<PAGE> PAGE 1
000 A000000 06/30/98
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 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
007 C012100 21
007 C012200 22
007 C012300 23
<PAGE> PAGE 2
007 C012400 24
007 C012500 25
007 C012600 26
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007 C012800 28
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007 C013100 31
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007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
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.
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012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02101
<PAGE> PAGE 3
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 PRICEWATERHOUSECOOPERS 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 69
019 C00AA00 JPM/PIERPO
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 C000001 0
022 D000001 0
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022 B000002 98-0150124
022 C000002 13958
022 D000002 3192
022 A000003 THE JAPAN EQUITY PORTFOLIO
022 B000003 98-0150123
022 C000003 1061
022 D000003 622
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022 B000004 98-0165588
022 C000004 2797
<PAGE> PAGE 4
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026 G020000 N
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030 B00AA00 0.00
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031 A00AA00 0
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033 00AA00 0
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<PAGE> PAGE 5
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<PAGE> PAGE 6
062 O00AA00 0.0
062 P00AA00 0.0
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<PAGE> PAGE 7
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<PAGE> PAGE 8
074 V021300 0.00
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058 A001400 N
059 001400 Y
060 A001400 N
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070 A011400 Y
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070 E021400 N
070 F011400 Y
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<PAGE> PAGE 9
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
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070 M011400 Y
070 M021400 N
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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058 A001500 N
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<PAGE> PAGE 12
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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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SIGNATURE DOUGLAS C.CONROY
TITLE ASSISTANT 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 June 30, 1998 for the J.P. Morgan Emerging Markets Debt Fund and is
qualified in its entirety by reference to such semi-annual report.
</LEGEND>
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<S> <C>
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<REALIZED-GAINS-CURRENT> (981)
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</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 6/30/98 for the J.P.Morgan Japan Equity Fund and is qualified in
its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 4
<OVERDIST-NET-GAINS-PRIOR> 187
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 26
<AVERAGE-NET-ASSETS> 957
<PER-SHARE-NAV-BEGIN> 5.42
<PER-SHARE-NII> .00
<PER-SHARE-GAIN-APPREC> (.18)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 5.24
<EXPENSE-RATIO> 1.36
<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 semi-annual
report dated 6/30/98 for the J.P. Morgan European 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> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 17208
<RECEIVABLES> 51
<ASSETS-OTHER> 34
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17293
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31
<TOTAL-LIABILITIES> 31
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16051
<SHARES-COMMON-STOCK> 1045
<SHARES-COMMON-PRIOR> 362
<ACCUMULATED-NII-CURRENT> 116
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 160
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 935
<NET-ASSETS> 17262
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 142
<EXPENSES-NET> 26
<NET-INVESTMENT-INCOME> 116
<REALIZED-GAINS-CURRENT> 727
<APPREC-INCREASE-CURRENT> 806
<NET-CHANGE-FROM-OPS> 1649
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 880
<NUMBER-OF-SHARES-REDEEMED> 197
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 12430
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (567)
<OVERDISTRIB-NII-PRIOR> 1
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 48
<AVERAGE-NET-ASSETS> 10620
<PER-SHARE-NAV-BEGIN> 13.35
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> 3.06
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.52
<EXPENSE-RATIO> 1.42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
