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<PAGE> PAGE 21
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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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SIGNATURE STEPHEN G. MEYER
TITLE CONTROLLER
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<CIK> 0000882303
<NAME> THE PILLAR FUNDS
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<NAME> NEW JERSEY MUNICIPAL SECURITIES FUND
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<CIK> 0000882303
<NAME> THE PILLAR FUNDS
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<NAME> INTERMEDIATE TERM GOVERNMENT SECURITIES FUND
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<NAME> THE PILLAR FUNDS
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<NAME> INTERMEDIATE TERM GOVERNMENT SECURITIES FUND
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<TABLE> <S> <C>
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<CIK> 0000882303
<NAME> THE PILLAR FUNDS
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<NAME> EQUITY VALUE FUND
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<CIK> 0000882303
<NAME> THE PILLAR FUNDS
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<NAME> EQUITY VALUE FUND
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<NAME> THE PILLAR FUNDS
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<NAME> EQUITY INCOME FUND
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<NAME> THE PILLAR FUNDS
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882303
<NAME> THE PILLAR FUNDS
<SERIES>
<NUMBER> 101
<NAME> MID-CAP VALUE FUND
<MULTIPLIER> 1,000
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882303
<NAME> THE PILLAR FUNDS
<SERIES>
<NUMBER> 102
<NAME> MID-CAP VALUE FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
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<INVESTMENTS-AT-VALUE> 50852
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<PAID-IN-CAPITAL-COMMON> 5024
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<NUMBER-OF-SHARES-SOLD> 50
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<SHARES-REINVESTED> 28
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<PER-SHARE-NAV-BEGIN> 12.53
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882303
<NAME> THE PILLAR FUNDS
<SERIES>
<NUMBER> 111
<NAME> BALANCED GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
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<INVESTMENTS-AT-VALUE> 28206
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<SENIOR-EQUITY> 0
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<ACCUMULATED-NET-GAINS> 345
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4086
<NET-ASSETS> 28338
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<NET-INVESTMENT-INCOME> 1311
<REALIZED-GAINS-CURRENT> 4293
<APPREC-INCREASE-CURRENT> (1625)
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<DISTRIBUTIONS-OF-INCOME> (995)
<DISTRIBUTIONS-OF-GAINS> (2650)
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<NET-CHANGE-IN-ASSETS> (12111)
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<PER-SHARE-NAV-BEGIN> 12.05
<PER-SHARE-NII> .48
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882303
<NAME> THE PILLAR FUNDS
<SERIES>
<NUMBER> 112
<NAME> BALANCED GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 24120
<INVESTMENTS-AT-VALUE> 28206
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8579
<SHARES-COMMON-STOCK> 797
<SHARES-COMMON-PRIOR> 700
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<ACCUMULATED-NET-GAINS> 345
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4086
<NET-ASSETS> 28338
<DIVIDEND-INCOME> 401
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<EXPENSES-NET> 313
<NET-INVESTMENT-INCOME> 1311
<REALIZED-GAINS-CURRENT> 4293
<APPREC-INCREASE-CURRENT> (1625)
<NET-CHANGE-FROM-OPS> 3979
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<DISTRIBUTIONS-OF-INCOME> (316)
<DISTRIBUTIONS-OF-GAINS> (1256)
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<NUMBER-OF-SHARES-SOLD> 95
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<NET-CHANGE-IN-ASSETS> 1090
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<PER-SHARE-NAV-BEGIN> 12.07
<PER-SHARE-NII> .43
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882303
<NAME> THE PILLAR FUNDS
<SERIES>
<NUMBER> 231
<NAME> PENNSYLVANIA MUNICIPAL SECURITIES FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
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<OVERDISTRIBUTION-GAINS> 0
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<PER-SHARE-NAV-BEGIN> 10.23
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882303
<NAME> THE PILLAR FUNDS
<SERIES>
<NUMBER> 232
<NAME> PENNSYLVANIA MUNICIPAL SECURITIES FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882303
<NAME> THE PILLAR FUNDS
<SERIES>
<NUMBER> 241
<NAME> GNMA FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882303
<NAME> THE PILLAR FUNDS
<SERIES>
<NUMBER> 242
<NAME> GNMA FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882303
<NAME> THE PILLAR FUNDS
<SERIES>
<NUMBER> 251
<NAME> U.S. TREASURY SECURITIES PLUS MONEY MARKET FUND
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<S> <C>
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<PER-SHARE-DIVIDEND> (.05)
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882303
<NAME> THE PILLAR FUNDS
<SERIES>
<NUMBER> 121
<NAME> INTERNATIONAL GROWTH CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 14800
<INVESTMENTS-AT-VALUE> 15580
<RECEIVABLES> 141
<ASSETS-OTHER> 10
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15731
<PAYABLE-FOR-SECURITIES> 12
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 110
<TOTAL-LIABILITIES> 121
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14579
<SHARES-COMMON-STOCK> 1320
<SHARES-COMMON-PRIOR> 930
<ACCUMULATED-NII-CURRENT> 48
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 202
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 781
<NET-ASSETS> 15610
<DIVIDEND-INCOME> 278
<INTEREST-INCOME> 39
<OTHER-INCOME> 0
<EXPENSES-NET> 204
<NET-INVESTMENT-INCOME> 113
<REALIZED-GAINS-CURRENT> 1004
<APPREC-INCREASE-CURRENT> 308
<NET-CHANGE-FROM-OPS> 1425
<EQUALIZATION> 4498
<DISTRIBUTIONS-OF-INCOME> (100)
<DISTRIBUTIONS-OF-GAINS> (779)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 503
<NUMBER-OF-SHARES-REDEEMED> (161)
<SHARES-REINVESTED> 47
<NET-CHANGE-IN-ASSETS> 4364
<ACCUMULATED-NII-PRIOR> 12
<ACCUMULATED-GAINS-PRIOR> 45
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 134
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 235
<AVERAGE-NET-ASSETS> 13430
<PER-SHARE-NAV-BEGIN> 10.74
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> .11
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> (.62)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.23
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000882303
<NAME> THE PILLAR FUNDS
<SERIES>
<NUMBER> 122
<NAME> PILLAR INTERNATIONAL GROWTH CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 14800
<INVESTMENTS-AT-VALUE> 15580
<RECEIVABLES> 141
<ASSETS-OTHER> 10
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15731
<PAYABLE-FOR-SECURITIES> 12
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 110
<TOTAL-LIABILITIES> 121
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14579
<SHARES-COMMON-STOCK> 70
<SHARES-COMMON-PRIOR> 58
<ACCUMULATED-NII-CURRENT> 48
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 202
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 781
<NET-ASSETS> 15610
<DIVIDEND-INCOME> 278
<INTEREST-INCOME> 39
<OTHER-INCOME> 0
<EXPENSES-NET> 204
<NET-INVESTMENT-INCOME> 113
<REALIZED-GAINS-CURRENT> 1004
<APPREC-INCREASE-CURRENT> 308
<NET-CHANGE-FROM-OPS> 1425
<EQUALIZATION> 4498
<DISTRIBUTIONS-OF-INCOME> (3)
<DISTRIBUTIONS-OF-GAINS> (42)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 93
<NUMBER-OF-SHARES-REDEEMED> (84)
<SHARES-REINVESTED> 4
<NET-CHANGE-IN-ASSETS> 134
<ACCUMULATED-NII-PRIOR> 12
<ACCUMULATED-GAINS-PRIOR> 45
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 134
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 235
<AVERAGE-NET-ASSETS> 13430
<PER-SHARE-NAV-BEGIN> 10.73
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> 1.06
<PER-SHARE-DIVIDEND> (.04)
<PER-SHARE-DISTRIBUTIONS> (.62)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.22
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
To the Board of Trustees of
The Pillar Funds:
In planning and performing our audit of the financial statements of The
Pillar Funds for the year ended December 31, 1996, we considered its
internal control structure, including procedures 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 the internal
control structure.
The management of The Pillar Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization
and recorded properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also, projection
of any evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure
elements 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 the internal
control structure, including procedures for safeguarding securities, that
we consider to be material weaknesses as defined above as of
December 31, 1996.
This report is intended solely for the information and use of management,
the Board of Trustees and the Securities and Exchange Commission,
and should not be used for any other purpose.
/s/ Arthur Andersen LLP
Arthur Andersen LLP
Philadelphia, Pa.
February 14, 1997
