000 B000000 10/31/95
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 6174230800
002 A000000 6 ST. JAMES AVE. 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 13
007 C010100 1
007 C020100 THE PIERPONT TREASURY MONEY MARKET FUND
007 C030100 N
007 C010200 2
007 C020200 THE PIERPONT SHORT TERM BOND FUND
007 C030200 N
007 C010300 3
007 C020300 THE PIERPONT BOND FUND
007 C030300 N
007 C010400 4
007 C020400 THE PIERPONT INTERNATIONAL EQUITY FUND
007 C030400 N
007 C010500 5
007 C020500 THE PIERPONT EMERGING MARKETS EQUITY FUND
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
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
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
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
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 42
019 C00AA00 PIERPONTXX
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020 C000004 0
020 C000005 0
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020 C000010 0
021 000000 0
022 A000001 THE TREASURY MONEY MARKET PORTFOLIO
022 B000001 04-3174352
022 C000001 608375
022 D000001 575334
022 A000002 THE SHORT TERM BOND PORTFOLIO
022 B000002 04-3194467
022 C000002 6528
022 D000002 4076
022 A000003 THE U.S. FIXED INCOME PORTFOLIO
022 B000003 04-3194464
022 C000003 42957
022 D000003 29717
022 A000004 THE NON-U.S. EQUITY PORTFOLIO
022 B000004 04-3194416
022 C000004 57658
022 D000004 76408
022 A000005 THE EMERGING MARKETS EQUITY PORTFOLIO
022 B000005 04-3194471
022 C000005 28946
022 D000005 21765
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 744464
023 D000000 707300
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026 E000000 Y
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026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
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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
042 H00AA00 0
043 00AA00 0
044 00AA00 0
045 00AA00 N
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048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
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048 E02AA00 0.000
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048 F02AA00 0.000
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048 H01AA00 0
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 N
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 100000
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062 P00AA00 0.0
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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 Y
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 N
070 F01AA00 Y
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 Y
070 L02AA00 N
070 M01AA00 Y
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 N
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070 Q02AA00 N
070 R01AA00 Y
070 R02AA00 N
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077 M000000 N
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077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 CHUBB INSURANCE
080 C00AA00 7500
081 A00AA00 Y
081 B00AA00 42
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
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028 B020100 438
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028 B040100 87064
028 C010100 109853
028 C020100 515
028 C030100 0
028 C040100 176551
028 D010100 64660
028 D020100 571
028 D030100 0
028 D040100 63793
028 E010100 58213
028 E020100 506
028 E030100 0
028 E040100 80869
028 F010100 97136
028 F020100 588
028 F030100 0
028 F040100 68714
028 G010100 608375
028 G020100 3046
028 G030100 0
028 G040100 574959
028 H000100 0
071 A000100 0
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071 C000100 0
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072 A000100 12
072 B000100 8765
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072 E000100 -305
072 F000100 0
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072 I000100 304
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072 Z000100 8156
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073 A010100 0.0536
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074 D000100 0
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074 I000100 172099
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074 M000100 34
074 N000100 172143
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074 R020100 0
074 R030100 0
074 R040100 884
074 S000100 0
074 T000100 171120
074 U010100 171061
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074 V010100 1.00
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028 A010200 51
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028 B010200 973
028 B020200 39
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072 B000200 577
072 C000200 8
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072 E000200 -41
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072 Y000200 68
072 Z000200 526
072AA000200 100
072BB000200 0
072CC010200 134
072CC020200 0
072DD010200 526
072DD020200 0
072EE000200 0
073 A010200 0.5700
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 10379
074 J000200 0
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074 L000200 11
074 M000200 17
074 N000200 10407
074 O000200 0
074 P000200 15
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 62
074 S000200 0
074 T000200 10330
074 U010200 1050
074 U020200 0
074 V010200 9.84
074 V020200 0.00
074 W000200 0.0000
074 X000200 73
074 Y000200 0
075 A000200 0
075 B000200 8107
076 000200 0.00
028 A010300 4902
028 A020300 687
028 A030300 0
028 A040300 1327
028 B010300 3529
028 B020300 635
028 B030300 0
028 B040300 2784
028 C010300 4373
028 C020300 619
028 C030300 0
028 C040300 1060
028 D010300 5636
028 D020300 635
028 D030300 0
028 D040300 2068
028 E010300 2809
028 E020300 656
028 E030300 0
028 E040300 1036
028 F010300 4113
028 F020300 663
028 F030300 0
028 F040300 3038
028 G010300 25362
028 G020300 3895
028 G030300 0
028 G040300 11313
028 H000300 0
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 12
072 B000300 8193
072 C000300 36
072 D000300 0
072 E000300 0
072 F000300 0
072 G000300 33
072 H000300 0
072 I000300 256
072 J000300 0
072 K000300 0
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072 N000300 18
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072 R000300 7
072 S000300 3
072 T000300 0
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072 W000300 5
072 X000300 370
072 Y000300 0
072 Z000300 7859
072AA000300 1855
072BB000300 0
072CC010300 7675
072CC020300 0
072DD010300 7871
072DD020300 0
072EE000300 0
073 A010300 0.6400
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 142989
074 J000300 0
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074 L000300 142
074 M000300 0
074 N000300 143131
074 O000300 0
074 P000300 30
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 98
074 S000300 0
074 T000300 143003
074 U010300 13733
074 U020300 0
074 V010300 10.41
074 V020300 0.00
074 W000300 0.0000
074 X000300 563
074 Y000300 0
075 A000300 0
075 B000300 123028
076 000300 0.00
028 A010400 3556
028 A020400 0
028 A030400 0
028 A040400 10660
028 B010400 9604
028 B020400 0
028 B030400 0
028 B040400 4436
028 C010400 4387
028 C020400 0
028 C030400 0
028 C040400 6920
028 D010400 6125
028 D020400 0
028 D030400 0
028 D040400 2199
028 E010400 2280
028 E020400 0
028 E030400 0
028 E040400 6663
028 F010400 2874
028 F020400 0
028 F030400 0
028 F040400 4259
028 G010400 28826
028 G020400 0
028 G030400 0
028 G040400 35137
028 H000400 0
071 A000400 0
071 B000400 0
071 C000400 0
071 D000400 0
072 A000400 12
072 B000400 3979
072 C000400 0
072 D000400 0
072 E000400 -1595
072 F000400 0
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072 X000400 861
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072 Z000400 1528
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072CC020400 11355
072DD010400 0
072DD020400 0
072EE000400 8815
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.4900
073 C000400 0.0000
074 A000400 0
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074 C000400 0
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074 F000400 0
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074 I000400 186636
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074 L000400 349
074 M000400 2
074 N000400 186987
074 O000400 0
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074 R030400 0
074 R040400 1402
074 S000400 0
074 T000400 185540
074 U010400 17375
074 U020400 0
074 V010400 10.68
074 V020400 0.00
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074 X000400 1240
074 Y000400 0
075 A000400 0
075 B000400 191644
076 000400 0.00
028 A010500 2884
028 A020500 0
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028 A040500 1822
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028 B040500 1424
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028 G010500 10819
028 G020500 0
028 G030500 0
028 G040500 8265
028 H000500 0
071 A000500 0
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071 C000500 0
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072 A000500 12
072 B000500 206
072 C000500 304
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072 R000500 8
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072 X000500 240
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072 Z000500 270
072AA000500 0
072BB000500 3740
072CC010500 0
072CC020500 7872
072DD010500 128
072DD020500 0
072EE000500 594
073 A010500 0.0300
073 A020500 0.0000
073 B000500 0.1400
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 49445
074 J000500 0
074 K000500 0
074 L000500 99
074 M000500 0
074 N000500 49544
074 O000500 0
074 P000500 112
074 Q000500 0
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074 R030500 0
074 R040500 137
074 S000500 0
074 T000500 49295
074 U010500 5109
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074 V010500 9.65
074 V020500 0.00
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074 X000500 1018
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075 B000500 48601
076 000500 0.00
SIGNATURE DANIEL SHEA
TITLE ASSISTANT TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the The
Pierpont International Equity Fund dated October 31, 1995 and is qualified in
its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000894089
<NAME> THE PIERPONT FUNDS
<SERIES>
<NUMBER> 1
<NAME> THE PIERPONT INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 183,908,062
<INVESTMENTS-AT-VALUE> 186,636,273
<RECEIVABLES> 349,149
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,865
<TOTAL-ASSETS> 186,987,287
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,446,672
<TOTAL-LIABILITIES> 1,446,672
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 176,374,599
<SHARES-COMMON-STOCK> 17,374,776
<SHARES-COMMON-PRIOR> 18,296,718
<ACCUMULATED-NII-CURRENT> 2,902,746
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,535,059
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,728,211
<NET-ASSETS> 185,540,615
<DIVIDEND-INCOME> 3,301,080
<INTEREST-INCOME> 678,464
<OTHER-INCOME> (1,595,299)
<EXPENSES-NET> 856,398
<NET-INVESTMENT-INCOME> 1,527,847
<REALIZED-GAINS-CURRENT> 4,161,230
<APPREC-INCREASE-CURRENT> (11,355,343)
<NET-CHANGE-FROM-OPS> (5,666,266)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 8,815,321
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,466,982
<NUMBER-OF-SHARES-REDEEMED> 7,211,273
<SHARES-REINVESTED> 822,349
<NET-CHANGE-IN-ASSETS> (24,894,519)
<ACCUMULATED-NII-PRIOR> 1,374,899
<ACCUMULATED-GAINS-PRIOR> 8,189,150
<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 856,398
<AVERAGE-NET-ASSETS> 191,644,641
<PER-SHARE-NAV-BEGIN> 11.50
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> (0.42)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.49
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.68
<EXPENSE-RATIO> 1.28
<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
<LEGEND>
This schedule contains summary financial information extracted from the Pierpont
Treasury Money Market Fund Annual Report dated October 31, 1995 and is qualified
in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000894089
<NAME> THE PIERPONT FUNDS
<SERIES>
<NUMBER> 1
<NAME> THE PIERPONT TREASURY MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 172,098,907
<INVESTMENTS-AT-VALUE> 172,098,907
<RECEIVABLES> 10,364
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 33,728
<TOTAL-ASSETS> 172,142,999
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,023,150
<TOTAL-LIABILITIES> 1,023,150
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 171,060,762
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 59,087
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 171,119,849
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,460,109
<OTHER-INCOME> 0
<EXPENSES-NET> 304,215
<NET-INVESTMENT-INCOME> 8,155,894
<REALIZED-GAINS-CURRENT> 64,954
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,220,848
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,155,894
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,073,847,284
<NUMBER-OF-SHARES-REDEEMED> 1,028,690,669
<SHARES-REINVESTED> 7,267,593
<NET-CHANGE-IN-ASSETS> 52,424,208
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (5,867)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 440,703
<AVERAGE-NET-ASSETS> 152,144,886
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.05
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.40
<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
<LEGEND>
This schedule contains summary financial information extracted from the Pierpont
Bond Fund Annual Report dated October 31, 1995 and is qualified in its entirety
by reference to such Annual Report.
</LEGEND>
<CIK> 0000894089
<NAME> THE PIERPONT FUNDS
<SERIES>
<NUMBER> 1
<NAME> THE PIERPONT BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 145,547,311
<INVESTMENTS-AT-VALUE> 142,988,865
<RECEIVABLES> 141,151
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,416
<TOTAL-ASSETS> 143,131,432
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 127,916
<TOTAL-LIABILITIES> 127,916
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 141,299,600
<SHARES-COMMON-STOCK> 13,733,425
<SHARES-COMMON-PRIOR> 11,626,198
<ACCUMULATED-NII-CURRENT> 6,353
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,588,446)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,286,009
<NET-ASSETS> 143,003,516
<DIVIDEND-INCOME> 8,677,460
<INTEREST-INCOME> 35,805
<OTHER-INCOME> (484,080)
<EXPENSES-NET> 370,549
<NET-INVESTMENT-INCOME> 8,229,185
<REALIZED-GAINS-CURRENT> 1,854,891
<APPREC-INCREASE-CURRENT> 7,675,891
<NET-CHANGE-FROM-OPS> 17,389,179
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,870,957
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,287,654
<NUMBER-OF-SHARES-REDEEMED> 2,928,885
<SHARES-REINVESTED> 748,458
<NET-CHANGE-IN-ASSETS> 30,954,382
<ACCUMULATED-NII-PRIOR> (694)
<ACCUMULATED-GAINS-PRIOR> (4,423,969)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 341,646
<AVERAGE-NET-ASSETS> 123,028,254
<PER-SHARE-NAV-BEGIN> 9.64
<PER-SHARE-NII> 0.64
<PER-SHARE-GAIN-APPREC> 0.77
<PER-SHARE-DIVIDEND> 0.64
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.41
<EXPENSE-RATIO> 0.69
<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
<LEGEND>
This schedule contains summary financial information for the Pierpont Emerging
Markets Equity Fund dated October 31, 1995 and is qualfied in its entirety
by reference to such Annual Report.
</LEGEND>
<CIK> 0000894089
<NAME> THE PIERPONT FUND
<SERIES>
<NUMBER> 1
<NAME> THE PIERPONT EMERGING MARKETS EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 55,271,889
<INVESTMENTS-AT-VALUE> 49,444,780
<RECEIVABLES> 72,350
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 27,174
<TOTAL-ASSETS> 49,544,304
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 248,824
<TOTAL-LIABILITIES> 248,824
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58,446,613
<SHARES-COMMON-STOCK> 5,108,620
<SHARES-COMMON-PRIOR> 4,298,981
<ACCUMULATED-NII-CURRENT> 155,800
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,479,824)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (5,827,109)
<NET-ASSETS> 49,295,480
<DIVIDEND-INCOME> 940,048
<INTEREST-INCOME> 205,658
<OTHER-INCOME> (635,586)
<EXPENSES-NET> 240,470
<NET-INVESTMENT-INCOME> 269,650
<REALIZED-GAINS-CURRENT> (3,740,156)
<APPREC-INCREASE-CURRENT> (7,971,522)
<NET-CHANGE-FROM-OPS> (11,342,028)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 127,754
<DISTRIBUTIONS-OF-GAINS> 594,019
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,844,508
<NUMBER-OF-SHARES-REDEEMED> 2,099,528
<SHARES-REINVESTED> 64,658
<NET-CHANGE-IN-ASSETS> (4,135,741)
<ACCUMULATED-NII-PRIOR> 76,955
<ACCUMULATED-GAINS-PRIOR> 594,004
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 240,470
<AVERAGE-NET-ASSETS> 48,600,979
<PER-SHARE-NAV-BEGIN> 12.43
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> (2.66)
<PER-SHARE-DIVIDEND> 0.03
<PER-SHARE-DISTRIBUTIONS> 0.14
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.65
<EXPENSE-RATIO> 1.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains financial summary information extracted from the
Pierpont Short Term Bond Portfolio Annual Report dated October 31, 1995 and
is qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000894089
<NAME> THE PIERPONT FUNDS
<SERIES>
<NUMBER> 1
<NAME> THE PIERPONT SHORT TERM BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 10,341,129
<INVESTMENTS-AT-VALUE> 10,379,325
<RECEIVABLES> 10,516
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 115
<TOTAL-ASSETS> 10,330,025
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 76,757
<TOTAL-LIABILITIES> 76,757
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,363,447
<SHARES-COMMON-STOCK> 1,050,173
<SHARES-COMMON-PRIOR> 625,855
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 475
<ACCUMULATED-NET-GAINS> (71,143)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38,196
<NET-ASSETS> 10,330,025
<DIVIDEND-INCOME> 576,748
<INTEREST-INCOME> 8,103
<OTHER-INCOME> (41,000)
<EXPENSES-NET> 18,791
<NET-INVESTMENT-INCOME> 543,851
<REALIZED-GAINS-CURRENT> 75,914
<APPREC-INCREASE-CURRENT> 159,369
<NET-CHANGE-FROM-OPS> 760,343
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 525,846
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 920,451
<NUMBER-OF-SHARES-REDEEMED> 537,068
<SHARES-REINVESTED> 40,935
<NET-CHANGE-IN-ASSETS> 4,322,469
<ACCUMULATED-NII-PRIOR> 311
<ACCUMULATED-GAINS-PRIOR> (148,091)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 86,187
<AVERAGE-NET-ASSETS> 8,924,105
<PER-SHARE-NAV-BEGIN> 9.60
<PER-SHARE-NII> 0.57
<PER-SHARE-GAIN-APPREC> 0.24
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.57
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.84
<EXPENSE-RATIO> 0.67
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
December 22, 1995
To the Trustees of
The Pierpont International Equity Fund
The Pierpont Emerging Markets Equity Fund
The Pierpont Bond Fund
The Pierpont Short Term Bond Fund
The Pierpont Treasury Money Market Fund
In planning and performing our audits of the financial statements of The
Pierpont International Equity Fund, The Pierpont Treasury Money Market Fund, The
Pierpont Short Term Bond Fund, The Pierpont Emerging Markets Equity Fund and The
Pierpont Bond Fund (the "Funds"), separate series of The Pierpont Funds, for the
year ended October 31, 1995, we considered their internal control structure,
including procedures for safeguarding securities, in order to determine our
auditing procedures for the purposes of expressing our opinions 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
October 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
