<PAGE> PAGE 1
000 B000000 12/31/98
000 C000000 0001031877
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 ATLAS INSURANCE TRUST
001 B000000 811-08041
001 C000000 5102977429
002 A000000 794 DAVIS STREET
002 B000000 SAN LEANDRO
002 C000000 CA
002 D010000 94577
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 BALANCED GROWTH PORTFOLIO
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 ATLAS ADVISERS, INC.
008 B00AA01 A
008 C00AA01 801-30489
008 D01AA01 SAN LEANDRO
008 D02AA01 CA
008 D03AA01 94577
010 A00AA01 ATLAS ADVISERS, INC.
010 B00AA01 801-30489
010 C01AA01 SAN LEANDRO
010 C02AA01 CA
010 C03AA01 94577
011 A00AA01 ATLAS SECURITIES, INC
011 B00AA01 8-38579
011 C01AA01 SAN LEANDRO
011 C02AA01 CA
011 C03AA01 94577
012 A00AA01 STATE STREET BANK AND TRUST
<PAGE> PAGE 2
012 B00AA01 85-05003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02106
013 A00AA01 DELOITTE & TOUCHE LLP
013 B01AA01 SAN FRANCISCO
013 B02AA01 CA
013 B03AA01 94105
014 A00AA01 ATLAS SECURITIES, INC.
014 B00AA01 8-8-38579
015 A00AA01 INVESTORS BANK & TRUST CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02205
015 C04AA01 1537
015 E01AA01 X
018 00AA00 N
019 A00AA00 Y
019 B00AA00 13
019 C00AA00 ATLASFUNDS
020 C000001 0
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 0
022 C000001 0
022 D000001 0
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 0
023 D000000 0
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A01AA00 857
028 A02AA00 0
028 A03AA00 0
028 A04AA00 4
028 B01AA00 415
028 B02AA00 0
028 B03AA00 0
028 B04AA00 103
028 C01AA00 310
028 C02AA00 0
028 C03AA00 0
028 C04AA00 90
028 D01AA00 390
028 D02AA00 0
028 D03AA00 0
028 D04AA00 172
028 E01AA00 114
028 E02AA00 0
028 E03AA00 0
028 E04AA00 60
028 F01AA00 112
028 F02AA00 305
028 F03AA00 0
028 F04AA00 79
028 G01AA00 2198
028 G02AA00 305
028 G03AA00 0
028 G04AA00 508
028 H00AA00 0
<PAGE> PAGE 4
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.250
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
<PAGE> PAGE 5
048 K02AA00 0.000
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 Y
054 E00AA00 Y
054 F00AA00 Y
054 G00AA00 Y
054 H00AA00 N
054 I00AA00 Y
054 J00AA00 Y
054 K00AA00 Y
054 L00AA00 Y
054 M00AA00 Y
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 N
060 B00AA00 N
061 00AA00 5000
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
<PAGE> PAGE 6
063 B00AA00 0.0
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 N
066 D00AA00 N
066 E00AA00 Y
066 F00AA00 N
066 G00AA00 N
067 00AA00 Y
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 N
070 J02AA00 N
070 K01AA00 N
070 K02AA00 N
070 L01AA00 N
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
071 A00AA00 18563
071 B00AA00 10232
071 C00AA00 8914
<PAGE> PAGE 7
071 D00AA00 115
072 A00AA00 12
072 B00AA00 2
072 C00AA00 657
072 D00AA00 0
072 E00AA00 0
072 F00AA00 23
072 G00AA00 0
072 H00AA00 0
072 I00AA00 29
072 J00AA00 28
072 K00AA00 0
072 L00AA00 26
072 M00AA00 1
072 N00AA00 0
072 O00AA00 0
072 P00AA00 0
072 Q00AA00 0
072 R00AA00 10
072 S00AA00 0
072 T00AA00 0
072 U00AA00 5
072 V00AA00 0
072 W00AA00 0
072 X00AA00 122
072 Y00AA00 77
072 Z00AA00 614
072AA00AA00 0
072BB00AA00 785
072CC01AA00 1025
072CC02AA00 0
072DD01AA00 305
072DD02AA00 0
072EE00AA00 0
073 A01AA00 0.2600
073 A02AA00 0.0000
073 B00AA00 0.0000
073 C00AA00 0.0000
074 A00AA00 0
074 B00AA00 0
074 C00AA00 0
074 D00AA00 0
074 E00AA00 0
074 F00AA00 0
074 G00AA00 0
074 H00AA00 0
074 I00AA00 12064
074 J00AA00 0
074 K00AA00 0
074 L00AA00 0
074 M00AA00 540
<PAGE> PAGE 8
074 N00AA00 12604
074 O00AA00 0
074 P00AA00 0
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 0
074 R03AA00 0
074 R04AA00 44
074 S00AA00 0
074 T00AA00 12560
074 U01AA00 1125
074 U02AA00 0
074 V01AA00 10.26
074 V02AA00 0.00
074 W00AA00 0.0000
074 X00AA00 2
074 Y00AA00 0
075 A00AA00 0
075 B00AA00 9117
076 00AA00 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
078 000000 N
080 A00AA00 GULF INSURANCE GROUP
080 C00AA00 1500
081 A00AA00 Y
081 B00AA00 3
082 A00AA00 Y
082 B00AA00 50
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
<PAGE> PAGE 9
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
SIGNATURE LARRY E. LACASSE
TITLE GROUP SR. VICE-PRES.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001031877
<NAME> ATLAS INSURANCE TRUST
<SERIES>
<NUMBER> 1
<NAME> BALANCED GROWTH FUND
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 11218
<INVESTMENTS-AT-VALUE> 12064
<RECEIVABLES> 0
<ASSETS-OTHER> 540
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12604
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44
<TOTAL-LIABILITIES> 44
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12191
<SHARES-COMMON-STOCK> 1225
<SHARES-COMMON-PRIOR> 376
<ACCUMULATED-NII-CURRENT> (786)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 309
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 846
<NET-ASSETS> 12560
<DIVIDEND-INCOME> 657
<INTEREST-INCOME> 2
<OTHER-INCOME> 0
<EXPENSES-NET> 45
<NET-INVESTMENT-INCOME> 614
<REALIZED-GAINS-CURRENT> (785)
<APPREC-INCREASE-CURRENT> 1024
<NET-CHANGE-FROM-OPS> 853
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 305
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 932
<NUMBER-OF-SHARES-REDEEMED> 113
<SHARES-REINVESTED> 30
<NET-CHANGE-IN-ASSETS> 9047
<ACCUMULATED-NII-PRIOR> (95)
<ACCUMULATED-GAINS-PRIOR> (1357)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 23
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 122
<AVERAGE-NET-ASSETS> 9117
<PER-SHARE-NAV-BEGIN> 9.33
<PER-SHARE-NII> 0.58
<PER-SHARE-GAIN-APPREC> 0.61
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.26
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Independent Auditors' Report
Atlas Insurance Trust:
In planning and performing out audit of the
financial statements of Atlas Insurance
Trust (Atlas Balanced Growth Portfolio)(the
"Fund") for the year ended December 31, 1998
(on which we have issued our report dated
February 12, 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 the Fund's internal
control.
The management of the 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 the Fund's 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 the Fund's
internal control and its operation, including
controls for safeguarding securities, that we
consider to be material weaknesses as defined
above as of December 31, 1998.
This report is intended solely for the
information and use of management, the Board
of Trustees of the Fund, and the Securities
and Exchange Commission.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
Oakland, California
February 12, 1999
