<PAGE> PAGE 1
000 B000000 11/30/97
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
020 A000001 MERRILL LYNCH
020 C000001 6
020 A000002 SHEMMANO & CO
<PAGE> PAGE 2
020 C000002 4
020 A000003 CITATION GROUP
020 C000003 4
020 A000004 HAMBRECHT & QUIST
020 C000004 3
020 A000005 NESBIT BURNS SECURITIES
020 C000005 3
020 A000006 BROOKSTREET SECURITIES
020 C000006 2
020 A000007 ORD MINNETT
020 C000007 2
020 A000008 PERSHING & CO
020 C000008 1
020 A000009 AMERICAL
020 C000009 1
020 A000010 PAINE WEBBER
020 C000010 1
021 000000 29
022 A000001 STAR BANK
022 C000001 20811
022 D000001 53851
022 A000002 SALOMON BROTHERS
022 C000002 15907
022 D000002 47070
022 A000003 LEHMAN BROTHERS
022 C000003 27869
022 D000003 16952
022 A000004 BEAR STEARNS
022 C000004 8795
022 D000004 3145
022 A000005 NEW JAPAN SECURITIES
022 C000005 0
022 D000005 8233
022 A000006 FIRST TENNESSEE BANK
022 C000006 3339
022 D000006 299
022 A000007 NOMURA SECURITIES
022 C000007 1862
022 D000007 0
022 A000008 MERRILL LYNCH
022 C000008 1017
022 D000008 342
022 A000009 MORGAN STANLEY
022 C000009 745
022 D000009 504
022 A000010 CIBC WOOD
022 C000010 920
022 D000010 0
023 C000000 82902
023 D000000 131752
027 000000 Y
<PAGE> PAGE 3
077 A000000 Y
077 B000000 Y
080 A00AA00 ICI MUTUAL INSURANCE CO
080 C00AA00 400
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
085 B00AA00 N
086 A010000 0
086 A020000 0
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
028 A010100 0
028 A020100 0
028 A030100 0
028 A040100 4
028 B010100 11
028 B020100 0
028 B030100 0
028 B040100 40
028 C010100 0
028 C020100 0
028 C030100 0
028 C040100 34
028 D010100 2
028 D020100 0
028 D030100 0
028 D040100 31
028 E010100 17
028 E020100 0
028 E030100 0
028 E040100 8
028 F010100 2
028 F020100 0
028 F030100 0
028 F040100 6
028 G010100 32
<PAGE> PAGE 4
028 G020100 0
028 G030100 0
028 G040100 123
028 H000100 0
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
034 000100 N
035 000100 0
036 B000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
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 8
044 000100 0
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 4.9
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 52.3
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
064 A000100 N
<PAGE> PAGE 5
064 B000100 N
071 A000100 795
071 B000100 1524
071 C000100 925
071 D000100 86
072 A000100 12
072 B000100 35
072 C000100 11
072 D000100 0
072 E000100 3
072 F000100 10
072 G000100 18
072 H000100 0
072 I000100 14
072 J000100 2
072 K000100 1
072 L000100 7
072 M000100 2
072 N000100 23
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 9
072 S000100 10
072 T000100 8
072 U000100 0
072 V000100 0
072 W000100 2
072 X000100 104
072 Y000100 67
072 Z000100 12
072AA000100 336
072BB000100 0
072CC010100 0
072CC020100 351
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 559
074 B000100 0
074 C000100 70
074 D000100 750
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 35
<PAGE> PAGE 6
074 J000100 0
074 K000100 10
074 L000100 20
074 M000100 13
074 N000100 1457
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 22
074 S000100 0
074 T000100 1435
074 U010100 54
074 U020100 0
074 V010100 26.52
074 V020100 0.00
074 W000100 0.0000
074 X000100 289
074 Y000100 0
075 A000100 0
075 B000100 1530
076 000100 0.00
028 A010200 49
028 A020200 0
028 A030200 0
028 A040200 7
028 B010200 47
028 B020200 0
028 B030200 0
028 B040200 45
028 C010200 191
028 C020200 0
028 C030200 0
028 C040200 0
028 D010200 41
028 D020200 0
028 D030200 0
028 D040200 34
028 E010200 997
028 E020200 0
028 E030200 0
028 E040200 98
028 F010200 87
028 F020200 0
028 F030200 0
028 F040200 446
028 G010200 1412
028 G020200 0
028 G030200 0
<PAGE> PAGE 7
028 G040200 630
028 H000200 428
029 000200 Y
030 A000200 8
030 B000200 4.50
030 C000200 0.00
031 A000200 2
031 B000200 0
032 000200 5
033 000200 0
034 000200 N
035 000200 0
036 B000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 Y
041 000200 Y
042 A000200 0
042 B000200 0
042 C000200 100
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 17
044 000200 0
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 8
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 Y
068 B000200 N
069 000200 N
071 A000200 1241
071 B000200 273
071 C000200 1547
071 D000200 18
072 A000200 12
072 B000200 4
072 C000200 8
072 D000200 0
072 E000200 2
072 F000200 17
072 G000200 17
072 H000200 0
072 I000200 13
072 J000200 2
072 K000200 1
072 L000200 5
072 M000200 2
072 N000200 6
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 9
072 S000200 9
072 T000200 17
072 U000200 0
072 V000200 0
072 W000200 2
072 X000200 100
072 Y000200 58
072 Z000200 -28
072AA000200 20
072BB000200 0
072CC010200 0
072CC020200 1009
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 123
074 B000200 0
074 C000200 80
074 D000200 0
<PAGE> PAGE 9
074 E000200 0
074 F000200 1442
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 3
074 L000200 2
074 M000200 7
074 N000200 1657
074 O000200 9
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 21
074 S000200 0
074 T000200 1627
074 U010200 320
074 U020200 0
074 V010200 5.09
074 V020200 0.00
074 W000200 0.0000
074 X000200 387
074 Y000200 0
075 A000200 0
075 B000200 1725
076 000200 0.00
028 A010300 0
028 A020300 0
028 A030300 0
028 A040300 20
028 B010300 0
028 B020300 4
028 B030300 0
028 B040300 15
028 C010300 0
028 C020300 5
028 C030300 0
028 C040300 3
028 D010300 0
028 D020300 4
028 D030300 0
028 D040300 5
028 E010300 2
028 E020300 4
028 E030300 0
028 E040300 3
028 F010300 0
028 F020300 9
<PAGE> PAGE 10
028 F030300 0
028 F040300 3
028 G010300 2
028 G020300 26
028 G030300 0
028 G040300 49
028 H000300 0
029 000300 N
030 A000300 0
030 B000300 0.00
030 C000300 0.00
031 A000300 0
031 B000300 0
032 000300 0
033 000300 0
034 000300 N
035 000300 0
036 B000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 Y
041 000300 Y
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 1
044 000300 0
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 31.9
062 N000300 39.4
062 O000300 0.0
062 P000300 22.3
062 Q000300 7.7
062 R000300 0.0
<PAGE> PAGE 11
063 A000300 0
063 B000300 0.0
064 A000300 N
064 B000300 N
071 A000300 1015
071 B000300 1026
071 C000300 912
071 D000300 111
072 A000300 12
072 B000300 72
072 C000300 0
072 D000300 0
072 E000300 2
072 F000300 4
072 G000300 16
072 H000300 0
072 I000300 12
072 J000300 2
072 K000300 1
072 L000300 4
072 M000300 2
072 N000300 6
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 7
072 S000300 9
072 T000300 1
072 U000300 0
072 V000300 0
072 W000300 4
072 X000300 68
072 Y000300 57
072 Z000300 63
072AA000300 0
072BB000300 10
072CC010300 34
072CC020300 0
072DD010300 60
072DD020300 0
072EE000300 0
073 A010300 0.8600
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 25
074 B000300 0
074 C000300 46
074 D000300 973
074 E000300 0
074 F000300 0
<PAGE> PAGE 12
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 2
074 L000300 12
074 M000300 8
074 N000300 1066
074 O000300 87
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 18
074 S000300 0
074 T000300 961
074 U010300 69
074 U020300 0
074 V010300 14.00
074 V020300 0.00
074 W000300 0.0000
074 X000300 41
074 Y000300 0
075 A000300 0
075 B000300 973
076 000300 0.00
028 A010400 1
028 A020400 0
028 A030400 0
028 A040400 16
028 B010400 107
028 B020400 0
028 B030400 0
028 B040400 15
028 C010400 1356
028 C020400 0
028 C030400 0
028 C040400 25
028 D010400 50
028 D020400 0
028 D030400 0
028 D040400 10
028 E010400 7
028 E020400 0
028 E030400 0
028 E040400 24
028 F010400 100
028 F020400 0
028 F030400 0
028 F040400 3
<PAGE> PAGE 13
028 G010400 1621
028 G020400 0
028 G030400 0
028 G040400 93
028 H000400 117
029 000400 N
030 A000400 0
030 B000400 0.00
030 C000400 0.00
031 A000400 0
031 B000400 0
032 000400 0
033 000400 0
034 000400 N
035 000400 0
036 B000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 Y
041 000400 Y
042 A000400 0
042 B000400 0
042 C000400 100
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 11
044 000400 0
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
066 B000400 N
<PAGE> PAGE 14
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 3679
071 B000400 1823
071 C000400 1306
071 D000400 140
072 A000400 12
072 B000400 7
072 C000400 27
072 D000400 0
072 E000400 0
072 F000400 14
072 G000400 17
072 H000400 0
072 I000400 13
072 J000400 2
072 K000400 1
072 L000400 5
072 M000400 2
072 N000400 13
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 8
072 S000400 8
072 T000400 11
072 U000400 0
072 V000400 0
072 W000400 3
072 X000400 97
072 Y000400 62
072 Z000400 -1
072AA000400 325
072BB000400 0
072CC010400 0
072CC020400 126
072DD010400 0
072DD020400 0
072EE000400 23
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.6800
073 C000400 0.0000
074 A000400 94
<PAGE> PAGE 15
074 B000400 0
074 C000400 136
074 D000400 0
074 E000400 0
074 F000400 2731
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 6
074 M000400 2
074 N000400 2969
074 O000400 173
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 19
074 S000400 0
074 T000400 2777
074 U010400 134
074 U020400 0
074 V010400 20.79
074 V020400 0.00
074 W000400 0.0000
074 X000400 117
074 Y000400 0
075 A000400 0
075 B000400 1445
076 000400 0.00
028 A010500 514
028 A020500 0
028 A030500 0
028 A040500 271
028 B010500 118
028 B020500 0
028 B030500 0
028 B040500 139
028 C010500 143
028 C020500 0
028 C030500 0
028 C040500 28
028 D010500 493
028 D020500 0
028 D030500 0
028 D040500 14
028 E010500 371
028 E020500 0
028 E030500 0
<PAGE> PAGE 16
028 E040500 76
028 F010500 97
028 F020500 0
028 F030500 0
028 F040500 16
028 G010500 1736
028 G020500 0
028 G030500 0
028 G040500 544
028 H000500 15
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
034 000500 N
035 000500 0
036 B000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 Y
041 000500 Y
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 4
044 000500 0
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
<PAGE> PAGE 17
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 1556
071 B000500 127
071 C000500 844
071 D000500 15
072 A000500 12
072 B000500 3
072 C000500 0
072 D000500 0
072 E000500 3
072 F000500 12
072 G000500 17
072 H000500 0
072 I000500 13
072 J000500 2
072 K000500 1
072 L000500 5
072 M000500 2
072 N000500 24
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 5
072 S000500 9
072 T000500 4
072 U000500 2
072 V000500 0
072 W000500 2
072 X000500 98
072 Y000500 69
072 Z000500 -23
072AA000500 0
072BB000500 41
072CC010500 137
072CC020500 0
072DD010500 0
072DD020500 0
072EE000500 0
<PAGE> PAGE 18
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 577
074 B000500 0
074 C000500 114
074 D000500 0
074 E000500 0
074 F000500 1620
074 G000500 0
074 H000500 0
074 I000500 35
074 J000500 0
074 K000500 10
074 L000500 1
074 M000500 13
074 N000500 2370
074 O000500 0
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 17
074 S000500 0
074 T000500 2353
074 U010500 292
074 U020500 0
074 V010500 8.07
074 V020500 0.00
074 W000500 0.0000
074 X000500 248
074 Y000500 0
075 A000500 0
075 B000500 1137
076 000500 0.00
028 A010600 70
028 A020600 0
028 A030600 0
028 A040600 77
028 B010600 83
028 B020600 0
028 B030600 0
028 B040600 83
028 C010600 79
028 C020600 0
028 C030600 0
028 C040600 90
028 D010600 120
028 D020600 0
<PAGE> PAGE 19
028 D030600 0
028 D040600 138
028 E010600 142
028 E020600 0
028 E030600 0
028 E040600 107
028 F010600 146
028 F020600 0
028 F030600 0
028 F040600 70
028 G010600 640
028 G020600 0
028 G030600 0
028 G040600 565
028 H000600 13
029 000600 Y
030 A000600 0
030 B000600 0.00
030 C000600 0.00
031 A000600 0
031 B000600 0
032 000600 0
033 000600 0
034 000600 N
035 000600 0
036 B000600 0
037 000600 N
038 000600 0
039 000600 N
040 000600 Y
041 000600 Y
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 5
044 000600 0
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
<PAGE> PAGE 20
062 K000600 0.0
062 L000600 0.0
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 950
071 B000600 586
071 C000600 1027
071 D000600 57
072 A000600 12
072 B000600 3
072 C000600 0
072 D000600 0
072 E000600 3
072 F000600 13
072 G000600 16
072 H000600 0
072 I000600 13
072 J000600 2
072 K000600 1
072 L000600 6
072 M000600 2
072 N000600 26
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 5
072 S000600 9
072 T000600 5
072 U000600 2
072 V000600 0
072 W000600 2
072 X000600 102
072 Y000600 71
072 Z000600 -25
072AA000600 221
072BB000600 0
<PAGE> PAGE 21
072CC010600 0
072CC020600 230
072DD010600 0
072DD020600 0
072EE000600 26
073 A010600 0.0000
073 A020600 0.0000
073 B000600 0.6000
073 C000600 0.0000
074 A000600 123
074 B000600 0
074 C000600 78
074 D000600 0
074 E000600 0
074 F000600 1166
074 G000600 0
074 H000600 0
074 I000600 35
074 J000600 0
074 K000600 7
074 L000600 28
074 M000600 29
074 N000600 1466
074 O000600 0
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 14
074 R030600 0
074 R040600 13
074 S000600 0
074 T000600 1439
074 U010600 75
074 U020600 0
074 V010600 19.18
074 V020600 0.00
074 W000600 0.0000
074 X000600 152
074 Y000600 0
075 A000600 0
075 B000600 1253
076 000600 0.00
028 A010700 3202
028 A020700 133
028 A030700 0
028 A040700 41
028 B010700 3600
028 B020700 128
028 B030700 0
028 B040700 43
028 C010700 7563
<PAGE> PAGE 22
028 C020700 147
028 C030700 0
028 C040700 822
028 D010700 4475
028 D020700 172
028 D030700 0
028 D040700 213
028 E010700 36
028 E020700 179
028 E030700 0
028 E040700 1049
028 F010700 9158
028 F020700 187
028 F030700 0
028 F040700 549
028 G010700 28034
028 G020700 946
028 G030700 0
028 G040700 2717
028 H000700 5
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
034 000700 N
035 000700 0
036 B000700 0
037 000700 N
038 000700 0
039 000700 N
040 000700 Y
041 000700 Y
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 15
044 000700 0
062 A000700 Y
062 B000700 4.5
062 C000700 0.0
062 D000700 2.3
062 E000700 0.0
<PAGE> PAGE 23
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 1.3
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 71.3
062 N000700 19.6
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 1.0
063 A000700 0
063 B000700 0.0
064 A000700 N
064 B000700 N
071 A000700 50335
071 B000700 17197
071 C000700 27262
071 D000700 63
072 A000700 12
072 B000700 1861
072 C000700 0
072 D000700 0
072 E000700 2
072 F000700 72
072 G000700 22
072 H000700 0
072 I000700 8
072 J000700 15
072 K000700 0
072 L000700 4
072 M000700 2
072 N000700 14
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 5
072 S000700 9
072 T000700 15
072 U000700 0
072 V000700 0
072 W000700 3
072 X000700 169
072 Y000700 77
072 Z000700 1771
072AA000700 48
072BB000700 0
072CC010700 164
072CC020700 0
<PAGE> PAGE 24
072DD010700 1771
072DD020700 0
072EE000700 20
073 A010700 0.5900
073 A020700 0.0000
073 B000700 0.0100
073 C000700 0.0000
074 A000700 0
074 B000700 0
074 C000700 4344
074 D000700 48655
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 0
074 K000700 0
074 L000700 878
074 M000700 8
074 N000700 53885
074 O000700 717
074 P000700 1
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 255
074 S000700 0
074 T000700 52912
074 U010700 5159
074 U020700 0
074 V010700 10.26
074 V020700 0.00
074 W000700 0.0000
074 X000700 44
074 Y000700 0
075 A000700 0
075 B000700 30706
076 000700 0.00
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 325
028 C020800 0
028 C030800 0
<PAGE> PAGE 25
028 C040800 0
028 D010800 100
028 D020800 65
028 D030800 0
028 D040800 0
028 E010800 0
028 E020800 22
028 E030800 0
028 E040800 0
028 F010800 465
028 F020800 33
028 F030800 0
028 F040800 0
028 G010800 890
028 G020800 120
028 G030800 0
028 G040800 0
028 H000800 0
029 000800 N
030 A000800 0
030 B000800 0.00
030 C000800 0.00
031 A000800 0
031 B000800 0
032 000800 0
033 000800 0
034 000800 N
035 000800 0
036 B000800 0
037 000800 N
038 000800 0
039 000800 N
040 000800 N
041 000800 N
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 5.0
062 M000800 50.0
062 N000800 1.9
062 O000800 0.0
062 P000800 0.0
062 Q000800 39.4
<PAGE> PAGE 26
062 R000800 0.0
063 A000800 0
063 B000800 0.0
064 A000800 N
064 B000800 N
071 A000800 8227
071 B000800 3073
071 C000800 3748
071 D000800 82
072 A000800 8
072 B000800 139
072 C000800 0
072 D000800 0
072 E000800 0
072 F000800 11
072 G000800 9
072 H000800 0
072 I000800 9
072 J000800 4
072 K000800 0
072 L000800 1
072 M000800 1
072 N000800 6
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 5
072 S000800 6
072 T000800 0
072 U000800 0
072 V000800 0
072 W000800 3
072 X000800 55
072 Y000800 41
072 Z000800 125
072AA000800 0
072BB000800 24
072CC010800 0
072CC020800 15
072DD010800 121
072DD020800 0
072EE000800 0
073 A010800 0.4900
073 A020800 0.0000
073 B000800 0.0000
073 C000800 0.0000
074 A000800 313
074 B000800 0
074 C000800 278
074 D000800 5126
074 E000800 0
<PAGE> PAGE 27
074 F000800 0
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 0
074 K000800 5
074 L000800 116
074 M000800 4
074 N000800 5842
074 O000800 249
074 P000800 0
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 8
074 S000800 0
074 T000800 5585
074 U010800 275
074 U020800 0
074 V010800 20.33
074 V020800 0.00
074 W000800 0.0000
074 X000800 5
074 Y000800 0
075 A000800 0
075 B000800 3989
076 000800 0.00
SIGNATURE JAMES COLANTINO
TITLE SENIOR ADMINISTRATOR
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
The Board of Trustees
Monterey Mutual Fund
In planning and performing our audit of the financial statements
of Monterey Mutual Fund for the year ended November 30, 1997, we
considered its internal control, including controls over
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 Monterey Mutual 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 safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or
irregularities 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 any specific
internal control component does not reduce to a relatively low
level the risk that errors or irregularities 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, including controls over safeguarding securities, that
we consider to be material weaknesses as defined above as of
November 30, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
New York, New York
December 29, 1997
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745338
<NAME> MONTEREY MUTUAL FUND
<SERIES>
<NUMBER> 5
<NAME> MURPHY NEW WORLD BIOTECHNOLOGY
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 1672147
<INVESTMENTS-AT-VALUE> 1768977
<RECEIVABLES> 10434
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 590617
<TOTAL-ASSETS> 2370028
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17039
<TOTAL-LIABILITIES> 17039
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2361657
<SHARES-COMMON-STOCK> 291588
<SHARES-COMMON-PRIOR> 32161
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (105498)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 96830
<NET-ASSETS> 2352989
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2507
<OTHER-INCOME> 3018
<EXPENSES-NET> 28087
<NET-INVESTMENT-INCOME> (22562)
<REALIZED-GAINS-CURRENT> (41445)
<APPREC-INCREASE-CURRENT> 136885
<NET-CHANGE-FROM-OPS> 72878
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2665166
<NUMBER-OF-SHARES-REDEEMED> 616300
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2121744
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (64053)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11584
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 97553
<AVERAGE-NET-ASSETS> 1136710
<PER-SHARE-NAV-BEGIN> 7.19
<PER-SHARE-NII> (.16)
<PER-SHARE-GAIN-APPREC> 1.04
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.07
<EXPENSE-RATIO> 2.47
<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> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 956478
<INVESTMENTS-AT-VALUE> 1019068
<RECEIVABLES> 13105
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 33563
<TOTAL-ASSETS> 1065756
<PAYABLE-FOR-SECURITIES> 86843
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17815
<TOTAL-LIABILITIES> 104658
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1217178
<SHARES-COMMON-STOCK> 68665
<SHARES-COMMON-PRIOR> 95121
<ACCUMULATED-NII-CURRENT> 2581
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (321271)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 62610
<NET-ASSETS> 961098
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 72011
<OTHER-INCOME> 2215
<EXPENSES-NET> 10713
<NET-INVESTMENT-INCOME> 63513
<REALIZED-GAINS-CURRENT> (10449)
<APPREC-INCREASE-CURRENT> 33537
<NET-CHANGE-FROM-OPS> 86601
<EQUALIZATION> (755)
<DISTRIBUTIONS-OF-INCOME> 60248
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 24703
<NUMBER-OF-SHARES-REDEEMED> 437944
<SHARES-REINVESTED> 55980
<NET-CHANGE-IN-ASSETS> (331663)
<ACCUMULATED-NII-PRIOR> 71
<ACCUMULATED-GAINS-PRIOR> (310822)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3896
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 67889
<AVERAGE-NET-ASSETS> 973037
<PER-SHARE-NAV-BEGIN> 13.59
<PER-SHARE-NII> .89
<PER-SHARE-GAIN-APPREC> .38
<PER-SHARE-DIVIDEND> .86
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.00
<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> 1
<NAME> MURPHY NEW WORLD TECHNOLOGY CONVERTIBLES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 878100
<INVESTMENTS-AT-VALUE> 855201
<RECEIVABLES> 30203
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 12279
<TOTAL-ASSETS> 1457004
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22408
<TOTAL-LIABILITIES> 22408
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1234615
<SHARES-COMMON-STOCK> 54104
<SHARES-COMMON-PRIOR> 58539
<ACCUMULATED-NII-CURRENT> 11730
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 211150
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (22899)
<NET-ASSETS> 1434596
<DIVIDEND-INCOME> 10848
<INTEREST-INCOME> 34899
<OTHER-INCOME> 3158
<EXPENSES-NET> 37349
<NET-INVESTMENT-INCOME> 11556
<REALIZED-GAINS-CURRENT> 336435
<APPREC-INCREASE-CURRENT> (351081)
<NET-CHANGE-FROM-OPS> (3090)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 153112
<NUMBER-OF-SHARES-REDEEMED> (274985)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (124963)
<ACCUMULATED-NII-PRIOR> 174
<ACCUMULATED-GAINS-PRIOR> (125285)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9617
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 104491
<AVERAGE-NET-ASSETS> 1530351
<PER-SHARE-NAV-BEGIN> 26.64
<PER-SHARE-NII> .21
<PER-SHARE-GAIN-APPREC> (.33)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 26.52
<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> 6
<NAME> MURPHY NEW WORLD TECHNOLOGY
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 1391956
<INVESTMENTS-AT-VALUE> 1278758
<RECEIVABLES> 35465
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 151831
<TOTAL-ASSETS> 1466054
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27032
<TOTAL-LIABILITIES> 27032
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1336212
<SHARES-COMMON-STOCK> 75012
<SHARES-COMMON-PRIOR> 43226
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 222761
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (119951)
<NET-ASSETS> 1439022
<DIVIDEND-INCOME> 383
<INTEREST-INCOME> 2699
<OTHER-INCOME> 2833
<EXPENSES-NET> 30530
<NET-INVESTMENT-INCOME> (24615)
<REALIZED-GAINS-CURRENT> 220579
<APPREC-INCREASE-CURRENT> (230396)
<NET-CHANGE-FROM-OPS> (34432)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 25966
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1284920
<NUMBER-OF-SHARES-REDEEMED> 696855
<SHARES-REINVESTED> 24991
<NET-CHANGE-IN-ASSETS> 552658
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 28148
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12512
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 101843
<AVERAGE-NET-ASSETS> 1252967
<PER-SHARE-NAV-BEGIN> 20.51
<PER-SHARE-NII> (.33)
<PER-SHARE-GAIN-APPREC> (.40)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .60
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.18
<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> 2
<NAME> OCM GOLD
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 2773772
<INVESTMENTS-AT-VALUE> 1521699
<RECEIVABLES> 4917
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 130082
<TOTAL-ASSETS> 1656698
<PAYABLE-FOR-SECURITIES> 8805
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20573
<TOTAL-LIABILITIES> 29378
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4960866
<SHARES-COMMON-STOCK> 319957
<SHARES-COMMON-PRIOR> 184624
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2081473)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1252073)
<NET-ASSETS> 1627320
<DIVIDEND-INCOME> 8537
<INTEREST-INCOME> 3685
<OTHER-INCOME> 2268
<EXPENSES-NET> 42086
<NET-INVESTMENT-INCOME> (27596)
<REALIZED-GAINS-CURRENT> 19533
<APPREC-INCREASE-CURRENT> (1008814)
<NET-CHANGE-FROM-OPS> (1016877)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2054956
<NUMBER-OF-SHARES-REDEEMED> 941627
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 96452
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2101006)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17249
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 99667
<AVERAGE-NET-ASSETS> 1724969
<PER-SHARE-NAV-BEGIN> 8.29
<PER-SHARE-NII> (.09)
<PER-SHARE-GAIN-APPREC> (3.11)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 5.09
<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> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 2727611
<INVESTMENTS-AT-VALUE> 2867097
<RECEIVABLES> 5855
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 95908
<TOTAL-ASSETS> 2968860
<PAYABLE-FOR-SECURITIES> 172627
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19284
<TOTAL-LIABILITIES> 191911
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2307769
<SHARES-COMMON-STOCK> 133589
<SHARES-COMMON-PRIOR> 36442
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 329694
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 139486
<NET-ASSETS> 2776949
<DIVIDEND-INCOME> 27026
<INTEREST-INCOME> 7189
<OTHER-INCOME> 0
<EXPENSES-NET> 35114
<NET-INVESTMENT-INCOME> (899)
<REALIZED-GAINS-CURRENT> 325095
<APPREC-INCREASE-CURRENT> (125645)
<NET-CHANGE-FROM-OPS> 198551
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 22842
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2289022
<NUMBER-OF-SHARES-REDEEMED> 424338
<SHARES-REINVESTED> 21270
<NET-CHANGE-IN-ASSETS> 2061663
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 27441
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14391
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 96973
<AVERAGE-NET-ASSETS> 1444808
<PER-SHARE-NAV-BEGIN> 19.63
<PER-SHARE-NII> (1.21)
<PER-SHARE-GAIN-APPREC> 3.05
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .68
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.79
<EXPENSE-RATIO> 2.43
<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> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 52738604
<INVESTMENTS-AT-VALUE> 52998211
<RECEIVABLES> 877954
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 8656
<TOTAL-ASSETS> 53884821
<PAYABLE-FOR-SECURITIES> 716785
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 255750
<TOTAL-LIABILITIES> 972535
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 52608166
<SHARES-COMMON-STOCK> 5159215
<SHARES-COMMON-PRIOR> 2003642
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 44513
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 259607
<NET-ASSETS> 52912286
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1861208
<OTHER-INCOME> 1775
<EXPENSES-NET> 92140
<NET-INVESTMENT-INCOME> 1770843
<REALIZED-GAINS-CURRENT> 48409
<APPREC-INCREASE-CURRENT> 164144
<NET-CHANGE-FROM-OPS> 1983396
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1770843
<DISTRIBUTIONS-OF-GAINS> 19653
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34947791
<NUMBER-OF-SHARES-REDEEMED> 4241857
<SHARES-REINVESTED> 1549280
<NET-CHANGE-IN-ASSETS> 32448114
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 15757
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 71513
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 168812
<AVERAGE-NET-ASSETS> 30706314
<PER-SHARE-NAV-BEGIN> 10.21
<PER-SHARE-NII> .60
<PER-SHARE-GAIN-APPREC> .05
<PER-SHARE-DIVIDEND> .59
<PER-SHARE-DISTRIBUTIONS> .01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.26
<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> 8
<NAME> PIA GLOBAL BOND
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 5418840
<INVESTMENTS-AT-VALUE> 5404084
<RECEIVABLES> 120734
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 317665
<TOTAL-ASSETS> 5842483
<PAYABLE-FOR-SECURITIES> 249356
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8240
<TOTAL-LIABILITIES> 257596
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5620164
<SHARES-COMMON-STOCK> 274760
<SHARES-COMMON-PRIOR> 5000
<ACCUMULATED-NII-CURRENT> 4094
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (23939)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (15432)
<NET-ASSETS> 5584887
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 138765
<OTHER-INCOME> 0
<EXPENSES-NET> 13600
<NET-INVESTMENT-INCOME> 125165
<REALIZED-GAINS-CURRENT> (23939)
<APPREC-INCREASE-CURRENT> (15432)
<NET-CHANGE-FROM-OPS> 85794
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 121071
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5400000
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 120164
<NET-CHANGE-IN-ASSETS> 5484887
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10607
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 54563
<AVERAGE-NET-ASSETS> 3989084
<PER-SHARE-NAV-BEGIN> 20.00
<PER-SHARE-NII> .64
<PER-SHARE-GAIN-APPREC> .18
<PER-SHARE-DIVIDEND> .49
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.33
<EXPENSE-RATIO> .51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
