FIRST CHOICE FUNDS TRUST
NSAR-A, 1999-05-27
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<PAGE>      PAGE  1
000 A000000 03/31/99
000 C000000 0001017176
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
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      7
020 A000002 PACIFIC BROKERAGE SERVICES INC.
020 C000002      5
020 A000003 OPPENHEIMER & CO., INC.
020 B000003 13-2798343
020 C000003      1
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000       13
022 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000001 13-5674085
022 C000001    185468
022 D000001     97354
022 A000002 ZIONS
022 B000002 87-0189025
022 C000002     75222
022 D000002     20561
022 A000003 SPEAR , LEEDS & KELLOGG
022 B000003 13-5515160
022 C000003     55357
022 D000003     17398
022 A000004 G.X. CLARK
<PAGE>      PAGE  3
022 B000004 13-2969143
022 C000004     46513
022 D000004     20313
022 A000005 MORGAN STANLEY DEAN WITTER
022 B000005 94-1671384
022 C000005     29550
022 D000005     22747
022 A000006 SALOMON BROTHERS
022 C000006     19602
022 D000006     18748
022 A000007 BANK OF AMERICA
022 B000007 94-1687665
022 C000007     22952
022 D000007         0
022 A000008 CITATION GROUP
022 C000008     11618
022 D000008      6378
022 A000009 GENERAL ELECTRIC CAPITAL CORP.
022 B000009 00-0000000
022 C000009     11547
022 D000009      3600
022 A000010 ASSOCIATES CORP OF N. AMERICA
022 B000010 00-0000000
022 C000010      9827
022 D000010      4941
023 C000000     540495
023 D000000     225949
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
041  00AA00 Y
049  00AA00 N
050  00AA00 N
051  00AA00 N
052  00AA00 N
053 A00AA00 Y
053 B00AA00 Y
<PAGE>      PAGE  4
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 N
054 L00AA00 Y
054 M00AA00 N
054 N00AA00 N
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 Q010000 Y
078  000000 N
080 C00AA00        0
081 B00AA00   3
082 B00AA00        0
083 B00AA00        0
084 B00AA00        0
086 A010000      0
086 A020000      0
086 B010000      0
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
<PAGE>      PAGE  5
025 D000106       0
025 D000107       0
025 D000108       0
028 A010100     11827
028 A020100         9
028 A030100         0
028 A040100     12855
028 B010100     11900
028 B020100         9
028 B030100         0
028 B040100      9989
028 C010100      8657
028 C020100        10
028 C030100         0
028 C040100      9301
028 D010100     19035
028 D020100         8
028 D030100         0
028 D040100     15199
028 E010100      8654
028 E020100         8
028 E030100         0
028 E040100     12345
028 F010100     12459
028 F020100         0
028 F030100         0
028 F040100      9855
028 G010100     72532
028 G020100        44
028 G030100         0
028 G040100     69544
028 H000100         0
029  000100 N
030 A000100      0
030 B000100  0.00
030 C000100  0.00
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      6
044  000100      0
045  000100 Y
<PAGE>      PAGE  6
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  99.5
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
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   0.5
063 A000100  75
063 B000100  0.0
064 A000100 N
064 B000100 N
066 A000100 N
067  000100 N
068 A000100 N
068 B000100 N
<PAGE>      PAGE  7
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
070 R020100 N
071 A000100         0
071 B000100         0
071 C000100         0
071 D000100    0
072 A000100  6
072 B000100     1387
072 C000100        0
072 D000100        0
072 E000100        0
072 F000100       88
072 G000100       44
072 H000100        0
072 I000100       11
072 J000100        8
<PAGE>      PAGE  8
072 K000100        0
072 L000100        0
072 M000100        7
072 N000100       13
072 O000100        0
072 P000100        0
072 Q000100       18
072 R000100        1
072 S000100        5
072 T000100        7
072 U000100        6
072 V000100        0
072 W000100       34
072 X000100      242
072 Y000100      102
072 Z000100     1247
072AA000100        0
072BB000100        2
072CC010100        0
072CC020100        0
072DD010100        0
072DD020100      115
072EE000100     1132
073 A010100   0.0200
073 A020100   0.0210
073 B000100   0.0000
073 C000100   0.0000
074 A000100        1
074 B000100        0
074 C000100    59704
074 D000100        0
074 E000100        0
074 F000100        0
074 G000100        0
074 H000100        0
074 I000100        0
074 J000100        0
074 K000100        0
074 L000100      546
074 M000100       35
074 N000100    60285
074 O000100        0
074 P000100        0
074 Q000100        0
074 R010100        0
074 R020100        0
074 R030100        0
074 R040100      310
074 S000100        0
074 T000100    59975
074 U010100     5367
<PAGE>      PAGE  9
074 U020100    54611
074 V010100     1.00
074 V020100     1.00
074 W000100   0.9999
074 X000100       15
074 Y000100        0
075 A000100    59088
075 B000100        0
076  000100     0.00
024  000200 Y
025 A000201 GENERAL ELECTRIC CAPITAL CORP
025 C000201 D
025 D000201    5746
025 A000202 SALOMON SMITH BARNEY HOLDINGS
025 B000202 13-1912900
025 C000202 D
025 D000202    5691
025 A000203 MORGAN STANLEY & CO. INC.
025 B000203 13-2655998
025 C000203 D
025 D000203    5691
025 A000204 HOUSEHOLD FINANCE CO
025 C000204 D
025 D000204    4997
025 A000205 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
025 B000205 13-5674085
025 C000205 D
025 D000205    4991
025 A000206 ASSOCIATES CORP OF NORTH AMERICA
025 C000206 D
025 D000206    4965
025 A000207 FORD MOTOR CREDIT CORP
025 C000207 D
025 D000207    4991
025 A000208 TEXACO INC.
025 C000208 D
025 D000208    4695
028 A010200     16862
028 A020200         4
028 A030200         0
028 A040200     22316
028 B010200     21775
028 B020200         5
028 B030200         0
028 B040200     22642
028 C010200     25458
028 C020200         6
028 C030200         0
028 C040200     48105
028 D010200     19945
028 D020200         7
<PAGE>      PAGE  10
028 D030200         0
028 D040200     29227
028 E010200     14529
028 E020200         7
028 E030200         0
028 E040200      8821
028 F010200     18023
028 F020200         6
028 F030200         0
028 F040200     36045
028 G010200    116592
028 G020200        35
028 G030200         0
028 G040200    167156
028 H000200         0
029  000200 N
030 A000200      0
030 B000200  0.00
030 C000200  0.00
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      0
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
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
<PAGE>      PAGE  11
048 J010200        0
048 J020200 0.000
048 K010200        0
048 K020200 0.000
062 A000200 Y
062 B000200   0.0
062 C000200   5.0
062 D000200   0.0
062 E000200   0.0
062 F000200  15.7
062 G000200   0.0
062 H000200   4.8
062 I000200  72.8
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   1.5
062 R000200   0.2
063 A000200  62
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
071 A000200         0
071 B000200         0
071 C000200         0
071 D000200    0
072 A000200  6
072 B000200     3218
072 C000200        0
072 D000200        0
072 E000200        0
072 F000200      184
072 G000200       92
072 H000200        0
072 I000200       19
072 J000200       15
072 K000200        0
072 L000200        0
072 M000200       11
072 N000200       44
072 O000200        0
072 P000200        0
<PAGE>      PAGE  12
072 Q000200       18
072 R000200        4
072 S000200       23
072 T000200        1
072 U000200        6
072 V000200        0
072 W000200       39
072 X000200      456
072 Y000200      179
072 Z000200     2942
072AA000200        0
072BB000200        0
072CC010200        0
072CC020200        0
072DD010200       11
072DD020200     2931
072EE000200        0
073 A010200   0.0230
073 A020200   0.0240
073 B000200   0.0000
073 C000200   0.0000
074 A000200       11
074 B000200        0
074 C000200    95425
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      619
074 M000200       41
074 N000200    96096
074 O000200        0
074 P000200        0
074 Q000200        0
074 R010200        0
074 R020200        0
074 R030200        0
074 R040200      507
074 S000200        0
074 T000200    95589
074 U010200      523
074 U020200    95608
074 V010200     1.00
074 V020200     1.00
074 W000200   0.9999
074 X000200       11
074 Y000200        0
<PAGE>      PAGE  13
075 A000200   122887
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     177
025 A000302 TEXACO INC
025 C000302 E
025 D000302     227
025 A000303 AMERICAN EXPRESS CO.
025 C000303 E
025 D000303     223
025 A000304 STATE STREET GLOBAL ADVISERS
025 B000304 04-1867445
025 C000304 E
025 D000304     201
025 A000305 FORD MOTOR CORP
025 C000305 E
025 D000305     743
025 A000306 GENERAL ELECTRIC CO
025 C000306 E
025 D000306     741
025 D000307       0
025 D000308       0
028 A010300        25
028 A020300         0
028 A030300         0
028 A040300         0
028 B010300         0
028 B020300         0
028 B030300         0
028 B040300         0
028 C010300         0
028 C020300         0
028 C030300         0
028 C040300         0
028 D010300         2
028 D020300         0
028 D030300         0
028 D040300         0
028 E010300        30
028 E020300         0
028 E030300         0
028 E040300         0
028 F010300        30
028 F020300         0
028 F030300         0
028 F040300         0
028 G010300        87
<PAGE>      PAGE  14
028 G020300         0
028 G030300         0
028 G040300         0
028 H000300        87
029  000300 Y
030 A000300      0
030 B000300  4.50
030 C000300  0.00
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
<PAGE>      PAGE  15
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
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 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
<PAGE>      PAGE  16
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300      8032
071 B000300      7931
071 C000300    115305
071 D000300   48
072 A000300  6
072 B000300        4
072 C000300      130
072 D000300        0
072 E000300        0
072 F000300       83
072 G000300       13
072 H000300        0
072 I000300        5
072 J000300        3
072 K000300        0
072 L000300        0
072 M000300        2
072 N000300        8
072 O000300        0
072 P000300        0
072 Q000300       19
072 R000300        1
072 S000300        8
072 T000300        0
072 U000300       12
072 V000300        0
072 W000300       15
072 X000300      169
072 Y000300       92
072 Z000300       57
072AA000300      892
072BB000300        0
072CC010300     2197
072CC020300        0
072DD010300        0
072DD020300       72
072EE000300        0
073 A010300   0.0200
073 A020300   0.0500
073 B000300   0.0000
073 C000300   0.0000
074 A000300        0
<PAGE>      PAGE  17
074 B000300        0
074 C000300      201
074 D000300        0
074 E000300        0
074 F000300    17340
074 G000300        0
074 H000300        0
074 I000300        0
074 J000300        0
074 K000300        0
074 L000300       19
074 M000300       16
074 N000300    17576
074 O000300        0
074 P000300        0
074 Q000300        0
074 R010300        0
074 R020300        0
074 R030300        0
074 R040300       63
074 S000300        0
074 T000300    17513
074 U010300        6
074 U020300     1518
074 V010300    11.47
074 V020300    11.49
074 W000300   0.0000
074 X000300       12
074 Y000300        0
075 A000300        0
075 B000300    16708
076  000300     0.00
SIGNATURE   DIANA TARNOW
TITLE       TREASURER


WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001017176
<NAME> FIRST CHOICE FUNDS
<SERIES>
   <NUMBER> 2
   <NAME> CASH RESERVE INSTITUTIONAL CLASS
<MULTIPLIER> 1

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1999
<PERIOD-START>                             OCT-01-1998
<PERIOD-END>                               MAR-31-1999
<INVESTMENTS-AT-COST>                         95424880
<INVESTMENTS-AT-VALUE>                        95424880
<RECEIVABLES>                                   618843
<ASSETS-OTHER>                                   41388
<OTHER-ITEMS-ASSETS>                             11355
<TOTAL-ASSETS>                                96096466
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       507008
<TOTAL-LIABILITIES>                             507008
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      95590812
<SHARES-COMMON-STOCK>                         95067422
<SHARES-COMMON-PRIOR>                        145634970
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         (1354)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                  95589458
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              3218382
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  276346
<NET-INVESTMENT-INCOME>                        2942036
<REALIZED-GAINS-CURRENT>                           207
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                          2942243
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      2930657
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      116556108
<NUMBER-OF-SHARES-REDEEMED>                  167145177
<SHARES-REINVESTED>                              22198
<NET-CHANGE-IN-ASSETS>                      (50532015)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                       (1561)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           183825
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 456048
<AVERAGE-NET-ASSETS>                         122383734
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                  0.024
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                           (0.024)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                    .45
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001017176
<NAME> FIRST CHOICE FUNDS
<SERIES>
   <NUMBER> 02
   <NAME> CASH RESERVE SERVICE CLASS
<MULTIPLIER> 1

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1999
<PERIOD-START>                             OCT-01-1998
<PERIOD-END>                               MAR-31-1999
<INVESTMENTS-AT-COST>                         95424880
<INVESTMENTS-AT-VALUE>                        95424880
<RECEIVABLES>                                   618843
<ASSETS-OTHER>                                   41388
<OTHER-ITEMS-ASSETS>                             11355
<TOTAL-ASSETS>                                96096466
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       507008
<TOTAL-LIABILITIES>                             507008
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      95590812
<SHARES-COMMON-STOCK>                           522703
<SHARES-COMMON-PRIOR>                           488054
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         (1354)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                  95589458
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              3218382
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  276346
<NET-INVESTMENT-INCOME>                        2942036
<REALIZED-GAINS-CURRENT>                           207
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                          2942243
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        11379
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          36001
<NUMBER-OF-SHARES-REDEEMED>                      10800
<SHARES-REINVESTED>                               9448
<NET-CHANGE-IN-ASSETS>                      (50532015)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                       (1561)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           183825
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 456048
<AVERAGE-NET-ASSETS>                            503306
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                  0.023
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                           (0.023)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                    .70
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001017176
<NAME> FIRST CHOICE FUNDS
<SERIES>
   <NUMBER> 1
   <NAME> US TREASURY RESERVE INSTITUTIONAL CLASS
<MULTIPLIER> 1

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1999
<PERIOD-START>                             OCT-01-1998
<PERIOD-END>                               MAR-31-1999
<INVESTMENTS-AT-COST>                         59704014
<INVESTMENTS-AT-VALUE>                        59704014
<RECEIVABLES>                                   545792
<ASSETS-OTHER>                                   34664
<OTHER-ITEMS-ASSETS>                               270
<TOTAL-ASSETS>                                60284740
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       310230
<TOTAL-LIABILITIES>                             310230
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      59979170
<SHARES-COMMON-STOCK>                         54611257
<SHARES-COMMON-PRIOR>                         45752075
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         (4660)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                  59974510
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              1386617
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  139675
<NET-INVESTMENT-INCOME>                        1246942
<REALIZED-GAINS-CURRENT>                        (2238)
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                          1244704
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      1132229
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                       51286635
<NUMBER-OF-SHARES-REDEEMED>                   42468072
<SHARES-REINVESTED>                              40619
<NET-CHANGE-IN-ASSETS>                         3029199
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                       (2422)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            87946
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 242178
<AVERAGE-NET-ASSETS>                          53398667
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                  0.021
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                           (0.021)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                   0.45
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001017176
<NAME> FIRST CHOICE FUNDS
<SERIES>
   <NUMBER> 01
   <NAME> US TREASURY RESERVE FUND SERVICE CLASS
<MULTIPLIER> 1

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1999
<PERIOD-START>                             OCT-01-1998
<PERIOD-END>                               MAR-31-1999
<INVESTMENTS-AT-COST>                         59704014
<INVESTMENTS-AT-VALUE>                        59704014
<RECEIVABLES>                                   545792
<ASSETS-OTHER>                                   34664
<OTHER-ITEMS-ASSETS>                               270
<TOTAL-ASSETS>                                60284740
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       310230
<TOTAL-LIABILITIES>                             310230
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      59979170
<SHARES-COMMON-STOCK>                          5366945
<SHARES-COMMON-PRIOR>                         11194609
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         (4660)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                  59974510
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              1386617
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  139675
<NET-INVESTMENT-INCOME>                        1246942
<REALIZED-GAINS-CURRENT>                        (2238)
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                          1244704
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       114713
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                       21245165
<NUMBER-OF-SHARES-REDEEMED>                   27076421
<SHARES-REINVESTED>                               3511
<NET-CHANGE-IN-ASSETS>                         3029199
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                       (2422)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            87946
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 242178
<AVERAGE-NET-ASSETS>                           5688854
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                  0.020
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                           (0.020)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                   0.70
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001017176
<NAME> FIRST CHOICE FUNDS
<SERIES>
   <NUMBER> 3
   <NAME> EQUITY INSTITUTIONAL CLASS
<MULTIPLIER> 1

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1999
<PERIOD-START>                             OCT-01-1998
<PERIOD-END>                               MAR-31-1999
<INVESTMENTS-AT-COST>                         16082379
<INVESTMENTS-AT-VALUE>                        17541413
<RECEIVABLES>                                    18840
<ASSETS-OTHER>                                   16094
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                17576347
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        62675
<TOTAL-LIABILITIES>                              62675
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      15245645
<SHARES-COMMON-STOCK>                          1517495
<SHARES-COMMON-PRIOR>                          1502536
<ACCUMULATED-NII-CURRENT>                        (453)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         809446
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       1459034
<NET-ASSETS>                                  17513672
<DIVIDEND-INCOME>                               129656
<INTEREST-INCOME>                                 3924
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   76990
<NET-INVESTMENT-INCOME>                          56590
<REALIZED-GAINS-CURRENT>                        891638
<APPREC-INCREASE-CURRENT>                      2197826
<NET-CHANGE-FROM-OPS>                          3146054
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (71619)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           7317
<NUMBER-OF-SHARES-REDEEMED>                       7631
<SHARES-REINVESTED>                                 11
<NET-CHANGE-IN-ASSETS>                         3161873
<ACCUMULATED-NII-PRIOR>                          14854
<ACCUMULATED-GAINS-PRIOR>                      (82192)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            83313
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 168634
<AVERAGE-NET-ASSETS>                          16586061
<PER-SHARE-NAV-BEGIN>                             9.47
<PER-SHARE-NII>                                   0.06
<PER-SHARE-GAIN-APPREC>                           2.01
<PER-SHARE-DIVIDEND>                            (0.05)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.49
<EXPENSE-RATIO>                                    .92
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001017176
<NAME> FIRST CHOICE FUNDS
<SERIES>
   <NUMBER> 03
   <NAME> EQUITY RETAIL CLASS
<MULTIPLIER> 1

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1999
<PERIOD-START>                             OCT-01-1998
<PERIOD-END>                               MAR-31-1999
<INVESTMENTS-AT-COST>                         16082379
<INVESTMENTS-AT-VALUE>                        17541413
<RECEIVABLES>                                    18840
<ASSETS-OTHER>                                   16094
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                17576347
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        62675
<TOTAL-LIABILITIES>                              62675
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      15245645
<SHARES-COMMON-STOCK>                             6351
<SHARES-COMMON-PRIOR>                            13323
<ACCUMULATED-NII-CURRENT>                        (453)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         809446
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       1459034
<NET-ASSETS>                                  17513672
<DIVIDEND-INCOME>                               129656
<INTEREST-INCOME>                                 3924
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   76990
<NET-INVESTMENT-INCOME>                          56590
<REALIZED-GAINS-CURRENT>                        891638
<APPREC-INCREASE-CURRENT>                      2197826
<NET-CHANGE-FROM-OPS>                          3146054
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        (278)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            655
<NUMBER-OF-SHARES-REDEEMED>                       7637
<SHARES-REINVESTED>                                 10
<NET-CHANGE-IN-ASSETS>                         3161873
<ACCUMULATED-NII-PRIOR>                          14854
<ACCUMULATED-GAINS-PRIOR>                      (82192)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            83313
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 168634
<AVERAGE-NET-ASSETS>                            122259
<PER-SHARE-NAV-BEGIN>                             9.46
<PER-SHARE-NII>                                   0.02
<PER-SHARE-GAIN-APPREC>                           2.01
<PER-SHARE-DIVIDEND>                            (0.02)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.47
<EXPENSE-RATIO>                                   1.07
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>


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