<PAGE> PAGE 1
000 B000000 05/31/98
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 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C020900 J.P.MORGAN DISCIPLINED EQUITY FUND
007 C030900 N
007 C011000 10
007 C021000 J.P. MORGAN U.S. EQUITY FUND
007 C031000 N
007 C011100 11
007 C021100 J.P. MORGAN 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 C021900 J.P. MORGAN U.S. SMALL CO. OPPORTUNITIES FUND
007 C031900 N
007 C012000 20
007 C012100 21
<PAGE> PAGE 2
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
007 C014100 41
007 C014200 42
007 C014300 43
007 C014400 44
007 C014500 45
007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
010 A00AA01 FUNDS DISTRIBUTOR,INC.
010 B00AA01 84-20518
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 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
<PAGE> PAGE 3
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 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
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 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 A000001 THE U.S. SMALL CO. PORTFOLIO
022 B000001 04-3194469
022 C000001 55263
022 D000001 85969
022 A000002 THE U.S.EQUITY PORTFOLIO
022 B000002 04-3194421
022 C000002 79193
022 D000002 96366
022 A000003 THE U.S SMALL CO. OPPORTUNITIES PORTFOLIO
022 B000003 98-0165587
022 C000003 207393
022 D000003 30727
<PAGE> PAGE 4
022 A000004 THE DISCIPLINED EQUITY PORTFOLIO
022 B000004 98-0165355
022 C000004 17984
022 D000004 378
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 359833
023 D000000 213449
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 Y
026 E000000 N
026 F000000 N
026 G010000 N
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
<PAGE> PAGE 5
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
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
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
<PAGE> PAGE 6
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 Y
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
070 J01AA00 Y
070 J02AA00 Y
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 Y
070 L02AA00 N
070 M01AA00 Y
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 Y
077 B000000 Y
077 Q010000 Y
077 Q020000 N
077 Q030000 N
<PAGE> PAGE 7
078 000000 N
080 A00AA00 NATIONAL UNION
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
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 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 68
072 J000500 0
072 K000500 0
072 L000500 6
072 M000500 0
<PAGE> PAGE 8
072 N000500 12
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 6
072 S000500 0
072 T000500 0
072 U000500 1
072 V000500 0
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 18
074 L000500 1
074 M000500 0
074 N000500 94624
074 O000500 0
074 P000500 36
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 22
074 S000500 0
074 T000500 94566
074 U010500 8320
074 U020500 0
074 V010500 11.37
074 V020500 0.00
<PAGE> PAGE 9
074 W000500 0.0000
074 X000500 558
074 Y000500 0
075 A000500 0
075 B000500 50571
076 000500 0.00
028 A010700 20697
028 A020700 0
028 A030700 0
028 A040700 7158
028 B010700 22299
028 B020700 0
028 B030700 0
028 B040700 5608
028 C010700 20602
028 C020700 0
028 C030700 0
028 C040700 1838
028 D010700 16832
028 D020700 0
028 D030700 0
028 D040700 4330
028 E010700 14725
028 E020700 0
028 E030700 0
028 E040700 1988
028 F010700 13596
028 F020700 0
028 F030700 0
028 F040700 4818
028 G010700 108751
028 G020700 0
028 G030700 0
028 G040700 25740
028 H000700 0
071 A000700 231360
071 B000700 72601
071 C000700 0
071 D000700 73
072 A000700 11
072 B000700 529
072 C000700 273
072 D000700 0
072 E000700 0
072 F000700 597
072 G000700 33
072 H000700 0
072 I000700 0
072 J000700 161
072 K000700 0
072 L000700 6
<PAGE> PAGE 10
072 M000700 0
072 N000700 0
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 41
072 S000700 0
072 T000700 0
072 U000700 2
072 V000700 0
072 W000700 0
072 X000700 842
072 Y000700 4
072 Z000700 -36
072AA000700 4884
072BB000700 0
072CC010700 7519
072CC020700 0
072DD010700 0
072DD020700 0
072EE000700 0
073 A010700 0.0000
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 213
074 B000700 0
074 C000700 16677
074 D000700 1664
074 E000700 336
074 F000700 169162
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 1633
074 K000700 7
074 L000700 44
074 M000700 0
074 N000700 189737
028 A010900 2186
028 A020900 0
028 A030900 0
028 A040900 0
028 B010900 480
028 B020900 0
028 B030900 0
028 B040900 26
028 C010900 1579
028 C020900 0
028 C030900 0
028 C040900 17
<PAGE> PAGE 11
028 D010900 839
028 D020900 6
028 D030900 0
028 D040900 73
028 E010900 1134
028 E020900 0
028 E030900 0
028 E040900 10
028 F010900 11766
028 F020900 0
028 F030900 0
028 F040900 261
028 G010900 17984
028 G020900 6
028 G030900 0
028 G040900 387
028 H000900 0
055 A000900 N
055 B000900 N
056 000900 N
057 000900 N
058 A000900 N
059 000900 Y
060 A000900 N
060 B000900 N
061 000900 10000
071 A000900 0
071 B000900 0
071 C000900 0
071 D000900 0
072 A000900 5
072 B000900 0
072 C000900 0
072 D000900 0
072 E000900 27
072 F000900 0
072 G000900 1
072 H000900 0
072 I000900 5
072 J000900 0
072 K000900 0
072 L000900 10
072 M000900 0
072 N000900 22
072 O000900 0
072 P000900 0
072 Q000900 0
072 R000900 11
072 S000900 0
072 T000900 0
072 U000900 1
<PAGE> PAGE 12
072 V000900 0
072 W000900 10
072 X000900 60
072 Y000900 54
072 Z000900 21
072AA000900 74
072BB000900 0
072CC010900 346
072CC020900 0
072DD010900 0
072DD020900 0
072EE000900 0
073 A010900 0.0200
073 A020900 0.0000
073 B000900 0.0000
073 C000900 0.0000
074 A000900 0
074 B000900 0
074 C000900 0
074 D000900 0
074 E000900 0
074 F000900 0
074 G000900 0
074 H000900 0
074 I000900 18029
074 J000900 0
074 K000900 23
074 L000900 47
074 M000900 9
074 N000900 18108
074 O000900 0
074 P000900 2
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 69
074 S000900 0
074 T000900 18037
074 U010900 1207
074 U020900 0
074 V010900 14.95
074 V020900 0.00
074 W000900 0.0000
074 X000900 65
074 Y000900 0
075 A000900 0
075 B000900 5235
076 000900 0.00
028 A011000 9023
028 A021000 35151
<PAGE> PAGE 13
028 A031000 0
028 A041000 11782
028 B011000 6153
028 B021000 0
028 B031000 0
028 B041000 7251
028 C011000 6920
028 C021000 0
028 C031000 0
028 C041000 7100
028 D011000 9230
028 D021000 476
028 D031000 0
028 D041000 9949
028 E011000 5828
028 E021000 0
028 E031000 0
028 E041000 9014
028 F011000 4089
028 F021000 0
028 F031000 0
028 F041000 5963
028 G011000 41243
028 G021000 35627
028 G031000 0
028 G041000 51059
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 2500
071 A001000 0
071 B001000 0
071 C001000 0
071 D001000 0
072 A001000 12
072 B001000 0
072 C001000 0
072 D001000 0
072 E001000 4239
072 F001000 0
072 G001000 149
072 H001000 0
072 I001000 1098
072 J001000 0
072 K001000 0
<PAGE> PAGE 14
072 L001000 9
072 M001000 4
072 N001000 17
072 O001000 0
072 P001000 0
072 Q001000 0
072 R001000 11
072 S001000 3
072 T001000 0
072 U001000 0
072 V001000 0
072 W001000 18
072 X001000 1309
072 Y001000 0
072 Z001000 2930
072AA001000 99517
072BB001000 0
072CC011000 0
072CC021000 1088
072DD011000 3619
072DD021000 0
072EE001000 75350
073 A011000 0.2300
073 A021000 0.0000
073 B001000 4.8400
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 448301
074 J001000 0
074 K001000 206
074 L001000 0
074 M001000 37
074 N001000 448544
074 O001000 0
074 P001000 365
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 35
074 S001000 0
074 T001000 448144
074 U011000 17467
074 U021000 0
<PAGE> PAGE 15
074 V011000 25.66
074 V021000 0.00
074 W001000 0.0000
074 X001000 2295
074 Y001000 0
075 A001000 0
075 B001000 412025
076 001000 0.00
028 A011100 3537
028 A021100 13207
028 A031100 0
028 A041100 4292
028 B011100 5388
028 B021100 0
028 B031100 0
028 B041100 12921
028 C011100 4512
028 C021100 0
028 C031100 0
028 C041100 7717
028 D011100 7086
028 D021100 0
028 D031100 0
028 D041100 9623
028 E011100 3449
028 E021100 0
028 E031100 0
028 E041100 4146
028 F011100 5250
028 F021100 0
028 F031100 0
028 F041100 5693
028 G011100 29222
028 G021100 13207
028 G031100 0
028 G041100 44392
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 12
<PAGE> PAGE 16
072 B001100 0
072 C001100 0
072 D001100 0
072 E001100 1766
072 F001100 0
072 G001100 96
072 H001100 0
072 I001100 723
072 J001100 0
072 K001100 0
072 L001100 24
072 M001100 4
072 N001100 25
072 O001100 0
072 P001100 0
072 Q001100 0
072 R001100 12
072 S001100 7
072 T001100 0
072 U001100 0
072 V001100 0
072 W001100 17
072 X001100 908
072 Y001100 165
072 Z001100 1023
072AA001100 61222
072BB001100 0
072CC011100 0
072CC021100 8412
072DD011100 1261
072DD021100 0
072EE001100 36243
073 A011100 0.1400
073 A021100 0.0000
073 B001100 3.9100
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 261693
074 J001100 0
074 K001100 544
074 L001100 0
074 M001100 62
074 N001100 262299
074 O001100 0
<PAGE> PAGE 17
074 P001100 453
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 42
074 S001100 0
074 T001100 261804
074 U011100 9460
074 U021100 0
074 V011100 27.68
074 V021100 0.00
074 W001100 0.0000
074 X001100 1664
074 Y001100 0
075 A001100 0
075 B001100 264954
076 001100 0.00
028 A011700 20697
028 A021700 0
028 A031700 0
028 A041700 7158
028 B011700 22299
028 B021700 0
028 B031700 0
028 B041700 5608
028 C011700 20602
028 C021700 0
028 C031700 0
028 C041700 1838
028 D011700 16832
028 D021700 0
028 D031700 0
028 D041700 4330
028 E011700 14725
028 E021700 0
028 E031700 0
028 E041700 1988
028 F011700 13596
028 F021700 0
028 F031700 0
028 F041700 4818
028 G011700 108751
028 G021700 0
028 G031700 0
028 G041700 25740
028 H001700 0
028 A011900 20697
028 A021900 0
028 A031900 0
028 A041900 7158
<PAGE> PAGE 18
028 B011900 22299
028 B021900 0
028 B031900 0
028 B041900 5608
028 C011900 20602
028 C021900 0
028 C031900 0
028 C041900 1838
028 D011900 16832
028 D021900 0
028 D031900 0
028 D041900 4330
028 E011900 14725
028 E021900 0
028 E031900 0
028 E041900 1988
028 F011900 13596
028 F021900 0
028 F031900 0
028 F041900 4818
028 G011900 108751
028 G021900 0
028 G031900 0
028 G041900 25740
028 H001900 0
055 A001900 N
055 B001900 N
056 001900 N
057 001900 N
058 A001900 N
059 001900 Y
060 A001900 Y
060 B001900 Y
061 001900 2500
071 A001900 0
071 B001900 0
071 C001900 0
071 D001900 0
072 A001900 11
072 B001900 0
072 C001900 0
072 D001900 0
072 E001900 -22
072 F001900 0
072 G001900 35
072 H001900 0
072 I001900 270
072 J001900 0
072 K001900 0
072 L001900 14
072 M001900 0
<PAGE> PAGE 19
072 N001900 67
072 O001900 0
072 P001900 0
072 Q001900 0
072 R001900 12
072 S001900 0
072 T001900 0
072 U001900 3
072 V001900 0
072 W001900 3
072 X001900 404
072 Y001900 56
072 Z001900 -370
072AA001900 4884
072BB001900 0
072CC011900 7519
072CC021900 0
072DD011900 0
072DD021900 0
072EE001900 0
073 A011900 0.0000
073 A021900 0.0000
073 B001900 0.0000
073 C001900 0.0000
074 A001900 0
074 B001900 0
074 C001900 0
074 D001900 0
074 E001900 0
074 F001900 0
074 G001900 0
074 H001900 0
074 I001900 188579
074 J001900 0
074 K001900 1133
074 L001900 0
074 M001900 0
074 N001900 189712
074 O001900 0
074 P001900 709
074 Q001900 0
074 R011900 0
074 R021900 0
074 R031900 0
074 R041900 71
074 S001900 0
074 T001900 188932
074 U011900 15035
074 U021900 0
074 V011900 12.57
074 V021900 0.00
<PAGE> PAGE 20
074 W001900 0.0000
074 X001900 974
074 Y001900 0
075 A001900 0
075 B001900 103968
076 001900 0.00
055 A002600 N
055 B002600 N
056 002600 N
057 002600 N
058 B002700 N
059 002700 Y
060 A002700 Y
060 B002700 Y
061 002700 2500
071 A003200 0
071 B003200 0
071 C003200 0
071 D003200 0
072 A003200 11
072 B003200 0
072 C003200 0
072 D003200 0
072 E003200 -22
072 F003200 0
072 G003200 30
072 H003200 0
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 May 31, 1998 for the J.P. Morgan U.S. 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> MAY-31-1998
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 448,301
<RECEIVABLES> 206
<ASSETS-OTHER> 37
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 448,544
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 400
<TOTAL-LIABILITIES> 400
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 328,959
<SHARES-COMMON-STOCK> 17,467
<SHARES-COMMON-PRIOR> 14,722
<ACCUMULATED-NII-CURRENT> 579
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 48,997
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 69,609
<NET-ASSETS> 448,144
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 4,239
<EXPENSES-NET> 1,309
<NET-INVESTMENT-INCOME> 2,930
<REALIZED-GAINS-CURRENT> 99,517
<APPREC-INCREASE-CURRENT> (1,088)
<NET-CHANGE-FROM-OPS> 101,359
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,619
<DISTRIBUTIONS-OF-GAINS> 75,350
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,184
<NUMBER-OF-SHARES-REDEEMED> 3,622
<SHARES-REINVESTED> 3,183
<NET-CHANGE-IN-ASSETS> 85,541
<ACCUMULATED-NII-PRIOR> 1,269
<ACCUMULATED-GAINS-PRIOR> 37,796
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 00
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,309
<AVERAGE-NET-ASSETS> 412,025
<PER-SHARE-NAV-BEGIN> 24.63
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> 5.92
<PER-SHARE-DIVIDEND> 0.23
<PER-SHARE-DISTRIBUTIONS> 4.84
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 25.66
<EXPENSE-RATIO> 0.78
<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 May 31, 1998 for the J.P. Morgan U.S. Small Company 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> MAY-31-1998
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 261693
<RECEIVABLES> 544
<ASSETS-OTHER> 62
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 262299
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 495
<TOTAL-LIABILITIES> 495
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 216250
<SHARES-COMMON-STOCK> 9460
<SHARES-COMMON-PRIOR> 9140
<ACCUMULATED-NII-CURRENT> 78
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 22790
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22686
<NET-ASSETS> 261804
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 1766
<EXPENSES-NET> 743
<NET-INVESTMENT-INCOME> 1023
<REALIZED-GAINS-CURRENT> 61222
<APPREC-INCREASE-CURRENT> (8412)
<NET-CHANGE-FROM-OPS> 53833
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1261
<DISTRIBUTIONS-OF-GAINS> 36242
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1988
<NUMBER-OF-SHARES-REDEEMED> 2727
<SHARES-REINVESTED> 1059
<NET-CHANGE-IN-ASSETS> 23819
<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> 908
<AVERAGE-NET-ASSETS> 264954
<PER-SHARE-NAV-BEGIN> 26.04
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> 5.58
<PER-SHARE-DIVIDEND> .14
<PER-SHARE-DISTRIBUTIONS> 3.91
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 27.68
<EXPENSE-RATIO> .97
<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 May 31,1998, 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> 11-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 188579
<RECEIVABLES> 1133
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 189712
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 780
<TOTAL-LIABILITIES> 780
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 176896
<SHARES-COMMON-STOCK> 15035
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4517
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7519
<NET-ASSETS> 188932
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> (22)
<EXPENSES-NET> 348
<NET-INVESTMENT-INCOME> (370)
<REALIZED-GAINS-CURRENT> 4884
<APPREC-INCREASE-CURRENT> 7519
<NET-CHANGE-FROM-OPS> 12033
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17556
<NUMBER-OF-SHARES-REDEEMED> 2521
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 188932
<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> 404
<AVERAGE-NET-ASSETS> 103968
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> 2.59
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.57
<EXPENSE-RATIO> 1.19
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial data extracted from the annual
report dated May 31, 1998 for the J.P. Morgan Disciplined Equity Fund
and its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 18029
<RECEIVABLES> 70
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18108
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 71
<TOTAL-LIABILITIES> 71
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17603
<SHARES-COMMON-STOCK> 1207
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 14
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 74
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 346
<NET-ASSETS> 18037
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 37
<EXPENSES-NET> 16
<NET-INVESTMENT-INCOME> 21
<REALIZED-GAINS-CURRENT> 74
<APPREC-INCREASE-CURRENT> 346
<NET-CHANGE-FROM-OPS> 441
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1233
<NUMBER-OF-SHARES-REDEEMED> 26
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 18037
<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> 71
<AVERAGE-NET-ASSETS> 5235
<PER-SHARE-NAV-BEGIN> 12.98
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 1.96
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE>
Report of Independent Accountants
July 17, 1998
To the Shareholders and Trustees of
J.P. Morgan Equity Fund
J.P. Morgan U.S. Small Company Fund
J.P. Morgan Disciplined Equity Fund
J.P. Morgan U.S. Small Company Opportunities Fund
In planning and performing our audit of the financial statements of J.P. Morgan
Equity Fund and J.P. Morgan U.S. Small Company Fund for the year ended May 31,
1998, J.P. Morgan Disciplined Equity Fund for the period December 31, 1997
(commencement of operations) to May 31, 1998, and J.P. Morgan U.S. Small Company
Opportunities Fund (the "Funds") for the period June 16, 1997 (commencement of
operations) to May 31, 1998, 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
controls. Generally, controls 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 controls include the safeguarding of assets against
unauthorized acquisition, use or disposition. Because of inherent limitations in
internal control, errors or fraud 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
fraud 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 controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
May 31, 1998. This report is intended solely for the information and use of
management and the Trustees of the Funds and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
