<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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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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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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SIGNATURE STEPHEN MEYER
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<PER-SHARE-DIVIDEND> .44
<PER-SHARE-DISTRIBUTIONS> .06
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.44
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000844209
<NAME> THE ACHIEVEMENT FUNDS
<SERIES>
<NUMBER> 100
<NAME> MUNICIPAL BOND FUND INSTITUTIONAL
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> JAN-31-1997
<INVESTMENTS-AT-COST> 57043
<INVESTMENTS-AT-VALUE> 57057
<RECEIVABLES> 0
<ASSETS-OTHER> 905
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57962
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53047
<SHARES-COMMON-STOCK> 5296
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14
<NET-ASSETS> 57962
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 730
<OTHER-INCOME> 0
<EXPENSES-NET> 104
<NET-INVESTMENT-INCOME> 626
<REALIZED-GAINS-CURRENT> 10
<APPREC-INCREASE-CURRENT> 14
<NET-CHANGE-FROM-OPS> 650
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 605
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 57201
<NUMBER-OF-SHARES-REDEEMED> 4154
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 53047
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 82
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 148
<AVERAGE-NET-ASSETS> 52407
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> .02
<PER-SHARE-DIVIDEND> .12
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.02
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000844209
<NAME> THE ACHIEVEMENT FUNDS
<SERIES>
<NUMBER> 101
<NAME> MUNICIPAL BOND FUND RETAIL
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-START> NOV-04-1996
<PERIOD-END> JAN-31-1997
<INVESTMENTS-AT-COST> 57043
<INVESTMENTS-AT-VALUE> 57057
<RECEIVABLES> 0
<ASSETS-OTHER> 905
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57962
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4891
<SHARES-COMMON-STOCK> 489
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14
<NET-ASSETS> 57962
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 730
<OTHER-INCOME> 0
<EXPENSES-NET> 104
<NET-INVESTMENT-INCOME> 626
<REALIZED-GAINS-CURRENT> 10
<APPREC-INCREASE-CURRENT> 14
<NET-CHANGE-FROM-OPS> 650
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 21
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5553
<NUMBER-OF-SHARES-REDEEMED> 683
<SHARES-REINVESTED> 21
<NET-CHANGE-IN-ASSETS> 4891
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 82
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 148
<AVERAGE-NET-ASSETS> 1961
<PER-SHARE-NAV-BEGIN> 10.01
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .15
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.01
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Board of Trustees,
The Achievement Funds Trust:
In planning and performing our audits of the financial statements of the
Equity, Balanced, Intermediate Term Bond, Short Term Bond, Short
Term Municipal Bond , Municipal Bond and Idaho Municipal Bond
Funds of The Achievement Funds Trust for the year ended January 31, 1997,
we considered its internal control structure, including procedures 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, and not to provide
assurance on the internal control structure.
The management of the Trust is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits
and related costs of control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management
with reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and that transactions
are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure 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 operations may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure
elements 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
the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined
above as of January 31, 1997.
This report is intended solely for the information and use of management,
the Board of Trustees and the Securities and Exchange Commission.
DELOITTE & TOUCHE LLP
/s/ Deloitte & Touche LLP
March 21, 1997
