<PAGE> PAGE 1
000 B000000 07/31/95
000 C000000 0000817982
000 D000000 N
000 E000000 F
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 QUEST FOR VALUE FAMILY OF FUNDS
001 B000000 811-5225
001 C000000 2125041667
002 A000000 33 MAIDEN LANE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10038
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 9
007 C010100 1
007 C020100 US GOV'T INCOME FUND
007 C030100 N
007 C010200 2
007 C020200 SMALL CAPITALIZATION FUND
007 C030200 N
007 C010300 3
007 C020300 OPPORTUNITY FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C020500 NATIONAL TAX-EXEMPT FUND
007 C030500 N
007 C010600 6
007 C020600 CALIFORNIA TAX-EXEMPT FUND
007 C030600 N
007 C010700 7
007 C020700 NEW YORK TAX-EXEMPT FUND
007 C030700 N
007 C010800 8
007 C020800 INVESTMENT QUALITY INCOME FUND
007 C030800 N
007 C010900 9
007 C020900 GROWTH AND INCOME FUND
007 C030900 N
007 C011000 10
007 C021000 OFFICERS FUND
007 C031000 N
018 00AA00 Y
<PAGE> PAGE 2
019 A00AA00 Y
019 B00AA00 25
019 C00AA00 QUESTVALUE
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 MERRILL LYNCH PIERCE FENNER & SMITH INC
022 B000001 13-5674085
022 C000001 31572
022 D000001 29843
022 A000002 LEHMAN BROTHERS, INC
022 B000002 13-2518466
022 C000002 18200
022 D000002 23049
022 A000003 SMITH BARNEY, INC.
022 B000003 13-1912900
022 C000003 4060
022 D000003 15257
022 A000004 BEAR STEARNS & CO
022 B000004 13-3299429
022 C000004 6806
022 D000004 10313
022 A000005 GOLDMAN SACHS & CO
022 B000005 13-5108880
022 C000005 5561
022 D000005 4005
022 A000006 MORGAN STANLEY & CO
022 B000006 13-2655998
022 C000006 5164
022 D000006 3604
022 A000007 PRUDENTIAL SECURITIES, INC.
022 B000007 22-2347336
022 C000007 4300
022 D000007 4200
022 A000008 TUCKER ANTHONY
022 B000008 04-2566229
022 C000008 4650
022 D000008 2698
022 A000009 FIRST ALBANY CORP
022 B000009 14-1391446
022 C000009 2397
022 D000009 4562
022 A000010 JP MORGAN SECURITIES, INC
<PAGE> PAGE 3
022 B000010 13-3224016
022 C000010 3000
022 D000010 3000
023 C000000 104046
023 D000000 125082
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 Y
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
077 A000000 Y
077 B000000 Y
078 000000 N
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
085 B00AA00 N
008 A000501 QUEST FOR VALUE ADVISORS
008 B000501 A
008 C000501 801-27180
008 D010501 NEW YORK
008 D020501 NY
008 D030501 10781
011 A000501 QUEST FOR VALUE DISTRIBUTORS
011 B000501 8-80110574
011 C010501 NEW YORK
011 C020501 NY
011 C030501 10281
012 A000501 STATE STREET BANK AND TRUST CO
012 B000501 85-05003
012 C010501 BOSTON
012 C020501 MA
012 C030501 02266
012 A000502 UNIFIED MANAGEMENT CORP
012 B000502 85-9999999
<PAGE> PAGE 4
012 C010502 INDIANAPOLIS
012 C020502 IN
012 C030502 46204
013 A000501 PRICE WATERHOUSE LLP
013 B010501 NEW YORK
013 B020501 NY
013 B030501 10036
014 A000501 OPPENHEIMER & CO, INC
014 B000501 8-18333
014 A000502 QUEST FOR VALUE DISTRIBUTORS
014 B000502 8-36893
015 A000501 STATE STREET BANK & TRUST CO
015 B000501 C
015 C010501 BOSTON
015 C020501 MA
015 C030501 02266
015 E010501 X
028 A010500 480
028 A020500 247
028 A030500 0
028 A040500 1149
028 B010500 807
028 B020500 242
028 B030500 0
028 B040500 3529
028 C010500 975
028 C020500 236
028 C030500 0
028 C040500 947
028 D010500 1058
028 D020500 230
028 D030500 0
028 D040500 1406
028 E010500 574
028 E020500 227
028 E030500 0
028 E040500 1335
028 F010500 683
028 F020500 224
028 F030500 0
028 F040500 2101
028 G010500 4577
028 G020500 1406
028 G030500 0
028 G040500 10467
028 H000500 0
029 000500 Y
030 A000500 77
030 B000500 4.75
030 C000500 0.30
031 A000500 39
<PAGE> PAGE 5
031 B000500 0
032 000500 0
033 000500 38
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 0
042 D000500 100
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 78
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.500
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
<PAGE> PAGE 6
053 A000500 Y
053 B000500 Y
053 C000500 N
054 A000500 Y
054 B000500 Y
054 C000500 N
054 D000500 N
054 E000500 N
054 F000500 N
054 G000500 Y
054 H000500 Y
054 I000500 N
054 J000500 Y
054 K000500 N
054 L000500 N
054 M000500 Y
054 N000500 N
054 O000500 N
055 A000500 N
055 B000500 N
056 000500 N
057 000500 N
058 A000500 N
059 000500 N
060 A000500 Y
060 B000500 Y
061 000500 1000
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 2.0
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 97.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 17.8
064 A000500 Y
064 B000500 N
066 A000500 N
067 000500 N
<PAGE> PAGE 7
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 Y
070 E020500 Y
070 F010500 N
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 33039
071 B000500 42293
071 C000500 82435
071 D000500 40
072 A000500 12
072 B000500 5367
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 428
072 G000500 0
072 H000500 0
<PAGE> PAGE 8
072 I000500 70
072 J000500 47
072 K000500 0
072 L000500 13
072 M000500 17
072 N000500 25
072 O000500 0
072 P000500 0
072 Q000500 75
072 R000500 14
072 S000500 3
072 T000500 78
072 U000500 10
072 V000500 0
072 W000500 10
072 X000500 790
072 Y000500 154
072 Z000500 4731
072AA000500 0
072BB000500 1865
072CC010500 2177
072CC020500 0
072DD010500 4731
072DD020500 0
072EE000500 56
073 A010500 0.5782
073 A020500 0.0000
073 B000500 0.0067
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 1600
074 D000500 79727
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 1116
074 K000500 0
074 L000500 1342
074 M000500 14
074 N000500 83799
074 O000500 925
074 P000500 12
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 689
074 S000500 0
<PAGE> PAGE 9
074 T000500 82173
074 U010500 7630
074 U020500 0
074 V010500 10.77
074 V020500 0.00
074 W000500 0.0000
074 X000500 1649
074 Y000500 0
075 A000500 0
075 B000500 85624
076 000500 0.00
080 A000500 ICI MUTUAL INSURANCE CO.
080 C000500 13175
081 A000500 Y
081 B000500 29
082 A000500 N
082 B000500 0
008 A000601 QUEST FOR VALUE ADVISORS
008 B000601 A
008 C000601 801-27180
008 D010601 NEW YORK
008 D020601 NY
008 D030601 10281
011 A000601 QUEST FOR VALUE DISTRIBUTORS
011 B000601 8-80110574
011 C010601 NEW YORK
011 C020601 NY
011 C030601 10281
012 A000601 STATE STREET BANK AND TRUST CO
012 B000601 85-05003
012 C010601 BOSTON
012 C020601 MA
012 C030601 02266
012 A000602 UNIFIED MANAGEMENT CORP
012 B000602 85-9999999
012 C010602 INDIANAPOLIS
012 C020602 IN
012 C030602 46204
013 A000601 PRICE WATERHOUSE LLP
013 B010601 NEW YORK
013 B020601 NY
013 B030601 10036
014 A000601 OPPENHEIMER & CO, INC.
014 B000601 8-18333
014 A000602 QUEST FOR VALUE DISTRIBUTORS
014 B000602 8-36893
015 A000601 STATE STREET BANK AND TRUST CO.
015 B000601 C
015 C010601 BOSTON
015 C020601 MA
015 C030601 02266
<PAGE> PAGE 10
015 E010601 X
028 A010600 108
028 A020600 63
028 A030600 0
028 A040600 251
028 B010600 328
028 B020600 60
028 B030600 0
028 B040600 421
028 C010600 180
028 C020600 62
028 C030600 0
028 C040600 620
028 D010600 227
028 D020600 57
028 D030600 0
028 D040600 1118
028 E010600 52
028 E020600 57
028 E030600 0
028 E040600 300
028 F010600 43
028 F020600 52
028 F030600 0
028 F040600 3003
028 G010600 938
028 G020600 351
028 G030600 0
028 G040600 5713
028 H000600 0
029 000600 Y
030 A000600 40
030 B000600 4.75
030 C000600 0.30
031 A000600 20
031 B000600 0
032 000600 0
033 000600 20
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 0
042 D000600 100
042 E000600 0
<PAGE> PAGE 11
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 23
044 000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.500
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 Y
053 B000600 Y
053 C000600 N
054 A000600 Y
054 B000600 Y
054 C000600 N
054 D000600 N
054 E000600 N
054 F000600 N
054 G000600 Y
054 H000600 Y
054 I000600 N
054 J000600 Y
054 K000600 N
054 L000600 N
054 M000600 Y
<PAGE> PAGE 12
054 N000600 N
054 O000600 N
055 A000600 N
055 B000600 N
056 000600 N
057 000600 N
058 A000600 N
059 000600 N
060 A000600 Y
060 B000600 Y
061 000600 1000
062 A000600 Y
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 2.3
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 96.1
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 19.4
064 A000600 Y
064 B000600 N
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 Y
070 E020600 Y
070 F010600 N
070 F020600 N
070 G010600 Y
<PAGE> PAGE 13
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 N
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 Y
070 R020600 N
071 A000600 6955
071 B000600 14412
071 C000600 24982
071 D000600 28
072 A000600 12
072 B000600 1581
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 130
072 G000600 0
072 H000600 0
072 I000600 15
072 J000600 30
072 K000600 0
072 L000600 7
072 M000600 9
072 N000600 2
072 O000600 0
072 P000600 0
072 Q000600 73
072 R000600 14
072 S000600 3
072 T000600 23
072 U000600 0
072 V000600 0
072 W000600 4
072 X000600 310
<PAGE> PAGE 14
072 Y000600 81
072 Z000600 1352
072AA000600 0
072BB000600 265
072CC010600 238
072CC020600 0
072DD010600 1352
072DD020600 0
072EE000600 168
073 A010600 0.5386
073 A020600 0.0000
073 B000600 0.0678
073 C000600 0.0000
074 A000600 25
074 B000600 0
074 C000600 500
074 D000600 21187
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 130
074 K000600 0
074 L000600 392
074 M000600 3
074 N000600 22237
074 O000600 0
074 P000600 3
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 188
074 S000600 0
074 T000600 22046
074 U010600 2089
074 U020600 0
074 V010600 10.55
074 V020600 0.00
074 W000600 0.0000
074 X000600 457
074 Y000600 0
075 A000600 0
075 B000600 25921
076 000600 0.00
080 A000600 ICI MUTUAL INSURANCE CO
080 C000600 13175
081 A000600 Y
081 B000600 29
082 A000600 N
<PAGE> PAGE 15
082 B000600 0
008 A000701 QUEST FOR VALUE ADVISORS
008 B000701 A
008 C000701 801-27180
008 D010701 NEW YORK
008 D020701 NY
008 D030701 10281
011 A000701 QUEST FOR VALUE DISTRIBUTORS
011 B000701 8-80110574
011 C010701 NEW YORK
011 C020701 NY
011 C030701 10281
012 A000701 STATE STREET BANK AND TRUST CO
012 B000701 85-05003
012 C010701 BOSTON
012 C020701 MA
012 C030701 02266
012 A000702 UNIFIED MANAGEMENT CORP
012 B000702 85-9999999
012 C010702 INDIANAPOLIS
012 C020702 NY
012 C030702 46204
013 A000701 PRICE WATERHOUSE LLP
013 B010701 NEW YORK
013 B020701 NY
013 B030701 10036
014 A000701 OPPENHEIMER & CO, INC.
014 B000701 8-18333
014 A000702 QUEST FOR VALUE DISTRIBUTORS
014 B000702 8-36893
015 A000701 STATE STREET BANK AND TRUST CO
015 B000701 C
015 C010701 BOSTON
015 C020701 MA
015 C030701 02266
015 E010701 X
028 A010700 121
028 A020700 81
028 A030700 0
028 A040700 848
028 B010700 396
028 B020700 78
028 B030700 0
028 B040700 273
028 C010700 -54
028 C020700 78
028 C030700 0
028 C040700 287
028 D010700 52
028 D020700 77
028 D030700 0
<PAGE> PAGE 16
028 D040700 439
028 E010700 70
028 E020700 76
028 E030700 0
028 E040700 466
028 F010700 98
028 F020700 74
028 F030700 0
028 F040700 555
028 G010700 683
028 G020700 464
028 G030700 0
028 G040700 2868
028 H000700 0
029 000700 Y
030 A000700 55
030 B000700 4.75
030 C000700 0.30
031 A000700 28
031 B000700 0
032 000700 0
033 000700 27
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 0
042 D000700 100
042 E000700 0
042 F000700 0
042 G000700 0
042 H000700 0
043 000700 28
044 000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.500
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
<PAGE> PAGE 17
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 Y
053 B000700 Y
053 C000700 N
054 A000700 Y
054 B000700 Y
054 C000700 N
054 D000700 N
054 E000700 N
054 F000700 N
054 G000700 Y
054 H000700 Y
054 I000700 N
054 J000700 Y
054 K000700 N
054 L000700 N
054 M000700 Y
054 N000700 N
054 O000700 N
055 A000700 N
055 B000700 N
056 000700 N
057 000700 N
058 A000700 N
059 000700 N
060 A000700 Y
060 B000700 N
061 000700 1000
062 A000700 Y
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 2.7
<PAGE> PAGE 18
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 95.3
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 17.0
064 A000700 Y
064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 N
070 B010700 N
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 Y
070 E020700 Y
070 F010700 N
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 N
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 N
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
<PAGE> PAGE 19
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 Y
070 R020700 N
071 A000700 8716
071 B000700 11742
071 C000700 29351
071 D000700 30
072 A000700 12
072 B000700 1884
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 152
072 G000700 0
072 H000700 0
072 I000700 23
072 J000700 32
072 K000700 0
072 L000700 8
072 M000700 9
072 N000700 3
072 O000700 0
072 P000700 0
072 Q000700 72
072 R000700 14
072 S000700 3
072 T000700 28
072 U000700 1
072 V000700 0
072 W000700 3
072 X000700 348
072 Y000700 69
072 Z000700 1605
072AA000700 0
072BB000700 63
072CC010700 289
072CC020700 0
072DD010700 1605
072DD020700 0
072EE000700 510
073 A010700 0.5532
073 A020700 0.0000
073 B000700 0.1758
073 C000700 0.0000
074 A000700 166
074 B000700 0
074 C000700 800
<PAGE> PAGE 20
074 D000700 28455
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 75
074 K000700 0
074 L000700 454
074 M000700 3
074 N000700 29953
074 O000700 0
074 P000700 3
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 104
074 S000700 0
074 T000700 29846
074 U010700 2783
074 U020700 0
074 V010700 10.73
074 V020700 0.00
074 W000700 0.0000
074 X000700 888
074 Y000700 0
075 A000700 0
075 B000700 30429
076 000700 0.00
080 A000700 ICI MUTUAL INSURANCE CO.
080 C000700 13175
081 A000700 Y
081 B000700 29
082 A000700 N
082 B000700 0
SIGNATURE LESLIE KLEIN
TITLE ASST. TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Annual Report for the year ended July 31, 1995 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000817982
<NAME> QUEST FOR VALUE FAMILY OF FUNDS
<SERIES>
<NUMBER> 06
<NAME> CALIFORNIA TAX EXEMPT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-START> AUG-01-1994
<PERIOD-END> JUL-31-1995
<INVESTMENTS-AT-COST> 21,422,462
<INVESTMENTS-AT-VALUE> 21,687,217
<RECEIVABLES> 522,401
<ASSETS-OTHER> 27,779
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22,237,397
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 190,966
<TOTAL-LIABILITIES> 190,966
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,108,821
<SHARES-COMMON-STOCK> 2,088,853
<SHARES-COMMON-PRIOR> 2,739,090
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (327,145)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 264,755
<NET-ASSETS> 22,046,431
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,581,134
<OTHER-INCOME> 0
<EXPENSES-NET> 229,340
<NET-INVESTMENT-INCOME> 1,351,794
<REALIZED-GAINS-CURRENT> (264,645)
<APPREC-INCREASE-CURRENT> 238,339
<NET-CHANGE-FROM-OPS> 1,325,488
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,351,794)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (168,496)
<NUMBER-OF-SHARES-SOLD> 208,962
<NUMBER-OF-SHARES-REDEEMED> (946,649)
<SHARES-REINVESTED> 87,450
<NET-CHANGE-IN-ASSETS> (6,977,369)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (56,093)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 129,604
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 310,070
<AVERAGE-NET-ASSETS> 25,920,712
<PER-SHARE-NAV-BEGIN> 10.60
<PER-SHARE-NII> .54
<PER-SHARE-GAIN-APPREC> .02
<PER-SHARE-DIVIDEND> (.54)
<PER-SHARE-DISTRIBUTIONS> (.07)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.55
<EXPENSE-RATIO> .88
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Annual Report for the year ended July 31, 1995 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000817982
<NAME> QUEST FOR VALUE FAMILY OF FUNDS
<SERIES>
<NUMBER> 05
<NAME> NATIONAL TAX EXEMPT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-START> AUG-01-1994
<PERIOD-END> JUL-31-1995
<INVESTMENTS-AT-COST> 78,774,958
<INVESTMENTS-AT-VALUE> 81,327,260
<RECEIVABLES> 2,457,711
<ASSETS-OTHER> 13,650
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 83,798,621
<PAYABLE-FOR-SECURITIES> 924,520
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 700,997
<TOTAL-LIABILITIES> 1,625,517
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 81,611,177
<SHARES-COMMON-STOCK> 7,629,799
<SHARES-COMMON-PRIOR> 8,762,939
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,990,375)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,552,302
<NET-ASSETS> 82,173,104
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,367,250
<OTHER-INCOME> 0
<EXPENSES-NET> 636,296
<NET-INVESTMENT-INCOME> 4,730,954
<REALIZED-GAINS-CURRENT> (1,864,937)
<APPREC-INCREASE-CURRENT> 2,177,325
<NET-CHANGE-FROM-OPS> 5,043,342
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,730,954)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (56,482)
<NUMBER-OF-SHARES-SOLD> 872,813
<NUMBER-OF-SHARES-REDEEMED> (2,290,756)
<SHARES-REINVESTED> 284,803
<NET-CHANGE-IN-ASSETS> (11,357,365)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (116,783)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 428,119
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 790,736
<AVERAGE-NET-ASSETS> 85,623,719
<PER-SHARE-NAV-BEGIN> 10.67
<PER-SHARE-NII> .58
<PER-SHARE-GAIN-APPREC> .11
<PER-SHARE-DIVIDEND> (.58)
<PER-SHARE-DISTRIBUTIONS> (.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.77
<EXPENSE-RATIO> .74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Annual Report for the year ended July 31, 1995 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000817982
<NAME> QUEST FOR VALUE FAMILY OF FUNDS
<SERIES>
<NUMBER> 07
<NAME> NEW YORK TAX EXEMPT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-START> AUG-01-1994
<PERIOD-END> JUL-31-1995
<INVESTMENTS-AT-COST> 28,522,233
<INVESTMENTS-AT-VALUE> 29,254,799
<RECEIVABLES> 529,204
<ASSETS-OTHER> 168,928
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29,952,931
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 107,353
<TOTAL-LIABILITIES> 107,353
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,237,977
<SHARES-COMMON-STOCK> 2,782,747
<SHARES-COMMON-PRIOR> 2,977,289
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (124,965)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 732,566
<NET-ASSETS> 29,845,578
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,883,954
<OTHER-INCOME> 0
<EXPENSES-NET> 278,804
<NET-INVESTMENT-INCOME> 1,605,150
<REALIZED-GAINS-CURRENT> (62,809)
<APPREC-INCREASE-CURRENT> 288,717
<NET-CHANGE-FROM-OPS> 1,831,058
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,605,150)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (510,362)
<NUMBER-OF-SHARES-SOLD> 304,753
<NUMBER-OF-SHARES-REDEEMED> (625,195)
<SHARES-REINVESTED> 125,900
<NET-CHANGE-IN-ASSETS> (2,364,207)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 443,527
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 152,144
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 348,222
<AVERAGE-NET-ASSETS> 30,428,752
<PER-SHARE-NAV-BEGIN> 10.82
<PER-SHARE-NII> .55
<PER-SHARE-GAIN-APPREC> .09
<PER-SHARE-DIVIDEND> (.55)
<PER-SHARE-DISTRIBUTIONS> (.18)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.73
<EXPENSE-RATIO> .92
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
