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<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 15
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<PAGE> PAGE 21
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<PAGE> PAGE 22
008 A000501 BAY BANKS INVESTMENTS MANAGEMENT, INC.
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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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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN COUNCEL
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<INVESTMENTS-AT-VALUE> 90,942,508
<RECEIVABLES> 3,745,002
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<SHARES-REINVESTED> 11
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> BayFunds Short Term Yield Portfolio
Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
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<PER-SHARE-NII> 0.430
<PER-SHARE-GAIN-APPREC> (0.760)
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> BayFunds U.S. Treasury Money Market Portfolio
Institutional Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
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<PER-SHARE-NII> 0.040
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<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> BayFunds U.S. Treasury Money Market Portfolio
Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
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</TABLE>
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