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 the semi-annual
report dated May 31, 2000 for the JP Morgan Institutional International
Opportunities Fund and is qualified in its entirety by reference to such
semi-annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-2000
<PERIOD-END> MAY-31-2000
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 449822
<RECEIVABLES> 0
<ASSETS-OTHER> 7
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 449829
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 104
<TOTAL-LIABILITIES> 104
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 396490
<SHARES-COMMON-STOCK> 34991
<SHARES-COMMON-PRIOR> 28667
<ACCUMULATED-NII-CURRENT> 1317
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3956
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 47962
<NET-ASSETS> 449725
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 2768
<EXPENSES-NET> 329
<NET-INVESTMENT-INCOME> 2439
<REALIZED-GAINS-CURRENT> 13185
<APPREC-INCREASE-CURRENT> (14879)
<NET-CHANGE-FROM-OPS> 745
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5293)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13065
<NUMBER-OF-SHARES-REDEEMED> (6842)
<SHARES-REINVESTED> 101
<NET-CHANGE-IN-ASSETS> 79457
<ACCUMULATED-NII-PRIOR> 4172
<ACCUMULATED-GAINS-PRIOR> (9229)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 329
<AVERAGE-NET-ASSETS> 425495
<PER-SHARE-NAV-BEGIN> 12.92
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> .04
<PER-SHARE-DIVIDEND> (.18)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.85
<EXPENSE-RATIO> .89
</TABLE>
