STEPSTONE FUNDS
NSAR-B, 1997-06-26
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<PAGE>      PAGE  1
000 B000000 04/28/97
000 C000000 0000869094
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 I000000 3.0.a
000 J000000 U
001 A000000 STEPSTONE FUNDS
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002 A000000 2 OLIVER STREET
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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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066 B000400 N
066 C000400 N
066 D000400 Y
066 E000400 N
066 F000400 N
066 G000400 N
067  000400 N
068 A000400 N
068 B000400 N
069  000400 N
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070 A020400 Y
070 B010400 Y
070 B020400 Y
070 C010400 Y
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070 D010400 Y
070 D020400 Y
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
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070 M020400 N
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070 N020400 N
070 O010400 Y
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<PAGE>      PAGE  21
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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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SIGNATURE   DAVID LEE                                    
TITLE       PRESIDENT           
 


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