AFBA FIVE STAR FUND INC
NSAR-B, 1999-05-17
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<PAGE>      PAGE  1
000 B000000 03/31/1999
000 C000000 0001030802
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 AFBA FIVE STAR FUND, INC.
001 B000000 811-08035
001 C000000 8167515900
002 A000000 700 KARNES BLVD
002 B000000 KANSAS CITY
002 C000000 MO
002 D010000 64108
002 D020000 3306
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  4
007 C010100  1
007 C020100 AFBA FIVE STAR BALANCED FUND
007 C030100 N
007 C010200  2
007 C020200 AFBA FIVE STAR EQUITY FUND
007 C030200 N
007 C010300  3
007 C020300 AFBA FIVE STAR HIGH YIELD FUND
007 C030300 N
007 C010400  4
007 C020400 AFBA FIVE STAR USA GLOBAL FUND
007 C030400 N
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 AFBA INVESTMENT MANAGEMENT COMPANY
008 B00AA01 A
008 C00AA01 801-54247
008 D01AA01 ALEXANDRIA
008 D02AA01 VA
008 D03AA01 22314
008 A00AA02 KORNITZER CAPITAL MANAGEMENT INC.
008 B00AA02 S
008 C00AA02 801-34933
008 D01AA02 SHAWNEE MISSION
<PAGE>      PAGE  2
008 D02AA02 KS
008 D03AA02 66202
011 A00AA01 JONES & BABSON, INC.
011 B00AA01 8-07802
011 C01AA01 KANSAS CITY
011 C02AA01 MO
011 C03AA01 64108
011 C04AA01 3306
012 A00AA01 JONES & BABSON, INC.
012 B00AA01 84-5508
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64108
012 C04AA01 3306
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 KANSAS CITY
013 B02AA01 MO
013 B03AA01 64105
015 A00AA01 UMB BANK, N.A.
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64141
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00    4
019 C00AA00 AFBA5STARF
020 A000001 CANTOR FITZGERALD & CO
020 C000001     10
020 A000002 GEORGE K. BAUM
020 C000002      4
020 A000003 CS FIRST BOSTON
020 C000003      2
020 A000004 ROBERTSON, STEPHENS & CO
020 C000004      2
020 A000005 COMMERZBANK CAPITAL MARKETS
020 C000005      2
020 A000006 DONALDSON, LUFKIN & JENERETTE
020 C000006      1
020 A000007 INTERSTATE SECURITIES CORP
020 C000007      1
020 A000008 LEHMAN BROS
020 C000008      1
020 A000009 RAYMOND, JAMES
020 C000009      1
020 A000010 ABN AMRO
020 C000010      0
021  000000       26
022 A000001 UMB BANK N.A.
022 C000001    722392
<PAGE>      PAGE  3
022 D000001         0
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022 C000002      4139
022 D000002      1084
022 A000003 COMMERZBANK CAPITAL MARKETS CORP
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022 D000003      1177
022 A000004 CS FIRST BOSTON
022 C000004       543
022 D000004       727
022 A000005 LEHMAN BROS
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022 A000006 GOLDMAN SACHS
022 C000006      1055
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022 A000007 MORGAN STANLEY
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080 A00AA00 CONTINENTAL INSURANCE CO
<PAGE>      PAGE  6
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<PAGE>      PAGE  9
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
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SIGNATURE   MARTIN A. CRAMER                             
TITLE       VICE PRESIDENT      
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001030802
<NAME> AFBA FIVE STAR FUND INC
<SERIES>
   <NUMBER> 1
   <NAME> AFBA FIVE STAR BALANCED FUND
       
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