STEPSTONE FUNDS
NSAR-A, 1996-09-26
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<PAGE>      PAGE  1
000 A000000 07/31/96
000 C000000 0000869094
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 STEPSTONE FUNDS
001 B000000 811-6192
001 C000000 8003425734
002 A000000 2 OLIVER STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000 14
007 C010100  1
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007 C030100 N
007 C010200  2
007 C020200 MONEY MARKET FUND
007 C030200 N
007 C010300  3
007 C020300 CALIFORNIA TAX FREE MONEY MARKET FUND
007 C030300 N
007 C010400  4
007 C020400 GROWTH EQUITY FUND
007 C030400 N
007 C010500  5
007 C020500 VALUE MOMENTUM FUND
007 C030500 N
007 C010600  6
007 C020600 INTERMEDIATE-TERM BOND FUND
007 C030600 N
007 C010700  7
007 C020700 BALANCED FUND
007 C030700 N
007 C010800  8
007 C020800 LIMITED MATURITY GOVERNMENT FUND
007 C030800 N
007 C010900  9
007 C020900 CALIFORNIA INTERMEDIATE TAX-FREE BOND FUND
007 C030900 N
007 C011000 10
007 C021000 CONVERTIBLE SECURITIES FUND
<PAGE>      PAGE  2
007 C031000 N
007 C011100 11
007 C021100 BLUE CHIP GROWTH FUND
007 C031100 N
007 C011200 12
007 C021200 EMERGING GROWTH FUND
007 C031200 N
007 C011300 13
007 C021300 GOVERNMENT SECURITIES FUND
007 C031300 N
007 C011400 14
007 C021400 INTERNATIONAL EQUITY FUND
007 C031400 N
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
010 A00AA01 SEI FUND RESOURCES
010 C01AA01 WAYNE
010 C02AA01 PA
010 C03AA01 19087
014 A00AA01 SEI FINANCIAL SERVICES COMPANY
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020 A000004 YAMATANE
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020 C000005     30
020 A000006 CS FIRST BOSTON
020 B000006 13-5659485
020 C000006     28
020 A000007 EXECUTION SERVICES
020 B000007 13-2862329
020 C000007     23
020 A000008 PERSHING
020 B000008 13-2741729
020 C000008     20
020 A000009 MORGAN STANLEY
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020 A000010 SMITH BARNEY
<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  14
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<PAGE>      PAGE  15
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<PAGE>      PAGE  17
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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  25
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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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008 A000901 MERUS-UCA CAPITAL MANAGEMENT
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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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008 A001001 BANK OF TOKYO-MITSUBISHI TRUST COMPANY
008 B001001 S
008 C001001 801-0000
008 D011001 NEW YORK
008 D021001 NY
008 D031001 10050
008 A001002 MERUS-UCA CAPITAL MANAGEMENT
<PAGE>      PAGE  35
008 B001002 A
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025 A001001 SANWA BANK
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<PAGE>      PAGE  36
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<PAGE>      PAGE  38
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<PAGE>      PAGE  41
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008 D031202 90051
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<PAGE>      PAGE  44
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<PAGE>      PAGE  45
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<PAGE>      PAGE  47
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<PAGE>      PAGE  49
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SIGNATURE   DAVID LEE                                    
TITLE       CHIEF EXEC OFFICER  
 


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</TABLE>

<TABLE> <S> <C>

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   <NAME> CALIFORNIA TAX FREE MONEY MARKET CLASS A
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</TABLE>

<TABLE> <S> <C>

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</TABLE>

<TABLE> <S> <C>

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<NAME> STEPSTONE
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</TABLE>

<TABLE> <S> <C>

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</TABLE>

<TABLE> <S> <C>

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<CIK> 0000869094
<NAME> STEPSTONE
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</TABLE>

<TABLE> <S> <C>

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<NAME> STEPSTONE
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   <NAME> VALUE MOMENTUM FUND CLASS B
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</TABLE>

<TABLE> <S> <C>

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   <NAME> INTERMEDIATE TERM BOND CLASS A
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<TABLE> <S> <C>

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