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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 16
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 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 40
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070 J010800 Y
070 J020800 N
070 K010800 N
070 K020800 N
070 L010800 Y
070 L020800 N
070 M010800 Y
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 158536
071 B000800 124184
071 C000800 131000
071 D000800 95
072 A000800 6
072 B000800 82
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<PAGE> PAGE 41
072 W000800 0
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072 Y000800 51
072 Z000800 459
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074 G000800 0
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074 N000800 159941
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008 A000901 COVA INVESTMENT ADVISORY CORPORATION
008 B000901 A
008 C000901 801-45567
<PAGE> PAGE 42
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 MORGAN STANLEY, DEAN WITTER & CO., INC.
025 B000901 13-2655998
025 C000901 E
025 D000901 484
025 A000902 BEAR STEARNS & CO.
025 B000902 13-4946705
025 C000902 E
025 D000902 63
025 A000903 LEHMAN BROTHERS
025 B000903 13-2518466
025 C000903 E
025 D000903 62
025 A000904 MERRILL LYNCH, PIERCE, FENNER & SMITH
025 B000904 13-5674085
025 C000904 E
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025 D000906 0
025 D000907 0
025 D000908 0
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028 A020900 0
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028 B010900 3164
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028 C010900 3539
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028 D010900 4067
028 D020900 0
<PAGE> PAGE 43
028 D030900 0
028 D040900 44
028 E010900 4016
028 E020900 0
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028 E040900 19
028 F010900 4826
028 F020900 701
028 F030900 0
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028 G010900 23226
028 G020900 701
028 G030900 0
028 G040900 323
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
062 I000900 0.0
062 J000900 0.0
<PAGE> PAGE 44
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 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 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
<PAGE> PAGE 45
070 R020900 N
071 A000900 34639
071 B000900 11757
071 C000900 47050
071 D000900 25
072 A000900 6
072 B000900 16
072 C000900 333
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072 H000900 0
072 I000900 0
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072 K000900 0
072 L000900 0
072 M000900 2
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072 O000900 0
072 P000900 0
072 Q000900 0
072 R000900 6
072 S000900 0
072 T000900 0
072 U000900 0
072 V000900 0
072 W000900 0
072 X000900 230
072 Y000900 55
072 Z000900 174
072AA000900 2635
072BB000900 0
072CC010900 5122
072CC020900 0
072DD010900 163
072DD020900 0
072EE000900 538
073 A010900 0.0430
073 A020900 0.0000
073 B000900 0.1416
073 C000900 0.0000
074 A000900 631
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074 C000900 0
074 D000900 0
074 E000900 0
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<PAGE> PAGE 46
074 J000900 72
074 K000900 0
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074 M000900 0
074 N000900 63492
074 O000900 376
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074 R030900 0
074 R040900 21
074 S000900 0
074 T000900 63089
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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 UNIBANK
015 B001002 S
015 C011002 -
015 D011002 DENMARK
015 E041002 X
015 A001003 EUROCLEAR
015 B001003 S
015 C011003 -
<PAGE> PAGE 47
015 D011003 FINLAND
015 E041003 X
015 A001004 BANQUE PARIBAS
015 B001004 S
015 C011004 -
015 D011004 FRANCE
015 E041004 X
015 A001005 EUROCLEAR/BANQUE PARIBAS
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 UNION BANK OF NORWAY
015 B001013 S
015 C011013 -
015 D011013 NORWAY
<PAGE> PAGE 48
015 E041013 X
015 A001014 STANDARD CHARTERED BANK
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 MIDLAND 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
015 A001021 EUROCLEAR/MORGAN GUARANTY TRUST CO. OF N.Y.
015 B001021 S
015 C011021 -
015 D011021 BELGIUM
015 E041021 X
024 001000 N
025 A001001 DELETE
025 D001001 0
025 D001002 0
025 D001003 0
025 D001004 0
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025 D001008 0
<PAGE> PAGE 49
028 A011000 3237
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046 001000 N
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<PAGE> PAGE 50
048 J011000 0
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066 A001000 Y
066 G001000 Y
067 001000 N
068 A001000 N
068 B001000 Y
069 001000 N
070 A011000 Y
070 A021000 N
070 B011000 Y
070 B021000 N
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 N
070 I021000 N
070 J011000 Y
070 J021000 N
070 K011000 N
<PAGE> PAGE 51
070 K021000 N
070 L011000 Y
070 L021000 Y
070 M011000 Y
070 M021000 Y
070 N011000 Y
070 N021000 N
070 O011000 Y
070 O021000 N
070 P011000 N
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
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071 C001000 80086
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<PAGE> PAGE 52
072EE001000 20
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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
<PAGE> PAGE 53
015 A001101 INVESTORS BANK & TRUST COMPANY
015 B001101 C
015 C011101 BOSTON
015 C021101 MA
015 C031101 02116
015 E011101 X
024 001100 N
025 A001101 DELETE
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045 001100 Y
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<PAGE> PAGE 54
048 B011100 0
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064 B001100 N
066 A001100 N
067 001100 N
068 A001100 N
068 B001100 N
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070 A021100 N
070 B011100 N
070 B021100 N
<PAGE> PAGE 55
070 C011100 Y
070 C021100 N
070 D011100 N
070 D021100 N
070 E011100 Y
070 E021100 N
070 F011100 N
070 F021100 N
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070 G021100 N
070 H011100 N
070 H021100 N
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070 I021100 N
070 J011100 Y
070 J021100 Y
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070 Q021100 N
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070 R021100 N
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<PAGE> PAGE 56
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<PAGE> PAGE 57
074 Y001100 0
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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
008 A001202 LORD, ABBETT & CO.
008 B001202 S
008 C001202 801-6997
008 D011202 NEW YORK
008 D021202 NY
008 D031202 10153
015 A001201 INVESTORS BANK & TRUST COMPANY
015 B001201 C
015 C011201 BOSTON
015 C021201 MA
015 C031201 02116
015 E011201 X
024 001200 N
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<PAGE> PAGE 58
028 E041200 10
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<PAGE> PAGE 59
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070 E021200 N
070 F011200 N
070 F021200 N
070 G011200 N
070 G021200 N
070 H011200 N
070 H021200 N
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070 I021200 N
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070 K021200 N
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070 O021200 N
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070 P021200 N
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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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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<PAGE> PAGE 70
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008 A001501 COVA INVESTMENT ADVISORY CORPORATION
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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 D031601 60181
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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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<PAGE> PAGE 79
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<PAGE> PAGE 80
048 F021700 0.000
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048 I021700 0.000
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048 K011700 0
048 K021700 0.000
062 A001700 N
062 B001700 0.0
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062 E001700 0.0
062 F001700 0.0
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062 H001700 0.0
062 I001700 0.0
062 J001700 0.0
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062 L001700 0.0
062 M001700 0.0
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062 O001700 0.0
062 P001700 0.0
062 Q001700 0.0
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063 A001700 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
<PAGE> PAGE 81
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
070 O011700 Y
070 O021700 N
070 P011700 N
070 P021700 N
070 Q011700 N
070 Q021700 N
070 R011700 N
070 R021700 N
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<PAGE> PAGE 82
072 Z001700 19
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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
<PAGE> PAGE 83
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
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<PAGE> PAGE 84
045 001800 Y
046 001800 N
047 001800 Y
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048 H021800 0.000
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048 I021800 0.000
048 J011800 0
048 J021800 0.000
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062 A001800 N
062 B001800 0.0
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066 A001800 Y
066 E001800 Y
067 001800 N
068 A001800 N
068 B001800 N
<PAGE> PAGE 85
069 001800 N
070 A011800 Y
070 A021800 N
070 B011800 N
070 B021800 N
070 C011800 N
070 C021800 N
070 D011800 N
070 D021800 N
070 E011800 N
070 E021800 N
070 F011800 N
070 F021800 N
070 G011800 N
070 G021800 N
070 H011800 N
070 H021800 N
070 I011800 N
070 I021800 N
070 J011800 Y
070 J021800 N
070 K011800 Y
070 K021800 N
070 L011800 N
070 L021800 N
070 M011800 N
070 M021800 N
070 N011800 Y
070 N021800 N
070 O011800 Y
070 O021800 N
070 P011800 N
070 P021800 N
070 Q011800 N
070 Q021800 N
070 R011800 N
070 R021800 N
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<PAGE> PAGE 86
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<PAGE> PAGE 87
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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, 1998
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-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 43,167,509
<INVESTMENTS-AT-VALUE> 45,089,304
<RECEIVABLES> 615,396
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45,704,700
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 300,272
<TOTAL-LIABILITIES> 300,272
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,431,838
<SHARES-COMMON-STOCK> 4,223,969
<SHARES-COMMON-PRIOR> 4,572,261
<ACCUMULATED-NII-CURRENT> 33,798
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,919,448)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,858,240
<NET-ASSETS> 45,404,428
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,693,070
<OTHER-INCOME> 0
<EXPENSES-NET> 155,299
<NET-INVESTMENT-INCOME> 1,537,771
<REALIZED-GAINS-CURRENT> 510,556
<APPREC-INCREASE-CURRENT> (135,072)
<NET-CHANGE-FROM-OPS> 1,913,255
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,398,139
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,813
<NUMBER-OF-SHARES-REDEEMED> 583,593
<SHARES-REINVESTED> 223,488
<NET-CHANGE-IN-ASSETS> (4,431,232)
<ACCUMULATED-NII-PRIOR> 894,166
<ACCUMULATED-GAINS-PRIOR> (2,430,004)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 117,302
<INTEREST-EXPENSE> 14,536
<GROSS-EXPENSE> 185,680
<AVERAGE-NET-ASSETS> 47,309,652
<PER-SHARE-NAV-BEGIN> 10.90
<PER-SHARE-NII> 0.41
<PER-SHARE-GAIN-APPREC> 0.04
<PER-SHARE-DIVIDEND> (0.60)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.75
<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, 1998
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-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 30,929,435
<INVESTMENTS-AT-VALUE> 31,894,127
<RECEIVABLES> 646,029
<ASSETS-OTHER> 951
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,541,107
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 34,978
<TOTAL-LIABILITIES> 34,978
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,061,717
<SHARES-COMMON-STOCK> 2,967,051
<SHARES-COMMON-PRIOR> 3,051,753
<ACCUMULATED-NII-CURRENT> 24,450
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 455,270
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 964,692
<NET-ASSETS> 32,506,129
<DIVIDEND-INCOME> 30,306
<INTEREST-INCOME> 1,488,690
<OTHER-INCOME> 0
<EXPENSES-NET> 138,742
<NET-INVESTMENT-INCOME> 1,380,254
<REALIZED-GAINS-CURRENT> 549,762
<APPREC-INCREASE-CURRENT> (340,568)
<NET-CHANGE-FROM-OPS> 1,589,448
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,365,047
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 77,030
<NUMBER-OF-SHARES-REDEEMED> 286,655
<SHARES-REINVESTED> 124,923
<NET-CHANGE-IN-ASSETS> (756,328)
<ACCUMULATED-NII-PRIOR> 9,243
<ACCUMULATED-GAINS-PRIOR> (94,492)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 122,355
<INTEREST-EXPENSE> 73
<GROSS-EXPENSE> 165,868
<AVERAGE-NET-ASSETS> 32,898,321
<PER-SHARE-NAV-BEGIN> 10.90
<PER-SHARE-NII> 0.49
<PER-SHARE-GAIN-APPREC> 0.05
<PER-SHARE-DIVIDEND> (0.48)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.96
<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, 1998
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-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 15,785,822
<INVESTMENTS-AT-VALUE> 15,785,822
<RECEIVABLES> 3,904
<ASSETS-OTHER> 3,661
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,793,387
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 49,149
<TOTAL-LIABILITIES> 49,149
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,821,941
<SHARES-COMMON-STOCK> 15,746,758
<SHARES-COMMON-PRIOR> 21,981,219
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (77,703)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 15,744,238
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 502,364
<OTHER-INCOME> 0
<EXPENSES-NET> 9,026
<NET-INVESTMENT-INCOME> 493,338
<REALIZED-GAINS-CURRENT> (64)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 493,274
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 493,338
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,364
<NUMBER-OF-SHARES-REDEEMED> 6,743,163
<SHARES-REINVESTED> 493,338
<NET-CHANGE-IN-ASSETS> (6,234,525)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (77,639)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 45,127
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 74,453
<AVERAGE-NET-ASSETS> 18,200,040
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.10
<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, 1998
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-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 57,933,438
<INVESTMENTS-AT-VALUE> 94,782,808
<RECEIVABLES> 110,670
<ASSETS-OTHER> 386
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 94,893,864
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 210,908
<TOTAL-LIABILITIES> 210,908
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48,277,120
<SHARES-COMMON-STOCK> 4,640,752
<SHARES-COMMON-PRIOR> 4,289,352
<ACCUMULATED-NII-CURRENT> 15,058
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,452,566
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 36,938,212
<NET-ASSETS> 94,682,956
<DIVIDEND-INCOME> 666,361
<INTEREST-INCOME> 88,819
<OTHER-INCOME> 0
<EXPENSES-NET> 279,757
<NET-INVESTMENT-INCOME> 475,423
<REALIZED-GAINS-CURRENT> 9,486,533
<APPREC-INCREASE-CURRENT> 4,975,306
<NET-CHANGE-FROM-OPS> 14,937,262
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 479,051
<DISTRIBUTIONS-OF-GAINS> 16,176,509
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 86,122
<NUMBER-OF-SHARES-REDEEMED> 551,175
<SHARES-REINVESTED> 816,453
<NET-CHANGE-IN-ASSETS> 4,305,654
<ACCUMULATED-NII-PRIOR> 18,686
<ACCUMULATED-GAINS-PRIOR> 16,142,542
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 231,438
<INTEREST-EXPENSE> 2,032
<GROSS-EXPENSE> 321,287
<AVERAGE-NET-ASSETS> 93,343,350
<PER-SHARE-NAV-BEGIN> 21.07
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 3.56
<PER-SHARE-DIVIDEND> (0.13)
<PER-SHARE-DISTRIBUTIONS> (4.22)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.40
<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, 1998
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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 44,453,500
<INVESTMENTS-AT-VALUE> 54,724,980
<RECEIVABLES> 86,342
<ASSETS-OTHER> 1,139
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 54,812,461
<PAYABLE-FOR-SECURITIES> 36,400
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 65,256
<TOTAL-LIABILITIES> 101,656
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,352,429
<SHARES-COMMON-STOCK> 3,146,160
<SHARES-COMMON-PRIOR> 2,804,973
<ACCUMULATED-NII-CURRENT> 22,712
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,040,337
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,295,327
<NET-ASSETS> 54,710,805
<DIVIDEND-INCOME> 368,924
<INTEREST-INCOME> 143,517
<OTHER-INCOME> 0
<EXPENSES-NET> 181,236
<NET-INVESTMENT-INCOME> 331,205
<REALIZED-GAINS-CURRENT> 3,089,627
<APPREC-INCREASE-CURRENT> 3,828,836
<NET-CHANGE-FROM-OPS> 7,249,668
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 317,776
<DISTRIBUTIONS-OF-GAINS> 5,909,576
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 161,273
<NUMBER-OF-SHARES-REDEEMED> 180,429
<SHARES-REINVESTED> 360,343
<NET-CHANGE-IN-ASSETS> 6,881,441
<ACCUMULATED-NII-PRIOR> 9,283
<ACCUMULATED-GAINS-PRIOR> 5,860,286
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 155,345
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 220,441
<AVERAGE-NET-ASSETS> 52,210,664
<PER-SHARE-NAV-BEGIN> 17.05
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 2.45
<PER-SHARE-DIVIDEND> (0.11)
<PER-SHARE-DISTRIBUTIONS> (2.12)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.39
<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, 1998
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-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 66,652,301
<INVESTMENTS-AT-VALUE> 72,491,908
<RECEIVABLES> 449,598
<ASSETS-OTHER> 5,317,709
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 78,259,215
<PAYABLE-FOR-SECURITIES> 495,007
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,302
<TOTAL-LIABILITIES> 533,309
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70,263,736
<SHARES-COMMON-STOCK> 5,863,644
<SHARES-COMMON-PRIOR> 4,559,948
<ACCUMULATED-NII-CURRENT> 51,449
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,571,114
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,839,607
<NET-ASSETS> 77,725,906
<DIVIDEND-INCOME> 382,718
<INTEREST-INCOME> 98,220
<OTHER-INCOME> 0
<EXPENSES-NET> 333,236
<NET-INVESTMENT-INCOME> 147,702
<REALIZED-GAINS-CURRENT> 1,762,334
<APPREC-INCREASE-CURRENT> 783,985
<NET-CHANGE-FROM-OPS> 2,694,021
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 96,253
<DISTRIBUTIONS-OF-GAINS> 2,461,868
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,217,372
<NUMBER-OF-SHARES-REDEEMED> 108,581
<SHARES-REINVESTED> 194,905
<NET-CHANGE-IN-ASSETS> 17,968,838
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,270,648
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 298,157
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 389,361
<AVERAGE-NET-ASSETS> 70,735,877
<PER-SHARE-NAV-BEGIN> 13.11
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.58
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> (0.44)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.26
<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, 1998
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-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 28,058,223
<INVESTMENTS-AT-VALUE> 28,447,773
<RECEIVABLES> 643,138
<ASSETS-OTHER> 1,497,691
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30,588,602
<PAYABLE-FOR-SECURITIES> 1,412,563
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,399
<TOTAL-LIABILITIES> 1,427,962
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,552,838
<SHARES-COMMON-STOCK> 2,754,892
<SHARES-COMMON-PRIOR> 1,790,249
<ACCUMULATED-NII-CURRENT> 23,928
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 172,770
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 411,104
<NET-ASSETS> 29,160,640
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 742,512
<OTHER-INCOME> 0
<EXPENSES-NET> 74,947
<NET-INVESTMENT-INCOME> 667,565
<REALIZED-GAINS-CURRENT> 172,770
<APPREC-INCREASE-CURRENT> 66,114
<NET-CHANGE-FROM-OPS> 906,449
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 643,157
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 962,865
<NUMBER-OF-SHARES-REDEEMED> 59,068
<SHARES-REINVESTED> 60,846
<NET-CHANGE-IN-ASSETS> 10,533,174
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 63,417
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 100,139
<AVERAGE-NET-ASSETS> 23,251,804
<PER-SHARE-NAV-BEGIN> 10.41
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 0.17
<PER-SHARE-DIVIDEND> (0.24)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.59
<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, 1998
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-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 148,911,647
<INVESTMENTS-AT-VALUE> 153,991,425
<RECEIVABLES> 3,567,934
<ASSETS-OTHER> 2,380,903
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 159,940,262
<PAYABLE-FOR-SECURITIES> 3,127,437
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 87,499
<TOTAL-LIABILITIES> 3,214,936
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 135,696,321
<SHARES-COMMON-STOCK> 10,558,511
<SHARES-COMMON-PRIOR> 7,656,774
<ACCUMULATED-NII-CURRENT> 13,112
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,936,115
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,079,778
<NET-ASSETS> 156,725,326
<DIVIDEND-INCOME> 901,379
<INTEREST-INCOME> 82,318
<OTHER-INCOME> 0
<EXPENSES-NET> 524,549
<NET-INVESTMENT-INCOME> 459,148
<REALIZED-GAINS-CURRENT> 15,994,161
<APPREC-INCREASE-CURRENT> (718,229)
<NET-CHANGE-FROM-OPS> 15,735,080
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 455,252
<DISTRIBUTIONS-OF-GAINS> 9,083,861
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,344,473
<NUMBER-OF-SHARES-REDEEMED> 84,233
<SHARES-REINVESTED> 641,497
<NET-CHANGE-IN-ASSETS> 49,794,451
<ACCUMULATED-NII-PRIOR> 9,216
<ACCUMULATED-GAINS-PRIOR> 9,025,815
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 457,821
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 575,865
<AVERAGE-NET-ASSETS> 134,343,185
<PER-SHARE-NAV-BEGIN> 13.97
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 1.80
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> (0.92)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.84
<EXPENSE-RATIO> 0.78
<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, 1998
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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 52,802,265
<INVESTMENTS-AT-VALUE> 62,652,725
<RECEIVABLES> 208,372
<ASSETS-OTHER> 631,129
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 63,492,226
<PAYABLE-FOR-SECURITIES> 376,344
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,548
<TOTAL-LIABILITIES> 402,892
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 50,605,090
<SHARES-COMMON-STOCK> 3,858,688
<SHARES-COMMON-PRIOR> 2,329,781
<ACCUMULATED-NII-CURRENT> 10,185
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,623,599
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,850,460
<NET-ASSETS> 63,089,334
<DIVIDEND-INCOME> 332,719
<INTEREST-INCOME> 16,237
<OTHER-INCOME> 0
<EXPENSES-NET> 175,382
<NET-INVESTMENT-INCOME> 173,574
<REALIZED-GAINS-CURRENT> 2,634,673
<APPREC-INCREASE-CURRENT> 5,122,155
<NET-CHANGE-FROM-OPS> 7,930,402
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 163,389
<DISTRIBUTIONS-OF-GAINS> 537,969
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,507,746
<NUMBER-OF-SHARES-REDEEMED> 21,767
<SHARES-REINVESTED> 42,928
<NET-CHANGE-IN-ASSETS> 30,833,245
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 526,895
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 151,998
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 230,242
<AVERAGE-NET-ASSETS> 47,156,122
<PER-SHARE-NAV-BEGIN> 13.85
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 2.64
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> (0.14)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 16.35
<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, 1998
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-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 84,428,958
<INVESTMENTS-AT-VALUE> 92,165,608
<RECEIVABLES> 1,733,279
<ASSETS-OTHER> 4,556,597
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 98,455,484
<PAYABLE-FOR-SECURITIES> 2,874,291
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 380,678
<TOTAL-LIABILITIES> 3,254,969
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 84,418,848
<SHARES-COMMON-STOCK> 7,359,502
<SHARES-COMMON-PRIOR> 5,994,704
<ACCUMULATED-NII-CURRENT> (479,119)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,581,346
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,679,440
<NET-ASSETS> 95,200,515
<DIVIDEND-INCOME> 1,012,591
<INTEREST-INCOME> 126,421
<OTHER-INCOME> 0
<EXPENSES-NET> 376,891
<NET-INVESTMENT-INCOME> 762,121
<REALIZED-GAINS-CURRENT> 3,752,879
<APPREC-INCREASE-CURRENT> 6,393,734
<NET-CHANGE-FROM-OPS> 10,908,734
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,590,564
<DISTRIBUTIONS-OF-GAINS> 20,171
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,467,545
<NUMBER-OF-SHARES-REDEEMED> 228,602
<SHARES-REINVESTED> 125,855
<NET-CHANGE-IN-ASSETS> 26,431,476
<ACCUMULATED-NII-PRIOR> 349,324
<ACCUMULATED-GAINS-PRIOR> (151,362)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 335,412
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 454,502
<AVERAGE-NET-ASSETS> 83,517,587
<PER-SHARE-NAV-BEGIN> 11.47
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 1.59
<PER-SHARE-DIVIDEND> (0.22)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.94
<EXPENSE-RATIO> 0.91
<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, 1998
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-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 83,283,497
<INVESTMENTS-AT-VALUE> 84,339,937
<RECEIVABLES> 1,648,370
<ASSETS-OTHER> 5,250,436
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 91,238,743
<PAYABLE-FOR-SECURITIES> 941,902
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 55,927
<TOTAL-LIABILITIES> 997,829
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 87,890,633
<SHARES-COMMON-STOCK> 7,331,508
<SHARES-COMMON-PRIOR> 4,574,812
<ACCUMULATED-NII-CURRENT> 90,121
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,203,720
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,056,440
<NET-ASSETS> 90,240,914
<DIVIDEND-INCOME> 52,114
<INTEREST-INCOME> 2,802,179
<OTHER-INCOME> 0
<EXPENSES-NET> 309,093
<NET-INVESTMENT-INCOME> 2,545,200
<REALIZED-GAINS-CURRENT> 1,203,791
<APPREC-INCREASE-CURRENT> (157,263)
<NET-CHANGE-FROM-OPS> 3,591,728
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,455,079
<DISTRIBUTIONS-OF-GAINS> 954,738
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,550,231
<NUMBER-OF-SHARES-REDEEMED> 71,051
<SHARES-REINVESTED> 277,516
<NET-CHANGE-IN-ASSETS> 34,828,735
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 954,667
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 272,730
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 337,672
<AVERAGE-NET-ASSETS> 73,330,730
<PER-SHARE-NAV-BEGIN> 12.11
<PER-SHARE-NII> 0.36
<PER-SHARE-GAIN-APPREC> 0.32
<PER-SHARE-DIVIDEND> (0.35)
<PER-SHARE-DISTRIBUTIONS> (0.14)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.31
<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, 1998
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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 8,073,179
<INVESTMENTS-AT-VALUE> 8,274,669
<RECEIVABLES> 98,285
<ASSETS-OTHER> 1,118,452
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,491,406
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,881
<TOTAL-LIABILITIES> 11,881
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,183,865
<SHARES-COMMON-STOCK> 840,022
<SHARES-COMMON-PRIOR> 212,659
<ACCUMULATED-NII-CURRENT> 2,597
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 91,573
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 201,490
<NET-ASSETS> 9,479,525
<DIVIDEND-INCOME> 30,002
<INTEREST-INCOME> 15,639
<OTHER-INCOME> 0
<EXPENSES-NET> 28,978
<NET-INVESTMENT-INCOME> 16,663
<REALIZED-GAINS-CURRENT> 91,423
<APPREC-INCREASE-CURRENT> 154,504
<NET-CHANGE-FROM-OPS> 262,590
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 14,075
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 630,185
<NUMBER-OF-SHARES-REDEEMED> 4,074
<SHARES-REINVESTED> 1,252
<NET-CHANGE-IN-ASSETS> 7,250,617
<ACCUMULATED-NII-PRIOR> 9
<ACCUMULATED-GAINS-PRIOR> 150
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 26,344
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 52,076
<AVERAGE-NET-ASSETS> 5,312,443
<PER-SHARE-NAV-BEGIN> 10.48
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.80
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.29
<EXPENSE-RATIO> 1.10
<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, 1998
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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 4,736,623
<INVESTMENTS-AT-VALUE> 4,973,053
<RECEIVABLES> 77,732
<ASSETS-OTHER> 666,819
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,717,604
<PAYABLE-FOR-SECURITIES> 76,528
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,041
<TOTAL-LIABILITIES> 87,569
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,244,101
<SHARES-COMMON-STOCK> 494,011
<SHARES-COMMON-PRIOR> 136,592
<ACCUMULATED-NII-CURRENT> 1,600
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 147,904
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 236,430
<NET-ASSETS> 5,630,035
<DIVIDEND-INCOME> 25,359
<INTEREST-INCOME> 9,708
<OTHER-INCOME> 0
<EXPENSES-NET> 17,666
<NET-INVESTMENT-INCOME> 17,401
<REALIZED-GAINS-CURRENT> 148,537
<APPREC-INCREASE-CURRENT> 229,846
<NET-CHANGE-FROM-OPS> 395,784
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 15,994
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 362,515
<NUMBER-OF-SHARES-REDEEMED> 6,505
<SHARES-REINVESTED> 1,409
<NET-CHANGE-IN-ASSETS> 4,277,025
<ACCUMULATED-NII-PRIOR> 193
<ACCUMULATED-GAINS-PRIOR> (633)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,060
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 39,910
<AVERAGE-NET-ASSETS> 3,238,629
<PER-SHARE-NAV-BEGIN> 9.91
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 1.49
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.40
<EXPENSE-RATIO> 1.10
<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, 1998
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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 7,760,807
<INVESTMENTS-AT-VALUE> 8,019,453
<RECEIVABLES> 67,666
<ASSETS-OTHER> 613,761
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,700,880
<PAYABLE-FOR-SECURITIES> 190,003
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,102
<TOTAL-LIABILITIES> 201,105
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,317,000
<SHARES-COMMON-STOCK> 744,981
<SHARES-COMMON-PRIOR> 164,390
<ACCUMULATED-NII-CURRENT> (8,686)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (67,185)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 258,646
<NET-ASSETS> 8,499,775
<DIVIDEND-INCOME> 3,493
<INTEREST-INCOME> 9,188
<OTHER-INCOME> 0
<EXPENSES-NET> 21,386
<NET-INVESTMENT-INCOME> (8,705)
<REALIZED-GAINS-CURRENT> (67,167)
<APPREC-INCREASE-CURRENT> 250,141
<NET-CHANGE-FROM-OPS> 174,269
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 4,573
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 580,289
<NUMBER-OF-SHARES-REDEEMED> 106
<SHARES-REINVESTED> 408
<NET-CHANGE-IN-ASSETS> 6,765,625
<ACCUMULATED-NII-PRIOR> 19
<ACCUMULATED-GAINS-PRIOR> 4,555
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,248
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 44,152
<AVERAGE-NET-ASSETS> 4,312,524
<PER-SHARE-NAV-BEGIN> 10.55
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.88
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.41
<EXPENSE-RATIO> 1.00
<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, 1998
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 15
<NAME> Cova Balanced Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 1,960,765
<INVESTMENTS-AT-VALUE> 2,020,930
<RECEIVABLES> 39,805
<ASSETS-OTHER> 482,177
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,542,912
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,135
<TOTAL-LIABILITIES> 12,135
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,399,484
<SHARES-COMMON-STOCK> 230,320
<SHARES-COMMON-PRIOR> 140,640
<ACCUMULATED-NII-CURRENT> 1,055
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 70,073
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 60,165
<NET-ASSETS> 2,530,777
<DIVIDEND-INCOME> 5,101
<INTEREST-INCOME> 31,718
<OTHER-INCOME> 0
<EXPENSES-NET> 10,648
<NET-INVESTMENT-INCOME> 26,171
<REALIZED-GAINS-CURRENT> 74,649
<APPREC-INCREASE-CURRENT> 15,241
<NET-CHANGE-FROM-OPS> 116,061
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 25,116
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 87,808
<NUMBER-OF-SHARES-REDEEMED> 417
<SHARES-REINVESTED> 2,289
<NET-CHANGE-IN-ASSETS> 1,069,727
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,576)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9,681
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 34,735
<AVERAGE-NET-ASSETS> 1,952,225
<PER-SHARE-NAV-BEGIN> 10.39
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 0.59
<PER-SHARE-DIVIDEND> (0.11)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.99
<EXPENSE-RATIO> 1.10
<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, 1998
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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 1,573,655
<INVESTMENTS-AT-VALUE> 1,640,598
<RECEIVABLES> 27,289
<ASSETS-OTHER> 166,580
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,834,467
<PAYABLE-FOR-SECURITIES> 10,146
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,141
<TOTAL-LIABILITIES> 22,287
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,740,172
<SHARES-COMMON-STOCK> 167,782
<SHARES-COMMON-PRIOR> 126,779
<ACCUMULATED-NII-CURRENT> (1,290)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,355
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 66,943
<NET-ASSETS> 1,812,180
<DIVIDEND-INCOME> 4,034
<INTEREST-INCOME> 3,303
<OTHER-INCOME> 0
<EXPENSES-NET> 8,627
<NET-INVESTMENT-INCOME> (1,290)
<REALIZED-GAINS-CURRENT> 7,443
<APPREC-INCREASE-CURRENT> 64,344
<NET-CHANGE-FROM-OPS> 70,497
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 35,585
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 39,018
<NUMBER-OF-SHARES-REDEEMED> 1,374
<SHARES-REINVESTED> 3,359
<NET-CHANGE-IN-ASSETS> 491,235
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 34,497
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,842
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 31,929
<AVERAGE-NET-ASSETS> 1,581,487
<PER-SHARE-NAV-BEGIN> 10.42
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.61
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.22)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.80
<EXPENSE-RATIO> 1.10
<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, 1998
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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 2,462,590
<INVESTMENTS-AT-VALUE> 2,621,442
<RECEIVABLES> 32,643
<ASSETS-OTHER> 364,442
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,018,527
<PAYABLE-FOR-SECURITIES> 69,133
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,136
<TOTAL-LIABILITIES> 80,269
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,651,405
<SHARES-COMMON-STOCK> 242,898
<SHARES-COMMON-PRIOR> 152,372
<ACCUMULATED-NII-CURRENT> 1,548
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 126,453
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 158,852
<NET-ASSETS> 2,938,258
<DIVIDEND-INCOME> 25,302
<INTEREST-INCOME> 6,196
<OTHER-INCOME> 0
<EXPENSES-NET> 12,253
<NET-INVESTMENT-INCOME> 19,245
<REALIZED-GAINS-CURRENT> 126,453
<APPREC-INCREASE-CURRENT> 36,101
<NET-CHANGE-FROM-OPS> 181,799
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 17,697
<DISTRIBUTIONS-OF-GAINS> 2,530
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 92,037
<NUMBER-OF-SHARES-REDEEMED> 3,185
<SHARES-REINVESTED> 1,674
<NET-CHANGE-IN-ASSETS> 1,254,947
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,530
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,139
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 32,349
<AVERAGE-NET-ASSETS> 2,246,303
<PER-SHARE-NAV-BEGIN> 11.05
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 1.06
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.10
<EXPENSE-RATIO> 1.10
<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, 1998
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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 4,792,585
<INVESTMENTS-AT-VALUE> 4,966,371
<RECEIVABLES> 28,029
<ASSETS-OTHER> 494,275
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,488,675
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,979
<TOTAL-LIABILITIES> 10,979
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,083,864
<SHARES-COMMON-STOCK> 463,621
<SHARES-COMMON-PRIOR> 223,292
<ACCUMULATED-NII-CURRENT> 653
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 219,393
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 173,786
<NET-ASSETS> 5,477,696
<DIVIDEND-INCOME> 21,343
<INTEREST-INCOME> 13,045
<OTHER-INCOME> 0
<EXPENSES-NET> 21,420
<NET-INVESTMENT-INCOME> 12,968
<REALIZED-GAINS-CURRENT> 229,369
<APPREC-INCREASE-CURRENT> 74,864
<NET-CHANGE-FROM-OPS> 317,201
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12,444
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 252,381
<NUMBER-OF-SHARES-REDEEMED> 13,108
<SHARES-REINVESTED> 1,056
<NET-CHANGE-IN-ASSETS> 3,086,337
<ACCUMULATED-NII-PRIOR> 129
<ACCUMULATED-GAINS-PRIOR> (9,976)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,474
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 43,326
<AVERAGE-NET-ASSETS> 3,926,932
<PER-SHARE-NAV-BEGIN> 10.71
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 1.10
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.82
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
Cova Series Trust
Form: N-SAR June 30, 1998
Attachment - Item 77O
- -------------------------------------------------------------------------------
- ----------------------------------------------
Transactions effected
pursuant to Rule 10f-3
- ------------------------------------------------------------------------------
- -----------------------------------------------
Transaction #1: International Equity Fund, purchase of Sanwa Bank.
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, Pierce, Fenner & Smith. Merrill Lynch, Pierce, Fenner
& Smith 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
included various other underwriters.
3. Terms of the transaction.
The International Equity Portfolio, managed by J.P. Morgan Investment
Management Inc., purchased a 21,000,000(Y) (Japanese Yen) par value bond of
Sanwa Bank, a company in continuous operation for 65 years, in an initial public
offering at the offering price of 3,000,000(Y) on February 26, 1998. The
underwriting spread paid was 2.50%. The percentage of the offering purchased by
the International Equity Portfolio was .018% of the total offering. The
percentage of the offering purchased by associated funds of the Sub-adviser was
1.88%. This purchase represented .21% of the International Equity Portfolio's
assets. The security purchased was not 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 1998 first quarter meeting as well
as information supporting the reasonableness of the 2.50% 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 June 30, 1998
Attachment - Item 77O
- ------------------------------------------------------------------------------
- -----------------------------------------------
Transactions effected pursuant to
Rule 10f-3
- -----------------------------------------------------------------------------
- ------------------------------------------------
Transaction # 2: Small Capital Stock Fund, purchase of Heller Financial.
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 included various other underwriters.
3. Terms of the transaction.
The Small Capital Stock Portfolio, managed by J.P. Morgan Investment
Management Inc., purchased 20,500 shares of common stock of Heller Financial, a
company in continuous operation for 79 years, in an initial public offering at
the offering price of $27 per share on April 30, 1998. The underwriting spread
paid was .05%. The percentage of the offering purchased by the Small Capital
Stock Portfolio was .061% of the total offering. The percentage of the offering
purchased by associated funds of the Sub-adviser was .54%. This purchase
represented .72% 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 1998 second quarter meeting as
well as information supporting the reasonableness of the .05% 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 June 30, 1998
Attachment - Item 77O
- ------------------------------------------------------------------------------
- -----------------------------------------------
Transactions effected
pursuant to Rule 10f-3
- ----------------------------------------------------------------------------
- ------------------------------------------------
Transaction # 3: VKAC Growth & Income Fund, purchase of Capstar Broadcasting.
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.
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 10,100 shares of Capstar Broadcasting, a company in continuous
operation for greater than 3 years, in a public offering at the offering price
of $19.00 per share on May 26, 1998. The underwriting spread paid was .59%. The
percentage of the offering purchased by the VKAC Growth & Income Portfolio was
.03% of the total offering. The percentage of the offering purchased by
associated funds of the Sub-adviser was 4.0%. This purchase represented .35% 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 1998 second quarter 1998 meeting as well as
information supporting the reasonableness of the .59% 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 June 30, 1998
Attachment - Item 77O
- -----------------------------------------------------------------------------
- ------------------------------------------------
Transactions effected pursuant to
Rule 10f-3
- -----------------------------------------------------------------------------
- ------------------------------------------------
Transaction # 4: International Equity Fund, purchase of STMicroelectronics.
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom was the securities acquired.
Morgan Stanley, Dean Witter. Morgan Stanley, Dean Witter 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 included various other underwriters.
3. Terms of the transaction.
The International Equity Portfolio, managed by J.P. Morgan Investment
Management Inc., purchased 2,500 shares of common stock of STMicroelectronics, a
company in continuous operations for more than 10 years, in an initial public
offering at the offering price of 428.58 FF (French Francs) per share on June 5,
1998. The underwriting spread paid was 2.25%. The percentage of the offering
purchased by the International Equity Portfolio was 0.013% of the total
offering. The percentage of the offering purchased by associated funds of the
Sub-adviser was 4.02%. This purchase represented .19% 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 1998 second quarter meeting as
well as information supporting the reasonableness of the 2.25% 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 June 30, 1998
Attachment - Item 77O
- -----------------------------------------------------------------------------
- ------------------------------------------------
Transactions effected
pursuant to Rule 10f-3
- -----------------------------------------------------------------------------
- ------------------------------------------------
Transaction # 5: VKAC Growth & Income Fund, purchase of Rhodia Inc.
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom was the securities acquired.
SBC Warburg. SBC Warburg 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 3,100 shares of common stock of Rhodia Inc., a company in continuous
operation for greater than 3 years, in an initial public offering at the
offering price of $23.16 per share on June 25, 1998. The underwriting spread
paid was .64%. The percentage of the offering purchased by the VKAC Growth &
Income Portfolio was .03% of the total offering. The percentage of the offering
purchased by associated funds of the Sub-adviser was 3.38%. This purchase
represented .13% 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 1998 second quarter meeting as
well as information supporting the reasonableness of the .64% spread paid to
certify that the purchase was made in compliance with the Board adopted rule
10f-3 procedures.
