PROSPECTUS SUPPLEMENT DATED MARCH 1, 1996, TO THE FOLLOWING PROSPECTUSES:
The Pierpont Tax Exempt Bond Fund, dated December 29, 1995
The Pierpont Equity Fund, dated October 1, 1995
The Pierpont Capital Appreciation Fund, dated October 1, 1995
The Pierpont Diversified Fund, dated October 1, 1995
The following restates the first sentence of the second paragraph under the
caption "Purchase of Shares--Method of Purchase" in the Prospectus for The
Pierpont Equity Fund:
The Fund requires a minimum initial investment of $100,000, except that for
investors who were shareholders of another Pierpont Fund as of September
29, 1995, the minimum initial investment in the Fund is $10,000.
The following is inserted after the first sentence of the third paragraph under
the caption "Purchase of Shares-- Method of Purchase" of each Prospectus listed
above:
The Fund may permit an investor who is investing for a group of clients to
attain the $250,000 minimum investment within a reasonable period of time
that will be no longer than thirteen months after opening its account.
MINSUP.DOC
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PROSPECTUS SUPPLEMENT DATED MARCH 1, 1996, TO
THE PIERPONT NEW YORK TOTAL RETURN BOND FUND PROSPECTUS,
DATED AUGUST 1, 1995
(supersedes Supplement dated September 26, 1995)
Effective September 29, 1995, the required minimum initial investment in the
Fund is $100,000. For information about purchase minimums or maintenance of a
Fund account, see the following amendments to the "Purchase of Shares" and
"Redemption of Shares" sections.
PURCHASE OF SHARES
METHOD OF PURCHASE. . . . The Fund requires a minimum initial investment of
$100,000, except that for investors who were shareholders of another Pierpont
Fund as of September 29, 1995, the minimum initial investment in the Fund is
$10,000. The minimum subsequent investment for all investors is $5,000. These
minimum investment requirements may be waived for investors for whom the Advisor
is a fiduciary or who are employees of the Advisor, or who maintain related
accounts with The Pierpont Family of Funds or the Advisor or maintain
investments in The Pierpont Funds (other than the money market funds) when such
accounts and/or investments total $500,000 or more.
For investors such as investment advisors, trust companies and financial
advisors who make investments for a group of clients, the minimum investment in
the Fund is (i) $100,000 per individual client or (ii) $250,000 for an
aggregated purchase order for more than one client. The Fund may permit an
investor who is investing for a group of clients to attain the $250,000 minimum
investment within a reasonable period of time that will be no longer than
thirteen months after opening its account. An employer-sponsored retirement plan
opening an account in the Fund will be required to attain a minimum balance of
$250,000 within thirteen months of opening the account.
REDEMPTION OF SHARES
MANDATORY REDEMPTION BY THE FUND. If the value of a shareholder's holdings in
the Fund falls below the applicable minimum investment amount because of a
redemption of shares, the shareholder's remaining shares may be redeemed by the
Fund 60 days after written notice to the shareholder unless the account is
increased to the minimum investment amount or more. Investors who were
shareholders of a Pierpont Fund as of September 29, 1995 are required to
maintain an investment of $10,000 in the Fund.
MINSUP.DOC
