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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 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 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
<PAGE> PAGE 21
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
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070 Q010400 N
070 Q020400 N
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070 R020400 N
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<PAGE> PAGE 22
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024 000500 N
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<PAGE> PAGE 23
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<PAGE> PAGE 24
042 F000500 0
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050 000500 N
051 000500 N
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<PAGE> PAGE 25
062 P000500 0.0
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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
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070 A020500 Y
070 B010500 Y
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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
<PAGE> PAGE 26
070 R020500 N
071 A000500 29123
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<PAGE> PAGE 27
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024 000600 Y
025 A000601 LEHMAN BROTHERS
025 C000601 D
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
070 B010600 Y
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> First Priority Funds
First Priority Treasury Money Market Fund
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<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> First Priority Funds
First Priority Treasury Money Market Fund
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<NET-INVESTMENT-INCOME> 3,744,111
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> First Priority Funds
First Priority Fixed Income Fund
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<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 179,113,170
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<NET-CHANGE-IN-ASSETS> 25,404,922
<ACCUMULATED-NII-PRIOR> 49,471
<ACCUMULATED-GAINS-PRIOR> (3,609,421)
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<GROSS-ADVISORY-FEES> 585,532
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> First Priority Funds
First Priority Growth Fund
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<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 171,217,509
<INVESTMENTS-AT-VALUE> 248,204,089
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<TOTAL-LIABILITIES> 194,341
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<SHARES-COMMON-PRIOR> 11,992,551
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</TABLE>
<TABLE> <S> <C>
<S> <C>
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<SERIES>
<NUMBER> 04
<NAME> First Priority Funds
First Priority Limited Maturity Government Fun
Investment Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 80,049,098
<INVESTMENTS-AT-VALUE> 79,774,051
<RECEIVABLES> 1,245,556
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<OTHER-ITEMS-ASSETS> 0
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<OTHER-ITEMS-LIABILITIES> 418,660
<TOTAL-LIABILITIES> 418,660
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 81,295,900
<SHARES-COMMON-STOCK> 8,179,141
<SHARES-COMMON-PRIOR> 6,400,017
<ACCUMULATED-NII-CURRENT> 18,946
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<ACCUMULATED-NET-GAINS> (380,092)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (275,047)
<NET-ASSETS> 80,659,707
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,312,898
<OTHER-INCOME> 0
<EXPENSES-NET> 395,530
<NET-INVESTMENT-INCOME> 1,917,368
<REALIZED-GAINS-CURRENT> (81,527)
<APPREC-INCREASE-CURRENT> (628,039)
<NET-CHANGE-FROM-OPS> 1,207,802
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<DISTRIBUTIONS-OF-INCOME> 1,917,368
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,713,012
<NUMBER-OF-SHARES-REDEEMED> 995,951
<SHARES-REINVESTED> 62,063
<NET-CHANGE-IN-ASSETS> 16,928,188
<ACCUMULATED-NII-PRIOR> 18,946
<ACCUMULATED-GAINS-PRIOR> (298,565)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 271,600
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 395,530
<AVERAGE-NET-ASSETS> 77,823,400
<PER-SHARE-NAV-BEGIN> 9.960
<PER-SHARE-NII> 0.240
<PER-SHARE-GAIN-APPREC> (0.100)
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<PER-SHARE-NAV-END> 9.860
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> First Priority Funds
First Priority Value Fund
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 84,391,667
<INVESTMENTS-AT-VALUE> 103,885,388
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<TOTAL-ASSETS> 105,016,119
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<SENIOR-LONG-TERM-DEBT> 0
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> First Priority Funds
First Priority Balanced Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 59,873,704
<INVESTMENTS-AT-VALUE> 72,466,413
<RECEIVABLES> 273,612
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 248,477,701
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 194,341
<TOTAL-LIABILITIES> 194,341
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 172,474,738
<SHARES-COMMON-STOCK> 5,729,916
<SHARES-COMMON-PRIOR> 4,740,378
<ACCUMULATED-NII-CURRENT> 219,071
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,397,029)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 76,986,580
<NET-ASSETS> 73,890,115
<DIVIDEND-INCOME> 1,348,668
<INTEREST-INCOME> 399,742
<OTHER-INCOME> 0
<EXPENSES-NET> 1,074,291
<NET-INVESTMENT-INCOME> 674,119
<REALIZED-GAINS-CURRENT> (1,397,169)
<APPREC-INCREASE-CURRENT> 28,959,450
<NET-CHANGE-FROM-OPS> 28,236,400
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 928,076
<DISTRIBUTIONS-OF-GAINS> 1,475,295
<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> 21,223,550
<ACCUMULATED-NII-PRIOR> 100,160
<ACCUMULATED-GAINS-PRIOR> 9,157,307
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 851,976
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,074,291
<AVERAGE-NET-ASSETS> 209,953,328
<PER-SHARE-NAV-BEGIN> 12.510
<PER-SHARE-NII> 0.180
<PER-SHARE-GAIN-APPREC> 0.710
<PER-SHARE-DIVIDEND> 0.190
<PER-SHARE-DISTRIBUTIONS> 0.310
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.900
<EXPENSE-RATIO> 1.17
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
