<PAGE> PAGE 1
000 B000000 10/31/97
000 C000000 0000894089
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 I000000 3.0
000 J000000 U
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
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021 000000 0
022 A000001 THE FEDERAL MONEY MARKET PORTFOLIO
022 B000001 04-3174352
022 C000001 2065113
022 D000001 2019613
022 A000002 THE SHORT TERM BOND PORTFOLIO
022 B000002 04-3194467
022 C000002 10364
022 D000002 4588
022 A000003 THE U.S. FIXED INCOME PORTFOLIO
022 B000003 04-3194464
022 C000003 65618
022 D000003 57683
022 A000004 THE INTERNATIONAL EQUITY PORTFOLIO
022 B000004 04-3194416
<PAGE> PAGE 2
022 C000004 34549
022 D000004 96801
022 A000005 THE EMERGING MARKETS EQUITY PORTFOLIO
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<PAGE> PAGE 3
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SIGNATURE RICHARD W. INGRAM
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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This schedule contains sumary financial data extracted from the annual report
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<MULTIPLIER> 1000
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
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This schedule contains summary financial data extracted from the annual report
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<LEGEND>
This schedule contains summary financial data extracted from the annual report
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</LEGEND>
<MULTIPLIER> 1000
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</TABLE>
<TABLE> <S> <C>
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<LEGEND>
This schedule contains summary financial data extracted from the annual report
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</LEGEND>
<MULTIPLIER> 1000
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated 10/31/97 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>
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</TABLE>
December 18, 1997
To the Shareholders and Trustees of
The JPM Pierpont Short Term Bond Fund
In planning and performing our audit of the financial statements of The JPM
Pierpont Short Term Bond Fund (the "Fund") for the year ended October 31, 1997,
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
control activities. Generally, control activities 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 control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
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 any
specific internal control components 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 internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of October 31, 1997.
This report is intended solely for the information and use of management and the
Trustees of the Fund and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
1177 AVENUE OF THE AMERICAS TELEPHONE 212 596 7000
NEW YORK, NY 10036 FACSIMILE 212 596 8910
PRICE WATERHOUSE LLP [LOGO]
December 17, 1997
To the Shareholders and Trustees of
The JPM Pierpont Federal Money Market Fund
In planning and performing our audit of the financial statements of The JPM
Pierpont Federal Money Market Fund (the "Fund") for the year ended October 31,
1997, 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
control activities. Generally, control activities 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 control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
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 any
specific internal control components 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 internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of October 31, 1997.
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/ Price Waterhouse LLP
Price Waterhouse LLP
