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 annual report
dated july 31, 2000 for the J.P. Morgan Institutional Tax Exempt Bond Fund and
is qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-END> JUL-31-2000
<INVESTMENTS-AT-COST> 441696
<INVESTMENTS-AT-VALUE> 448431
<RECEIVABLES> 800
<ASSETS-OTHER> 4
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 449235
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1377
<TOTAL-LIABILITIES> 1377
<SENIOR-EQUITY> 447858
<PAID-IN-CAPITAL-COMMON> 453657
<SHARES-COMMON-STOCK> 44889
<SHARES-COMMON-PRIOR> 38629
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 127
<ACCUMULATED-NET-GAINS> (12408)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6736
<NET-ASSETS> 447858
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 19638
<OTHER-INCOME> 0
<EXPENSES-NET> 579
<NET-INVESTMENT-INCOME> 19059
<REALIZED-GAINS-CURRENT> (12007)
<APPREC-INCREASE-CURRENT> 9256
<NET-CHANGE-FROM-OPS> 16308
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (19059)
<DISTRIBUTIONS-OF-GAINS> (161)
<DISTRIBUTIONS-OTHER> (130)
<NUMBER-OF-SHARES-SOLD> 219542
<NUMBER-OF-SHARES-REDEEMED> 163465
<SHARES-REINVESTED> 5892
<NET-CHANGE-IN-ASSETS> 58925
<ACCUMULATED-NII-PRIOR> 3
<ACCUMULATED-GAINS-PRIOR> 161
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 408511
<PER-SHARE-NAV-BEGIN> 10.38
<PER-SHARE-NII> .41
<PER-SHARE-GAIN-APPREC> (.3)
<PER-SHARE-DIVIDEND> (.41)
<PER-SHARE-DISTRIBUTIONS> (.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.07
<EXPENSE-RATIO> .50
</TABLE>
