<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
report dated April 30, 2000 for the J.P. Morgan InstitutionalBond Fund-Ultra and
is qualified in its entirety by reference to semi-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> 403410
<INVESTMENTS-AT-VALUE> 396317
<RECEIVABLES> 43
<ASSETS-OTHER> 6
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 396367
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2021
<TOTAL-LIABILITIES> 2021
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 413006
<SHARES-COMMON-STOCK> 41792
<SHARES-COMMON-PRIOR> 31172
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 349
<ACCUMULATED-NET-GAINS> (12092)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6220)
<NET-ASSETS> 394346
<DIVIDEND-INCOME> 148
<INTEREST-INCOME> 10935
<OTHER-INCOME> 0
<EXPENSES-NET> 568
<NET-INVESTMENT-INCOME> 10515
<REALIZED-GAINS-CURRENT> (3879)
<APPREC-INCREASE-CURRENT> (2226)
<NET-CHANGE-FROM-OPS> 4409
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10560
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 116768
<NUMBER-OF-SHARES-REDEEMED> 22138
<SHARES-REINVESTED> 6612
<NET-CHANGE-IN-ASSETS> 101242
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 325875
<PER-SHARE-NAV-BEGIN> 9.60
<PER-SHARE-NII> .31
<PER-SHARE-GAIN-APPREC> (.16)
<PER-SHARE-DIVIDEND> .31
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.44
<EXPENSE-RATIO> .27
</TABLE>
