EAI SELECT MANAGERS EQUITY FUND
NSAR-A, 1998-08-28
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PAGE  1

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<PAGE> 

PAGE  2

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     PAGE  3

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    PAGE  6

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SIGNATURE   PETER GWIAZDOWSKI                             

TITLE       TREASURER  

 


<TABLE> <S> <C>


<ARTICLE>                                            6
<SERIES>
   <NUMBER>                   1
   <NAME>                     EAI Select Managers Equity Fund
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                                 DEC-31-1998
<PERIOD-START>                                    JAN-01-1998
<PERIOD-END>                                      JUN-30-1998
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<INVESTMENTS-AT-VALUE>                59,297,994
<RECEIVABLES>                            454,425
<ASSETS-OTHER>                               970
<OTHER-ITEMS-ASSETS>                           0
<TOTAL-ASSETS>                        59,753,389
<PAYABLE-FOR-SECURITIES>                       0
<SENIOR-LONG-TERM-DEBT>                  117,543
<OTHER-ITEMS-LIABILITIES>                 69,943
<TOTAL-LIABILITIES>                      187,486
<SENIOR-EQUITY>                                0
<PAID-IN-CAPITAL-COMMON>              40,055,468
<SHARES-COMMON-STOCK>                  5,418,655
<SHARES-COMMON-PRIOR>                  5,551,689
<ACCUMULATED-NII-CURRENT>                 23,048
<OVERDISTRIBUTION-NII>                         0
<ACCUMULATED-NET-GAINS>                4,255,443
<OVERDISTRIBUTION-GAINS>                       0
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<DIVIDEND-INCOME>                        280,182
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<OTHER-INCOME>                                 0
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<EQUALIZATION>                                 0
<DISTRIBUTIONS-OF-INCOME>                      0
<DISTRIBUTIONS-OF-GAINS>                       0
<DISTRIBUTIONS-OTHER>                          0
<NUMBER-OF-SHARES-SOLD>                  312,203
<NUMBER-OF-SHARES-REDEEMED>              445,237
<SHARES-REINVESTED>                            0
<NET-CHANGE-IN-ASSETS>                 7,221,438
<ACCUMULATED-NII-PRIOR>                  281,662
<ACCUMULATED-GAINS-PRIOR>             16,811,492
<OVERDISTRIB-NII-PRIOR>                        0
<OVERDIST-NET-GAINS-PRIOR>                     0
<GROSS-ADVISORY-FEES>                    253,106
<INTEREST-EXPENSE>                             0
<GROSS-EXPENSE>                          450,866
<AVERAGE-NET-ASSETS>                  55,479,004
<PER-SHARE-NAV-BEGIN>                       9.43
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