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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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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<PAGE> PAGE 20
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070 R020400 N
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<PAGE> PAGE 21
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<PAGE> PAGE 22
074 Q000400 0
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028 A010500 1723
028 A020500 6
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<PAGE> PAGE 23
031 B000500 0
032 000500 2
033 000500 0
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038 000500 0
039 000500 N
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042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
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043 000500 0
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048 I010500 0
048 I020500 0.000
048 J010500 0
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048 K010500 0
048 K020500 0.000
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050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
<PAGE> PAGE 24
062 A000500 N
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
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 N
066 E000500 Y
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 Y
<PAGE> PAGE 25
070 K010500 Y
070 K020500 Y
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 43369
071 B000500 19485
071 C000500 54207
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072 A000500 6
072 B000500 206
072 C000500 875
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072CC010500 2093
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<PAGE> PAGE 26
072DD020500 0
072EE000500 1328
073 A010500 0.1600
073 A020500 0.0000
073 B000500 0.3500
073 C000500 0.0000
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074 B000500 4960
074 C000500 0
074 D000500 940
074 E000500 5948
074 F000500 60251
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074 R040500 73
074 S000500 0
074 T000500 71173
074 U010500 5650
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074 V020500 0.00
074 W000500 0.0000
074 X000500 43
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075 B000500 58031
076 000500 0.00
028 A010600 1706
028 A020600 2
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028 B010600 4366
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<PAGE> PAGE 27
028 D010600 295
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028 G010600 8519
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028 H000600 8484
029 000600 Y
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030 B000600 4.75
030 C000600 0.00
031 A000600 0
031 B000600 0
032 000600 1
033 000600 0
037 000600 N
038 000600 0
039 000600 N
040 000600 Y
041 000600 N
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042 H000600 0
043 000600 0
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<PAGE> PAGE 28
048 D020600 0.000
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048 I010600 0
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048 J010600 0
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048 K010600 0
048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 Y
053 B000600 Y
053 C000600 N
062 A000600 Y
062 B000600 0.0
062 C000600 0.0
062 D000600 1.2
062 E000600 0.0
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062 H000600 0.0
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062 J000600 0.0
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062 L000600 0.0
062 M000600 23.3
062 N000600 23.0
062 O000600 0.0
062 P000600 7.2
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 6.9
064 A000600 N
064 B000600 N
066 A000600 N
067 000600 Y
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
<PAGE> PAGE 29
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 Y
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> First Priority Treasury Money Market Fund
Trust Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 148,208,986
<INVESTMENTS-AT-VALUE> 148,208,986
<RECEIVABLES> 473,671
<ASSETS-OTHER> 5,663
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 148,688,320
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 389,110
<TOTAL-LIABILITIES> 389,110
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 148,299,210
<SHARES-COMMON-STOCK> 110,854,437
<SHARES-COMMON-PRIOR> 109,367,632
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 110,854,437
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,846,373
<OTHER-INCOME> 0
<EXPENSES-NET> 428,180
<NET-INVESTMENT-INCOME> 3,418,193
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<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,418,193
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,578,998
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 115,993,378
<NUMBER-OF-SHARES-REDEEMED> 114,667,090
<SHARES-REINVESTED> 160,517
<NET-CHANGE-IN-ASSETS> 10,001,637
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 367,383
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 671,923
<AVERAGE-NET-ASSETS> 146,953,146
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.020
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.47
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> First Priority Treasury Money Market Fund
Investment Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 148,208,986
<INVESTMENTS-AT-VALUE> 148,208,986
<RECEIVABLES> 473,671
<ASSETS-OTHER> 5,663
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<PAYABLE-FOR-SECURITIES> 0
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<TOTAL-LIABILITIES> 389,110
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 148,299,210
<SHARES-COMMON-STOCK> 37,444,773
<SHARES-COMMON-PRIOR> 28,929,941
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 37,444,773
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,846,373
<OTHER-INCOME> 0
<EXPENSES-NET> 428,180
<NET-INVESTMENT-INCOME> 3,418,193
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,418,193
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 839,195
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 128,363,300
<NUMBER-OF-SHARES-REDEEMED> 120,665,055
<SHARES-REINVESTED> 816,587
<NET-CHANGE-IN-ASSETS> 10,001,637
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 367,383
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 671,923
<AVERAGE-NET-ASSETS> 146,953,146
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.020
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> First Priority Fixed Income Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 151,793,918
<INVESTMENTS-AT-VALUE> 148,066,494
<RECEIVABLES> 1,214,285
<ASSETS-OTHER> 5,242
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 149,286,021
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 692,609
<TOTAL-LIABILITIES> 692,609
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 155,895,540
<SHARES-COMMON-STOCK> 14,845,258
<SHARES-COMMON-PRIOR> 15,506,800
<ACCUMULATED-NII-CURRENT> 2,743
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,577,447)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,727,424)
<NET-ASSETS> 148,593,412
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,814,096
<OTHER-INCOME> 0
<EXPENSES-NET> 785,099
<NET-INVESTMENT-INCOME> 4,028,997
<REALIZED-GAINS-CURRENT> 16,670
<APPREC-INCREASE-CURRENT> (4,899,629)
<NET-CHANGE-FROM-OPS> (853,962)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,026,254
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 752,303
<NUMBER-OF-SHARES-REDEEMED> 1,435,462
<SHARES-REINVESTED> 21,616
<NET-CHANGE-IN-ASSETS> (11,692,619)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,594,118)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 579,328
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 785,099
<AVERAGE-NET-ASSETS> 153,866,032
<PER-SHARE-NAV-BEGIN> 10.340
<PER-SHARE-NII> 0.270
<PER-SHARE-GAIN-APPREC> (0.330)
<PER-SHARE-DIVIDEND> 0.270
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.010
<EXPENSE-RATIO> 1.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> First Priority Growth Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 124,648,732
<INVESTMENTS-AT-VALUE> 153,847,987
<RECEIVABLES> 1,074,967
<ASSETS-OTHER> 5,257
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 154,928,211
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 141,520
<TOTAL-LIABILITIES> 141,520
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 119,430,821
<SHARES-COMMON-STOCK> 12,095,367
<SHARES-COMMON-PRIOR> 12,752,956
<ACCUMULATED-NII-CURRENT> 139,813
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,016,802
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29,199,255
<NET-ASSETS> 154,786,691
<DIVIDEND-INCOME> 174,988
<INTEREST-INCOME> 1,568,028
<OTHER-INCOME> 0
<EXPENSES-NET> 799,877
<NET-INVESTMENT-INCOME> 943,139
<REALIZED-GAINS-CURRENT> 6,028,816
<APPREC-INCREASE-CURRENT> 10,085,903
<NET-CHANGE-FROM-OPS> 17,057,858
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,254,863
<DISTRIBUTIONS-OF-GAINS> 6,989,404
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,378,256
<NUMBER-OF-SHARES-REDEEMED> 2,066,658
<SHARES-REINVESTED> 30,813
<NET-CHANGE-IN-ASSETS> 489,258
<ACCUMULATED-NII-PRIOR> 451,537
<ACCUMULATED-GAINS-PRIOR> 6,977,391
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 608,930
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 812,836
<AVERAGE-NET-ASSETS> 152,468,362
<PER-SHARE-NAV-BEGIN> 12.100
<PER-SHARE-NII> 0.080
<PER-SHARE-GAIN-APPREC> 1.270
<PER-SHARE-DIVIDEND> 0.100
<PER-SHARE-DISTRIBUTIONS> 0.550
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.800
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> First Priority Limited Maturity Government Fun
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 64,474,489
<INVESTMENTS-AT-VALUE> 63,630,354
<RECEIVABLES> 868,896
<ASSETS-OTHER> 13,371
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 64,512,621
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 204,714
<TOTAL-LIABILITIES> 204,714
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 65,273,475
<SHARES-COMMON-STOCK> 6,564,020
<SHARES-COMMON-PRIOR> 6,279,565
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (121,433)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (844,135)
<NET-ASSETS> 64,307,907
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,942,908
<OTHER-INCOME> 0
<EXPENSES-NET> 300,746
<NET-INVESTMENT-INCOME> 1,642,162
<REALIZED-GAINS-CURRENT> 10,542
<APPREC-INCREASE-CURRENT> (1,630,295)
<NET-CHANGE-FROM-OPS> 22,409
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,642,162
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 983,578
<NUMBER-OF-SHARES-REDEEMED> 727,099
<SHARES-REINVESTED> 27,976
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (131,975)
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> First Priority Value Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 65,213,161
<INVESTMENTS-AT-VALUE> 72,098,635
<RECEIVABLES> 317,727
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<TOTAL-ASSETS> 72,426,238
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<PAID-IN-CAPITAL-COMMON> 61,907,744
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<ACCUMULATED-NII-CURRENT> 306,900
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,072,949
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,885,474
<NET-ASSETS> 71,173,067
<DIVIDEND-INCOME> 874,802
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<EXPENSES-NET> 306,097
<NET-INVESTMENT-INCOME> 774,586
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<ACCUMULATED-NII-PRIOR> 230,372
<ACCUMULATED-GAINS-PRIOR> 1,327,013
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> First Priority Balanced Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 48,461,267
<INVESTMENTS-AT-VALUE> 53,645,034
<RECEIVABLES> 386,290
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<TOTAL-LIABILITIES> 50,830
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<SHARES-COMMON-PRIOR> 4,469,111
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 872,676
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,183,767
<NET-ASSETS> 53,992,187
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<INTEREST-INCOME> 1,014,589
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<EXPENSES-NET> 272,424
<NET-INVESTMENT-INCOME> 1,024,410
<REALIZED-GAINS-CURRENT> 875,819
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<SHARES-REINVESTED> 1,444
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<PER-SHARE-NAV-BEGIN> 11.460
<PER-SHARE-NII> 0.220
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<PER-SHARE-NAV-END> 11.490
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
