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 May 31, 2000 for the J.P. Morgan Institutional Tax Exempt Money
Market 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> NOV-30-2000
<PERIOD-END> MAY-31-2000
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 597289
<RECEIVABLES> 110
<ASSETS-OTHER> 4
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 597403
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 479
<TOTAL-LIABILITIES> 479
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 596992
<SHARES-COMMON-STOCK> 596993
<SHARES-COMMON-PRIOR> 454097
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 6
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 62
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 596924
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9782
<OTHER-INCOME> 0
<EXPENSES-NET> 506
<NET-INVESTMENT-INCOME> 9276
<REALIZED-GAINS-CURRENT> (3)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9273
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9282
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1585501
<NUMBER-OF-SHARES-REDEEMED> 1449878
<SHARES-REINVESTED> 7272
<NET-CHANGE-IN-ASSETS> 142887
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 59
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 815
<AVERAGE-NET-ASSETS> 505990
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .008
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .008
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .20
</TABLE>
