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<PAGE> PAGE 3
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<PAGE> PAGE 7
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062 G000400 0.0
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<PAGE> PAGE 21
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 71.7
062 N000400 15.7
062 O000400 0.0
062 P000400 4.8
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 2.3
064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
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 N
070 L010400 Y
070 L020400 N
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
<PAGE> PAGE 22
070 Q020400 N
070 R010400 N
070 R020400 N
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071 B000400 29242
071 C000400 58753
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072 B000400 3900
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<PAGE> PAGE 23
074 H000400 0
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074 Y000400 0
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076 000400 0.00
024 000500 N
025 D000501 0
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<PAGE> PAGE 24
028 E010500 1235
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<PAGE> PAGE 25
048 F020500 0.000
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048 I010500 0
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048 J010500 0
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048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
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
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062 L000500 0.0
062 M000500 0.0
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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
<PAGE> PAGE 26
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 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 69399
071 B000500 36163
071 C000500 62072
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072 A000500 12
072 B000500 341
072 C000500 1900
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<PAGE> PAGE 27
072 N000500 18
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<PAGE> PAGE 28
074 W000500 0.0000
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024 000600 Y
025 A000601 LEHMAN BROTHERS
025 C000601 D
025 D000601 1021
025 A000602 MERRILL LYNCH
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<PAGE> PAGE 29
030 C000600 0.00
031 A000600 0
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032 000600 2
033 000600 0
037 000600 N
038 000600 0
039 000600 N
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050 000600 N
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<PAGE> PAGE 30
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066 A000600 Y
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066 D000600 N
066 E000600 N
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067 000600 Y
068 A000600 N
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069 000600 N
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<PAGE> PAGE 31
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070 R020600 N
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<PAGE> PAGE 32
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> First Priority Funds
First Priority Treasury Money Market Fund
Investment Shares
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<PERIOD-END> Nov-30-1996
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<DISTRIBUTIONS-OF-INCOME> 1,757,402
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 268,532,663
<NUMBER-OF-SHARES-REDEEMED> 258,536,525
<SHARES-REINVESTED> 1,692,519
<NET-CHANGE-IN-ASSETS> 4,107,474
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> First Priority Funds
First Priority Treasury Money Market Fund
Trust Shares
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<PERIOD-END> Nov-30-1996
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<EXPENSES-NET> 927,046
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<NUMBER-OF-SHARES-SOLD> 225,453,608
<NUMBER-OF-SHARES-REDEEMED> 233,591,379
<SHARES-REINVESTED> 556,588
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 735,258
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,354,727
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<PER-SHARE-NAV-BEGIN> 1.000
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> First Priority Funds
First Priority Fixed Income Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 150,848,919
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<PAID-IN-CAPITAL-COMMON> 155,130,300
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<SHARES-COMMON-PRIOR> 15,506,800
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<ACCUMULATED-NET-GAINS> (3,609,421)
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<INTEREST-INCOME> 9,732,358
<OTHER-INCOME> 0
<EXPENSES-NET> 1,544,996
<NET-INVESTMENT-INCOME> 8,187,362
<REALIZED-GAINS-CURRENT> (15,303)
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<NET-CHANGE-FROM-OPS> 8,369,870
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<DISTRIBUTIONS-OF-INCOME> 8,137,891
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,523,751
<NUMBER-OF-SHARES-REDEEMED> 7,311,945
<SHARES-REINVESTED> 44,514
<NET-CHANGE-IN-ASSETS> (7,345,666)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,594,118)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,135,766
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,544,996
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<PER-SHARE-NAV-BEGIN> 10.340
<PER-SHARE-NII> 0.540
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<PER-SHARE-NAV-END> 10.360
<EXPENSE-RATIO> 1.02
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> First Priority Funds
First Priority Growth Fund
Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 132,764,722
<INVESTMENTS-AT-VALUE> 175,202,726
<RECEIVABLES> 531,508
<ASSETS-OTHER> 1,752
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 175,735,986
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 215,003
<TOTAL-LIABILITIES> 215,003
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 118,236,386
<SHARES-COMMON-STOCK> 11,992,551
<SHARES-COMMON-PRIOR> 12,752,956
<ACCUMULATED-NII-CURRENT> 100,160
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,157,307
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48,027,130
<NET-ASSETS> 175,520,983
<DIVIDEND-INCOME> 2,839,057
<INTEREST-INCOME> 320,266
<OTHER-INCOME> 0
<EXPENSES-NET> 1,630,535
<NET-INVESTMENT-INCOME> 1,528,788
<REALIZED-GAINS-CURRENT> 9,169,321
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<NET-CHANGE-FROM-OPS> 39,611,887
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,880,165
<DISTRIBUTIONS-OF-GAINS> 6,989,405
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,178,975
<NUMBER-OF-SHARES-REDEEMED> 2,980,103
<SHARES-REINVESTED> 40,723
<NET-CHANGE-IN-ASSETS> 21,223,550
<ACCUMULATED-NII-PRIOR> 451,537
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,643,494
<AVERAGE-NET-ASSETS> 155,656,010
<PER-SHARE-NAV-BEGIN> 12.100
<PER-SHARE-NII> 0.120
<PER-SHARE-GAIN-APPREC> 3.120
<PER-SHARE-DIVIDEND> 0.150
<PER-SHARE-DISTRIBUTIONS> 55.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.640
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> First Priority Funds
First Priority Limited Maturity Government Fun
Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 62,000,327
<INVESTMENTS-AT-VALUE> 62,353,319
<RECEIVABLES> 1,537,282
<ASSETS-OTHER> 10,698
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 63,901,299
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 169,780
<TOTAL-LIABILITIES> 169,780
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 63,658,146
<SHARES-COMMON-STOCK> 6,400,017
<SHARES-COMMON-PRIOR> 6,279,565
<ACCUMULATED-NII-CURRENT> 18,946
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (298,565)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 352,992
<NET-ASSETS> 63,731,519
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,899,774
<OTHER-INCOME> 0
<EXPENSES-NET> 646,406
<NET-INVESTMENT-INCOME> 3,253,368
<REALIZED-GAINS-CURRENT> (166,590)
<APPREC-INCREASE-CURRENT> (433,168)
<NET-CHANGE-FROM-OPS> 2,653,610
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,234,422
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,356,256
<NUMBER-OF-SHARES-REDEEMED> 1,340,753
<SHARES-REINVESTED> 104,949
<NET-CHANGE-IN-ASSETS> 653,680
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (131,975)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 694,541
<AVERAGE-NET-ASSETS> 63,959,890
<PER-SHARE-NAV-BEGIN> 10.040
<PER-SHARE-NII> 0.500
<PER-SHARE-GAIN-APPREC> (0.080)
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<PER-SHARE-NAV-END> 9.960
<EXPENSE-RATIO> 1.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> First Priority Funds
First Priority Value Fund
Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 70,649,669
<INVESTMENTS-AT-VALUE> 83,519,810
<RECEIVABLES> 944,553
<ASSETS-OTHER> 8,909
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 84,473,272
<PAYABLE-FOR-SECURITIES> 863,515
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37,787
<TOTAL-LIABILITIES> 901,302
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 66,555,314
<SHARES-COMMON-STOCK> 6,018,115
<SHARES-COMMON-PRIOR> 3,773,216
<ACCUMULATED-NII-CURRENT> 257,785
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,888,730
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,870,141
<NET-ASSETS> 83,571,970
<DIVIDEND-INCOME> 1,900,125
<INTEREST-INCOME> 341,287
<OTHER-INCOME> 0
<EXPENSES-NET> 730,601
<NET-INVESTMENT-INCOME> 1,510,811
<REALIZED-GAINS-CURRENT> 3,889,499
<APPREC-INCREASE-CURRENT> 8,077,338
<NET-CHANGE-FROM-OPS> 13,477,648
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,483,398
<DISTRIBUTIONS-OF-GAINS> 1,327,782
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,724,418
<NUMBER-OF-SHARES-REDEEMED> 483,316
<SHARES-REINVESTED> 3,797
<NET-CHANGE-IN-ASSETS> 38,148,294
<ACCUMULATED-NII-PRIOR> 230,372
<ACCUMULATED-GAINS-PRIOR> 1,327,013
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 528,160
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 773,124
<AVERAGE-NET-ASSETS> 65,786,533
<PER-SHARE-NAV-BEGIN> 12.040
<PER-SHARE-NII> 0.270
<PER-SHARE-GAIN-APPREC> 2.220
<PER-SHARE-DIVIDEND> 0.290
<PER-SHARE-DISTRIBUTIONS> 0.350
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.890
<EXPENSE-RATIO> 1.11
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> First Priority Funds
First Priority Balanced Fund
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 49,290,040
<INVESTMENTS-AT-VALUE> 58,746,606
<RECEIVABLES> 782,985
<ASSETS-OTHER> 10,022
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 59,539,613
<PAYABLE-FOR-SECURITIES> 186,500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,316
<TOTAL-LIABILITIES> 218,816
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48,066,403
<SHARES-COMMON-STOCK> 4,740,378
<SHARES-COMMON-PRIOR> 4,469,111
<ACCUMULATED-NII-CURRENT> 323,481
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,474,347
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,456,566
<NET-ASSETS> 59,320,797
<DIVIDEND-INCOME> 576,066
<INTEREST-INCOME> 2,007,628
<OTHER-INCOME> 0
<EXPENSES-NET> 619,027
<NET-INVESTMENT-INCOME> 1,964,667
<REALIZED-GAINS-CURRENT> 1,477,490
<APPREC-INCREASE-CURRENT> 4,504,813
<NET-CHANGE-FROM-OPS> 7,946,970
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,977,098
<DISTRIBUTIONS-OF-GAINS> 934,924
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,045,572
<NUMBER-OF-SHARES-REDEEMED> 8,906,342
<SHARES-REINVESTED> 950,011
<NET-CHANGE-IN-ASSETS> 8,124,189
<ACCUMULATED-NII-PRIOR> 335,912
<ACCUMULATED-GAINS-PRIOR> 931,781
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 436,997
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 667,061
<AVERAGE-NET-ASSETS> 54,706,980
<PER-SHARE-NAV-BEGIN> 11.460
<PER-SHARE-NII> 0.410
<PER-SHARE-GAIN-APPREC> 1.270
<PER-SHARE-DIVIDEND> 0.420
<PER-SHARE-DISTRIBUTIONS> 0.210
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.510
<EXPENSE-RATIO> 1.13
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
