THE PIERPONT FUNDS SUPPLEMENT DATED JULY 19, 1996 TO THE FOLLOWING PROSPECTUSES
AND THE STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 1996:
THE PIERPONT FUNDS, DATED 3/1/96 (AS SUPPLEMENTED 7/1/96)
THE PIERPONT TREASURY MONEY MARKET FUND, DATED 3/1/96
THE PIERPONT MONEY MARKET FUND, DATED 3/1/96
THE PIERPONT TAX EXEMPT MONEY MARKET FUND, DATED 12/29/95
THE PIERPONT SHORT TERM BOND FUND, DATED 3/1/96 (AS SUPPLEMENTED 7/1/96)
THE PIERPONT BOND FUND, DATED 3/1/96
THE PIERPONT TAX EXEMPT BOND FUND, DATED 12/29/95 (AS SUPPLEMENTED 3/1/96)
THE PIERPONT NEW YORK TOTAL RETURN BOND FUND, DATED 8/1/95 (AS SUPPLEMENTED
12/29/95 AND 3/1/96)
THE PIERPONT DIVERSIFIED FUND, DATED 10/1/95 (AS SUPPLEMENTED 12/29/95
AND 3/1/96)
THE PIERPONT EQUITY FUND, DATED 10/1/95 (AS SUPPLEMENTED 12/29/95 AND 3/1/96)
THE PIERPONT CAPITAL APPRECIATION FUND, DATED 10/1/95 (AS SUPPLEMENTED 12/29/95
AND 3/1/96)
THE PIERPONT INTERNATIONAL EQUITY FUND, DATED 3/1/96
THE PIERPONT EMERGING MARKETS EQUITY FUND, DATED 3/1/96
THE PIERPONT EUROPEAN EQUITY FUND, DATED 5/1/96
THE PIERPONT JAPAN EQUITY FUND, DATED 5/1/96
THE PIERPONT ASIA GROWTH FUND, DATED 5/1/96
The following changes are effective August 1, 1996. The Funds' address will be
60 State Street, Boston, Massachusetts 02109. Administrative functions currently
provided to the Funds by Signature Broker-Dealer Services, Inc. will be provided
by Funds Distributor, Inc. ("FDI") or Morgan Guaranty Trust Company of New York
("Morgan"), and FDI will become the distributor of the Funds and exclusive
placement agent for the Funds' corresponding Portfolios. FDI, a registered
broker-dealer, is a wholly owned indirect subsidiary of Boston Institutional
Group, Inc. In addition, certain accounting services provided by Morgan are
being provided by State Street Bank and Trust Company.
Each Fund will continue to invest all its assets in its corresponding Portfolio
and will operate in a master-feeder structure.
These changes include an increase in fees payable to Morgan that is offset by a
decrease in other fees with the result that there is no adverse impact on the
expenses of any Fund.
