BAYFUNDS
NSAR-B, 1997-02-28
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<PAGE>      PAGE  1
000 B000000 12/31/96
000 C000000 0000873934
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 BAYFUNDS
001 B000000 811-6296
001 C000000 4122887403
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
003  000000 N
004  000000 Y
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  5
007 C010100  1
007 C020100 BAYFUNDS MONEY MARKET PORTFOLIO
007 C030100 Y
007 C010200  2
007 C020200 BAYFUNDS U.S. TREASURY MONEY MARKET PORTFOLIO
007 C030200 Y
007 C010300  3
007 C020300 BAYFUNDS BOND PORTFOLIO
007 C030300 Y
007 C010400  4
007 C020400 BAYFUNDS EQUITY PORTFOLIO
007 C030400 Y
007 C010500  5
007 C020500 BAYFUNDS SHORT-TERM YIELD PORTFOLIO
007 C030500 Y
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 BAYBANKS INVESTMENT MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-0000
008 D01AA01 BOSTON
008 D02AA01 MA
008 D03AA01 02110
010 A00AA01 FEDERATED ADMINISTRATIVE SERVICES
010 C01AA01 PITTSBURGH
<PAGE>      PAGE  2
010 C02AA01 PA
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
011 C01AA01 PITTSBURGH
011 C02AA01 PA
011 C03AA01 15222
011 C04AA01 3779
012 A00AA01 DST SYSTEMS, INC.
012 B00AA01 84-0000
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15219
015 A00AA01 THE FIFTH THIRD BANK
015 B00AA01 C
015 C01AA01 CINCINNATI
015 C02AA01 OH
015 C03AA01 45202
015 E01AA01 X
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020 B000001 22-2172515
020 C000001     54
020 A000002 JONES & ASSOCIATES, INC.
020 B000002 95-358343
020 C000002      6
020 A000003 CANTOR, FITZGERALD SECURITIES CORP.
020 B000003 13-2698893
020 C000003      5
020 A000004 SMITH BARNEY, INC.
020 B000004 13-3169769
020 C000004      1
020 A000005 ROBINSON-HUMPHREY COMPANY, INC.
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020 A000006 INSTINET
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020 A000007 A.G. EDWARDS & SONS, INC.
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020 A000008 A.H. WILLIAMS & CO.
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020 C000008      0
<PAGE>      PAGE  3
020 A000009 A.I.G. FINANCIAL SECURITIES CORP.
020 C000009      0
020 A000010 A.G. EDWARDS & SONS, INC.
020 C000010      0
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022 A000001 PAINEWEBBER, INC.
022 B000001 13-2638166
022 C000001  19818243
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022 A000002 HSBC SECURITIES, INC.
022 B000002 13-2650272
022 C000002  16874216
022 D000002     47360
022 A000003 SALOMON BROTHERS, INC.
022 B000003 13-3082694
022 C000003  15741479
022 D000003     24065
022 A000004 SMITH BARNEY HARRIS UPHAM & CO., INC.
022 B000004 13-1912900
022 C000004  12052000
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022 A000005 DEAN WITTER REYNOLDS, INC.
022 B000005 94-1671384
022 C000005   9407828
022 D000005     24442
022 A000006 GREENWICH CAPITAL MARKETS, INC.
022 B000006 13-3172275
022 C000006   9307000
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022 A000007 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000007 13-5674085
022 C000007   7513992
022 D000007      4131
022 A000008 LANSTON (AUBREY G.) & CO., INC.
022 B000008 13-5552129
022 C000008   5296930
022 D000008         0
022 A000009 FIRST CHICAGO
022 C000009   2292000
022 D000009         0
022 A000010 STATE STREET BANK AND TRUST CO.
022 B000010 04-1867445
022 C000010   1295000
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023 C000000  101796751
023 D000000     494382
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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  16
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<PAGE>      PAGE  17
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<PAGE>      PAGE  18
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062 N000400   0.0
062 O000400   0.0
062 P000400   0.0
062 Q000400   0.0
062 R000400   0.0
063 A000400   0
063 B000400  0.0
066 A000400 Y
<PAGE>      PAGE  19
066 B000400 N
066 C000400 Y
066 D000400 N
066 E000400 N
066 F000400 N
066 G000400 N
067  000400 N
068 A000400 N
068 B000400 N
069  000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 N
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 Y
070 L020400 Y
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400     68610
071 B000400    167941
071 C000400    121618
071 D000400   56
072 A000400 11
<PAGE>      PAGE  20
072 B000400      394
072 C000400     1242
072 D000400        0
072 E000400        0
072 F000400      819
072 G000400      114
072 H000400        0
072 I000400       29
072 J000400       30
072 K000400        0
072 L000400       -7
072 M000400        4
072 N000400       24
072 O000400        0
072 P000400        0
072 Q000400       54
072 R000400       10
072 S000400       10
072 T000400       79
072 U000400        0
072 V000400        0
072 W000400       13
072 X000400     1179
072 Y000400        0
072 Z000400      457
072AA000400    17947
072BB000400     4142
072CC010400        0
072CC020400        0
072DD010400      388
072DD020400       68
072EE000400    13805
073 A010400   0.0592
073 A020400   0.0282
073 B000400   0.0000
073 C000400   0.0000
074 A000400        0
074 B000400        0
074 C000400        0
074 D000400        0
074 E000400        0
074 F000400        0
074 G000400        0
074 H000400        0
074 I000400        0
074 J000400        0
074 K000400        0
074 L000400        0
074 M000400        0
074 N000400        0
074 O000400        0
<PAGE>      PAGE  21
074 P000400        0
074 Q000400        0
074 R010400        0
074 R020400        0
074 R030400        0
074 R040400        0
074 S000400        0
074 T000400        0
074 U010400        0
074 U020400        0
074 V010400     0.00
074 V020400     0.00
074 W000400   0.0000
074 X000400        0
074 Y000400        0
075 A000400        0
075 B000400   128780
076  000400     0.00
028 A010500       278
028 A020500        75
028 A030500         0
028 A040500      1421
028 B010500       688
028 B020500        74
028 B030500         0
028 B040500      1787
028 C010500       601
028 C020500        72
028 C030500         0
028 C040500       765
028 D010500       346
028 D020500        72
028 D030500         0
028 D040500      1978
028 E010500       320
028 E020500        70
028 E030500         0
028 E040500     45137
028 F010500         0
028 F020500         0
028 F030500         0
028 F040500         0
028 G010500      2233
028 G020500       363
028 G030500         0
028 G040500     51088
028 H000500         0
045  000500 Y
046  000500 N
047  000500 Y
048  000500  0.500
<PAGE>      PAGE  22
048 A010500        0
048 A020500 0.000
048 B010500        0
048 B020500 0.000
048 C010500        0
048 C020500 0.000
048 D010500        0
048 D020500 0.000
048 E010500        0
048 E020500 0.000
048 F010500        0
048 F020500 0.000
048 G010500        0
048 G020500 0.000
048 H010500        0
048 H020500 0.000
048 I010500        0
048 I020500 0.000
048 J010500        0
048 J020500 0.000
048 K010500        0
048 K020500 0.000
055 A000500 N
055 B000500 N
056  000500 Y
057  000500 N
062 A000500 Y
062 B000500   0.0
062 C000500   0.0
062 D000500   0.0
062 E000500   0.0
062 F000500   0.0
062 G000500   0.0
062 H000500   0.0
062 I000500   0.0
062 J000500   0.0
062 K000500   0.0
062 L000500   0.0
062 M000500   0.0
062 N000500   0.0
062 O000500   0.0
062 P000500   0.0
062 Q000500   0.0
062 R000500   0.0
063 A000500   0
063 B000500  0.0
064 A000500 N
064 B000500 N
066 A000500 N
067  000500 N
068 A000500 N
<PAGE>      PAGE  23
068 B000500 N
069  000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
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
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500     44312
071 B000500     93838
071 C000500     49778
071 D000500   89
072 A000500 11
072 B000500     3132
072 C000500        0
072 D000500        0
072 E000500        0
072 F000500      233
072 G000500       46
072 H000500        0
072 I000500       19
<PAGE>      PAGE  24
072 J000500        7
072 K000500        0
072 L000500        8
072 M000500        1
072 N000500       28
072 O000500        0
072 P000500        0
072 Q000500       47
072 R000500        6
072 S000500        2
072 T000500       40
072 U000500        0
072 V000500        0
072 W000500       10
072 X000500      447
072 Y000500        0
072 Z000500     2685
072AA000500      268
072BB000500      550
072CC010500        0
072CC020500        0
072DD010500     1780
072DD020500      905
072EE000500        0
073 A010500   0.4484
073 A020500   0.4293
073 B000500   0.0000
073 C000500   0.0000
074 A000500        0
074 B000500        0
074 C000500        0
074 D000500        0
074 E000500        0
074 F000500        0
074 G000500        0
074 H000500        0
074 I000500        0
074 J000500        0
074 K000500        0
074 L000500        0
074 M000500        0
074 N000500        0
074 O000500        0
074 P000500        0
074 Q000500        0
074 R010500        0
074 R020500        0
074 R030500        0
074 R040500        0
074 S000500        0
074 T000500        0
<PAGE>      PAGE  25
074 U010500        0
074 U020500        0
074 V010500     0.00
074 V020500     0.00
074 W000500   0.0000
074 X000500        0
074 Y000500        0
075 A000500        0
075 B000500    51547
076  000500     0.00
SIGNATURE   ELLIOTT S. COHAN                             
TITLE       ASST. GEN COUNSEL   
 


<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   011                                            
     <NAME>                     BayFunds                                       
                                BayFunds Money Market Portfolio                
                                Institutional Shares                           
<PERIOD-TYPE>                   12-Mos                                         
<FISCAL-YEAR-END>               Dec-31-1996                                    
<PERIOD-END>                    Dec-6-1996                                     
<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>        0                                              
<SHARES-COMMON-STOCK>           0                                              
<SHARES-COMMON-PRIOR>           156,552,245                                    
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         0                                              
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        0                                              
<NET-ASSETS>                    0                                              
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               11,072,550                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  1,331,593                                      
<NET-INVESTMENT-INCOME>         9,740,957                                      
<REALIZED-GAINS-CURRENT>        8,525                                          
<APPREC-INCREASE-CURRENT>       0                                              
<NET-CHANGE-FROM-OPS>           9,749,482                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       7,740,400                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         264,169,514                                    
<NUMBER-OF-SHARES-REDEEMED>     326,246,525                                    
<SHARES-REINVESTED>             374,733                                        
<NET-CHANGE-IN-ASSETS>          8,522                                          
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       0                                              
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           803,752                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 1,331,593                                      
<AVERAGE-NET-ASSETS>            214,397,314                                    
<PER-SHARE-NAV-BEGIN>           1.000                                          
<PER-SHARE-NII>                 0.045                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            0.045                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             0.000                                          
<EXPENSE-RATIO>                 0.00                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   012                                            
     <NAME>                     BayFunds                                       
                                BayFunds Money Market Portfolio                
                                Investment Shares                              
<PERIOD-TYPE>                   12-Mos                                         
<FISCAL-YEAR-END>               Dec-31-1996                                    
<PERIOD-END>                    Dec-6-1996                                     
<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>        0                                              
<SHARES-COMMON-STOCK>           0                                              
<SHARES-COMMON-PRIOR>           53,580,698                                     
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         0                                              
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        0                                              
<NET-ASSETS>                    0                                              
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               11,072,550                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  1,331,593                                      
<NET-INVESTMENT-INCOME>         9,740,957                                      
<REALIZED-GAINS-CURRENT>        8,525                                          
<APPREC-INCREASE-CURRENT>       0                                              
<NET-CHANGE-FROM-OPS>           9,749,482                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       2,000,559                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         51,258,872                                     
<NUMBER-OF-SHARES-REDEEMED>     62,123,686                                     
<SHARES-REINVESTED>             2,051,086                                      
<NET-CHANGE-IN-ASSETS>          8,522                                          
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       0                                              
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           803,752                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 1,331,593                                      
<AVERAGE-NET-ASSETS>            214,397,314                                    
<PER-SHARE-NAV-BEGIN>           1.000                                          
<PER-SHARE-NII>                 0.043                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            0.043                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             0.000                                          
<EXPENSE-RATIO>                 0.00                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   021                                            
     <NAME>                     BayFunds                                       
                                BayFunds U.S. Treasury Money Market Portfolio  
                                Institutional Shares                           
<PERIOD-TYPE>                   11-Mos                                         
<FISCAL-YEAR-END>               Dec-31-1996                                    
<PERIOD-END>                    Nov-22-1996                                    
<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>        0                                              
<SHARES-COMMON-STOCK>           0                                              
<SHARES-COMMON-PRIOR>           815,448,589                                    
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         0                                              
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        0                                              
<NET-ASSETS>                    0                                              
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               60,828,187                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  4,756,826                                      
<NET-INVESTMENT-INCOME>         56,071,361                                     
<REALIZED-GAINS-CURRENT>        0                                              
<APPREC-INCREASE-CURRENT>       0                                              
<NET-CHANGE-FROM-OPS>           56,071,361                                     
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       43,452,430                                     
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         1,873,242,566                                  
<NUMBER-OF-SHARES-REDEEMED>     1,643,117,148                                  
<SHARES-REINVESTED>             2,437,159                                      
<NET-CHANGE-IN-ASSETS>          3                                              
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       0                                              
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           2,261,551                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 4,756,826                                      
<AVERAGE-NET-ASSETS>            1,258,056,419                                  
<PER-SHARE-NAV-BEGIN>           1.000                                          
<PER-SHARE-NII>                 0.042                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            0.042                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             0.000                                          
<EXPENSE-RATIO>                 0.00                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   022                                            
     <NAME>                     BayFunds                                       
                                BayFunds U.S. Treasury Money Market Portfolio  
                                Investment Shares                              
<PERIOD-TYPE>                   11-Mos                                         
<FISCAL-YEAR-END>               Dec-31-1996                                    
<PERIOD-END>                    Nov-22-1996                                    
<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>        0                                              
<SHARES-COMMON-STOCK>           0                                              
<SHARES-COMMON-PRIOR>           248,129,401                                    
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         0                                              
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        0                                              
<NET-ASSETS>                    0                                              
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               60,828,187                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  4,756,826                                      
<NET-INVESTMENT-INCOME>         56,071,361                                     
<REALIZED-GAINS-CURRENT>        0                                              
<APPREC-INCREASE-CURRENT>       0                                              
<NET-CHANGE-FROM-OPS>           56,071,361                                     
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       12,618,928                                     
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         409,553,661                                    
<NUMBER-OF-SHARES-REDEEMED>     349,787,697                                    
<SHARES-REINVESTED>             12,157,140                                     
<NET-CHANGE-IN-ASSETS>          3                                              
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       0                                              
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           2,261,551                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 4,756,826                                      
<AVERAGE-NET-ASSETS>            1,258,056,419                                  
<PER-SHARE-NAV-BEGIN>           1.000                                          
<PER-SHARE-NII>                 0.040                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            0.040                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             0.000                                          
<EXPENSE-RATIO>                 0.00                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   031                                            
     <NAME>                     BayFunds                                       
                                BayFunds Bond Portfolio                        
                                Institutional Shares                           
<PERIOD-TYPE>                   11-Mos                                         
<FISCAL-YEAR-END>               Dec-31-1996                                    
<PERIOD-END>                    Nov-22-1996                                    
<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>        0                                              
<SHARES-COMMON-STOCK>           0                                              
<SHARES-COMMON-PRIOR>           5,398,628                                      
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         0                                              
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        0                                              
<NET-ASSETS>                    0                                              
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               3,678,510                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  481,164                                        
<NET-INVESTMENT-INCOME>         3,197,346                                      
<REALIZED-GAINS-CURRENT>        (159,656)                                      
<APPREC-INCREASE-CURRENT>       0                                              
<NET-CHANGE-FROM-OPS>           3,037,690                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       2,876,929                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         872,873                                        
<NUMBER-OF-SHARES-REDEEMED>     1,468,281                                      
<SHARES-REINVESTED>             15,824                                         
<NET-CHANGE-IN-ASSETS>          (159,656)                                      
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       (904,422)                                      
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           317,249                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 481,164                                        
<AVERAGE-NET-ASSETS>            58,372,314                                     
<PER-SHARE-NAV-BEGIN>           9.870                                          
<PER-SHARE-NII>                 0.506                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            0.506                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             0.000                                          
<EXPENSE-RATIO>                 0.00                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   032                                            
     <NAME>                     BayFunds                                       
                                BayFunds Bond Portfolio                        
                                Investment Shares                              
<PERIOD-TYPE>                   11-Mos                                         
<FISCAL-YEAR-END>               Dec-31-1996                                    
<PERIOD-END>                    Nov-22-1996                                    
<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>        0                                              
<SHARES-COMMON-STOCK>           0                                              
<SHARES-COMMON-PRIOR>           655,233                                        
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         0                                              
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        0                                              
<NET-ASSETS>                    0                                              
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               3,678,510                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  481,164                                        
<NET-INVESTMENT-INCOME>         3,197,346                                      
<REALIZED-GAINS-CURRENT>        (159,656)                                      
<APPREC-INCREASE-CURRENT>       0                                              
<NET-CHANGE-FROM-OPS>           3,037,690                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       320,417                                        
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         163,653                                        
<NUMBER-OF-SHARES-REDEEMED>     301,445                                        
<SHARES-REINVESTED>             31,386                                         
<NET-CHANGE-IN-ASSETS>          (159,656)                                      
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       (904,422)                                      
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           317,249                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 481,164                                        
<AVERAGE-NET-ASSETS>            58,372,314                                     
<PER-SHARE-NAV-BEGIN>           9.870                                          
<PER-SHARE-NII>                 0.485                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            0.485                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             0.000                                          
<EXPENSE-RATIO>                 0.00                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   041                                            
     <NAME>                     Bayfunds                                       
                                Bayfunds Equity Portfolio                      
                                Institutional Shares                           
<PERIOD-TYPE>                   11-mos                                         
<FISCAL-YEAR-END>               Dec-31-1996                                    
<PERIOD-END>                    Nov-22-1996                                    
<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>        0                                              
<SHARES-COMMON-STOCK>           0                                              
<SHARES-COMMON-PRIOR>           6,765,994                                      
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         0                                              
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        0                                              
<NET-ASSETS>                    0                                              
<DIVIDEND-INCOME>               1,241,757                                      
<INTEREST-INCOME>               393,993                                        
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  1,179,294                                      
<NET-INVESTMENT-INCOME>         456,456                                        
<REALIZED-GAINS-CURRENT>        13,804,873                                     
<APPREC-INCREASE-CURRENT>       0                                              
<NET-CHANGE-FROM-OPS>           14,261,329                                     
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       387,925                                        
<DISTRIBUTIONS-OF-GAINS>        10,070,656                                     
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         1,754,174                                      
<NUMBER-OF-SHARES-REDEEMED>     8,131,919                                      
<SHARES-REINVESTED>             584                                            
<NET-CHANGE-IN-ASSETS>          264                                            
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       (6,193)                                        
<OVERDISTRIB-NII-PRIOR>         (1,623)                                        
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           819,373                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 1,179,294                                      
<AVERAGE-NET-ASSETS>            128,780,346                                    
<PER-SHARE-NAV-BEGIN>           14.840                                         
<PER-SHARE-NII>                 0.059                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            0.059                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             0.000                                          
<EXPENSE-RATIO>                 0.00                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   042                                            
     <NAME>                     Bayfunds                                       
                                Bayfunds Equity Portfolio                      
                                Investment Shares                              
<PERIOD-TYPE>                   11-mos                                         
<FISCAL-YEAR-END>               Dec-31-1996                                    
<PERIOD-END>                    Nov-22-1996                                    
<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>        0                                              
<SHARES-COMMON-STOCK>           0                                              
<SHARES-COMMON-PRIOR>           2,418,821                                      
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         0                                              
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        0                                              
<NET-ASSETS>                    0                                              
<DIVIDEND-INCOME>               1,241,757                                      
<INTEREST-INCOME>               393,993                                        
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  1,179,294                                      
<NET-INVESTMENT-INCOME>         456,456                                        
<REALIZED-GAINS-CURRENT>        13,804,873                                     
<APPREC-INCREASE-CURRENT>       0                                              
<NET-CHANGE-FROM-OPS>           14,261,329                                     
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       68,303                                         
<DISTRIBUTIONS-OF-GAINS>        3,734,182                                      
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         671,070                                        
<NUMBER-OF-SHARES-REDEEMED>     3,094,132                                      
<SHARES-REINVESTED>             4,122                                          
<NET-CHANGE-IN-ASSETS>          264                                            
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       (6,193)                                        
<OVERDISTRIB-NII-PRIOR>         (1,623)                                        
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           819,373                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 1,179,294                                      
<AVERAGE-NET-ASSETS>            128,780,346                                    
<PER-SHARE-NAV-BEGIN>           14.840                                         
<PER-SHARE-NII>                 0.028                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            0.028                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             0.000                                          
<EXPENSE-RATIO>                 0.00                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   051                                            
     <NAME>                     BayFunds                                       
                                BayFunds Short Term Yield Portfolio            
                                Institutional Shares                           
<PERIOD-TYPE>                   11-MOS                                         
<FISCAL-YEAR-END>               Dec-31-1997                                    
<PERIOD-END>                    Nov-22-1997                                    
<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>        0                                              
<SHARES-COMMON-STOCK>           0                                              
<SHARES-COMMON-PRIOR>           4,329,641                                      
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         0                                              
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        0                                              
<NET-ASSETS>                    0                                              
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               3,132,276                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  447,474                                        
<NET-INVESTMENT-INCOME>         2,684,802                                      
<REALIZED-GAINS-CURRENT>        (281,863)                                      
<APPREC-INCREASE-CURRENT>       0                                              
<NET-CHANGE-FROM-OPS>           2,402,939                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       1,780,028                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         392,069                                        
<NUMBER-OF-SHARES-REDEEMED>     4,721,207                                      
<SHARES-REINVESTED>             (1)                                            
<NET-CHANGE-IN-ASSETS>          (281,865)                                      
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       (11,927,942)                                   
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           233,349                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 447,474                                        
<AVERAGE-NET-ASSETS>            51,547,117                                     
<PER-SHARE-NAV-BEGIN>           0.000                                          
<PER-SHARE-NII>                 0.448                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            0.448                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             0.000                                          
<EXPENSE-RATIO>                 0.00                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   052                                            
     <NAME>                     BayFunds                                       
                                BayFunds Short Term Yield Portfolio            
                                Investment Shares                              
<PERIOD-TYPE>                   11-MOS                                         
<FISCAL-YEAR-END>               Dec-31-1997                                    
<PERIOD-END>                    Nov-22-1997                                    
<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>        0                                              
<SHARES-COMMON-STOCK>           0                                              
<SHARES-COMMON-PRIOR>           2,272,842                                      
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         0                                              
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        0                                              
<NET-ASSETS>                    0                                              
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               3,132,276                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  447,474                                        
<NET-INVESTMENT-INCOME>         2,684,802                                      
<REALIZED-GAINS-CURRENT>        (281,863)                                      
<APPREC-INCREASE-CURRENT>       0                                              
<NET-CHANGE-FROM-OPS>           2,402,939                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       904,775                                        
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         101,057                                        
<NUMBER-OF-SHARES-REDEEMED>     2,458,749                                      
<SHARES-REINVESTED>             95,072                                         
<NET-CHANGE-IN-ASSETS>          (281,865)                                      
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       (11,927,942)                                   
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           233,349                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 447,474                                        
<AVERAGE-NET-ASSETS>            51,547,117                                     
<PER-SHARE-NAV-BEGIN>           0.000                                          
<PER-SHARE-NII>                 0.429                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            0.429                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             0.000                                          
<EXPENSE-RATIO>                 0.00                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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