-DEPREC> 123
<NET-ASSETS> 265865
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 7763
<EXPENSES-NET> 56
<NET-INVESTMENT-INCOME> 7707
<REALIZED-GAINS-CURRENT> (107)
<APPREC-INCREASE-CURRENT> 2993
<NET-CHANGE-FROM-OPS> 10593
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7149
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6959
<NUMBER-OF-SHARES-REDEEMED> 3503
<SHARES-REINVESTED> 508
<NET-CHANGE-IN-ASSETS> 42164
<ACCUMULATED-NII-PRIOR> 1229
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 203
<AVERAGE-NET-ASSETS> 233609
<PER-SHARE-NAV-BEGIN> 9.72
<PER-SHARE-NII> .31
<PER-SHARE-GAIN-APPREC> .12
<PER-SHARE-DIVIDEND> .3
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.82
<EXPENSE-RATIO> 0.65
[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 April 30, 1999 for the J.P. Morgan Institutional Bond 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> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 1097659
<RECEIVABLES> 4897
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1102565
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3182
<TOTAL-LIABILITIES> 3182
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1102245
<SHARES-COMMON-STOCK> 112398
<SHARES-COMMON-PRIOR> 99123
<ACCUMULATED-NII-CURRENT> 758
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3290
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6910)
<NET-ASSETS> 1099383
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 32519
<EXPENSES-NET> 745
<NET-INVESTMENT-INCOME> 31774
<REALIZED-GAINS-CURRENT> 3084
<APPREC-INCREASE-CURRENT> (25494)
<NET-CHANGE-FROM-OPS> 9364
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 31790
<DISTRIBUTIONS-OF-GAINS> 12006
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 27556
<NUMBER-OF-SHARES-REDEEMED> 17014
<SHARES-REINVESTED> 2733
<NET-CHANGE-IN-ASSETS> 97972
<ACCUMULATED-NII-PRIOR> 773
<ACCUMULATED-GAINS-PRIOR> 12212
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 753
<AVERAGE-NET-ASSETS> 1069518
<PER-SHARE-NAV-BEGIN> 10.10
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> (.20)
<PER-SHARE-DIVIDEND> .29
<PER-SHARE-DISTRIBUTIONS> .12
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.78
<EXPENSE-RATIO> .50
[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 April 30, 1999 for the J.P. Morgan Institutional Bond Fund-Ultra
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> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 231114
<RECEIVABLES> 41
<ASSETS-OTHER> 8
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 231163
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 458
<TOTAL-LIABILITIES> 458
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 234477
<SHARES-COMMON-STOCK> 23145
<SHARES-COMMON-PRIOR> 12604
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 230
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 2055
<ACCUM-APPREC-OR-DEPREC> (1487)
<NET-ASSETS> 230705
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 6742
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 6742
<REALIZED-GAINS-CURRENT> (1907)
<APPREC-INCREASE-CURRENT> (2697)
<NET-CHANGE-FROM-OPS> 2138
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6709
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14628
<NUMBER-OF-SHARES-REDEEMED> 4513
<SHARES-REINVESTED> 426
<NET-CHANGE-IN-ASSETS> 102455
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 263
<OVERDIST-NET-GAINS-PRIOR> 148
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 134
<AVERAGE-NET-ASSETS> 220157
<PER-SHARE-NAV-BEGIN> 10.17
<PER-SHARE-NII> .32
<PER-SHARE-GAIN-APPREC> (.21)
<PER-SHARE-DIVIDEND> .31
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.97
<EXPENSE-RATIO> .36
[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 April 30, 1999 for the J.P. Morgan Institutional Emerging Markets
Equity 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> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 154028
<RECEIVABLES> 2
<ASSETS-OTHER> 4
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 154034
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 374
<TOTAL-LIABILITIES> 374
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 234618
<SHARES-COMMON-STOCK> 22265
<SHARES-COMMON-PRIOR> 20374
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2828)
<ACCUMULATED-NET-GAINS> (117324)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39194
<NET-ASSETS> 153660
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 482
<EXPENSES-NET> 88
<NET-INVESTMENT-INCOME> 394
<REALIZED-GAINS-CURRENT> (25590)
<APPREC-INCREASE-CURRENT> 55504
<NET-CHANGE-FROM-OPS> 30308
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8743)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8376
<NUMBER-OF-SHARES-REDEEMED> 7477
<SHARES-REINVESTED> 991
<NET-CHANGE-IN-ASSETS> 33259
<ACCUMULATED-NII-PRIOR> 5521
<ACCUMULATED-GAINS-PRIOR> (91734)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 13
<GROSS-EXPENSE> 127
<AVERAGE-NET-ASSETS> 117178
<PER-SHARE-NAV-BEGIN> 5.91
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 1.39
<PER-SHARE-DIVIDEND> (0.51)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.90
<EXPENSE-RATIO> 1.45
[AVG-DEBT-OUTSTANDING] 495
[AVG-DEBT-PER-SHARE] 0.02
</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 April 30, 1999 for the J.P. Morgan Institutional International
Equity 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> OCT-31-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 417515
<RECEIVABLES> 632
<ASSETS-OTHER> 29
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 418176
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 188
<TOTAL-LIABILITIES> 188
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 324475
<SHARES-COMMON-STOCK> 33247
<SHARES-COMMON-PRIOR> 32725
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1146
<ACCUMULATED-NET-GAINS> 6289
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 88370
<NET-ASSETS> 417988
<DIVIDEND-INCOME> 2772
<INTEREST-INCOME> 242
<OTHER-INCOME> 0
<EXPENSES-NET> 1866
<NET-INVESTMENT-INCOME> 1148
<REALIZED-GAINS-CURRENT> 9934
<APPREC-INCREASE-CURRENT> 42881
<NET-CHANGE-FROM-OPS> 53963
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10531
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9416
<NUMBER-OF-SHARES-REDEEMED> 9337
<SHARES-REINVESTED> 443
<NET-CHANGE-IN-ASSETS> 50997
<ACCUMULATED-NII-PRIOR> 8237
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 3645
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1866
<AVERAGE-NET-ASSETS> 386745
<PER-SHARE-NAV-BEGIN> 11.21
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 1.64
<PER-SHARE-DIVIDEND> 0.35
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.57
<EXPENSE-RATIO> 0.97
[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 April 30, 1999 for the J.P. Morgan Institutional Short Term Bond
Fundand 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> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 246039
<RECEIVABLES> 246
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 246286
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2994
<TOTAL-LIABILITIES> 2994
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 244184
<SHARES-COMMON-STOCK> 24756
<SHARES-COMMON-PRIOR> 23386
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (486)
<ACCUMULATED-NET-GAINS> 773
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1179)
<NET-ASSETS> 243292
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 6452
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 6452
<REALIZED-GAINS-CURRENT> 797
<APPREC-INCREASE-CURRENT> (2931)
<NET-CHANGE-FROM-OPS> 4318
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6450
<DISTRIBUTIONS-OF-GAINS> 12270
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 108224
<NUMBER-OF-SHARES-REDEEMED> 99495
<SHARES-REINVESTED> 4937
<NET-CHANGE-IN-ASSETS> 10307
<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> 606
<AVERAGE-NET-ASSETS> 236795
<PER-SHARE-NAV-BEGIN> 9.96
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> (0.09)
<PER-SHARE-DIVIDEND> .27
<PER-SHARE-DISTRIBUTIONS> .04
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.83
<EXPENSE-RATIO> 0.27
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
