<PAGE> PAGE 1
000 A000000 06/30/96
000 C000000 0000803747
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 AVESTA TRUST
001 B000000 811-5526
001 C000000 7132164465
002 A000000 815 TRAVIS STREET, 17TH FLOOR
002 B000000 HOUSTON
002 C000000 TX
002 D010000 77002
002 D020000 8098
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 15
007 C010100 1
007 C020100 EQUITY GROWTH FUND
007 C030100 N
007 C010200 2
007 C020200 EQUITY INCOME FUND
007 C030200 N
007 C010300 3
007 C020300 BALANCED FUND
007 C030300 N
007 C010400 4
007 C020400 INCOME FUND
007 C030400 N
007 C010500 5
007 C020500 MONEY MARKET FUND
007 C030500 N
007 C010600 6
007 C020600 CORE EQUITY FUND
007 C030600 N
007 C010700 7
007 C020700 SMALL CAPITALIZATION FUND
007 C030700 N
007 C010800 8
007 C020800 SHORT INTERMEDIATE TERM US GOVT SECURITIES FD
007 C030800 N
007 C010900 9
007 C020900 U.S. GOVERNMENT SECURITIES FUND
007 C030900 N
007 C011000 10
<PAGE> PAGE 2
007 C021000 INTERMEDIATE TERM BOND FUND
007 C031000 N
007 C011100 11
007 C021100 RISK MANAGER-INCOME FUND
007 C031100 N
007 C011200 12
007 C021200 RISK MANAGER-BALANCED FUND
007 C031200 N
007 C011300 13
007 C021300 RISK MANAGER-GROWTH FUND
007 C031300 N
007 C011400 14
007 C021400 INTERNATIONAL EQUITY FUND
007 C031400 N
007 C011500 15
007 C021500 INTERNATIONAL BOND FUND
007 C031500 N
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
014 A00AA01 CHASE SECURITIES OF TEXAS, INC.
014 B00AA01 8-115526
020 A000001 ALLIED RESEARCH
020 B000001 75-1872581
020 C000001 8
020 A000002 MORGAN STANLEY & CO.
020 B000002 13-2655998
020 C000002 7
020 A000003 SALOMON
020 B000003 13-3082694
020 C000003 7
020 A000004 GOLDMAN, SACHS & CO.
020 B000004 13-5108880
020 C000004 6
020 A000005 LEHMAN BROTHERS
020 B000005 13-2513466
020 C000005 5
020 A000006 SANFORD C. BERSTEIN & CO., INC.
020 B000006 13-2625874
020 C000006 4
020 A000007 DONALDSON, LUFKIN & JENRETTE
020 B000007 13-2741729
020 C000007 4
020 A000008 LAWRENCE (C.J.)
020 B000008 13-2730828
020 C000008 4
020 A000009 NED DAVIS
020 B000009 58-1412594
020 C000009 4
<PAGE> PAGE 3
020 A000010 DEAN WITTER REYNOLDS, INC.
020 B000010 94-1671384
020 C000010 3
021 000000 85
022 A000001 LEHMAN BROTHERS
022 B000001 13-2513466
022 C000001 1467348
022 D000001 8774
022 A000002 GOLDMAN SACHS & CO.
022 B000002 13-5108880
022 C000002 745575
022 D000002 6952
022 A000003 MERRILL LYNCH, INC.
022 B000003 13-5674085
022 C000003 441270
022 D000003 53460
022 A000004 MORGAN GUARANTEE
022 B000004 13-5123346
022 C000004 244455
022 D000004 0
022 A000005 BARCLAYS BANK PLC
022 B000005 13-3551367
022 C000005 77788
022 D000005 0
022 A000006 BANK OF AMERICA
022 B000006 95-4035346
022 C000006 44439
022 D000006 6421
022 A000007 FIDELITY DISTRIBUTORS CORPORATION
022 B000007 75-1907454
022 C000007 19528
022 D000007 18937
022 A000008 SWISS BANK
022 B000008 13-3498485
022 C000008 19778
022 D000008 15134
022 A000009 PRUDENTIAL BACHE
022 B000009 22-2347336
022 C000009 10007
022 D000009 0
022 A000010 MORGAN STANLEY & CO.
022 B000010 13-2655998
022 C000010 5307
022 D000010 4073
023 C000000 3154312
023 D000000 153068
027 000000 Y
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
<PAGE> PAGE 4
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
028 A010100 988
028 A020100 0
028 A030100 0
028 A040100 266
028 B010100 902
028 B020100 0
028 B030100 0
028 B040100 1417
028 C010100 2061
028 C020100 0
028 C030100 0
028 C040100 1366
028 D010100 717
028 D020100 0
028 D030100 0
028 D040100 2131
028 E010100 807
028 E020100 0
028 E030100 0
028 E040100 1258
028 F010100 1019
028 F020100 0
028 F030100 0
028 F040100 1013
028 G010100 6494
028 G020100 0
028 G030100 0
028 G040100 7451
028 H000100 0
055 A000100 Y
055 B000100 N
056 000100 N
057 000100 N
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
<PAGE> PAGE 5
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
071 A000100 16184
071 B000100 15711
071 C000100 47166
071 D000100 33
072 A000100 6
072 B000100 32
072 C000100 261
072 D000100 0
072 E000100 0
072 F000100 241
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 0
072 K000100 0
072 L000100 1
072 M000100 1
072 N000100 1
072 O000100 0
072 P000100 0
072 Q000100 5
072 R000100 5
072 S000100 2
072 T000100 0
072 U000100 0
072 V000100 0
<PAGE> PAGE 6
072 W000100 3
072 X000100 259
072 Y000100 18
072 Z000100 52
072AA000100 2379
072BB000100 0
072CC010100 2247
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 1575
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 47595
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 52
074 M000100 104
074 N000100 49326
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 82
074 S000100 0
074 T000100 49244
074 U010100 1927
074 U020100 0
074 V010100 25.56
074 V020100 0.00
074 W000100 0.0000
074 X000100 444
074 Y000100 0
075 A000100 0
075 B000100 48340
076 000100 0.00
028 A010200 4489
028 A020200 0
028 A030200 0
<PAGE> PAGE 7
028 A040200 347
028 B010200 967
028 B020200 0
028 B030200 0
028 B040200 1648
028 C010200 2485
028 C020200 0
028 C030200 0
028 C040200 1335
028 D010200 1442
028 D020200 0
028 D030200 0
028 D040200 1582
028 E010200 765
028 E020200 0
028 E030200 0
028 E040200 1687
028 F010200 2472
028 F020200 0
028 F030200 0
028 F040200 3343
028 G010200 12620
028 G020200 0
028 G030200 0
028 G040200 9942
028 H000200 0
055 A000200 N
055 B000200 N
056 000200 N
057 000200 N
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
063 A000200 0
063 B000200 0.0
066 A000200 Y
<PAGE> PAGE 8
066 B000200 N
066 C000200 Y
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
071 A000200 10076
071 B000200 3860
071 C000200 53433
071 D000200 7
072 A000200 6
072 B000200 100
072 C000200 664
072 D000200 0
072 E000200 0
072 F000200 289
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 0
072 K000200 0
072 L000200 1
072 M000200 1
072 N000200 -1
072 O000200 0
072 P000200 0
072 Q000200 5
072 R000200 5
072 S000200 2
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 3
072 X000200 305
072 Y000200 16
072 Z000200 475
072AA000200 1291
072BB000200 0
072CC010200 2449
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
<PAGE> PAGE 9
074 A000200 1
074 B000200 1736
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 56232
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 67
074 M000200 499
074 N000200 58535
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 98
074 S000200 0
074 T000200 58437
074 U010200 2269
074 U020200 0
074 V010200 25.75
074 V020200 0.00
074 W000200 0.0000
074 X000200 504
074 Y000200 0
075 A000200 0
075 B000200 57206
076 000200 0.00
028 A010300 152
028 A020300 0
028 A030300 0
028 A040300 666
028 B010300 169
028 B020300 0
028 B030300 0
028 B040300 524
028 C010300 572
028 C020300 0
028 C030300 0
028 C040300 351
028 D010300 150
028 D020300 0
028 D030300 0
028 D040300 968
028 E010300 148
028 E020300 0
<PAGE> PAGE 10
028 E030300 0
028 E040300 166
028 F010300 612
028 F020300 0
028 F030300 0
028 F040300 240
028 G010300 1803
028 G020300 0
028 G030300 0
028 G040300 2915
028 H000300 0
055 A000300 N
055 B000300 N
056 000300 N
057 000300 N
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 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 9.3
066 A000300 Y
066 B000300 N
066 C000300 Y
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 Y
068 A000300 N
068 B000300 N
069 000300 N
071 A000300 5571
071 B000300 8150
071 C000300 18230
071 D000300 31
072 A000300 6
<PAGE> PAGE 11
072 B000300 312
072 C000300 72
072 D000300 0
072 E000300 0
072 F000300 104
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 0
072 K000300 0
072 L000300 1
072 M000300 1
072 N000300 1
072 O000300 0
072 P000300 0
072 Q000300 5
072 R000300 5
072 S000300 2
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 2
072 X000300 121
072 Y000300 17
072 Z000300 280
072AA000300 1088
072BB000300 0
072CC010300 0
072CC020300 569
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 887
074 C000300 2241
074 D000300 7508
074 E000300 0
074 F000300 10094
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 164
074 M000300 275
074 N000300 21169
074 O000300 0
<PAGE> PAGE 12
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 35
074 S000300 0
074 T000300 21134
074 U010300 957
074 U020300 0
074 V010300 22.08
074 V020300 0.00
074 W000300 0.0000
074 X000300 139
074 Y000300 0
075 A000300 0
075 B000300 21026
076 000300 0.00
028 A010400 745
028 A020400 0
028 A030400 0
028 A040400 1283
028 B010400 749
028 B020400 0
028 B030400 0
028 B040400 1731
028 C010400 610
028 C020400 0
028 C030400 0
028 C040400 1721
028 D010400 632
028 D020400 0
028 D030400 0
028 D040400 1165
028 E010400 962
028 E020400 0
028 E030400 0
028 E040400 706
028 F010400 596
028 F020400 0
028 F030400 0
028 F040400 625
028 G010400 4294
028 G020400 0
028 G030400 0
028 G040400 7231
028 H000400 0
055 A000400 N
055 B000400 N
056 000400 N
057 000400 N
<PAGE> PAGE 13
062 A000400 Y
062 B000400 5.4
062 C000400 0.0
062 D000400 8.7
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 4.4
062 J000400 0.0
062 K000400 0.0
062 L000400 1.3
062 M000400 60.9
062 N000400 8.7
062 O000400 0.0
062 P000400 10.6
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 9.6
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
071 A000400 17885
071 B000400 18330
071 C000400 41734
071 D000400 43
072 A000400 6
072 B000400 1695
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 270
072 G000400 0
072 H000400 0
072 I000400 0
072 J000400 0
072 K000400 0
072 L000400 1
072 M000400 1
072 N000400 -1
072 O000400 0
072 P000400 0
072 Q000400 5
072 R000400 5
072 S000400 2
072 T000400 0
072 U000400 0
072 V000400 0
<PAGE> PAGE 14
072 W000400 3
072 X000400 286
072 Y000400 84
072 Z000400 1493
072AA000400 161
072BB000400 0
072CC010400 0
072CC020400 2816
072DD010400 0
072DD020400 0
072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 4620
074 C000400 2887
074 D000400 42815
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 687
074 M000400 2455
074 N000400 53464
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 66
074 S000400 0
074 T000400 53398
074 U010400 2994
074 U020400 0
074 V010400 17.84
074 V020400 0.00
074 W000400 0.0000
074 X000400 465
074 Y000400 0
075 A000400 0
075 B000400 54527
076 000400 0.00
028 A010500 18466
028 A020500 0
028 A030500 0
<PAGE> PAGE 15
028 A040500 17476
028 B010500 9936
028 B020500 0
028 B030500 0
028 B040500 6316
028 C010500 9615
028 C020500 0
028 C030500 0
028 C040500 11641
028 D010500 18155
028 D020500 0
028 D030500 0
028 D040500 10998
028 E010500 8875
028 E020500 0
028 E030500 0
028 E040500 9173
028 F010500 6118
028 F020500 0
028 F030500 0
028 F040500 10661
028 G010500 71165
028 G020500 0
028 G030500 0
028 G040500 66265
028 H000500 0
055 A000500 N
055 B000500 N
056 000500 N
057 000500 N
062 A000500 Y
062 B000500 0.0
062 C000500 1.9
062 D000500 3.5
062 E000500 0.0
062 F000500 2.6
062 G000500 0.0
062 H000500 0.0
062 I000500 71.9
062 J000500 0.0
062 K000500 0.0
062 L000500 20.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 54
063 B000500 0.0
066 A000500 N
<PAGE> PAGE 16
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
071 A000500 0
071 B000500 0
071 C000500 0
071 D000500 0
072 A000500 6
072 B000500 2153
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 257
072 G000500 0
072 H000500 0
072 I000500 0
072 J000500 0
072 K000500 0
072 L000500 1
072 M000500 1
072 N000500 -1
072 O000500 0
072 P000500 0
072 Q000500 6
072 R000500 5
072 S000500 2
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 3
072 X000500 274
072 Y000500 77
072 Z000500 1956
072AA000500 0
072BB000500 0
072CC010500 0
072CC020500 0
072DD010500 0
072DD020500 0
072EE000500 0
073 A010500 0.0250
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 2736
074 C000500 15212
074 D000500 0
074 E000500 0
074 F000500 0
<PAGE> PAGE 17
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 337
074 M000500 59465
074 N000500 77750
074 O000500 0
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 68
074 S000500 0
074 T000500 77682
074 U010500 77682
074 U020500 0
074 V010500 1.00
074 V020500 0.00
074 W000500 0.9997
074 X000500 246
074 Y000500 0
075 A000500 79435
075 B000500 0
076 000500 0.00
028 A010600 399
028 A020600 0
028 A030600 0
028 A040600 528
028 B010600 524
028 B020600 0
028 B030600 0
028 B040600 1017
028 C010600 1563
028 C020600 0
028 C030600 0
028 C040600 411
028 D010600 428
028 D020600 0
028 D030600 0
028 D040600 726
028 E010600 425
028 E020600 0
028 E030600 0
028 E040600 902
028 F010600 186
028 F020600 0
028 F030600 0
028 F040600 385
<PAGE> PAGE 18
028 G010600 3525
028 G020600 0
028 G030600 0
028 G040600 3969
028 H000600 0
055 A000600 Y
055 B000600 N
056 000600 N
057 000600 N
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
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 0.0
066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 N
066 E000600 N
066 F000600 N
066 G000600 Y
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
071 A000600 6867
071 B000600 6691
071 C000600 24948
071 D000600 27
072 A000600 6
072 B000600 17
072 C000600 243
072 D000600 0
072 E000600 0
072 F000600 128
072 G000600 0
<PAGE> PAGE 19
072 H000600 0
072 I000600 0
072 J000600 0
072 K000600 0
072 L000600 1
072 M000600 1
072 N000600 1
072 O000600 0
072 P000600 0
072 Q000600 5
072 R000600 5
072 S000600 2
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 2
072 X000600 145
072 Y000600 17
072 Z000600 132
072AA000600 296
072BB000600 0
072CC010600 2013
072CC020600 0
072DD010600 0
072DD020600 0
072EE000600 0
073 A010600 0.0000
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 0
074 B000600 710
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 25623
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 43
074 M000600 15
074 N000600 26391
074 O000600 0
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 44
<PAGE> PAGE 20
074 S000600 0
074 T000600 26347
074 U010600 1841
074 U020600 0
074 V010600 14.31
074 V020600 0.00
074 W000600 0.0000
074 X000600 312
074 Y000600 0
075 A000600 0
075 B000600 25625
076 000600 0.00
028 A010700 348
028 A020700 0
028 A030700 0
028 A040700 114
028 B010700 316
028 B020700 0
028 B030700 0
028 B040700 502
028 C010700 871
028 C020700 0
028 C030700 0
028 C040700 243
028 D010700 345
028 D020700 0
028 D030700 0
028 D040700 167
028 E010700 666
028 E020700 0
028 E030700 0
028 E040700 319
028 F010700 527
028 F020700 0
028 F030700 0
028 F040700 216
028 G010700 3073
028 G020700 0
028 G030700 0
028 G040700 1561
028 H000700 0
055 A000700 N
055 B000700 N
056 000700 N
057 000700 N
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
<PAGE> PAGE 21
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 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 0.0
066 A000700 Y
066 B000700 N
066 C000700 Y
066 D000700 N
066 E000700 N
066 F000700 N
066 G000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
071 A000700 6503
071 B000700 4796
071 C000700 13385
071 D000700 36
072 A000700 6
072 B000700 44
072 C000700 42
072 D000700 0
072 E000700 0
072 F000700 85
072 G000700 0
072 H000700 0
072 I000700 0
072 J000700 0
072 K000700 0
072 L000700 1
072 M000700 1
072 N000700 1
072 O000700 0
072 P000700 0
072 Q000700 5
072 R000700 5
072 S000700 2
072 T000700 0
072 U000700 0
072 V000700 0
<PAGE> PAGE 22
072 W000700 2
072 X000700 102
072 Y000700 28
072 Z000700 11
072AA000700 1612
072BB000700 0
072CC010700 855
072CC020700 0
072DD010700 0
072DD020700 0
072EE000700 0
073 A010700 0.0000
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 0
074 B000700 581
074 C000700 249
074 D000700 0
074 E000700 0
074 F000700 15319
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 0
074 K000700 0
074 L000700 8
074 M000700 708
074 N000700 16865
074 O000700 0
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 31
074 S000700 0
074 T000700 16834
074 U010700 1059
074 U020700 0
074 V010700 15.90
074 V020700 0.00
074 W000700 0.0000
074 X000700 326
074 Y000700 0
075 A000700 0
075 B000700 14968
076 000700 0.00
028 A010800 2811
028 A020800 0
028 A030800 0
<PAGE> PAGE 23
028 A040800 366
028 B010800 868
028 B020800 0
028 B030800 0
028 B040800 492
028 C010800 1110
028 C020800 0
028 C030800 0
028 C040800 1007
028 D010800 642
028 D020800 0
028 D030800 0
028 D040800 785
028 E010800 990
028 E020800 0
028 E030800 0
028 E040800 957
028 F010800 460
028 F020800 0
028 F030800 0
028 F040800 1891
028 G010800 6881
028 G020800 0
028 G030800 0
028 G040800 5498
028 H000800 0
055 A000800 N
055 B000800 N
056 000800 N
057 000800 N
062 A000800 Y
062 B000800 16.9
062 C000800 0.0
062 D000800 1.0
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 1.4
062 M000800 70.8
062 N000800 9.9
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
063 A000800 0
063 B000800 2.7
066 A000800 N
<PAGE> PAGE 24
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
071 A000800 36595
071 B000800 34253
071 C000800 25864
071 D000800 132
072 A000800 6
072 B000800 844
072 C000800 0
072 D000800 0
072 E000800 0
072 F000800 108
072 G000800 0
072 H000800 0
072 I000800 0
072 J000800 0
072 K000800 0
072 L000800 1
072 M000800 1
072 N000800 1
072 O000800 0
072 P000800 0
072 Q000800 5
072 R000800 5
072 S000800 2
072 T000800 0
072 U000800 0
072 V000800 0
072 W000800 3
072 X000800 126
072 Y000800 18
072 Z000800 736
072AA000800 0
072BB000800 233
072CC010800 0
072CC020800 611
072DD010800 0
072DD020800 0
072EE000800 0
073 A010800 0.0000
073 A020800 0.0000
073 B000800 0.0000
073 C000800 0.0000
074 A000800 1
074 B000800 280
074 C000800 4686
074 D000800 22379
074 E000800 0
074 F000800 0
<PAGE> PAGE 25
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 0
074 K000800 0
074 L000800 293
074 M000800 127
074 N000800 27766
074 O000800 0
074 P000800 0
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 36
074 S000800 0
074 T000800 27730
074 U010800 2451
074 U020800 0
074 V010800 11.31
074 V020800 0.00
074 W000800 0.0000
074 X000800 317
074 Y000800 0
075 A000800 0
075 B000800 28512
076 000800 0.00
028 A010900 84
028 A020900 0
028 A030900 0
028 A040900 46
028 B010900 92
028 B020900 0
028 B030900 0
028 B040900 100
028 C010900 32
028 C020900 0
028 C030900 0
028 C040900 53
028 D010900 35
028 D020900 0
028 D030900 0
028 D040900 72
028 E010900 18
028 E020900 0
028 E030900 0
028 E040900 59
028 F010900 244
028 F020900 0
028 F030900 0
028 F040900 69
<PAGE> PAGE 26
028 G010900 505
028 G020900 0
028 G030900 0
028 G040900 399
028 H000900 0
055 A000900 N
055 B000900 N
056 000900 N
057 000900 N
062 A000900 Y
062 B000900 0.0
062 C000900 0.0
062 D000900 7.3
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 2.3
062 M000900 90.4
062 N000900 0.0
062 O000900 0.0
062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
063 A000900 0
063 B000900 21.0
066 A000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
071 A000900 548
071 B000900 250
071 C000900 2356
071 D000900 11
072 A000900 6
072 B000900 91
072 C000900 0
072 D000900 0
072 E000900 0
072 F000900 11
072 G000900 0
072 H000900 0
072 I000900 0
072 J000900 0
072 K000900 0
072 L000900 1
072 M000900 1
<PAGE> PAGE 27
072 N000900 1
072 O000900 0
072 P000900 0
072 Q000900 5
072 R000900 5
072 S000900 2
072 T000900 0
072 U000900 0
072 V000900 0
072 W000900 2
072 X000900 28
072 Y000900 18
072 Z000900 81
072AA000900 29
072BB000900 0
072CC010900 0
072CC020900 311
072DD010900 0
072DD020900 0
072EE000900 0
073 A010900 0.0000
073 A020900 0.0000
073 B000900 0.0000
073 C000900 0.0000
074 A000900 1
074 B000900 203
074 C000900 0
074 D000900 2513
074 E000900 0
074 F000900 0
074 G000900 0
074 H000900 0
074 I000900 0
074 J000900 0
074 K000900 0
074 L000900 60
074 M000900 6
074 N000900 2783
074 O000900 0
074 P000900 0
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 3
074 S000900 0
074 T000900 2780
074 U010900 230
074 U020900 0
074 V010900 12.10
074 V020900 0.00
<PAGE> PAGE 28
074 W000900 0.0000
074 X000900 77
074 Y000900 0
075 A000900 0
075 B000900 2740
076 000900 0.00
028 A011000 1228
028 A021000 0
028 A031000 0
028 A041000 10
028 B011000 357
028 B021000 0
028 B031000 0
028 B041000 14
028 C011000 377
028 C021000 0
028 C031000 0
028 C041000 549
028 D011000 190
028 D021000 0
028 D031000 0
028 D041000 19
028 E011000 533
028 E021000 0
028 E031000 0
028 E041000 3
028 F011000 128
028 F021000 0
028 F031000 0
028 F041000 1388
028 G011000 2813
028 G021000 0
028 G031000 0
028 G041000 1983
028 H001000 0
055 A001000 N
055 B001000 N
056 001000 N
057 001000 N
062 A001000 Y
062 B001000 0.2
062 C001000 0.0
062 D001000 4.0
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 2.2
<PAGE> PAGE 29
062 M001000 59.1
062 N001000 1.7
062 O001000 0.0
062 P001000 32.8
062 Q001000 0.0
062 R001000 0.0
063 A001000 0
063 B001000 5.5
066 A001000 N
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
071 A001000 6538
071 B001000 5241
071 C001000 5345
071 D001000 98
072 A001000 6
072 B001000 187
072 C001000 0
072 D001000 0
072 E001000 0
072 F001000 23
072 G001000 0
072 H001000 0
072 I001000 0
072 J001000 0
072 K001000 0
072 L001000 1
072 M001000 1
072 N001000 1
072 O001000 0
072 P001000 0
072 Q001000 5
072 R001000 5
072 S001000 5
072 T001000 0
072 U001000 0
072 V001000 0
072 W001000 3
072 X001000 44
072 Y001000 20
072 Z001000 163
072AA001000 0
072BB001000 74
072CC011000 0
072CC021000 223
072DD011000 0
072DD021000 0
072EE001000 0
073 A011000 0.0000
<PAGE> PAGE 30
073 A021000 0.0000
073 B001000 0.0000
073 C001000 0.0000
074 A001000 0
074 B001000 229
074 C001000 10
074 D001000 5358
074 E001000 0
074 F001000 0
074 G001000 0
074 H001000 0
074 I001000 0
074 J001000 0
074 K001000 0
074 L001000 101
074 M001000 165
074 N001000 5863
074 O001000 131
074 P001000 0
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 8
074 S001000 0
074 T001000 5724
074 U011000 500
074 U021000 0
074 V011000 11.44
074 V021000 0.00
074 W001000 0.0000
074 X001000 61
074 Y001000 0
075 A001000 0
075 B001000 6165
076 001000 0.00
028 A011100 130
028 A021100 0
028 A031100 0
028 A041100 159
028 B011100 54
028 B021100 0
028 B031100 0
028 B041100 153
028 C011100 36
028 C021100 0
028 C031100 0
028 C041100 57
028 D011100 23
028 D021100 0
028 D031100 0
<PAGE> PAGE 31
028 D041100 112
028 E011100 27
028 E021100 0
028 E031100 0
028 E041100 272
028 F011100 61
028 F021100 0
028 F031100 0
028 F041100 189
028 G011100 331
028 G021100 0
028 G031100 0
028 G041100 942
028 H001100 0
055 A001100 N
055 B001100 N
056 001100 N
057 001100 N
062 A001100 Y
062 B001100 23.6
062 C001100 0.0
062 D001100 4.6
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
062 L001100 6.4
062 M001100 41.8
062 N001100 3.0
062 O001100 0.0
062 P001100 0.0
062 Q001100 0.0
062 R001100 20.6
063 A001100 0
063 B001100 3.6
066 A001100 Y
066 B001100 N
066 C001100 N
066 D001100 N
066 E001100 N
066 F001100 Y
066 G001100 N
067 001100 Y
068 A001100 N
068 B001100 N
069 001100 N
071 A001100 1524
071 B001100 2262
<PAGE> PAGE 32
071 C001100 3432
071 D001100 44
072 A001100 6
072 B001100 113
072 C001100 12
072 D001100 0
072 E001100 0
072 F001100 28
072 G001100 0
072 H001100 0
072 I001100 0
072 J001100 0
072 K001100 0
072 L001100 1
072 M001100 1
072 N001100 1
072 O001100 0
072 P001100 0
072 Q001100 5
072 R001100 5
072 S001100 5
072 T001100 0
072 U001100 0
072 V001100 0
072 W001100 2
072 X001100 48
072 Y001100 20
072 Z001100 97
072AA001100 92
072BB001100 0
072CC011100 0
072CC021100 104
072DD011100 0
072DD021100 0
072EE001100 0
073 A011100 0.0000
073 A021100 0.0000
073 B001100 0.0000
073 C001100 0.0000
074 A001100 1
074 B001100 221
074 C001100 1143
074 D001100 2171
074 E001100 0
074 F001100 997
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 0
074 K001100 0
074 L001100 63
<PAGE> PAGE 33
074 M001100 257
074 N001100 4853
074 O001100 0
074 P001100 0
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 9
074 S001100 0
074 T001100 4844
074 U011100 414
074 U021100 0
074 V011100 11.70
074 V021100 0.00
074 W001100 0.0000
074 X001100 12
074 Y001100 0
075 A001100 0
075 B001100 5173
076 001100 0.00
028 A011200 78
028 A021200 0
028 A031200 0
028 A041200 77
028 B011200 797
028 B021200 0
028 B031200 0
028 B041200 685
028 C011200 387
028 C021200 0
028 C031200 0
028 C041200 255
028 D011200 43
028 D021200 0
028 D031200 0
028 D041200 131
028 E011200 43
028 E021200 0
028 E031200 0
028 E041200 398
028 F011200 47
028 F021200 0
028 F031200 0
028 F041200 103
028 G011200 1395
028 G021200 0
028 G031200 0
028 G041200 1649
028 H001200 0
055 A001200 N
<PAGE> PAGE 34
055 B001200 N
056 001200 N
057 001200 N
062 A001200 Y
062 B001200 18.6
062 C001200 0.0
062 D001200 3.6
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 4.6
062 M001200 29.4
062 N001200 2.5
062 O001200 0.0
062 P001200 0.0
062 Q001200 0.0
062 R001200 41.3
063 A001200 0
063 B001200 3.3
066 A001200 Y
066 B001200 N
066 C001200 N
066 D001200 N
066 E001200 N
066 F001200 N
066 G001200 Y
067 001200 Y
068 A001200 N
068 B001200 N
069 001200 N
071 A001200 1461
071 B001200 1851
071 C001200 4288
071 D001200 34
072 A001200 6
072 B001200 99
072 C001200 24
072 D001200 0
072 E001200 0
072 F001200 33
072 G001200 0
072 H001200 0
072 I001200 0
072 J001200 0
072 K001200 0
072 L001200 1
072 M001200 1
<PAGE> PAGE 35
072 N001200 1
072 O001200 0
072 P001200 0
072 Q001200 5
072 R001200 5
072 S001200 5
072 T001200 0
072 U001200 0
072 V001200 0
072 W001200 2
072 X001200 53
072 Y001200 20
072 Z001200 90
072AA001200 75
072BB001200 0
072CC011200 63
072CC021200 0
072DD011200 0
072DD021200 0
072EE001200 0
073 A011200 0.0000
073 A021200 0.0000
073 B001200 0.0000
073 C001200 0.0000
074 A001200 0
074 B001200 212
074 C001200 1095
074 D001200 1879
074 E001200 0
074 F001200 2432
074 G001200 0
074 H001200 0
074 I001200 0
074 J001200 0
074 K001200 0
074 L001200 46
074 M001200 237
074 N001200 5901
074 O001200 0
074 P001200 0
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 11
074 S001200 0
074 T001200 5890
074 U011200 485
074 U021200 0
074 V011200 12.14
074 V021200 0.00
<PAGE> PAGE 36
074 W001200 0.0000
074 X001200 13
074 Y001200 0
075 A001200 0
075 B001200 6043
076 001200 0.00
028 A011300 113
028 A021300 0
028 A031300 0
028 A041300 51
028 B011300 173
028 B021300 0
028 B031300 0
028 B041300 2
028 C011300 273
028 C021300 0
028 C031300 0
028 C041300 5
028 D011300 39
028 D021300 0
028 D031300 0
028 D041300 19
028 E011300 282
028 E021300 0
028 E031300 0
028 E041300 24
028 F011300 256
028 F021300 0
028 F031300 0
028 F041300 6
028 G011300 1136
028 G021300 0
028 G031300 0
028 G041300 107
028 H001300 0
055 A001300 N
055 B001300 N
056 001300 N
057 001300 N
062 A001300 Y
062 B001300 18.5
062 C001300 0.0
062 D001300 9.0
062 E001300 0.0
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
062 I001300 0.0
062 J001300 0.0
062 K001300 0.0
062 L001300 5.3
<PAGE> PAGE 37
062 M001300 22.9
062 N001300 1.4
062 O001300 0.0
062 P001300 0.0
062 Q001300 0.0
062 R001300 42.9
063 A001300 0
063 B001300 1.8
066 A001300 Y
066 B001300 N
066 C001300 N
066 D001300 N
066 E001300 N
066 F001300 N
066 G001300 Y
067 001300 Y
068 A001300 N
068 B001300 N
069 001300 N
071 A001300 555
071 B001300 402
071 C001300 2208
071 D001300 18
072 A001300 6
072 B001300 41
072 C001300 15
072 D001300 0
072 E001300 0
072 F001300 16
072 G001300 0
072 H001300 0
072 I001300 0
072 J001300 0
072 K001300 0
072 L001300 1
072 M001300 1
072 N001300 1
072 O001300 0
072 P001300 0
072 Q001300 5
072 R001300 5
072 S001300 5
072 T001300 0
072 U001300 0
072 V001300 0
072 W001300 2
072 X001300 36
072 Y001300 20
072 Z001300 40
072AA001300 2
072BB001300 0
<PAGE> PAGE 38
072CC011300 105
072CC021300 0
072DD011300 0
072DD021300 0
072EE001300 0
073 A011300 0.0000
073 A021300 0.0000
073 B001300 0.0000
073 C001300 0.0000
074 A001300 0
074 B001300 320
074 C001300 662
074 D001300 868
074 E001300 0
074 F001300 1529
074 G001300 0
074 H001300 0
074 I001300 0
074 J001300 0
074 K001300 0
074 L001300 19
074 M001300 174
074 N001300 3572
074 O001300 0
074 P001300 0
074 Q001300 0
074 R011300 0
074 R021300 0
074 R031300 0
074 R041300 6
074 S001300 0
074 T001300 3566
074 U011300 280
074 U021300 0
074 V011300 12.73
074 V021300 0.00
074 W001300 0.0000
074 X001300 11
074 Y001300 0
075 A001300 0
075 B001300 2914
076 001300 0.00
062 A001400 N
062 B001400 0.0
062 C001400 0.0
062 D001400 0.0
062 E001400 0.0
062 F001400 0.0
062 G001400 0.0
062 H001400 0.0
062 I001400 0.0
<PAGE> PAGE 39
062 J001400 0.0
062 K001400 0.0
062 L001400 0.0
062 M001400 0.0
062 N001400 0.0
062 O001400 0.0
062 P001400 0.0
062 Q001400 0.0
062 R001400 0.0
071 A001400 0
071 B001400 0
071 C001400 0
071 D001400 0
072 A001400 6
072 B001400 0
072 C001400 0
072 D001400 0
072 E001400 0
072 F001400 0
072 G001400 0
072 H001400 0
074 A001400 0
074 B001400 0
074 C001400 0
074 D001400 0
074 E001400 0
074 F001400 0
074 G001400 0
074 H001400 0
074 I001400 0
074 J001400 0
074 K001400 0
074 L001400 0
074 M001400 0
074 N001400 0
062 A001500 N
062 B001500 0.0
062 C001500 0.0
062 D001500 0.0
062 E001500 0.0
062 F001500 0.0
062 G001500 0.0
062 H001500 0.0
062 I001500 0.0
062 J001500 0.0
062 K001500 0.0
062 L001500 0.0
062 M001500 0.0
062 N001500 0.0
062 O001500 0.0
062 P001500 0.0
<PAGE> PAGE 40
062 Q001500 0.0
062 R001500 0.0
071 A001500 0
071 B001500 0
071 C001500 0
071 D001500 0
072 A001500 6
072 B001500 0
072 C001500 0
072 D001500 0
072 E001500 0
072 F001500 0
072 G001500 0
072 H001500 0
074 A001500 0
074 B001500 0
074 C001500 0
074 D001500 0
074 E001500 0
074 F001500 0
074 G001500 0
074 H001500 0
074 I001500 0
074 J001500 0
074 K001500 0
074 L001500 0
074 M001500 0
074 N001500 0
SIGNATURE MARGUARITE WILLIAMS
TITLE VICE PRESIDENT
PRICE WATERHOUSE LLP [LOGO APPEARS HERE]
INTERNAL CONTROL LETTER
________________________
February 16, 1996
To The Supervisory Committee of
AVESTA Trust
In planning and performing our audit of the financial
statements of the Equity Growth Fund, Equity Income Fund,
Balanced Fund, Income Fund, Money Market Fund, Core Equity
Fund, Small Capitalization Fund, U.S. Government Securities
Fund, Short-Intermediate Term U.S. Government Fund, Risk
Manager-Growth Fund, Risk Manager-Balanced Fund, Risk Manager-
Income Fund and Intermediate Term Bond Fund for the year ended
December 31, 1995 (all thirteen funds constituting the AVESTA
Trust, hereafter referred to as the "Trust"), we considered its
internal control structure, including procedures for
safeguarding securities, in order to determine our auditing
procedures for the purposes of expressing our opinion on the
financial statements and to comply with the requirements of
Form N-SAR, and not to provide assurance on the internal
control structure.
The management of the Trust is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that
assets are appropriately safeguarded against loss from
unauthorized use of disposition and that transactions are
executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements
in conformity with generally accepted accounting principles.
Because of the inherent limitations in any internal control
structure, errors or irregularities may occur and not to be
detected. Also, projection of any evaluation of the structure
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 considerations of the internal control structure would not
necessarily disclose all matters in the internal control
structure 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 the specific internal structure elements
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 the internal control structure,
including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above as of
December 31, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> EQUITY GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 39,376,890
<INVESTMENTS-AT-VALUE> 49,273,975
<RECEIVABLES> 52,026
<ASSETS-OTHER> 322
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 49,326,323
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 82,516
<TOTAL-LIABILITIES> 82,516
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,495,310
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,654,469
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,196,942
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,897,086
<NET-ASSETS> 49,243,807
<DIVIDEND-INCOME> 261,461
<INTEREST-INCOME> 31,733
<OTHER-INCOME> 0
<EXPENSES-NET> 241,468
<NET-INVESTMENT-INCOME> 51,726
<REALIZED-GAINS-CURRENT> 2,378,672
<APPREC-INCREASE-CURRENT> 2,246,533
<NET-CHANGE-FROM-OPS> 4,676,931
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 261,413
<NUMBER-OF-SHARES-REDEEMED> 299,236
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,010,933)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 241,468
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 259,329
<AVERAGE-NET-ASSETS> 48,577,000
<PER-SHARE-NAV-BEGIN> 23.20
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 2.33
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 25.56
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> EQUITY INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 43,239,330
<INVESTMENTS-AT-VALUE> 58,467,176
<RECEIVABLES> 67,207
<ASSETS-OTHER> 617
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 58,535,000
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 98,454
<TOTAL-LIABILITIES> 98,454
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,190,295
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 4,197,082
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,821,323
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,227,846
<NET-ASSETS> 58,436,546
<DIVIDEND-INCOME> 663,830
<INTEREST-INCOME> 100,451
<OTHER-INCOME> 0
<EXPENSES-NET> 288,715
<NET-INVESTMENT-INCOME> 475,566
<REALIZED-GAINS-CURRENT> 1,291,371
<APPREC-INCREASE-CURRENT> 2,448,812
<NET-CHANGE-FROM-OPS> 4,215,749
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 370,245
<NUMBER-OF-SHARES-REDEEMED> 398,143
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (764,280)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 288,715
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 304,528
<AVERAGE-NET-ASSETS> 59,453,000
<PER-SHARE-NAV-BEGIN> 23.93
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> 1.61
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 25.74
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 18,967,056
<INVESTMENTS-AT-VALUE> 21,004,627
<RECEIVABLES> 163,872
<ASSETS-OTHER> 431
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21,168,930
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 34,679
<TOTAL-LIABILITIES> 34,679
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,660,433
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 6,485,816
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,950,431
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,037,571
<NET-ASSETS> 21,134,251
<DIVIDEND-INCOME> 72,452
<INTEREST-INCOME> 311,693
<OTHER-INCOME> 0
<EXPENSES-NET> 104,477
<NET-INVESTMENT-INCOME> 279,668
<REALIZED-GAINS-CURRENT> 1,088,494
<APPREC-INCREASE-CURRENT> (569,174)
<NET-CHANGE-FROM-OPS> 798,988
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 81,710
<NUMBER-OF-SHARES-REDEEMED> 135,013
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,136,184)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 104,477
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 121,317
<AVERAGE-NET-ASSETS> 21,010,000
<PER-SHARE-NAV-BEGIN> 21.25
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> .54
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.08
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 53,061,506
<INVESTMENTS-AT-VALUE> 52,776,803
<RECEIVABLES> 686,952
<ASSETS-OTHER> 43
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 53,463,798
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 65,972
<TOTAL-LIABILITIES> 65,972
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,471,361
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 19,348,812
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,862,356
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (284,703)
<NET-ASSETS> 53,397,826
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,694,676
<OTHER-INCOME> 0
<EXPENSES-NET> 202,137
<NET-INVESTMENT-INCOME> 1,492,539
<REALIZED-GAINS-CURRENT> 161,239
<APPREC-INCREASE-CURRENT> (2,815,524)
<NET-CHANGE-FROM-OPS> (1,161,746)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 239,834
<NUMBER-OF-SHARES-REDEEMED> 400,635
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (2,892,055)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 269,534
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 285,930
<AVERAGE-NET-ASSETS> 54,203,000
<PER-SHARE-NAV-BEGIN> 18.21
<PER-SHARE-NII> .49
<PER-SHARE-GAIN-APPREC> (.86)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.84
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 77,413,024
<INVESTMENTS-AT-VALUE> 77,413,024
<RECEIVABLES> 336,297
<ASSETS-OTHER> 132
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 77,749,453
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 67,836
<TOTAL-LIABILITIES> 67,836
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 77,681,617
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,153,190
<OTHER-INCOME> 0
<EXPENSES-NET> 197,502
<NET-INVESTMENT-INCOME> 1,955,688
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 69,164,903
<NUMBER-OF-SHARES-REDEEMED> 64,749,196
<SHARES-REINVESTED> 1,955,688
<NET-CHANGE-IN-ASSETS> 6,371,395
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 256,754
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 274,098
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .025
<PER-SHARE-GAIN-APPREC> (.025)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> CORE EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 21,208,737
<INVESTMENTS-AT-VALUE> 26,348,210
<RECEIVABLES> 42,447
<ASSETS-OTHER> 63
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26,390,720
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43,711
<TOTAL-LIABILITIES> 43,711
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,124,249
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 798,877
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,284,410
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,139,473
<NET-ASSETS> 26,347,009
<DIVIDEND-INCOME> 242,964
<INTEREST-INCOME> 17,395
<OTHER-INCOME> 0
<EXPENSES-NET> 128,181
<NET-INVESTMENT-INCOME> 132,178
<REALIZED-GAINS-CURRENT> 295,725
<APPREC-INCREASE-CURRENT> 2,013,152
<NET-CHANGE-FROM-OPS> 2,441,055
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 255,408
<NUMBER-OF-SHARES-REDEEMED> 288,216
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (461,180)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 128,181
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 144,959
<AVERAGE-NET-ASSETS> 25,771,000
<PER-SHARE-NAV-BEGIN> 13.01
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> 1.23
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.31
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> SMALL CAPITALIZATION FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 12,946,481
<INVESTMENTS-AT-VALUE> 16,857,463
<RECEIVABLES> 7,543
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16,864,997
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30,592
<TOTAL-LIABILITIES> 30,592
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,565,262
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 124,595
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,233,566
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,910,982
<NET-ASSETS> 16,834,405
<DIVIDEND-INCOME> 41,545
<INTEREST-INCOME> 44,312
<OTHER-INCOME> 0
<EXPENSES-NET> 74,016
<NET-INVESTMENT-INCOME> 11,750
<REALIZED-GAINS-CURRENT> 1,612,266
<APPREC-INCREASE-CURRENT> 855,179
<NET-CHANGE-FROM-OPS> 2,479,195
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 206,822
<NUMBER-OF-SHARES-REDEEMED> 105,738
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,507,170
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 85,138
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 101,787
<AVERAGE-NET-ASSETS> 14,888,000
<PER-SHARE-NAV-BEGIN> 13.41
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 2.48
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.90
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> SHORT INTERMEDIATE TERM U.S. GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 27,453,252
<INVESTMENTS-AT-VALUE> 27,472,134
<RECEIVABLES> 292,824
<ASSETS-OTHER> 914
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,765,872
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 35,905
<TOTAL-LIABILITIES> 35,905
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,188,627
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3,237,624
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (715,166)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,882
<NET-ASSETS> 27,729,967
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 844,194
<OTHER-INCOME> 0
<EXPENSES-NET> 107,809
<NET-INVESTMENT-INCOME> 736,385
<REALIZED-GAINS-CURRENT> (233,191)
<APPREC-INCREASE-CURRENT> (611,008)
<NET-CHANGE-FROM-OPS> (107,814)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 402,025
<NUMBER-OF-SHARES-REDEEMED> 486,776
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (945,546)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 107,809
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 125,923
<AVERAGE-NET-ASSETS> 28,907,000
<PER-SHARE-NAV-BEGIN> 11.35
<PER-SHARE-NII> .58
<PER-SHARE-GAIN-APPREC> (.62)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.31
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> U.S. GOVERNMENT SECURTIES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 2,655,315
<INVESTMENTS-AT-VALUE> 2,722,365
<RECEIVABLES> 59,638
<ASSETS-OTHER> 718
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,782,721
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,212
<TOTAL-LIABILITIES> 3,212
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,441,425
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 487,850
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (216,816)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 67,050
<NET-ASSETS> 2,779,509
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 90,846
<OTHER-INCOME> 0
<EXPENSES-NET> 10,065
<NET-INVESTMENT-INCOME> 80,781
<REALIZED-GAINS-CURRENT> 28,982
<APPREC-INCREASE-CURRENT> (311,466)
<NET-CHANGE-FROM-OPS> (201,703)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 41,822
<NUMBER-OF-SHARES-REDEEMED> 33,358
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 103,923
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,409
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 28,237
<AVERAGE-NET-ASSETS> 2,699,000
<PER-SHARE-NAV-BEGIN> 13.01
<PER-SHARE-NII> .36
<PER-SHARE-GAIN-APPREC> (1.27)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.10
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> INTERMEDIATE TERM BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 5,863,943
<INVESTMENTS-AT-VALUE> 5,762,424
<RECEIVABLES> 100,841
<ASSETS-OTHER> 379
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,863,644
<PAYABLE-FOR-SECURITIES> 131,004
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,179
<TOTAL-LIABILITIES> 139,183
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,962,156
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 591,273
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 272,551
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (101,519)
<NET-ASSETS> 5,724,461
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 187,079
<OTHER-INCOME> 0
<EXPENSES-NET> 23,638
<NET-INVESTMENT-INCOME> 163,441
<REALIZED-GAINS-CURRENT> (74,092)
<APPREC-INCREASE-CURRENT> (222,981)
<NET-CHANGE-FROM-OPS> (133,632)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 243,843
<NUMBER-OF-SHARES-REDEEMED> 174,658
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 827,412
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 23,638
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 44,207
<AVERAGE-NET-ASSETS> 6,338,000
<PER-SHARE-NAV-BEGIN> 11.67
<PER-SHARE-NII> .30
<PER-SHARE-GAIN-APPREC> (.53)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.44
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> RISK MANAGER-INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 4,669,938
<INVESTMENTS-AT-VALUE> 4,789,497
<RECEIVABLES> 62,886
<ASSETS-OTHER> 789
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,853,172
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,991
<TOTAL-LIABILITIES> 8,991
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,169,720
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 687,493
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 867,408
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 119,559
<NET-ASSETS> 4,844,180
<DIVIDEND-INCOME> 11,616
<INTEREST-INCOME> 113,520
<OTHER-INCOME> 0
<EXPENSES-NET> 28,267
<NET-INVESTMENT-INCOME> 96,869
<REALIZED-GAINS-CURRENT> 92,358
<APPREC-INCREASE-CURRENT> (103,644)
<NET-CHANGE-FROM-OPS> 85,583
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28,675
<NUMBER-OF-SHARES-REDEEMED> 81,265
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (610,386)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 28,267
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 48,405
<AVERAGE-NET-ASSETS> 5,167,000
<PER-SHARE-NAV-BEGIN> 11.51
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> (.03)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.70
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> RISK MANAGER-BALANCED FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 5,478,596
<INVESTMENTS-AT-VALUE> 5,854,635
<RECEIVABLES> 45,874
<ASSETS-OTHER> 465
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,900,974
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,774
<TOTAL-LIABILITIES> 10,774
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,367,256
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 438,583
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 708,322
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 376,039
<NET-ASSETS> 5,890,200
<DIVIDEND-INCOME> 24,408
<INTEREST-INCOME> 98,496
<OTHER-INCOME> 0
<EXPENSES-NET> 33,121
<NET-INVESTMENT-INCOME> 89,783
<REALIZED-GAINS-CURRENT> 74,605
<APPREC-INCREASE-CURRENT> 62,808
<NET-CHANGE-FROM-OPS> 227,196
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 116,728
<NUMBER-OF-SHARES-REDEEMED> 137,975
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (253,756)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33,121
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 53,202
<AVERAGE-NET-ASSETS> 6,054,000
<PER-SHARE-NAV-BEGIN> 11.68
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> .29
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.14
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> RISK MANAGER-GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 3,316,455
<INVESTMENTS-AT-VALUE> 3,552,596
<RECEIVABLES> 19,647
<ASSETS-OTHER> 131
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,572,374
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,036
<TOTAL-LIABILITIES> 6,036
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,457,098
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 235,875
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 637,223
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 236,141
<NET-ASSETS> 3,566,337
<DIVIDEND-INCOME> 14,764
<INTEREST-INCOME> 41,621
<OTHER-INCOME> 0
<EXPENSES-NET> 15,864
<NET-INVESTMENT-INCOME> 40,521
<REALIZED-GAINS-CURRENT> 1,734
<APPREC-INCREASE-CURRENT> 104,980
<NET-CHANGE-FROM-OPS> 147,234
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 91,625
<NUMBER-OF-SHARES-REDEEMED> 9,207
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,028,426
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 15,864
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 36,057
<AVERAGE-NET-ASSETS> 2,903,000
<PER-SHARE-NAV-BEGIN> 12.09
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> .47
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.73
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
