<PAGE> PAGE 1
000 B000000 10/31/96
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 JPM PIERPONT 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 15
007 C010100 1
007 C020100 THE JPM PIERPONT TREASURY MONEY MARKET FUND
007 C030100 N
007 C010200 2
007 C020200 THE JPM PIERPONT SHORT TERM BOND FUND
007 C030200 N
007 C010300 3
007 C020300 THE JPM PIERPONT BOND FUND
007 C030300 N
007 C010400 4
007 C020400 THE JPM PIERPONT INTERNATIONAL EQUITY FUND
007 C030400 N
007 C010500 5
007 C020500 THE JPM PIERPONT EMERGING MARKETS EQUITY FUND
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
008 B00AA01 A
008 C00AA01 801-999999
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10036
010 A00AA01 FUNDS DISTRIBUTOR, INC.
010 B00AA01 8-420518
010 C01AA01 BOSTON
<PAGE> PAGE 2
010 C02AA01 MA
010 C03AA01 02116
010 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
010 B00AA02 8-49999
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.
011 B00AA01 8-420518
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02116
012 A00AA01 STATE STREET BANK & TRUST CO.
012 B00AA01 85-50003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02101
012 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
012 B00AA02 85-9999999
012 C01AA02 NEW YORK
012 C02AA02 NY
012 C03AA02 10036
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 BOSTON INSTITUTIONAL SERVICES, 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
015 A00AA01 STATE STREET BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
018 00AA00 N
019 A00AA00 Y
019 B00AA00 53
019 C00AA00 JPM/PIERPO
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
<PAGE> PAGE 3
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 THE TREASURY MONEY MARKET PORTFOLIO
022 B000001 04-3174352
022 C000001 1610576
022 D000001 1605445
022 A000002 THE SHORT TERM BOND PORTFOLIO
022 B000002 04-3194467
022 C000002 4035
022 D000002 6427
022 A000003 THE U.S. FIXED INCOME PORTFOLIO
022 B000003 04-3194464
022 C000003 36902
022 D000003 37323
022 A000004 THE NON US EQUITY PORTFOLIO
022 B000004 04-3194416
022 C000004 49615
022 D000004 53482
022 A000005 THE EMERGING MARKETS EQUITY PORTFOLIO
022 B000005 04-3194471
022 C000005 38600
022 D000005 32433
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 1739728
023 D000000 1735110
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 N
<PAGE> PAGE 4
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
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
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045 00AA00 N
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048 F02AA00 0.000
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048 H01AA00 0
048 H02AA00 0.000
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<PAGE> PAGE 5
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
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
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 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 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
<PAGE> PAGE 6
078 000000 N
080 A00AA00 GULF INSURANCE COMPANY
080 C00AA00 25000
081 A00AA00 Y
081 B00AA00 17
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
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028 A010100 158009
028 A020100 657
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028 B010100 95111
028 B020100 582
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028 C010100 97016
028 C020100 648
028 C030100 0
028 C040100 96038
028 D010100 98687
028 D020100 678
028 D030100 0
028 D040100 64410
028 E010100 85212
028 E020100 666
028 E030100 0
028 E040100 105210
028 F010100 85882
028 F020100 627
028 F030100 0
028 F040100 101122
028 G010100 619917
028 G020100 3858
<PAGE> PAGE 7
028 G030100 0
028 G040100 615673
028 H000100 0
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 25000
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 12
072 B000100 10314
072 C000100 0
<PAGE> PAGE 8
072 D000100 0
072 E000100 0
072 F000100 0
072 G000100 80
072 H000100 0
072 I000100 347
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 4
072 N000100 49
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 11
072 S000100 1
072 T000100 0
072 U000100 15
072 V000100 0
072 W000100 6
072 X000100 513
072 Y000100 108
072 Z000100 9909
072AA000100 107
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 9909
072DD020100 0
072EE000100 60
073 A010100 0.0489
073 A020100 0.0000
073 B000100 0.0003
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 185621
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 28
074 M000100 19
074 N000100 185668
074 O000100 0
074 P000100 0
074 Q000100 0
<PAGE> PAGE 9
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 244
074 S000100 0
074 T000100 185424
074 U010100 185318
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 1.0005
074 X000100 318
074 Y000100 0
075 A000100 202829
075 B000100 0
076 000100 0.00
028 A010200 1082
028 A020200 0
028 A030200 0
028 A040200 2274
028 B010200 10
028 B020200 18
028 B030200 0
028 B040200 56
028 C010200 77
028 C020200 23
028 C030200 0
028 C040200 25
028 D010200 366
028 D020200 46
028 D030200 0
028 D040200 451
028 E010200 152
028 E020200 0
028 E030200 0
028 E040200 205
028 F010200 45
028 F020200 49
028 F030200 0
028 F040200 77
028 G010200 1732
028 G020200 136
028 G030200 0
028 G040200 3088
028 H000200 0
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 100000
070 A010200 Y
<PAGE> PAGE 10
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 N
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 12
072 B000200 0
072 C000200 0
072 D000200 0
072 E000200 489
072 F000200 0
072 G000200 3
072 H000200 0
072 I000200 41
072 J000200 0
072 K000200 0
072 L000200 5
<PAGE> PAGE 11
072 M000200 0
072 N000200 16
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 12
072 S000200 0
072 T000200 0
072 U000200 6
072 V000200 0
072 W000200 3
072 X000200 86
072 Y000200 67
072 Z000200 469
072AA000200 0
072BB000200 2
072CC010200 19
072CC020200 0
072DD010200 469
072DD020200 0
072EE000200 0
073 A010200 0.5300
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 8226
074 J000200 0
074 K000200 0
074 L000200 15
074 M000200 11
074 N000200 8252
074 O000200 0
074 P000200 2
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 43
074 S000200 0
074 T000200 8207
074 U010200 833
074 U020200 0
074 V010200 9.86
<PAGE> PAGE 12
074 V020200 0.00
074 W000200 0.0000
074 X000200 69
074 Y000200 0
075 A000200 0
075 B000200 8652
076 000200 0.00
028 A010300 6116
028 A020300 679
028 A030300 0
028 A040300 4322
028 B010300 2076
028 B020300 700
028 B030300 0
028 B040300 2955
028 C010300 1523
028 C020300 1382
028 C030300 0
028 C040300 2473
028 D010300 1097
028 D020300 677
028 D030300 0
028 D040300 2558
028 E010300 3714
028 E020300 666
028 E030300 0
028 E040300 2852
028 F010300 4039
028 F020300 714
028 F030300 0
028 F040300 3033
028 G010300 18565
028 G020300 4818
028 G030300 0
028 G040300 18193
028 H000300 0
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 100000
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 Y
070 E020300 N
<PAGE> PAGE 13
070 F010300 N
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 Y
070 L020300 N
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 12
072 B000300 0
072 C000300 0
072 D000300 0
072 E000300 9137
072 F000300 0
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072 I000300 282
072 J000300 0
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072 L000300 5
072 M000300 3
072 N000300 19
072 O000300 0
072 P000300 0
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072 R000300 9
072 S000300 1
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<PAGE> PAGE 14
072 V000300 0
072 W000300 41
072 X000300 417
072 Y000300 0
072 Z000300 8720
072AA000300 1822
072BB000300 0
072CC010300 0
072CC020300 3277
072DD010300 8725
072DD020300 0
072EE000300 0
073 A010300 0.6200
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 149532
074 J000300 0
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074 L000300 95
074 M000300 2
074 N000300 149629
074 O000300 0
074 P000300 29
074 Q000300 0
074 R010300 0
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074 R030300 0
074 R040300 393
074 S000300 0
074 T000300 149207
074 U010300 14487
074 U020300 0
074 V010300 10.30
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075 B000300 143444
076 000300 0.00
028 A010400 4279
028 A020400 0
<PAGE> PAGE 15
028 A030400 0
028 A040400 3111
028 B010400 4068
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028 B040400 3462
028 C010400 2690
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028 C040400 3942
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028 F040400 4704
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028 G040400 20382
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058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 100000
070 A010400 Y
070 A020400 N
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070 B020400 N
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070 C020400 N
070 D010400 Y
070 D020400 N
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070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
<PAGE> PAGE 16
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 N
070 M010400 Y
070 M020400 N
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070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
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071 A000400 0
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<PAGE> PAGE 17
072DD010400 4122
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072EE000400 5796
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074 I000400 200602
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074 N000400 200833
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074 R040400 65
074 S000400 0
074 T000400 200720
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075 B000400 198780
076 000400 0.00
028 A010500 2558
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028 B010500 1851
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028 B040500 1863
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<PAGE> PAGE 18
028 C040500 942
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028 D040500 1109
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028 G040500 7447
028 H000500 1610
058 A000500 N
059 000500 Y
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060 B000500 Y
061 000500 100000
070 A010500 Y
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070 D010500 Y
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070 F020500 N
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070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 N
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070 M020500 N
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<PAGE> PAGE 19
070 O010500 Y
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<PAGE> PAGE 20
074 C000500 0
074 D000500 0
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074 I000500 59110
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074 L000500 33
074 M000500 26
074 N000500 59169
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074 R040500 47
074 S000500 0
074 T000500 59107
074 U010500 5806
074 U020500 0
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075 B000500 58728
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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 10/31/96 FOR THE JPM PIERPONT TREASURY MONEY MARKET 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> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 185621
<INVESTMENTS-AT-VALUE> 185621
<RECEIVABLES> 28
<ASSETS-OTHER> 19
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 185668
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 244
<TOTAL-LIABILITIES> 244
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 185318
<SHARES-COMMON-STOCK> 185318
<SHARES-COMMON-PRIOR> 171061
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 106
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 185424
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10314
<OTHER-INCOME> 0
<EXPENSES-NET> 405
<NET-INVESTMENT-INCOME> 9909
<REALIZED-GAINS-CURRENT> 107
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10016
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9909
<DISTRIBUTIONS-OF-GAINS> 60
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 14304
<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> 0
<AVERAGE-NET-ASSETS> 202829
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .05
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
1177 Avenue of the Americas
New York, NY 10036
Telephone 212 596-7000
Facsimile 212 596-8910
Price Waterhouse LLP [logo]
December 26, 1996
To the Trustees of
The JPM Pierpont International Equity Fund
The JPM Pierpont Emerging Markets Equity Fund
In planning and performing our audit of the financial statements of The JPM
Pierpont International Equity Fund and The JPM Pierpont Emerging Markets Equity
Fund ("the Funds") for the year ended October 31, 1996, we considered their
internal control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purposes of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, and not to provide assurance on the internal control structure.
The management of the 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 appropriately
safeguarded against loss from unauthorized use or disposition and that
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 may 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
October 31, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
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 10/31/96 FOR THE JPM PIERPONT SHORT TERM BOND 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> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 8226
<RECEIVABLES> 15
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 11
<TOTAL-ASSETS> 8252
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45
<TOTAL-LIABILITIES> 45
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8225
<SHARES-COMMON-STOCK> 833
<SHARES-COMMON-PRIOR> 1050
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (473)
<ACCUMULATED-NET-GAINS> (75)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 57
<NET-ASSETS> 8207
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 522
<OTHER-INCOME> (34)
<EXPENSES-NET> 20
<NET-INVESTMENT-INCOME> 469
<REALIZED-GAINS-CURRENT> 486
<APPREC-INCREASE-CURRENT> 19
<NET-CHANGE-FROM-OPS> 486
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 469
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 411
<NUMBER-OF-SHARES-REDEEMED> 654
<SHARES-REINVESTED> 26
<NET-CHANGE-IN-ASSETS> (2123)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 475
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 20
<AVERAGE-NET-ASSETS> 8652
<PER-SHARE-NAV-BEGIN> 9.84
<PER-SHARE-NII> .53
<PER-SHARE-GAIN-APPREC> .02
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .53
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.86
<EXPENSE-RATIO> .62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
1177 Avenue of the Americas
New York, NY 10036
Telephone 212 596-7000
Facsimile 212 596-8910
Price Waterhouse LLP [logo]
December 18, 1996
To the Trustees of
The JPM Pierpont Short Term Bond Fund
The JPM Pierpont Treasury Money Market Fund
The JPM Pierpont Bond Fund
In planning and performing our audit of the financial statements of The JPM
Pierpont Short Term Bond Fund, The JPM Pierpont Treasury Money Market Fund and
The JPM Pierpont Bond Fund ("the Funds") for the year ended October 31, 1996, we
considered their internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for the
purposes of expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, and not to provide assurance on the
internal control structure.
The management of the 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 appropriately
safeguarded against loss from unauthorized use or disposition and that
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 may 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
October 31, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
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 10/31/96 for the JPM PIERPONT BOND 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> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 149532
<RECEIVABLES> 95
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1916
<TOTAL-ASSETS> 149629
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 422552
<TOTAL-LIABILITIES> 422552
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 148919
<SHARES-COMMON-STOCK> 14487
<SHARES-COMMON-PRIOR> 13733
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 15
<ACCUMULATED-NET-GAINS> (930)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1233
<NET-ASSETS> 149207
<DIVIDEND-INCOME> 9651
<INTEREST-INCOME> 22
<OTHER-INCOME> (537)
<EXPENSES-NET> 417
<NET-INVESTMENT-INCOME> 8720
<REALIZED-GAINS-CURRENT> 1822
<APPREC-INCREASE-CURRENT> (3277)
<NET-CHANGE-FROM-OPS> 7266
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8725
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3597
<NUMBER-OF-SHARES-REDEEMED> 3698
<SHARES-REINVESTED> 854
<NET-CHANGE-IN-ASSETS> 6203
<ACCUMULATED-NII-PRIOR> 132
<ACCUMULATED-GAINS-PRIOR> (2972)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 417
<AVERAGE-NET-ASSETS> 143444
<PER-SHARE-NAV-BEGIN> 10.41
<PER-SHARE-NII> .62
<PER-SHARE-GAIN-APPREC> (.11)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .62
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.30
<EXPENSE-RATIO> .66
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
1177 Avenue of the Americas
New York, NY 10036
Telephone 212 596-7000
Facsimile 212 596-8910
Price Waterhouse LLP [logo]
December 26, 1996
To the Trustees of
The Emerging Markets Equity Portfolio
In planning and performing our audit of the financial statements of The Emerging
Markets Equity Portfolio (the "Portfolio") for the year ended October 31, 1996,
we considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for the
purposes of expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, and not to provide assurance on the
internal control structure.
The management of the Portfolio 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 appropriately
safeguarded against loss from unauthorized use or disposition and that
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 may 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
October 31, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, NY 10036
Telephone 212 596-7000
Facsimile 212 596-8910
Price Waterhouse LLP [logo]
December 18, 1996
To the Trustees of
The Short Term Bond Portfolio
In planning and performing our audit of the financial statements of The Short
Term Bond Portfolio (the "Portfolio") for the year ended October 31, 1996, we
considered its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purposes of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the internal control
structure.
The management of the Portfolio 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 appropriately
safeguarded against loss from unauthorized use or disposition and that
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 may 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
October 31, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
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 10/31/96 FOR THE JPM PIERPONT INTERNATIONAL 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> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 200602
<RECEIVABLES> 229
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 200833
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 113
<TOTAL-LIABILITIES> 113
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10
<SHARES-COMMON-STOCK> 17642
<SHARES-COMMON-PRIOR> 17375
<ACCUMULATED-NII-CURRENT> 2
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6
<NET-ASSETS> 21
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 2696
<EXPENSES-NET> 702
<NET-INVESTMENT-INCOME> 1994
<REALIZED-GAINS-CURRENT> 12271
<APPREC-INCREASE-CURRENT> 8206
<NET-CHANGE-FROM-OPS> 22471
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4122
<DISTRIBUTIONS-OF-GAINS> 5796
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4479
<NUMBER-OF-SHARES-REDEEMED> (4818)
<SHARES-REINVESTED> 606
<NET-CHANGE-IN-ASSETS> 267
<ACCUMULATED-NII-PRIOR> 3593
<ACCUMULATED-GAINS-PRIOR> 5717
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 702
<AVERAGE-NET-ASSETS> 198780
<PER-SHARE-NAV-BEGIN> 10.68
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> 1.16
<PER-SHARE-DIVIDEND> .24
<PER-SHARE-DISTRIBUTIONS> .34
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.38
<EXPENSE-RATIO> 1.14
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
1177 Avenue of the Americas
New York, NY 10036
Telephone 212 596-7000
Facsimile 212 596-8910
Price Waterhouse LLP [logo]
December 26, 1996
To the Trustees of
The JPM Pierpont International Equity Fund
The JPM Pierpont Emerging Markets Equity Fund
In planning and performing our audit of the financial statements of The JPM
Pierpont International Equity Fund and The JPM Pierpont Emerging Markets Equity
Fund ("the Funds") for the year ended October 31, 1996, we considered their
internal control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purposes of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, and not to provide assurance on the internal control structure.
The management of the 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 appropriately
safeguarded against loss from unauthorized use or disposition and that
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 may 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
October 31, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated 10/31/96 for the JPM PIERPONT EMERGING MARKETS 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> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 59109
<RECEIVABLES> 33
<ASSETS-OTHER> 27
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 59169
<PAYABLE-FOR-SECURITIES> 62
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 62
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 64746
<SHARES-COMMON-STOCK> 5806
<SHARES-COMMON-PRIOR> 5109
<ACCUMULATED-NII-CURRENT> 87
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5402)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (323)
<NET-ASSETS> 59107
<DIVIDEND-INCOME> 1170
<INTEREST-INCOME> 225
<OTHER-INCOME> 0
<EXPENSES-NET> 995
<NET-INVESTMENT-INCOME> 401
<REALIZED-GAINS-CURRENT> (2195)
<APPREC-INCREASE-CURRENT> 5504
<NET-CHANGE-FROM-OPS> 3710
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 368
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3834
<NUMBER-OF-SHARES-REDEEMED> 3167
<SHARES-REINVESTED> 31
<NET-CHANGE-IN-ASSETS> 697
<ACCUMULATED-NII-PRIOR> 156
<ACCUMULATED-GAINS-PRIOR> (3480)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 58728
<PER-SHARE-NAV-BEGIN> 9.65
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> .53
<PER-SHARE-DIVIDEND> .08
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.18
<EXPENSE-RATIO> 1.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
