<PAGE> PAGE 1
000 A000000 06/30/96
000 C000000 0000069260
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 MAP-EQUITY FUND
001 B000000 811-2046
001 C000000 2014818356
002 A000000 520 BROAD ST.
002 B000000 NEWARK
002 C000000 NJ
002 D010000 07102
002 D020000 3111
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
008 A000001 MARKSTON INVESTMENT MANAGEMENT
008 B000001 A
008 C000001 801-31657
008 D010001 WHITE PLAINS
008 D020001 NY
008 D030001 10601
011 A000001 FIRST PRIORITY INVESTMENT CORPORATION
011 B000001 8-46334
011 C010001 NEWARK
011 C020001 NJ
011 C030001 07102
011 C040001 3111
012 A000001 STATE STREET BANK AND TRUST COMPANY
012 B000001 85-05003
012 C010001 BOSTON
012 C020001 MA
012 C030001 02110
013 A000001 PRICE WATERHOUSE LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
014 A000001 FIRST PRIORITY INVESTMENT CORPORATION
014 B000001 8-46334
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
<PAGE> PAGE 2
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 2
019 C000000 FIRSTPRIOR
020 A000001 DONALDSON, LUFKIN & JENRETTE
020 B000001 13-2741729
020 C000001 9
020 A000002 INSTINET
020 B000002 13-3443395
020 C000002 4
020 A000003 JEFFERIES
020 B000003 95-2622900
020 C000003 2
020 A000004 OPPENHEIMER
020 B000004 13-2798343
020 C000004 2
020 A000005 PAINE WEBBER
020 B000005 13-2638166
020 C000005 2
020 A000006 BEAR, STEARNS
020 B000006 13-3299429
020 C000006 2
020 A000007 LIPPER ANALYTICAL
020 B000007 13-2792478
020 C000007 1
020 A000008 MORGAN STANLEY
020 B000008 13-2655998
020 C000008 1
020 A000009 LEHMAN
020 B000009 13-2518466
020 C000009 1
020 A000010 PRUDENTIAL
020 B000010 22-2347336
020 C000010 1
021 000000 27
022 A000001 DEAN WITTER
022 B000001 94-1671384
022 C000001 29028
022 D000001 4155
022 A000002 FIRST CHICAGO
022 B000002 36-3595942
022 C000002 12805
022 D000002 6842
022 A000003 LEHMAN
022 B000003 13-2518466
022 C000003 17211
022 D000003 1212
022 A000004 SMITH BARNEY
022 B000004 13-1912900
022 C000004 16037
<PAGE> PAGE 3
022 D000004 699
022 A000005 WOLTERS KLUWER
022 C000005 0
022 D000005 6471
022 A000006 EMERGING TIGERS
022 B000006 22-3281060
022 C000006 0
022 D000006 1191
022 A000007 GLOBAL TOTAL RETURN FUND
022 B000007 13-3352347
022 C000007 0
022 D000007 610
022 A000008 SMITH'S FOOD & DRUG
022 B000008 87-0258768
022 C000008 0
022 D000008 423
022 A000009 MERRILL, LYNCH
022 B000009 13-5674085
022 C000009 66
022 D000009 0
022 A000010 GLOBAL GOVERNMENT PLUS FUND
022 B000010 13-3401479
022 C000010 0
022 D000010 45
023 C000000 75249
023 D000000 21679
024 000000 N
026 A000000 N
026 B000000 Y
026 C000000 N
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026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
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028 A010000 38
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028 A030000 0
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028 C010000 77
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028 C040000 268
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<PAGE> PAGE 4
028 D030000 0
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028 G010000 542
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030 C000000 1.00
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032 000000 9
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048 H010000 0
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<PAGE> PAGE 5
048 I020000 0.000
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<PAGE> PAGE 6
062 R000000 0.0
066 A000000 Y
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066 D000000 Y
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066 G000000 N
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070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 14716
071 B000000 19629
071 C000000 49018
<PAGE> PAGE 7
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072 A000000 6
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<PAGE> PAGE 8
074 N000000 65507
074 O000000 687
074 P000000 54
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074 R010000 0
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074 R040000 47
074 S000000 0
074 T000000 64719
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SIGNATURE ALBERT W. LEIER
TITLE V.P. & TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
SEMI-ANNUAL REPORT OF MAP-EQUITY FUND DATED JUNE 30, 1996 AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000069260
<NAME> MAP-EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 52029
<INVESTMENTS-AT-VALUE> 65088
<RECEIVABLES> 379
<ASSETS-OTHER> 40
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 65507
<PAYABLE-FOR-SECURITIES> 687
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 101
<TOTAL-LIABILITIES> 788
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40835
<SHARES-COMMON-STOCK> 3089
<SHARES-COMMON-PRIOR> 3124
<ACCUMULATED-NII-CURRENT> 704
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7032
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13059
<NET-ASSETS> 64719
<DIVIDEND-INCOME> 499
<INTEREST-INCOME> 372
<OTHER-INCOME> 0
<EXPENSES-NET> 243
<NET-INVESTMENT-INCOME> 628
<REALIZED-GAINS-CURRENT> 7437
<APPREC-INCREASE-CURRENT> (3110)
<NET-CHANGE-FROM-OPS> 4955
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 26
<NUMBER-OF-SHARES-REDEEMED> 61
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4252
<ACCUMULATED-NII-PRIOR> 76
<ACCUMULATED-GAINS-PRIOR> (405)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 117
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 243
<AVERAGE-NET-ASSETS> 62991
<PER-SHARE-NAV-BEGIN> 19.36
<PER-SHARE-NII> 0.20
<PER-SHARE-GAIN-APPREC> 1.39
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.95
<EXPENSE-RATIO> 0.39
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
