WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary of financial data extracted from the annual
report dated October 31, 2000 for the J.P. Morgan Institutional Emerging Markets
Equity Fund and is qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-2000
<PERIOD-END> OCT-31-2000
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 117017
<RECEIVABLES> 4
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 117023
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6312
<TOTAL-LIABILITIES> 6312
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190315
<SHARES-COMMON-STOCK> 16584
<SHARES-COMMON-PRIOR> 18154
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 2537
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 114500
<ACCUM-APPREC-OR-DEPREC> 37433
<NET-ASSETS> 110711
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 773
<EXPENSES-NET> 148
<NET-INVESTMENT-INCOME> 625
<REALIZED-GAINS-CURRENT> 3581
<APPREC-INCREASE-CURRENT> (9792)
<NET-CHANGE-FROM-OPS> (5586)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 920
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 46986
<NUMBER-OF-SHARES-REDEEMED> 61493
<SHARES-REINVESTED> 678
<NET-CHANGE-IN-ASSETS> (20335)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 2199
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 3
<GROSS-EXPENSE> 1969
<AVERAGE-NET-ASSETS> 136298
<PER-SHARE-NAV-BEGIN> 7.22
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> (.50)
<PER-SHARE-DIVIDEND> .06
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.68
<EXPENSE-RATIO> 1.45
</TABLE>
