WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary of financial data extracted from the semi-annual
report dated April 30, 2000 for the J.P. Morgan Institutional Emerging Markets
Equity Fund and is qualified in it's entirety by reference to such 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> 136905
<RECEIVABLES> 16
<ASSETS-OTHER> 5
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 136926
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 59
<TOTAL-LIABILITIES> 59
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 192458
<SHARES-COMMON-STOCK> 16943
<SHARES-COMMON-PRIOR> 18154
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 2895
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 111606
<ACCUM-APPREC-OR-DEPREC> 58911
<NET-ASSETS> 136868
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 325
<EXPENSES-NET> 100
<NET-INVESTMENT-INCOME> 225
<REALIZED-GAINS-CURRENT> 6691
<APPREC-INCREASE-CURRENT> 11686
<NET-CHANGE-FROM-OPS> 18602
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 920
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 30729
<NUMBER-OF-SHARES-REDEEMED> 43267
<SHARES-REINVESTED> 678
<NET-CHANGE-IN-ASSETS> 5822
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 2199
<OVERDIST-NET-GAINS-PRIOR> 118298
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 3
<GROSS-EXPENSE> 141
<AVERAGE-NET-ASSETS> 13889
<PER-SHARE-NAV-BEGIN> 7.22
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> .91
<PER-SHARE-DIVIDEND> .06
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.08
<EXPENSE-RATIO> 1.45
</TABLE>
