<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
report dated May 31, 2000 for the J.P. Morgan Institutional Service Tax Exempt
Money Market 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> NOV-30-2000
<PERIOD-END> MAY-31-2000
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 43126
<RECEIVABLES> 17
<ASSETS-OTHER> 7
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 43150
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 200
<TOTAL-LIABILITIES> 200
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42952
<SHARES-COMMON-STOCK> 42952
<SHARES-COMMON-PRIOR> 5426
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 42950
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 587
<OTHER-INCOME> 0
<EXPENSES-NET> 81
<NET-INVESTMENT-INCOME> 521
<REALIZED-GAINS-CURRENT> (1)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 520
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 521
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 77032
<NUMBER-OF-SHARES-REDEEMED> 39506
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 37525
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 70
<AVERAGE-NET-ASSETS> 29420
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .017
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .017
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .45
</TABLE>
