<PAGE> PAGE 1
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<PAGE> PAGE 2
013 A00AA01 KPMG PEAT MARWICK
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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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SIGNATURE WILLIAM G GOSLEE
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000832800
<NAME> FINANCIAL HORIZONS INVESTMENT TRUST
<SERIES>
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<NAME> CASH RESERVE FUND
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<PERIOD-END> APR-30-1996
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