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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
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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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SIGNATURE RICHARD W. INGRAM
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<AVERAGE-NET-ASSETS> 275,763
<PER-SHARE-NAV-BEGIN> 15.08
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 0.18
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.29
<EXPENSE-RATIO> 0.60
[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 Disciplined
Equity Fund and is qualified in its entirety by reference to such 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> 0
<INVESTMENTS-AT-VALUE> 1294584
<RECEIVABLES> 281
<ASSETS-OTHER> 198
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1295063
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1312
<TOTAL-LIABILITIES> 1312
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1090330
<SHARES-COMMON-STOCK> 70400
<SHARES-COMMON-PRIOR> 57386
<ACCUMULATED-NII-CURRENT> 4002
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 61215
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 138204
<NET-ASSETS> 1293751
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 6055
<EXPENSES-NET> 277
<NET-INVESTMENT-INCOME> 5778
<REALIZED-GAINS-CURRENT> 35787
<APPREC-INCREASE-CURRENT> 16429
<NET-CHANGE-FROM-OPS> 57994
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4810
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18166
<NUMBER-OF-SHARES-REDEEMED> (5400)
<SHARES-REINVESTED> 248
<NET-CHANGE-IN-ASSETS> 285316
<ACCUMULATED-NII-PRIOR> 3034
<ACCUMULATED-GAINS-PRIOR> 27903
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 832
<AVERAGE-NET-ASSETS> 1166534
<PER-SHARE-NAV-BEGIN> 17.57
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> .74
<PER-SHARE-DIVIDEND> .0
<PER-SHARE-DISTRIBUTIONS> (.08)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.38
<EXPENSE-RATIO> .45
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
