SAGE TSO TRUST
NSAR-A, 1998-06-01
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<PAGE>      PAGE  1
000 A000000 03/31/98
000 C000000 0001010918
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 SAGE\TSO TRUST
001 B000000 811-07573
001 C000000 7038341888
002 A000000 7799 LEESBURG PIKE, SUITE 900
002 B000000 FALLS CHURCH
002 C000000 VA
002 D010000 22043
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C020100 AMERICA ASIA ALLOCATION GROWTH FUND- CLASS A
007 C030100 N
007 C010200  2
007 C020200 AMERICA ASIA ALLOCATION GROWTH FUND- CLASS D
007 C030200 N
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 SAGE/TSO INVESTMENT MANAGEMENT, L.P.
008 B00AA01 A
008 C00AA01 801-40902
008 D01AA01 FALLS CHURCH
008 D02AA01 VA
008 D03AA01 22043
010 A00AA01 AMERICAN DATA SERVICES, INC.
010 C01AA01 HAUPPAUGE
010 C02AA01 NY
010 C03AA01 11788
011 A00AA01 ADS DISTRIBUTORS, INC.
011 B00AA01 8-49995
011 C01AA01 SAFETY HARBOR
011 C02AA01 FL
011 C03AA01 34695
<PAGE>      PAGE  2
012 A00AA01 AMERICAN DATA SERVICES, INC.
012 B00AA01 84-1964
012 C01AA01 HAUPPAUGE
012 C02AA01 NY
012 C03AA01 11788
013 A00AA01 MCCURDY & ASSOCIATES CPA'S, INC.
013 B01AA01 WESTLAKE
013 B02AA01 OH
013 B03AA01 44145
015 A00AA01 STAR BANK, N.A.
015 B00AA01 C
015 C01AA01 CINCINNATI
015 C02AA01 OH
015 C03AA01 45202
015 E01AA01 X
018  00AA00 Y
019 A00AA00 N
019 B00AA00    0
020 A000001 OXFORD SECURITIES CORP
020 C000001      6
020 A000002 VOSS
020 C000002      1
020 A000003 ROBB, PECK, MCCOOEY & CO.
020 C000003      1
020 A000004 SCOTT & STRINGFELLOW INC
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022 A000003 SCOTT & STRINGFELLOW INC.
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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061  000200    10000
SIGNATURE   JAMES COLANTINO                              
TITLE       SENIOR ADMINISTRATOR
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001010918
<NAME> SAGE/TSO TRUST
<SERIES>
   <NUMBER> 1
   <NAME> AMERICA ASIA ALLOCATION GROWTH FUND- CLASS A
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-END>                               MAR-31-1998
<INVESTMENTS-AT-COST>                          2310875
<INVESTMENTS-AT-VALUE>                         2308177
<RECEIVABLES>                                    37125
<ASSETS-OTHER>                                   53208
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 2398510
<PAYABLE-FOR-SECURITIES>                         47391
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        37728
<TOTAL-LIABILITIES>                              85119
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       2425952
<SHARES-COMMON-STOCK>                            78544
<SHARES-COMMON-PRIOR>                            69683
<ACCUMULATED-NII-CURRENT>                      (19161)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (90697)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        (2704)
<NET-ASSETS>                                   2313391
<DIVIDEND-INCOME>                                 1598
<INTEREST-INCOME>                                 5709
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   26468
<NET-INVESTMENT-INCOME>                        (19161)
<REALIZED-GAINS-CURRENT>                          2772
<APPREC-INCREASE-CURRENT>                       (7212)
<NET-CHANGE-FROM-OPS>                          (23601)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                        113744
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          15246
<NUMBER-OF-SHARES-REDEEMED>                      11837
<SHARES-REINVESTED>                               5453
<NET-CHANGE-IN-ASSETS>                          271637
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                        20277
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            19249
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 109511
<AVERAGE-NET-ASSETS>                           1931019
<PER-SHARE-NAV-BEGIN>                             5.05
<PER-SHARE-NII>                                  (.04)
<PER-SHARE-GAIN-APPREC>                          (.27)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                        (.28)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               4.46
<EXPENSE-RATIO>                                   2.75
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001010918
<NAME> SAGE/TSO TRUST
<SERIES>
   <NUMBER> 2
   <NAME> AMERICA ASIA ALLOCATION GROWTH FUND- CLASS D
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-END>                               MAR-31-1998
<INVESTMENTS-AT-COST>                          2310875
<INVESTMENTS-AT-VALUE>                         2308177
<RECEIVABLES>                                    37125
<ASSETS-OTHER>                                   53208
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 2398510
<PAYABLE-FOR-SECURITIES>                         47391
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        37728
<TOTAL-LIABILITIES>                              85119
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       2425952
<SHARES-COMMON-STOCK>                           440210
<SHARES-COMMON-PRIOR>                           314389
<ACCUMULATED-NII-CURRENT>                      (19161)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (90697)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        (2704)
<NET-ASSETS>                                   2313391
<DIVIDEND-INCOME>                                 1598
<INTEREST-INCOME>                                 5709
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   26468
<NET-INVESTMENT-INCOME>                        (19161)
<REALIZED-GAINS-CURRENT>                          2772
<APPREC-INCREASE-CURRENT>                       (7212)
<NET-CHANGE-FROM-OPS>                          (23601)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                        113744
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         103503
<NUMBER-OF-SHARES-REDEEMED>                      23789
<SHARES-REINVESTED>                              26107
<NET-CHANGE-IN-ASSETS>                          271637
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<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            19249
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 109511
<AVERAGE-NET-ASSETS>                           1931019
<PER-SHARE-NAV-BEGIN>                             5.05
<PER-SHARE-NII>                                  (.04)
<PER-SHARE-GAIN-APPREC>                          (.27)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                        (.28)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               4.46
<EXPENSE-RATIO>                                   2.75
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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