<PAGE> PAGE 1
000 B000000 02/26/97
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 530 E SWEDESFORD RD
002 B000000 WAYNE
002 C000000 PA
002 D010000 19087
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C020800 LIMITED MATURITY GOVERNMENT FUND
007 C030800 Y
007 C010900 9
007 C011000 10
008 A00AA01 PACIFIC ALLIANCE CAPITAL MANAGEMENT
008 B00AA01 A
008 C00AA01 801-0000
008 D01AA01 LOS ANGELES
008 D02AA01 CA
008 D03AA01 90051
010 A00AA01 SEI FUND RESOURCES
010 C01AA01 OAKS
010 C02AA01 PA
010 C03AA01 19456
010 C04AA01 0100
011 A00AA01 SEI FINANCIAL SERVICES COMPANY
011 B00AA01 8-27897
011 C01AA01 OAKS
011 C02AA01 PA
011 C03AA01 19456
011 C04AA01 0100
<PAGE> PAGE 2
013 A00AA01 ARTHUR ANDERSON & CO
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19103
014 A00AA01 SEI FINANCIAL SERVICES CO
014 B00AA01 8-27897
015 A00AA01 UNION BANK OF CALIFORNIA
015 B00AA01 C
015 C01AA01 SAN FRANCISCO
015 C02AA01 CA
015 C03AA01 94104
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
019 C00AA00 STEPSTONE
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 MERRILL LYNCH
022 B000001 13-5674085
022 C000001 1443
022 D000001 7667
022 A000002 DEUTSCHE BANK
022 B000002 14-348532
022 C000002 3732
022 D000002 3732
022 A000003 MORGAN STANLEY
022 B000003 13-2655998
022 C000003 697
022 D000003 6083
022 A000004 PAINE WEBBER
022 B000004 13-2760086
022 C000004 0
022 D000004 3425
022 A000005 NOMURA INTL TRUST CO
022 C000005 1443
022 D000005 1443
022 A000006 JP MORGAN
022 B000006 13-3224016
022 C000006 1443
022 D000006 1443
022 A000007 RAYMOND JAMES
<PAGE> PAGE 3
022 C000007 0
022 D000007 2543
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 8758
023 D000000 26336
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
077 A000000 N
024 000800 N
028 A010800 0
028 A020800 0
028 A030800 0
028 A040800 18378
028 B010800 0
028 B020800 0
028 B030800 0
028 B040800 0
028 C010800 0
028 C020800 0
028 C030800 0
028 C040800 0
028 D010800 0
028 D020800 0
028 D030800 0
028 D040800 0
028 E010800 0
028 E020800 0
028 E030800 0
028 E040800 0
028 F010800 0
028 F020800 0
028 F030800 0
028 F040800 0
028 G010800 0
028 G020800 0
028 G030800 0
028 G040800 18378
028 H000800 0
<PAGE> PAGE 4
029 000800 N
030 A000800 0
030 B000800 0.00
030 C000800 0.00
031 A000800 0
031 B000800 0
032 000800 0
033 000800 0
034 000800 N
035 000800 0
036 B000800 0
037 000800 N
038 000800 0
039 000800 N
040 000800 N
042 A000800 0
042 B000800 0
042 C000800 0
042 D000800 0
042 E000800 0
042 F000800 0
042 G000800 0
042 H000800 0
043 000800 0
044 000800 0
045 000800 Y
046 000800 N
047 000800 Y
048 000800 0.300
048 A010800 0
048 A020800 0.000
048 B010800 0
048 B020800 0.000
048 C010800 0
048 C020800 0.000
048 D010800 0
048 D020800 0.000
048 E010800 0
048 E020800 0.000
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 0
048 K020800 0.000
<PAGE> PAGE 5
049 000800 N
050 000800 N
051 000800 N
052 000800 N
053 A000800 N
054 A000800 Y
054 B000800 Y
054 C000800 Y
054 D000800 N
054 E000800 N
054 F000800 N
054 G000800 Y
054 H000800 N
054 I000800 N
054 J000800 N
054 K000800 N
054 L000800 Y
054 M000800 Y
054 N000800 N
054 O000800 N
055 A000800 N
055 B000800 N
056 000800 N
057 000800 N
058 A000800 N
059 000800 Y
060 A000800 Y
060 B000800 Y
061 000800 2000
062 A000800 Y
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 0.0
062 N000800 0.0
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
063 A000800 0
063 B000800 0.0
064 A000800 N
064 B000800 N
<PAGE> PAGE 6
066 A000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 Y
070 B010800 N
070 B020800 N
070 C010800 N
070 C020800 N
070 D010800 N
070 D020800 N
070 E010800 N
070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 N
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 N
070 J020800 N
070 K010800 N
070 K020800 N
070 L010800 N
070 L020800 N
070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 0
071 B000800 0
071 C000800 0
071 D000800 0
072 A000800 1
072 B000800 48
072 C000800 0
072 D000800 0
072 E000800 0
072 F000800 3
<PAGE> PAGE 7
072 G000800 1
072 H000800 0
072 I000800 0
072 J000800 0
072 K000800 0
072 L000800 -1
072 M000800 0
072 N000800 0
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 0
072 S000800 0
072 T000800 3
072 U000800 0
072 V000800 0
072 W000800 1
072 X000800 7
072 Y000800 3
072 Z000800 44
072AA000800 96
072BB000800 0
072CC010800 28
072CC020800 0
072DD010800 43
072DD020800 2
072EE000800 0
073 A010800 0.3400
073 A020800 0.3400
073 B000800 0.0000
073 C000800 0.0000
074 A000800 0
074 B000800 0
074 C000800 0
074 D000800 0
074 E000800 0
074 F000800 0
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 0
074 K000800 0
074 L000800 0
074 M000800 0
074 N000800 0
074 O000800 0
074 P000800 0
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
<PAGE> PAGE 8
074 R040800 0
074 S000800 0
074 T000800 0
074 U010800 0
074 U020800 0
074 V010800 0.00
074 V020800 0.00
074 W000800 0.0000
074 X000800 0
074 Y000800 0
075 A000800 0
075 B000800 12114
076 000800 0.00
080 A000800 CONTINENTAL CASUALTY CO
080 B000800 RELIANCE INSURANCE CO
080 C000800 35000
081 A000800 Y
081 B000800 277
082 A000800 Y
082 B000800 50
083 A000800 N
083 B000800 0
084 A000800 N
084 B000800 0
085 A000800 Y
085 B000800 N
SIGNATURE DAVID LEE
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000869094
<NAME> STEPSTONE FUNDS
<SERIES>
<NUMBER> 081
<NAME> LIMITED MATURITY GOVERNMENT INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 1-MO
<FISCAL-YEAR-END> FEB-26-1997
<PERIOD-START> FEB-01-1997
<PERIOD-END> FEB-26-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1639
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 1867
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 48
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 4
<NET-INVESTMENT-INCOME> 44
<REALIZED-GAINS-CURRENT> 96
<APPREC-INCREASE-CURRENT> (68)
<NET-CHANGE-FROM-OPS> 72
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (43)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (17876)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (18362)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1858)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 9.56
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.58
<EXPENSE-RATIO> .42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000869094
<NAME> STEPSTONE FUNDS
<SERIES>
<NUMBER> 082
<NAME> LIMITED MATURITY GOVERNMENT INVESTOR CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 1-MO
<FISCAL-YEAR-END> FEB-26-1997
<PERIOD-START> FEB-01-1997
<PERIOD-END> FEB-26-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 124
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 54
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 48
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 4
<NET-INVESTMENT-INCOME> 44
<REALIZED-GAINS-CURRENT> 96
<APPREC-INCREASE-CURRENT> (68)
<NET-CHANGE-FROM-OPS> 72
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (513)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (18362)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1858)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 9.57
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.3)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.59
<EXPENSE-RATIO> .42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
