<PAGE> PAGE 1
000 A000000 11/30/96
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 16
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 C021000 THE JPM PIERPONT EQUITY FUND
007 C031000 N
007 C011100 11
007 C021100 THE JPM PIERPONT CAPITAL APPRECIATION FUND
007 C031100 N
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
010 A00AA01 FUNDS DISTRIBUTOR,INC.
010 B00AA01 84-20518
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02109
<PAGE> PAGE 2
010 A00AA02 PIERPONT GROUP,INC.
010 C01AA02 NEW YORK
010 C02AA02 NY
010 C03AA02 10017
010 A00AA03 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
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 & TRUST COMPANY
012 B00AA01 85-50003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02101
012 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
012 B00AA02 85-99999
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 FUNDS DISTRIBUTOR,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
014 A00AA04 BOSTON INSTITUTIONAL SERVICES
014 B00AA04 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 55
019 C00AA00 JPM/PIERPO
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
<PAGE> PAGE 3
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 THE U.S. SMALL CO. PORTFOLIO
022 B000001 04-3194469
022 C000001 15192
022 D000001 23045
022 A000002 THE SELECTED U.S.EQUITY PORTFOLIO
022 B000002 04-3194421
022 C000002 22463
022 D000002 27766
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
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 37655
023 D000000 50811
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
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
<PAGE> PAGE 4
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
043 00AA00 0
044 00AA00 0
045 00AA00 N
048 00AA00 0.000
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
062 A00AA00 N
062 B00AA00 0.0
<PAGE> PAGE 5
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
063 A00AA00 0
063 B00AA00 0.0
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 N
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 Y
070 L02AA00 N
070 M01AA00 Y
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
<PAGE> PAGE 6
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 N
078 000000 N
080 C00AA00 0
081 B00AA00 0
082 B00AA00 0
083 B00AA00 0
084 B00AA00 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A011000 4794
028 A021000 0
028 A031000 0
028 A041000 2404
028 B011000 2697
028 B021000 0
028 B031000 0
028 B041000 3447
028 C011000 3557
028 C021000 21586
028 C031000 0
028 C041000 6438
028 D011000 2324
028 D021000 0
028 D031000 0
028 D041000 3565
028 E011000 4009
028 E021000 0
028 E031000 0
028 E041000 5796
028 F011000 5082
028 F021000 0
028 F031000 0
028 F041000 4106
<PAGE> PAGE 7
028 G011000 22463
028 G021000 21586
028 G031000 0
028 G041000 25756
028 H001000 0
055 A001000 N
055 B001000 N
056 001000 N
057 001000 N
058 A001000 N
059 001000 Y
060 A001000 Y
060 B001000 Y
061 001000 100000
071 A001000 0
071 B001000 0
071 C001000 0
071 D001000 0
072 A001000 6
072 B001000 0
072 C001000 0
072 D001000 0
072 E001000 2480
072 F001000 0
072 G001000 65
072 H001000 0
072 I001000 450
072 J001000 0
072 K001000 0
072 L001000 15
072 M001000 3
072 N001000 28
072 O001000 0
072 P001000 0
072 Q001000 0
072 R001000 4
072 S001000 1
072 T001000 0
072 U001000 0
072 V001000 0
072 W001000 3
072 X001000 569
072 Y001000 0
072 Z001000 1911
072AA001000 16724
072BB001000 0
072CC011000 18358
072CC021000 0
072DD011000 1402
072DD021000 0
072EE001000 21656
<PAGE> PAGE 8
073 A011000 0.0900
073 A021000 0.0000
073 B001000 1.4500
073 C001000 0.0000
074 A001000 0
074 B001000 0
074 C001000 0
074 D001000 0
074 E001000 0
074 F001000 0
074 G001000 0
074 H001000 0
074 I001000 362326
074 J001000 0
074 K001000 0
074 L001000 39
074 M001000 32
074 N001000 362397
074 O001000 0
074 P001000 83
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 72
074 S001000 0
074 T001000 362242
074 U011000 15804
074 U021000 0
074 V011000 22.92
074 V021000 0.00
074 W001000 0.0000
074 X001000 1886
074 Y001000 0
075 A001000 0
075 B001000 328148
076 001000 0.00
028 A011100 2383
028 A021100 0
028 A031100 0
028 A041100 2560
028 B011100 1895
028 B021100 0
028 B031100 0
028 B041100 2053
028 C011100 2583
028 C021100 8448
028 C031100 0
028 C041100 5409
028 D011100 2670
028 D021100 0
<PAGE> PAGE 9
028 D031100 0
028 D041100 2462
028 E011100 2778
028 E021100 0
028 E031100 0
028 E041100 5224
028 F011100 2883
028 F021100 0
028 F031100 0
028 F041100 1315
028 G011100 15192
028 G021100 8448
028 G031100 0
028 G041100 19023
028 H001100 0
055 A001100 N
055 B001100 N
056 001100 N
057 001100 N
058 A001100 N
059 001100 Y
060 A001100 Y
060 B001100 Y
061 001100 100000
071 A001100 0
071 B001100 0
071 C001100 0
071 D001100 0
072 A001100 6
072 B001100 0
072 C001100 0
072 D001100 0
072 E001100 985
072 F001100 0
072 G001100 41
072 H001100 0
072 I001100 284
072 J001100 0
072 K001100 0
072 L001100 16
072 M001100 1
072 N001100 1
072 O001100 0
072 P001100 0
072 Q001100 0
072 R001100 4
072 S001100 1
072 T001100 0
072 U001100 0
072 V001100 0
072 W001100 2
<PAGE> PAGE 10
072 X001100 350
072 Y001100 131
072 Z001100 766
072AA001100 9092
072BB001100 0
072CC011100 0
072CC021100 6495
072DD011100 900
072DD021100 0
072EE001100 11358
073 A011100 0.1100
073 A021100 0.0000
073 B001100 1.3500
073 C001100 0.0000
074 A001100 0
074 B001100 0
074 C001100 0
074 D001100 0
074 E001100 0
074 F001100 0
074 G001100 0
074 H001100 0
074 I001100 216143
074 J001100 0
074 K001100 45
074 L001100 488
074 M001100 29
074 N001100 216705
074 O001100 0
074 P001100 50
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 16
074 S001100 0
074 T001100 216639
074 U011100 8635
074 U021100 0
074 V011100 25.09
074 V021100 0.00
074 W001100 0.0000
074 X001100 1581
074 Y001100 0
075 A001100 0
075 B001100 207408
076 001100 0.00
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 SEMI-ANNUAL
REPORT DATED 11/30/96 FOR THE JPM PIERPONT CAPITAL APPRECIATION 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> MAY-31-1997
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 216143
<RECEIVABLES> 533
<ASSETS-OTHER> 29
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 216705
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 66
<TOTAL-LIABILITIES> 66
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 174714
<SHARES-COMMON-STOCK> 8635
<SHARES-COMMON-PRIOR> 8431
<ACCUMULATED-NII-CURRENT> 768
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10842
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 30315
<NET-ASSETS> 216639
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 985
<EXPENSES-NET> 219
<NET-INVESTMENT-INCOME> 766
<REALIZED-GAINS-CURRENT> 9092
<APPREC-INCREASE-CURRENT> (6495)
<NET-CHANGE-FROM-OPS> 3363
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (900)
<DISTRIBUTIONS-OF-GAINS> (11358)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 623
<NUMBER-OF-SHARES-REDEEMED> (788)
<SHARES-REINVESTED> 369
<NET-CHANGE-IN-ASSETS> (4278)
<ACCUMULATED-NII-PRIOR> 902
<ACCUMULATED-GAINS-PRIOR> 13108
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 350
<AVERAGE-NET-ASSETS> 207408
<PER-SHARE-NAV-BEGIN> 26.20
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> .26
<PER-SHARE-DIVIDEND> (.11)
<PER-SHARE-DISTRIBUTIONS> (1.35)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 25.09
<EXPENSE-RATIO> .90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary data extracted from the semi-annual report
11/30/96 for The JPM Pierpont Equity 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> MAY-31-1997
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 362326
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 39
<ASSETS-OTHER> 32
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 155
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 277793
<SHARES-COMMON-STOCK> 15804
<SHARES-COMMON-PRIOR> 14898
<ACCUMULATED-NII-CURRENT> 3430
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14362
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 66657
<NET-ASSETS> 362242
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 2480
<EXPENSES-NET> 569
<NET-INVESTMENT-INCOME> 1911
<REALIZED-GAINS-CURRENT> 16724
<APPREC-INCREASE-CURRENT> 18358
<NET-CHANGE-FROM-OPS> 36993
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1402)
<DISTRIBUTIONS-OF-GAINS> (21656)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1048
<NUMBER-OF-SHARES-REDEEMED> (1218)
<SHARES-REINVESTED> 1076
<NET-CHANGE-IN-ASSETS> 32228
<ACCUMULATED-NII-PRIOR> 2921
<ACCUMULATED-GAINS-PRIOR> 19294
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 569
<AVERAGE-NET-ASSETS> 328148
<PER-SHARE-NAV-BEGIN> 22.15
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> 2.20
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> (1.45)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.92
<EXPENSE-RATIO> .82
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
