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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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070 Q010800 N
070 Q020800 N
070 R010800 N
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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008 A000901 COVA INVESTMENT ADVISORY CORPORATION
008 B000901 A
008 C000901 801-45567
008 D010901 OAKBROOK TERRACE
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008 A000902 J.P. MORGAN INVESTMENT MANAGEMENT INC.
008 B000902 S
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015 A000901 INVESTORS BANK & TRUST COMPANY
015 B000901 C
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015 E010901 X
015 A000902 DELETE
015 A000903 DELETE
015 A000904 DELETE
024 000900 Y
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025 B000902 13-2638166
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025 A000903 GOLDMAN SACHS GROUP, INC.
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<PAGE> PAGE 22
025 A000904 BEAR STEARNS COMPANIES, INC.
025 B000904 13-4946705
025 C000904 E
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025 A000905 MERRILL LYNCH, PIERCE & FENNER
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025 A000906 DELETE
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<PAGE> PAGE 23
048 000900 0.650
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068 B000900 N
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<PAGE> PAGE 24
070 B010900 Y
070 B020900 N
070 C010900 N
070 C020900 N
070 D010900 Y
070 D020900 N
070 E010900 Y
070 E020900 Y
070 F010900 Y
070 F020900 Y
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 Y
070 M010900 Y
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
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<PAGE> PAGE 25
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<PAGE> PAGE 26
074 W000900 0.0000
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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
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008 D031002 10036
015 A001001 NATIONAL AUSTRALIA BANK LTD.
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015 E041001 X
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015 E041002 X
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015 B001003 S
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015 E041003 X
015 A001004 INVESTORS BANK & TRUST COMPANY
015 B001004 C
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<PAGE> PAGE 27
015 A001008 BANQUE PARIBAS
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015 A001009 EUROCLEAR/DEUTSCHE BANK
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015 A001010 STANDARD CHARTERED BANK HONG KONG
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015 A001015 MEESPIERSON
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015 A001018 CITIBANK PORTUGAL SA
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<PAGE> PAGE 28
015 A001019 STANDARD CHARTERED BANK
015 B001019 S
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015 D011019 SINGAPORE
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015 A001020 BANQUE PARIBAS
015 B001020 S
015 C011020 -
015 D011020 SPAIN
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015 A001021 SVENSKA HANDELSBANKEN
015 B001021 S
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015 D011021 SWEDEN
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015 A001022 BANK LEU LTD
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015 E041022 X
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015 D011023 UNITED KINGDOM
015 E041023 X
015 A001024 DELETE
024 001000 Y
025 A001001 WESTPAC BANKING CORP. LTD
025 C001001 E
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025 A001002 UBS AG
025 B001002 13-2932996
025 C001002 E
025 D001002 947
025 A001003 HSBC HOLDINGS PLC
025 C001003 E
025 D001003 1083
025 A001004 DEUTSCHE BANK AG
025 C001004 E
025 D001004 1218
025 A001005 BARCLAYS PLC
025 C001005 E
025 D001005 498
025 A001006 SOCIETE GENERALE
025 C001006 E
025 D001006 244
025 A001007 DRESDNER BANK AG
025 C001007 E
025 D001007 449
025 A001008 ABN AMRO HOLDING N.V.
025 C001008 E
<PAGE> PAGE 29
025 D001008 590
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<PAGE> PAGE 30
048 I021000 0.000
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<PAGE> PAGE 31
070 K011000 N
070 K021000 N
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<PAGE> PAGE 32
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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
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<PAGE> PAGE 33
008 D031102 10153
015 A001101 INVESTORS BANK & TRUST COMPANY
015 B001101 C
015 C011101 BOSTON
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015 A001103 DELETE
015 A001104 DELETE
015 A001105 DELETE
015 A001106 DELETE
015 A001107 DELETE
015 A001108 DELETE
015 A001109 DELETE
015 A001110 DELETE
015 A001111 DELETE
015 A001112 DELETE
024 001100 Y
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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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008 A001201 COVA INVESTMENT ADVISORY CORPORATION
008 B001201 A
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008 D011201 OAKBROOK TERRACE
008 D021201 IL
008 D031201 60181
008 D041201 4644
008 A001202 LORD, ABBETT & CO.
008 B001202 S
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015 A001201 INVESTORS BANK & TRUST COMPANY
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
070 R011400 N
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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008 D011701 OAKBROOK TERRACE
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015 A001701 INVESTORS BANK & TRUST COMPANY
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<PAGE> PAGE 60
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<PAGE> PAGE 61
062 M001700 0.0
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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008 A001801 COVA INVESTMENT ADVISORY CORPORATION
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008 D011801 OAKBROOK TERRACE
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008 A001802 MISSISSIPPI VALLEY ADVISORS INC.
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015 A001801 INVESTORS BANK & TRUST COMPANY
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<PAGE> PAGE 64
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<PAGE> PAGE 65
048 I021800 0.000
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<PAGE> PAGE 66
070 K011800 Y
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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015 A001901 INVESTORS BANK & TRUST COMPANY
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<PAGE> PAGE 69
045 001900 Y
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<PAGE> PAGE 70
069 001900 N
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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015 A002001 INVESTORS BANK & TRUST COMPANY
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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015 A002101 INVESTORS BANK & TRUST
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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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072DD012100 0
072DD022100 0
072EE002100 0
073 A012100 0.0000
073 A022100 0.0000
073 B002100 0.0000
073 C002100 0.0000
074 A002100 1
074 B002100 0
074 C002100 0
074 D002100 303
074 E002100 0
074 F002100 0
074 G002100 0
<PAGE> PAGE 80
074 H002100 0
074 I002100 0
074 J002100 0
074 K002100 1
074 L002100 4
074 M002100 0
074 N002100 309
074 O002100 0
074 P002100 0
074 Q002100 0
074 R012100 0
074 R022100 0
074 R032100 0
074 R042100 16
074 S002100 0
074 T002100 293
074 U012100 29
074 U022100 0
074 V012100 10.05
074 V022100 0.00
074 W002100 0.0000
074 X002100 1
074 Y002100 0
075 A002100 0
075 B002100 230
076 002100 0.00
071 A003100 0
071 B003100 0
071 C003100 0
071 D003100 0
072 A003100 0
072 B003100 0
072 C003100 0
072 D003100 0
072 E003100 0
072 F003100 0
072 G003100 0
072 H003100 0
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, 1999
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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 74,481,487
<INVESTMENTS-AT-VALUE> 104,013,126
<RECEIVABLES> 80,884
<ASSETS-OTHER> 5,358,769
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 109,452,779
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 141,148
<TOTAL-LIABILITIES> 141,148
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 75,535,935
<SHARES-COMMON-STOCK> 6,330,087
<SHARES-COMMON-PRIOR> 6,523,058
<ACCUMULATED-NII-CURRENT> 1,457
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,242,600
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29,531,639
<NET-ASSETS> 109,311,631
<DIVIDEND-INCOME> 727,093
<INTEREST-INCOME> 208,444
<OTHER-INCOME> 0
<EXPENSES-NET> 847,429
<NET-INVESTMENT-INCOME> 88,108
<REALIZED-GAINS-CURRENT> 8,168,219
<APPREC-INCREASE-CURRENT> 25,442,404
<NET-CHANGE-FROM-OPS> 33,698,731
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (225,815)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 433,399
<NUMBER-OF-SHARES-REDEEMED> (644,488)
<SHARES-REINVESTED> 18,118
<NET-CHANGE-IN-ASSETS> 31,150,323
<ACCUMULATED-NII-PRIOR> 252,035
<ACCUMULATED-GAINS-PRIOR> (4,003,827)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 687,540
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 880,027
<AVERAGE-NET-ASSETS> 80,887,116
<PER-SHARE-NAV-BEGIN> 11.98
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 5.31
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.27
<EXPENSE-RATIO> 1.05
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1999
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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 102,601,908
<INVESTMENTS-AT-VALUE> 99,417,118
<RECEIVABLES> 1,079,456
<ASSETS-OTHER> 3,013,092
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 103,509,666
<PAYABLE-FOR-SECURITIES> 7,794,244
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 110,353
<TOTAL-LIABILITIES> 7,904,597
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 96,449,789
<SHARES-COMMON-STOCK> 8,960,770
<SHARES-COMMON-PRIOR> 4,157,310
<ACCUMULATED-NII-CURRENT> 5,359,050
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,118,233)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,085,537)
<NET-ASSETS> 95,605,069
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,913,782
<OTHER-INCOME> 0
<EXPENSES-NET> 600,321
<NET-INVESTMENT-INCOME> 5,313,461
<REALIZED-GAINS-CURRENT> (3,044,365)
<APPREC-INCREASE-CURRENT> (3,536,555)
<NET-CHANGE-FROM-OPS> (1,267,459)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,063,522)
<DISTRIBUTIONS-OF-GAINS> (532,208)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,125,624
<NUMBER-OF-SHARES-REDEEMED> (1,472,724)
<SHARES-REINVESTED> 150,560
<NET-CHANGE-IN-ASSETS> 49,793,018
<ACCUMULATED-NII-PRIOR> 1,045,701
<ACCUMULATED-GAINS-PRIOR> 509,037
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 505,285
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 660,296
<AVERAGE-NET-ASSETS> 93,611,864
<PER-SHARE-NAV-BEGIN> 11.02
<PER-SHARE-NII> 0.46
<PER-SHARE-GAIN-APPREC> (0.63)
<PER-SHARE-DIVIDEND> (0.12)
<PER-SHARE-DISTRIBUTIONS> (0.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.67
<EXPENSE-RATIO> 0.64
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1999
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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 225,019,940
<INVESTMENTS-AT-VALUE> 247,148,708
<RECEIVABLES> 262,016
<ASSETS-OTHER> 2,580,559
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 249,991,283
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 289,334
<TOTAL-LIABILITIES> 289,334
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 211,748,797
<SHARES-COMMON-STOCK> 15,497,466
<SHARES-COMMON-PRIOR> 12,301,851
<ACCUMULATED-NII-CURRENT> 1,209,644
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14,614,740
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22,128,768
<NET-ASSETS> 249,701,949
<DIVIDEND-INCOME> 2,782,219
<INTEREST-INCOME> 177,630
<OTHER-INCOME> 0
<EXPENSES-NET> 1,737,044
<NET-INVESTMENT-INCOME> 1,222,805
<REALIZED-GAINS-CURRENT> 15,949,952
<APPREC-INCREASE-CURRENT> 3,971,464
<NET-CHANGE-FROM-OPS> 21,144,221
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (584,001)
<DISTRIBUTIONS-OF-GAINS> (19,820,406)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,116,682
<NUMBER-OF-SHARES-REDEEMED> (224,277)
<SHARES-REINVESTED> 1,303,210
<NET-CHANGE-IN-ASSETS> 51,933,766
<ACCUMULATED-NII-PRIOR> 583,645
<ACCUMULATED-GAINS-PRIOR> 18,485,194
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,507,688
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,737,456
<AVERAGE-NET-ASSETS> 224,259,737
<PER-SHARE-NAV-BEGIN> 16.08
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 1.45
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> (1.45)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.11
<EXPENSE-RATIO> 0.77
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1999
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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 232,320,198
<INVESTMENTS-AT-VALUE> 259,103,028
<RECEIVABLES> 343,884
<ASSETS-OTHER> 3,917,681
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 263,364,593
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 237,445
<TOTAL-LIABILITIES> 237,445
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 213,714,570
<SHARES-COMMON-STOCK> 12,726,910
<SHARES-COMMON-PRIOR> 5,727,886
<ACCUMULATED-NII-CURRENT> 1,704,569
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 20,783,207
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 26,924,802
<NET-ASSETS> 263,127,148
<DIVIDEND-INCOME> 3,176,340
<INTEREST-INCOME> 233,449
<OTHER-INCOME> 0
<EXPENSES-NET> 1,704,505
<NET-INVESTMENT-INCOME> 1,705,284
<REALIZED-GAINS-CURRENT> 21,044,860
<APPREC-INCREASE-CURRENT> 10,578,973
<NET-CHANGE-FROM-OPS> 33,329,117
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (316,889)
<DISTRIBUTIONS-OF-GAINS> (6,916,352)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,057,353
<NUMBER-OF-SHARES-REDEEMED> (1,433,392)
<SHARES-REINVESTED> 375,063
<NET-CHANGE-IN-ASSETS> 159,365,905
<ACCUMULATED-NII-PRIOR> 316,175
<ACCUMULATED-GAINS-PRIOR> 6,654,698
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,479,955
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,726,331
<AVERAGE-NET-ASSETS> 227,043,575
<PER-SHARE-NAV-BEGIN> 18.12
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 3.06
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> (0.58)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.68
<EXPENSE-RATIO> 0.75
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1999
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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 107,034,060
<INVESTMENTS-AT-VALUE> 137,283,841
<RECEIVABLES> 229,823
<ASSETS-OTHER> 1,953,506
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 139,467,170
<PAYABLE-FOR-SECURITIES> 1,133,748
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 262,269
<TOTAL-LIABILITIES> 1,396,017
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 99,046,201
<SHARES-COMMON-STOCK> 8,509,824
<SHARES-COMMON-PRIOR> 8,125,765
<ACCUMULATED-NII-CURRENT> 478,189
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,275,714
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 30,271,049
<NET-ASSETS> 138,071,153
<DIVIDEND-INCOME> 1,943,135
<INTEREST-INCOME> 15,234
<OTHER-INCOME> 0
<EXPENSES-NET> 1,253,973
<NET-INVESTMENT-INCOME> 704,396
<REALIZED-GAINS-CURRENT> 8,612,909
<APPREC-INCREASE-CURRENT> 21,164,293
<NET-CHANGE-FROM-OPS> 30,481,598
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (565,919)
<DISTRIBUTIONS-OF-GAINS> (1,512,457)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 861,951
<NUMBER-OF-SHARES-REDEEMED> (631,155)
<SHARES-REINVESTED> 153,263
<NET-CHANGE-IN-ASSETS> 33,595,857
<ACCUMULATED-NII-PRIOR> 169,470
<ACCUMULATED-GAINS-PRIOR> 1,345,505
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 905,709
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,309,826
<AVERAGE-NET-ASSETS> 114,094,641
<PER-SHARE-NAV-BEGIN> 12.86
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 3.53
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> (0.18)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.22
<EXPENSE-RATIO> 1.10
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1999
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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 170,599,261
<INVESTMENTS-AT-VALUE> 166,940,306
<RECEIVABLES> 2,533,298
<ASSETS-OTHER> 941,140
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 170,414,744
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 258,937
<TOTAL-LIABILITIES> 258,937
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 165,230,410
<SHARES-COMMON-STOCK> 13,640,172
<SHARES-COMMON-PRIOR> 9,692,597
<ACCUMULATED-NII-CURRENT> 10,882,317
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,297,965)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,658,955)
<NET-ASSETS> 170,155,807
<DIVIDEND-INCOME> 547,724
<INTEREST-INCOME> 11,705,130
<OTHER-INCOME> 0
<EXPENSES-NET> 1,371,690
<NET-INVESTMENT-INCOME> 10,881,164
<REALIZED-GAINS-CURRENT> (2,283,490)
<APPREC-INCREASE-CURRENT> (3,287,343)
<NET-CHANGE-FROM-OPS> 5,310,331
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,223,792)
<DISTRIBUTIONS-OF-GAINS> (1,044,699)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,336,782
<NUMBER-OF-SHARES-REDEEMED> (739,098)
<SHARES-REINVESTED> 349,891
<NET-CHANGE-IN-ASSETS> 50,153,302
<ACCUMULATED-NII-PRIOR> 3,224,362
<ACCUMULATED-GAINS-PRIOR> 1,030,806
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,210,327
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,393,127
<AVERAGE-NET-ASSETS> 161,376,667
<PER-SHARE-NAV-BEGIN> 12.38
<PER-SHARE-NII> 0.71
<PER-SHARE-GAIN-APPREC> (0.29)
<PER-SHARE-DIVIDEND> (0.24)
<PER-SHARE-DISTRIBUTIONS> (0.08)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.48
<EXPENSE-RATIO> 0.85
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1999
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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 27,678,819
<INVESTMENTS-AT-VALUE> 28,884,883
<RECEIVABLES> 39,071
<ASSETS-OTHER> 2,737,489
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31,661,443
<PAYABLE-FOR-SECURITIES> 2,191,246
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46,077
<TOTAL-LIABILITIES> 2,237,323
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,868,059
<SHARES-COMMON-STOCK> 2,634,576
<SHARES-COMMON-PRIOR> 1,731,193
<ACCUMULATED-NII-CURRENT> 114,818
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 235,179
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,206,064
<NET-ASSETS> 29,424,120
<DIVIDEND-INCOME> 353,959
<INTEREST-INCOME> 78,143
<OTHER-INCOME> 0
<EXPENSES-NET> 308,331
<NET-INVESTMENT-INCOME> 123,771
<REALIZED-GAINS-CURRENT> 459,652
<APPREC-INCREASE-CURRENT> 821,269
<NET-CHANGE-FROM-OPS> 1,404,692
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (33,769)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 960,855
<NUMBER-OF-SHARES-REDEEMED> (60,373)
<SHARES-REINVESTED> 2,901
<NET-CHANGE-IN-ASSETS> 11,103,561
<ACCUMULATED-NII-PRIOR> 33,563
<ACCUMULATED-GAINS-PRIOR> (225,973)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 247,340
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 347,990
<AVERAGE-NET-ASSETS> 24,734,054
<PER-SHARE-NAV-BEGIN> 10.58
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.56
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.17
<EXPENSE-RATIO> 1.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1999
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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 29,243,853
<INVESTMENTS-AT-VALUE> 32,946,214
<RECEIVABLES> 39,864
<ASSETS-OTHER> 3,061,707
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,047,785
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 49,872
<TOTAL-LIABILITIES> 49,872
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,623,360
<SHARES-COMMON-STOCK> 2,401,262
<SHARES-COMMON-PRIOR> 1,158,927
<ACCUMULATED-NII-CURRENT> 99,573
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,572,619
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,702,361
<NET-ASSETS> 35,997,913
<DIVIDEND-INCOME> 328,358
<INTEREST-INCOME> 72,920
<OTHER-INCOME> 0
<EXPENSES-NET> 301,679
<NET-INVESTMENT-INCOME> 99,599
<REALIZED-GAINS-CURRENT> 3,703,701
<APPREC-INCREASE-CURRENT> 2,233,661
<NET-CHANGE-FROM-OPS> 6,036,961
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (43,197)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,248,721
<NUMBER-OF-SHARES-REDEEMED> (9,673)
<SHARES-REINVESTED> 3,287
<NET-CHANGE-IN-ASSETS> 22,132,022
<ACCUMULATED-NII-PRIOR> 43,171
<ACCUMULATED-GAINS-PRIOR> (131,082)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 241,534
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 333,639
<AVERAGE-NET-ASSETS> 24,153,366
<PER-SHARE-NAV-BEGIN> 11.96
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 3.02
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.99
<EXPENSE-RATIO> 1.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1999
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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 25,444,809
<INVESTMENTS-AT-VALUE> 31,678,616
<RECEIVABLES> 1,745,640
<ASSETS-OTHER> 1,944,097
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 35,368,353
<PAYABLE-FOR-SECURITIES> 1,765,606
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45,634
<TOTAL-LIABILITIES> 1,811,240
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,252,333
<SHARES-COMMON-STOCK> 2,254,403
<SHARES-COMMON-PRIOR> 1,413,656
<ACCUMULATED-NII-CURRENT> 644
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,070,328
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,233,807
<NET-ASSETS> 33,557,112
<DIVIDEND-INCOME> 36,471
<INTEREST-INCOME> 57,870
<OTHER-INCOME> 0
<EXPENSES-NET> 259,188
<NET-INVESTMENT-INCOME> (164,847)
<REALIZED-GAINS-CURRENT> 2,631,357
<APPREC-INCREASE-CURRENT> 4,835,963
<NET-CHANGE-FROM-OPS> 7,302,473
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 895,038
<NUMBER-OF-SHARES-REDEEMED> (54,291)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 17,666,648
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (395,537)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 203,145
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 302,065
<AVERAGE-NET-ASSETS> 22,571,716
<PER-SHARE-NAV-BEGIN> 11.24
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> 3.72
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.89
<EXPENSE-RATIO> 1.15
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1999
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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 7,729,457
<INVESTMENTS-AT-VALUE> 8,207,316
<RECEIVABLES> 59,290
<ASSETS-OTHER> 1,483,010
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,749,616
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21,970
<TOTAL-LIABILITIES> 21,970
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,182,511
<SHARES-COMMON-STOCK> 820,358
<SHARES-COMMON-PRIOR> 401,205
<ACCUMULATED-NII-CURRENT> 742
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 66,534
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 477,859
<NET-ASSETS> 9,727,646
<DIVIDEND-INCOME> 55,647
<INTEREST-INCOME> 210,499
<OTHER-INCOME> 0
<EXPENSES-NET> 80,904
<NET-INVESTMENT-INCOME> 185,242
<REALIZED-GAINS-CURRENT> 148,258
<APPREC-INCREASE-CURRENT> 175,022
<NET-CHANGE-FROM-OPS> 508,522
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (185,699)
<DISTRIBUTIONS-OF-GAINS> (92,940)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 436,860
<NUMBER-OF-SHARES-REDEEMED> (41,235)
<SHARES-REINVESTED> 23,528
<NET-CHANGE-IN-ASSETS> 5,154,888
<ACCUMULATED-NII-PRIOR> 365
<ACCUMULATED-GAINS-PRIOR> 12,050
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 73,532
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 151,331
<AVERAGE-NET-ASSETS> 7,353,144
<PER-SHARE-NAV-BEGIN> 11.40
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> 0.58
<PER-SHARE-DIVIDEND> (0.23)
<PER-SHARE-DISTRIBUTIONS> (0.12)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.86
<EXPENSE-RATIO> 1.10
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1999
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> 10-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1999
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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 6,792,804
<INVESTMENTS-AT-VALUE> 6,706,679
<RECEIVABLES> 25,274
<ASSETS-OTHER> 257,984
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,989,937
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19,421
<TOTAL-LIABILITIES> 19,421
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,095,660
<SHARES-COMMON-STOCK> 624,111
<SHARES-COMMON-PRIOR> 403,852
<ACCUMULATED-NII-CURRENT> 1,484
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (40,503)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (86,125)
<NET-ASSETS> 6,970,516
<DIVIDEND-INCOME> 157,994
<INTEREST-INCOME> 25,938
<OTHER-INCOME> 0
<EXPENSES-NET> 68,615
<NET-INVESTMENT-INCOME> 115,317
<REALIZED-GAINS-CURRENT> 199,162
<APPREC-INCREASE-CURRENT> (233,913)
<NET-CHANGE-FROM-OPS> 80,566
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (112,474)
<DISTRIBUTIONS-OF-GAINS> (327,155)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 209,770
<NUMBER-OF-SHARES-REDEEMED> (28,229)
<SHARES-REINVESTED> 38,718
<NET-CHANGE-IN-ASSETS> 2,275,379
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 86,131
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 62,362
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 139,032
<AVERAGE-NET-ASSETS> 6,236,190
<PER-SHARE-NAV-BEGIN> 11.63
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> 0.11
<PER-SHARE-DIVIDEND> (0.19)
<PER-SHARE-DISTRIBUTIONS> (0.57)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.17
<EXPENSE-RATIO> 1.10
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1999
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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 12,822,610
<INVESTMENTS-AT-VALUE> 15,171,966
<RECEIVABLES> 19,894
<ASSETS-OTHER> 1,258,789
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16,450,649
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,606
<TOTAL-LIABILITIES> 32,606
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,838,660
<SHARES-COMMON-STOCK> 1,190,729
<SHARES-COMMON-PRIOR> 755,861
<ACCUMULATED-NII-CURRENT> 2
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 230,025
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,349,356
<NET-ASSETS> 16,418,043
<DIVIDEND-INCOME> 160,434
<INTEREST-INCOME> 42,817
<OTHER-INCOME> 0
<EXPENSES-NET> 144,592
<NET-INVESTMENT-INCOME> 58,659
<REALIZED-GAINS-CURRENT> 230,954
<APPREC-INCREASE-CURRENT> 1,678,750
<NET-CHANGE-FROM-OPS> 1,968,363
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (58,640)
<DISTRIBUTIONS-OF-GAINS> (104,246)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 461,285
<NUMBER-OF-SHARES-REDEEMED> (38,537)
<SHARES-REINVESTED> 12,120
<NET-CHANGE-IN-ASSETS> 7,351,548
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 103,298
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 131,419
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 208,993
<AVERAGE-NET-ASSETS> 13,141,855
<PER-SHARE-NAV-BEGIN> 12.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 1.89
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> (0.10)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.79
<EXPENSE-RATIO> 1.10
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 19
<NAME> Lord Abbett Growth and Income Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 789,635,950
<INVESTMENTS-AT-VALUE> 857,437,902
<RECEIVABLES> 1,083,112
<ASSETS-OTHER> 32,164,725
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 890,685,739
<PAYABLE-FOR-SECURITIES> 2,697,723
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 999,658
<TOTAL-LIABILITIES> 3,697,381
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 795,461,769
<SHARES-COMMON-STOCK> 36,849,506
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 10,096,702
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,627,935
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 67,801,952
<NET-ASSETS> 886,988,358
<DIVIDEND-INCOME> 14,487,882
<INTEREST-INCOME> 1,345,079
<OTHER-INCOME> 0
<EXPENSES-NET> 5,736,259
<NET-INVESTMENT-INCOME> 10,096,702
<REALIZED-GAINS-CURRENT> 13,627,935
<APPREC-INCREASE-CURRENT> 67,801,952
<NET-CHANGE-FROM-OPS> 91,526,589
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 38,459,861
<NUMBER-OF-SHARES-REDEEMED> (1,610,355)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 886,988,358
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,289,797
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,736,259
<AVERAGE-NET-ASSETS> 832,051,719
<PER-SHARE-NAV-BEGIN> 21.60
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> 2.20
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.07
<EXPENSE-RATIO> 0.70
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 20
<NAME> U.S. Govt Portfolio
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 307,260
<INVESTMENTS-AT-VALUE> 302,874
<RECEIVABLES> 4,831
<ASSETS-OTHER> 636
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 308,341
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,824
<TOTAL-LIABILITIES> 15,824
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 292,631
<SHARES-COMMON-STOCK> 29,121
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 4,538
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (266)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4,386)
<NET-ASSETS> 292,517
<DIVIDEND-INCOME> 2,875
<INTEREST-INCOME> 2,080
<OTHER-INCOME> 0
<EXPENSES-NET> 417
<NET-INVESTMENT-INCOME> 4,538
<REALIZED-GAINS-CURRENT> (266)
<APPREC-INCREASE-CURRENT> (4,386)
<NET-CHANGE-FROM-OPS> (114)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,199
<NUMBER-OF-SHARES-REDEEMED> (56)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 91,098
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 368
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 24,442
<AVERAGE-NET-ASSETS> 229,546
<PER-SHARE-NAV-BEGIN> 10.16
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> (0.19)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.05
<EXPENSE-RATIO> 0.85
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Cova Series Trust
financial statements at December 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 21
<NAME> Riggs Stock Portfolio
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 212,891
<INVESTMENTS-AT-VALUE> 217,288
<RECEIVABLES> 10,131
<ASSETS-OTHER> 5,830
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 233,249
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,698
<TOTAL-LIABILITIES> 14,698
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 213,229
<SHARES-COMMON-STOCK> 21,243
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,528
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (603)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,397
<NET-ASSETS> 218,551
<DIVIDEND-INCOME> 291
<INTEREST-INCOME> 1,492
<OTHER-INCOME> 0
<EXPENSES-NET> 255
<NET-INVESTMENT-INCOME> 1,528
<REALIZED-GAINS-CURRENT> (603)
<APPREC-INCREASE-CURRENT> 4,397
<NET-CHANGE-FROM-OPS> 5,322
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,287
<NUMBER-OF-SHARES-REDEEMED> (32)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 117,592
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 231
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 23,299
<AVERAGE-NET-ASSETS> 150,196
<PER-SHARE-NAV-BEGIN> 10.11
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 0.11
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.29
<EXPENSE-RATIO> 1.05
</TABLE>
Page 1
The Board of Trustees
COVA Series Trust
In planning and performing our audit of the financial statements of COVA Series
Trust for the year ended December 31, 1999, we considered its 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 acquisition, 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 internal control would not necessarily disclose all matters
in 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 internal control and its
operation, including controls for safeguarding securities, that we consider to
be material weaknesses as defined above.
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 and is not intended to be and should not be used by anyone other than
these specified parties.
Boston, Massachusetts
February 4, 2000
Cova Series Trust
Form: N-SAR December 31, 1999
Attachment - Item 77O
- --------------------------------------------------------------------------------
Transactions effected pursuant to Rule 10f-3
- --------------------------------------------------------------------------------
Transaction #1: Small Cap Stock Portfolio, purchase of American National Can
Group, Inc.
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom was the securities acquired.
First Boston Corp. First Boston Corp was not an affiliated underwriter
of the Fund.
2. Identify the underwriting syndicate's members.
J.P. Morgan Securities Inc. was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
The Small Cap Stock Portfolio, managed by J.P. Morgan Investment
Management Inc., purchased 20,400 shares of common stock of American National
Can Corp., a company in continuous operation for greater than 3 years, in an
initial public offering at the offering price of $17 per share on July 28, 1999.
The underwriting spread paid was $0.85 per share. The percentage of the offering
purchased by the Small Cap Stock Portfolio was 0.07% of the total offering. The
percentage of the offering purchased by associated funds of the Sub-adviser was
0.58%. This purchase represented 0.43% 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 1999 third quarter meeting as well
as information supporting the reasonableness of the $0.85 per share spread paid
to certify that the purchase was made in compliance with the Board adopted rule
10f-3 procedures.
Cova Series Trust
Form: N-SAR December 31, 1999
Attachment - Item 77O
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Transactions effected pursuant to Rule 10f-3
- --------------------------------------------------------------------------------
Transaction #2: Small Cap Stock Portfolio, purchase of Foundry Networks
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom was the securities acquired.
Deutsche Morgan Grenfell. Deutsche Morgan Grenfell was not an affiliated
underwriter of the Fund.
2. Identify the underwriting syndicate's members.
J.P. Morgan Securities Inc. was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
The Small Cap Stock Portfolio, managed by J.P. Morgan Investment
Management Inc., purchased 2,800 shares of common stock of Foundry Networks, a
company in continuous operation for greater than 3 years, in an initial public
offering at the offering price of $25 per share on September 27, 1999. The
underwriting spread paid was $1.75 per share. The percentage of the offering
purchased by the Small Cap Stock Portfolio was 0.06% of the total offering. The
percentage of the offering purchased by associated funds of the Sub-adviser was
0.49%. This purchase represented 0.09% 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 1999 third quarter meeting as well
as information supporting the reasonableness of the $1.75 per share spread paid
to certify that the purchase was made in compliance with the Board adopted rule
10f-3 procedures.
Cova Series Trust
Form: N-SAR December 31, 1999
Attachment - Item 77O
- --------------------------------------------------------------------------------
Transactions effected pursuant to Rule 10f-3
- --------------------------------------------------------------------------------
Transaction #3: Small Cap Stock Portfolio, purchase of InterTrust Technology
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 Corp. First Boston Corp. was not an affiliated
underwriter of the Fund.
2. Identify the underwriting syndicate's members.
J.P. Morgan Securities Inc. was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
The Small Cap Stock Portfolio, managed by J.P. Morgan Investment
Management Inc., purchased 8,900 shares of common stock of InterTrust
Technology, a company in continuous operation for greater than 3 years, in an
initial public offering at the offering price of $18 per share on October 26,
1999. The underwriting spread paid was $1.26 per share. The percentage of the
offering purchased by the Small Cap Stock Portfolio was 0.14% of the total
offering. The percentage of the offering purchased by associated funds of the
Sub-adviser was 1.17%. This purchase represented 0.20% 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 1999 fourth quarter meeting as
well as information supporting the reasonableness of the $1.26 per share spread
paid to certify that the purchase was made in compliance with the Board adopted
rule 10f-3 procedures.
Cova Series Trust
Form: N-SAR December 31, 1999
Attachment - Item 77O
- --------------------------------------------------------------------------------
Transactions effected pursuant to Rule 10f-3
- --------------------------------------------------------------------------------
Transaction #4: Small Cap Stock Portfolio, purchase of Finisar Corp.
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom was the securities acquired.
Merrill Lynch. Merrill Lynch was not an affiliated underwriter of the Fund.
2. Identify the underwriting syndicate's members.
J.P. Morgan Securities Inc. was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
The Small Cap Stock Portfolio, managed by J.P. Morgan Investment
Management Inc., purchased 3,600 shares of common stock of Finisar, a company in
continuous operation for greater than 3 years, in an initial public offering at
the offering price of $19 per share on November 11, 1999. The underwriting
spread paid was $1.33 per share. The percentage of the offering purchased by the
Small Cap Stock Portfolio was 0.04% of the total offering. The percentage of the
offering purchased by associated funds of the Sub-adviser was 0.39%. This
purchase represented 0.08% 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 1999 fourth quarter meeting as
well as information supporting the reasonableness of the $1.33 per share spread
paid to certify that the purchase was made in compliance with the Board adopted
rule 10f-3 procedures.
