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 annual report dated
May 31, 2000 for J.P. Morgan Institutional U.S. Small Company Fund and is
qualified in its entirety in reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-2000
<PERIOD-END> MAY-31-2000
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 366082
<RECEIVABLES> 37
<ASSETS-OTHER> 3
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 366122
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8048
<TOTAL-LIABILITIES> 8048
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 278350
<SHARES-COMMON-STOCK> 23704
<SHARES-COMMON-PRIOR> 28777
<ACCUMULATED-NII-CURRENT> 624
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 33590
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 45510
<NET-ASSETS> 358074
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 1580
<EXPENSES-NET> 544
<NET-INVESTMENT-INCOME> 1036
<REALIZED-GAINS-CURRENT> 73587
<APPREC-INCREASE-CURRENT> 12835
<NET-CHANGE-FROM-OPS> 87458
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 275
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5732
<NUMBER-OF-SHARES-REDEEMED> 10818
<SHARES-REINVESTED> 13
<NET-CHANGE-IN-ASSETS> 13298
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (40069)
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 623
<AVERAGE-NET-ASSETS> 393585
<PER-SHARE-NAV-BEGIN> 11.98
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 3.10
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.11
<EXPENSE-RATIO> 0.80
</TABLE>
