JP MORGAN FUNDS
NSAR-A, 1998-02-11
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<PAGE>      PAGE  1
000 A000000 11/30/97
000 C000000 0000894089
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE J.P. MORGAN FUNDS
001 B000000 811-7340
001 C000000 6175570700
002 A000000 60 STATE STREET SUITE 1300
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000 20
007 C010100  1
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C020500 THE JPM PIERPONT U.S. SMALL CO. OPPORTUNITIES
007 C030500 N
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
007 C021000 THE J.P. MORGAN U.S. EQUITY FUND
007 C031000 N
007 C011100 11
007 C021100 THE JPM PIERPONT U.S. SMALL COMPANY FUND
007 C031100 N
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
010 A00AA01 FUNDS DISTRIBUTOR,INC.
010 B00AA01 84-20518
010 C01AA01 BOSTON
<PAGE>      PAGE  2
010 C02AA01 MA
010 C03AA01 02109
010 A00AA02 PIERPONT GROUP,INC.
010 C01AA02 NEW YORK
010 C02AA02 NY
010 C03AA02 10017
010 A00AA03 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
010 C01AA03 NEW YORK
010 C02AA03 NY
010 C03AA03 10036
011 A00AA01 FUNDS DISTRIBUTOR,INC.
011 B00AA01 8-420518
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02116
012 A00AA01 STATE STREET BANK & TRUST COMPANY
012 B00AA01 85-50003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02101
012 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
012 B00AA02 85-99999
012 C01AA02 NEW YORK
012 C02AA02 NY
012 C03AA02 10036
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 FUNDS DISTRIBUTOR,INC.
014 B00AA01 8-420518
014 A00AA02 JP MORGAN SECURITIES,INC.
014 B00AA02 8-99999
014 A00AA03 JP MORGAN SECURITIES,LTD.
014 B00AA03 8-99999
014 A00AA04 BOSTON INSTITUTIONAL SERVICES
014 B00AA04 8-99999
015 A00AA01 STATE STREET BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
018  00AA00 N
019 A00AA00 Y
019 B00AA00   70
019 C00AA00 JPM/PIERPO
020 C000001      0
020 C000002      0
020 C000003      0
020 C000004      0
<PAGE>      PAGE  3
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        0
022 A000001 THE U.S. SMALL CO. PORTFOLIO
022 B000001 04-3194469
022 C000001     26042
022 D000001     36547
022 A000002 THE U.S.EQUITY PORTFOLIO
022 B000002 04-3194421
022 C000002     36833
022 D000002     76726
022 A000003 THE U.S SMALL CO. OPPORTUNITIES PORTFOLIO
022 B000003 98-0165587
022 C000003     98642
022 D000003      4770
022 C000004         0
022 D000004         0
022 C000005         0
022 D000005         0
022 C000006         0
022 D000006         0
022 C000007         0
022 D000007         0
022 C000008         0
022 D000008         0
022 C000009         0
022 D000009         0
022 C000010         0
022 D000010         0
023 C000000     161517
023 D000000     118043
024  00AA00 N
025 D00AA01       0
025 D00AA02       0
025 D00AA03       0
025 D00AA04       0
025 D00AA05       0
025 D00AA06       0
025 D00AA07       0
025 D00AA08       0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
<PAGE>      PAGE  4
026 G020000 N
026 H000000 N
027  000000 Y
029  00AA00 N
030 A00AA00      0
030 B00AA00  0.00
030 C00AA00  0.00
031 A00AA00      0
031 B00AA00      0
032  00AA00      0
033  00AA00      0
034  00AA00 N
035  00AA00      0
036 B00AA00      0
037  00AA00 N
038  00AA00      0
039  00AA00 N
040  00AA00 N
041  00AA00 N
042 A00AA00   0
042 B00AA00   0
042 C00AA00   0
042 D00AA00   0
042 E00AA00   0
042 F00AA00   0
042 G00AA00   0
042 H00AA00   0
043  00AA00      0
044  00AA00      0
045  00AA00 N
048  00AA00  0.000
048 A01AA00        0
048 A02AA00 0.000
048 B01AA00        0
048 B02AA00 0.000
048 C01AA00        0
048 C02AA00 0.000
048 D01AA00        0
048 D02AA00 0.000
048 E01AA00        0
048 E02AA00 0.000
048 F01AA00        0
048 F02AA00 0.000
048 G01AA00        0
048 G02AA00 0.000
048 H01AA00        0
048 H02AA00 0.000
048 I01AA00        0
048 I02AA00 0.000
048 J01AA00        0
048 J02AA00 0.000
<PAGE>      PAGE  5
048 K01AA00        0
048 K02AA00 0.000
062 A00AA00 N
062 B00AA00   0.0
062 C00AA00   0.0
062 D00AA00   0.0
062 E00AA00   0.0
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062 H00AA00   0.0
062 I00AA00   0.0
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062 K00AA00   0.0
062 L00AA00   0.0
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062 O00AA00   0.0
062 P00AA00   0.0
062 Q00AA00   0.0
062 R00AA00   0.0
063 A00AA00   0
063 B00AA00  0.0
066 A00AA00 N
067  00AA00 N
068 A00AA00 N
068 B00AA00 N
069  00AA00 N
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 N
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
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070 J02AA00 N
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070 L02AA00 N
<PAGE>      PAGE  6
070 M01AA00 Y
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070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 N
078  000000 N
080 A00AA00 GULF INSURANCE
080 C00AA00    25000
081 A00AA00 Y
081 B00AA00  20
082 A00AA00 Y
082 B00AA00       25
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
084 B00AA00        0
085 A00AA00 Y
085 B00AA00 N
086 A010000      0
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086 B010000      0
086 B020000      0
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086 F010000      0
086 F020000      0
028 A010500     10550
028 A020500         0
028 A030500         0
028 A040500         0
028 B010500     17868
028 B020500         0
028 B030500         0
028 B040500        37
028 C010500      9377
028 C020500         0
028 C030500         0
028 C040500       124
028 D010500     25991
<PAGE>      PAGE  7
028 D020500         0
028 D030500         0
028 D040500      1041
028 E010500     26776
028 E020500         0
028 E030500         0
028 E040500       504
028 F010500      8081
028 F020500         0
028 F030500         0
028 F040500      3048
028 G010500     98643
028 G020500         0
028 G030500         0
028 G040500      4754
028 H000500         0
055 A000500 N
055 B000500 N
056  000500 N
057  000500 N
058 A000500 N
059  000500 Y
060 A000500 Y
060 B000500 Y
061  000500     2500
071 A000500         0
071 B000500         0
071 C000500         0
071 D000500    0
072 A000500  6
072 B000500        0
072 C000500        0
072 D000500        0
072 E000500      -19
072 F000500        0
072 G000500        7
072 H000500        0
072 I000500       58
072 J000500        0
072 K000500        0
072 L000500        6
072 M000500        0
072 N000500       12
072 O000500        0
072 P000500        0
072 Q000500        0
072 R000500        6
072 S000500        0
072 T000500       10
072 U000500        1
072 V000500        0
<PAGE>      PAGE  8
072 W000500        3
072 X000500      103
072 Y000500       33
072 Z000500      -89
072AA000500        0
072BB000500      972
072CC010500     1738
072CC020500        0
072DD010500        0
072DD020500        0
072EE000500        0
073 A010500   0.0000
073 A020500   0.0000
073 B000500   0.0000
073 C000500   0.0000
074 A000500        0
074 B000500        0
074 C000500        0
074 D000500        0
074 E000500        0
074 F000500        0
074 G000500        0
074 H000500        0
074 I000500    94605
074 J000500        0
074 K000500        5
074 L000500       13
074 M000500        1
074 N000500    94624
074 O000500        0
074 P000500        0
074 Q000500        0
074 R010500        0
074 R020500        0
074 R030500        0
074 R040500       58
074 S000500        0
074 T000500    94566
074 U010500     8320
074 U020500       10
074 V010500    11.37
074 V020500     0.00
074 W000500   0.0000
074 X000500        0
074 Y000500        0
075 A000500        0
075 B000500        0
076  000500     0.00
028 A011000      6148
028 A021000         0
028 A031000         0
<PAGE>      PAGE  9
028 A041000      7503
028 B011000     16155
028 B021000         0
028 B031000         0
028 B041000      5270
028 C011000      4382
028 C021000     37676
028 C031000         0
028 C041000      6564
028 D011000      3548
028 D021000         0
028 D031000         0
028 D041000      7430
028 E011000      4929
028 E021000         0
028 E031000         0
028 E041000      7173
028 F011000      2788
028 F021000         0
028 F031000         0
028 F041000      4389
028 G011000     37950
028 G021000     37676
028 G031000         0
028 G041000     38329
028 H001000         0
055 A001000 N
055 B001000 N
056  001000 N
057  001000 N
058 A001000 N
059  001000 Y
060 A001000 Y
060 B001000 Y
061  001000   100000
071 A001000         0
071 B001000         0
071 C001000         0
071 D001000    0
072 A001000  6
072 B001000        0
072 C001000        0
072 D001000        0
072 E001000     2000
072 F001000        0
072 G001000       74
072 H001000        0
072 I001000      533
072 J001000        0
072 K001000        0
072 L001000        3
<PAGE>      PAGE  10
072 M001000        3
072 N001000        9
072 O001000        0
072 P001000        0
072 Q001000        0
072 R001000        6
072 S001000        1
072 T001000        0
072 U001000        0
072 V001000        0
072 W001000        7
072 X001000      636
072 Y001000        0
072 Z001000     1364
072AA001000    40446
072BB001000        0
072CC011000        0
072CC021000     1900
072DD011000     1269
072DD021000        0
072EE001000    39061
073 A011000   0.0800
073 A021000   0.0000
073 B001000   2.6000
073 C001000   0.0000
074 A001000        0
074 B001000        0
074 C001000        0
074 D001000        0
074 E001000        0
074 F001000        0
074 G001000        0
074 H001000        0
074 I001000   399517
074 J001000        0
074 K001000        2
074 L001000       50
074 M001000       40
074 N001000   399609
074 O001000        0
074 P001000       14
074 Q001000        0
074 R011000        0
074 R021000        0
074 R031000        0
074 R041000      115
074 S001000        0
074 T001000   399480
074 U011000    16236
074 U021000        0
074 V011000    24.60
<PAGE>      PAGE  11
074 V021000     0.00
074 W001000   0.0000
074 X001000     2061
074 Y001000        0
075 A001000        0
075 B001000   397942
076  001000     0.00
028 A011100      4313
028 A021100         0
028 A031100         0
028 A041100      5378
028 B011100      5032
028 B021100         0
028 B031100         0
028 B041100      3173
028 C011100      3605
028 C021100     14493
028 C031100         0
028 C041100      5877
028 D011100      4449
028 D021100         0
028 D031100         0
028 D041100      4586
028 E011100      3380
028 E021100         0
028 E031100         0
028 E041100      7587
028 F011100      5265
028 F021100         0
028 F031100         0
028 F041100      4485
028 G011100     26044
028 G021100     14493
028 G031100         0
028 G041100     31086
028 H001100         0
055 A001100 N
055 B001100 N
056  001100 N
057  001100 N
058 A001100 N
059  001100 Y
060 A001100 Y
060 B001100 Y
061  001100     2500
071 A001100         0
071 B001100         0
071 C001100         0
071 D001100    0
072 A001100  6
072 B001100      311
<PAGE>      PAGE  12
072 C001100     1531
072 D001100        0
072 E001100        0
072 F001100        0
072 G001100       40
072 H001100        0
072 I001100      330
072 J001100        0
072 K001100        0
072 L001100        8
072 M001100        2
072 N001100       15
072 O001100        0
072 P001100        0
072 Q001100        0
072 R001100        6
072 S001100        2
072 T001100        0
072 U001100        0
072 V001100        0
072 W001100      942
072 X001100     1345
072 Y001100      129
072 Z001100      627
072AA001100    24376
072BB001100        0
072CC011100    44471
072CC021100        0
072DD011100      595
072DD021100        0
072EE001100    19079
073 A011100   0.0655
073 A021100   0.0000
073 B001100   2.1041
073 C001100   0.0000
074 A001100        0
074 B001100        0
074 C001100        0
074 D001100        0
074 E001100        0
074 F001100        0
074 G001100        0
074 H001100        0
074 I001100   265842
074 J001100        0
074 K001100      320
074 L001100        0
074 M001100       68
074 N001100   266230
074 O001100        0
074 P001100       63
<PAGE>      PAGE  13
074 Q001100        0
074 R011100        0
074 R021100        0
074 R031100        0
074 R041100       30
074 S001100        0
074 T001100   266137
074 U011100     9508
074 U021100        0
074 V011100    27.99
074 V021100     0.00
074 W001100   0.0000
074 X001100     1623
074 Y001100        0
075 A001100        0
075 B001100   263588
076  001100     0.00
SIGNATURE   RICHARD W. INGRAM                            
TITLE       TREASURER           
 

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 11/30/97 for the J.P. Maorgan U.S. Small Company Fund ans is
qualifed in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAY-31-1998
<PERIOD-END>                               NOV-30-1997
<INVESTMENTS-AT-COST>                           221371
<INVESTMENTS-AT-VALUE>                          265842
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                     388
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  266230
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           93
<TOTAL-LIABILITIES>                                 93
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        196978
<SHARES-COMMON-STOCK>                             9508
<SHARES-COMMON-PRIOR>                             9140
<ACCUMULATED-NII-CURRENT>                          625
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          24063
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         44471
<NET-ASSETS>                                    266137
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                     943
<EXPENSES-NET>                                     316
<NET-INVESTMENT-INCOME>                            627
<REALIZED-GAINS-CURRENT>                         24376
<APPREC-INCREASE-CURRENT>                        13372
<NET-CHANGE-FROM-OPS>                            38375
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        (595)
<DISTRIBUTIONS-OF-GAINS>                       (19079)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          26045
<NUMBER-OF-SHARES-REDEEMED>                    (31086)
<SHARES-REINVESTED>                              14493
<NET-CHANGE-IN-ASSETS>                           28153
<ACCUMULATED-NII-PRIOR>                            593
<ACCUMULATED-GAINS-PRIOR>                        18766
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    445
<AVERAGE-NET-ASSETS>                            263588
<PER-SHARE-NAV-BEGIN>                            26.04
<PER-SHARE-NII>                                    .07
<PER-SHARE-GAIN-APPREC>                           4.05
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                         2.17
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              27.99
<EXPENSE-RATIO>                                    .92
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>
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 November 30, 1997, for The J.P. Morgan U.S. Equity 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>                          MAY-31-1998
<PERIOD-END>                               NOV-30-1997
<INVESTMENTS-AT-COST>                          330,720
<INVESTMENTS-AT-VALUE>                         399,517
<RECEIVABLES>                                       50
<ASSETS-OTHER>                                      42
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 399,609
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                                129
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       290,137
<SHARES-COMMON-STOCK>                           16,236
<SHARES-COMMON-PRIOR>                           14,722
<ACCUMULATED-NII-CURRENT>                        1,364
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         39,182
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        68,797
<NET-ASSETS>                                   399,480
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                   2,000
<EXPENSES-NET>                                     636
<NET-INVESTMENT-INCOME>                          1,364
<REALIZED-GAINS-CURRENT>                        40,446
<APPREC-INCREASE-CURRENT>                      (1,900)
<NET-CHANGE-FROM-OPS>                           39,910
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        1,269
<DISTRIBUTIONS-OF-GAINS>                        39,061
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         37,950
<NUMBER-OF-SHARES-REDEEMED>                     38,329
<SHARES-REINVESTED>                             37,676
<NET-CHANGE-IN-ASSETS>                          36,877
<ACCUMULATED-NII-PRIOR>                          1,269
<ACCUMULATED-GAINS-PRIOR>                       37,796
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    636
<AVERAGE-NET-ASSETS>                           397,942
<PER-SHARE-NAV-BEGIN>                            24.63
<PER-SHARE-NII>                                   0.08
<PER-SHARE-GAIN-APPREC>                           2.57
<PER-SHARE-DIVIDEND>                              0.08
<PER-SHARE-DISTRIBUTIONS>                         2.60
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              24.60
<EXPENSE-RATIO>                                   0.79
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated November 30,1997, for the J.P. Morgan U.S. Small Company Opportunities
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>                          MAY-31-1998
<PERIOD-END>                               NOV-30-1997
<INVESTMENTS-AT-COST>                            92867
<INVESTMENTS-AT-VALUE>                           94605
<RECEIVABLES>                                       19
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   94624
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           58
<TOTAL-LIABILITIES>                                 58
<SENIOR-EQUITY>                                      0
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