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<PAGE> PAGE 11
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<NET-ASSETS> 866841
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 61334
<OTHER-INCOME> 0
<EXPENSES-NET> 9688
<NET-INVESTMENT-INCOME> 51646
<REALIZED-GAINS-CURRENT> (769)
<APPREC-INCREASE-CURRENT> (61369)
<NET-CHANGE-FROM-OPS> (10492)
<EQUALIZATION> (142)
<DISTRIBUTIONS-OF-INCOME> 51616
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7329
<NUMBER-OF-SHARES-REDEEMED> 17255
<SHARES-REINVESTED> 3471
<NET-CHANGE-IN-ASSETS> (155062)
<ACCUMULATED-NII-PRIOR> 596
<ACCUMULATED-GAINS-PRIOR> (290765)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3523
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 57089
<AVERAGE-NET-ASSETS> 878169
<PER-SHARE-NAV-BEGIN> 14.28
<PER-SHARE-NII> .81
<PER-SHARE-GAIN-APPREC> (.97)
<PER-SHARE-DIVIDEND> (.81)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.31
<EXPENSE-RATIO> 1.10
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745338
<NAME> MONTEREY MUTUAL FUNDS
<SERIES>
<NUMBER> 4
<NAME> PIA EQUITY
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 2039205
<INVESTMENTS-AT-VALUE> 2111158
<RECEIVABLES> 278107
<ASSETS-OTHER> 6203
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2395468
<PAYABLE-FOR-SECURITIES> 19293
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 304535
<TOTAL-LIABILITIES> 323828
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2044048
<SHARES-COMMON-STOCK> 117192
<SHARES-COMMON-PRIOR> 128643
<ACCUMULATED-NII-CURRENT> 3204
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (47565)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 71953
<NET-ASSETS> 2071640
<DIVIDEND-INCOME> 31037
<INTEREST-INCOME> 5303
<OTHER-INCOME> 0
<EXPENSES-NET> 31174
<NET-INVESTMENT-INCOME> 5166
<REALIZED-GAINS-CURRENT> (32920)
<APPREC-INCREASE-CURRENT> 249715
<NET-CHANGE-FROM-OPS> 221961
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9651
<DISTRIBUTIONS-OF-GAINS> 200251
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 107096
<NUMBER-OF-SHARES-REDEEMED> 132037
<SHARES-REINVESTED> 13490
<NET-CHANGE-IN-ASSETS> (185155)
<ACCUMULATED-NII-PRIOR> 7689
<ACCUMULATED-GAINS-PRIOR> 185472
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17319
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 92738
<AVERAGE-NET-ASSETS> 1731585
<PER-SHARE-NAV-BEGIN> 17.54
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 1.83
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> (1.66)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.68
<EXPENSE-RATIO> 1.80
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
To the Board of Trustees of
Monterey Mutual Fund
In planning and performing our audit of the financial statements of
Monterey Mutual Funds, for the year ended November 30, 1999, 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 Monterey Mutual Find 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 controls.
Generally, controls 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 controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to the
risk that controls may become inadequate because of changes in
conditions or that the effectiveness of their 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 one or more of the internal control
components does not reduce to a relatively low level the risk
that misstatements caused by error or fraud 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 and its operation, including controls
for safeguarding securities, that we consider to be material
weaknesses as defined above as of November 30, 1999.
This report is intended solely for the information and use of
the Board of Trustees, management and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone
other than these specified parties.
PricewaterhouseCoopers LLP
New York, New York
December 17, 1999
