<PAGE> PAGE 1
000 A000000 09/30/99
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007 C022100 MARTIN CAPITAL U S OPPORTUNITY FUND
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007 C012200 22
007 C022200 SHEPHERD VALUES MARKET NEUTRAL FUND
<PAGE> PAGE 2
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007 C012300 23
007 C022300 SHEPHERD VALUES GROWTH FUND
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007 C012500 25
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007 C012900 29
007 C013000 30
013 A00AA01 MCCURDY & ASSOCIATES CPA'S, INC.
013 B01AA01 WESTLAKE
013 B02AA01 OH
013 B03AA01 44145
015 A00AA01 FIRSTAR BANK, N.A.
015 B00AA01 C
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<PAGE> PAGE 3
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054 G00AA00 Y
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054 K00AA00 Y
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 Y
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055 B00AA00 N
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<PAGE> PAGE 4
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<PAGE> PAGE 5
048 I011900 0
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048 J011900 0
048 J021900 0.000
048 K011900 0
048 K021900 0.000
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050 001900 N
051 001900 N
052 001900 N
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058 A001900 N
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066 A001900 Y
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066 E001900 N
066 F001900 N
066 G001900 N
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068 B001900 N
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070 C021900 N
070 D011900 Y
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070 E011900 N
070 E021900 N
070 F011900 N
070 F021900 N
070 G011900 N
070 G021900 N
070 H011900 N
070 H021900 N
070 I011900 N
070 I021900 N
070 J011900 N
070 J021900 N
070 K011900 Y
070 K021900 Y
<PAGE> PAGE 6
070 L011900 Y
070 L021900 N
070 M011900 N
070 M021900 N
070 N011900 Y
070 N021900 N
070 O011900 Y
070 O021900 N
070 P011900 N
070 P021900 N
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
048 I012000 0
048 I022000 0.000
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066 E002000 N
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070 H012000 N
070 H022000 N
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070 I022000 N
070 J012000 Y
070 J022000 N
070 K012000 Y
070 K022000 Y
<PAGE> PAGE 10
070 L012000 Y
070 L022000 N
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070 M022000 N
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070 N022000 N
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070 P012000 N
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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048 J022100 0.000
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066 F002100 N
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070 D022100 N
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<PAGE> PAGE 14
070 G012100 N
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070 O022100 N
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<PAGE> PAGE 15
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008 A002201 CORNERSTONE CAPITAL MANAGEMENT, INC.
008 B002201 A
008 C002201 801-54675
008 D012201 COLORADO SPRINGS
<PAGE> PAGE 16
008 D022201 CO
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<PAGE> PAGE 17
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<PAGE> PAGE 18
070 A012200 Y
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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008 A002301 CORNERSTONE CAPITAL MANAGEMENT, INC.
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<PAGE> PAGE 21
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