ACTIVE ASSET ALLOCATION FUNDS
NSAR-A, 1997-08-19
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<PAGE>      PAGE  1
000 A000000 06/30/97
000 C000000 0001018140
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 PROACTIVE ASSET ALLOCATION FUNDS
001 B000000 811-9156
001 C000000 3145307575
002 A000000 500 CHESTERFIELD CENTER -- SUITE 250
002 B000000 CHESTERFIELD
002 C000000 MO
002 D010000 63017
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  1
007 C010100  1
007 C020100 OPTI-FLEX DYNAMIC FUND
007 C030100 N
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
008 A00AA01 PROACTIVE MONEY MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-47027
008 D01AA01 CHESTERFIELD
008 D02AA01 MO
008 D03AA01 63017
010 A00AA01 MUTUAL FUNDS SERVICE CO.
010 B00AA01 84-1441
010 C01AA01 DUBLIN
010 C02AA01 OH
010 C03AA01 43017
011 A00AA01 PROACTIVE FINANCIAL SERVICES, INC.
011 B00AA01 8-48402
011 C01AA01 CHESTERFIELD
011 C02AA01 MO
011 C03AA01 63017
012 A00AA01 MUTUAL FUNDS SERVICE CO.
<PAGE>      PAGE  2
012 B00AA01 84-1441
012 C01AA01 DUBLIN
012 C02AA01 OH
012 C03AA01 43017
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 COLUMBUS
013 B02AA01 OH
013 B03AA01 43215
014 A00AA01 PROACTIVE FINANCIAL SERVICES, INC.
014 B00AA01 8-48402
015 A00AA01 STAR BANK N.A., CINCINNATI
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 SOUTHWEST SECURITIES
020 C000001      4
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        4
022 A000001 SOUTWEST SECURITIES
022 C000001         6
022 D000001        61
022 C000002         0
022 D000002         0
022 C000003         0
022 D000003         0
022 C000004         0
022 D000004         0
022 C000005         0
022 D000005         0
022 C000006         0
022 D000006         0
022 C000007         0
022 D000007         0
022 C000008         0
022 D000008         0
022 C000009         0
022 D000009         0
022 C000010         0
<PAGE>      PAGE  3
022 D000010         0
023 C000000      15045
023 D000000      25995
024  00AA00 N
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026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
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037  00AA00 N
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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
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
058 A00AA00 N
059  00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061  00AA00     5000
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 N
077 E000000 N
<PAGE>      PAGE  4
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078  000000 N
080 A00AA00 THEODORE LIFTMAN INSURANCE, INC.
080 C00AA00      150
081 A00AA00 N
081 B00AA00   0
082 A00AA00 N
082 B00AA00        0
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
084 B00AA00        0
085 A00AA00 N
085 B00AA00 N
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
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      1169
028 A020100       125
028 A030100         0
028 A040100        42
<PAGE>      PAGE  5
028 B010100       590
028 B020100         0
028 B030100         0
028 B040100        20
028 C010100      1691
028 C020100         0
028 C030100         0
028 C040100        40
028 D010100      1105
028 D020100         0
028 D030100         0
028 D040100        70
028 E010100       221
028 E020100         0
028 E030100         0
028 E040100       326
028 F010100       682
028 F020100         0
028 F030100         0
028 F040100        25
028 G010100      5458
028 G020100       125
028 G030100         0
028 G040100       523
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
034  000100 Y
035  000100      0
036 A000100 N
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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     36
044  000100      0
045  000100 Y
046  000100 N
047  000100 Y
048  000100  0.000
<PAGE>      PAGE  6
048 A010100   500000
048 A020100 0.750
048 B010100        0
048 B020100 0.650
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
055 A000100 N
055 B000100 N
056  000100 Y
057  000100 N
062 A000100 N
062 B000100   0.0
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   0.0
063 A000100   0
063 B000100  0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 Y
066 E000100 N
<PAGE>      PAGE  7
066 F000100 N
066 G000100 N
067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 N
070 M010100 Y
070 M020100 N
070 N010100 N
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     35040
071 B000100     30172
071 C000100      7982
071 D000100  378
072 A000100  6
072 B000100       19
072 C000100       16
072 D000100        0
072 E000100        0
<PAGE>      PAGE  8
072 F000100       36
072 G000100       14
072 H000100        0
072 I000100       14
072 J000100        3
072 K000100        0
072 L000100        5
072 M000100       15
072 N000100       10
072 O000100        0
072 P000100        0
072 Q000100        0
072 R000100        6
072 S000100        0
072 T000100       36
072 U000100        7
072 V000100        0
072 W000100       17
072 X000100      167
072 Y000100       55
072 Z000100      -77
072AA000100        0
072BB000100      358
072CC010100     1064
072CC020100        0
072DD010100        0
072DD020100        0
072EE000100        0
073 A010100   0.0000
073 A020100   0.0000
073 B000100   0.0000
073 C000100   0.0000
074 A000100        0
074 B000100        0
074 C000100        0
074 D000100        0
074 E000100        0
074 F000100        0
074 G000100        0
074 H000100        0
074 I000100    12438
074 J000100        0
074 K000100       19
074 L000100        3
074 M000100       66
074 N000100    12526
074 O000100      140
074 P000100        0
074 Q000100        0
074 R010100        0
074 R020100        0
<PAGE>      PAGE  9
074 R030100        0
074 R040100       89
074 S000100        0
074 T000100    12297
074 U010100     1137
074 U020100        0
074 V010100    10.81
074 V020100     0.00
074 W000100   0.0000
074 X000100      212
074 Y000100        0
075 A000100        0
075 B000100     9373
076  000100     0.00
SIGNATURE   RICHARD A CLEMENS                            
TITLE       MGR/FINANCIAL REPTG 
 


<TABLE> <S> <C>

<ARTICLE>                                                   6
<CIK>                                        0001018140
<NAME>                                       ACTIVE ASSET ALLOCATION FUNDS
<SERIES>
   <NUMBER>                                  001
   <NAME>                                    OPTI-FLEX DYNAMIC FUND
       
<S>                                          <C>       
<PERIOD-TYPE>                                6-MOS
<FISCAL-YEAR-END>                            DEC-31-1997
<PERIOD-START>                               JAN-01-1997
<PERIOD-END>                                 JUN-30-1997
<INVESTMENTS-AT-COST>                                11376596
<INVESTMENTS-AT-VALUE>                               12438161
<RECEIVABLES>                                           21348
<ASSETS-OTHER>                                          63762
<OTHER-ITEMS-ASSETS>                                     2380
<TOTAL-ASSETS>                                       12525843
<PAYABLE-FOR-SECURITIES>                               140060
<SENIOR-LONG-TERM-DEBT>                                     0
<OTHER-ITEMS-LIABILITIES>                               88365
<TOTAL-LIABILITIES>                                    228425
<SENIOR-EQUITY>                                             0
<PAID-IN-CAPITAL-COMMON>                             11671309
<SHARES-COMMON-STOCK>                                 1137467
<SHARES-COMMON-PRIOR>                                  672022
<ACCUMULATED-NII-CURRENT>                                   0
<OVERDISTRIBUTION-NII>                                  77324
<ACCUMULATED-NET-GAINS>                                     0
<OVERDISTRIBUTION-GAINS>                               358132
<ACCUM-APPREC-OR-DEPREC>                              1061565
<NET-ASSETS>                                         12297418
<DIVIDEND-INCOME>                                       16171
<INTEREST-INCOME>                                       18664
<OTHER-INCOME>                                              0
<EXPENSES-NET>                                         112159
<NET-INVESTMENT-INCOME>                               (77324)
<REALIZED-GAINS-CURRENT>                             (358132)
<APPREC-INCREASE-CURRENT>                             1063935
<NET-CHANGE-FROM-OPS>                                  705803
<EQUALIZATION>                                              0
<DISTRIBUTIONS-OF-INCOME>                                   0
<DISTRIBUTIONS-OF-GAINS>                                    0
<DISTRIBUTIONS-OTHER>                                       0
<NUMBER-OF-SHARES-SOLD>                                516095
<NUMBER-OF-SHARES-REDEEMED>                             50650
<SHARES-REINVESTED>                                         0
<NET-CHANGE-IN-ASSETS>                                5491348
<ACCUMULATED-NII-PRIOR>                                     0
<ACCUMULATED-GAINS-PRIOR>                                   0
<OVERDISTRIB-NII-PRIOR>                                     0
<OVERDIST-NET-GAINS-PRIOR>                                  0
<GROSS-ADVISORY-FEES>                                   36284
<INTEREST-EXPENSE>                                          0
<GROSS-EXPENSE>                                        167072
<AVERAGE-NET-ASSETS>                                  9423683
<PER-SHARE-NAV-BEGIN>                                   10.13
<PER-SHARE-NII>                                        (0.07)
<PER-SHARE-GAIN-APPREC>                                  0.75
<PER-SHARE-DIVIDEND>                                     0.00
<PER-SHARE-DISTRIBUTIONS>                                0.00
<RETURNS-OF-CAPITAL>                                     0.00
<PER-SHARE-NAV-END>                                     10.81
<EXPENSE-RATIO>                                          2.40
<AVG-DEBT-OUTSTANDING>                                      0
<AVG-DEBT-PER-SHARE>                                        0
<FN>
<F1>
</FN>
        

</TABLE>


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