WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial dataextracted from the semi-annual
report dated April 30, 2000 for J.P. Morgan Institutional Federal Money Market
Fund and is qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-2000
<PERIOD-END> APR-30-2000
<INVESTMENTS-AT-COST> 1595227
<INVESTMENTS-AT-VALUE> 1595227
<RECEIVABLES> 0
<ASSETS-OTHER> 327
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1595554
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8323
<TOTAL-LIABILITIES> 8323
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1587282
<SHARES-COMMON-STOCK> 1587283
<SHARES-COMMON-PRIOR> 1397643
<ACCUMULATED-NII-CURRENT> (57)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1397585
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 52803
<OTHER-INCOME> 0
<EXPENSES-NET> 35
<NET-INVESTMENT-INCOME> 52768
<REALIZED-GAINS-CURRENT> (53)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 52768
<DISTRIBUTIONS-OF-GAINS> 5
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5106951
<NUMBER-OF-SHARES-REDEEMED> 4722750
<SHARES-REINVESTED> 43568
<NET-CHANGE-IN-ASSETS> 427712
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1543
<AVERAGE-NET-ASSETS> 1540095
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .028
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .028
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .20
</TABLE>
