<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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 7
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<PAGE> PAGE 8
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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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<PAGE> PAGE 20
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<PAGE> PAGE 21
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059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 1000
062 A000400 Y
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062 C000400 0.0
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062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 28.6
062 N000400 49.0
062 O000400 0.0
062 P000400 5.4
062 Q000400 2.9
062 R000400 0.0
063 A000400 0
063 B000400 7.2
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064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
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070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 Y
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070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
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070 G020400 N
070 H010400 N
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<PAGE> PAGE 22
070 I010400 N
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070 M010400 N
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070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
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<PAGE> PAGE 23
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024 000500 N
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<PAGE> PAGE 24
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028 B020500 250
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028 G020500 1514
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<PAGE> PAGE 25
042 E000500 0
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048 I010500 0
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048 J010500 0
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050 000500 N
051 000500 N
052 000500 N
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058 A000500 N
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<PAGE> PAGE 26
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068 A000500 N
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070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
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070 J020500 N
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070 K020500 N
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070 L020500 N
070 M010500 N
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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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025 A000701 PAINEWEBBER GROUP, INC.
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
SIGNATURE STEVE KEANE
TITLE GENERAL COUNSEL
ITEM 77Q
Hibernia Mutual Funds
(formerly HNB Funds Group)
Amendment #1
to the By-Laws
(effective September 16, 1998)
Delete Section 1, "Certificates" of Article VI, "Shares" in its
entirety and replace with the following:
Section 1. Certificates. As of September 16, 1998, the
Trust will not issue share certificates.
Delete Section 4, "Lost, Destroyed or Mutilated Certificates" of
Article VI, "Shares" in its entirety.
Delete Section 5, "Transfer Agent and Registrar: Regulations"
of Article VI, "Shares" in its entirety and replace with the
following:
Section 5. Transfer Agent and Registrar: Regulations. The
Trustees shall have power and authority to make all such rules and
regulations as they may deem expedient concerning the issuance,
transfer and registration of shares and may appoint a Transfer Agent
and/or Registrar for shares of each Series or Class.
Report of Independent Auditors
To the Shareholders and
Board of Trustees of
Hibernia Funds:
In planning and performing our audit of the financial statements of
Hibernia Funds for the year ended August 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 Hibernia Funds 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, error or fraud may
occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk 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 misstatements caused by
error or fraud 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
at August 31, 1999.
This report is intended solely for the information and use of
management, the Board of Trustees of Hibernia Funds, and the Securities
and Exchange Commission and is not intended to be and should not be used
by anyone other than these specified parties.
ERNST & YOUNG
Boston, Massachusetts
October 19, 1999
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000831809
<NAME> Hibernia Funds
<SERIES>
<NUMBER> 011
<NAME> Hibernia Capital Appreciation Fund--Class A
<S> <C>
<PERIOD-TYPE> 12-month
<FISCAL-YEAR-END> Aug-31-1999
<PERIOD-END> Aug-31-1999
<INVESTMENTS-AT-COST> 237,760,262
<INVESTMENTS-AT-VALUE> 371,747,001
<RECEIVABLES> 587,901
<ASSETS-OTHER> 0
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<TOTAL-ASSETS> 372,611,046
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<TOTAL-LIABILITIES> 1,300,472
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<SHARES-COMMON-STOCK> 13,535,381
<SHARES-COMMON-PRIOR> 13,236,570
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<NET-INVESTMENT-INCOME> 2,925
<REALIZED-GAINS-CURRENT> 41,577,429
<APPREC-INCREASE-CURRENT> 65,911,793
<NET-CHANGE-FROM-OPS> 107,492,147
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (35,622)
<DISTRIBUTIONS-OF-GAINS> (35,588,767)
<DISTRIBUTIONS-OTHER> (229,738)
<NUMBER-OF-SHARES-SOLD> 1,456,003
<NUMBER-OF-SHARES-REDEEMED> (2,398,866)
<SHARES-REINVESTED> 1,241,674
<NET-CHANGE-IN-ASSETS> 80,693,085
<ACCUMULATED-NII-PRIOR> 22,270
<ACCUMULATED-GAINS-PRIOR> 36,851,536
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,663,596
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,460,103
<AVERAGE-NET-ASSETS> 339,708,100
<PER-SHARE-NAV-BEGIN> 21.140
<PER-SHARE-NII> 0.010
<PER-SHARE-GAIN-APPREC> 7.730
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (2.790)
<RETURNS-OF-CAPITAL> (0.020)
<PER-SHARE-NAV-END> 26.070
<EXPENSE-RATIO> 1.22
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831809
<NAME> Hibernia Funds
<SERIES>
<NUMBER> 012
<NAME> Hibernia Capital Appreciation Fund--Class B
<S> <C>
<PERIOD-TYPE> 12-month
<FISCAL-YEAR-END> Aug-31-1999
<PERIOD-END> Aug-31-1999
<INVESTMENTS-AT-COST> 237,760,262
<INVESTMENTS-AT-VALUE> 371,747,001
<RECEIVABLES> 587,901
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 276,144
<TOTAL-ASSETS> 372,611,046
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,300,472
<TOTAL-LIABILITIES> 1,300,472
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 196,341,125
<SHARES-COMMON-STOCK> 717,417
<SHARES-COMMON-PRIOR> 516,474
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 40,982,710
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 133,986,739
<NET-ASSETS> 18,435,152
<DIVIDEND-INCOME> 4,211,097
<INTEREST-INCOME> 251,931
<OTHER-INCOME> 0
<EXPENSES-NET> (4,460,103)
<NET-INVESTMENT-INCOME> 2,925
<REALIZED-GAINS-CURRENT> 41,577,429
<APPREC-INCREASE-CURRENT> 65,911,793
<NET-CHANGE-FROM-OPS> 107,492,147
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,617,323)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 232,004
<NUMBER-OF-SHARES-REDEEMED> (95,160)
<SHARES-REINVESTED> 64,099
<NET-CHANGE-IN-ASSETS> 80,693,085
<ACCUMULATED-NII-PRIOR> 22,270
<ACCUMULATED-GAINS-PRIOR> 36,851,536
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,663,596
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,460,103
<AVERAGE-NET-ASSETS> 15,437,951
<PER-SHARE-NAV-BEGIN> 20.990
<PER-SHARE-NII> (0.160)
<PER-SHARE-GAIN-APPREC> 7.660
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (2.790)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 25.700
<EXPENSE-RATIO> 1.98
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831809
<NAME> Hibernia Funds
<SERIES>
<NUMBER> 021
<NAME> Hibernia Cash Reserve Fund--Class A
<S> <C>
<PERIOD-TYPE> 12-month
<FISCAL-YEAR-END> Aug-31-1999
<PERIOD-END> Aug-31-1999
<INVESTMENTS-AT-COST> 157,773,670
<INVESTMENTS-AT-VALUE> 157,773,670
<RECEIVABLES> 29,561
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 76,315
<TOTAL-ASSETS> 157,879,546
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 703,611
<TOTAL-LIABILITIES> 703,611
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 157,175,935
<SHARES-COMMON-STOCK> 157,099,163
<SHARES-COMMON-PRIOR> 149,219,349
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 157,099,163
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,113,247
<OTHER-INCOME> 0
<EXPENSES-NET> (1,469,217)
<NET-INVESTMENT-INCOME> 6,644,030
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,644,030
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,638,815)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 447,343,384
<NUMBER-OF-SHARES-REDEEMED> (441,325,587)
<SHARES-REINVESTED> 1,862,117
<NET-CHANGE-IN-ASSETS> 7,956,586
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 639,664
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,469,217
<AVERAGE-NET-ASSETS> 159,760,179
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.040)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.92
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831809
<NAME> Hibernia Funds
<SERIES>
<NUMBER> 022
<NAME> Hibernia Cash Reserve Fund--Class B
<S> <C>
<PERIOD-TYPE> 12-month
<FISCAL-YEAR-END> Aug-31-1999
<PERIOD-END> Aug-31-1999
<INVESTMENTS-AT-COST> 157,773,670
<INVESTMENTS-AT-VALUE> 157,773,670
<RECEIVABLES> 29,561
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 76,315
<TOTAL-ASSETS> 157,879,546
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 703,611
<TOTAL-LIABILITIES> 703,611
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 157,175,935
<SHARES-COMMON-STOCK> 76,772
<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> 76,772
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,113,247
<OTHER-INCOME> 0
<EXPENSES-NET> (1,469,217)
<NET-INVESTMENT-INCOME> 6,644,030
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,644,030
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,215)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 269,550
<NUMBER-OF-SHARES-REDEEMED> (197,748)
<SHARES-REINVESTED> 4,870
<NET-CHANGE-IN-ASSETS> 7,956,586
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 639,664
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,469,217
<AVERAGE-NET-ASSETS> 155,686
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.030)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 1.67
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831809
<NAME> Hibernia Funds
<SERIES>
<NUMBER> 03
<NAME> Hibernia Louisiana Municipal Income Fund
<S> <C>
<PERIOD-TYPE> 12-month
<FISCAL-YEAR-END> Aug-31-1999
<PERIOD-END> Aug-31-1999
<INVESTMENTS-AT-COST> 94,417,741
<INVESTMENTS-AT-VALUE> 95,838,681
<RECEIVABLES> 1,271,292
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 97,109,973
<PAYABLE-FOR-SECURITIES> 2,486,548
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,921,525
<TOTAL-LIABILITIES> 4,408,073
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 90,820,356
<SHARES-COMMON-STOCK> 8,545,050
<SHARES-COMMON-PRIOR> 8,604,069
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (59,542)
<ACCUMULATED-NET-GAINS> 520,146
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,420,940
<NET-ASSETS> 92,701,900
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,303,154
<OTHER-INCOME> 0
<EXPENSES-NET> (640,680)
<NET-INVESTMENT-INCOME> 4,662,474
<REALIZED-GAINS-CURRENT> 520,146
<APPREC-INCREASE-CURRENT> (5,284,349)
<NET-CHANGE-FROM-OPS> (101,729)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,695,997)
<DISTRIBUTIONS-OF-GAINS> (638,525)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,064,927
<NUMBER-OF-SHARES-REDEEMED> (1,309,582)
<SHARES-REINVESTED> 185,636
<NET-CHANGE-IN-ASSETS> (6,009,358)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 629,833
<OVERDISTRIB-NII-PRIOR> (25,155)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 440,117
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 922,196
<AVERAGE-NET-ASSETS> 97,803,851
<PER-SHARE-NAV-BEGIN> 11.470
<PER-SHARE-NII> 0.540
<PER-SHARE-GAIN-APPREC> (0.540)
<PER-SHARE-DIVIDEND> (0.540)
<PER-SHARE-DISTRIBUTIONS> (0.080)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.850
<EXPENSE-RATIO> 0.66
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831809
<NAME> Hibernia Funds
<SERIES>
<NUMBER> 071
<NAME> Hibernia Mid Cap Equity Fund--Class A
<S> <C>
<PERIOD-TYPE> 12-month
<FISCAL-YEAR-END> Aug-31-1999
<PERIOD-END> Aug-31-1999
<INVESTMENTS-AT-COST> 17,078,613
<INVESTMENTS-AT-VALUE> 20,443,826
<RECEIVABLES> 18,378
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,462,204
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 188,350
<TOTAL-LIABILITIES> 188,350
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,839,315
<SHARES-COMMON-STOCK> 1,611,099
<SHARES-COMMON-PRIOR> 1,648,740
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (930,674)
<ACCUM-APPREC-OR-DEPREC> 3,365,213
<NET-ASSETS> 18,283,460
<DIVIDEND-INCOME> 175,293
<INTEREST-INCOME> 67,078
<OTHER-INCOME> 0
<EXPENSES-NET> (334,496)
<NET-INVESTMENT-INCOME> (92,125)
<REALIZED-GAINS-CURRENT> (930,674)
<APPREC-INCREASE-CURRENT> 6,496,547
<NET-CHANGE-FROM-OPS> 5,473,748
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 350,677
<NUMBER-OF-SHARES-REDEEMED> (388,318)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 6,285,477
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 138,101
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 462,405
<AVERAGE-NET-ASSETS> 17,034,174
<PER-SHARE-NAV-BEGIN> 8.140
<PER-SHARE-NII> (0.050)
<PER-SHARE-GAIN-APPREC> 3.260
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.350
<EXPENSE-RATIO> 1.76
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831809
<NAME> Hibernia Funds
<SERIES>
<NUMBER> 072
<NAME> Hibernia Mid Cap Equity Fund--Class B
<S> <C>
<PERIOD-TYPE> 12-month
<FISCAL-YEAR-END> Aug-31-1999
<PERIOD-END> Aug-31-1999
<INVESTMENTS-AT-COST> 17,078,613
<INVESTMENTS-AT-VALUE> 20,443,826
<RECEIVABLES> 18,378
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,462,204
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 188,350
<TOTAL-LIABILITIES> 188,350
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,839,315
<SHARES-COMMON-STOCK> 176,271
<SHARES-COMMON-PRIOR> 69,652
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (930,674)
<ACCUM-APPREC-OR-DEPREC> 3,365,213
<NET-ASSETS> 1,990,394
<DIVIDEND-INCOME> 175,293
<INTEREST-INCOME> 67,078
<OTHER-INCOME> 0
<EXPENSES-NET> (334,496)
<NET-INVESTMENT-INCOME> (92,125)
<REALIZED-GAINS-CURRENT> (930,674)
<APPREC-INCREASE-CURRENT> 6,496,547
<NET-CHANGE-FROM-OPS> 5,473,748
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 121,109
<NUMBER-OF-SHARES-REDEEMED> (14,490)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 6,285,477
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 138,101
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 462,405
<AVERAGE-NET-ASSETS> 1,379,264
<PER-SHARE-NAV-BEGIN> 8.130
<PER-SHARE-NII> (0.130)
<PER-SHARE-GAIN-APPREC> 3.290
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.290
<EXPENSE-RATIO> 2.51
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831809
<NAME> Hibernia Funds
<SERIES>
<NUMBER> 05
<NAME> Hibernia Total Return Bond Fund
<S> <C>
<PERIOD-TYPE> 12-month
<FISCAL-YEAR-END> Aug-31-1999
<PERIOD-END> Aug-31-1999
<INVESTMENTS-AT-COST> 81,837,102
<INVESTMENTS-AT-VALUE> 79,638,516
<RECEIVABLES> 1,208,759
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 80,847,275
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 934,235
<TOTAL-LIABILITIES> 934,235
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 82,058,140
<SHARES-COMMON-STOCK> 8,259,032
<SHARES-COMMON-PRIOR> 7,787,517
<ACCUMULATED-NII-CURRENT> 54,812
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,326)
<ACCUM-APPREC-OR-DEPREC> (2,198,586)
<NET-ASSETS> 79,913,040
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,272,546
<OTHER-INCOME> 0
<EXPENSES-NET> (781,212)
<NET-INVESTMENT-INCOME> 4,491,334
<REALIZED-GAINS-CURRENT> 14,884
<APPREC-INCREASE-CURRENT> (4,531,688)
<NET-CHANGE-FROM-OPS> (25,470)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,425,381)
<DISTRIBUTIONS-OF-GAINS> (197,944)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,884,047
<NUMBER-OF-SHARES-REDEEMED> (1,725,600)
<SHARES-REINVESTED> 313,068
<NET-CHANGE-IN-ASSETS> (44,236)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 181,074
<OVERDISTRIB-NII-PRIOR> (10,481)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 552,433
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,017,969
<AVERAGE-NET-ASSETS> 78,918,949
<PER-SHARE-NAV-BEGIN> 10.270
<PER-SHARE-NII> 0.580
<PER-SHARE-GAIN-APPREC> (0.570)
<PER-SHARE-DIVIDEND> (0.570)
<PER-SHARE-DISTRIBUTIONS> (0.030)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.680
<EXPENSE-RATIO> 0.99
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831809
<NAME> Hibernia Funds
<SERIES>
<NUMBER> 06
<NAME> Hibernia U.S. Treasury Money Market Fund
<S> <C>
<PERIOD-TYPE> 12-month
<FISCAL-YEAR-END> Aug-31-1999
<PERIOD-END> Aug-31-1999
<INVESTMENTS-AT-COST> 214,207,458
<INVESTMENTS-AT-VALUE> 214,207,458
<RECEIVABLES> 479,679
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 214,687,137
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 894,067
<TOTAL-LIABILITIES> 894,067
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 213,793,070
<SHARES-COMMON-STOCK> 213,793,070
<SHARES-COMMON-PRIOR> 175,132,920
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 213,793,070
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,128,393
<OTHER-INCOME> 0
<EXPENSES-NET> (1,465,959)
<NET-INVESTMENT-INCOME> 9,662,434
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9,662,434
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,578,035)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 801,070,866
<NUMBER-OF-SHARES-REDEEMED> (766,472,346)
<SHARES-REINVESTED> 4,061,630
<NET-CHANGE-IN-ASSETS> 38,660,150
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 934,658
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,465,959
<AVERAGE-NET-ASSETS> 233,664,489
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.040)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.63
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831809
<NAME> Hibernia Funds
<SERIES>
<NUMBER> 04
<NAME> Hibernia U.S. Government Income Fund
<S> <C>
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<PERIOD-END> Aug-31-1999
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<INVESTMENTS-AT-VALUE> 83,998,544
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 84,783,244
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 541,622
<TOTAL-LIABILITIES> 541,622
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 89,523,329
<SHARES-COMMON-STOCK> 8,586,814
<SHARES-COMMON-PRIOR> 8,085,229
<ACCUMULATED-NII-CURRENT> 13,484
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3,274,072)
<ACCUM-APPREC-OR-DEPREC> (2,021,119)
<NET-ASSETS> 84,241,622
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,248,689
<OTHER-INCOME> 0
<EXPENSES-NET> 588,286
<NET-INVESTMENT-INCOME> 4,660,403
<REALIZED-GAINS-CURRENT> 90,774
<APPREC-INCREASE-CURRENT> (4,453,381)
<NET-CHANGE-FROM-OPS> 297,796
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,673,434)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,742,267
<NUMBER-OF-SHARES-REDEEMED> (1,379,614)
<SHARES-REINVESTED> 138,932
<NET-CHANGE-IN-ASSETS> 706,421
<ACCUMULATED-NII-PRIOR> 26,452
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (3,364,419)
<GROSS-ADVISORY-FEES> 377,953
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 813,652
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<PER-SHARE-NAV-BEGIN> 10.330
<PER-SHARE-NII> 0.570
<PER-SHARE-GAIN-APPREC> (0.520)
<PER-SHARE-DIVIDEND> (0.570)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.810
<EXPENSE-RATIO> 0.70
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
