<PAGE> PAGE 1
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007 C020700 THE TAX-FREE MONEY MARKET FUND
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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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048 H010400 0
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048 J020400 0.000
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048 K020400 0.000
<PAGE> PAGE 21
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
055 A000400 Y
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 N
060 B000400 N
061 000400 1000
062 A000400 Y
062 B000400 51.2
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062 D000400 48.2
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062 H000400 0.0
062 I000400 0.0
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062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 57
063 B000400 0.0
064 A000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
<PAGE> PAGE 22
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 0
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072 A000400 12
072 B000400 18723
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<PAGE> PAGE 23
072 V000400 0
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074 C000400 190894
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024 000500 N
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<PAGE> PAGE 24
025 D000502 0
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025 D000506 0
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028 A010500 2158
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028 A040500 4080
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028 B040500 2298
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028 C020500 317
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028 F020500 275
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028 G020500 592
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034 000500 Y
035 000500 53
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037 000500 N
038 000500 0
039 000500 N
040 000500 Y
041 000500 Y
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<PAGE> PAGE 25
042 G000500 0
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043 000500 128
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048 H010500 0
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048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 N
055 A000500 Y
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 1000
062 A000500 N
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<PAGE> PAGE 26
062 H000500 0.0
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062 P000500 0.0
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063 A000500 0
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066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 N
066 E000500 Y
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
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069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
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070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 N
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<PAGE> PAGE 27
070 N020500 N
070 O010500 Y
070 O020500 N
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070 Q020500 N
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<PAGE> PAGE 28
074 B000500 1232
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074 U010500 2463
074 U020500 4376
074 V010500 13.68
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075 A000500 0
075 B000500 93893
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024 000600 N
025 D000601 0
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025 D000605 0
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025 D000607 0
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028 A010600 1920
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028 B010600 978
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<PAGE> PAGE 29
028 C030600 0
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028 G040600 15895
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034 000600 Y
035 000600 51
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038 000600 0
039 000600 N
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041 000600 Y
042 A000600 0
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<PAGE> PAGE 30
048 E020600 0.000
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049 000600 N
050 000600 N
051 000600 N
052 000600 N
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056 000600 Y
057 000600 N
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<PAGE> PAGE 31
067 000600 N
068 A000600 N
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070 G020600 N
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070 H020600 N
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070 J020600 N
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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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<PAGE> PAGE 35
055 B000700 N
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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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
070 P020800 N
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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The U.S. Government Securities Fund
Trust Shares
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The U.S. Government Securities Fund
Investment Shares
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<NAME> Virtus Funds
The Maryland Municipal Bond Fund
Trust Shares
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<NAME> Virtus Funds
The Maryland Municipal Bond Fund
Investment Shares
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<NUMBER> 031
<NAME> The Virtus Funds
The Money Market Fund
Trust Shares
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<NAME> The Virtus Funds
The Money Market Fund
Investment Shares
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<NAME> Virtus Funds
The Treasury Money Market Fund
Trust Shares
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<NAME> Virtus Funds
The Treasury Money Market Fund
Investment Shares
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<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 051
<NAME> The Virtus Funds
The Style Manager: Large Cap Fund
Trust Shares
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 052
<NAME> The Virtus Funds
The Style Manager: Large Cap Fund
Investment Shares
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-END> Sep-30-1996
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 061
<NAME> Virtus Funds
The Virginia Municipal Bond Fund
Trust Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-END> Sep-30-1996
<INVESTMENTS-AT-COST> 90,998,338
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<SHARES-COMMON-PRIOR> 3,114,671
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (756,903)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 594,818
<NET-ASSETS> 28,109,760
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,175,791
<OTHER-INCOME> 0
<EXPENSES-NET> 1,255,877
<NET-INVESTMENT-INCOME> 3,919,914
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<PER-SHARE-GAIN-APPREC> (0.130)
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 062
<NAME> Virtus Funds
The Virginia Municipal Bond Fund
Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-END> Sep-30-1996
<INVESTMENTS-AT-COST> 90,998,338
<INVESTMENTS-AT-VALUE> 91,593,156
<RECEIVABLES> 2,578,493
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
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<PAID-IN-CAPITAL-COMMON> 93,972,010
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<SHARES-COMMON-PRIOR> 6,525,602
<ACCUMULATED-NII-CURRENT> 0
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<NET-ASSETS> 65,700,165
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<INTEREST-INCOME> 5,175,791
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<NUMBER-OF-SHARES-SOLD> 1,022,563
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<NET-CHANGE-IN-ASSETS> (10,432,740)
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<ACCUMULATED-GAINS-PRIOR> (1,364,455)
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<GROSS-EXPENSE> 1,276,870
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<PER-SHARE-NAV-BEGIN> 10.810
<PER-SHARE-NII> 0.410
<PER-SHARE-GAIN-APPREC> (0.130)
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<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> Virtus Funds
The Tax Free Money Market Fund
Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-END> Sep-30-1996
<INVESTMENTS-AT-COST> 52,232,438
<INVESTMENTS-AT-VALUE> 52,232,438
<RECEIVABLES> 380,506
<ASSETS-OTHER> 5,955
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 52,618,899
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 119,992
<TOTAL-LIABILITIES> 119,992
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 52,498,907
<SHARES-COMMON-STOCK> 52,498,907
<SHARES-COMMON-PRIOR> 81,977,460
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 52,498,907
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,257,124
<OTHER-INCOME> 0
<EXPENSES-NET> 523,004
<NET-INVESTMENT-INCOME> 2,734,120
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<DISTRIBUTIONS-OF-GAINS> 0
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<ACCUMULATED-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
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<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.030
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<PER-SHARE-NAV-END> 1.000
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 08
<NAME> The Virtus Funds
The Style Manager Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-END> Sep-30-1996
<INVESTMENTS-AT-COST> 57,680,055
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 6,518,730
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 113,460
<ACCUMULATED-NET-GAINS> 3,133,273
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,033,956
<NET-ASSETS> 62,782,579
<DIVIDEND-INCOME> 2,316,889
<INTEREST-INCOME> 60,970
<OTHER-INCOME> 0
<EXPENSES-NET> 649,641
<NET-INVESTMENT-INCOME> 1,728,218
<REALIZED-GAINS-CURRENT> 4,542,509
<APPREC-INCREASE-CURRENT> (119,759)
<NET-CHANGE-FROM-OPS> 6,150,968
<EQUALIZATION> 0
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<SHARES-REINVESTED> 863,431
<NET-CHANGE-IN-ASSETS> (15,605,458)
<ACCUMULATED-NII-PRIOR> 23,714
<ACCUMULATED-GAINS-PRIOR> 6,734,053
<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
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<PER-SHARE-NAV-BEGIN> 12.030
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</TABLE>
