<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 New York Tax Exempt Bond
Fund and is qualified in its entirety by refernce to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-END> JUL-31-2000
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 172723
<RECEIVABLES> 1187
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 173911
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 596
<TOTAL-LIABILITIES> 596
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 174456
<SHARES-COMMON-STOCK> 16666
<SHARES-COMMON-PRIOR> 15488
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 14
<ACCUMULATED-NET-GAINS> (2961)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1834
<NET-ASSETS> 173315
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7730
<OTHER-INCOME> 0
<EXPENSES-NET> 788
<NET-INVESTMENT-INCOME> 6942
<REALIZED-GAINS-CURRENT> (2346)
<APPREC-INCREASE-CURRENT> 2250
<NET-CHANGE-FROM-OPS> 6846
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6942
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 45
<NUMBER-OF-SHARES-SOLD> 4339
<NUMBER-OF-SHARES-REDEEMED> 3305
<SHARES-REINVESTED> 144
<NET-CHANGE-IN-ASSETS> 11941
<ACCUMULATED-NII-PRIOR> 30
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 882
<AVERAGE-NET-ASSETS> 157603
<PER-SHARE-NAV-BEGIN> 10.42
<PER-SHARE-NII> .45
<PER-SHARE-GAIN-APPREC> (.02)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .45
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.40
<EXPENSE-RATIO> .50
</TABLE>
