<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 894089
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 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 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C021300 J.P.MORGAN ASIA GROWTH FUND
007 C031300 Y
007 C011400 14
007 C021400 J.P.MORGAN JAPAN EQUITY FUND
007 C031400 N
007 C011500 15
007 C021500 J.P.MORGAN EUROPEAN EQUITY FUND
007 C031500 N
007 C011600 16
007 C011700 17
007 C021700 J.P.MORGAN EMERGING MARKETS DEBT FUND
007 C031700 N
007 C011800 18
007 C011900 19
007 C012000 20
008 A00AA01 DELETE
<PAGE> PAGE 2
010 A00AA01 FUNDS DISTRIBUTOR, INC.
010 B00AA01 8-420518
010 C01AA01 BOSTON
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 CO. OF NEW YORK
010 B00AA03 8-499999
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 AND TRUST CO.
012 B00AA01 85-50003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02101
012 A00AA02 MORGAN GUARANTY TRUST CO. OF NEW YORK
012 B00AA02 84-99999
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, INC
014 B00AA04 8-99999
015 A00AA01 STATE STREET BANK AND TRUST CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 70
019 C00AA00 JPM/PIERPO
<PAGE> PAGE 3
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 THE ASIA GROWTH PORTFOLIO
022 B000001 98-0150125
022 C000001 157
022 D000001 1321
022 A000002 THE EUROPEAN EQUITY PORTFOLIO
022 B000002 98-0150124
022 C000002 7855
022 D000002 5803
022 A000003 THE JAPAN EQUITY PORTFOLIO
022 B000003 98-0150123
022 C000003 1286
022 D000003 821
022 A000004 THE EMERGING MARKETS DEBT PORTFOLIO
022 B000004 98-0165588
022 C000004 11902
022 D000004 390
022 C000005 0
022 D000005 0
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022 D000006 0
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023 D000000 8335
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<PAGE> PAGE 4
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
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031 A00AA00 0
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<PAGE> PAGE 5
048 H01AA00 0
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056 00AA00 N
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<PAGE> PAGE 6
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<PAGE> PAGE 7
070 C011300 N
070 C021300 N
070 D011300 Y
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070 E011300 N
070 E021300 N
070 F011300 Y
070 F021300 N
070 G011300 Y
070 G021300 N
070 H011300 Y
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 N
070 K011300 Y
070 K021300 Y
070 L011300 Y
070 L021300 N
070 M011300 Y
070 M021300 N
070 N011300 Y
070 N021300 N
070 O011300 Y
070 O021300 N
070 P011300 N
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
071 A001300 0
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<PAGE> PAGE 8
072 P001300 0
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<PAGE> PAGE 9
074 Y001300 0
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058 A001400 N
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070 C021400 N
070 D011400 Y
070 D021400 N
070 E011400 N
070 E021400 N
070 F011400 Y
070 F021400 N
070 G011400 Y
<PAGE> PAGE 10
070 G021400 N
070 H011400 Y
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 Y
070 K021400 Y
070 L011400 Y
070 L021400 N
070 M011400 Y
070 M021400 N
070 N011400 Y
070 N021400 N
070 O011400 Y
070 O021400 N
070 P011400 N
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
071 A001400 0
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<PAGE> PAGE 11
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028 A011500 338
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<PAGE> PAGE 12
028 B021500 0
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058 A001500 N
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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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 annual report
dated 12-31-97 for the J.P. Morgan European Equity Fund and is qualified in its
entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
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<OTHER-ITEMS-ASSETS> 0000
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<OTHER-ITEMS-LIABILITIES> 19
<TOTAL-LIABILITIES> 19
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5271
<SHARES-COMMON-STOCK> 362
<SHARES-COMMON-PRIOR> 178
<ACCUMULATED-NII-CURRENT> (1)
<OVERDISTRIBUTION-NII> (567)
<ACCUMULATED-NET-GAINS> 000
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 129
<NET-ASSETS> 4832
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 51
<EXPENSES-NET> 18
<NET-INVESTMENT-INCOME> 33
<REALIZED-GAINS-CURRENT> 633
<APPREC-INCREASE-CURRENT> (6)
<NET-CHANGE-FROM-OPS> 660
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 24
<DISTRIBUTIONS-OF-GAINS> 233
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 594
<NUMBER-OF-SHARES-REDEEMED> 18
<SHARES-REINVESTED> 428
<NET-CHANGE-IN-ASSETS> 2760
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 81
<AVERAGE-NET-ASSETS> 3570
<PER-SHARE-NAV-BEGIN> 11.61
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 2.45
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> (0.74)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.35
<EXPENSE-RATIO> 1.42
<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
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
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<INVESTMENTS-AT-VALUE> 9119
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 971
<NET-ASSETS> 8892
<DIVIDEND-INCOME> 110
<INTEREST-INCOME> 16
<OTHER-INCOME> 0
<EXPENSES-NET> 69
<NET-INVESTMENT-INCOME> 57
<REALIZED-GAINS-CURRENT> 1503
<APPREC-INCREASE-CURRENT> 218
<NET-CHANGE-FROM-OPS> 1779
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 57
<DISTRIBUTIONS-OF-GAINS> 1467
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1348
<NUMBER-OF-SHARES-REDEEMED> 120
<SHARES-REINVESTED> 2071
<NET-CHANGE-IN-ASSETS> 3553
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 61
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 31
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 177
<AVERAGE-NET-ASSETS> 7313
<PER-SHARE-NAV-BEGIN> 13.68
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 3.51
<PER-SHARE-DIVIDEND> 0.11
<PER-SHARE-DISTRIBUTIONS> 2.86
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.33
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 0
[INVESTMENTS-AT-VALUE] 0
[RECEIVABLES] 0
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 0
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 0
[TOTAL-LIABILITIES] 0
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 0
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 0
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 0
[OTHER-INCOME] 15
[EXPENSES-NET] 3
[NET-INVESTMENT-INCOME] 12
[REALIZED-GAINS-CURRENT] (341)
[APPREC-INCREASE-CURRENT] (59)
[NET-CHANGE-FROM-OPS] (388)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 157
[NUMBER-OF-SHARES-REDEEMED] 1321
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (1156)
[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] 67
[AVERAGE-NET-ASSETS] 1413
[PER-SHARE-NAV-BEGIN] 10.02
[PER-SHARE-NII] .04
[PER-SHARE-GAIN-APPREC] (10.06)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 0.00
[EXPENSE-RATIO] 1.60
[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 12/31/97 for the J.P. Morgan Japan Equity Fund and is qualified in its
entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 841
<RECEIVABLES> 13
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 854
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 64
<TOTAL-LIABILITIES> 64
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1180
<SHARES-COMMON-STOCK> 146
<SHARES-COMMON-PRIOR> 79
<ACCUMULATED-NII-CURRENT> (4)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (187)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (199)
<NET-ASSETS> 790
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 1
<EXPENSES-NET> (5)
<NET-INVESTMENT-INCOME> (4)
<REALIZED-GAINS-CURRENT> (162)
<APPREC-INCREASE-CURRENT> (127)
<NET-CHANGE-FROM-OPS> (293)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 196
<NUMBER-OF-SHARES-REDEEMED> 130
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 171
<ACCUMULATED-NII-PRIOR> (1)
<ACCUMULATED-GAINS-PRIOR> (23)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 79
<AVERAGE-NET-ASSETS> 904
<PER-SHARE-NAV-BEGIN> 7.83
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> (2.37)
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 5.42
<EXPENSE-RATIO> 1.42
<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 December 31, 1997 for the J.P. Morgan Emerging Markets Debt Fund and is
qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 12146
<RECEIVABLES> 4
<ASSETS-OTHER> 15
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12165
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 187
<TOTAL-LIABILITIES> 187
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11935
<SHARES-COMMON-STOCK> 1227
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 60
<ACCUMULATED-NET-GAINS> 739
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (636)
<NET-ASSETS> 11978
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 562
<EXPENSES-NET> 25
<NET-INVESTMENT-INCOME> 537
<REALIZED-GAINS-CURRENT> 556
<APPREC-INCREASE-CURRENT> (636)
<NET-CHANGE-FROM-OPS> 457
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 552
<DISTRIBUTIONS-OF-GAINS> 196
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1189
<NUMBER-OF-SHARES-REDEEMED> 37
<SHARES-REINVESTED> 75
<NET-CHANGE-IN-ASSETS> 11978
<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> 88
<AVERAGE-NET-ASSETS> 7817
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.58
<PER-SHARE-GAIN-APPREC> (0.05)
<PER-SHARE-DIVIDEND> 0.60
<PER-SHARE-DISTRIBUTIONS> 0.17
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.76
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
1177 AVENUE OF THE AMERICAS TELEPHONE 212 596 7000
NEW YORK, NY 10036 FACSIMILE 212 596 8910
PRICE WATERHOUSE LLP [LOGO]
REPORT OF INDEPENDENT ACCOUNTANTS
February 23, 1998
To the Shareholders and Trustees of
J.P. Morgan Emerging Markets Debt Fund,
J.P. Morgan European Equity Fund, and
J.P. Morgan Japan Equity Fund
In planning and performing our audits of the financial statements of J.P. Morgan
Emerging Markets Debt Fund for the period April 17, 1997 (commencement of
operations) to December 31, 1997, J.P. Morgan European Equity Fund and J.P.
Morgan Japan Equity Fund (the "Funds") for the year ended December 31, 1997, we
considered their internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
control activities. Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control components does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use of management and the
Trustees of the Funds and the Securities and Exchange Commission.
/s/ PRICE WATERHOUSE LLP
PRICE WATERHOUSE LLP
