<PAGE> PAGE 1
000 A000000 02/28/98
000 C000000 0000894089
000 D000000 N
000 E000000 NF
000 F000000 Y
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001 A000000 J.P. MORGAN FUNDS
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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
022 A000001 THE TAX EXEMPT MONEY MARKET PORTFOLIO
022 B000001 04-3194418
022 C000001 2743008
022 D000001 2648523
022 A000002 THE TAX EXEMPT BOND PORTFOLIO
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE RICHARD W. INGRAM
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
report dated 2/28/98 for the J.P. Morgan Tax Exempt Bond Fund and is qualified
in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
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<PERIOD-END> FEB-28-1998
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<DISTRIBUTIONS-OF-GAINS> 119
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<NUMBER-OF-SHARES-SOLD> 98,608
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<SHARES-REINVESTED> 7,382
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<ACCUMULATED-NII-PRIOR> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
report dated 02/28/98 for J.P. Morgan Tax Exempt Money Market 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> AUG-31-1997
<PERIOD-END> FEB-28-1998
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<SHARES-COMMON-PRIOR> 1,103,923
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<ACCUMULATED-NET-GAINS> (171)
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<NET-ASSETS> 1,213,625
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<NUMBER-OF-SHARES-SOLD> 2,743,008
<NUMBER-OF-SHARES-REDEEMED> 2,648,523
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</TABLE>
