<PAGE> PAGE 1
000 B000000 05/31/95
000 C000000 0000894089
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 PIERPONT FUNDS
001 B000000 811-7340
001 C000000 2126852547
002 A000000 461 FIFTH AVENUE, 20TH FLOOR
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10017
002 D020000 6234
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 13
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 C010900 9
007 C020900 THE PIERPONT US STOCK FUND
007 C030900 N
007 C011000 10
007 C021000 THE PIERPONT EQUITY FUND
007 C031000 N
007 C011100 11
007 C021100 THE PIERPONT CAPITAL APPRECIATION FUND
007 C031100 N
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
010 A00AA01 SIGNATURE BROKER-DEALER SERVICES, INC.
010 B00AA01 8-41134
<PAGE> PAGE 2
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 C04AA02 6234
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 & TRUST CO.
012 B00AA01 85-50003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02101
013 A00AA01 PRICE WATERHOUSE
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10020
015 A00AA01 STATE STREET BANK & TRUST CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
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020 C000004 0
020 C000005 0
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020 C000007 0
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020 C000010 0
021 000000 0
022 A000001 THE SELECTED US EQUITY PORTFOLIO
022 B000001 04-3194421
022 C000001 52627
022 D000001 42127
022 A000002 THE US SMALL COMPANY PORTFOLIO
022 B000002 04-3194469
022 C000002 25989
022 D000002 49926
022 A000003 THE US STOCK PORTFOLIO
022 B000003 04-3194475
022 C000003 0
022 D000003 0
<PAGE> PAGE 3
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026 G020000 N
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<PAGE> PAGE 4
043 00AA00 0
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063 A00AA00 0
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066 A00AA00 N
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080 A00AA00 CHUBB INSURANCE
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086 F020000 0
018 000900 Y
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019 C000900 PIERPONTXX
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<PAGE> PAGE 5
028 D010900 0
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045 000900 Y
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055 A000900 N
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056 000900 N
057 000900 N
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<PAGE> PAGE 6
060 A000900 Y
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062 A000900 N
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070 E020900 N
070 F010900 Y
070 F020900 N
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070 H020900 N
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070 L020900 N
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070 M020900 N
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070 N020900 N
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070 O020900 N
<PAGE> PAGE 7
070 P010900 Y
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070 Q020900 N
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070 R020900 N
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<PAGE> PAGE 8
074 E000900 0
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076 000900 0.00
018 001000 Y
019 A001000 Y
019 B001000 28
019 C001000 PIERPONTXX
028 A011000 3842
028 A021000 17212
028 A031000 0
028 A041000 10983
028 B011000 4543
028 B021000 0
028 B031000 0
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028 C011000 6066
028 C021000 0
028 C031000 0
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028 D011000 4097
028 D021000 0
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028 D041000 4092
028 E011000 5173
028 E021000 0
<PAGE> PAGE 9
028 E031000 0
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028 F011000 4248
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028 G011000 27969
028 G021000 17212
028 G031000 0
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028 H001000 0
045 001000 Y
048 001000 0.400
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048 E021000 0.000
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048 F021000 0.000
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048 G021000 0.000
048 H011000 0
048 H021000 0.000
048 I011000 0
048 I021000 0.000
048 J011000 0
048 J021000 0.000
048 K011000 0
048 K021000 0.000
055 A001000 N
055 B001000 N
056 001000 N
057 001000 N
058 A001000 N
058 B001000 N
058 C001000 N
058 D001000 N
058 E001000 N
059 001000 Y
060 A001000 Y
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062 A001000 N
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<PAGE> PAGE 10
062 D001000 0.0
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
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062 J001000 0.0
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070 A011000 Y
070 A021000 N
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070 B021000 N
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070 C021000 N
070 D011000 Y
070 D021000 N
070 E011000 N
070 E021000 N
070 F011000 Y
070 F021000 N
070 G011000 Y
070 G021000 N
070 H011000 Y
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070 I021000 N
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070 J021000 N
070 K011000 Y
070 K021000 Y
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070 M011000 N
070 M021000 N
070 N011000 Y
070 N021000 N
070 O011000 Y
070 O021000 N
070 P011000 N
070 P021000 N
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070 Q021000 N
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<PAGE> PAGE 11
071 A001000 0
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072 Z001000 4157
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072DD011000 3541
072DD021000 0
072EE001000 26997
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<PAGE> PAGE 12
074 K001000 0
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074 M001000 35
074 N001000 259711
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074 U011000 13351
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018 001100 Y
019 A001100 Y
019 B001100 28
019 C001100 PIERPONTXX
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028 A021100 7340
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028 B011100 3389
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<PAGE> PAGE 13
028 G011100 16335
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045 001100 Y
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<PAGE> PAGE 14
062 J001100 0.0
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070 A011100 Y
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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076 001100 0.00
SIGNATURE DANIEL E SHEA
TITLE ASSISTANT TREASURER
July 26, 1995
To the Trustees of
The Pierpont Equity Fund
The Pierpont Capital Appreciation Fund
In planning and performing our audit of the financial statements of The Pierpont
Equity Fund and The Pierpont Capital Appreciation Fund (the "Funds") for the
year ended May 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 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 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
May 31, 1995.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/S/PRICE WATERHOUSE LLP
Price Waterhouse LLP
