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<PAGE> PAGE 1
000 B000000 09/30/97
000 C000000 0000867063
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007 C020300 THE MONEY MARKET FUND
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007 C020400 THE TREASURY MONEY MARKET FUND
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007 C020500 THE STYLE MANAGER: LARGE CAP FUND
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007 C020600 THE VIRGINIA MUNICIPAL BOND FUND
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007 C010700 7
007 C020700 THE TAX-FREE MONEY MARKET FUND
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007 C020800 THE STYLE MANAGER 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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050 000400 N
051 000400 N
052 000400 N
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053 C000400 N
055 A000400 Y
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 N
<PAGE> PAGE 21
060 B000400 N
061 000400 1000
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063 A000400 52
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
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070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
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
<PAGE> PAGE 22
070 L020400 N
070 M010400 N
070 M020400 N
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070 N020400 N
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070 O020400 N
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070 Q020400 N
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072 B000400 20758
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<PAGE> PAGE 23
073 A020400 0.0500
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075 A000400 379492
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025 D000501 0
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<PAGE> PAGE 24
028 B030500 0
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039 000500 N
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<PAGE> PAGE 25
048 C020500 0.000
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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
066 A000500 Y
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066 G000500 N
067 000500 N
068 A000500 N
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069 000500 N
070 A010500 Y
070 A020500 Y
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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 Y
070 M010500 N
070 M020500 N
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070 O020500 N
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070 P020500 N
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<PAGE> PAGE 27
072 A000500 12
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<PAGE> PAGE 28
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<PAGE> PAGE 29
028 F040600 1986
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039 000600 N
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<PAGE> PAGE 30
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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059 000600 Y
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068 A000600 N
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<PAGE> PAGE 31
070 F010600 N
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<PAGE> PAGE 32
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<PAGE> PAGE 33
025 D000702 0
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<PAGE> PAGE 34
042 H000700 0
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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
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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Investment Shares
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<NAME> The Virtus Funds
The Virginia Municipal Bond Fund
Trust Shares
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<NAME> The Virtus Funds
The Virginia Municipal Bond Fund
Investment Shares
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<NAME> The Virtus Funds
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Trust Shares
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<NAME> The Virtus Funds
The Maryland Municipal Bond Fund
Investment Shares
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<NAME> The Virtus Funds
The U.S. Government Securities Fund
Trust Shares
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<NAME> The Virtus Funds
The U.S. Government Securities Fund
Investment Shares
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<SERIES>
<NUMBER> 031
<NAME> The Virtus Funds
The Money Market Fund
Trust Shares
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<PAID-IN-CAPITAL-COMMON> 241,510,750
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<SHARES-COMMON-PRIOR> 160,675,174
<ACCUMULATED-NII-CURRENT> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 164,290,280
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,828,345
<OTHER-INCOME> 0
<EXPENSES-NET> 2,008,091
<NET-INVESTMENT-INCOME> 11,820,254
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,056,642
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 618,631,500
<NUMBER-OF-SHARES-REDEEMED> 624,937,753
<SHARES-REINVESTED> 3,617,170
<NET-CHANGE-IN-ASSETS> (2,689,083)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,250,019
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,065,563
<AVERAGE-NET-ASSETS> 250,003,734
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> The Virtus Funds
The Money Market Fund
Investment Shares
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Sep-30-1997
<PERIOD-END> Sep-30-1997
<INVESTMENTS-AT-COST> 241,247,287
<INVESTMENTS-AT-VALUE> 241,247,287
<RECEIVABLES> 1,144,598
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 242,391,885
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<OTHER-ITEMS-LIABILITIES> 881,135
<TOTAL-LIABILITIES> 881,135
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 241,510,750
<SHARES-COMMON-STOCK> 77,220,470
<SHARES-COMMON-PRIOR> 83,524,659
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 77,220,470
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,828,345
<OTHER-INCOME> 0
<EXPENSES-NET> 2,008,091
<NET-INVESTMENT-INCOME> 11,820,254
<REALIZED-GAINS-CURRENT> 0
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<NET-CHANGE-FROM-OPS> 11,820,254
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,763,612
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 618,631,500
<NUMBER-OF-SHARES-REDEEMED> 624,937,753
<SHARES-REINVESTED> 3,617,170
<NET-CHANGE-IN-ASSETS> (2,689,083)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,250,019
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,065,563
<AVERAGE-NET-ASSETS> 250,003,734
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.97
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> Virtus Funds
The Treasury Money Market Fund
Trust Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Sep-30-1997
<PERIOD-END> Sep-30-1997
<INVESTMENTS-AT-COST> 316,546,948
<INVESTMENTS-AT-VALUE> 316,546,948
<RECEIVABLES> 2,581,327
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 319,128,275
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,379,007
<TOTAL-LIABILITIES> 1,379,007
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 317,749,268
<SHARES-COMMON-STOCK> 196,450,150
<SHARES-COMMON-PRIOR> 226,977,985
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 196,450,150
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 20,757,671
<OTHER-INCOME> 0
<EXPENSES-NET> 3,095,274
<NET-INVESTMENT-INCOME> 17,662,397
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 17,662,397
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11,714,695
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 656,686,607
<NUMBER-OF-SHARES-REDEEMED> 687,214,445
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> (55,389,777)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,897,464
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,147,011
<AVERAGE-NET-ASSETS> 379,492,741
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.73
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 042
<NAME> Virtus Funds
The Treasury Money Market Fund
Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Sep-30-1997
<PERIOD-END> Sep-30-1997
<INVESTMENTS-AT-COST> 316,546,948
<INVESTMENTS-AT-VALUE> 316,546,948
<RECEIVABLES> 2,581,327
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 319,128,275
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,379,007
<TOTAL-LIABILITIES> 1,379,007
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 317,749,268
<SHARES-COMMON-STOCK> 121,466,050
<SHARES-COMMON-PRIOR> 146,327,992
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 121,299,118
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 20,757,671
<OTHER-INCOME> 0
<EXPENSES-NET> 3,095,274
<NET-INVESTMENT-INCOME> 17,662,397
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 17,662,397
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,947,702
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 67,174,914
<NUMBER-OF-SHARES-REDEEMED> 97,657,884
<SHARES-REINVESTED> 5,621,028
<NET-CHANGE-IN-ASSETS> (55,389,777)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,897,464
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,147,011
<AVERAGE-NET-ASSETS> 379,492,741
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> The Virtus Funds
The Tax Free Money Market Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Sep-30-1997
<PERIOD-END> Sep-30-1997
<INVESTMENTS-AT-COST> 57,136,679
<INVESTMENTS-AT-VALUE> 57,136,679
<RECEIVABLES> 441,051
<ASSETS-OTHER> 4,692
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57,582,422
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 212,842
<TOTAL-LIABILITIES> 212,842
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 57,369,580
<SHARES-COMMON-STOCK> 57,369,580
<SHARES-COMMON-PRIOR> 55,881,044
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 57,369,580
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,158,617
<OTHER-INCOME> 0
<EXPENSES-NET> 475,293
<NET-INVESTMENT-INCOME> 1,683,324
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,683,324
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> ,1683324
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 315,423,874
<NUMBER-OF-SHARES-REDEEMED> 310,970,825
<SHARES-REINVESTED> 417,624
<NET-CHANGE-IN-ASSETS> 4,870,673
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 302,027
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 569,748
<AVERAGE-NET-ASSETS> 55,835,463
<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> 0.79
<AVG-DEBT-OUTSTANDING> 0
<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-30-1997
<PERIOD-END> Sep-30-1997
<INVESTMENTS-AT-COST> 61,710,335
<INVESTMENTS-AT-VALUE> 76,730,289
<RECEIVABLES> 371,462
<ASSETS-OTHER> 9,103
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 77,110,854
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 236,906
<TOTAL-LIABILITIES> 236,906
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48,156,564
<SHARES-COMMON-STOCK> 5,002,112
<SHARES-COMMON-PRIOR> 6,034,452
<ACCUMULATED-NII-CURRENT> 61,795
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,635,635
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,019,954
<NET-ASSETS> 76,873,948
<DIVIDEND-INCOME> 1,853,994
<INTEREST-INCOME> 110,776
<OTHER-INCOME> 0
<EXPENSES-NET> 783,175
<NET-INVESTMENT-INCOME> 1,181,595
<REALIZED-GAINS-CURRENT> 13,831,352
<APPREC-INCREASE-CURRENT> 9,985,998
<NET-CHANGE-FROM-OPS> 24,998,945
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12,233,260
<DISTRIBUTIONS-OF-GAINS> 3,328,990
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,251,568
<NUMBER-OF-SHARES-REDEEMED> 4,107,368
<SHARES-REINVESTED> 383,514
<NET-CHANGE-IN-ASSETS> 14,091,369
<ACCUMULATED-NII-PRIOR> 76,392
<ACCUMULATED-GAINS-PRIOR> 1,887,283
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 830,673
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,110,021
<AVERAGE-NET-ASSETS> 67,446,326
<PER-SHARE-NAV-BEGIN> 11.470
<PER-SHARE-NII> 0.230
<PER-SHARE-GAIN-APPREC> 4.540
<PER-SHARE-DIVIDEND> 0.240
<PER-SHARE-DISTRIBUTIONS> 0.630
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.370
<EXPENSE-RATIO> 1.17
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
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