<PAGE> PAGE 1
000 B000000 12/31/98
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 18
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 Y
007 C011500 15
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
007 C012400 24
007 C012500 25
<PAGE> PAGE 2
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007 C012700 27
007 C012800 28
007 C012900 29
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<PAGE> PAGE 3
007 C017700 77
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007 C018500 85
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007 C018800 88
007 C018900 89
007 C019000 90
010 A00AA01 FUNDS DISTRIBUTOR, INC.
010 B00AA01 8-420518
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02116
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 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
<PAGE> PAGE 4
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 J.P.MORGAN
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
022 C000002 0
022 D000002 0
022 A000003 THE JAPAN EQUITY PORTFOLIO
022 B000003 98-0150123
022 C000003 50
022 D000003 1148
022 A000004 THE EMERGING MARKETS DEBT PORTFOLIO
022 B000004 98-0165588
022 C000004 16880
022 D000004 4874
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022 D000005 0
022 C000006 0
022 D000006 0
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<PAGE> PAGE 5
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026 H000000 N
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030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
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032 00AA00 0
033 00AA00 0
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035 00AA00 0
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039 00AA00 N
040 00AA00 N
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042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
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<PAGE> PAGE 6
048 C01AA00 0
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048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
055 A00AA00 Y
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056 00AA00 N
057 00AA00 N
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062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
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062 O00AA00 0.0
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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
077 A000000 Y
077 B000000 Y
077 C000000 Y
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<PAGE> PAGE 7
078 000000 N
080 A00AA00 GULF INSURANCE CO.
080 C00AA00 25000
081 A00AA00 Y
081 B00AA00 18
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
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084 A00AA00 N
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028 A011300 0
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<PAGE> PAGE 8
028 G031300 0
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028 H001300 0
074 O001300 0
074 P001300 0
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074 R021300 0
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074 T001300 0
074 U011300 0
074 U021300 0
074 V011300 0.00
074 V021300 0.00
074 W001300 0.0000
074 X001300 0
074 Y001300 0
028 A011400 50
028 A021400 0
028 A031400 0
028 A041400 673
028 B011400 0
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028 C011400 0
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028 F031400 0
028 F041400 0
028 G011400 50
028 G021400 0
028 G031400 0
028 G041400 1149
028 H001400 0
058 A001400 N
059 001400 Y
060 A001400 N
<PAGE> PAGE 9
060 B001400 N
061 001400 2500
070 A011400 Y
070 A021400 N
070 B011400 Y
070 B021400 N
070 C011400 N
070 C021400 N
070 D011400 Y
070 D021400 N
070 E011400 N
070 E021400 N
070 F011400 Y
070 F021400 N
070 G011400 Y
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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072 A001400 8
072 B001400 0
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072 E001400 -2
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<PAGE> PAGE 10
072 J001400 0
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072 Z001400 -4
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072BB001400 1078
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073 A011400 0.0000
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073 C001400 5.2400
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074 R041400 0
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<PAGE> PAGE 11
074 U011400 0
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074 V011400 0.00
074 V021400 0.00
074 W001400 0.0000
074 X001400 0
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075 A001400 0
075 B001400 896
076 001400 0.00
028 A011500 0
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<PAGE> PAGE 12
074 L001500 0
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028 A011700 7216
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028 F041700 1423
028 G011700 12310
028 G021700 1237
028 G031700 0
028 G041700 2603
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<PAGE> PAGE 13
058 A001700 N
059 001700 Y
060 A001700 N
060 B001700 N
061 001700 2500
070 A011700 Y
070 A021700 N
070 B011700 N
070 B021700 N
070 C011700 Y
070 C021700 N
070 D011700 N
070 D021700 N
070 E011700 Y
070 E021700 N
070 F011700 N
070 F021700 N
070 G011700 Y
070 G021700 N
070 H011700 N
070 H021700 N
070 I011700 N
070 I021700 N
070 J011700 Y
070 J021700 N
070 K011700 Y
070 K021700 Y
070 L011700 Y
070 L021700 N
070 M011700 Y
070 M021700 N
070 N011700 Y
070 N021700 N
070 O011700 Y
070 O021700 N
070 P011700 N
070 P021700 N
070 Q011700 N
070 Q021700 N
070 R011700 N
070 R021700 N
071 A001700 0
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072 A001700 12
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<PAGE> PAGE 14
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073 A011700 0.9700
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<PAGE> PAGE 15
074 R041700 55
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SIGNATURE DOUGLAS C.CONROY
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data for the J.P. Morgan Japan Equity
Fund as of September 1,1998. On September 1, 1998 the fund closed.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> SEP-1-1998
<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> 521
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 230
<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> (2)
<EXPENSES-NET> 2
<NET-INVESTMENT-INCOME> (4)
<REALIZED-GAINS-CURRENT> (1078)
<APPREC-INCREASE-CURRENT> 751
<NET-CHANGE-FROM-OPS> (331)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9
<NUMBER-OF-SHARES-REDEEMED> 239
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1203)
<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> 30
<AVERAGE-NET-ASSETS> 896
<PER-SHARE-NAV-BEGIN> 5.24
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (5.24)
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<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, 1998 for the J.P. Morgan Emerging Markets Debt Fund and is
qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 19327
<RECEIVABLES> 30
<ASSETS-OTHER> 11
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19368
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 55
<TOTAL-LIABILITIES> 55
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23850
<SHARES-COMMON-STOCK> 2645
<SHARES-COMMON-PRIOR> 1227
<ACCUMULATED-NII-CURRENT> 334
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4868)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3)
<NET-ASSETS> 19313
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1540
<OTHER-INCOME> 0
<EXPENSES-NET> 26
<NET-INVESTMENT-INCOME> 1514
<REALIZED-GAINS-CURRENT> (4587)
<APPREC-INCREASE-CURRENT> 226
<NET-CHANGE-FROM-OPS> (2847)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1824
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1776
<NUMBER-OF-SHARES-REDEEMED> 579
<SHARES-REINVESTED> 221
<NET-CHANGE-IN-ASSETS> 579
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 739
<OVERDISTRIB-NII-PRIOR> (60)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 125
<AVERAGE-NET-ASSETS> 15072
<PER-SHARE-NAV-BEGIN> 9.76
<PER-SHARE-NII> 1.15
<PER-SHARE-GAIN-APPREC> (2.64)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.97)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.30
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
J.P. Morgan Diversified Fund
Supplemental Proxy Information
A Joint Special Meeting of Shareholders of the J.P. Morgan Family of Funds was
held on August 20, 1998. Each of the applicable funds voted in favor of adopting
the following proposals, therefore, the results are aggregated for the Trust
unless otherwise specified.
The meeting was held for the following purposes:
1. To elect a slate of five trustees to hold office for a term of unlimited
duration subject to the current retirement age of 70.
2a. To approve the amendment of the fund's investment restriction relating
to diversification of assets.
2b. To approve the amendment of the fund's investment restriction relating
to concentration of assets in a particular industry.
2c. To approve the amendment of the fund's investment restriction relating
to the issuance of senior securities.
2d. To standardize the borrowing ability of the fund to the extent
permitted by applicable law.
2e. To approve the amendment of the fund's investment restriction relating
to underwriting.
2f. To approve the amendment of the fund's investment restriction relating
to investment in real estate.
2g. To approve the amendment of the fund's investment restriction relating
to commodities.
2h.To approve the amendment of the fund's investment restriction relating
to lending.
2i. To approve the reclassification of the fund's other fundamental
restrictions as nonfundamental.
3. To approve the reclassification of the fund's investment objective from
fundamental to nonfundamental.
4. To approve a new investment advisory agreement of the fund.
5. To amend the Declaration of trust to provide dollar-based voting rights.
6. To ratify the selection of independent accountants,
PricewaterhouseCoopers LLP.
The results of the proxy solicitation on the above matters were as follows:
<TABLE>
<S> <C> <C> <C>
Directors/Matter Votes for Votes against Abstentions
1. Frederick S. Addy 2,692,335,831 18,884,648 --
William G. Burns 2,692,395,937 18,824,542 --
Arthur C. Eschenlauer 2,691,798,990 19,421,489 --
Matthew Healey 2,692,393,425 18,827,054 --
Michael P. Mallardi 2,692,488,290 18,732,189 --
2. Amending of Investment Restrictions:
a. Relating to diversification of assets 10,749,363 226,098 89,666
b. Relating to concentration of assets 10,748,667 226,639 89,821
c. Relating to issuance of senior securities 10,749,363 226,098 89,666
d. Relating to borrowing 10,749,363 225,943 89,281
e. Relating to underwriting 10,749,363 225,943 89,821
f. Relating to investment in real estate 10,747,490 227,971 89,666
g. Relating to commodities 10,749,363 226,098 89,666
h. Relating to lending 10,749,363 225,943 89,821 i.
Reclassification of other restrictions
as nonfundamental 10,656,829 318,477 89,821
3. Reclassification of investment objectives 10,593,409 318,703 153,016
4. Investment advisory agreement 11,071,973 229,145 154,486
5. Dollar-based voting rights 2,645,059,081 16,807,551 47,376,755
6. Independent accountants,
PricewaterhouseCoopers LLP 2,682,031,391 4,303,418 24,885,671
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To the Shareholders and Trustees of
J.P. Morgan Emerging Markets Debt Fund
Report of Independent Accountants
To the Shareholders and Trustees of
J.P. Morgan Emerging Markets Debt Fund
In planning and performing our audit of the financial statements of J.P. Morgan
Emerging Markets Debt Fund (the "Fund") for the year ended December 31, 1998, we
considered its 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 Fund 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1998.
This report is intended solely for the information and use of management and the
Trustees of the Fund and the Securities and Exchange Commission.
/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
February 18, 1999
