LEAHI INVESTMENT TRUST
NSAR-A, 1997-05-30
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<PAGE>      PAGE  1
000 A000000 03/31/97
000 C000000 0000821196
000 D000000 N
000 E000000 NF
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000 J000000 A
001 A000000 LEAHI INVESTMENT TRUST
001 B000000 811-5321
001 C000000 8085227777
002 A000000 210 WARD AVENUE,  #219
002 B000000 HONOLULU
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005  000000 N
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007 C020100 LEAHI TAX-FREE INCOME TRUST
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<PAGE>      PAGE  2
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SIGNATURE   DIANE QUALTROUGH                             
TITLE       PRESIDENT           
 


<TABLE> <S> <C>


<ARTICLE>                                            6
<CIK>                         0000821196
<NAME>                        Leahi Investment Trust
<SERIES>
   <NUMBER>                   001
   <NAME>                     Leahi Tax-Free Income Trust
<MULTIPLIER>                                   1
<CURRENCY>                                     U.S. Dollars
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                              SEP-30-1997
<PERIOD-START>                                 OCT-01-1996
<PERIOD-END>                                   MAR-31-1997
<EXCHANGE-RATE>                                1.000
<INVESTMENTS-AT-COST>                           45,466,743
<INVESTMENTS-AT-VALUE>                          47,007,310
<RECEIVABLES>                                      794,961
<ASSETS-OTHER>                                       6,324
<OTHER-ITEMS-ASSETS>                               835,094
<TOTAL-ASSETS>                                  48,643,689
<PAYABLE-FOR-SECURITIES>                                 0
<SENIOR-LONG-TERM-DEBT>                                  0
<OTHER-ITEMS-LIABILITIES>                          253,206
<TOTAL-LIABILITIES>                                253,206
<SENIOR-EQUITY>                                          0
<PAID-IN-CAPITAL-COMMON>                        46,831,010
<SHARES-COMMON-STOCK>                            3,559,886
<SHARES-COMMON-PRIOR>                            3,460,706
<ACCUMULATED-NII-CURRENT>                                0
<OVERDISTRIBUTION-NII>                                   0
<ACCUMULATED-NET-GAINS>                             18,906
<OVERDISTRIBUTION-GAINS>                                 0
<ACCUM-APPREC-OR-DEPREC>                         1,540,567
<NET-ASSETS>                                    48,390,483
<DIVIDEND-INCOME>                                        0
<INTEREST-INCOME>                                1,418,910
<OTHER-INCOME>                                           0
<EXPENSES-NET>                                     198,634
<NET-INVESTMENT-INCOME>                          1,220,276
<REALIZED-GAINS-CURRENT>                            37,819
<APPREC-INCREASE-CURRENT>                         (476,089)
<NET-CHANGE-FROM-OPS>                              782,006
<EQUALIZATION>                                           0
<DISTRIBUTIONS-OF-INCOME>                        1,220,276
<DISTRIBUTIONS-OF-GAINS>                                 0
<DISTRIBUTIONS-OTHER>                                    0
<NUMBER-OF-SHARES-SOLD>                            219,350
<NUMBER-OF-SHARES-REDEEMED>                       (180,155)
<SHARES-REINVESTED>                                 59,985
<NET-CHANGE-IN-ASSETS>                             925,929
<ACCUMULATED-NII-PRIOR>                                  0
<ACCUMULATED-GAINS-PRIOR>                                0
<OVERDISTRIB-NII-PRIOR>                                  0
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<GROSS-ADVISORY-FEES>                              119,659
<INTEREST-EXPENSE>                                       0
<GROSS-EXPENSE>                                    200,181
<AVERAGE-NET-ASSETS>                            47,863,600
<PER-SHARE-NAV-BEGIN>                                13.72
<PER-SHARE-NII>                                        .35
<PER-SHARE-GAIN-APPREC>                               (.13)
<PER-SHARE-DIVIDEND>                                  (.35)
<PER-SHARE-DISTRIBUTIONS>                                0
<RETURNS-OF-CAPITAL>                                     0
<PER-SHARE-NAV-END>                                  10.59
<EXPENSE-RATIO>                                        .83
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<AVG-DEBT-PER-SHARE>                                     0
        



</TABLE>


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