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<PAGE> PAGE 2
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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 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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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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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 38
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<PAGE> PAGE 40
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015 C030901 02111
015 E010901 X
028 A010900 0
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028 B020900 0
028 B030900 0
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028 C010900 120
028 C020900 0
028 C030900 0
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028 D010900 216
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028 E010900 226
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028 F010900 370
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028 G010900 932
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045 000900 Y
046 000900 N
047 000900 Y
048 000900 0.650
<PAGE> PAGE 41
048 A010900 0
048 A020900 0.000
048 B010900 0
048 B020900 0.000
048 C010900 0
048 C020900 0.000
048 D010900 0
048 D020900 0.000
048 E010900 0
048 E020900 0.000
048 F010900 0
048 F020900 0.000
048 G010900 0
048 G020900 0.000
048 H010900 0
048 H020900 0.000
048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
062 A000900 N
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
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 0.0
062 M000900 0.0
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 0.0
066 A000900 Y
066 E000900 Y
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 N
070 B010900 Y
<PAGE> PAGE 42
070 B020900 N
070 C010900 N
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
071 A000900 20772
071 B000900 5588
071 C000900 15736
071 D000900 36
072 A000900 9
072 B000900 16
072 C000900 259
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072 J000900 40
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072 L000900 0
072 M000900 5
072 N000900 0
<PAGE> PAGE 43
072 O000900 0
072 P000900 0
072 Q000900 0
072 R000900 15
072 S000900 2
072 T000900 0
072 U000900 0
072 V000900 0
072 W000900 0
072 X000900 139
072 Y000900 51
072 Z000900 186
072AA000900 387
072BB000900 0
072CC010900 1582
072CC020900 0
072DD010900 183
072DD020900 0
072EE000900 297
073 A010900 0.1220
073 A020900 0.0000
073 B000900 0.1970
073 C000900 0.0000
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074 B000900 0
074 C000900 0
074 D000900 0
074 E000900 0
074 F000900 17153
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074 H000900 0
074 I000900 0
074 J000900 29
074 K000900 9
074 L000900 34
074 M000900 0
074 N000900 17231
074 O000900 31
074 P000900 0
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 428
074 S000900 0
074 T000900 16772
074 U010900 1509
074 U020900 0
074 V010900 11.11
074 V020900 0.00
074 W000900 0.0000
<PAGE> PAGE 44
074 X000900 2
074 Y000900 0
075 A000900 0
075 B000900 15820
076 000900 0.00
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
008 A001002 J.P. MORGAN INVESTMENT MANAGEMENT CORP.
008 B001002 S
008 C001002 801-21011
008 D011002 NEW YORK
008 D021002 NY
008 D031002 10036
015 A001001 INVESTORS BANK & TRUST COMPANY
015 B001001 C
015 C011001 BOSTON
015 C021001 MA
015 C031001 02111
015 E041001 X
015 A001002 EUROCLEAR/GENERAL DE BANQUE
015 B001002 S
015 C011002 -
015 D011002 BELGIUM
015 E041002 X
015 A001003 UNIBANK, A.S.
015 B001003 S
015 C011003 -
015 D011003 DENMARK
015 E041003 X
015 A001004 EUROCLEAR/KANSALLIS-OSAKE-PANKKI
015 B001004 S
015 C011004 -
015 D011004 FINLAND
015 E041004 X
015 A001005 BANQUE PARIBAS
015 B001005 S
015 C011005 -
015 D011005 FRANCE
015 E041005 X
015 A001006 EUROCLEAR/DEUTSCHE BANK A.G.
015 B001006 S
015 C011006 -
015 D011006 GERMANY
015 E041006 X
015 A001007 STANDARD CHARTERED BANK, HONG KONG
015 B001007 S
<PAGE> PAGE 45
015 C011007 -
015 D011007 HONG KONG
015 E041007 X
015 A001008 BANK OF IRELAND SECURITIES SERVICES
015 B001008 S
015 C011008 -
015 D011008 IRELAND
015 E041008 X
015 A001009 CITIBANK,N.A.,MILAN
015 B001009 S
015 C011009 MILAN
015 D011009 ITALY
015 E041009 X
015 A001010 STANDARD CHARTERED BANK, TOKYO
015 B001010 S
015 C011010 TOKYO
015 D011010 JAPAN
015 E041010 X
015 A001011 STANDARD CHARTERED BANK MALAYSIA BERHAD,
015 B001011 S
015 C011011 KUALA LUMPUR
015 D011011 MALAYSIA
015 E041011 X
015 A001012 MEESPIERSON
015 B001012 S
015 C011012 -
015 D011012 NETHERLANDS
015 E041012 X
015 A001013 NATIONAL AUSTRALIA BANK
015 B001013 S
015 C011013 -
015 D011013 NEW ZEALAND
015 E041013 X
015 A001014 EUROCLEAR/CHRISTIANIA BANK
015 B001014 S
015 C011014 -
015 D011014 NORWAY
015 E041014 X
015 A001015 STANDARD CHARTERED BANK,SINGAPORE
015 B001015 S
015 C011015 -
015 D011015 SINGAPORE
015 E041015 X
015 A001016 BANQUE PARIBAS
015 B001016 S
015 C011016 -
015 D011016 SPAIN
015 E041016 X
015 A001017 SVENSKA HANDELSBANKEN
015 B001017 S
015 C011017 -
<PAGE> PAGE 46
015 D011017 SWEDEN
015 E041017 X
015 A001018 BANK LEU LTD.
015 B001018 S
015 C011018 -
015 D011018 SWITZERLAND
015 E041018 X
015 A001019 FIRST CHICAGO CLEARING CENTRE
015 B001019 S
015 C011019 -
015 D011019 UNITED KINGDOM
015 E041019 X
015 A001020 NATIONAL AUSTRALIA BANK LIMITED
015 B001020 S
015 C011020 -
015 D011020 AUSTRALIA
015 E041020 X
028 A011000 1697
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045 001000 Y
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<PAGE> PAGE 47
048 A021000 0.850
048 B011000 0
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048 K021000 0.750
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062 O001000 0.0
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066 A001000 Y
066 G001000 Y
067 001000 N
068 A001000 N
068 B001000 Y
069 001000 N
070 A011000 Y
070 A021000 N
070 B011000 Y
070 B021000 N
<PAGE> PAGE 48
070 C011000 N
070 C021000 N
070 D011000 Y
070 D021000 N
070 E011000 N
070 E021000 N
070 F011000 N
070 F021000 N
070 G011000 Y
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
070 L011000 Y
070 L021000 Y
070 M011000 Y
070 M021000 Y
070 N011000 Y
070 N021000 N
070 O011000 Y
070 O021000 N
070 P011000 N
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
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<PAGE> PAGE 49
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<PAGE> PAGE 50
074 Y001000 0
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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
008 A001102 LORD, ABBETT & CO.
008 B001102 S
008 C001102 801-6997
008 D011102 NEW YORK
008 D021102 NY
008 D031102 10153
015 A001101 INVESTORS BANK & TRUST COMPANY
015 B001101 C
015 C011101 BOSTON
015 C021101 MA
015 C031101 02111
015 E011101 X
028 A011100 862
028 A021100 0
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028 A041100 33
028 B011100 1154
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028 B041100 1
028 C011100 1016
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028 D011100 853
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028 E011100 968
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028 G011100 5677
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028 G041100 223
<PAGE> PAGE 51
028 H001100 0
045 001100 Y
046 001100 N
047 001100 Y
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062 A001100 Y
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062 K001100 0.0
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062 M001100 9.9
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064 A001100 N
064 B001100 N
066 A001100 N
067 001100 N
<PAGE> PAGE 52
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
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070 B011100 N
070 B021100 N
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070 C021100 N
070 D011100 N
070 D021100 N
070 E011100 Y
070 E021100 N
070 F011100 N
070 F021100 N
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070 G021100 N
070 H011100 N
070 H021100 N
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070 I021100 N
070 J011100 Y
070 J021100 Y
070 K011100 Y
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070 L011100 Y
070 L021100 N
070 M011100 Y
070 M021100 N
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 N
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 9454
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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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 December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 52,709,462
<INVESTMENTS-AT-VALUE> 53,383,124
<RECEIVABLES> 2,003,491
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 55,441,241
<PAYABLE-FOR-SECURITIES> 3,252,095
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<OTHER-ITEMS-LIABILITIES> 864,998
<TOTAL-LIABILITIES> 4,117,093
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51,750,081
<SHARES-COMMON-STOCK> 4,801,097
<SHARES-COMMON-PRIOR> 3,807,302
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 884,274
<ACCUMULATED-NET-GAINS> (1,994,025)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 51,324,148
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,334,012
<OTHER-INCOME> 0
<EXPENSES-NET> 300,306
<NET-INVESTMENT-INCOME> 3,033,706
<REALIZED-GAINS-CURRENT> (661,414)
<APPREC-INCREASE-CURRENT> (688,059)
<NET-CHANGE-FROM-OPS> 1,684,233
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,168,653
<DISTRIBUTIONS-OF-GAINS> 8,168
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,174,582
<NUMBER-OF-SHARES-REDEEMED> 1,311,585
<SHARES-REINVESTED> 130,798
<NET-CHANGE-IN-ASSETS> 9,933,285
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 250,111
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 356,328
<AVERAGE-NET-ASSETS> 50,030,663
<PER-SHARE-NAV-BEGIN> 10.87
<PER-SHARE-NII> 0.65
<PER-SHARE-GAIN-APPREC> (0.36)
<PER-SHARE-DIVIDEND> (0.47)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.69
<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 December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 41,049,727
<INVESTMENTS-AT-VALUE> 42,086,904
<RECEIVABLES> 794,344
<ASSETS-OTHER> 23,174
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 42,904,422
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,839,784
<TOTAL-LIABILITIES> 1,839,784
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,040,513
<SHARES-COMMON-STOCK> 3,864,501
<SHARES-COMMON-PRIOR> 3,495,538
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (19,171)
<ACCUMULATED-NET-GAINS> (993,881)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,037,177
<NET-ASSETS> 41,064,638
<DIVIDEND-INCOME> 42,859
<INTEREST-INCOME> 3,743,587
<OTHER-INCOME> 0
<EXPENSES-NET> 330,418
<NET-INVESTMENT-INCOME> 3,456,028
<REALIZED-GAINS-CURRENT> 513,675
<APPREC-INCREASE-CURRENT> 293,614
<NET-CHANGE-FROM-OPS> 4,263,317
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,453,570
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 19,171
<NUMBER-OF-SHARES-SOLD> 2,395,207
<NUMBER-OF-SHARES-REDEEMED> 2,186,069
<SHARES-REINVESTED> 159,825
<NET-CHANGE-IN-ASSETS> 4,549,218
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 291,539
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 402,976
<AVERAGE-NET-ASSETS> 38,872,759
<PER-SHARE-NAV-BEGIN> 10.45
<PER-SHARE-NII> 0.95
<PER-SHARE-GAIN-APPREC> 0.19
<PER-SHARE-DIVIDEND> (0.96)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.63
<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 December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 31,179,953
<INVESTMENTS-AT-VALUE> 31,179,953
<RECEIVABLES> 117,341
<ASSETS-OTHER> 24,659
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31,321,953
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 367,065
<TOTAL-LIABILITIES> 367,065
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,030,072
<SHARES-COMMON-STOCK> 31,030,072
<SHARES-COMMON-PRIOR> 34,458,054
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (75,184)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 30,954,888
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,815,351
<OTHER-INCOME> 0
<EXPENSES-NET> 36,593
<NET-INVESTMENT-INCOME> 1,778,758
<REALIZED-GAINS-CURRENT> 374
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,779,132
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,778,758
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34,135,639
<NUMBER-OF-SHARES-REDEEMED> 39,342,379
<SHARES-REINVESTED> 1,778,758
<NET-CHANGE-IN-ASSETS> (3,427,608)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 167,093
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 247,971
<AVERAGE-NET-ASSETS> 33,418,345
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<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 December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 62,783,434
<INVESTMENTS-AT-VALUE> 90,026,628
<RECEIVABLES> 190,207
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 90,216,835
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,656,651
<TOTAL-LIABILITIES> 3,656,651
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 59,203,346
<SHARES-COMMON-STOCK> 5,367,589
<SHARES-COMMON-PRIOR> 6,210,939
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 55,421
<ACCUMULATED-NET-GAINS> 92,013
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,209,404
<NET-ASSETS> 86,560,184
<DIVIDEND-INCOME> 1,843,491
<INTEREST-INCOME> 220,679
<OTHER-INCOME> 0
<EXPENSES-NET> 523,890
<NET-INVESTMENT-INCOME> 1,540,280
<REALIZED-GAINS-CURRENT> 2,883,097
<APPREC-INCREASE-CURRENT> 13,156,063
<NET-CHANGE-FROM-OPS> 17,579,440
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,532,148
<DISTRIBUTIONS-OF-GAINS> 2,778,218
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 513,644
<NUMBER-OF-SHARES-REDEEMED> (1,410,166)
<SHARES-REINVESTED> 53,172
<NET-CHANGE-IN-ASSETS> 576,784
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 934,880
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 583,463
<AVERAGE-NET-ASSETS> 86,976,079
<PER-SHARE-NAV-BEGIN> 13.84
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> 2.80
<PER-SHARE-DIVIDEND> (0.80)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 16.13
<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 December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 28,963,577
<INVESTMENTS-AT-VALUE> 33,021,357
<RECEIVABLES> 363,895
<ASSETS-OTHER> 27,266
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33,412,518
<PAYABLE-FOR-SECURITIES> 261,052
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,558,300
<TOTAL-LIABILITIES> 1,819,352
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,066,459
<SHARES-COMMON-STOCK> 2,258,899
<SHARES-COMMON-PRIOR> 1,576,436
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 5,564
<ACCUMULATED-NET-GAINS> 479,013
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,042,130
<NET-ASSETS> 31,593,166
<DIVIDEND-INCOME> 535,039
<INTEREST-INCOME> 164,214
<OTHER-INCOME> 0
<EXPENSES-NET> 182,239
<NET-INVESTMENT-INCOME> 517,014
<REALIZED-GAINS-CURRENT> 1,680,286
<APPREC-INCREASE-CURRENT> 2,293,883
<NET-CHANGE-FROM-OPS> 4,491,183
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 511,450
<DISTRIBUTIONS-OF-GAINS> 1,207,683
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 780,898
<NUMBER-OF-SHARES-REDEEMED> 114,339
<SHARES-REINVESTED> 15,904
<NET-CHANGE-IN-ASSETS> 11,868,859
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 156,205
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 265,009
<AVERAGE-NET-ASSETS> 26,033,161
<PER-SHARE-NAV-BEGIN> 12.51
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> 2.01
<PER-SHARE-DIVIDEND> (0.77)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.99
<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 December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 12,884,617
<INVESTMENTS-AT-VALUE> 13,382,969
<RECEIVABLES> 93,711
<ASSETS-OTHER> 1,831,624
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,308,304
<PAYABLE-FOR-SECURITIES> 8,384
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 649,241
<TOTAL-LIABILITIES> 657,625
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,098,386
<SHARES-COMMON-STOCK> 1,341,383
<SHARES-COMMON-PRIOR> 500,000
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3,955)
<ACCUMULATED-NET-GAINS> 57,896
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 498,352
<NET-ASSETS> 14,650,679
<DIVIDEND-INCOME> 81,122
<INTEREST-INCOME> 31,544
<OTHER-INCOME> 0
<EXPENSES-NET> 57,031
<NET-INVESTMENT-INCOME> 55,635
<REALIZED-GAINS-CURRENT> 640,056
<APPREC-INCREASE-CURRENT> 498,352
<NET-CHANGE-FROM-OPS> 1,194,043
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 53,613
<DISTRIBUTIONS-OF-GAINS> 582,244
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 986,571
<NUMBER-OF-SHARES-REDEEMED> 146,551
<SHARES-REINVESTED> 1,363
<NET-CHANGE-IN-ASSETS> 9,650,679
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 51,031
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 154,245
<AVERAGE-NET-ASSETS> 8,369,433
<PER-SHARE-NAV-BEGIN> 10.51
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.84
<PER-SHARE-DIVIDEND> (0.49)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.92
<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 December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 5,624,546
<INVESTMENTS-AT-VALUE> 5,688,282
<RECEIVABLES> 129,209
<ASSETS-OTHER> 302,633
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,120,124
<PAYABLE-FOR-SECURITIES> 159,393
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 158,683
<TOTAL-LIABILITIES> 318,076
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,725,522
<SHARES-COMMON-STOCK> 575,476
<SHARES-COMMON-PRIOR> 500,000
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 46,816
<ACCUMULATED-NET-GAINS> (34,027)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 63,737
<NET-ASSETS> 5,802,048
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 287,492
<OTHER-INCOME> 0
<EXPENSES-NET> 28,446
<NET-INVESTMENT-INCOME> 259,046
<REALIZED-GAINS-CURRENT> (35,063)
<APPREC-INCREASE-CURRENT> 63,737
<NET-CHANGE-FROM-OPS> 287,720
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 211,194
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 364,502
<NUMBER-OF-SHARES-REDEEMED> 295,930
<SHARES-REINVESTED> 6,904
<NET-CHANGE-IN-ASSETS> 802,048
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 24,070
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 63,183
<AVERAGE-NET-ASSETS> 5,952,553
<PER-SHARE-NAV-BEGIN> 9.90
<PER-SHARE-NII> 0.46
<PER-SHARE-GAIN-APPREC> 0.10
<PER-SHARE-DIVIDEND> (0.38)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.08
<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 December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 22,504,869
<INVESTMENTS-AT-VALUE> 23,559,444
<RECEIVABLES> 980,539
<ASSETS-OTHER> 1,116,477
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,656,460
<PAYABLE-FOR-SECURITIES> 1,467,718
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 354,823
<TOTAL-LIABILITIES> 1,822,541
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,545,717
<SHARES-COMMON-STOCK> 2,218,737
<SHARES-COMMON-PRIOR> 500,000
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (243)
<ACCUMULATED-NET-GAINS> 233,870
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,054,575
<NET-ASSETS> 23,833,919
<DIVIDEND-INCOME> 144,812
<INTEREST-INCOME> 33,390
<OTHER-INCOME> 0
<EXPENSES-NET> 69,076
<NET-INVESTMENT-INCOME> 109,126
<REALIZED-GAINS-CURRENT> 483,583
<APPREC-INCREASE-CURRENT> 1,054,575
<NET-CHANGE-FROM-OPS> 1,647,284
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 109,126
<DISTRIBUTIONS-OF-GAINS> 249,713
<DISTRIBUTIONS-OTHER> 243
<NUMBER-OF-SHARES-SOLD> 1,868,411
<NUMBER-OF-SHARES-REDEEMED> 152,077
<SHARES-REINVESTED> 2,403
<NET-CHANGE-IN-ASSETS> 18,833,919
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 60,950
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 135,351
<AVERAGE-NET-ASSETS> 11,552,349
<PER-SHARE-NAV-BEGIN> 10.08
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 0.77
<PER-SHARE-DIVIDEND> (0.19)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.74
<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 December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 15,570,806
<INVESTMENTS-AT-VALUE> 17,153,195
<RECEIVABLES> 71,842
<ASSETS-OTHER> 5,719
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17,230,756
<PAYABLE-FOR-SECURITIES> 30,923
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 428,238
<TOTAL-LIABILITIES> 459,161
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,096,391
<SHARES-COMMON-STOCK> 1,509,371
<SHARES-COMMON-PRIOR> 1,500,000
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 2,965
<ACCUMULATED-NET-GAINS> 89,850
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,582,389
<NET-ASSETS> 16,771,595
<DIVIDEND-INCOME> 258,530
<INTEREST-INCOME> 15,616
<OTHER-INCOME> 0
<EXPENSES-NET> 88,276
<NET-INVESTMENT-INCOME> 185,870
<REALIZED-GAINS-CURRENT> 387,045
<APPREC-INCREASE-CURRENT> 1,582,389
<NET-CHANGE-FROM-OPS> 2,155,304
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 182,905
<DISTRIBUTIONS-OF-GAINS> 297,195
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 101,577
<NUMBER-OF-SHARES-REDEEMED> 99,049
<SHARES-REINVESTED> 6,843
<NET-CHANGE-IN-ASSETS> 1,771,595
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 76,508
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 138,797
<AVERAGE-NET-ASSETS> 15,820,208
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 1.30
<PER-SHARE-DIVIDEND> (0.32)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.11
<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 December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 14,023,644
<INVESTMENTS-AT-VALUE> 14,885,857
<RECEIVABLES> 282,042
<ASSETS-OTHER> 1,650,409
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16,818,308
<PAYABLE-FOR-SECURITIES> 1,088,609
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 110,444
<TOTAL-LIABILITIES> 1,199,053
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,684,592
<SHARES-COMMON-STOCK> 1,425,198
<SHARES-COMMON-PRIOR> 500,000
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 27,156
<ACCUMULATED-NET-GAINS> 24,393
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 883,114
<NET-ASSETS> 15,619,255
<DIVIDEND-INCOME> 126,138
<INTEREST-INCOME> 31,144
<OTHER-INCOME> 0
<EXPENSES-NET> 59,958
<NET-INVESTMENT-INCOME> 97,324
<REALIZED-GAINS-CURRENT> 65,848
<APPREC-INCREASE-CURRENT> 883,114
<NET-CHANGE-FROM-OPS> 1,046,286
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 81,947
<DISTRIBUTIONS-OF-GAINS> 29,676
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,367,780
<NUMBER-OF-SHARES-REDEEMED> 446,255
<SHARES-REINVESTED> 3,673
<NET-CHANGE-IN-ASSETS> 10,619,255
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 168,580
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 53,647
<AVERAGE-NET-ASSETS> 8,829,467
<PER-SHARE-NAV-BEGIN> 10.22
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 0.75
<PER-SHARE-DIVIDEND> (0.11)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.95
<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 December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 7,335,473
<INVESTMENTS-AT-VALUE> 7,618,534
<RECEIVABLES> 232,512
<ASSETS-OTHER> 211,800
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,062,846
<PAYABLE-FOR-SECURITIES> 150,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 249,584
<TOTAL-LIABILITIES> 399,584
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,369,249
<SHARES-COMMON-STOCK> 698,547
<SHARES-COMMON-PRIOR> 50,000
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 2,008
<ACCUMULATED-NET-GAINS> 8,944
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 283,061
<NET-ASSETS> 7,663,262
<DIVIDEND-INCOME> 8,157
<INTEREST-INCOME> 211,396
<OTHER-INCOME> 0
<EXPENSES-NET> 22,997
<NET-INVESTMENT-INCOME> 196,556
<REALIZED-GAINS-CURRENT> 64,118
<APPREC-INCREASE-CURRENT> 283,061
<NET-CHANGE-FROM-OPS> 543,735
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 194,548
<DISTRIBUTIONS-OF-GAINS> 55,174
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 714,357
<NUMBER-OF-SHARES-REDEEMED> 67,324
<SHARES-REINVESTED> 1,514
<NET-CHANGE-IN-ASSETS> 7,163,262
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<AVERAGE-NET-ASSETS> 3,982,529
<PER-SHARE-NAV-BEGIN> 10.09
<PER-SHARE-NII> 0.35
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<PER-SHARE-DIVIDEND> (0.42)
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Cova Series Trust
Form: N-SAR December 31, 1996
Attachment - Item 77O
Transactions effected pursuant to Rule 10f-3
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom was the securities acquired.
First Boston. First Boston was not an affiliated underwriter
of the Fund.
2. Identify the underwriting syndicate's members.
FirstBoston, Morgan Stanley & Co., Paine Webber,
Salomon Brothers, J.P. Morgan Investment Management
3. Terms of the transaction.
Small Cap Stock Portfolio, managed by J.P. Morgan Investment
Management Inc., purchased 400 shares of common stock of
Calpine Corporation, a company in continuous operation for 12
years, in an initial public offering at the offering price of
$16 per share on September 19, 1996. The underwriting spread
paid was 90 basis points. The percentage of the offering
purchased by the Small Cap Stock Portfolio was .002% of the
total offering. The percentage of the offering purchased by
Associated Funds of the Sub-adviser was .20%. This purchase
represented .079% of the Small Cap Stock Portfolio's assets.
The security purchased was part of an issue registered with
the Securities and Exchange Commission and was part of a firm
commitment underwriting.
4. Information or materials upon which the determination described in paragraph
(h)(3) of the rule 10f-3 was made.
The information described in item 1 through 3 above is being
provided to the Board of Directors at its next regularly
scheduled quarterly meeting as well as information supporting
the reasonableness of the 90 basis point spread paid to
certify that the purchase were made in compliance with the
Board adopted rule 10f-3 procedures.
Page 1
kpmg Peat Marwick LLP
The Board of Trustees
Cova Series Trust:
In planning and performing our audit of the financial statements of the Small
Cap Stock Portfolio, Quality Bond Portfolio, Select Equity Portfolio, Large Cap
Stock Portfolio, International Equity Portfolio, Bond Debenture Portfolio, Money
Market Portfolio, Quality Income Portfolio, Stock Index Portfolio, Growth and
Income Portfolio and High Yield Portfolio, portfolios of Cova Series Trust
(formerly the Van Kampen Merritt Series Trust), for the year ended December 31,
1996, we considered their internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of Cova Series 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
benefit 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 safeguarded against
loss from unauthorized use or 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 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 risks 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 control 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/ KPMG Peat Marwick LLP
February 4, 1997
Cova Series Trust
Form: N-SAR December 31, 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.
October 24, 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:
Not Applicable
(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. Approved a Sub-Advisory Agreement
among the Cova Series Trust,Cova
Investment Advisory Corporation and
Van Kampen American Capital Investment
Advisory Corp., as described in Proxy
Statement, due to the change of control
of Van Kampen American Capital. 44,229,207 1,514,952
