WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains financial summary data extracted from the semiannual
report dated April 30, 2000 for the J.P. Morgan Institutional SHort Term Bond
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> 0
<INVESTMENTS-AT-VALUE> 423252
<RECEIVABLES> 100
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 423354
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2027
<TOTAL-LIABILITIES> 2027
<SENIOR-EQUITY> 421327
<PAID-IN-CAPITAL-COMMON> 43981
<SHARES-COMMON-STOCK> 363
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 6494
<ACCUM-APPREC-OR-DEPREC> 2530
<NET-ASSETS> 421327
<DIVIDEND-INCOME> 42
<INTEREST-INCOME> 10744
<OTHER-INCOME> 0
<EXPENSES-NET> 500
<NET-INVESTMENT-INCOME> 10286
<REALIZED-GAINS-CURRENT> (2295)
<APPREC-INCREASE-CURRENT> (796)
<NET-CHANGE-FROM-OPS> 7195
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10297
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7363
<NUMBER-OF-SHARES-REDEEMED> 14623
<SHARES-REINVESTED> 857
<NET-CHANGE-IN-ASSETS> 67060
<ACCUMULATED-NII-PRIOR> 373
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 4200
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 801
<AVERAGE-NET-ASSETS> 335416
<PER-SHARE-NAV-BEGIN> 9.67
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> (.09)
<PER-SHARE-DIVIDEND> .29
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.58
<EXPENSE-RATIO> .3
</TABLE>
