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<PAGE> PAGE 2
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010 C01AA02 NEW YORK
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010 A00AA03 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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SIGNATURE RICHARD W. INGRAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual
report dated 5/31/97 for The JPM Pierpont U.S. Small Company Fund and is
qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 238535
<RECEIVABLES> 125
<ASSETS-OTHER> 10
<OTHER-ITEMS-ASSETS> 0
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<SHARES-COMMON-PRIOR> 8431
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<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 2001
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<NET-INVESTMENT-INCOME> 1529
<REALIZED-GAINS-CURRENT> 23594
<APPREC-INCREASE-CURRENT> (5713)
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<DISTRIBUTIONS-OF-INCOME> (1768)
<DISTRIBUTIONS-OF-GAINS> (17936)
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<ACCUMULATED-NII-PRIOR> 902
<ACCUMULATED-GAINS-PRIOR> 13108
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<EXPENSE-RATIO> .90
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual
report dated 5/31/97 for the JPM Pierpont Equity Fund and is qualified in
its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
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<PERIOD-END> MAY-31-1997
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<OVERDISTRIBUTION-GAINS> 0
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<DISTRIBUTIONS-OTHER> 0
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<ACCUMULATED-NII-PRIOR> 3,430
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<OVERDISTRIB-NII-PRIOR> 0
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</TABLE>
July 21, 1997
To the Shareholders and Trustees of
The JPM Pierpont [U.S.] Equity Fund
The JPM Pierpont U.S. Small Company Fund
In planning and performing our audits of the financial statements of The
JPM Pierpont [U.S.] Equity Fund and The JPM Pierpont U.S. Small Company Fund
(the "Funds") for the year ended May 31, 1997, 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
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 May 31, 1997.
This report is intended solely for the information and use of management and the
Trustees of the Funds and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
