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, 2000 for the J.P. Morgan Institutional Global Strategic
Income 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-31-2000
<PERIOD-END> APR-30-2000
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 160666
<RECEIVABLES> 38
<ASSETS-OTHER> 14
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 160718
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1029
<TOTAL-LIABILITIES> 1029
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 182101
<SHARES-COMMON-STOCK> 17269
<SHARES-COMMON-PRIOR> 19575
<ACCUMULATED-NII-CURRENT> 1200
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 18012
<ACCUM-APPREC-OR-DEPREC> (5600)
<NET-ASSETS> 159689
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 6183
<EXPENSES-NET> 33
<NET-INVESTMENT-INCOME> 6150
<REALIZED-GAINS-CURRENT> (3846)
<APPREC-INCREASE-CURRENT> 1906
<NET-CHANGE-FROM-OPS> 4210
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6076
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3119
<NUMBER-OF-SHARES-REDEEMED> 5809
<SHARES-REINVESTED> 383
<NET-CHANGE-IN-ASSETS> (23396)
<ACCUMULATED-NII-PRIOR> 1126
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (14166)
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 157
<AVERAGE-NET-ASSETS> 8077
<PER-SHARE-NAV-BEGIN> 9.35
<PER-SHARE-NII> .36
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .35
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.25
<EXPENSE-RATIO> .65
</TABLE>
