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<PAGE> PAGE 12
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<PAGE> PAGE 19
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062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 2.4
064 A000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
<PAGE> PAGE 21
070 B010400 N
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 Y
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 45000
071 B000400 995
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072 D000400 0
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<PAGE> PAGE 22
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073 B000400 0.0000
073 C000400 0.0000
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074 B000400 3559
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074 D000400 42098
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074 F000400 0
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<PAGE> PAGE 23
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> First Priority Equity Fund
Trust Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 151,476,953
<INVESTMENTS-AT-VALUE> 150,291,968
<RECEIVABLES> 707,671
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<TOTAL-ASSETS> 151,015,409
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<OTHER-ITEMS-LIABILITIES> 114,802
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<SHARES-COMMON-PRIOR> 14,664,133
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<ACCUMULATED-NET-GAINS> 4,191,020
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,184,985)
<NET-ASSETS> 143,876,473
<DIVIDEND-INCOME> 4,082,587
<INTEREST-INCOME> 946,879
<OTHER-INCOME> 0
<EXPENSES-NET> 1,301,033
<NET-INVESTMENT-INCOME> 3,728,433
<REALIZED-GAINS-CURRENT> 4,192,110
<APPREC-INCREASE-CURRENT> (5,561,915)
<NET-CHANGE-FROM-OPS> 2,358,628
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,448,803
<DISTRIBUTIONS-OF-GAINS> 991,326
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,147,381
<NUMBER-OF-SHARES-REDEEMED> 3,925,388
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (11,182,243)
<ACCUMULATED-NII-PRIOR> 494,541
<ACCUMULATED-GAINS-PRIOR> 1,035,511
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<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 1,785,474
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<PER-SHARE-NII> 0.250
<PER-SHARE-GAIN-APPREC> (0.100)
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> First Priority Equity Fund
Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 151,476,953
<INVESTMENTS-AT-VALUE> 150,291,968
<RECEIVABLES> 707,671
<ASSETS-OTHER> 15,770
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 151,015,409
<PAYABLE-FOR-SECURITIES> 893,400
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 114,802
<TOTAL-LIABILITIES> 1,008,202
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 146,354,354
<SHARES-COMMON-STOCK> 592,016
<SHARES-COMMON-PRIOR> 666,242
<ACCUMULATED-NII-CURRENT> 646,818
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,191,020
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,184,985)
<NET-ASSETS> 6,130,734
<DIVIDEND-INCOME> 4,082,587
<INTEREST-INCOME> 946,879
<OTHER-INCOME> 0
<EXPENSES-NET> 1,301,033
<NET-INVESTMENT-INCOME> 3,728,433
<REALIZED-GAINS-CURRENT> 4,192,110
<APPREC-INCREASE-CURRENT> (5,561,915)
<NET-CHANGE-FROM-OPS> 2,358,628
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 127,353
<DISTRIBUTIONS-OF-GAINS> 45,275
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 105,833
<NUMBER-OF-SHARES-REDEEMED> 196,018
<SHARES-REINVESTED> 15,959
<NET-CHANGE-IN-ASSETS> (11,182,243)
<ACCUMULATED-NII-PRIOR> 494,541
<ACCUMULATED-GAINS-PRIOR> 1,035,511
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,291,843
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,785,474
<AVERAGE-NET-ASSETS> 160,382,544
<PER-SHARE-NAV-BEGIN> 10.510
<PER-SHARE-NII> 0.210
<PER-SHARE-GAIN-APPREC> (0.090)
<PER-SHARE-DIVIDEND> 0.200
<PER-SHARE-DISTRIBUTIONS> 0.070
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.360
<EXPENSE-RATIO> 109
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> First Priority Fixed Income Fund
Trust Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 177,174,626
<INVESTMENTS-AT-VALUE> 162,082,973
<RECEIVABLES> 1,724,264
<ASSETS-OTHER> 15,727
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 163,822,964
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 888,703
<TOTAL-LIABILITIES> 888,703
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 179,114,510
<SHARES-COMMON-STOCK> 16,203,508
<SHARES-COMMON-PRIOR> 15,924,792
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,088,596)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (15,091,653)
<NET-ASSETS> 153,289,420
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,977,001
<OTHER-INCOME> 0
<EXPENSES-NET> 1,437,801
<NET-INVESTMENT-INCOME> 9,539,200
<REALIZED-GAINS-CURRENT> (1,006,586)
<APPREC-INCREASE-CURRENT> (17,173,530)
<NET-CHANGE-FROM-OPS> (8,640,916)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,976,750
<DISTRIBUTIONS-OF-GAINS> 3,299,410
<DISTRIBUTIONS-OTHER> 76,597
<NUMBER-OF-SHARES-SOLD> 4,076,432
<NUMBER-OF-SHARES-REDEEMED> 3,797,715
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (19,466,455)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3,548,087
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,334,608
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,882,670
<AVERAGE-NET-ASSETS> 176,950,703
<PER-SHARE-NAV-BEGIN> 10.670
<PER-SHARE-NII> 0.530
<PER-SHARE-GAIN-APPREC> (1.000)
<PER-SHARE-DIVIDEND> 0.530
<PER-SHARE-DISTRIBUTIONS> 0.200
<RETURNS-OF-CAPITAL> 0.010
<PER-SHARE-NAV-END> 9.460
<EXPENSE-RATIO> 79
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> First Priority Fixed Income Fund
Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 177,174,626
<INVESTMENTS-AT-VALUE> 162,082,973
<RECEIVABLES> 1,724,264
<ASSETS-OTHER> 15,727
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 163,822,964
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 888,703
<TOTAL-LIABILITIES> 888,703
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 179,114,510
<SHARES-COMMON-STOCK> 1,023,599
<SHARES-COMMON-PRIOR> 1,173,570
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,088,596)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (15,091,653)
<NET-ASSETS> 9,644,841
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,977,001
<OTHER-INCOME> 0
<EXPENSES-NET> 1,437,801
<NET-INVESTMENT-INCOME> 9,539,200
<REALIZED-GAINS-CURRENT> (1,006,586)
<APPREC-INCREASE-CURRENT> (17,173,530)
<NET-CHANGE-FROM-OPS> (8,640,916)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 562,450
<DISTRIBUTIONS-OF-GAINS> 248,677
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<NUMBER-OF-SHARES-REDEEMED> 401,362
<SHARES-REINVESTED> 68,161
<NET-CHANGE-IN-ASSETS> (19,466,455)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3,548,087
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,882,670
<AVERAGE-NET-ASSETS> 176,950,703
<PER-SHARE-NAV-BEGIN> 10.670
<PER-SHARE-NII> 0.510
<PER-SHARE-GAIN-APPREC> (1.010)
<PER-SHARE-DIVIDEND> 0.500
<PER-SHARE-DISTRIBUTIONS> 0.200
<RETURNS-OF-CAPITAL> 0.010
<PER-SHARE-NAV-END> 9.460
<EXPENSE-RATIO> 109
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> First Priority Limited Maturity Government Fun
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 49,994,680
<INVESTMENTS-AT-VALUE> 48,092,865
<RECEIVABLES> 588,957
<ASSETS-OTHER> 95,018
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<TOTAL-ASSETS> 48,776,840
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 250,779
<TOTAL-LIABILITIES> 250,779
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 50,490,591
<SHARES-COMMON-STOCK> 5,056,046
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (62,715)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,901,815)
<NET-ASSETS> 48,526,061
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,167,345
<OTHER-INCOME> 0
<EXPENSES-NET> 169,293
<NET-INVESTMENT-INCOME> 1,998,052
<REALIZED-GAINS-CURRENT> (62,715)
<APPREC-INCREASE-CURRENT> (1,901,815)
<NET-CHANGE-FROM-OPS> 33,522
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,998,052
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,075,557
<NUMBER-OF-SHARES-REDEEMED> 1,021,013
<SHARES-REINVESTED> 1,502
<NET-CHANGE-IN-ASSETS> 48,526,061
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 314,438
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 483,731
<AVERAGE-NET-ASSETS> 45,920,433
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.420
<PER-SHARE-GAIN-APPREC> (0.400)
<PER-SHARE-DIVIDEND> 0.420
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.600
<EXPENSE-RATIO> 38
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> First Priority Treasury Money Market Fund
Trust Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 107,760,986
<INVESTMENTS-AT-VALUE> 107,760,986
<RECEIVABLES> 153,818
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<TOTAL-ASSETS> 107,931,792
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 353,252
<TOTAL-LIABILITIES> 353,252
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 107,578,540
<SHARES-COMMON-STOCK> 91,007,590
<SHARES-COMMON-PRIOR> 88,509,904
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 91,007,590
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,368,179
<OTHER-INCOME> 0
<EXPENSES-NET> 458,305
<NET-INVESTMENT-INCOME> 3,909,874
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,909,874
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,231,014
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 195,487,497
<NUMBER-OF-SHARES-REDEEMED> 192,990,048
<SHARES-REINVESTED> 237
<NET-CHANGE-IN-ASSETS> (4,726,524)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 573,013
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,031,318
<AVERAGE-NET-ASSETS> 114,602,507
<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> 1.000
<EXPENSE-RATIO> 32
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> First Priority Treasury Money Market Fund
Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 107,760,986
<INVESTMENTS-AT-VALUE> 107,760,986
<RECEIVABLES> 153,818
<ASSETS-OTHER> 16,988
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<TOTAL-ASSETS> 107,931,792
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 353,252
<TOTAL-LIABILITIES> 353,252
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 107,578,540
<SHARES-COMMON-STOCK> 16,570,950
<SHARES-COMMON-PRIOR> 23,795,160
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 16,570,950
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,368,179
<OTHER-INCOME> 0
<EXPENSES-NET> 458,305
<NET-INVESTMENT-INCOME> 3,909,874
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<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,909,874
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<DISTRIBUTIONS-OF-INCOME> 678,860
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 172,453,881
<NUMBER-OF-SHARES-REDEEMED> 180,342,712
<SHARES-REINVESTED> 664,621
<NET-CHANGE-IN-ASSETS> (4,726,524)
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 573,013
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,031,318
<AVERAGE-NET-ASSETS> 114,602,507
<PER-SHARE-NAV-BEGIN> 1.000
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 72
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
