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<PAGE> PAGE 2
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<PAGE> PAGE 9
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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 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 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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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 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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074 A000800 2669
074 B000800 0
074 C000800 0
074 D000800 0
074 E000800 0
074 F000800 58616
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 851
074 K000800 4
074 L000800 263
074 M000800 0
074 N000800 62403
074 O000800 2613
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074 Q000800 0
074 R010800 0
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074 R040800 31
074 S000800 0
074 T000800 59759
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076 000800 0.00
<PAGE> PAGE 41
008 A000901 COVA INVESTMENT ADVISORY CORPORATION
008 B000901 A
008 C000901 801-45567
008 D010901 OAKBROOK TERRACE
008 D020901 IL
008 D030901 60181
008 D040901 4644
008 A000902 J.P. MORGAN INVESTMENT MANAGEMENT INC.
008 B000902 S
008 C000902 801-21011
008 D010902 NEW YORK
008 D020902 NY
008 D030902 10036
015 A000901 INVESTORS BANK & TRUST COMPANY
015 B000901 C
015 C010901 BOSTON
015 C020901 MA
015 C030901 02116
015 E010901 X
024 000900 Y
025 A000901 SALOMON BROTHERS, INC.
025 B000901 13-5365580
025 C000901 E
025 D000901 33
025 A000902 MORGAN STANLEY & CO.
025 B000902 13-2655998
025 C000902 E
025 D000902 129
025 A000903 BEAR STEARNS & CO.
025 B000903 13-4946705
025 C000903 E
025 D000903 21
025 A000904 ALEX BROWN, INC.
025 C000904 E
025 D000904 7
025 D000905 0
025 D000906 0
025 D000907 0
025 D000908 0
028 A010900 317
028 A020900 410
028 A030900 0
028 A040900 321
028 B010900 307
028 B020900 0
028 B030900 0
028 B040900 1295
028 C010900 308
028 C020900 0
028 C030900 0
028 C040900 795
<PAGE> PAGE 42
028 D010900 480
028 D020900 0
028 D030900 0
028 D040900 485
028 E010900 569
028 E020900 0
028 E030900 0
028 E040900 572
028 F010900 714
028 F020900 183
028 F030900 0
028 F040900 714
028 G010900 2695
028 G020900 593
028 G030900 0
028 G040900 4182
028 H000900 0
045 000900 Y
046 000900 N
047 000900 Y
048 000900 0.650
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
<PAGE> PAGE 43
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
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 Y
070 P010900 N
070 P020900 N
070 Q010900 N
<PAGE> PAGE 44
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 5218
071 B000900 6654
071 C000900 17577
071 D000900 30
072 A000900 6
072 B000900 1
072 C000900 154
072 D000900 0
072 E000900 0
072 F000900 57
072 G000900 0
072 H000900 0
072 I000900 0
072 J000900 30
072 K000900 0
072 L000900 0
072 M000900 4
072 N000900 0
072 O000900 0
072 P000900 0
072 Q000900 0
072 R000900 15
072 S000900 1
072 T000900 0
072 U000900 0
072 V000900 0
072 W000900 0
072 X000900 107
072 Y000900 41
072 Z000900 89
072AA000900 955
072BB000900 0
072CC010900 2397
072CC020900 0
072DD010900 92
072DD020900 0
072EE000900 90
073 A010900 0.0650
073 A020900 0.0000
073 B000900 0.0636
073 C000900 0.0000
074 A000900 39
074 B000900 0
074 C000900 0
074 D000900 0
074 E000900 0
074 F000900 19070
074 G000900 0
<PAGE> PAGE 45
074 H000900 0
074 I000900 0
074 J000900 0
074 K000900 31
074 L000900 34
074 M000900 0
074 N000900 19174
074 O000900 0
074 P000900 0
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 37
074 S000900 0
074 T000900 19137
074 U010900 1434
074 U020900 0
074 V010900 13.34
074 V020900 0.00
074 W000900 0.0000
074 X000900 2
074 Y000900 0
075 A000900 0
075 B000900 17598
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
015 B001001 C
015 C011001 BOSTON
015 C021001 MA
015 C031001 02116
015 E041001 X
015 A001002 EUROCLEAR/GENERAL DE BANQUE
015 B001002 S
015 C011002 -
015 D011002 DENMARK
015 E041002 X
015 A001003 EUROCLEAR/KANSALLIS-OSAKE-PANKKI
<PAGE> PAGE 46
015 B001003 S
015 C011003 -
015 D011003 FINLAND
015 E041003 X
015 A001004 BANQUE PARIBAS
015 B001004 S
015 C011004 -
015 D011004 FRANCE
015 E041004 X
015 A001005 EUROCLEAR/DEUTSCHE BANK AG
015 B001005 S
015 C011005 -
015 D011005 GERMANY
015 E041005 X
015 A001006 STANDARD CHARTERED BANK, HONG KONG
015 B001006 S
015 C011006 -
015 D011006 HONG KONG
015 E041006 X
015 A001007 BANK OF IRELAND SECURITIES SERVICES
015 B001007 S
015 C011007 -
015 D011007 IRELAND
015 E041007 X
015 A001008 CITIBANK, N.A. MILAN
015 B001008 S
015 C011008 MILAN
015 D011008 ITALY
015 E041008 X
015 A001009 STANDARD CHARTERED BANK, TOKYO
015 B001009 S
015 C011009 TOKYO
015 D011009 JAPAN
015 E041009 X
015 A001010 STANDARD CHARTERED BANK MALAYSIA BERHAD
015 B001010 S
015 C011010 KUALA LUMPUR
015 D011010 MALAYSIA
015 E041010 X
015 A001011 MEESPIERSON
015 B001011 S
015 C011011 -
015 D011011 NETHERLANDS
015 E041011 X
015 A001012 NATIONAL AUSTRALIA BANK
015 B001012 S
015 C011012 -
015 D011012 NEW ZEALAND
015 E041012 X
015 A001013 EUROCLEAR/CHRISTIANIA BANK
015 B001013 S
<PAGE> PAGE 47
015 C011013 -
015 D011013 NORWAY
015 E041013 X
015 A001014 STANDARD CHARTERED BANK, SIGNAPORE
015 B001014 S
015 C011014 -
015 D011014 SINGAPORE
015 E041014 X
015 A001015 BANQUE PARIBAS
015 B001015 S
015 C011015 -
015 D011015 SPAIN
015 E041015 X
015 A001016 SVENSKA HANDELSBANKEN
015 B001016 S
015 C011016 -
015 D011016 SWEDEN
015 E041016 X
015 A001017 BANK LEU LTD.
015 B001017 S
015 C011017 -
015 D011017 SWITZERLAND
015 E041017 X
015 A001018 FIRST CHICAGO CLEARING CENTER & BARCLAYS BANK
015 B001018 S
015 C011018 -
015 D011018 UNITED KINGDOM
015 E041018 X
015 A001019 NATIONAL AUSTRALIA BANK LIMITED
015 B001019 S
015 C011019 -
015 D011019 AUSTRALIA
015 E041019 X
015 A001020 CREDITSNSTALT BANKVEREIN
015 B001020 S
015 C011020 -
015 D011020 AUSTRIA
015 E041020 X
028 A011000 3595
028 A021000 74
028 A031000 0
028 A041000 63
028 B011000 3014
028 B021000 0
028 B031000 0
028 B041000 3
028 C011000 2852
028 C021000 0
028 C031000 0
028 C041000 28
028 D011000 5339
<PAGE> PAGE 48
028 D021000 0
028 D031000 0
028 D041000 1
028 E011000 3560
028 E021000 0
028 E031000 0
028 E041000 2
028 F011000 4087
028 F021000 379
028 F031000 0
028 F041000 37
028 G011000 22447
028 G021000 453
028 G031000 0
028 G041000 134
028 H001000 0
045 001000 Y
046 001000 N
047 001000 Y
048 001000 0.000
048 A011000 50000
048 A021000 0.850
048 B011000 0
048 B021000 0.000
048 C011000 0
048 C021000 0.000
048 D011000 0
048 D021000 0.000
048 E011000 0
048 E021000 0.000
048 F011000 0
048 F021000 0.000
048 G011000 0
048 G021000 0.000
048 H011000 0
048 H021000 0.000
048 I011000 0
048 I021000 0.000
048 J011000 0
048 J021000 0.000
048 K011000 50000
048 K021000 0.750
062 A001000 N
062 B001000 0.0
062 C001000 0.0
062 D001000 0.0
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
<PAGE> PAGE 49
062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 0.0
062 N001000 0.0
062 O001000 0.0
062 P001000 0.0
062 Q001000 0.0
062 R001000 0.0
063 A001000 0
063 B001000 0.0
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
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
<PAGE> PAGE 50
070 R011000 N
070 R021000 N
071 A001000 30087
071 B001000 9474
071 C001000 25670
071 D001000 37
072 A001000 6
072 B001000 49
072 C001000 384
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072 L001000 0
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072 P001000 0
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072 R001000 14
072 S001000 1
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072 V001000 0
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072 X001000 267
072 Y001000 141
072 Z001000 307
072AA001000 729
072BB001000 0
072CC011000 2443
072CC021000 0
072DD011000 339
072DD021000 0
072EE001000 40
073 A011000 0.1000
073 A021000 0.0000
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074 F001000 38515
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<PAGE> PAGE 51
074 I001000 0
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074 K001000 94
074 L001000 732
074 M001000 0
074 N001000 43702
074 O001000 2069
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074 R041000 147
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074 T001000 41486
074 U011000 3452
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074 V011000 12.02
074 V021000 0.00
074 W001000 0.0000
074 X001000 2
074 Y001000 0
075 A001000 0
075 B001000 26776
076 001000 0.00
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 02116
015 E011101 X
028 A011100 1245
028 A021100 234
028 A031100 0
028 A041100 468
028 B011100 2061
028 B021100 0
028 B031100 0
<PAGE> PAGE 52
028 B041100 29
028 C011100 1693
028 C021100 0
028 C031100 0
028 C041100 65
028 D011100 1874
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028 D031100 0
028 D041100 9
028 E011100 2497
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028 E041100 1
028 F011100 2462
028 F021100 430
028 F031100 0
028 F041100 25
028 G011100 11832
028 G021100 664
028 G031100 0
028 G041100 597
028 H001100 0
045 001100 Y
046 001100 N
047 001100 Y
048 001100 0.750
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048 B011100 0
048 B021100 0.000
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048 C021100 0.000
048 D011100 0
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048 H021100 0.000
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048 J011100 0
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048 K011100 0
048 K021100 0.000
062 A001100 Y
062 B001100 0.0
062 C001100 0.0
<PAGE> PAGE 53
062 D001100 0.0
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
062 L001100 0.0
062 M001100 0.0
062 N001100 17.7
062 O001100 0.0
062 P001100 70.4
062 Q001100 0.0
062 R001100 6.0
063 A001100 0
063 B001100 8.1
064 A001100 N
064 B001100 N
066 A001100 N
067 001100 N
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
070 A021100 N
070 B011100 N
070 B021100 N
070 C011100 Y
070 C021100 N
070 D011100 N
070 D021100 N
070 E011100 Y
070 E021100 N
070 F011100 N
070 F021100 N
070 G011100 Y
070 G021100 N
070 H011100 N
070 H021100 N
070 I011100 Y
070 I021100 N
070 J011100 Y
070 J021100 Y
070 K011100 Y
070 K021100 N
070 L011100 Y
070 L021100 N
070 M011100 Y
070 M021100 N
070 N011100 Y
<PAGE> PAGE 54
070 N021100 N
070 O011100 Y
070 O021100 Y
070 P011100 N
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 15925
071 B001100 9474
071 C001100 11830
071 D001100 46
072 A001100 6
072 B001100 477
072 C001100 16
072 D001100 0
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072 F001100 48
072 G001100 0
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072 J001100 22
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072 M001100 4
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072 Q001100 0
072 R001100 15
072 S001100 1
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072 U001100 0
072 V001100 0
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072 X001100 90
072 Y001100 36
072 Z001100 439
072AA001100 136
072BB001100 0
072CC011100 488
072CC021100 0
072DD011100 420
072DD021100 0
072EE001100 9
073 A011100 0.2490
073 A021100 0.0000
073 B001100 0.0054
073 C001100 0.0000
074 A001100 1163
<PAGE> PAGE 55
074 B001100 0
074 C001100 0
074 D001100 17775
074 E001100 1239
074 F001100 0
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 0
074 K001100 18
074 L001100 621
074 M001100 0
074 N001100 20816
074 O001100 595
074 P001100 0
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 26
074 S001100 0
074 T001100 20195
074 U011100 1748
074 U021100 0
074 V011100 11.55
074 V021100 0.00
074 W001100 0.0000
074 X001100 2
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075 B001100 12859
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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, 1997
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-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 49,936,336
<INVESTMENTS-AT-VALUE> 50,422,894
<RECEIVABLES> 2,542,181
<ASSETS-OTHER> 38,250
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 53,003,325
<PAYABLE-FOR-SECURITIES> 2,180,616
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 59,716
<TOTAL-LIABILITIES> 2,240,332
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51,034,387
<SHARES-COMMON-STOCK> 4,872,457
<SHARES-COMMON-PRIOR> 4,801,097
<ACCUMULATED-NII-CURRENT> 1,944
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (725,521)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 452,183
<NET-ASSETS> 50,762,993
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,949,391
<OTHER-INCOME> 0
<EXPENSES-NET> 166,973
<NET-INVESTMENT-INCOME> 1,782,418
<REALIZED-GAINS-CURRENT> (225,295)
<APPREC-INCREASE-CURRENT> (231,635)
<NET-CHANGE-FROM-OPS> 1,325,488
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,664,748
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,369,924
<NUMBER-OF-SHARES-REDEEMED> (1,629,324)
<SHARES-REINVESTED> 330,760
<NET-CHANGE-IN-ASSETS> (561,155)
<ACCUMULATED-NII-PRIOR> 884,274
<ACCUMULATED-GAINS-PRIOR> (1,994,025)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 139,144
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 191,190
<AVERAGE-NET-ASSETS> 56,118,832
<PER-SHARE-NAV-BEGIN> 10.69
<PER-SHARE-NII> 0.39
<PER-SHARE-GAIN-APPREC> (0.09)
<PER-SHARE-DIVIDEND> (0.57)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.42
<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, 1997
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-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 42,696,048
<INVESTMENTS-AT-VALUE> 43,888,978
<RECEIVABLES> 802,167
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44,691,145
<PAYABLE-FOR-SECURITIES> 662,532
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18,518
<TOTAL-LIABILITIES> 681,050
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43,593,922
<SHARES-COMMON-STOCK> 4,106,008
<SHARES-COMMON-PRIOR> 3,864,501
<ACCUMULATED-NII-CURRENT> 21,449
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (798,205)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,192,929
<NET-ASSETS> 44,010,095
<DIVIDEND-INCOME> 7,760
<INTEREST-INCOME> 1,858,951
<OTHER-INCOME> 0
<EXPENSES-NET> 173,977
<NET-INVESTMENT-INCOME> 1,692,734
<REALIZED-GAINS-CURRENT> 195,675
<APPREC-INCREASE-CURRENT> 155,753
<NET-CHANGE-FROM-OPS> 2,044,162
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,652,114
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,138,215
<NUMBER-OF-SHARES-REDEEMED> (1,220,893)
<SHARES-REINVESTED> 324,185
<NET-CHANGE-IN-ASSETS> 2,945,457
<ACCUMULATED-NII-PRIOR> (993,881)
<ACCUMULATED-GAINS-PRIOR> (19,171)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 153,509
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 199,876
<AVERAGE-NET-ASSETS> 41,284,710
<PER-SHARE-NAV-BEGIN> 10.63
<PER-SHARE-NII> 0.43
<PER-SHARE-GAIN-APPREC> 0.08
<PER-SHARE-DIVIDEND> (0.42)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.72
<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, 1997
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-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 62,115,129
<INVESTMENTS-AT-VALUE> 62,115,129
<RECEIVABLES> 145,000
<ASSETS-OTHER> 842
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 62,260,971
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 579,900
<TOTAL-LIABILITIES> 579,900
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 61,756,255
<SHARES-COMMON-STOCK> 61,756,255
<SHARES-COMMON-PRIOR> 31,030,072
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (75,184)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 61,681,071
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,238,044
<OTHER-INCOME> 0
<EXPENSES-NET> 22,194
<NET-INVESTMENT-INCOME> 1,215,850
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,215,850
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,215,850
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 43,769,588
<NUMBER-OF-SHARES-REDEEMED> (14,259,255)
<SHARES-REINVESTED> 1,215,850
<NET-CHANGE-IN-ASSETS> 30,726,183
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (75,184)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 110,977
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 137,370
<AVERAGE-NET-ASSETS> 44,759,906
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.10
<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, 1997
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-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 46,266,154
<INVESTMENTS-AT-VALUE> 71,159,850
<RECEIVABLES> 142,689
<ASSETS-OTHER> 65
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 71,302,604
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 78,009
<TOTAL-LIABILITIES> 78,009
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,692,823
<SHARES-COMMON-STOCK> 3,707,329
<SHARES-COMMON-PRIOR> 5,367,589
<ACCUMULATED-NII-CURRENT> 41,589
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,621,309
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 24,868,874
<NET-ASSETS> 71,224,595
<DIVIDEND-INCOME> 671,927
<INTEREST-INCOME> 61,198
<OTHER-INCOME> 0
<EXPENSES-NET> 227,517
<NET-INVESTMENT-INCOME> 505,608
<REALIZED-GAINS-CURRENT> 15,817,330
<APPREC-INCREASE-CURRENT> (2,340,531)
<NET-CHANGE-FROM-OPS> 13,982,407
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 519,440
<DISTRIBUTIONS-OF-GAINS> 288,033
<DISTRIBUTIONS-OTHER> 13,832
<NUMBER-OF-SHARES-SOLD> 184,688
<NUMBER-OF-SHARES-REDEEMED> (2,105,532)
<SHARES-REINVESTED> 260,584
<NET-CHANGE-IN-ASSETS> (15,335,589)
<ACCUMULATED-NII-PRIOR> 55,421
<ACCUMULATED-GAINS-PRIOR> 92,013
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 189,597
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 279,034
<AVERAGE-NET-ASSETS> 76,468,648
<PER-SHARE-NAV-BEGIN> 16.13
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> 3.16
<PER-SHARE-DIVIDEND> (0.14)
<PER-SHARE-DISTRIBUTIONS> (0.08)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.21
<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, 1997
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-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 34,158,022
<INVESTMENTS-AT-VALUE> 41,719,737
<RECEIVABLES> 265,911
<ASSETS-OTHER> 2,759
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41,988,407
<PAYABLE-FOR-SECURITIES> 59,485
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40,980
<TOTAL-LIABILITIES> 100,465
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,456,304
<SHARES-COMMON-STOCK> 2,622,052
<SHARES-COMMON-PRIOR> 2,258,899
<ACCUMULATED-NII-CURRENT> 2,914
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,860,810
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,567,914
<NET-ASSETS> 41,887,942
<DIVIDEND-INCOME> 320,479
<INTEREST-INCOME> 91,691
<OTHER-INCOME> 0
<EXPENSES-NET> 127,221
<NET-INVESTMENT-INCOME> 284,949
<REALIZED-GAINS-CURRENT> 1,895,187
<APPREC-INCREASE-CURRENT> 3,525,785
<NET-CHANGE-FROM-OPS> 5,705,921
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 287,600
<DISTRIBUTIONS-OF-GAINS> 513,390
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 288,193
<NUMBER-OF-SHARES-REDEEMED> (84,009)
<SHARES-REINVESTED> 158,969
<NET-CHANGE-IN-ASSETS> 10,294,776
<ACCUMULATED-NII-PRIOR> 5,564
<ACCUMULATED-GAINS-PRIOR> 479,013
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 109,047
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 155,906
<AVERAGE-NET-ASSETS> 36,740,759
<PER-SHARE-NAV-BEGIN> 13.99
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 2.19
<PER-SHARE-DIVIDEND> (0.11)
<PER-SHARE-DISTRIBUTIONS> (0.20)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 15.98
<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, 1997
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-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 28,797,187
<INVESTMENTS-AT-VALUE> 31,525,161
<RECEIVABLES> 159,890
<ASSETS-OTHER> 1,007,205
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,692,256
<PAYABLE-FOR-SECURITIES> 585,100
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 35,945
<TOTAL-LIABILITIES> 621,045
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,388,493
<SHARES-COMMON-STOCK> 2,761,059
<SHARES-COMMON-PRIOR> 1,341,383
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,037)
<ACCUMULATED-NET-GAINS> (44,219)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,727,974
<NET-ASSETS> 32,071,211
<DIVIDEND-INCOME> 145,596
<INTEREST-INCOME> 44,599
<OTHER-INCOME> 0
<EXPENSES-NET> 102,566
<NET-INVESTMENT-INCOME> 87,629
<REALIZED-GAINS-CURRENT> (3,224)
<APPREC-INCREASE-CURRENT> 2,229,622
<NET-CHANGE-FROM-OPS> 2,314,027
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 84,711
<DISTRIBUTIONS-OF-GAINS> 98,893
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,364,394
<NUMBER-OF-SHARES-REDEEMED> (18,488)
<SHARES-REINVESTED> 73,770
<NET-CHANGE-IN-ASSETS> 17,420,532
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 57,896
<OVERDISTRIB-NII-PRIOR> (3,955)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 91,769
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 191,453
<AVERAGE-NET-ASSETS> 21,754,658
<PER-SHARE-NAV-BEGIN> 10.92
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.73
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> (0.04)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.62
<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, 1997
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-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 8,083,393
<INVESTMENTS-AT-VALUE> 8,146,262
<RECEIVABLES> 134,736
<ASSETS-OTHER> 871,911
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,152,909
<PAYABLE-FOR-SECURITIES> 80,263
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 23,777
<TOTAL-LIABILITIES> 104,040
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,018,115
<SHARES-COMMON-STOCK> 899,812
<SHARES-COMMON-PRIOR> 575,476
<ACCUMULATED-NII-CURRENT> 5,244
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (38,675)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 64,185
<NET-ASSETS> 9,048,869
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 245,124
<OTHER-INCOME> 0
<EXPENSES-NET> 23,524
<NET-INVESTMENT-INCOME> 221,600
<REALIZED-GAINS-CURRENT> (4,648)
<APPREC-INCREASE-CURRENT> 449
<NET-CHANGE-FROM-OPS> 217,401
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 263,172
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 536,991
<NUMBER-OF-SHARES-REDEEMED> (253,022)
<SHARES-REINVESTED> 40,367
<NET-CHANGE-IN-ASSETS> 3,246,821
<ACCUMULATED-NII-PRIOR> 46,816
<ACCUMULATED-GAINS-PRIOR> (34,027)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,905
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 54,456
<AVERAGE-NET-ASSETS> 7,296,899
<PER-SHARE-NAV-BEGIN> 10.08
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> 0.05
<PER-SHARE-DIVIDEND> (0.30)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.06
<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, 1997
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-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 52,841,051
<INVESTMENTS-AT-VALUE> 58,616,251
<RECEIVABLES> 1,117,547
<ASSETS-OTHER> 2,669,475
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 62,403,273
<PAYABLE-FOR-SECURITIES> 2,612,509
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31,291
<TOTAL-LIABILITIES> 2,643,800
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51,431,536
<SHARES-COMMON-STOCK> 4,696,210
<SHARES-COMMON-PRIOR> 2,218,737
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3,848)
<ACCUMULATED-NET-GAINS> 2,556,585
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,775,200
<NET-ASSETS> 59,759,473
<DIVIDEND-INCOME> 275,502
<INTEREST-INCOME> 33,753
<OTHER-INCOME> 0
<EXPENSES-NET> 164,592
<NET-INVESTMENT-INCOME> 144,663
<REALIZED-GAINS-CURRENT> 2,653,676
<APPREC-INCREASE-CURRENT> 4,720,625
<NET-CHANGE-FROM-OPS> 7,518,964
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 148,268
<DISTRIBUTIONS-OF-GAINS> 330,961
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,433,214
<NUMBER-OF-SHARES-REDEEMED> (24,523)
<SHARES-REINVESTED> 68,782
<NET-CHANGE-IN-ASSETS> 35,925,554
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 233,870
<OVERDISTRIB-NII-PRIOR> (243)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 145,228
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 226,364
<AVERAGE-NET-ASSETS> 39,054,803
<PER-SHARE-NAV-BEGIN> 10.74
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 2.06
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> (0.07)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.73
<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, 1997
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-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 15,090,300
<INVESTMENTS-AT-VALUE> 19,070,126
<RECEIVABLES> 65,012
<ASSETS-OTHER> 38,687
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19,173,825
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37,149
<TOTAL-LIABILITIES> 37,149
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,202,252
<SHARES-COMMON-STOCK> 1,434,252
<SHARES-COMMON-PRIOR> 1,509,371
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (74)
<ACCUMULATED-NET-GAINS> 954,673
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,979,825
<NET-ASSETS> 19,136,676
<DIVIDEND-INCOME> 153,747
<INTEREST-INCOME> 893
<OTHER-INCOME> 0
<EXPENSES-NET> 65,342
<NET-INVESTMENT-INCOME> 89,298
<REALIZED-GAINS-CURRENT> 955,142
<APPREC-INCREASE-CURRENT> 2,397,437
<NET-CHANGE-FROM-OPS> 3,441,877
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 92,537
<DISTRIBUTIONS-OF-GAINS> 90,320
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 219,004
<NUMBER-OF-SHARES-REDEEMED> (344,906)
<SHARES-REINVESTED> 50,783
<NET-CHANGE-IN-ASSETS> 2,365,081
<ACCUMULATED-NII-PRIOR> 2,965
<ACCUMULATED-GAINS-PRIOR> 89,850
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 56,630
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 107,149
<AVERAGE-NET-ASSETS> 17,597,995
<PER-SHARE-NAV-BEGIN> 11.11
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 2.30
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> (0.06)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.34
<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, 1997
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-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 35,458,666
<INVESTMENTS-AT-VALUE> 38,854,295
<RECEIVABLES> 2,674,575
<ASSETS-OTHER> 2,172,832
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 43,701,702
<PAYABLE-FOR-SECURITIES> 2,068,670
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 147,489
<TOTAL-LIABILITIES> 2,216,159
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,450,911
<SHARES-COMMON-STOCK> 3,452,054
<SHARES-COMMON-PRIOR> 1,425,198
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (4,887)
<ACCUMULATED-NET-GAINS> 713,154
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,326,365
<NET-ASSETS> 41,485,543
<DIVIDEND-INCOME> 384,242
<INTEREST-INCOME> 49,237
<OTHER-INCOME> 0
<EXPENSES-NET> 126,072
<NET-INVESTMENT-INCOME> 307,407
<REALIZED-GAINS-CURRENT> 728,713
<APPREC-INCREASE-CURRENT> 2,443,252
<NET-CHANGE-FROM-OPS> 3,479,372
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 339,450
<DISTRIBUTIONS-OF-GAINS> 39,953
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,000,584
<NUMBER-OF-SHARES-REDEEMED> (11,957)
<SHARES-REINVESTED> 38,229
<NET-CHANGE-IN-ASSETS> 25,866,288
<ACCUMULATED-NII-PRIOR> 27,156
<ACCUMULATED-GAINS-PRIOR> 24,393
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 112,801
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 267,477
<AVERAGE-NET-ASSETS> 26,775,926
<PER-SHARE-NAV-BEGIN> 10.96
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 1.09
<PER-SHARE-DIVIDEND> (0.10)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.02
<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, 1997
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-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 18,242,894
<INVESTMENTS-AT-VALUE> 19,014,151
<RECEIVABLES> 638,307
<ASSETS-OTHER> 1,163,369
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,815,827
<PAYABLE-FOR-SECURITIES> 594,860
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25,536
<TOTAL-LIABILITIES> 620,396
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,267,290
<SHARES-COMMON-STOCK> 1,748,144
<SHARES-COMMON-PRIOR> 698,547
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 21,065
<ACCUMULATED-NET-GAINS> 135,820
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 771,256
<NET-ASSETS> 20,195,431
<DIVIDEND-INCOME> 16,087
<INTEREST-INCOME> 477,361
<OTHER-INCOME> 0
<EXPENSES-NET> 54,188
<NET-INVESTMENT-INCOME> 439,260
<REALIZED-GAINS-CURRENT> 136,006
<APPREC-INCREASE-CURRENT> 488,196
<NET-CHANGE-FROM-OPS> 1,063,462
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 420,203
<DISTRIBUTIONS-OF-GAINS> 9,130
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,044,770
<NUMBER-OF-SHARES-REDEEMED> (53,779)
<SHARES-REINVESTED> 58,606
<NET-CHANGE-IN-ASSETS> 12,532,169
<ACCUMULATED-NII-PRIOR> 2,008
<ACCUMULATED-GAINS-PRIOR> 8,944
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 47,813
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 89,508
<AVERAGE-NET-ASSETS> 12,858,906
<PER-SHARE-NAV-BEGIN> 10.97
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 0.58
<PER-SHARE-DIVIDEND> (0.24)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.55
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
Cova Series Trust
Form: N-SAR June 30, 1997
Attachment - Item 77O
Transactions effected pursuant to Rule 10f-3
Transaction # 1: Small Cap Stock Fund, purchase of Nationwide Financial Services
, Inc.
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.
J.P. Morgan Investment Management was the affiliated underwriter of the Fund
and the syndicate included various other underwriters.
3. Terms of the transaction.
Small Cap Stock Portfolio, managed by J.P. Morgan Investment Management Inc.,
purchased 1,200 shares of common stock of Nationwide Financial Services, a
company in continuous operation for 20+ years, in an initial public offering
at the offering price of $23.50 per share on March 6, 1997. The underwriting
spread paid was 123 basis points.The percentage of the offering purchased by the
Small Cap Stock Portfolio was .006% of the total offering. The percentage of the
offering purchased by associated funds of the Sub-adviser was .29%. This
purchase represented .146% 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 was provided to the
Board of Directors at its regularly scheduled first quarter 1997
meeting as well as information supporting the reasonableness of the 123 basis
point spread paid to certify that the purchase were made in compliance with the
Board adopted rule 10f-3 procedures.
Cova Series Trust
Form: N-SAR June 30, 1997
Attachment - Item 77O
Transactions effected pursuant to Rule 10f-3
Transaction # 2: Small Cap Stock Fund, purchase of Glenborough Realty Trust,Inc.
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom was the securities acquired.
Bear Stearns & Jeffries & Company. Bear Stearns and Jeffries & Company were not
an affiliated underwriter of the Fund.
2. Identify the underwriting syndicate's members.
J.P. Morgan Investment Management was the affiliated underwriter of the Fund and
the syndicate included various other underwriters.
3. Terms of the transaction.
Small Cap Stock Portfolio, managed by J.P. Morgan Investment Management Inc.,
purchased 1,200 shares of common stock of Glenborough Realty Trust, a company in
continuous operation for 19 years, in an initial public offering at the offering
price of $20.25 per share on March 17, 1997. The underwriting spread paid was
112 basis points. The percentage of the offering purchased by the Small Cap
Stock Portfolio was .034% of the total offering. The percentage of the offering
purchased by associated funds of the Sub-adviser was 1.05%. This purchase
represented .127% 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 was provided to the
Board of Directors at its regularly scheduled first quarter 1997 meeting as well
as information supporting the reasonableness of the 112 basis point spread
paid to certify that the purchase were made in compliance with the Board adopted
rule 10f-3 procedures.
Cova Series Trust
Form: N-SAR June 30, 1997
Attachment - Item 77O
Transactions effected pursuant to Rule 10f-3
Transaction # 3: Quality Bond Fund, purchase of US West Capital Funding.
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom was the securities acquired.
Merrill Lynch. Merrill Lynch was not an affiliated underwriter of the Fund.
2. Identify the underwriting syndicate's members.
J.P. Morgan Investment Management was the affiliated underwriter of the Fund
and the syndicate included various other underwriters.
3. Terms of the transaction.
Quality Bond Portfolio, managed by J.P. Morgan Investment Management Inc.,
purchased $50,000 face value of debt of US West Capital Funding, a company
in continuous operation for 11 years, in an initial public offering at the
offering price of $100.00 per unit on January 16, 1997. The underwriting
spread paid was 88 basis points. The percentage of the offering purchased
by the Quality Bond Portfolio was .001% of the total offering. The percentage
of the offering purchased by associated funds of the Sub-adviser was .67%.
This purchase represented .919% of the Quality Bond 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 was provided to the
Board of Directors at its regularly scheduled first quarter 1997 meeting as well
as information supporting the reasonableness of the 88 basis point spread
paid to certify that the purchase were made in compliance with the Board adopted
rule 10f-3 procedures.
