000 A000000 11/30/95
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 16
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 Y
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
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 LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
015 A00AA01 STATE STREET BANK & TRUST CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 THE SELECTED US EQUITY PORTFOLIO
022 B000001 04-3194421
022 C000001 34017
022 D000001 22671
022 A000002 THE US SMALL COMPANY PORTFOLIO
022 B000002 04-3194469
022 C000002 15168
022 D000002 28248
022 A000003 THE US STOCK PORTFOLIO
022 B000003 04-3194475
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
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 49185
023 D000000 50919
024 00AA00 N
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
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
063 A00AA00 0
063 B00AA00 0.0
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 N
078 000000 N
080 A00AA00 CHUBB INSURANCE
080 C00AA00 25000
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
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
018 000900 Y
019 A000900 Y
019 B000900 53
019 C000900 JPM/PIERPO
025 D000901 0
025 D000902 0
025 D000903 0
025 D000904 0
025 D000905 0
025 D000906 0
025 D000907 0
025 D000908 0
028 A010900 0
028 A020900 0
028 A030900 0
028 A040900 0
028 B010900 0
028 B020900 0
028 B030900 0
028 B040900 0
028 C010900 0
028 C020900 0
028 C030900 0
028 C040900 0
028 D010900 0
028 D020900 0
028 D030900 0
028 D040900 0
028 E010900 0
028 E020900 0
028 E030900 0
028 E040900 0
028 F010900 0
028 F020900 0
028 F030900 0
028 F040900 0
028 G010900 0
028 G020900 0
028 G030900 0
028 G040900 0
028 H000900 0
045 000900 N
048 000900 0.000
048 A010900 0
048 A020900 0.000
048 B010900 0
048 B020900 0.000
048 C010900 0
048 C020900 0.000
048 D010900 0
048 D020900 0.000
048 E010900 0
048 E020900 0.000
048 F010900 0
048 F020900 0.000
048 G010900 0
048 G020900 0.000
048 H010900 0
048 H020900 0.000
048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
055 A000900 N
055 B000900 N
056 000900 N
057 000900 N
058 A000900 N
058 B000900 N
058 C000900 N
058 D000900 N
058 E000900 N
059 000900 Y
060 A000900 Y
060 B000900 Y
061 000900 25000
062 A000900 N
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 0.0
062 M000900 0.0
062 N000900 0.0
062 O000900 0.0
062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
070 A010900 N
070 A020900 N
070 B010900 N
070 B020900 N
070 C010900 N
070 C020900 N
070 D010900 N
070 D020900 N
070 E010900 N
070 E020900 N
070 F010900 N
070 F020900 N
070 G010900 N
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 N
070 J020900 N
070 K010900 Y
070 K020900 Y
070 L010900 N
070 L020900 N
070 M010900 N
070 M020900 N
070 N010900 N
070 N020900 N
070 O010900 N
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 0
071 B000900 0
071 C000900 0
071 D000900 0
072 A000900 12
072 B000900 0
072 C000900 0
072 D000900 0
072 E000900 0
072 F000900 0
072 G000900 0
072 H000900 0
072 I000900 0
072 J000900 0
072 K000900 0
072 L000900 0
072 M000900 0
072 N000900 0
072 O000900 0
072 P000900 0
072 Q000900 0
072 R000900 0
072 S000900 0
072 T000900 0
072 U000900 0
072 V000900 0
072 W000900 0
072 X000900 0
072 Y000900 0
072 Z000900 0
072AA000900 0
072BB000900 0
072CC010900 0
072CC020900 0
072DD010900 0
072DD020900 0
072EE000900 0
073 A010900 0.0000
073 A020900 0.0000
073 B000900 0.0000
073 C000900 0.0000
074 A000900 0
074 B000900 0
074 C000900 0
074 D000900 0
074 E000900 0
074 F000900 0
074 G000900 0
074 H000900 0
074 I000900 0
074 J000900 0
074 K000900 0
074 L000900 0
074 M000900 0
074 N000900 0
074 O000900 0
074 P000900 0
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 0
074 S000900 0
074 T000900 0
074 U010900 0
074 U020900 0
074 V010900 0.00
074 V020900 0.00
074 W000900 0.0000
074 X000900 0
074 Y000900 0
075 A000900 0
075 B000900 0
076 000900 0.00
018 001000 Y
019 A001000 Y
019 B001000 37
019 C001000 JPM\PIERPO
028 A011000 5730
028 A021000 0
028 A031000 0
028 A041000 4357
028 B011000 5741
028 B021000 0
028 B031000 0
028 B041000 3084
028 C011000 8326
028 C021000 8379
028 C031000 0
028 C041000 6553
028 D011000 2741
028 D021000 0
028 D031000 0
028 D041000 2086
028 E011000 5992
028 E021000 0
028 E031000 0
028 E041000 3180
028 F011000 5487
028 F021000 0
028 F031000 0
028 F041000 2137
028 G011000 34017
028 G021000 8379
028 G031000 0
028 G041000 21397
028 H001000 0
045 001000 N
048 001000 0.000
048 A011000 0
048 A021000 0.000
048 B011000 0
048 B021000 0.000
048 C011000 0
048 C021000 0.000
048 D011000 0
048 D021000 0.000
048 E011000 0
048 E021000 0.000
048 F011000 0
048 F021000 0.000
048 G011000 0
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
060 B001000 Y
061 001000 100000
062 A001000 N
062 B001000 0.0
062 C001000 0.0
062 D001000 0.0
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 0.0
062 N001000 0.0
062 O001000 0.0
062 P001000 0.0
062 Q001000 0.0
062 R001000 0.0
070 A011000 N
070 A021000 N
070 B011000 N
070 B021000 N
070 C011000 N
070 C021000 N
070 D011000 N
070 D021000 N
070 E011000 N
070 E021000 N
070 F011000 N
070 F021000 N
070 G011000 N
070 G021000 N
070 H011000 N
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 N
070 J021000 N
070 K011000 Y
070 K021000 Y
070 L011000 N
070 L021000 N
070 M011000 N
070 M021000 N
070 N011000 N
070 N021000 N
070 O011000 N
070 O021000 N
070 P011000 N
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
071 A001000 0
071 B001000 0
071 C001000 0
071 D001000 0
072 A001000 6
072 B001000 0
072 C001000 0
072 D001000 0
072 E001000 2743
072 F001000 0
072 G001000 36
072 H001000 0
072 I001000 379
072 J001000 0
072 K001000 0
072 L001000 10
072 M001000 3
072 N001000 10
072 O001000 0
072 P001000 0
072 Q001000 54
072 R001000 4
072 S001000 2
072 T001000 0
072 U001000 0
072 V001000 0
072 W001000 5
072 X001000 503
072 Y001000 0
072 Z001000 2240
072AA001000 17297
072BB001000 0
072CC011000 10508
072CC021000 0
072DD011000 1520
072DD021000 0
072EE001000 7373
073 A011000 0.1100
073 A021000 0.0000
073 B001000 0.5500
073 C001000 0.0000
074 A001000 0
074 B001000 0
074 C001000 0
074 D001000 0
074 E001000 0
074 F001000 0
074 G001000 0
074 H001000 0
074 I001000 301809
074 J001000 0
074 K001000 0
074 L001000 12
074 M001000 38
074 N001000 301859
074 O001000 0
074 P001000 68
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 302
074 S001000 0
074 T001000 301489
074 U011000 14415
074 U021000 0
074 V011000 20.91
074 V021000 0.00
074 W001000 0.0000
074 X001000 1793
074 Y001000 0
075 A001000 0
075 B001000 278283
076 001000 0.00
018 001100 Y
019 A001100 Y
019 B001100 37
019 C001100 PIERPONTXX
028 A011100 3154
028 A021100 0
028 A031100 0
028 A041100 6644
028 B011100 2484
028 B021100 0
028 B031100 0
028 B041100 2489
028 C011100 2947
028 C021100 11344
028 C031100 0
028 C041100 3026
028 D011100 1491
028 D021100 0
028 D031100 0
028 D041100 9236
028 E011100 2849
028 E021100 0
028 E031100 0
028 E041100 3031
028 F011100 2243
028 F021100 0
028 F031100 0
028 F041100 2406
028 G011100 15168
028 G021100 11344
028 G031100 0
028 G041100 26832
028 H001100 0
045 001100 Y
048 001100 0.000
048 A011100 0
048 A021100 0.000
048 B011100 0
048 B021100 0.000
048 C011100 0
048 C021100 0.000
048 D011100 0
048 D021100 0.000
048 E011100 0
048 E021100 0.000
048 F011100 0
048 F021100 0.000
048 G011100 0
048 G021100 0.000
048 H011100 0
048 H021100 0.000
048 I011100 0
048 I021100 0.000
048 J011100 0
048 J021100 0.000
048 K011100 0
048 K021100 0.000
055 A001100 N
055 B001100 N
056 001100 N
057 001100 N
058 A001100 N
058 B001100 N
058 C001100 N
058 D001100 N
058 E001100 N
059 001100 Y
060 A001100 Y
060 B001100 Y
061 001100 25000
062 A001100 N
062 B001100 0.0
062 C001100 0.0
062 D001100 0.0
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
062 L001100 0.0
062 M001100 0.0
062 N001100 0.0
062 O001100 0.0
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
070 A011100 N
070 A021100 N
070 B011100 N
070 B021100 N
070 C011100 N
070 C021100 N
070 D011100 N
070 D021100 N
070 E011100 N
070 E021100 N
070 F011100 N
070 F021100 N
070 G011100 N
070 G021100 N
070 H011100 N
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 N
070 J021100 N
070 K011100 Y
070 K021100 Y
070 L011100 N
070 L021100 N
070 M011100 N
070 M021100 N
070 N011100 N
070 N021100 N
070 O011100 N
070 O021100 N
070 P011100 N
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 0
071 B001100 0
071 C001100 0
071 D001100 0
072 A001100 6
072 B001100 0
072 C001100 0
072 D001100 0
072 E001100 1261
072 F001100 0
072 G001100 25
072 H001100 0
072 I001100 256
072 J001100 0
072 K001100 0
072 L001100 10
072 M001100 2
072 N001100 9
072 O001100 0
072 P001100 0
072 Q001100 33
072 R001100 5
072 S001100 1
072 T001100 0
072 U001100 0
072 V001100 0
072 W001100 4
072 X001100 355
072 Y001100 116
072 Z001100 1023
072AA001100 11759
072BB001100 0
072CC011100 14467
072CC021100 0
072DD011100 811
072DD021100 0
072EE001100 11056
073 A011100 0.1000
073 A021100 0.0000
073 B001100 1.3900
073 C001100 0.0000
074 A001100 0
074 B001100 0
074 C001100 0
074 D001100 0
074 E001100 0
074 F001100 0
074 G001100 0
074 H001100 0
074 I001100 194283
074 J001100 0
074 K001100 0
074 L001100 21
074 M001100 4
074 N001100 194308
074 O001100 0
074 P001100 15
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 101
074 S001100 0
074 T001100 194192
074 U011100 8135
074 U021100 0
074 V011100 23.87
074 V021100 0.00
074 W001100 0.0000
074 X001100 1528
074 Y001100 0
075 A001100 0
075 B001100 190203
076 001100 0.00
SIGNATURE DANIEL E 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 information from the The Pierpont Equity Fund
SemiAnnual Report dated November 30, 1995 and is qualified in its entirety by
reference to such Semiannual Report.
</LEGEND>
<CIK> 0000894089
<NAME> THE PIERPONT FUNDS
<SERIES>
<NUMBER> 1
<NAME> THE PIERPONT EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 270,602,990
<INVESTMENTS-AT-VALUE> 301,809,270
<RECEIVABLES> 12,153
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<OTHER-ITEMS-ASSETS> 37,665
<TOTAL-ASSETS> 301,859,088
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<OTHER-ITEMS-LIABILITIES> 370,137
<TOTAL-LIABILITIES> 370,137
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 251,179,112
<SHARES-COMMON-STOCK> 14,415,497
<SHARES-COMMON-PRIOR> 13,351,259
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31,206,280
<NET-ASSETS> 301,488,951
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 2,742,951
<EXPENSES-NET> 502,551
<NET-INVESTMENT-INCOME> 2,240,400
<REALIZED-GAINS-CURRENT> 17,296,571
<APPREC-INCREASE-CURRENT> 10,508,286
<NET-CHANGE-FROM-OPS> 30,045,257
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,519,919
<DISTRIBUTIONS-OF-GAINS> 7,373,452
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,705,093
<NUMBER-OF-SHARES-REDEEMED> 1,071,647
<SHARES-REINVESTED> 430,792
<NET-CHANGE-IN-ASSETS> 1,064,238
<ACCUMULATED-NII-PRIOR> 1,519,203
<ACCUMULATED-GAINS-PRIOR> 6,940,756
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 502,551
<AVERAGE-NET-ASSETS> 278,282,605
<PER-SHARE-NAV-BEGIN> 19.42
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> 2.00
<PER-SHARE-DIVIDEND> 0.11
<PER-SHARE-DISTRIBUTIONS> 0.55
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.91
<EXPENSE-RATIO> 0.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains financial summary information from the Pierpont Capital
Fund SemiAnnual Report dated November 30, 1995 and is qualified in its entirety
by reference to such SemiAnnual Report.
</LEGEND>
<CIK> 0000894089
<NAME> THE PIERPONT FUNDS
<SERIES>
<NUMBER> 1
<NAME> THE PIERPONT CAPITAL APPRECIATION
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 178,217,671
<INVESTMENTS-AT-VALUE> 194,282,951
<RECEIVABLES> 21,184
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 4,121
<TOTAL-ASSETS> 194,308,256
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 116,114
<TOTAL-LIABILITIES> 116,114
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 163,060,597
<SHARES-COMMON-STOCK> 8,135,292
<SHARES-COMMON-PRIOR> 8,136,714
<ACCUMULATED-NII-CURRENT> 1,022,643
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14,043,622
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,065,280
<NET-ASSETS> 194,192,142
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 1,261,036
<EXPENSES-NET> 238,530
<NET-INVESTMENT-INCOME> 1,022,506
<REALIZED-GAINS-CURRENT> 11,758,731
<APPREC-INCREASE-CURRENT> 14,467,159
<NET-CHANGE-FROM-OPS> 27,248,401
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 810,933
<DISTRIBUTIONS-OF-GAINS> 11,056,169
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 651,500
<NUMBER-OF-SHARES-REDEEMED> 1,150,066
<SHARES-REINVESTED> 497,144
<NET-CHANGE-IN-ASSETS> 15,061,926
<ACCUMULATED-NII-PRIOR> 810,934
<ACCUMULATED-GAINS-PRIOR> 13,341,192
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 354,681
<AVERAGE-NET-ASSETS> 190,202,999
<PER-SHARE-NAV-BEGIN> 22.02
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 3.21
<PER-SHARE-DIVIDEND> 0.10
<PER-SHARE-DISTRIBUTIONS> 1.39
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.87
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
