<PAGE> PAGE 1
000 B000000 11/30/98
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 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 C021200 J.P. MORGAN PRIME MONEY MARKET FUND
007 C031200 N
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C021600 J.P. MORGAN INTERNATIONAL OPPORTUNITIES FUND
007 C031600 N
007 C011700 17
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
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
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<PAGE> PAGE 3
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007 C018500 85
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007 C018900 89
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010 A00AA01 FUNDS DISTRIBUTOR, INC.
010 B00AA01 8-420518
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02116
010 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
010 B00AA02 8-49999999
010 C01AA02 NEW YORK
010 C02AA02 NY
010 C03AA02 10036
010 A00AA03 PIERPONT GROUP, INC.
010 C01AA03 NEW YORK
010 C02AA03 NY
010 C03AA03 10017
011 A00AA01 FUNDS DISTRIBUTOR, INC.
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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
012 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
012 B00AA02 84-9999999
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 COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
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019 C00AA00 JPM\PIERPO
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020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
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022 B000001 04-3194414
022 C000001 48705488
022 D000001 45466950
022 A000002 THE INTERNATIONAL OPPORTUNITIES PORTFOLIO
022 B000002 98-0165901
022 C000002 22088
022 D000002 43127
022 A000003 THE EUROPEAN EQUITY PORTFOLIO
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022 C000003 4413
022 D000003 5306
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<PAGE> PAGE 5
023 C000000 48731989
023 D000000 45515383
024 00AA00 N
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025 D00AA02 0
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026 A000000 N
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026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
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033 00AA00 0
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038 00AA00 0
039 00AA00 N
040 00AA00 N
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<PAGE> PAGE 6
048 B01AA00 0
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048 D02AA00 0.000
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048 K02AA00 0.000
055 A00AA00 N
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056 00AA00 N
057 00AA00 N
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<PAGE> PAGE 7
077 C000000 Y
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080 A00AA00 GULF INSURANCE CO.
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028 F041200 1253422
<PAGE> PAGE 8
028 G011200 9365894
028 G021200 54635
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058 A001200 N
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070 B011200 N
070 B021200 N
070 C011200 N
070 C021200 N
070 D011200 N
070 D021200 N
070 E011200 N
070 E021200 N
070 F011200 N
070 F021200 N
070 G011200 N
070 G021200 N
070 H011200 N
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 N
070 K011200 Y
070 K021200 Y
070 L011200 Y
070 L021200 N
070 M011200 N
070 M021200 N
070 N011200 Y
070 N021200 N
070 O011200 Y
070 O021200 N
070 P011200 N
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 0
071 B001200 0
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<PAGE> PAGE 9
072 B001200 143847
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<PAGE> PAGE 10
074 P001200 3319
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028 A011500 2645
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028 A041500 1663
028 B011500 1285
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028 D011500 263
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028 D041500 692
028 E011500 148
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028 E031500 0
028 E041500 204
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<PAGE> PAGE 11
028 F021500 0
028 F031500 0
028 F041500 0
028 G011500 4413
028 G021500 0
028 G031500 0
028 G041500 5306
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058 A001500 N
059 001500 Y
060 A001500 Y
060 B001500 Y
061 001500 2500
070 A011500 Y
070 A021500 N
070 B011500 Y
070 B021500 N
070 C011500 Y
070 C021500 N
070 D011500 Y
070 D021500 N
070 E011500 Y
070 E021500 N
070 F011500 Y
070 F021500 N
070 G011500 Y
070 G021500 N
070 H011500 Y
070 H021500 N
070 I011500 N
070 I021500 N
070 J011500 Y
070 J021500 N
070 K011500 Y
070 K021500 Y
070 L011500 Y
070 L021500 N
070 M011500 Y
070 M021500 N
070 N011500 Y
070 N021500 N
070 O011500 Y
070 O021500 N
070 P011500 Y
070 P021500 N
070 Q011500 N
070 Q021500 N
070 R011500 N
070 R021500 N
071 A001500 0
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<PAGE> PAGE 12
071 C001500 0
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073 A021500 0.0000
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074 H001500 0
074 I001500 14909
074 J001500 0
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<PAGE> PAGE 13
074 M001500 51
074 N001500 14981
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074 X001500 269
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075 B001500 79715
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028 A011600 3892
028 A021600 0
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028 A041600 2449
028 B011600 4951
028 B021600 0
028 B031600 0
028 B041600 8211
028 C011600 1375
028 C021600 314
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028 C041600 4716
028 D011600 2468
028 D021600 0
028 D031600 0
028 D041600 9482
028 E011600 5196
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028 E031600 0
028 E041600 12874
028 F011600 4206
028 F021600 0
028 F031600 0
028 F041600 5216
028 G011600 22088
028 G021600 314
028 G031600 0
028 G041600 42948
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058 A001600 N
<PAGE> PAGE 14
059 001600 Y
060 A001600 Y
060 B001600 Y
061 001600 2500
070 A011600 Y
070 A021600 N
070 B011600 Y
070 B021600 N
070 C011600 Y
070 C021600 N
070 D011600 Y
070 D021600 N
070 E011600 Y
070 E021600 N
070 F011600 Y
070 F021600 N
070 G011600 Y
070 G021600 N
070 H011600 Y
070 H021600 N
070 I011600 N
070 I021600 N
070 J011600 Y
070 J021600 N
070 K011600 Y
070 K021600 Y
070 L011600 Y
070 L021600 N
070 M011600 Y
070 M021600 N
070 N011600 Y
070 N021600 N
070 O011600 Y
070 O021600 N
070 P011600 Y
070 P021600 N
070 Q011600 N
070 Q021600 N
070 R011600 N
070 R021600 N
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072 A001600 12
072 B001600 0
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<PAGE> PAGE 15
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074 I001600 57266
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074 M001600 9
074 N001600 57530
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<PAGE> PAGE 16
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SIGNATURE GEORGE A RIO
TITLE ASST. TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary finacial data extracted from the annual report
dated November 30, 1998 for the J.P. Morgan Prime Money Market Fund and is
qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
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<REALIZED-GAINS-CURRENT> (24)
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 6089
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<PER-SHARE-NAV-BEGIN> 1
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<PER-SHARE-DIVIDEND> .053
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated November 30, 1998 for the J.P. Morgan International Opportunities 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> NOV-30-1998
<PERIOD-END> NOV-30-1998
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2480
<TOTAL-LIABILITIES> 2480
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58879
<SHARES-COMMON-STOCK> 5484
<SHARES-COMMON-PRIOR> 6345
<ACCUMULATED-NII-CURRENT> 1101
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6690)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1760
<NET-ASSETS> 55050
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 980
<EXPENSES-NET> 267
<NET-INVESTMENT-INCOME> 713
<REALIZED-GAINS-CURRENT> (4925)
<APPREC-INCREASE-CURRENT> 4016
<NET-CHANGE-FROM-OPS> (196)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 718
<DISTRIBUTIONS-OF-GAINS> 14
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5846
<NUMBER-OF-SHARES-REDEEMED> 6774
<SHARES-REINVESTED> 67
<NET-CHANGE-IN-ASSETS> (7889)
<ACCUMULATED-NII-PRIOR> 446
<ACCUMULATED-GAINS-PRIOR> (1095)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
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<GROSS-EXPENSE> 301
<AVERAGE-NET-ASSETS> 74569
<PER-SHARE-NAV-BEGIN> 9.92
<PER-SHARE-NII> .23
<PER-SHARE-GAIN-APPREC> (.01)
<PER-SHARE-DIVIDEND> .10
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<PER-SHARE-NAV-END> 10.04
<EXPENSE-RATIO> 1.20
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated 11/30/98 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> 11-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 14909
<RECEIVABLES> 31
<ASSETS-OTHER> 41
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14981
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 80
<TOTAL-LIABILITIES> 80
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14596
<SHARES-COMMON-STOCK> 966
<SHARES-COMMON-PRIOR> 362
<ACCUMULATED-NII-CURRENT> 111
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (212)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 407
<NET-ASSETS> 14902
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 173
<EXPENSES-NET> 65
<NET-INVESTMENT-INCOME> 108
<REALIZED-GAINS-CURRENT> (203)
<APPREC-INCREASE-CURRENT> 277
<NET-CHANGE-FROM-OPS> 182
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1151
<NUMBER-OF-SHARES-REDEEMED> (547)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10070
<ACCUMULATED-NII-PRIOR> (1)
<ACCUMULATED-GAINS-PRIOR> (567)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 110
<AVERAGE-NET-ASSETS> 12953
<PER-SHARE-NAV-BEGIN> 13.35
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> 1.95
<PER-SHARE-DIVIDEND> 0
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</TABLE>
To the Shareholders and Trustees of
J.P. Morgan Prime Money Market Fund
J.P. Morgan International Opportunities Fund
(2)
J.P. Morgan European Equity Fund
Report of Independent Accountants
To the Shareholders and Trustees of
J.P. Morgan Prime Money Market Fund
J.P. Morgan International Opportunities Fund
J.P. Morgan European Equity Fund
In planning and performing our audit of the financial statements of J.P. Morgan
Prime Money Market Fund and J.P. Morgan International Opportunities Fund for the
year ended November 30, 1998 and J.P. Morgan European Equity Fund (the "Funds")
for the period ended November 30, 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 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
November 30, 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
January 19, 1999
J.P. Morgan Prime Money Market 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:
Directors/Matter
<TABLE>
<C> <S> <S> <S>
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 --
Amending of Investment Restrictions:
2a. Relating to diversification of assets 1,680,327,033 20,872,077 21,249,519
2b. Relating to concentration of assets 1,677,274,757 22,929,261 22,244,611
2c. Relating to issuance of senior securities 1,679,166,584 21,037,433 22,244,612
2d. Relating to borrowing 1,674,558,007 23,052,961 24,837,661
2e. Relating to underwriting 1,676,575,976 21,962,682 23,909,971
2f. Relating to investment in real estate 1,676,284,602 21,326,366 24,837,661
2g. Relating to commodities 1,675,751,101 21,620,738 25,076,790
2h. Relating to lending 1,677,075,084 21,224,446 24,149,099
2i. Reclassification of other restrictions as nonfundamental 1,657,332,445 40,278,523 24,837,661
3. Reclassification of investment objectives 1,645,546,036 44,735,966 32,166,627
4. Investment advisory agreement 1,661,853,245 33,371,101 27,224,282
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
</TABLE>
J.P. Morgan European Equity 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:
Directors/Matter
<TABLE>
<S> <C> <C> <C>
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 383,675 5,216 4,308
b. Relating to concentration of assets 382,971 5,721 4,507
c. Relating to issuance of senior securities 383,675 5,216 4,308
d. Relating to borrowing 383,846 5,216 4,137
e. Relating to underwriting 383,675 5,216 4,308
f. Relating to investment in real estate 385,738 3,125 4,336
g. Relating to commodities 383,675 5,216 4,308
h. Relating to lending 385,649 3,242 4,308
i. Reclassification of other restrictions
as nonfundamental 384,550 4,142 4,507
3. Reclassification of investment objectives 383,936 4,756 4,507
4. Investment advisory agreement 401,159 1,772 4,308
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
</TABLE>
