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<PAGE> PAGE 9
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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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 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 40
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070 Q010800 N
070 Q020800 N
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<PAGE> PAGE 41
073 A020800 0.0000
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008 A000901 COVA INVESTMENT ADVISORY CORPORATION
008 B000901 A
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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
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008 D030902 10036
015 A000901 INVESTORS BANK & TRUST COMPANY
015 B000901 C
<PAGE> PAGE 42
015 C010901 BOSTON
015 C020901 MA
015 C030901 02116
015 E010901 X
024 000900 Y
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025 C000901 E
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025 A000902 LEHMAN BROTHERS
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025 C000902 E
025 D000902 31
025 A000903 MORGAN STANLEY & CO.
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025 A000904 DELETE
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<PAGE> PAGE 43
028 H000900 0
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048 I010900 0
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066 E000900 Y
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068 A000900 N
<PAGE> PAGE 44
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 N
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
070 Q020900 N
070 R010900 N
070 R020900 N
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<PAGE> PAGE 45
072 J000900 67
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<PAGE> PAGE 46
074 U010900 2330
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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
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 -
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015 E041002 X
015 A001003 EUROCLEAR/KANSALLIS-OSAKE-PANKKI
015 B001003 S
015 C011003 -
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015 E041003 X
015 A001004 BANQUE PARIBAS
015 B001004 S
015 C011004 -
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015 A001005 EUROCLEAR/DEUTSCHE BANK AG
015 B001005 S
015 C011005 -
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015 E041005 X
015 A001006 STANDARD CHARTERED BANK, HONG KONG
015 B001006 S
<PAGE> PAGE 47
015 C011006 -
015 D011006 HONG KONG
015 E041006 X
015 A001007 BANK OF IRELAND SECURITIES SERVICES
015 B001007 S
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015 D011007 IRELAND
015 E041007 X
015 A001008 CITIBANK, N.A. MILAN
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015 D011008 ITALY
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015 A001009 STANDARD CHARTERED BANK, TOKYO
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015 D011015 SPAIN
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<PAGE> PAGE 48
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
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015 D011018 UNITED KINGDOM
015 E041018 X
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015 A001020 CREDITSNSTALT BANKVEREIN
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015 E041020 X
015 A001021 EUROCLEAR/MORGAN GUARANTY TRUST CO. OF N.Y.
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024 001000 Y
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<PAGE> PAGE 49
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<PAGE> PAGE 50
062 J001000 0.0
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070 M011000 Y
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<PAGE> PAGE 51
070 R011000 N
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<PAGE> PAGE 52
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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
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015 C031101 02116
015 E011101 X
024 001100 Y
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<PAGE> PAGE 53
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<PAGE> PAGE 54
048 G021100 0.000
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<PAGE> PAGE 55
070 H021100 N
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<PAGE> PAGE 56
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008 A001201 COVA INVESTMENT ADVISORY CORPORATION
008 B001201 A
008 C001201 801-45567
008 D011201 OAKBROOK TERRACE
008 D021201 IL
008 D031201 60181
008 D041201 4644
<PAGE> PAGE 57
008 A001202 LORD, ABBETT & CO.
008 B001202 S
008 C001202 801-6997
008 D011202 NEW YORK
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008 D031202 10153
015 A001201 INVESTORS BANK & TRUST COMPANY
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
074 V011200 10.48
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008 A001301 COVA INVESTMENT ADVISORY CORPORATION
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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008 A001501 COVA INVESTMENT ADVISORY CORPORATION
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<PAGE> PAGE 70
015 A001501 INVESTORS BANK & TRUST COMPANY
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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008 A001601 COVA INVESTMENT ADVISORY CORPORATION
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008 D011601 OAKBROOK TERRACE
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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<PAGE> PAGE 78
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008 A001701 COVA INVESTMENT ADVISORY CORPORATION
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<PAGE> PAGE 79
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<PAGE> PAGE 80
062 D001700 0.0
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066 A001700 Y
066 E001700 Y
067 001700 N
068 A001700 N
068 B001700 N
069 001700 N
070 A011700 Y
070 A021700 N
070 B011700 N
070 B021700 N
070 C011700 N
070 C021700 N
070 D011700 N
070 D021700 N
070 E011700 N
070 E021700 N
070 F011700 Y
070 F021700 N
070 G011700 Y
070 G021700 N
070 H011700 Y
070 H021700 N
070 I011700 N
070 I021700 N
070 J011700 Y
070 J021700 N
070 K011700 Y
070 K021700 N
070 L011700 N
070 L021700 N
070 M011700 N
070 M021700 N
070 N011700 Y
070 N021700 N
<PAGE> PAGE 81
070 O011700 Y
070 O021700 N
070 P011700 N
070 P021700 N
070 Q011700 N
070 Q021700 N
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070 R021700 N
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<PAGE> PAGE 82
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076 001700 0.00
008 A001801 COVA INVESTMENT ADVISORY CORPORATION
008 B001801 A
008 C001801 801-45567
008 D011801 OAKBROOK TERRACE
008 D021801 IL
008 D031801 60181
008 D041801 4644
008 A001802 MISSISSIPPI VALLEY ADVISORS INC.
008 B001802 S
008 C001802 801-28897
008 D011802 ST. LOUIS
008 D021802 MO
008 D031802 63101
015 A001801 INVESTORS BANK & TRUST COMPANY
015 B001801 C
015 C011801 BOSTON
015 C021801 MA
015 C031801 02116
015 E011801 X
024 001800 N
<PAGE> PAGE 83
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<PAGE> PAGE 84
048 F011800 0
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066 E001800 Y
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068 A001800 N
068 B001800 N
069 001800 N
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070 A021800 N
070 B011800 N
070 B021800 N
070 C011800 N
070 C021800 N
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070 D021800 N
070 E011800 N
070 E021800 N
070 F011800 N
070 F021800 N
070 G011800 N
<PAGE> PAGE 85
070 G021800 N
070 H011800 N
070 H021800 N
070 I011800 N
070 I021800 N
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070 L021800 N
070 M011800 N
070 M021800 N
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070 P021800 N
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070 Q021800 N
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<PAGE> PAGE 86
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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, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 47,114,722
<INVESTMENTS-AT-VALUE> 49,159,440
<RECEIVABLES> 789,722
<ASSETS-OTHER> 133
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 49,949,295
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 113,635
<TOTAL-LIABILITIES> 113,635
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 49,378,186
<SHARES-COMMON-STOCK> 4,572,261
<SHARES-COMMON-PRIOR> 4,801,097
<ACCUMULATED-NII-CURRENT> 894,166
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,430,004)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,993,312
<NET-ASSETS> 49,835,660
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,695,548
<OTHER-INCOME> 0
<EXPENSES-NET> 347,154
<NET-INVESTMENT-INCOME> 3,348,394
<REALIZED-GAINS-CURRENT> (436,095)
<APPREC-INCREASE-CURRENT> 1,309,494
<NET-CHANGE-FROM-OPS> 4,221,793
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,338,386
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,544,684
<NUMBER-OF-SHARES-REDEEMED> 3,166,250
<SHARES-REINVESTED> 392,730
<NET-CHANGE-IN-ASSETS> (1,488,488)
<ACCUMULATED-NII-PRIOR> 884,274
<ACCUMULATED-GAINS-PRIOR> (1,994,025)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 261,037
<INTEREST-EXPENSE> 33,910
<GROSS-EXPENSE> 399,784
<AVERAGE-NET-ASSETS> 52,216,941
<PER-SHARE-NAV-BEGIN> 10.69
<PER-SHARE-NII> 0.74
<PER-SHARE-GAIN-APPREC> 0.20
<PER-SHARE-DIVIDEND> (0.73)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.90
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 31,571,142
<INVESTMENTS-AT-VALUE> 32,876,402
<RECEIVABLES> 640,747
<ASSETS-OTHER> 81
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33,517,230
<PAYABLE-FOR-SECURITIES> 183,750
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 71,023
<TOTAL-LIABILITIES> 254,773
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,042,446
<SHARES-COMMON-STOCK> 3,051,753
<SHARES-COMMON-PRIOR> 3,864,501
<ACCUMULATED-NII-CURRENT> 9,243
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (94,492)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,305,260
<NET-ASSETS> 33,262,457
<DIVIDEND-INCOME> 7,760
<INTEREST-INCOME> 3,481,423
<OTHER-INCOME> 0
<EXPENSES-NET> 335,693
<NET-INVESTMENT-INCOME> 3,153,490
<REALIZED-GAINS-CURRENT> 909,331
<APPREC-INCREASE-CURRENT> 268,083
<NET-CHANGE-FROM-OPS> 4,330,904
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,144,247
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,249,817
<NUMBER-OF-SHARES-REDEEMED> 2,523,653
<SHARES-REINVESTED> 461,088
<NET-CHANGE-IN-ASSETS> (7,802,181)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (993,881)
<OVERDISTRIB-NII-PRIOR> (19,171)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 290,717
<INTEREST-EXPENSE> 6,213
<GROSS-EXPENSE> 389,569
<AVERAGE-NET-ASSETS> 38,767,159
<PER-SHARE-NAV-BEGIN> 10.63
<PER-SHARE-NII> 0.92
<PER-SHARE-GAIN-APPREC> 0.28
<PER-SHARE-DIVIDEND> (0.93)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.90
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 21,895,770
<INVESTMENTS-AT-VALUE> 21,895,770
<RECEIVABLES> 125,710
<ASSETS-OTHER> 19
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22,021,499
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 42,736
<TOTAL-LIABILITIES> 42,736
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,056,402
<SHARES-COMMON-STOCK> 21,981,219
<SHARES-COMMON-PRIOR> 31,030,072
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (77,639)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 21,978,763
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,573,384
<OTHER-INCOME> 0
<EXPENSES-NET> 46,001
<NET-INVESTMENT-INCOME> 2,527,383
<REALIZED-GAINS-CURRENT> (2,455)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,524,928
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,527,383
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 57,419,022
<NUMBER-OF-SHARES-REDEEMED> 68,995,258
<SHARES-REINVESTED> 2,527,383
<NET-CHANGE-IN-ASSETS> (8,976,125)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (75,184)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 230,006
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 313,167
<AVERAGE-NET-ASSETS> 46,001,818
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.06)
<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> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 58,424,938
<INVESTMENTS-AT-VALUE> 90,353,876
<RECEIVABLES> 138,453
<ASSETS-OTHER> 667
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 90,492,996
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 115,694
<TOTAL-LIABILITIES> 115,694
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,253,168
<SHARES-COMMON-STOCK> 4,289,352
<SHARES-COMMON-PRIOR> 5,367,589
<ACCUMULATED-NII-CURRENT> 18,686
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16,142,542
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31,962,906
<NET-ASSETS> 90,377,302
<DIVIDEND-INCOME> 1,350,382
<INTEREST-INCOME> 219,414
<OTHER-INCOME> 0
<EXPENSES-NET> 501,235
<NET-INVESTMENT-INCOME> 1,068,561
<REALIZED-GAINS-CURRENT> 16,291,273
<APPREC-INCREASE-CURRENT> 4,753,502
<NET-CHANGE-FROM-OPS> 22,113,336
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,058,007
<DISTRIBUTIONS-OF-GAINS> 288,033
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,698,260
<NUMBER-OF-SHARES-REDEEMED> 3,062,627
<SHARES-REINVESTED> 286,130
<NET-CHANGE-IN-ASSETS> 3,817,118
<ACCUMULATED-NII-PRIOR> 55,421
<ACCUMULATED-GAINS-PRIOR> 92,013
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 403,448
<INTEREST-EXPENSE> 17,096
<GROSS-EXPENSE> 575,157
<AVERAGE-NET-ASSETS> 80,690,356
<PER-SHARE-NAV-BEGIN> 16.13
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> 5.02
<PER-SHARE-DIVIDEND> (0.27)
<PER-SHARE-DISTRIBUTIONS> (0.08)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 21.07
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> Cova VKAC Growth & Income Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 41,255,922
<INVESTMENTS-AT-VALUE> 47,702,613
<RECEIVABLES> 160,242
<ASSETS-OTHER> 3,344
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 47,866,199
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 36,835
<TOTAL-LIABILITIES> 36,835
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,493,304
<SHARES-COMMON-STOCK> 2,804,973
<SHARES-COMMON-PRIOR> 2,258,899
<ACCUMULATED-NII-CURRENT> 9,283
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,860,286
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,466,491
<NET-ASSETS> 47,829,364
<DIVIDEND-INCOME> 648,343
<INTEREST-INCOME> 210,995
<OTHER-INCOME> 0
<EXPENSES-NET> 291,681
<NET-INVESTMENT-INCOME> 567,657
<REALIZED-GAINS-CURRENT> 5,894,224
<APPREC-INCREASE-CURRENT> 2,424,361
<NET-CHANGE-FROM-OPS> 8,886,242
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 563,938
<DISTRIBUTIONS-OF-GAINS> 513,391
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 626,726
<NUMBER-OF-SHARES-REDEEMED> 255,883
<SHARES-REINVESTED> 175,231
<NET-CHANGE-IN-ASSETS> 16,236,198
<ACCUMULATED-NII-PRIOR> 5,564
<ACCUMULATED-GAINS-PRIOR> 479,013
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 250,012
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 365,313
<AVERAGE-NET-ASSETS> 41,713,624
<PER-SHARE-NAV-BEGIN> 13.99
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> 3.26
<PER-SHARE-DIVIDEND> (0.21)
<PER-SHARE-DISTRIBUTIONS> (0.20)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.05
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 51,833,249
<INVESTMENTS-AT-VALUE> 56,888,871
<RECEIVABLES> 477,360
<ASSETS-OTHER> 3,692,013
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 61,058,244
<PAYABLE-FOR-SECURITIES> 1,269,275
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31,901
<TOTAL-LIABILITIES> 1,301,176
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 52,430,798
<SHARES-COMMON-STOCK> 4,559,948
<SHARES-COMMON-PRIOR> 1,341,383
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,270,648
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,055,622
<NET-ASSETS> 59,757,068
<DIVIDEND-INCOME> 407,650
<INTEREST-INCOME> 111,790
<OTHER-INCOME> 0
<EXPENSES-NET> 326,755
<NET-INVESTMENT-INCOME> 192,685
<REALIZED-GAINS-CURRENT> 2,316,556
<APPREC-INCREASE-CURRENT> 4,557,270
<NET-CHANGE-FROM-OPS> 7,066,511
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 192,883
<DISTRIBUTIONS-OF-GAINS> 99,847
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,186,388
<NUMBER-OF-SHARES-REDEEMED> 49,981
<SHARES-REINVESTED> 82,158
<NET-CHANGE-IN-ASSETS> 45,106,389
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 57,896
<OVERDISTRIB-NII-PRIOR> (3,955)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 292,360
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 478,473
<AVERAGE-NET-ASSETS> 34,386,815
<PER-SHARE-NAV-BEGIN> 10.92
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 2.22
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> (0.04)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.11
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 15,972,681
<INVESTMENTS-AT-VALUE> 16,317,671
<RECEIVABLES> 248,743
<ASSETS-OTHER> 2,271,646
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,838,060
<PAYABLE-FOR-SECURITIES> 190,119
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20,475
<TOTAL-LIABILITIES> 210,594
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,282,956
<SHARES-COMMON-STOCK> 1,790,249
<SHARES-COMMON-PRIOR> 575,476
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (480)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 344,990
<NET-ASSETS> 18,627,466
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 672,432
<OTHER-INCOME> 0
<EXPENSES-NET> 66,486
<NET-INVESTMENT-INCOME> 605,946
<REALIZED-GAINS-CURRENT> 98,268
<APPREC-INCREASE-CURRENT> 281,253
<NET-CHANGE-FROM-OPS> 985,467
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 660,166
<DISTRIBUTIONS-OF-GAINS> 76,278
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,518,698
<NUMBER-OF-SHARES-REDEEMED> 389,839
<SHARES-REINVESTED> 85,914
<NET-CHANGE-IN-ASSETS> 12,825,418
<ACCUMULATED-NII-PRIOR> 46,816
<ACCUMULATED-GAINS-PRIOR> (34,027)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 56,257
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 110,445
<AVERAGE-NET-ASSETS> 10,227,987
<PER-SHARE-NAV-BEGIN> 10.08
<PER-SHARE-NII> 0.45
<PER-SHARE-GAIN-APPREC> 0.45
<PER-SHARE-DIVIDEND> (0.53)
<PER-SHARE-DISTRIBUTIONS> (0.04)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.41
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 98,564,630
<INVESTMENTS-AT-VALUE> 104,362,637
<RECEIVABLES> 1,447,853
<ASSETS-OTHER> 1,729,556
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 107,540,046
<PAYABLE-FOR-SECURITIES> 556,166
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53,005
<TOTAL-LIABILITIES> 609,171
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 92,097,837
<SHARES-COMMON-STOCK> 7,656,774
<SHARES-COMMON-PRIOR> 2,218,737
<ACCUMULATED-NII-CURRENT> 9,216
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,025,815
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,798,007
<NET-ASSETS> 106,930,875
<DIVIDEND-INCOME> 898,439
<INTEREST-INCOME> 114,895
<OTHER-INCOME> 0
<EXPENSES-NET> 513,155
<NET-INVESTMENT-INCOME> 500,179
<REALIZED-GAINS-CURRENT> 9,123,149
<APPREC-INCREASE-CURRENT> 4,743,432
<NET-CHANGE-FROM-OPS> 14,366,760
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 490,963
<DISTRIBUTIONS-OF-GAINS> 330,961
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,382,252
<NUMBER-OF-SHARES-REDEEMED> 37,610
<SHARES-REINVESTED> 93,395
<NET-CHANGE-IN-ASSETS> 83,096,956
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 233,870
<OVERDISTRIB-NII-PRIOR> (243)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 450,572
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 618,587
<AVERAGE-NET-ASSETS> 61,595,938
<PER-SHARE-NAV-BEGIN> 10.74
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 3.29
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> (0.07)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.97
<EXPENSE-RATIO> 0.83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 9
<NAME> Cova Large Cap Stock Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 27,263,342
<INVESTMENTS-AT-VALUE> 31,991,647
<RECEIVABLES> 243,908
<ASSETS-OTHER> 411,289
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,646,844
<PAYABLE-FOR-SECURITIES> 366,614
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,141
<TOTAL-LIABILITIES> 390,755
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,000,889
<SHARES-COMMON-STOCK> 2,329,781
<SHARES-COMMON-PRIOR> 1,509,371
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 526,895
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,728,305
<NET-ASSETS> 32,256,089
<DIVIDEND-INCOME> 341,153
<INTEREST-INCOME> 8,910
<OTHER-INCOME> 0
<EXPENSES-NET> 150,728
<NET-INVESTMENT-INCOME> 199,335
<REALIZED-GAINS-CURRENT> 2,193,907
<APPREC-INCREASE-CURRENT> 3,145,916
<NET-CHANGE-FROM-OPS> 5,539,158
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 202,300
<DISTRIBUTIONS-OF-GAINS> 1,756,862
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,243,518
<NUMBER-OF-SHARES-REDEEMED> 602,301
<SHARES-REINVESTED> 179,193
<NET-CHANGE-IN-ASSETS> 15,484,494
<ACCUMULATED-NII-PRIOR> 2,965
<ACCUMULATED-GAINS-PRIOR> 89,850
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 130,631
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 217,824
<AVERAGE-NET-ASSETS> 20,111,399
<PER-SHARE-NAV-BEGIN> 11.11
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 3.56
<PER-SHARE-DIVIDEND> (0.12)
<PER-SHARE-DISTRIBUTIONS> (0.82)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.85
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 64,155,316
<INVESTMENTS-AT-VALUE> 64,976,213
<RECEIVABLES> 1,366,426
<ASSETS-OTHER> 4,361,180
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 70,703,819
<PAYABLE-FOR-SECURITIES> 1,812,341
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 122,439
<TOTAL-LIABILITIES> 1,934,780
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 67,285,371
<SHARES-COMMON-STOCK> 5,994,704
<SHARES-COMMON-PRIOR> 1,425,198
<ACCUMULATED-NII-CURRENT> 349,324
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (151,362)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,285,706
<NET-ASSETS> 68,769,039
<DIVIDEND-INCOME> 823,904
<INTEREST-INCOME> 125,313
<OTHER-INCOME> 0
<EXPENSES-NET> 394,146
<NET-INVESTMENT-INCOME> 555,071
<REALIZED-GAINS-CURRENT> 191,480
<APPREC-INCREASE-CURRENT> 402,592
<NET-CHANGE-FROM-OPS> 1,149,143
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 557,716
<DISTRIBUTIONS-OF-GAINS> 42,415
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,584,724
<NUMBER-OF-SHARES-REDEEMED> 72,672
<SHARES-REINVESTED> 57,454
<NET-CHANGE-IN-ASSETS> 53,149,784
<ACCUMULATED-NII-PRIOR> 27,156
<ACCUMULATED-GAINS-PRIOR> 24,393
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 349,944
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 633,983
<AVERAGE-NET-ASSETS> 41,181,739
<PER-SHARE-NAV-BEGIN> 10.96
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 0.54
<PER-SHARE-DIVIDEND> (0.14)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.47
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 51,441,189
<INVESTMENTS-AT-VALUE> 52,654,892
<RECEIVABLES> 1,044,427
<ASSETS-OTHER> 1,743,892
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 55,443,211
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31,032
<TOTAL-LIABILITIES> 31,032
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53,243,809
<SHARES-COMMON-STOCK> 4,574,812
<SHARES-COMMON-PRIOR> 698,547
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 954,667
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,213,703
<NET-ASSETS> 55,412,179
<DIVIDEND-INCOME> 43,867
<INTEREST-INCOME> 1,924,244
<OTHER-INCOME> 0
<EXPENSES-NET> 222,298
<NET-INVESTMENT-INCOME> 1,745,813
<REALIZED-GAINS-CURRENT> 964,071
<APPREC-INCREASE-CURRENT> 930,642
<NET-CHANGE-FROM-OPS> 3,640,526
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,747,981
<DISTRIBUTIONS-OF-GAINS> 18,188
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,775,808
<NUMBER-OF-SHARES-REDEEMED> 68,740
<SHARES-REINVESTED> 169,197
<NET-CHANGE-IN-ASSETS> 47,748,917
<ACCUMULATED-NII-PRIOR> 2,008
<ACCUMULATED-GAINS-PRIOR> 8,944
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 196,145
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 280,196
<AVERAGE-NET-ASSETS> 26,154,147
<PER-SHARE-NAV-BEGIN> 10.97
<PER-SHARE-NII> 0.54
<PER-SHARE-GAIN-APPREC> 1.15
<PER-SHARE-DIVIDEND> (0.55)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.11
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 12
<NAME> Cova Mid-Cap Value Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 2,012,664
<INVESTMENTS-AT-VALUE> 2,059,650
<RECEIVABLES> 14,892
<ASSETS-OTHER> 163,793
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,238,335
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,427
<TOTAL-LIABILITIES> 9,427
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,181,763
<SHARES-COMMON-STOCK> 212,659
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 9
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 150
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 46,986
<NET-ASSETS> 2,228,908
<DIVIDEND-INCOME> 1,866
<INTEREST-INCOME> 2,590
<OTHER-INCOME> 0
<EXPENSES-NET> 2,358
<NET-INVESTMENT-INCOME> 2,098
<REALIZED-GAINS-CURRENT> 150
<APPREC-INCREASE-CURRENT> 46,986
<NET-CHANGE-FROM-OPS> 49,234
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,089
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 213,013
<NUMBER-OF-SHARES-REDEEMED> 554
<SHARES-REINVESTED> 200
<NET-CHANGE-IN-ASSETS> 2,228,908
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,150
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 18,126
<AVERAGE-NET-ASSETS> 587,057
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.48
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.48
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 13
<NAME> Cova Large Cap Research Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 1,218,629
<INVESTMENTS-AT-VALUE> 1,225,213
<RECEIVABLES> 13,593
<ASSETS-OTHER> 122,623
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,361,429
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,419
<TOTAL-LIABILITIES> 8,419
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,346,866
<SHARES-COMMON-STOCK> 136,592
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 193
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (633)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,584
<NET-ASSETS> 1,353,010
<DIVIDEND-INCOME> 2,257
<INTEREST-INCOME> 1,738
<OTHER-INCOME> 0
<EXPENSES-NET> 1,673
<NET-INVESTMENT-INCOME> 2,322
<REALIZED-GAINS-CURRENT> (633)
<APPREC-INCREASE-CURRENT> 6,584
<NET-CHANGE-FROM-OPS> 8,273
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,129
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 136,458
<NUMBER-OF-SHARES-REDEEMED> 81
<SHARES-REINVESTED> 215
<NET-CHANGE-IN-ASSETS> 1,353,010
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,521
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 15,270
<AVERAGE-NET-ASSETS> 414,666
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> (0.09)
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.91
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 14
<NAME> Cova Developing Growth Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 1,568,464
<INVESTMENTS-AT-VALUE> 1,576,969
<RECEIVABLES> 30,711
<ASSETS-OTHER> 258,794
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,866,474
<PAYABLE-FOR-SECURITIES> 122,937
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,387
<TOTAL-LIABILITIES> 132,324
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,721,071
<SHARES-COMMON-STOCK> 164,390
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 19
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,555
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,505
<NET-ASSETS> 1,734,150
<DIVIDEND-INCOME> 186
<INTEREST-INCOME> 2,107
<OTHER-INCOME> 0
<EXPENSES-NET> 1,948
<NET-INVESTMENT-INCOME> 345
<REALIZED-GAINS-CURRENT> 4,555
<APPREC-INCREASE-CURRENT> 8,505
<NET-CHANGE-FROM-OPS> 13,405
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 326
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 165,753
<NUMBER-OF-SHARES-REDEEMED> 1,394
<SHARES-REINVESTED> 31
<NET-CHANGE-IN-ASSETS> 1,734,150
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,753
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,535
<AVERAGE-NET-ASSETS> 530,616
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.55
<PER-SHARE-DIVIDEND> (0.00)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.55
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 15
<NAME> Cova Balanced Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 1,249,875
<INVESTMENTS-AT-VALUE> 1,294,799
<RECEIVABLES> 19,790
<ASSETS-OTHER> 155,235
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,469,824
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,774
<TOTAL-LIABILITIES> 8,774
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,420,702
<SHARES-COMMON-STOCK> 140,640
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,576)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 44,924
<NET-ASSETS> 1,461,050
<DIVIDEND-INCOME> 4,301
<INTEREST-INCOME> 19,534
<OTHER-INCOME> 0
<EXPENSES-NET> 6,820
<NET-INVESTMENT-INCOME> 17,015
<REALIZED-GAINS-CURRENT> 7,388
<APPREC-INCREASE-CURRENT> 44,924
<NET-CHANGE-FROM-OPS> 69,327
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 17,093
<DISTRIBUTIONS-OF-GAINS> 11,993
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 141,462
<NUMBER-OF-SHARES-REDEEMED> 3,626
<SHARES-REINVESTED> 2,804
<NET-CHANGE-IN-ASSETS> 1,461,050
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,200
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 23,602
<AVERAGE-NET-ASSETS> 1,229,814
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 0.48
<PER-SHARE-DIVIDEND> (0.12)
<PER-SHARE-DISTRIBUTIONS> (0.09)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.39
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 16
<NAME> Cova Small Cap Equity Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 1,243,256
<INVESTMENTS-AT-VALUE> 1,245,855
<RECEIVABLES> 13,594
<ASSETS-OTHER> 72,599
<OTHER-ITEMS-ASSETS>
<TOTAL-ASSETS> 1,332,048
<PAYABLE-FOR-SECURITIES> 2,243
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,860
<TOTAL-LIABILITIES> 11,103
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,283,849
<SHARES-COMMON-STOCK> 126,779
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 34,497
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,599
<NET-ASSETS> 1,320,945
<DIVIDEND-INCOME> 3,459
<INTEREST-INCOME> 3,085
<OTHER-INCOME> 0
<EXPENSES-NET> 6,640
<NET-INVESTMENT-INCOME> (96)
<REALIZED-GAINS-CURRENT> 42,782
<APPREC-INCREASE-CURRENT> 2,599
<NET-CHANGE-FROM-OPS> 45,285
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 8,189
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 126,145
<NUMBER-OF-SHARES-REDEEMED> 164
<SHARES-REINVESTED> 798
<NET-CHANGE-IN-ASSETS> 1,320,945
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,036
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 23,984
<AVERAGE-NET-ASSETS> 1,197,385
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.00)
<PER-SHARE-GAIN-APPREC> 0.49
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.07)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.42
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 17
<NAME> Cova Equity Income Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 1,468,437
<INVESTMENTS-AT-VALUE> 1,591,188
<RECEIVABLES> 14,798
<ASSETS-OTHER> 86,028
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,692,014
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,703
<TOTAL-LIABILITIES> 8,703
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,558,030
<SHARES-COMMON-STOCK> 152,372
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,530
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 122,751
<NET-ASSETS> 1,683,311
<DIVIDEND-INCOME> 15,242
<INTEREST-INCOME> 3,188
<OTHER-INCOME> 0
<EXPENSES-NET> 7,378
<NET-INVESTMENT-INCOME> 11,052
<REALIZED-GAINS-CURRENT> 24,201
<APPREC-INCREASE-CURRENT> 122,751
<NET-CHANGE-FROM-OPS> 158,004
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11,052
<DISTRIBUTIONS-OF-GAINS> 21,671
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 149,720
<NUMBER-OF-SHARES-REDEEMED> 314
<SHARES-REINVESTED> 2,966
<NET-CHANGE-IN-ASSETS> 1,683,311
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,707
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 24,026
<AVERAGE-NET-ASSETS> 1,330,448
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 1.19
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> (0.14)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.05
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 18
<NAME> Cova Growth & Income Equity Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 2,121,294
<INVESTMENTS-AT-VALUE> 2,220,216
<RECEIVABLES> 17,206
<ASSETS-OTHER> 163,216
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,400,638
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,279
<TOTAL-LIABILITIES> 9,279
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,302,284
<SHARES-COMMON-STOCK> 223,292
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 129
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (9,976)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 98,922
<NET-ASSETS> 2,391,359
<DIVIDEND-INCOME> 11,217
<INTEREST-INCOME> 5,093
<OTHER-INCOME> 0
<EXPENSES-NET> 9,111
<NET-INVESTMENT-INCOME> 7,199
<REALIZED-GAINS-CURRENT> 8,581
<APPREC-INCREASE-CURRENT> 98,922
<NET-CHANGE-FROM-OPS> 114,702
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,070
<DISTRIBUTIONS-OF-GAINS> 18,557
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 224,036
<NUMBER-OF-SHARES-REDEEMED> 3,142
<SHARES-REINVESTED> 2,398
<NET-CHANGE-IN-ASSETS> 2,391,359
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,283
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 29,032
<AVERAGE-NET-ASSETS> 1,642,972
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.79
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> (0.08)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.71
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
The Board of Trustees
Cova Series Trust:
In planning and performing our audits of the financial statements of the Small
Cap Stock Portfolio, Quality Bond Portfolio, Select Equity Portfolio, Large Cap
Stock Portfolio, International Equity Portfolio, Money Market Portfolio, Quality
Income Portfolio, Stock Index Portfolio, VKAC Growth and Income Portfolio, High
Yield Portfolio, Bond Debenture Portfolio, Mid-Cap Value Portfolio, Large Cap
Research Portfolio, Developing Growth Portfolio, Balanced Portfolio, Small Cap
Equity Portfolio, Equity Income Portfolio and Growth & Income Equity Portfolio,
portfolios of Cova Series Trust, for the year ended December 31, 1997, we
considered their internal control, including control activities 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 internal control.
The management of Cova Series Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisitions, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control 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 would not necessarily disclose all
matters in the internal control 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 one or
more of the internal control components 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 and its operation, including controls for safeguarding securities, that
we consider to be material weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use of management, the
Board of Trustees of Cova Series Trust and the Securities and Exchange
Commission.
KPMG Peat Marwick LLP
Boston, Massachusetts
February 17, 1998
<PAGE>
Cova Series Trust
Form: N-SAR Decemeber 31, 1997
Attachment - Item 77O
- --------------------------------------------------------------------------------
Transactions effected pursuant to Rule 10f-3
- --------------------------------------------------------------------------------
Transaction # 1: International Equity Fund, purchase of ISPAT International N.V.
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 and Credit Suisse. Both First Boston and Credit Suisse
were not affiliated underwriters of the Fund.
2. Identify the underwriting syndicate's members.
J.P. Morgan was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
The International Equity Portfolio, managed by J.P. Morgan Investment
Management Inc., purchased 795 shares of common stock of ISPAT International
N.V., a company in continuous operation for 8 years, in an initial public
offering at the offering price of $27 per share on August 7, 1997. The
underwriting spread paid was 87 basis points. The percentage of the offering
purchased by the International Equity Portfolio was .0041% of the total
offering. The percentage of the offering purchased by associated funds of the
Sub-adviser was .1639%. This purchase represented .05% of the International
Equity 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 1997 third quarter meeting as well
as information supporting the reasonableness of the 87 basis point spread paid
to certify that the purchase was made in compliance with the Board adopted rule
10f-3 procedures.
<PAGE>
Cova Series Trust
Form: N-SAR Decemeber 31, 1997
Attachment - Item 77O
- --------------------------------------------------------------------------------
Transactions effected pursuant to Rule 10f-3
- --------------------------------------------------------------------------------
Transaction # 2: International Equity Fund, purchase of China Telecom.
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom was the securities acquired.
Goldman Sachs. Goldman Sachs was not an affiliated underwriter of the
Fund.
2. Identify the underwriting syndicate's members.
J.P. Morgan was the affiliated underwriter of the Fund and the
syndicate also included Goldman Sachs, China International Capital
Corp., China Development Finance Co., and HSBC Investment Bank Asia.
3. Terms of the transaction.
The International Equity Portfolio, managed by J.P. Morgan Investment
Management Inc., purchased 38,000 shares of common stock of China Telecom, a
company in continuous operations for 10 years, in an initial public offering at
the offering price of $11.80 (Hong Kong Dollars) per share on October 16, 1997.
The underwriting spread paid was .007% per share. The percentage of the offering
purchased by the International Equity Portfolio was 0.001% of the total
offering. The percentage of the offering purchased by associated funds of the
Sub-adviser was 0.029%. This purchase represented .09% of the International
Equity Portfolio's assets. The security purchased 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 1997 fouth quarter meeting as well
as information supporting the reasonableness of the 0.007% spread paid to
certify that the purchase was made in compliance with the Board adopted rule
10f-3 procedures.
<PAGE>
Cova Series Trust
Form: N-SAR Decemeber 31, 1997
Attachment - Item 77O
- --------------------------------------------------------------------------------
Transactions effected pursuant to Rule 10f-3
- --------------------------------------------------------------------------------
Transaction # 3: International Equity Fund, purchase of Telestra Corporation
Limited.
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom was the securities acquired.
J.B. Were. J.B. Were was not an affiliated underwriter of the Fund.
2. Identify the underwriting syndicate's members.
J.P. Morgan was the affiliated underwriter of the Fund and the
syndicate also included J.B. Were, ABN Amro, and CSFB First Pacific.
3. Terms of the transaction.
The International Equity Portfolio, managed by J.P. Morgan Investment
Management Inc., purchased 45,800 shares of installment receipts of Telestra
Corporation Limited, a company in continuous operation for 8 years, in an
initial public offering at the offering price of $2.00 (Australian Dollars) per
share on November 17, 1997. The underwriting spread paid was 175 basis points.
The percentage of the offering purchased by the International Equity Portfolio
was .00107% of the total offering. The percentage of the offering purchased by
associated funds of the Sub-adviser was .0028%. This purchase represented .11%
of the International Equity Portfolio's assets. The security purchased 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 1997 fourth quarter meeting as
well as information supporting the reasonableness of the 175 basis point spread
paid to certify that the purchase were made in compliance with the Board adopted
rule 10f-3 procedures.
<PAGE>
Cova Series Trust
Form: N-SAR Decemeber 31, 1997
Attachment - Item 77O
- --------------------------------------------------------------------------------
Transactions effected pursuant to Rule 10f-3
- --------------------------------------------------------------------------------
Transaction # 4: VKAC Growth & Income, purchase of Rhone-Poulenc.
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom was the securities acquired.
DLJ. DLJ was not an affiliated underwriter of the Fund.
2. Identify the underwriting syndicate's members.
Morgan Stanley Dean Witter was the affiliated underwriter of the Fund
and the syndicate included various other underwriters.
3. Terms of the transaction.
The VKAC Growth & Income, managed by Van Kampen American Capital,
purchased 9,000 shares of units of Rhone-Poulenc, a company in continuous
operation for greater than 3 years, in a public offering at the offering price
of $44.04 per share on October 23, 1997. The underwriting spread paid was 150
basis points. The percentage of the offering purchased by the VKAC Growth &
Income Portfolio was .036% of the total offering. The percentage of the offering
purchased by associated funds of the Sub-adviser was 2.82%. This purchase
represented .81% of the VKAC Growth & Income 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 1997 fourth quarter 1997 meeting
as well as information supporting the reasonableness of the 150 basis point
spread paid to certify that the purchase were made in compliance with the Board
adopted rule 10f-3 procedures.
<PAGE>
Cova Series Trust
Form: N-SAR Decemeber 31, 1997
Attachment - Item 77O
- --------------------------------------------------------------------------------
Transactions effected pursuant to Rule 10f-3
- --------------------------------------------------------------------------------
Transaction # 5: VKAC Growth & Income, purchase of Benckiser.
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.
Morgan Stanley Dean Witter was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
The VKAC Growth & Income, managed by Van Kampen American Capital,
purchased 3,500 shares of common stock of Benckiser, a company in continuous
operation for greater than 3 years, in an initial public offering at the
offering price of $33.52 per share on November 24 , 1997. The underwriting
spread paid was 525 basis points. The percentage of the offering purchased by
the VKAC Growth & Income Portfolio was .05% of the total offering. The
percentage of the offering purchased by associated funds of the Sub-adviser was
4.46%. This purchase represented .24% of the VKAC Growth & Income 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 1997 fourth quarter meeting as
well as information supporting the reasonableness of the 525 basis point spread
paid to certify that the purchase were made in compliance with the Board adopted
rule 10f-3 procedures.
<PAGE>
Cova Series Trust
Form: N-SAR Decemeber 31, 1997
Attachment - Item 77O
- --------------------------------------------------------------------------------
Transactions effected pursuant to Rule 10f-3
- --------------------------------------------------------------------------------
Transaction # 6: High Yield, purchase of Cablevision Systems.
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.
Morgan Stanley was the affiliated underwriter of the Fund and the syndicate also
included Bear Stearns and Merrill Lynch.
3. Terms of the transaction.
The High Yield, managed by Van Kampen American Capital, purchased $
300,000 face value of Debt of Cablevision, a company in continuous operation for
greater than 5 years, in an initial public offering at the offering price of
$99.895 per unit on December 5, 1997. The underwriting spread paid was 250 basis
points. The percentage of the offering purchased by the High Yield Portfolio was
.06% of the total offering. The percentage of the offering purchased by
associated funds of the Sub-adviser was .84%. This purchase represented .90% of
the High Yield 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 1997 fourth quarter meeting as
well as information supporting the reasonableness of the 250 basis point spread
paid to certify that the purchase were made in compliance with the Board adopted
rule 10f-3 procedures.
