<PAGE>
PAGE 1
000 A000000 06/30/98
000 C000000 0001002403
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 EAI SELECT MANAGERS EQUITY FUND
001 B000000 811-09112
001 C000000 2126875200
002 A000000 99 PARK AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10016
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
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 C011000 10
019 B000000 0
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 BOSTON SAFE DEPOSIT
022 C000001 299193
022 D000001 0
022 A000002 BT ALEX BROWN
022 C000002 478
022 D000002 728
022 A000003 LEHMAN BROTHERS
<PAGE>
PAGE 2
022 C000003 471
022 D000003 105
022 A000004 DONALDSON LUFKIN JENRETTE INC
022 C000004 338
022 D000004 188
022 A000005 OPPENHEIMER
022 C000005 523
022 D000005 0
022 A000006 MORGAN KEEGAN CO & INC
022 C000006 165
022 D000006 192
022 A000007 MONTGOMERY SECURITIES
022 C000007 215
022 D000007 135
022 A000008 MORGAN STANLEY
022 C000008 139
022 D000008 185
022 A000009 MERRILL LYNCH PIERCE FENNER & SMITH
022 C000009 287
022 D000009 0
022 A000010 FRIEDMANN BILLINGS
022 C000010 0
022 D000010 241
023 C000000 302798
023 D000000 2443
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
027 000000 Y
028 A010000 583
028 A020000 0
028 A030000 0
028 A040000 2185
028 B010000 190
028 B020000 0
028 B030000 0
028 B040000 672
028 C010000 875
028 C020000 0
028 C030000 0
028 C040000 410
028 D010000 570
028 D020000 0
028 D030000 0
028 D040000 47
028 E010000 937
<PAGE>
PAGE 3
028 E020000 0
028 E030000 0
028 E040000 388
028 F010000 84
028 F020000 0
028 F030000 0
028 F040000 644
028 G010000 3239
028 G020000 0
028 G030000 0
028 G040000 4346
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
048 000000 0.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
<PAGE>
PAGE 4
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 N
071 A000000 16290
071 B000000 18581
071 C000000 54301
071 D000000 30
072 A000000 6
072 B000000 59
072 C000000 280
072 D000000 0
072 E000000 0
072 F000000 253
072 G000000 55
072 H000000 0
072 I000000 13
072 J000000 33
072 K000000 0
072 L000000 9
072 M000000 8
072 N000000 3
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 22
072 S000000 15
072 T000000 0
<PAGE> PAGE 5
072 U000000 19
072 V000000 0
072 W000000 21
072 X000000 451
072 Y000000 135
072 Z000000 23
072AA000000 4442
072BB000000 0
072CC010000 3864
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 1
074 B000000 2182
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 57116
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 297
074 K000000 0
074 L000000 157
074 M000000 0
074 N000000 59753
074 O000000 117
074 P000000 70
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 0
074 S000000 0
074 T000000 59566
074 U010000 5419
074 U020000 0
074 V010000 10.99
074 V020000 0.00
074 W000000 0.0000
074 X000000 39
074 Y000000 0
075 A000000 0
075 B000000 1664370
076 000000 0.00
077 A000000 Y
<PAGE>
PAGE 6
077 B000000 Y
080 A000000 AMERICAN INT'L SPECIALTY LINES INS. CO.
080 C000000 10000
081 A000000 N
081 B000000 0
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
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
<INVESTMENTS-AT-COST> 44,066,050
<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
<ACCUM-APPREC-OR-DEPREC> 15,231,944
<NET-ASSETS> 59,565,903
<DIVIDEND-INCOME> 280,182
<INTEREST-INCOME> 59,248
<OTHER-INCOME> 0
<EXPENSES-NET> 339,430
<NET-INVESTMENT-INCOME> 23,048
<REALIZED-GAINS-CURRENT> 4,441,636
<APPREC-INCREASE-CURRENT> 3,864,480
<NET-CHANGE-FROM-OPS> 8,329,164
<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
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 1.56
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.99
<EXPENSE-RATIO> 1.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>