<PAGE> PAGE 1
000 B000000 09/30/98
000 C000000 0001017176
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 FIRST CHOICE FUNDS TRUST
001 B000000 811-7681
001 C000000 5088719784
002 A000000 4400 COMPUTER DRIVE
002 B000000 WESTBORO
002 C000000 MA
002 D010000 01581
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 FIRST CHOICE U.S. TREASURY RESERVE FUND
007 C030100 N
007 C010200 2
007 C020200 FIRST CHOICE CASH RESERVE FUND
007 C030200 N
007 C010300 3
007 C020300 FIRST CHOICE EQUITY FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 FIRST AMERICAN CAPITAL MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-53106
008 D01AA01 NEWPORT BEACH
008 D02AA01 CA
008 D03AA01 92660
010 A00AA01 FIRST DATA INVESTOR SERVICES GROUP
010 B00AA01 84-1761
010 C01AA01 WESTBORO
010 C02AA01 MA
010 C03AA01 01581
011 A00AA01 FIRST DATA DISTRIBUTORS, INC.
011 B00AA01 8-45467
<PAGE> PAGE 2
011 C01AA01 WESTBORO
011 C02AA01 MA
011 C03AA01 01581
012 A00AA01 FIRST DATA INVESTOR SERVICES GROUP
012 B00AA01 84-1761
012 C01AA01 WESTBORO
012 C02AA01 MA
012 C03AA01 01581
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
013 B06AA03 3
015 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64105
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 PAINE WEBBER, INC.
020 B000001 13-2638166
020 C000001 6
020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000002 13-5674085
020 C000002 6
020 A000003 BROADCORT CAPITAL
020 B000003 00-0000000
020 C000003 5
020 A000004 MORGAN FULLER
020 B000004 00-0000000
020 C000004 2
020 A000005 OPPENHEIMER & CO., INC.
020 B000005 13-2798343
020 C000005 1
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 20
022 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000001 13-5674085
022 C000001 474680
022 D000001 106609
022 A000002 CLARKE (G.X.) & CO.
022 B000002 00-0000000
022 C000002 164804
022 D000002 88392
<PAGE> PAGE 3
022 A000003 ZIONS
022 B000003 00-0000000
022 C000003 166584
022 D000003 74882
022 A000004 SPEAR, LEEDS & KELLOGG
022 B000004 00-0000000
022 C000004 127813
022 D000004 86610
022 A000005 MORGAN STANLEY & CO.,INC.
022 B000005 13-2655998
022 C000005 64651
022 D000005 2900
022 A000006 DEAN WITTER REYNOLDS,INC.
022 B000006 94-1671384
022 C000006 52610
022 D000006 10962
022 A000007 UNION BANK OF CALIFORNIA
022 B000007 00-0000000
022 C000007 46820
022 D000007 0
022 A000008 SMITH BARNEY, HARRIS UPHAM & CO., INC.
022 B000008 13-1912900
022 C000008 31447
022 D000008 10728
022 A000009 ASSOCIATES CORP. OF NORTH AMERICA
022 B000009 00-0000000
022 C000009 38083
022 D000009 0
022 A000010 IBM CORPORATION
022 B000010 00-0000000
022 C000010 30329
022 D000010 6382
023 C000000 1434160
023 D000000 433218
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 N
027 000000 Y
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
<PAGE> PAGE 4
041 00AA00 Y
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 Y
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 Y
054 L00AA00 Y
054 M00AA00 N
054 N00AA00 Y
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078 000000 N
080 A00AA00 NATIONAL UNION FIRE INSURANCE COMPANY
080 C00AA00 750000
081 A00AA00 Y
081 B00AA00 3
082 A00AA00 N
082 B00AA00 0
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
<PAGE> PAGE 5
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
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 11649
028 A020100 0
028 A030100 0
028 A040100 16697
028 B010100 10181
028 B020100 9
028 B030100 0
028 B040100 21587
028 C010100 57547
028 C020100 9
028 C030100 0
028 C040100 63222
028 D010100 27313
028 D020100 9
028 D030100 0
028 D040100 17796
028 E010100 9858
028 E020100 9
028 E030100 0
028 E040100 13489
028 F010100 11385
028 F020100 19
028 F030100 0
028 F040100 13217
028 G010100 127933
028 G020100 55
028 G030100 0
028 G040100 146008
028 H000100 0
029 000100 N
030 A000100 0
030 B000100 0.00
030 C000100 0.00
<PAGE> PAGE 6
031 A000100 0
031 B000100 0
032 000100 0
033 000100 0
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 100
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 23
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.300
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
062 A000100 Y
062 B000100 98.7
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
<PAGE> PAGE 7
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 1.3
063 A000100 79
063 B000100 0.0
064 A000100 N
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 N
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
<PAGE> PAGE 8
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 12
072 B000100 4022
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 226
072 G000100 113
072 H000100 0
072 I000100 15
072 J000100 21
072 K000100 0
072 L000100 0
072 M000100 22
072 N000100 42
072 O000100 0
072 P000100 0
072 Q000100 35
072 R000100 13
072 S000100 77
072 T000100 23
072 U000100 13
072 V000100 0
072 W000100 8
072 X000100 608
072 Y000100 258
072 Z000100 3672
072AA000100 0
072BB000100 2
072CC010100 0
072CC020100 0
072DD010100 2846
072DD020100 826
072EE000100 0
073 A010100 0.0480
073 A020100 0.0490
073 B000100 0.0000
073 C000100 0.0000
074 A000100 1
074 B000100 0
074 C000100 56212
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
<PAGE> PAGE 9
074 J000100 0
074 K000100 0
074 L000100 994
074 M000100 44
074 N000100 57251
074 O000100 0
074 P000100 23
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 283
074 S000100 0
074 T000100 56945
074 U010100 11196
074 U020100 45749
074 V010100 1.00
074 V020100 1.00
074 W000100 0.9999
074 X000100 18
074 Y000100 0
075 A000100 75259
075 B000100 0
076 000100 0.00
024 000200 Y
025 A000201 SMITH BARNEY, HARRIS UPHAM & CO., INC.
025 B000201 13-1912900
025 C000201 D
025 D000201 5902
025 A000202 MORGAN STANLEY & CO., INC.
025 B000202 13-2655998
025 C000202 D
025 D000202 5882
025 A000203 IBM CORPORATION
025 B000203 00-0000000
025 C000203 D
025 D000203 5414
025 A000204 MERRILL LYNCH, PIERCE, FENNER, & SMITH, INC.
025 B000204 13-5674085
025 C000204 D
025 D000204 5127
025 A000205 ASSCOCIATES CORP. OF NORTH AMERICA
025 B000205 00-0000000
025 C000205 D
025 D000205 4985
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 40519
028 A020200 0
028 A030200 0
<PAGE> PAGE 10
028 A040200 6718
028 B010200 23056
028 B020200 2
028 B030200 0
028 B040200 23246
028 C010200 157572
028 C020200 2
028 C030200 0
028 C040200 149992
028 D010200 47170
028 D020200 17
028 D030200 0
028 D040200 19046
028 E010200 10006
028 E020200 1
028 E030200 0
028 E040200 37645
028 F010200 52653
028 F020200 7
028 F030200 0
028 F040200 25373
028 G010200 330976
028 G020200 29
028 G030200 0
028 G040200 262020
028 H000200 0
029 000200 N
030 A000200 0
030 B000200 0.00
030 C000200 0.00
031 A000200 0
031 B000200 0
032 000200 0
033 000200 0
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 100
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 24
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.300
048 A010200 0
048 A020200 0.000
048 B010200 0
<PAGE> PAGE 11
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
062 A000200 Y
062 B000200 0.0
062 C000200 10.9
062 D000200 0.0
062 E000200 0.0
062 F000200 19.2
062 G000200 0.0
062 H000200 7.5
062 I000200 61.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 1.0
062 R000200 0.4
063 A000200 71
063 B000200 0.0
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
<PAGE> PAGE 12
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 12
072 B000200 5054
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 269
072 G000200 135
072 H000200 0
072 I000200 18
072 J000200 28
072 K000200 0
072 L000200 0
072 M000200 28
072 N000200 31
072 O000200 0
072 P000200 0
<PAGE> PAGE 13
072 Q000200 36
072 R000200 13
072 S000200 75
072 T000200 24
072 U000200 13
072 V000200 0
072 W000200 7
072 X000200 677
072 Y000200 262
072 Z000200 4639
072AA000200 0
072BB000200 1
072CC010200 0
072CC020200 0
072DD010200 2396
072DD020200 2242
072EE000200 0
073 A010200 0.0510
073 A020200 0.0520
073 B000200 0.0000
073 C000200 0.0000
074 A000200 4
074 B000200 0
074 C000200 145486
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 1255
074 M000200 55
074 N000200 146800
074 O000200 0
074 P000200 43
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 636
074 S000200 0
074 T000200 146121
074 U010200 488
074 U020200 145635
074 V010200 1.00
074 V020200 1.00
074 W000200 0.9999
074 X000200 17
074 Y000200 0
<PAGE> PAGE 14
075 A000200 89692
075 B000200 0
076 000200 0.00
024 000300 Y
025 A000301 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
025 B000301 13-5674085
025 C000301 E
025 D000301 137
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 38
028 A020300 0
028 A030300 0
028 A040300 0
028 B010300 91
028 B020300 0
028 B030300 0
028 B040300 0
028 C010300 15004
028 C020300 0
028 C030300 0
028 C040300 0
028 D010300 0
028 D020300 0
028 D030300 0
028 D040300 0
028 E010300 25
028 E020300 0
028 E030300 0
028 E040300 0
028 F010300 0
028 F020300 0
028 F030300 0
028 F040300 0
028 G010300 15158
028 G020300 0
028 G030300 0
028 G040300 0
028 H000300 15158
029 000300 Y
030 A000300 0
030 B000300 4.50
030 C000300 0.00
031 A000300 0
031 B000300 0
032 000300 0
<PAGE> PAGE 15
033 000300 0
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 100
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 0
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 1.000
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
<PAGE> PAGE 16
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 Y
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 N
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 N
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
<PAGE> PAGE 17
070 R010300 Y
070 R020300 N
071 A000300 5298
071 B000300 20269
071 C000300 11272
071 D000300 47
072 A000300 12
072 B000300 2
072 C000300 75
072 D000300 0
072 E000300 0
072 F000300 50
072 G000300 7
072 H000300 0
072 I000300 3
072 J000300 2
072 K000300 0
072 L000300 0
072 M000300 2
072 N000300 25
072 O000300 0
072 P000300 0
072 Q000300 2
072 R000300 15
072 S000300 3
072 T000300 0
072 U000300 1
072 V000300 0
072 W000300 0
072 X000300 121
072 Y000300 59
072 Z000300 15
072AA000300 0
072BB000300 82
072CC010300 0
072CC020300 739
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 198
074 D000300 0
074 E000300 0
074 F000300 14150
074 G000300 0
074 H000300 0
<PAGE> PAGE 18
074 I000300 0
074 J000300 0
074 K000300 4
074 L000300 22
074 M000300 24
074 N000300 14398
074 O000300 0
074 P000300 5
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 41
074 S000300 0
074 T000300 14352
074 U010300 13
074 U020300 1503
074 V010300 9.46
074 V020300 9.47
074 W000300 0.0000
074 X000300 12
074 Y000300 0
075 A000300 0
075 B000300 15009
076 000300 0.00
SIGNATURE DIANA TARNOW
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001017176
<NAME> FIRST CHOICE FUNDS TRUST
<SERIES>
<NUMBER> 011
<NAME> U.S. TREASURY RESERVE - SERVICE CLASS
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 56,211,481
<INVESTMENTS-AT-VALUE> 56,211,481
<RECEIVABLES> 993,932
<ASSETS-OTHER> 44,153
<OTHER-ITEMS-ASSETS> 1,131
<TOTAL-ASSETS> 57,250,697
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 305,386
<TOTAL-LIABILITIES> 305,386
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 56,947,733
<SHARES-COMMON-STOCK> 11,194,690
<SHARES-COMMON-PRIOR> 73,579,703
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,422)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 56,945,311
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,022,005
<OTHER-INCOME> 0
<EXPENSES-NET> 349,860
<NET-INVESTMENT-INCOME> 3,672,165
<REALIZED-GAINS-CURRENT> (2,422)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,669,743
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,845,671
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 164,339,426
<NUMBER-OF-SHARES-REDEEMED> 226,736,677
<SHARES-REINVESTED> 12,238
<NET-CHANGE-IN-ASSETS> (18,630,293)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 958
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 225,778
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 607,809
<AVERAGE-NET-ASSETS> 58,236,277
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.47
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE>6
<CIK> 0001017176
<NAME> FIRST CHOICE FUNDS TRUST
<SERIES>
<NUMBER> 012
<NAME> U.S. TREASURY RESERVE - INSTITUTIONAL CLASS
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 56,211,481
<INVESTMENTS-AT-VALUE> 56,211,481
<RECEIVABLES> 993,932
<ASSETS-OTHER> 44,153
<OTHER-ITEMS-ASSETS> 1,131
<TOTAL-ASSETS> 57,250,697
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 305,386
<TOTAL-LIABILITIES> 305,386
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 56,947,733
<SHARES-COMMON-STOCK> 45,752,075
<SHARES-COMMON-PRIOR> 1,994,943
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,422)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 56,945,311
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,022,005
<OTHER-INCOME> 0
<EXPENSES-NET> 349,860
<NET-INVESTMENT-INCOME> 3,672,165
<REALIZED-GAINS-CURRENT> (2,422)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,669,743
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 826,494
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 78,846,714
<NUMBER-OF-SHARES-REDEEMED> 35,193,354
<SHARES-REINVESTED> 103,772
<NET-CHANGE-IN-ASSETS> (18,630,293)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 958
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 225,778
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 607,809
<AVERAGE-NET-ASSETS> 17,023,185
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.43
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001017176
<NAME> FIRST CHOICE FUNDS TRUST
<SERIES>
<NUMBER> 021
<NAME> CASH RESERVE - SERVICE CLASS
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 145,486,303
<INVESTMENTS-AT-VALUE> 145,486,303
<RECEIVABLES> 1,255,237
<ASSETS-OTHER> 54,517
<OTHER-ITEMS-ASSETS> 3,706
<TOTAL-ASSETS> 146,799,763
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 678,290
<TOTAL-LIABILITIES> 678,290
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 146,123,034
<SHARES-COMMON-STOCK> 488,054
<SHARES-COMMON-PRIOR> 57,947,025
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,561)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 146,121,473
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,053,635
<OTHER-INCOME> 0
<EXPENSES-NET> 415,371
<NET-INVESTMENT-INCOME> 4,638,264
<REALIZED-GAINS-CURRENT> (1,171)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,637,093
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,395,822
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 181,368,693
<NUMBER-OF-SHARES-REDEEMED> 238,833,768
<SHARES-REINVESTED> 6,104
<NET-CHANGE-IN-ASSETS> 88,113,486
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (390)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 269,075
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 676,658
<AVERAGE-NET-ASSETS> 46,509,766
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001017176
<NAME> FIRST CHOICE FUNDS TRUST
<SERIES>
<NUMBER> 022
<NAME> CASH RESERVE - INSTITUTIONAL CLASS
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 145,486,303
<INVESTMENTS-AT-VALUE> 145,486,303
<RECEIVABLES> 1,255,237
<ASSETS-OTHER> 54,517
<OTHER-ITEMS-ASSETS> 3,706
<TOTAL-ASSETS> 146,799,763
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 678,290
<TOTAL-LIABILITIES> 678,290
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 146,123,034
<SHARES-COMMON-STOCK> 145,634,970
<SHARES-COMMON-PRIOR> 61,352
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,561)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 146,121,473
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,053,635
<OTHER-INCOME> 0
<EXPENSES-NET> 415,371
<NET-INVESTMENT-INCOME> 4,638,264
<REALIZED-GAINS-CURRENT> (1,171)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,637,093
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,242,442
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 268,373,189
<NUMBER-OF-SHARES-REDEEMED> 122,826,599
<SHARES-REINVESTED> 27,028
<NET-CHANGE-IN-ASSETS> 88,113,486
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (390)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 269,075
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 676,658
<AVERAGE-NET-ASSETS> 43,181,814
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.44
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001017176
<NAME> FIRST CHOICE FUNDS TRUST
<SERIES>
<NUMBER> 031
<NAME> EQUITY - RETAIL CLASS
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 15,087,073
<INVESTMENTS-AT-VALUE> 14,348,281
<RECEIVABLES> 26,189
<ASSETS-OTHER> 23,562
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,398,122
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46,323
<TOTAL-LIABILITIES> 46,323
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,157,929
<SHARES-COMMON-STOCK> 13,323
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 14,854
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (82,192)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (738,792)
<NET-ASSETS> 14,351,799
<DIVIDEND-INCOME> 74,996
<INTEREST-INCOME> 2,185
<OTHER-INCOME> 0
<EXPENSES-NET> 62,237
<NET-INVESTMENT-INCOME> 14,854
<REALIZED-GAINS-CURRENT> (82,192)
<APPREC-INCREASE-CURRENT> (738,792)
<NET-CHANGE-FROM-OPS> (806,130)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,323
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 14,351,799
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 49,754
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 121,257
<AVERAGE-NET-ASSETS> 62,757
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> (0.54)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.46
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001017176
<NAME> FIRST CHOICE FUNDS TRUST
<SERIES>
<NUMBER> 032
<NAME> EQUITY - INSTITUTIONAL CLASS
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 15,087,073
<INVESTMENTS-AT-VALUE> 14,348,281
<RECEIVABLES> 26,189
<ASSETS-OTHER> 23,562
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,398,122
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46,323
<TOTAL-LIABILITIES> 46,323
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,157,929
<SHARES-COMMON-STOCK> 1,502,536
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 14,854
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (82,192)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (738,792)
<NET-ASSETS> 14,351,799
<DIVIDEND-INCOME> 74,996
<INTEREST-INCOME> 2,185
<OTHER-INCOME> 0
<EXPENSES-NET> 62,237
<NET-INVESTMENT-INCOME> 14,854
<REALIZED-GAINS-CURRENT> (82,192)
<APPREC-INCREASE-CURRENT> (738,792)
<NET-CHANGE-FROM-OPS> (806,130)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,502,536
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 14,351,799
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 49,754
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 121,257
<AVERAGE-NET-ASSETS> 14,945,769
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> (0.54)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.47
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
