<PAGE> PAGE 1
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007 C010500 5
007 C020500 PRO-CONSCIENCE WOMEN'S EQUITY MUTUAL FUND
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007 C020900 ACADEMY VALUE FUND
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<PAGE> PAGE 2
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007 C021100 MATRIX GROWTH FUND
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007 C021200 MATRIX EMERGING GROWTH FUND
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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SIGNATURE STEVEN J. PAGGIOLI
TITLE PRESIDENT
