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 semiannual
report dated May 31, 2000 for the J.P. Morgan Tax Exemept Money Market Fund and
is qualified in its entirety by reference to such semiannual 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> 1804999
<RECEIVABLES> 0
<ASSETS-OTHER> 10
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1805009
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5038
<TOTAL-LIABILITIES> 5038
<SENIOR-EQUITY> 00000000
<PAID-IN-CAPITAL-COMMON> 1800497
<SHARES-COMMON-STOCK> 1800152
<SHARES-COMMON-PRIOR> 1603587
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 19
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 507
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1799971
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 34413
<OTHER-INCOME> 0
<EXPENSES-NET> 4228
<NET-INVESTMENT-INCOME> 30185
<REALIZED-GAINS-CURRENT> (10)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 30175
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 30204
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4353227
<NUMBER-OF-SHARES-REDEEMED> 4164944
<SHARES-REINVESTED> 8282
<NET-CHANGE-IN-ASSETS> 196536
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 00
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 497
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4228
<AVERAGE-NET-ASSETS> 1777405
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .017
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .017
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .48
</TABLE>
