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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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008 A001001 BANK OF TOKYO-MITSUBISHI TRUST COMPANY
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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008 A001101 BANK OF TOKYO-MITSUBISHI TRUST COMPANY
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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008 A001301 BANK OF TOKYO-MITSUBISHI TRUST COMPANY
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<PAGE> PAGE 39
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<NAME> INTERNATIONAL EQUITY
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To the Board of Trustees of
Stepstone Funds:
In planning and performing our audit of the financial statements of
Stepstone Funds for the year ended January 31, 1997, we considered its
internal control structure, including procedures 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 the
internal control structure.
The management of Stepstone Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies
and procedures. Two of the objectives of an internal control structure
are to provide management with reasonable, but not absolute, assurance
that assets are safeguarded against loss from unauthorized use or
disposition and transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements
does not reduce to a relatively low level the risk that errors or irregularities
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 the internal control structure,
including procedures for safeguarding securities, that we consider to be
material weaknesses as defined above as of January 31, 1997.
This report is intended solely for the information and use of management,
the Board of Trustees and the Securities and Exchange Commission and
should not be used for any other purpose.
ARTHUR ANDERSEN LLP
/s/ Arthur Andersen LLP
Philadelphia, Pa.
March 15, 1997
