<PAGE> PAGE 1
000 A000000 05/31/97
000 C000000 0000745338
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 MONTEREY MUTUAL FUND
001 B000000 811-4010
001 C000000 8002511970
002 A000000 1299 OCEAN AVENUE SUITE 210
002 B000000 SANTA MONICA
002 C000000 CA
002 D010000 90401
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 8
007 C010100 1
007 C020100 MURPHY NEW WORLD TECHNOLOGY CONVERTIBLES
007 C030100 N
007 C010200 2
007 C020200 OCM GOLD
007 C030200 N
007 C010300 3
007 C020300 CAMBORNE GOVERNMENT INCOME
007 C030300 N
007 C010400 4
007 C020400 PIA EQUITY
007 C030400 N
007 C010500 5
007 C020500 MURPHY NEW WORLD BIOTECHNOLOGY
007 C030500 N
007 C010600 6
007 C020600 MURPHY NEW WORLD TECHNOLOGY
007 C030600 N
007 C010700 7
007 C020700 PIA SHORT TERM GOVERNMENT SECURITIES
007 C030700 N
007 C010800 8
007 C020800 PIA GLOBAL BOND
007 C030800 N
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
<PAGE> PAGE 2
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
007 C014100 41
007 C014200 42
007 C014300 43
007 C014400 44
007 C014500 45
007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
007 C015100 51
007 C015200 52
007 C015300 53
007 C015400 54
007 C015500 55
007 C015600 56
007 C015700 57
007 C015800 58
007 C015900 59
007 C016000 60
007 C016100 61
007 C016200 62
007 C016300 63
007 C016400 64
<PAGE> PAGE 3
007 C016500 65
007 C016600 66
007 C016700 67
007 C016800 68
007 C016900 69
007 C017000 70
020 A000001 MERRILL LYNCH
020 C000001 4
020 A000002 HAMBRECHT & QUIST
020 C000002 2
020 A000003 BROOKSTREET SECURITIES
020 C000003 2
020 A000004 PERSHING
020 C000004 1
020 A000005 BROADCOURT CAP
020 C000005 1
020 A000006 SHEMMAND & CO
020 C000006 1
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 12
022 A000001 NOMURA SECURITIES
022 C000001 1862
022 D000001 0
022 A000002 LEHMAN BROTHERS
022 C000002 1256
022 D000002 96
022 A000003 CIBC WOOD
022 C000003 920
022 D000003 0
022 A000004 MERRILL LYNCH
022 C000004 606
022 D000004 116
022 A000005 HAMBRECHT & QUIST
022 C000005 369
022 D000005 40
022 A000006 BEAR STEARNS
022 C000006 294
022 D000006 0
022 A000007 SALOMON BROTHERS
022 C000007 96
022 D000007 0
022 A000008 BROOKSTREET SECURITIES
022 C000008 62
022 D000008 0
022 A000009 STAR BANK, N.A.
022 C000009 28
022 D000009 0
022 A000010 ORD MINNETT
<PAGE> PAGE 4
022 C000010 0
022 D000010 21
023 C000000 5493
023 D000000 273
024 00AA00 N
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
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
077 A000000 N
078 000000 N
008 A000101 MURPHY INVESTMENT MANAGEMENT, INC
008 B000101 A
008 C000101 801-35810
008 D010101 HALF MOON BAY
008 D020101 CA
008 D030101 94019
028 A010100 2
028 A020100 0
028 A030100 0
028 A040100 10
028 B010100 0
028 B020100 0
028 B030100 0
028 B040100 3
028 C010100 8
028 C020100 0
028 C030100 0
028 C040100 4
028 D010100 0
028 D020100 0
<PAGE> PAGE 5
028 D030100 0
028 D040100 47
028 E010100 55
028 E020100 0
028 E030100 0
028 E040100 47
028 F010100 56
028 F020100 0
028 F030100 0
028 F040100 42
028 G010100 121
028 G020100 0
028 G030100 0
028 G040100 153
028 H000100 2
029 000100 Y
030 A000100 0
030 B000100 0.00
030 C000100 0.00
031 A000100 0
031 B000100 0
032 000100 0
033 000100 0
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 1
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 150000
048 A020100 0.625
048 B010100 100000
048 B020100 0.500
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
<PAGE> PAGE 6
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 250000
048 K020100 0.375
062 A000100 Y
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 4.8
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 36.7
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 6.5
071 A000100 608
071 B000100 1524
071 C000100 1144
071 D000100 53
072 A000100 6
072 B000100 5
072 C000100 11
072 D000100 0
072 E000100 0
072 F000100 5
072 G000100 8
072 H000100 0
072 I000100 5
072 J000100 1
072 K000100 1
072 L000100 2
072 M000100 1
072 N000100 8
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 5
072 S000100 6
<PAGE> PAGE 7
072 T000100 1
072 U000100 0
072 V000100 0
072 W000100 5
072 X000100 48
072 Y000100 29
072 Z000100 -3
072AA000100 336
072BB000100 0
072CC010100 0
072CC020100 319
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 879
074 B000100 0
074 C000100 74
074 D000100 566
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 6
074 L000100 16
074 M000100 19
074 N000100 1560
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 18
074 S000100 0
074 T000100 1542
074 U010100 57
074 U020100 0
074 V010100 26.84
074 V020100 0.00
074 W000100 0.0000
074 X000100 297
074 Y000100 0
075 A000100 0
075 B000100 1560
076 000100 0.00
<PAGE> PAGE 8
008 A000201 ORRELL CAPITAL MANAGEMENT
008 B000201 A
008 C000201 801-38997
008 D010201 SAN FRANCISCO
008 D020201 CA
008 D030201 94104
028 A010200 72
028 A020200 0
028 A030200 0
028 A040200 58
028 B010200 99
028 B020200 0
028 B030200 0
028 B040200 110
028 C010200 194
028 C020200 0
028 C030200 0
028 C040200 2
028 D010200 152
028 D020200 0
028 D030200 0
028 D040200 63
028 E010200 24
028 E020200 0
028 E030200 0
028 E040200 23
028 F010200 103
028 F020200 0
028 F030200 0
028 F040200 55
028 G010200 644
028 G020200 0
028 G030200 0
028 G040200 311
028 H000200 130
029 000200 Y
030 A000200 2
030 B000200 4.50
030 C000200 0.00
031 A000200 0
031 B000200 0
032 000200 2
033 000200 0
042 A000200 0
042 B000200 0
042 C000200 100
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
<PAGE> PAGE 9
043 000200 8
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
048 A010200 50000
048 A020200 1.000
048 B010200 25000
048 B020200 0.875
048 C010200 25000
048 C020200 0.750
048 D010200 50000
048 D020200 0.625
048 E010200 100000
048 E020200 0.500
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 250000
048 K020200 0.375
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 Y
066 D000200 N
066 E000200 N
<PAGE> PAGE 10
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 Y
068 B000200 N
069 000200 N
071 A000200 459
071 B000200 195
071 C000200 1494
071 D000200 13
072 A000200 6
072 B000200 2
072 C000200 4
072 D000200 0
072 E000200 0
072 F000200 8
072 G000200 9
072 H000200 0
072 I000200 5
072 J000200 1
072 K000200 1
072 L000200 2
072 M000200 1
072 N000200 2
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 4
072 S000200 5
072 T000200 8
072 U000200 0
072 V000200 0
072 W000200 1
072 X000200 47
072 Y000200 27
072 Z000200 -14
072AA000200 8
072BB000200 0
072CC010200 0
072CC020200 185
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 74
074 B000200 0
074 C000200 74
074 D000200 0
<PAGE> PAGE 11
074 E000200 0
074 F000200 1550
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 8
074 L000200 11
074 M000200 6
074 N000200 1723
074 O000200 36
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 14
074 S000200 0
074 T000200 1673
074 U010200 225
074 U020200 0
074 V010200 7.44
074 V020200 0.00
074 W000200 0.0000
074 X000200 196
074 Y000200 0
075 A000200 0
075 B000200 1615
076 000200 0.00
008 A000301 PACIFIC INCOME ADVISORS
008 B000301 A
008 C000301 801-27828
008 D010301 SANTA MONICA
008 D020301 CA
008 D030301 90401
008 A000302 CAMBORNE ADVISORS INC
008 B000302 S
008 C000302 801-47770
008 D010302 DALLAS
008 D020302 TX
008 D030302 75231
028 A010300 0
028 A020300 5
028 A030300 0
028 A040300 303
028 B010300 21
028 B020300 4
028 B030300 0
028 B040300 0
028 C010300 0
028 C020300 4
<PAGE> PAGE 12
028 C030300 0
028 C040300 25
028 D010300 0
028 D020300 4
028 D030300 0
028 D040300 40
028 E010300 1
028 E020300 5
028 E030300 0
028 E040300 3
028 F010300 1
028 F020300 8
028 F030300 0
028 F040300 18
028 G010300 23
028 G020300 30
028 G030300 0
028 G040300 389
028 H000300 1
029 000300 Y
030 A000300 0
030 B000300 4.50
030 C000300 0.00
031 A000300 0
031 B000300 0
032 000300 0
033 000300 0
042 A000300 0
042 B000300 0
042 C000300 100
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 0
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.400
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
<PAGE> PAGE 13
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 4.8
062 M000300 8.0
062 N000300 39.1
062 O000300 0.0
062 P000300 11.5
062 Q000300 26.8
062 R000300 0.0
063 A000300 0
063 B000300 6.4
071 A000300 505
071 B000300 647
071 C000300 904
071 D000300 56
072 A000300 6
072 B000300 36
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 2
072 G000300 8
072 H000300 0
072 I000300 5
072 J000300 1
072 K000300 1
072 L000300 2
072 M000300 1
072 N000300 3
072 O000300 0
<PAGE> PAGE 14
072 P000300 0
072 Q000300 0
072 R000300 4
072 S000300 5
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 1
072 X000300 33
072 Y000300 28
072 Z000300 31
072AA000300 0
072BB000300 15
072CC010300 7
072CC020300 0
072DD010300 30
072DD020300 0
072EE000300 0
073 A010300 0.4100
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 78
074 B000300 0
074 C000300 46
074 D000300 811
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 6
074 L000300 12
074 M000300 8
074 N000300 961
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 11
074 S000300 0
074 T000300 950
074 U010300 70
074 U020300 0
074 V010300 13.51
074 V020300 0.00
074 W000300 0.0000
074 X000300 44
<PAGE> PAGE 15
074 Y000300 0
075 A000300 0
075 B000300 991
076 000300 0.00
008 A000401 PACIFIC INCOME ADVISORS
008 B000401 A
008 C000401 801-27828
008 D010401 SANTA MONICA
008 D020401 CA
008 D030401 90401
028 A010400 0
028 A020400 0
028 A030400 0
028 A040400 54
028 B010400 82
028 B020400 21
028 B030400 0
028 B040400 5
028 C010400 460
028 C020400 0
028 C030400 0
028 C040400 241
028 D010400 79
028 D020400 0
028 D030400 0
028 D040400 0
028 E010400 6
028 E020400 0
028 E030400 0
028 E040400 0
028 F010400 41
028 F020400 0
028 F030400 0
028 F040400 30
028 G010400 668
028 G020400 21
028 G030400 0
028 G040400 330
028 H000400 15
029 000400 Y
030 A000400 1
030 B000400 4.50
030 C000400 0.00
031 A000400 0
031 B000400 0
032 000400 1
033 000400 0
042 A000400 0
042 B000400 0
042 C000400 100
042 D000400 0
<PAGE> PAGE 16
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 4
044 000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.000
048 A010400 50000
048 A020400 1.000
048 B010400 25000
048 B020400 0.875
048 C010400 25000
048 C020400 0.750
048 D010400 50000
048 D020400 0.625
048 E010400 100000
048 E020400 0.500
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 250000
048 K020400 0.375
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
066 A000400 Y
<PAGE> PAGE 17
066 B000400 N
066 C000400 Y
066 D000400 N
066 E000400 N
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
071 A000400 450
071 B000400 140
071 C000400 612
071 D000400 23
072 A000400 6
072 B000400 3
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 4
072 G000400 8
072 H000400 0
072 I000400 5
072 J000400 1
072 K000400 1
072 L000400 2
072 M000400 1
072 N000400 8
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 4
072 S000400 5
072 T000400 4
072 U000400 0
072 V000400 0
072 W000400 1
072 X000400 44
072 Y000400 34
072 Z000400 -7
072AA000400 0
072BB000400 31
072CC010400 0
072CC020400 9
072DD010400 0
072DD020400 0
072EE000400 23
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.6800
073 C000400 0.0000
<PAGE> PAGE 18
074 A000400 0
074 B000400 0
074 C000400 39
074 D000400 0
074 E000400 0
074 F000400 945
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 7
074 L000400 8
074 M000400 20
074 N000400 1019
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 14
074 S000400 0
074 T000400 1005
074 U010400 57
074 U020400 0
074 V010400 17.68
074 V020400 0.00
074 W000400 0.0000
074 X000400 124
074 Y000400 0
075 A000400 0
075 B000400 821
076 000400 0.00
008 A000501 MURPHY INVESTMENT MANAGEMENT, INC
008 B000501 A
008 C000501 801-35810
008 D010501 HALF MOON BAY
008 D020501 CA
008 D030501 94019
028 A010500 2
028 A020500 0
028 A030500 0
028 A040500 4
028 B010500 6
028 B020500 0
028 B030500 0
028 B040500 6
028 C010500 268
028 C020500 0
028 C030500 0
028 C040500 2
<PAGE> PAGE 19
028 D010500 26
028 D020500 0
028 D030500 0
028 D040500 1
028 E010500 205
028 E020500 0
028 E030500 0
028 E040500 43
028 F010500 423
028 F020500 0
028 F030500 0
028 F040500 16
028 G010500 930
028 G020500 0
028 G030500 0
028 G040500 72
028 H000500 17
029 000500 Y
030 A000500 1
030 B000500 0.00
030 C000500 0.00
031 A000500 0
031 B000500 0
032 000500 1
033 000500 0
042 A000500 0
042 B000500 0
042 C000500 100
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 1
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 1.000
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
<PAGE> PAGE 20
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 Y
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
071 A000500 843
071 B000500 124
071 C000500 393
071 D000500 32
072 A000500 6
072 B000500 1
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 3
072 G000500 8
072 H000500 0
<PAGE> PAGE 21
072 I000500 5
072 J000500 1
072 K000500 1
072 L000500 2
072 M000500 1
072 N000500 3
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 3
072 S000500 5
072 T000500 1
072 U000500 1
072 V000500 0
072 W000500 0
072 X000500 34
072 Y000500 28
072 Z000500 -5
072AA000500 0
072BB000500 43
072CC010500 61
072CC020500 0
072DD010500 0
072DD020500 0
072EE000500 0
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 240
074 B000500 0
074 C000500 28
074 D000500 0
074 E000500 0
074 F000500 806
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 5
074 L000500 13
074 M000500 13
074 N000500 1105
074 O000500 0
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 4
074 S000500 0
<PAGE> PAGE 22
074 T000500 1101
074 U010500 150
074 U020500 0
074 V010500 7.32
074 V020500 0.00
074 W000500 0.0000
074 X000500 170
074 Y000500 0
075 A000500 0
075 B000500 451
076 000500 0.00
008 A000601 MURPHY INVESTMENT MANAGEMENT INC
008 B000601 A
008 C000601 801-35810
008 D010601 HALF MOON BAY
008 D020601 CA
008 D030601 94019
028 A010600 7
028 A020600 0
028 A030600 0
028 A040600 6
028 B010600 31
028 B020600 25
028 B030600 0
028 B040600 48
028 C010600 120
028 C020600 0
028 C030600 0
028 C040600 2
028 D010600 302
028 D020600 0
028 D030600 0
028 D040600 5
028 E010600 85
028 E020600 0
028 E030600 0
028 E040600 70
028 F010600 100
028 F020600 0
028 F030600 0
028 F040600 1
028 G010600 645
028 G020600 25
028 G030600 0
028 G040600 132
028 H000600 10
029 000600 Y
030 A000600 0
030 B000600 0.00
030 C000600 0.00
031 A000600 0
<PAGE> PAGE 23
031 B000600 0
032 000600 0
033 000600 0
042 A000600 0
042 B000600 0
042 C000600 100
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 4
044 000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 1.000
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
<PAGE> PAGE 24
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
066 A000600 Y
066 B000600 N
066 C000600 Y
066 D000600 N
066 E000600 N
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
071 A000600 569
071 B000600 134
071 C000600 901
071 D000600 15
072 A000600 6
072 B000600 1
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 5
072 G000600 8
072 H000600 0
072 I000600 5
072 J000600 1
072 K000600 1
072 L000600 2
072 M000600 1
072 N000600 7
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 3
072 S000600 5
072 T000600 3
072 U000600 1
072 V000600 0
072 W000600 1
072 X000600 43
072 Y000600 31
072 Z000600 -11
072AA000600 21
072BB000600 0
072CC010600 0
072CC020600 73
<PAGE> PAGE 25
072DD010600 0
072DD020600 0
072EE000600 26
073 A010600 0.0000
073 A020600 0.0000
073 B000600 0.6000
073 C000600 0.0000
074 A000600 81
074 B000600 0
074 C000600 56
074 D000600 0
074 E000600 0
074 F000600 1164
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 6
074 L000600 6
074 M000600 39
074 N000600 1352
074 O000600 0
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 10
074 R030600 0
074 R040600 8
074 S000600 0
074 T000600 1334
074 U010600 72
074 U020600 0
074 V010600 18.66
074 V020600 0.00
074 W000600 0.0000
074 X000600 133
074 Y000600 0
075 A000600 0
075 B000600 1560
076 000600 0.00
008 A000701 PACIFIC INCOME ADVISORS
008 B000701 A
008 C000701 801-27828
008 D010701 SANTA MONICA
008 D020701 CA
008 D030701 90401
028 A010700 779
028 A020700 80
028 A030700 0
028 A040700 1250
028 B010700 1
<PAGE> PAGE 26
028 B020700 117
028 B030700 0
028 B040700 4
028 C010700 3
028 C020700 96
028 C030700 0
028 C040700 33
028 D010700 3152
028 D020700 89
028 D030700 0
028 D040700 184
028 E010700 1727
028 E020700 108
028 E030700 0
028 E040700 25
028 F010700 1253
028 F020700 114
028 F030700 0
028 F040700 29
028 G010700 6915
028 G020700 604
028 G030700 0
028 G040700 1525
028 H000700 6
029 000700 Y
030 A000700 0
030 B000700 0.00
030 C000700 0.00
031 A000700 0
031 B000700 0
032 000700 0
033 000700 0
042 A000700 0
042 B000700 0
042 C000700 100
042 D000700 0
042 E000700 0
042 F000700 0
042 G000700 0
042 H000700 0
043 000700 6
044 000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.200
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
<PAGE> PAGE 27
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
062 A000700 Y
062 B000700 11.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 44.1
062 N000700 39.4
062 O000700 0.0
062 P000700 0.0
062 Q000700 4.6
062 R000700 0.0
063 A000700 0
063 B000700 2.6
071 A000700 15951
071 B000700 8037
071 C000700 18361
071 D000700 44
072 A000700 6
072 B000700 682
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 32
072 G000700 8
072 H000700 0
072 I000700 5
072 J000700 1
<PAGE> PAGE 28
072 K000700 1
072 L000700 2
072 M000700 1
072 N000700 2
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 3
072 S000700 5
072 T000700 6
072 U000700 0
072 V000700 0
072 W000700 1
072 X000700 67
072 Y000700 34
072 Z000700 649
072AA000700 0
072BB000700 8
072CC010700 0
072CC020700 22
072DD010700 649
072DD020700 0
072EE000700 20
073 A010700 0.3000
073 A020700 0.0000
073 B000700 0.0100
073 C000700 0.0000
074 A000700 0
074 B000700 0
074 C000700 2903
074 D000700 23263
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 100
074 K000700 12
074 L000700 342
074 M000700 13
074 N000700 26633
074 O000700 0
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 225
074 S000700 0
074 T000700 26408
074 U010700 2593
<PAGE> PAGE 29
074 U020700 0
074 V010700 10.18
074 V020700 0.00
074 W000700 0.0000
074 X000700 29
074 Y000700 0
075 A000700 0
075 B000700 22311
076 000700 0.00
008 A000801 PACIFIC INCOME ADVISORS
008 B000801 A
008 C000801 801-27828
008 D010801 SANTA MONICA
008 D020801 CA
008 D030801 90401
028 A010800 0
028 A020800 0
028 A030800 0
028 A040800 0
028 B010800 0
028 B020800 0
028 B030800 0
028 B040800 0
028 C010800 0
028 C020800 0
028 C030800 0
028 C040800 0
028 D010800 0
028 D020800 0
028 D030800 0
028 D040800 0
028 E010800 600
028 E020800 0
028 E030800 0
028 E040800 0
028 F010800 4010
028 F020800 0
028 F030800 0
028 F040800 0
028 G010800 4610
028 G020800 0
028 G030800 0
028 G040800 0
028 H000800 0
029 000800 N
030 A000800 0
030 B000800 0.00
030 C000800 0.00
045 000800 Y
046 000800 N
047 000800 Y
<PAGE> PAGE 30
048 000800 0.400
048 A010800 0
048 A020800 0.000
048 B010800 0
048 B020800 0.000
048 C010800 0
048 C020800 0.000
048 D010800 0
048 D020800 0.000
048 E010800 0
048 E020800 0.000
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 0
048 K020800 0.000
062 A000800 Y
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.6
062 M000800 17.2
062 N000800 2.1
062 O000800 0.0
062 P000800 0.0
062 Q000800 74.0
062 R000800 0.0
063 A000800 0
063 B000800 6.0
070 A010800 Y
070 A020800 N
070 B010800 Y
070 B020800 N
070 C010800 Y
070 C020800 N
070 D010800 Y
070 D020800 N
<PAGE> PAGE 31
070 E010800 Y
070 E020800 N
070 F010800 Y
070 F020800 N
070 G010800 N
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 Y
070 L010800 Y
070 L020800 Y
070 M010800 Y
070 M020800 Y
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 Y
070 Q020800 N
070 R010800 Y
070 R020800 N
071 A000800 4428
071 B000800 96
071 C000800 1623
071 D000800 6
072 A000800 2
072 B000800 9
072 C000800 0
072 D000800 0
072 E000800 0
072 F000800 1
072 G000800 3
072 H000800 0
072 I000800 1
072 J000800 0
072 K000800 0
072 L000800 1
072 M000800 0
072 N000800 1
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 1
072 S000800 1
<PAGE> PAGE 32
072 T000800 0
072 U000800 0
072 V000800 0
072 W000800 0
072 X000800 9
072 Y000800 8
072 Z000800 8
072AA000800 5
072BB000800 0
072CC010800 0
072CC020800 25
072DD010800 0
072DD020800 0
072EE000800 0
073 A010800 0.0000
073 A020800 0.0000
073 B000800 0.0000
073 C000800 0.0000
074 A000800 1370
074 B000800 0
074 C000800 28
074 D000800 4290
074 E000800 0
074 F000800 0
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 0
074 K000800 0
074 L000800 99
074 M000800 11
074 N000800 5798
074 O000800 1197
074 P000800 2
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 2
074 S000800 0
074 T000800 4597
074 U010800 225
074 U020800 0
074 V010800 20.43
074 V020800 0.00
074 W000800 0.0000
074 X000800 3
074 Y000800 0
075 A000800 0
075 B000800 1282
076 000800 0.00
<PAGE> PAGE 33
SIGNATURE JAMES COLANTINO
TITLE SENIOR ADMINISTRATOR
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745338
<NAME> MONTEREY MUTUAL FUND
<SERIES>
<NUMBER> 5
<NAME> MURPHY NEW WORLD BIOTECHNOLOGY
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 813297
<INVESTMENTS-AT-VALUE> 834184
<RECEIVABLES> 18445
<ASSETS-OTHER> 252792
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1105421
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4235
<TOTAL-LIABILITIES> 4235
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1193186
<SHARES-COMMON-STOCK> 150469
<SHARES-COMMON-PRIOR> 32161
<ACCUMULATED-NII-CURRENT> (5471)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (107417)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20888
<NET-ASSETS> 1101186
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 458
<OTHER-INCOME> 0
<EXPENSES-NET> 5929
<NET-INVESTMENT-INCOME> (5471)
<REALIZED-GAINS-CURRENT> (43364)
<APPREC-INCREASE-CURRENT> 60943
<NET-CHANGE-FROM-OPS> 12108
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 929642
<NUMBER-OF-SHARES-REDEEMED> 71809
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 869941
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (64053)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2503
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 34184
<AVERAGE-NET-ASSETS> 451000
<PER-SHARE-NAV-BEGIN> 7.19
<PER-SHARE-NII> (.09)
<PER-SHARE-GAIN-APPREC> .22
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.32
<EXPENSE-RATIO> 2.64
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745338
<NAME> MONTEREY MUTUAL FUND
<SERIES>
<NUMBER> 1
<NAME> MURPHY NEW WORLD TECHNOLOGY CONVERTIBLES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 630521
<INVESTMENTS-AT-VALUE> 639499
<RECEIVABLES> 22516
<ASSETS-OTHER> 19376
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1559849
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17700
<TOTAL-LIABILITIES> 17700
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1325330
<SHARES-COMMON-STOCK> 57463
<SHARES-COMMON-PRIOR> 58539
<ACCUMULATED-NII-CURRENT> (3309)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 211150
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8978
<NET-ASSETS> 1542149
<DIVIDEND-INCOME> 10848
<INTEREST-INCOME> 4646
<OTHER-INCOME> 2
<EXPENSES-NET> 18979
<NET-INVESTMENT-INCOME> (3483)
<REALIZED-GAINS-CURRENT> 336435
<APPREC-INCREASE-CURRENT> (319204)
<NET-CHANGE-FROM-OPS> 13748
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 121462
<NUMBER-OF-SHARES-REDEEMED> 152620
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (17410)
<ACCUMULATED-NII-PRIOR> 174
<ACCUMULATED-GAINS-PRIOR> (125285)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4874
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 47590
<AVERAGE-NET-ASSETS> 1560000
<PER-SHARE-NAV-BEGIN> 26.64
<PER-SHARE-NII> (.06)
<PER-SHARE-GAIN-APPREC> .26
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 26.84
<EXPENSE-RATIO> 2.44
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745338
<NAME> MONTEREY MUTUAL FUND
<SERIES>
<NUMBER> 4
<NAME> PIA EQUITY
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 727482
<INVESTMENTS-AT-VALUE> 983660
<RECEIVABLES> 15266
<ASSETS-OTHER> 19943
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1018869
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14360
<TOTAL-LIABILITIES> 14360
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 781785
<SHARES-COMMON-STOCK> 56801
<SHARES-COMMON-PRIOR> 36442
<ACCUMULATED-NII-CURRENT> (6675)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (26779)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 256178
<NET-ASSETS> 1004509
<DIVIDEND-INCOME> 24
<INTEREST-INCOME> 3269
<OTHER-INCOME> 0
<EXPENSES-NET> 9968
<NET-INVESTMENT-INCOME> (6675)
<REALIZED-GAINS-CURRENT> (31378)
<APPREC-INCREASE-CURRENT> (8953)
<NET-CHANGE-FROM-OPS> (47006)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 22842
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 668236
<NUMBER-OF-SHARES-REDEEMED> 330435
<SHARES-REINVESTED> 21270
<NET-CHANGE-IN-ASSETS> 289223
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 27441
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4085
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 44153
<AVERAGE-NET-ASSETS> 821000
<PER-SHARE-NAV-BEGIN> 19.63
<PER-SHARE-NII> (.14)
<PER-SHARE-GAIN-APPREC> (1.13)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.68)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.68
<EXPENSE-RATIO> 2.44
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745338
<NAME> MONTEREY MUTUAL FUND
<SERIES>
<NUMBER> 8
<NAME> PIA GLOBAL BOND
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 4360540
<INVESTMENTS-AT-VALUE> 4317853
<RECEIVABLES> 99271
<ASSETS-OTHER> 1381198
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5798322
<PAYABLE-FOR-SECURITIES> 1197300
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4060
<TOTAL-LIABILITIES> 1201360
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4610000
<SHARES-COMMON-STOCK> 225029
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 7654
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4593
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (25285)
<NET-ASSETS> 4596962
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8744
<OTHER-INCOME> 0
<EXPENSES-NET> 1090
<NET-INVESTMENT-INCOME> 7654
<REALIZED-GAINS-CURRENT> 4593
<APPREC-INCREASE-CURRENT> (25285)
<NET-CHANGE-FROM-OPS> (13038)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4610000
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4596962
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 808
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9330
<AVERAGE-NET-ASSETS> 1282000
<PER-SHARE-NAV-BEGIN> 20
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> .31
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.43
<EXPENSE-RATIO> .51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745338
<NAME> MONTEREY MUTUAL FUND
<SERIES>
<NUMBER> 2
<NAME> OCM GOLD
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 2051921
<INVESTMENTS-AT-VALUE> 1623631
<RECEIVABLES> 18505
<ASSETS-OTHER> 80923
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1723059
<PAYABLE-FOR-SECURITIES> 35925
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14328
<TOTAL-LIABILITIES> 50253
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4208332
<SHARES-COMMON-STOCK> 224766
<SHARES-COMMON-PRIOR> 184624
<ACCUMULATED-NII-CURRENT> (13928)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2093308)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (428290)
<NET-ASSETS> 1672806
<DIVIDEND-INCOME> 4151
<INTEREST-INCOME> 1562
<OTHER-INCOME> 0
<EXPENSES-NET> 19641
<NET-INVESTMENT-INCOME> (13928)
<REALIZED-GAINS-CURRENT> 7698
<APPREC-INCREASE-CURRENT> (185031)
<NET-CHANGE-FROM-OPS> (191261)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 643757
<NUMBER-OF-SHARES-REDEEMED> 310558
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 141938
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2101006)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8050
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 46650
<AVERAGE-NET-ASSETS> 1615000
<PER-SHARE-NAV-BEGIN> 8.29
<PER-SHARE-NII> (.07)
<PER-SHARE-GAIN-APPREC> (.78)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.44
<EXPENSE-RATIO> 2.44
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745338
<NAME> MONTEREY MUTUAL FUND
<SERIES>
<NUMBER> 3
<NAME> CAMBORNE GOVERNMENT INCOME
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 821302
<INVESTMENTS-AT-VALUE> 857057
<RECEIVABLES> 18074
<ASSETS-OTHER> 85389
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 960520
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11100
<TOTAL-LIABILITIES> 11100
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1238951
<SHARES-COMMON-STOCK> 70256
<SHARES-COMMON-PRIOR> 95121
<ACCUMULATED-NII-CURRENT> 749
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (326035)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 35755
<NET-ASSETS> 949420
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 36149
<OTHER-INCOME> 0
<EXPENSES-NET> 5444
<NET-INVESTMENT-INCOME> 30705
<REALIZED-GAINS-CURRENT> (15213)
<APPREC-INCREASE-CURRENT> 6682
<NET-CHANGE-FROM-OPS> 22174
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 29545
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22908
<NUMBER-OF-SHARES-REDEEMED> 388171
<SHARES-REINVESTED> 29775
<NET-CHANGE-IN-ASSETS> (343341)
<ACCUMULATED-NII-PRIOR> 71
<ACCUMULATED-GAINS-PRIOR> (310822)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1980
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 32961
<AVERAGE-NET-ASSETS> 991000
<PER-SHARE-NAV-BEGIN> 13.59
<PER-SHARE-NII> .42
<PER-SHARE-GAIN-APPREC> (.09)
<PER-SHARE-DIVIDEND> .41
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.51
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745338
<NAME> MONTEREY MUTUAL FUND
<SERIES>
<NUMBER> 7
<NAME> PIA SHORT TERM GOVERNMENT SECURITIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 26093113
<INVESTMENTS-AT-VALUE> 26166221
<RECEIVABLES> 453718
<ASSETS-OTHER> 12723
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26632662
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 224888
<TOTAL-LIABILITIES> 224888
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26346412
<SHARES-COMMON-STOCK> 2593336
<SHARES-COMMON-PRIOR> 2003642
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (11745)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 73107
<NET-ASSETS> 26407774
<DIVIDEND-INCOME> 70
<INTEREST-INCOME> 682110
<OTHER-INCOME> 0
<EXPENSES-NET> 33374
<NET-INVESTMENT-INCOME> 648736
<REALIZED-GAINS-CURRENT> (7849)
<APPREC-INCREASE-CURRENT> (22356)
<NET-CHANGE-FROM-OPS> 618531
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 648736
<DISTRIBUTIONS-OF-GAINS> 19653
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6914780
<NUMBER-OF-SHARES-REDEEMED> 1525468
<SHARES-REINVESTED> 604148
<NET-CHANGE-IN-ASSETS> 5943602
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 15757
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 32499
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 67071
<AVERAGE-NET-ASSETS> 22311000
<PER-SHARE-NAV-BEGIN> 10.21
<PER-SHARE-NII> .30
<PER-SHARE-GAIN-APPREC> (.02)
<PER-SHARE-DIVIDEND> .30
<PER-SHARE-DISTRIBUTIONS> .01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.18
<EXPENSE-RATIO> .30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745338
<NAME> MONTEREY MUTUAL FUND
<SERIES>
<NUMBER> 6
<NAME> MURPHY NEW WORLD TECHNOLOGY
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 1179755
<INVESTMENTS-AT-VALUE> 1219941
<RECEIVABLES> 11541
<ASSETS-OTHER> 120575
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1352057
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17673
<TOTAL-LIABILITIES> 17673
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1285575
<SHARES-COMMON-STOCK> 71515
<SHARES-COMMON-PRIOR> 43226
<ACCUMULATED-NII-CURRENT> (11520)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 22958
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 37371
<NET-ASSETS> 1334384
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 923
<OTHER-INCOME> 0
<EXPENSES-NET> 12513
<NET-INVESTMENT-INCOME> (11520)
<REALIZED-GAINS-CURRENT> 20776
<APPREC-INCREASE-CURRENT> (73074)
<NET-CHANGE-FROM-OPS> (63818)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 25966
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 644671
<NUMBER-OF-SHARES-REDEEMED> 131858
<SHARES-REINVESTED> 24991
<NET-CHANGE-IN-ASSETS> 448020
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 28148
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5128
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 43473
<AVERAGE-NET-ASSETS> 1560
<PER-SHARE-NAV-BEGIN> 20.51
<PER-SHARE-NII> (.21)
<PER-SHARE-GAIN-APPREC> (1.04)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .60
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.66
<EXPENSE-RATIO> 2.44
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
