000 B000000 08/31/95
000 C000000 0000894089
000 D000000 N
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000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE PIERPONT FUNDS
001 B000000 811-7340
001 C000000 6174230800
002 A000000 6 ST. JAMES AVENUE 9TH FLOOR
002 B000000 BOSTON
002 C000000 MA
002 D010000 02116
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 12
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C020600 THE PIERPONT TAX EXEMPT BOND FUND
007 C030600 N
007 C010700 7
007 C020700 THE PIERPONT TAX EXEMPT MONEY MARKET FUND
007 C030700 N
007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 SIGNATURE BROKER DEALER SERVICES INC.
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02116
011 A00AA01 SIGNATURE BROKER DEALER SERVICES INC.
011 B00AA01 8-41134
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02116
012 A00AA01 STATE STREET BANK
012 B00AA01 85-50003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02101
013 A00AA01 PRICE WATERHOUSE L.L.P.
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 J.P. MORGAN SECURITIES
014 B00AA01 8-99999999
015 A00AA01 STATE STREET BANK & TRUST
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 31
019 C00AA00 PIERPONTXX
022 A000001 THE TAX EXEMPT MONEY MARKET PORTFOLIO
022 B000001 04-3194418
022 C000001 3817543
022 D000001 3843383
022 A000002 THE TAX EXEMPT BOND PORTFOLIO
022 B000002 04-3194405
022 C000002 163334
022 D000002 229983
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022 D000003 0
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023 D000000 4073366
024 00AA00 N
026 A000000 N
026 B000000 N
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026 E000000 N
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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
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
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043 00AA00 0
044 00AA00 0
045 00AA00 N
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048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
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048 C02AA00 0.000
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048 D02AA00 0.000
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048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
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048 G02AA00 0.000
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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 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 25000
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
062 H00AA00 0.0
062 I00AA00 0.0
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062 K00AA00 0.0
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062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
066 A00AA00 N
067 00AA00 N
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 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
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 N
070 L02AA00 N
070 M01AA00 Y
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 N
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 CHUBB INSURANCE
080 C00AA00 25000
081 A00AA00 Y
081 B00AA00 38
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
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028 A010600 9558
028 A020600 1135
028 A030600 0
028 A040600 11527
028 B010600 7661
028 B020600 1219
028 B030600 0
028 B040600 21280
028 C010600 6669
028 C020600 1182
028 C030600 0
028 C040600 9857
028 D010600 7352
028 D020600 1138
028 D030600 0
028 D040600 13913
028 E010600 11591
028 E020600 1134
028 E030600 0
028 E040600 9063
028 F010600 12238
028 F020600 1110
028 F030600 0
028 F040600 10237
028 G010600 55069
028 G020600 6918
028 G030600 0
028 G040600 75877
028 H000600 0
071 A000600 0
071 B000600 0
071 C000600 0
071 D000600 0
072 A000600 12
072 B000600 18248
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 0
072 G000600 98
072 H000600 0
072 I000600 715
072 J000600 0
072 K000600 0
072 L000600 15
072 M000600 8
072 N000600 17
072 O000600 0
072 P000600 0
072 Q000600 168
072 R000600 10
072 S000600 3
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 10
072 X000600 1044
072 Y000600 0
072 Z000600 17204
072AA000600 292
072BB000600 0
072CC010600 7518
072CC020600 0
072DD010600 17204
072DD020600 0
072EE000600 273
073 A010600 0.5500
073 A020600 0.0000
073 B000600 0.0100
073 C000600 0.0000
074 A000600 0
074 B000600 0
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 352671
074 J000600 0
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074 L000600 18
074 M000600 1
074 N000600 352690
074 O000600 0
074 P000600 377
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 308
074 S000600 0
074 T000600 352005
074 U010600 29997
074 U020600 0
074 V010600 11.73
074 V020600 0.00
074 W000600 0.0000
074 X000600 1060
074 Y000600 0
075 A000600 0
075 B000600 353136
076 000600 0.00
028 A010700 285842
028 A020700 2723
028 A030700 0
028 A040700 318739
028 B010700 340062
028 B020700 3013
028 B030700 0
028 B040700 363831
028 C010700 238275
028 C020700 3190
028 C030700 0
028 C040700 250609
028 D010700 310802
028 D020700 3247
028 D030700 0
028 D040700 349775
028 E010700 294519
028 E020700 2857
028 E030700 0
028 E040700 309872
028 F010700 240623
028 F020700 2716
028 F030700 0
028 F040700 250823
028 G010700 1710123
028 G020700 17746
028 G030700 0
028 G040700 1843649
028 H000700 0
071 A000700 0
071 B000700 0
071 C000700 0
071 D000700 0
072 A000700 12
072 B000700 38340
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 0
072 G000700 290
072 H000700 0
072 I000700 2318
072 J000700 0
072 K000700 0
072 L000700 15
072 M000700 22
072 N000700 23
072 O000700 0
072 P000700 0
072 Q000700 102
072 R000700 17
072 S000700 4
072 T000700 0
072 U000700 0
072 V000700 0
072 W000700 26
072 X000700 2817
072 Y000700 31
072 Z000700 35554
072AA000700 0
072BB000700 246
072CC010700 0
072CC020700 0
072DD010700 35569
072DD020700 0
072EE000700 0
073 A010700 0.0336
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 0
074 B000700 0
074 C000700 0
074 D000700 0
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 988022
074 J000700 0
074 K000700 84
074 L000700 0
074 M000700 2
074 N000700 988108
074 O000700 0
074 P000700 204
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 2835
074 S000700 0
074 T000700 985069
074 U010700 985010
074 U020700 0
074 V010700 1.00
074 V020700 0.00
074 W000700 0.9997
074 X000700 1917
074 Y000700 0
075 A000700 1060926
075 B000700 0
076 000700 0.00
SIGNATURE DANIEL E SHEA
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE PIERPONT TAX
EXEMPT BOND FUND ANNUAL REPORT DATED AUGUST 31, 1995 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH ANNUAL REPORT.
</LEGEND>
<CIK> 0000894089
<NAME> THE PIERPONT FUNDS
<SERIES>
<NUMBER> 6
<NAME> THE PIERPONT TAX EXEMPT BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-START> SEP-01-1994
<PERIOD-END> AUG-31-1995
<INVESTMENTS-AT-COST> 336,185,486
<INVESTMENTS-AT-VALUE> 352,670,927
<RECEIVABLES> 18,269
<ASSETS-OTHER> 813
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 352,690,009
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 684,525
<TOTAL-LIABILITIES> 684,525
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 335,126,087
<SHARES-COMMON-STOCK> 29,997,369
<SHARES-COMMON-PRIOR> 34,286,820
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 393,956
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,485,484
<NET-ASSETS> 352,005,484
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 19,727,570
<OTHER-INCOME> 0
<EXPENSES-NET> 2,523,208
<NET-INVESTMENT-INCOME> 17,204,362
<REALIZED-GAINS-CURRENT> 292,405
<APPREC-INCREASE-CURRENT> 7,518,403
<NET-CHANGE-FROM-OPS> 25,015,170
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 17,204,362
<DISTRIBUTIONS-OF-GAINS> 273,413
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,491,547
<NUMBER-OF-SHARES-REDEEMED> 20,061,693
<SHARES-REINVESTED> 1,280,695
<NET-CHANGE-IN-ASSETS> (40,454,840)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 101,551
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,523,208
<AVERAGE-NET-ASSETS> 353,136,344
<PER-SHARE-NAV-BEGIN> 11.45
<PER-SHARE-NII> .55
<PER-SHARE-GAIN-APPREC> .29
<PER-SHARE-DIVIDEND> .55
<PER-SHARE-DISTRIBUTIONS> .01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.73
<EXPENSE-RATIO> .71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE PIERPONT TAX
EXEMPT MONEY MARKET FUND ANNUAL REPORT DATED AUGUST 31, 1995 AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH ANNUAL REPORT.
</LEGEND>
<CIK> 0000894089
<NAME> THE PIERPONT FUNDS
<SERIES>
<NUMBER> 7
<NAME> THE PIERPONT TAX EXEMPT MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-START> SEP-01-1994
<PERIOD-END> AUG-31-1995
<INVESTMENTS-AT-COST> 988,021,519
<INVESTMENTS-AT-VALUE> 988,021,519
<RECEIVABLES> 83,768
<ASSETS-OTHER> 2,586
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 988,107,873
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,039,173
<TOTAL-LIABILITIES> 3,039,173
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 985,354,911
<SHARES-COMMON-STOCK> 985,010,031
<SHARES-COMMON-PRIOR> 973,280,609
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (258,670)
<OVERDISTRIBUTION-GAINS> 27,541
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 985,068,700
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 40,965,514
<OTHER-INCOME> 0
<EXPENSES-NET> 5,411,378
<NET-INVESTMENT-INCOME> 35,554,136
<REALIZED-GAINS-CURRENT> (245,620)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 35,308,516
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 35,568,732
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,817,542,595
<NUMBER-OF-SHARES-REDEEMED> 3,838,123,338
<SHARES-REINVESTED> 32,310,165
<NET-CHANGE-IN-ASSETS> 11,469,206
<ACCUMULATED-NII-PRIOR> 14,596
<ACCUMULATED-GAINS-PRIOR> (13,050)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 27,541
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,442,349
<AVERAGE-NET-ASSETS> 1,060,926,324
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .03
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
October 24, 1995
To the Trustees of
The Pierpont Tax Exempt Money Market Fund
In planning and performing our audit of the financial statements of
The Pierpont Tax Exempt Money Market Fund (the "Fund") for the year
ended August 31, 1995, we considered its internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing our
opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the
internal control structure.
The management of the Fund 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
appropriately 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 may 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 August 31, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
/s/PRICE WATERHOUSE
PRICE WATERHOUSE LLP
<PAGE>
October 24, 1995
To the Trustees of
The Pierpont Tax Exempt Bond Fund
In planning and performing our audit of the financial statements of
The Pierpont Tax Exempt Bond Fund (the "Fund") for the year ended
August 31, 1995, we considered its internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing our
opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the
internal control structure.
The management of the Fund 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
appropriately 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 may 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 August 31, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
/s/PRICE WATERHOUSE
PRICE WATERHOUSE LLP
