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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
055 B000800 N
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
074 N001500 0
SIGNATURE CHERYL MORGAN
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000803747
<NAME> AVESTA TRUST
[NUMBER] 1
[NAME] EQUITY GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 42,805,676
<INVESTMENTS-AT-VALUE> 57,092,661
<RECEIVABLES> 875,157
<ASSETS-OTHER> 627
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57,968,445
<PAYABLE-FOR-SECURITIES> 592,354
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 47,969
<TOTAL-LIABILITIES> 640,323
<SENIOR-EQUITY> 0
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<NAME> MONEY MARKET
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<TABLE> <S> <C>
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<NAME> CORE EQUITY FUND
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<NAME> AVESTA TRUST
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<NAME> AVESTA TRUST
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<NAME> SHORT INTERMEDIATE TERM US GOVERNMENT SECURITIES FUND
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<NAME> AVESTA TRUST
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<NAME> U.S. GOVERNMENT SECURITIES FUND
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<NAME> AVESTA TRUST
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<NAME> INTERMEDIATE TERM BOND FUND
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,389,814
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,594
<TOTAL-LIABILITIES> 441,056
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 6,948,758
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 384,549
<OTHER-INCOME> 0
<EXPENSES-NET> 47,537
<NET-INVESTMENT-INCOME> 337,012
<REALIZED-GAINS-CURRENT> (136,033)
<APPREC-INCREASE-CURRENT> (106,912)
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 477,320
<NUMBER-OF-SHARES-REDEEMED> 323,790
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,824,010
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 6,338,000
<PER-SHARE-NAV-BEGIN> 11.67
<PER-SHARE-NII> .61
<PER-SHARE-GAIN-APPREC> (.39)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 11.89
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000803747
<NAME> AVESTA TRUST
<SERIES>
<NUMBER> 11
<NAME> RISK MANAGER-INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 4,430,992
<INVESTMENTS-AT-VALUE> 4,677,593
<RECEIVABLES> 66,156
<ASSETS-OTHER> 901
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,744,650
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<OTHER-ITEMS-LIABILITIES> 4,389
<TOTAL-LIABILITIES> 4,389
<SENIOR-EQUITY> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 4,740,261
<DIVIDEND-INCOME> 21,050
<INTEREST-INCOME> 221,823
<OTHER-INCOME> 0
<EXPENSES-NET> 53,775
<NET-INVESTMENT-INCOME> 189,098
<REALIZED-GAINS-CURRENT> 98,693
<APPREC-INCREASE-CURRENT> 23,398
<NET-CHANGE-FROM-OPS> 311,189
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 80,449
<NUMBER-OF-SHARES-REDEEMED> 161,659
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (939,911)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 4,874,000
<PER-SHARE-NAV-BEGIN> 11.51
<PER-SHARE-NII> .45
<PER-SHARE-GAIN-APPREC> .34
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.30
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000803747
<NAME> AVESTA TRUST
<SERIES>
<NUMBER> 12
<NAME> RISK MANAGER-BALANCED FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 5,177,307
<INVESTMENTS-AT-VALUE> 5,859,623
<RECEIVABLES> 60,786
<ASSETS-OTHER> 702
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,921,111
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,838
<TOTAL-LIABILITIES> 5,838
<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> 5,915,273
<DIVIDEND-INCOME> 49,989
<INTEREST-INCOME> 196,583
<OTHER-INCOME> 0
<EXPENSES-NET> 65,896
<NET-INVESTMENT-INCOME> 180,676
<REALIZED-GAINS-CURRENT> 82,515
<APPREC-INCREASE-CURRENT> 369,085
<NET-CHANGE-FROM-OPS> 632,276
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 144,554
<NUMBER-OF-SHARES-REDEEMED> 195,789
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (633,763)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 5,990,000
<PER-SHARE-NAV-BEGIN> 11.68
<PER-SHARE-NII> .37
<PER-SHARE-GAIN-APPREC> .94
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<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 12.99
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
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<CIK> 0000803747
<NAME> AVESTA TRUST
<SERIES>
<NUMBER> 13
<NAME> RISK MANAGER-GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 2,928,824
<INVESTMENTS-AT-VALUE> 3,348,700
<RECEIVABLES> 20,569
<ASSETS-OTHER> 480
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,369,749
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,108
<TOTAL-LIABILITIES> 3,108
<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> 3,366,641
<DIVIDEND-INCOME> 30,846
<INTEREST-INCOME> 95,229
<OTHER-INCOME> 0
<EXPENSES-NET> 34,824
<NET-INVESTMENT-INCOME> 91,251
<REALIZED-GAINS-CURRENT> 8,108
<APPREC-INCREASE-CURRENT> 288,719
<NET-CHANGE-FROM-OPS> 388,078
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 126,044
<NUMBER-OF-SHARES-REDEEMED> 77,561
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 587,886
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 3,166,000
<PER-SHARE-NAV-BEGIN> 12.09
<PER-SHARE-NII> .37
<PER-SHARE-GAIN-APPREC> 1.21
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.67
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
PRICE WATERHOUSE LLP [LOGO APPEARS HERE]
INTERNAL CONTROL LETTER
________________________
February 14, 1997
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 Securities Fund, Risk
Manager-Growth Fund, Risk Manager-Balanced Fund, Risk Manager-
Income Fund and Intermediate Term Bond Fund for the year ended
December 31, 1996 (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 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 consideration 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, 1996.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
