<PAGE> PAGE 1
000 B000000 12/31/1999
000 C000000 0001029881
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 LEVCO SERIES TRUST
001 B000000 811-8007
001 C000000 2123328437
002 A000000 ONE ROCKEFELLER PLAZA, 19TH FLOOR
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10020
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
008 A000001 JOHN A LEVIN & CO., INC.
008 B000001 A
008 C000001 801-52602
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10020
011 A000001 LEVCO SECURITIES, INC.
011 B000001 8-41585
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10020
012 A000001 COUNTRYWIDE FUND SERVICES, INC.
012 B000001 84-1093
012 C010001 CINCINNATI
012 C020001 OH
012 C030001 45202
012 C040001 4094
013 A000001 ERNST & YOUNG LLP
013 B010001 CHICAGO
<PAGE> PAGE 2
013 B020001 IL
013 B030001 60606
013 B040001 6301
014 A000001 LEVCO SECURITIES, INC.
014 B000001 8-41585
015 A000001 UMB BANK, N.A.
015 B000001 C
015 C010001 KANSAS CITY
015 C020001 MO
015 C030001 64141
015 C040001 6226
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000001 13-5674085
020 C000001 4
020 A000002 LEVCO SECURITIES CORP. (INC.)
020 B000002 13-3895763
020 C000002 3
020 A000003 PAINWEBBER, INC.
020 B000003 13-2638166
020 C000003 3
020 A000004 MORGAN (J.P) SECURITIES, INC.
020 B000004 13-3224016
020 C000004 3
020 A000005 BEAR, STEARNS & CO., INC.
020 B000005 13-3299429
020 C000005 2
020 A000006 FIRST BOSTON CORPORATION
020 B000006 13-5659485
020 C000006 2
020 A000007 FRIEDMAN, BILLINGS & RAMSEY
020 B000007 52-1630477
020 C000007 2
020 A000008 BRIDGE TRADING COMPANY
020 B000008 43-1450530
020 C000008 2
020 A000009 LEHMAN BROTHERS
020 B000009 13-2518466
020 C000009 2
020 A000010 SALOMON SMITH BARNEY
020 B000010 13-3082694
020 C000010 2
021 000000 36
022 A000001 UNITED MISSOURI BANK
022 B000001 44-0201230
022 C000001 1168
022 D000001 0
022 A000002 MORGAN STANLEY, DEAN WITTER, DISCOVER
<PAGE> PAGE 3
022 B000002 13-2655998
022 C000002 282
022 D000002 381
022 A000003 MERRILL LYNCH, PEIRCE, FENNER & SMITH
022 B000003 13-5674085
022 C000003 381
022 D000003 0
022 A000004 BEAR STEARNS & CO., INC.
022 B000004 13-3299429
022 C000004 183
022 D000004 0
022 A000005 FRIEDMAN, BILLINGS & RAMSEY
022 B000005 52-1630477
022 C000005 178
022 D000005 0
022 A000006 WERTHEIM SCHRODER & CO., INC.
022 B000006 13-2697272
022 C000006 0
022 D000006 97
022 A000007 GOLDMAN SACHS & CO.
022 B000007 13-5108880
022 C000007 32
022 D000007 41
022 A000008 BROWN (ALEX) & SONS, INC.
022 B000008 52-1319768
022 C000008 28
022 D000008 32
022 A000009 JEFFERIES & COMPANY
022 B000009 95-2622900
022 C000009 0
022 D000009 27
022 C000010 0
022 D000010 0
023 C000000 2252
023 D000000 579
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
<PAGE> PAGE 4
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 20
028 A020000 0
028 A030000 0
028 A040000 201
028 B010000 492
028 B020000 0
028 B030000 0
028 B040000 26
028 C010000 1
028 C020000 57
028 C030000 0
028 C040000 15
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 32
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 68
028 F010000 47
028 F020000 2270
028 F030000 0
028 F040000 25
028 G010000 560
028 G020000 2327
028 G030000 0
028 G040000 367
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
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
<PAGE> PAGE 5
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.850
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
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
<PAGE> PAGE 6
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
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 Y
066 B000000 N
066 C000000 N
066 D000000 Y
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 Y
<PAGE> PAGE 7
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 16323
071 B000000 11478
071 C000000 18437
071 D000000 62
072 A000000 12
072 B000000 91
072 C000000 284
072 D000000 0
072 E000000 0
072 F000000 177
072 G000000 0
072 H000000 0
072 I000000 12
072 J000000 6
072 K000000 0
072 L000000 4
072 M000000 30
072 N000000 2
072 O000000 0
072 P000000 0
072 Q000000 30
072 R000000 18
<PAGE> PAGE 8
072 S000000 42
072 T000000 0
072 U000000 26
072 V000000 0
072 W000000 10
072 X000000 357
072 Y000000 128
072 Z000000 146
072AA000000 2846
072BB000000 605
072CC010000 497
072CC020000 0
072DD010000 145
072DD020000 0
072EE000000 2238
073 A010000 0.0830
073 A020000 0.0000
073 B000000 1.1958
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 1168
074 D000000 0
074 E000000 1051
074 F000000 21786
074 G000000 0
074 H000000 0
074 I000000 118
074 J000000 0
074 K000000 0
074 L000000 21
074 M000000 67
074 N000000 24211
074 O000000 0
074 P000000 59
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 64
074 S000000 0
074 T000000 24088
074 U010000 2067
074 U020000 0
074 V010000 11.65
074 V020000 0.00
074 W000000 0.0000
074 X000000 2
074 Y000000 0
075 A000000 0
075 B000000 20871
<PAGE> PAGE 9
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
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 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 NATIONAL UNION FIRE INSURANCE COMPANY
080 C000000 1150
081 A000000 Y
081 B000000 1
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 NORRIS NISSIM
TITLE SECRETARY
Report of Independent Auditors
To the Shareholders and Board of Trustees
LEVCO Equity Value Fund
In planning and performing our audit of the financial statements of LEVCO Equity
Value Fund for the year ended December 31, 1999, we considered its internal
control, including control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on internal control.
The management of LEVCO Equity Value Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above at
December 31, 1999.
This report is intended solely for the information and use of management, the
Board of Trustees of LEVCO Equity Value Fund, and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other than
these specified parties.
ERNST & YOUNG LLP
Cincinnati, Ohio
February 18, 2000
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001029881
<NAME> LEVCO EQUITY VALUE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 22,000,756
<INVESTMENTS-AT-VALUE> 24,123,419
<RECEIVABLES> 21,129
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 66,800
<TOTAL-ASSETS> 24,211,348
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 122,860
<TOTAL-LIABILITIES> 122,860
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,965,553
<SHARES-COMMON-STOCK> 2,067,095
<SHARES-COMMON-PRIOR> 1,462,714
<ACCUMULATED-NII-CURRENT> 611
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (339)
<ACCUM-APPREC-OR-DEPREC> 2,122,663
<NET-ASSETS> 24,088,488
<DIVIDEND-INCOME> 283,990
<INTEREST-INCOME> 90,978
<OTHER-INCOME> 0
<EXPENSES-NET> 229,350
<NET-INVESTMENT-INCOME> 145,618
<REALIZED-GAINS-CURRENT> 2,240,877
<APPREC-INCREASE-CURRENT> 496,676
<NET-CHANGE-FROM-OPS> 2,883,171
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 145,134
<DISTRIBUTIONS-OF-GAINS> 2,238,080
<DISTRIBUTIONS-OTHER> 339
<NUMBER-OF-SHARES-SOLD> 436,034
<NUMBER-OF-SHARES-REDEEMED> (36,660)
<SHARES-REINVESTED> 205,007
<NET-CHANGE-IN-ASSETS> 7,739,712
<ACCUMULATED-NII-PRIOR> 127
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 2,797
<GROSS-ADVISORY-FEES> 177,225
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 357,114
<AVERAGE-NET-ASSETS> 20,871,197
<PER-SHARE-NAV-BEGIN> 11.18
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 1.67
<PER-SHARE-DIVIDEND> (0.08)
<PER-SHARE-DISTRIBUTIONS> (1.20)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.65
<EXPENSE-RATIO> 1.10
</TABLE>
