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<PAGE> PAGE 2
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<PAGE> PAGE 5
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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 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 25
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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 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 41
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067 000900 N
068 A000900 N
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070 A020900 N
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070 C020900 N
070 D010900 Y
070 D020900 N
070 E010900 N
070 E020900 N
070 F010900 N
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 Y
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 N
070 K020900 N
070 L010900 Y
070 L020900 N
070 M010900 Y
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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008 A001001 COVA INVESTMENT ADVISORY CORPORATION
008 B001001 A
008 C001001 801-45567
008 D011001 OAKBROOK TERRACE
008 D021001 IL
008 D031001 60181
008 D041001 4644
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008 B001002 S
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015 A001001 INVESTORS BANK & TRUST COMPANY
015 B001001 C
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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066 G001000 Y
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068 A001000 N
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070 A021000 N
070 B011000 Y
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070 C011000 N
070 C021000 N
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070 E011000 N
070 E021000 N
070 F011000 N
070 F021000 N
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070 G021000 N
070 H011000 N
070 H021000 N
070 I011000 Y
070 I021000 N
070 J011000 Y
070 J021000 N
070 K011000 N
070 K021000 N
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070 L021000 Y
070 M011000 Y
070 M021000 Y
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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008 A001101 COVA INVESTMENT ADVISORY CORPORATION
008 B001101 A
008 C001101 801-45567
008 D011101 OAKBROOK TERRACE
008 D021101 IL
008 D031101 60181
008 D041101 4644
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008 B001102 S
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008 D011102 NEW YORK
008 D021102 NY
008 D031102 10153
015 A001101 INVESTORS BANK & TRUST COMPANY
015 B001101 C
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015 C031101 02111
015 E011101 X
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<PAGE> PAGE 48
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045 001100 Y
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<PAGE> PAGE 49
062 A001100 Y
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066 A001100 N
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068 A001100 N
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070 A021100 N
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070 F021100 N
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070 G021100 N
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070 I021100 N
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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SIGNATURE TIMOTHY OSBORNE
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at June 30, 1996
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> Cova Small Cap Stock Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 5,586,640
<INVESTMENTS-AT-VALUE> 5,635,145
<RECEIVABLES> 38,602
<ASSETS-OTHER> 347,697
<OTHER-ITEMS-ASSETS> 0
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<SENIOR-LONG-TERM-DEBT> 0
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 500,000
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (49)
<ACCUMULATED-NET-GAINS> 117,062
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48,505
<NET-ASSETS> 5,753,945
<DIVIDEND-INCOME> 17,224
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<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 14,212
<REALIZED-GAINS-CURRENT> 117,062
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 190,781
<NUMBER-OF-SHARES-REDEEMED> 142,282
<SHARES-REINVESTED> 1,363
<NET-CHANGE-IN-ASSETS> 753,945
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,076
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<GROSS-EXPENSE> 25,785
<AVERAGE-NET-ASSETS> 5,904,510
<PER-SHARE-NAV-BEGIN> 10.00
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<PER-SHARE-GAIN-APPREC> 0.46
<PER-SHARE-DIVIDEND> (0.03)
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<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.46
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at June 30, 1996
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 7
<NAME> Cova Quality Bond Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 5,309,625
<INVESTMENTS-AT-VALUE> 5,276,911
<RECEIVABLES> 329,979
<ASSETS-OTHER> 682,377
<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 785,544
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,566,285
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<SHARES-COMMON-PRIOR> 500,000
<ACCUMULATED-NII-CURRENT> 1,314
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (32,527)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (32,831)
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<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 77,399
<OTHER-INCOME> 0
<EXPENSES-NET> 7,914
<NET-INVESTMENT-INCOME> 69,485
<REALIZED-GAINS-CURRENT> (32,527)
<APPREC-INCREASE-CURRENT> (32,831)
<NET-CHANGE-FROM-OPS> 4,127
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<DISTRIBUTIONS-OF-INCOME> 68,171
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 53,813
<NUMBER-OF-SHARES-REDEEMED> 3,444
<SHARES-REINVESTED> 6,904
<NET-CHANGE-IN-ASSETS> 502,241
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,696
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 16,877
<AVERAGE-NET-ASSETS> 5,070,706
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> (0.13)
<PER-SHARE-DIVIDEND> (0.13)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.87
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at June 30, 1996
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 8
<NAME> Cova Select Equity Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 5,655,088
<INVESTMENTS-AT-VALUE> 5,557,381
<RECEIVABLES> 47,212
<ASSETS-OTHER> 42,976
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,647,569
<PAYABLE-FOR-SECURITIES> 22,222
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,530
<TOTAL-LIABILITIES> 23,752
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,721,723
<SHARES-COMMON-STOCK> 568,413
<SHARES-COMMON-PRIOR> 500,000
<ACCUMULATED-NII-CURRENT> 157
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (356)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (97,707)
<NET-ASSETS> 5,623,817
<DIVIDEND-INCOME> 27,211
<INTEREST-INCOME> 8,414
<OTHER-INCOME> 0
<EXPENSES-NET> 11,696
<NET-INVESTMENT-INCOME> 23,929
<REALIZED-GAINS-CURRENT> (356)
<APPREC-INCREASE-CURRENT> (97,707)
<NET-CHANGE-FROM-OPS> (74,134)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 23,772
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 218,045
<NUMBER-OF-SHARES-REDEEMED> 2,403
<SHARES-REINVESTED> 152,035
<NET-CHANGE-IN-ASSETS> 623,817
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,320
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 21,938
<AVERAGE-NET-ASSETS> 5,718,703
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> (0.11)
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.89
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at June 30, 1996
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 9
<NAME> Cova Large Cap Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 15,230,809
<INVESTMENTS-AT-VALUE> 15,377,319
<RECEIVABLES> 49,969
<ASSETS-OTHER> 88,150
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,515,438
<PAYABLE-FOR-SECURITIES> 7,428
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,467
<TOTAL-LIABILITIES> 11,895
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,226,061
<SHARES-COMMON-STOCK> 1,522,101
<SHARES-COMMON-PRIOR> 1,500,000
<ACCUMULATED-NII-CURRENT> 944
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 130,029
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 146,509
<NET-ASSETS> 15,503,543
<DIVIDEND-INCOME> 83,181
<INTEREST-INCOME> 14,795
<OTHER-INCOME> 0
<EXPENSES-NET> 27,330
<NET-INVESTMENT-INCOME> 70,646
<REALIZED-GAINS-CURRENT> 130,029
<APPREC-INCREASE-CURRENT> 146,509
<NET-CHANGE-FROM-OPS> 347,184
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 69,702
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,124
<NUMBER-OF-SHARES-REDEEMED> 1,866
<SHARES-REINVESTED> 6,843
<NET-CHANGE-IN-ASSETS> 503,543
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 23,690
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 48,854
<AVERAGE-NET-ASSETS> 15,144,686
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.19
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.19
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at June 30, 1996
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 10
<NAME> Cova International Equity Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 5,710,279
<INVESTMENTS-AT-VALUE> 5,897,893
<RECEIVABLES> 742,975
<ASSETS-OTHER> 1,000,579
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,641,447
<PAYABLE-FOR-SECURITIES> 387,938
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,549
<TOTAL-LIABILITIES> 389,487
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,056,120
<SHARES-COMMON-STOCK> 702,142
<SHARES-COMMON-PRIOR> 500,000
<ACCUMULATED-NII-CURRENT> 23,403
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (20,609)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 193,046
<NET-ASSETS> 7,251,960
<DIVIDEND-INCOME> 86,332
<INTEREST-INCOME> 11,595
<OTHER-INCOME> (23,333)
<EXPENSES-NET> 13,261
<NET-INVESTMENT-INCOME> 61,333
<REALIZED-GAINS-CURRENT> (20,609)
<APPREC-INCREASE-CURRENT> 193,046
<NET-CHANGE-FROM-OPS> 233,770
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 37,930
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 313,795
<NUMBER-OF-SHARES-REDEEMED> 115,326
<SHARES-REINVESTED> 3,673
<NET-CHANGE-IN-ASSETS> 2,251,960
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,866
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 37,053
<AVERAGE-NET-ASSETS> 5,803,872
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 0.30
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.33
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at June 30, 1996
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 11
<NAME> Cova Bond Debenture Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 1,454,009
<INVESTMENTS-AT-VALUE> 1,449,874
<RECEIVABLES> 41,625
<ASSETS-OTHER> 681,726
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,173,225
<PAYABLE-FOR-SECURITIES> 238,939
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 190
<TOTAL-LIABILITIES> 239,129
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,915,848
<SHARES-COMMON-STOCK> 189,259
<SHARES-COMMON-PRIOR> 50,000
<ACCUMULATED-NII-CURRENT> 408
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 21,975
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4,135)
<NET-ASSETS> 1,934,096
<DIVIDEND-INCOME> 649
<INTEREST-INCOME> 17,037
<OTHER-INCOME> 0
<EXPENSES-NET> 1,803
<NET-INVESTMENT-INCOME> 15,883
<REALIZED-GAINS-CURRENT> 21,975
<APPREC-INCREASE-CURRENT> (4,135)
<NET-CHANGE-FROM-OPS> 33,723
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 15,475
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 184,525
<NUMBER-OF-SHARES-REDEEMED> 46,780
<SHARES-REINVESTED> 1,514
<NET-CHANGE-IN-ASSETS> 1,434,096
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,590
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,826
<AVERAGE-NET-ASSETS> 881,391
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 0.22
<PER-SHARE-DIVIDEND> (0.09)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.22
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at June 30, 1996
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> Money Market Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 36,051,197
<INVESTMENTS-AT-VALUE> 36,051,197
<RECEIVABLES> 271,420
<ASSETS-OTHER> 104,606
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,427,223
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37,346
<TOTAL-LIABILITIES> 37,346
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36,465,435
<SHARES-COMMON-STOCK> 36,465,435
<SHARES-COMMON-PRIOR> 34,458,054
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (75,558)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 36,389,877
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 878,921
<OTHER-INCOME> 0
<EXPENSES-NET> 18,393
<NET-INVESTMENT-INCOME> 860,528
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 860,528
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 860,528
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 24,763,801
<NUMBER-OF-SHARES-REDEEMED> 23,616,948
<SHARES-REINVESTED> 860,528
<NET-CHANGE-IN-ASSETS> 2,007,381
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (75,558)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 80,461
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 113,718
<AVERAGE-NET-ASSETS> 32,720,345
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.11
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at June 30, 1996
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Cova Quality Income Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 53,960,588
<INVESTMENTS-AT-VALUE> 54,362,221
<RECEIVABLES> 1,011,347
<ASSETS-OTHER> 918
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 55,374,486
<PAYABLE-FOR-SECURITIES> 999,540
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 47,994
<TOTAL-LIABILITIES> 1,047,534
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 54,779,831
<SHARES-COMMON-STOCK> 5,226,601
<SHARES-COMMON-PRIOR> 3,807,302
<ACCUMULATED-NII-CURRENT> 9,914
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (864,426)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 401,633
<NET-ASSETS> 54,326,952
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,526,673
<OTHER-INCOME> 0
<EXPENSES-NET> 140,926
<NET-INVESTMENT-INCOME> 1,385,747
<REALIZED-GAINS-CURRENT> (1,053,003)
<APPREC-INCREASE-CURRENT> (970,244)
<NET-CHANGE-FROM-OPS> (637,500)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,375,833
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,141,401
<NUMBER-OF-SHARES-REDEEMED> 852,900
<SHARES-REINVESTED> 130,798
<NET-CHANGE-IN-ASSETS> 12,936,089
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,305,222)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 114,440
<INTEREST-EXPENSE> 3,430
<GROSS-EXPENSE> 156,851
<AVERAGE-NET-ASSETS> 46,556,025
<PER-SHARE-NAV-BEGIN> 10.87
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> (0.48)
<PER-SHARE-DIVIDEND> (0.31)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.39
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at June 30, 1996
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> Cova Stock Index Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 63,415,776
<INVESTMENTS-AT-VALUE> 82,295,691
<RECEIVABLES> 158,468
<ASSETS-OTHER> 1,680
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 82,455,839
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 50,493
<TOTAL-LIABILITIES> 50,493
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 60,841,570
<SHARES-COMMON-STOCK> 5,467,823
<SHARES-COMMON-PRIOR> 6,210,939
<ACCUMULATED-NII-CURRENT> 4,046
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,631,685
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,928,045
<NET-ASSETS> 82,405,346
<DIVIDEND-INCOME> 920,074
<INTEREST-INCOME> 149,745
<OTHER-INCOME> 0
<EXPENSES-NET> 264,425
<NET-INVESTMENT-INCOME> 805,394
<REALIZED-GAINS-CURRENT> 2,597,262
<APPREC-INCREASE-CURRENT> 4,874,704
<NET-CHANGE-FROM-OPS> 8,277,360
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 801,348
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 332,422
<NUMBER-OF-SHARES-REDEEMED> 1,128,710
<SHARES-REINVESTED> 53,172
<NET-CHANGE-IN-ASSETS> (3,578,054)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 34,423
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 218,658
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 291,522
<AVERAGE-NET-ASSETS> 88,921,066
<PER-SHARE-NAV-BEGIN> 13.84
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> 1.23
<PER-SHARE-DIVIDEND> (0.15)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 15.07
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at June 30, 1996
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> Cova Growth & Income Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 23,827,143
<INVESTMENTS-AT-VALUE> 26,089,644
<RECEIVABLES> 361,432
<ASSETS-OTHER> 8,085
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26,459,161
<PAYABLE-FOR-SECURITIES> 255,989
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,473
<TOTAL-LIABILITIES> 262,462
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23,164,297
<SHARES-COMMON-STOCK> 1,974,078
<SHARES-COMMON-PRIOR> 1,576,436
<ACCUMULATED-NII-CURRENT> 1,445
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 763,179
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,267,778
<NET-ASSETS> 26,196,699
<DIVIDEND-INCOME> 217,730
<INTEREST-INCOME> 73,870
<OTHER-INCOME> 0
<EXPENSES-NET> 79,102
<NET-INVESTMENT-INCOME> 212,498
<REALIZED-GAINS-CURRENT> 756,769
<APPREC-INCREASE-CURRENT> 519,531
<NET-CHANGE-FROM-OPS> 1,488,798
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 211,053
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 419,129
<NUMBER-OF-SHARES-REDEEMED> 37,391
<SHARES-REINVESTED> 15,904
<NET-CHANGE-IN-ASSETS> 6,472,392
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 6,410
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 67,803
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 106,920
<AVERAGE-NET-ASSETS> 22,976,038
<PER-SHARE-NAV-BEGIN> 12.51
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 0.76
<PER-SHARE-DIVIDEND> (0.11)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.27
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at June 30, 1996
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> Cova High Yield Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 29,496,787
<INVESTMENTS-AT-VALUE> 29,434,652
<RECEIVABLES> 732,611
<ASSETS-OTHER> 795,528
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30,962,791
<PAYABLE-FOR-SECURITIES> 345,538
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,918
<TOTAL-LIABILITIES> 356,456
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,766,524
<SHARES-COMMON-STOCK> 2,965,491
<SHARES-COMMON-PRIOR> 3,495,538
<ACCUMULATED-NII-CURRENT> 8,217
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,106,271)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (62,135)
<NET-ASSETS> 30,606,335
<DIVIDEND-INCOME> 42,859
<INTEREST-INCOME> 1,780,740
<OTHER-INCOME> 0
<EXPENSES-NET> 155,766
<NET-INVESTMENT-INCOME> 1,667,833
<REALIZED-GAINS-CURRENT> 411,227
<APPREC-INCREASE-CURRENT> (805,698)
<NET-CHANGE-FROM-OPS> 1,273,362
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,667,100
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,323,321
<NUMBER-OF-SHARES-REDEEMED> 2,013,193
<SHARES-REINVESTED> 159,825
<NET-CHANGE-IN-ASSETS> (5,909,085)
<ACCUMULATED-NII-PRIOR> 7,484
<ACCUMULATED-GAINS-PRIOR> (1,517,498)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 137,435
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 192,161
<AVERAGE-NET-ASSETS> 37,259,283
<PER-SHARE-NAV-BEGIN> 10.45
<PER-SHARE-NII> 0.49
<PER-SHARE-GAIN-APPREC> (0.13)
<PER-SHARE-DIVIDEND> (0.49)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.32
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
Cova Series Trust
Form: N-SAR June 30, 1996
Attachment - Item 77C
Submission of matters to a vote of security holders
If any matter has been submitted to a vote of security holders, furnish the
following information:
(a). The date of the meeting and whether it was an annual or special meeting.
February 9, 1996 - Special meeting.
(b). If the meeting involved the election of directors, state the name of each
director elected at the the meeting and the names of all other directors
now in office:
The meeting involved the election of Trustees. Listed below are the name
of each Trustee elected at the meeting.
Trustees elected on 2/9/96:
1. Stephen M. Alderman
2. William C. Mair
3. Theodore A. Myers
4. Deborah A. Vohasek
5. R. Kevin Williams
The above listed Trustees are the Trustees now in office.
(c). Describe each matter voted at the meeting and state the number of
affirmative votes and the number of negative votes cast with respect
to each matter.
Affirmative Negative
Matter Involved Votes Votes
1. Elected five Trustees to serve 46,375,004 230,576
until their respective successors
are duly elected and qualified.
2. Approved a New Investment Advisory 45,982,271 568,314
Agreement between the Trust and
Cova Investment Advisory
Corporation as described in Proxy
Statement.
3. Approved a Sub-Advisory Agreement 45,880,230 691,023
between Cova Investment Advisory
Corporation and Van Kampen
American Capital Investment
Advisory Corp., as described in
Proxy Statement.
