<PAGE> PAGE 1
000 A000000 12/31/97
000 C000000 894089
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 20
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 C020800 THE JPM PIERPONT DIVERSIFIED FUND
007 C030800 N
007 C010900 9
007 C011000 10
010 A00AA01 FUNDS DISTRIBUTOR, INC.
010 B00AA01 8-420518
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02116
010 A00AA02 PIERPONT GROUP, INC.
010 C01AA02 NEW YORK
010 C02AA02 NY
010 C03AA02 10017
010 A00AA03 MORGAN GUARANTY TRUST CO. OF NY
010 B00AA03 8-49999999
010 C01AA03 NEW YORK
010 C02AA03 NY
010 C03AA03 10036
011 A00AA01 FUNDS DISTRIBUTOR, INC.
011 B00AA01 8-420518
011 C01AA01 BOSTON
<PAGE> PAGE 2
011 C02AA01 MA
011 C03AA01 02116
012 A00AA01 STATE STREET BANK AND TRUST CO.
012 B00AA01 85-50003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02101
012 A00AA02 MORGAN GUARANTY TRUST CO. OF N.Y.
012 B00AA02 84-99999
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 DITRIBUTOR, 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, INC.
014 B00AA04 8-99999999
015 A00AA01 STATE STREET BANK AND TRUST CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
018 00AA00 N
019 A00AA00 Y
019 B00AA00 70
019 C00AA00 JPM/PIERPO
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 THE DIVERSIFIED PORTFOLIO
022 C000001 34033
022 D000001 8725
022 C000002 0
022 D000002 0
022 C000003 0
<PAGE> PAGE 3
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 34033
023 D000000 8725
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 Y
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
<PAGE> PAGE 4
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
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 2500
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
<PAGE> PAGE 5
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 Y
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 Y
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
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 Y
070 Q01AA00 N
<PAGE> PAGE 6
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 N
078 000000 N
080 C00AA00 0
081 B00AA00 0
082 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 A010800 6455
028 A020800 0
028 A030800 0
028 A040800 370
028 B010800 1519
028 B020800 0
028 B030800 0
028 B040800 1098
028 C010800 1782
028 C020800 0
028 C030800 0
028 C040800 676
028 D010800 2686
028 D020800 0
028 D030800 0
028 D040800 3264
028 E010800 18776
028 E020800 0
028 E030800 0
028 E040800 2089
028 F010800 2815
028 F020800 0
028 F030800 0
028 F040800 1228
028 G010800 34033
028 G020800 0
028 G030800 0
028 G040800 8725
028 H000800 0
071 A000800 0
071 B000800 0
<PAGE> PAGE 7
071 C000800 0
071 D000800 0
072 A000800 6
072 B000800 0
072 C000800 0
072 D000800 0
072 E000800 1374
072 F000800 0
072 G000800 16
072 H000800 0
072 I000800 122
072 J000800 0
072 K000800 0
072 L000800 8
072 M000800 1
072 N000800 11
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 6
072 S000800 0
072 T000800 0
072 U000800 4
072 V000800 0
072 W000800 3
072 X000800 171
072 Y000800 30
072 Z000800 1233
072AA000800 1479
072BB000800 0
072CC010800 2238
072CC020800 0
072DD010800 2267
072DD020800 0
072EE000800 3891
073 A010800 0.3600
073 A020800 0.0000
073 B000800 0.6600
073 C000800 0.0000
074 A000800 0
074 B000800 0
074 C000800 0
074 D000800 0
074 E000800 0
074 F000800 0
074 G000800 0
074 H000800 0
074 I000800 100311
074 J000800 0
074 K000800 5
074 L000800 139
<PAGE> PAGE 8
074 M000800 7
074 N000800 100462
074 O000800 0
074 P000800 24
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 62
074 S000800 0
074 T000800 100376
074 U010800 7330
074 U020800 0
074 V010800 13.69
074 V020800 0.00
074 W000800 0.0000
074 X000800 592
074 Y000800 0
075 A000800 0
075 B000800 84833
076 000800 0.00
083 B000800 0
084 B000800 0
SIGNATURE RICHARD INGRAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
report dated 12/31/97 for the J.P. Morgan Diversified 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> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 100311
<RECEIVABLES> 144
<ASSETS-OTHER> 7
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 100462
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 86
<TOTAL-LIABILITIES> 86
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 87869
<SHARES-COMMON-STOCK> 7330
<SHARES-COMMON-PRIOR> 5065
<ACCUMULATED-NII-CURRENT> 109
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 169
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12229
<NET-ASSETS> 100376
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 1374
<EXPENSES-NET> 141
<NET-INVESTMENT-INCOME> 1233
<REALIZED-GAINS-CURRENT> 1479
<APPREC-INCREASE-CURRENT> 2238
<NET-CHANGE-FROM-OPS> 4950
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2267
<DISTRIBUTIONS-OF-GAINS> 3891
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2449
<NUMBER-OF-SHARES-REDEEMED> 623
<SHARES-REINVESTED> 439
<NET-CHANGE-IN-ASSETS> 30038
<ACCUMULATED-NII-PRIOR> 1143
<ACCUMULATED-GAINS-PRIOR> 2581
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 481
<AVERAGE-NET-ASSETS> 84833
<PER-SHARE-NAV-BEGIN> 13.89
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> .67
<PER-SHARE-DIVIDEND> .36
<PER-SHARE-DISTRIBUTIONS> .66
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.69
<EXPENSE-RATIO> .98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
