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<PAGE> PAGE 3
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<PAGE> PAGE 7
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<PAGE> PAGE 13
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<PAGE> PAGE 20
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050 000400 N
051 000400 N
052 000400 N
053 A000400 N
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<PAGE> PAGE 21
062 B000400 0.0
062 C000400 0.0
062 D000400 0.6
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 61.0
062 N000400 10.6
062 O000400 0.0
062 P000400 24.8
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 1.8
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
<PAGE> PAGE 22
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 48007
071 B000400 29964
071 C000400 74414
071 D000400 40
072 A000400 12
072 B000400 4673
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<PAGE> PAGE 23
073 C000400 0.0000
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076 000400 0.00
024 000500 N
025 D000501 0
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<PAGE> PAGE 24
028 C010500 4169
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037 000500 N
038 000500 0
039 000500 N
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041 000500 N
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<PAGE> PAGE 25
048 000500 0.800
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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
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 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
062 K000500 0.0
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
<PAGE> PAGE 26
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 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
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 82073
071 B000500 32322
071 C000500 104784
071 D000500 31
072 A000500 12
072 B000500 263
072 C000500 2509
<PAGE> PAGE 27
072 D000500 0
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<PAGE> PAGE 28
074 R010500 0
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076 000500 0.00
024 000600 Y
025 A000601 MERRILL LYNCH
025 C000601 D
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025 A000602 LEHMAN BROTHERS
025 C000602 D
025 D000602 1049
025 D000603 0
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025 D000605 0
025 D000606 0
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<PAGE> PAGE 29
028 F030600 0
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032 000600 7
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035 000600 0
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037 000600 N
038 000600 0
039 000600 N
040 000600 Y
041 000600 N
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<PAGE> PAGE 30
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050 000600 N
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052 000600 N
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062 C000600 0.0
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066 A000600 Y
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066 C000600 N
066 D000600 N
066 E000600 N
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067 000600 Y
068 A000600 N
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<PAGE> PAGE 31
070 D010600 Y
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070 G010600 Y
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070 H020600 N
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070 I020600 N
070 J010600 Y
070 J020600 N
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070 L010600 Y
070 L020600 N
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070 M020600 N
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070 Q020600 N
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<PAGE> PAGE 32
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<PAGE> PAGE 33
075 B000600 71610
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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 Funds
First Priority Treasury Money Market Fund
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<TABLE> <S> <C>
<S> <C>
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<SERIES>
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<NAME> First Priority Funds
First Priority Treasury Money Market Fund
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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> Nov-30-1997
<INVESTMENTS-AT-COST> 177,857,820
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<SHARES-REINVESTED> 44,514
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<ACCUMULATED-GAINS-PRIOR> (3,609,421)
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,272,862
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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> Nov-30-1997
<INVESTMENTS-AT-COST> 207,282,345
<INVESTMENTS-AT-VALUE> 274,797,583
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<DISTRIBUTIONS-OF-GAINS> 9,157,167
<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> 99,485,485
<ACCUMULATED-NII-PRIOR> 100,160
<ACCUMULATED-GAINS-PRIOR> 9,157,307
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,925,571
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,434,420
<AVERAGE-NET-ASSETS> 236,544,573
<PER-SHARE-NAV-BEGIN> 14.640
<PER-SHARE-NII> 0.070
<PER-SHARE-GAIN-APPREC> 3.010
<PER-SHARE-DIVIDEND> 0.070
<PER-SHARE-DISTRIBUTIONS> 0.760
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.890
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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
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> Nov-30-1997
<INVESTMENTS-AT-COST> 76,904,067
<INVESTMENTS-AT-VALUE> 77,210,118
<RECEIVABLES> 3,282,807
<ASSETS-OTHER> 510,830
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 81,003,755
<PAYABLE-FOR-SECURITIES> 1,012,094
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 370,390
<TOTAL-LIABILITIES> 1,382,484
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 79,633,969
<SHARES-COMMON-STOCK> 8,011,911
<SHARES-COMMON-PRIOR> 6,400,017
<ACCUMULATED-NII-CURRENT> 18,946
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (337,695)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 306,051
<NET-ASSETS> 79,621,271
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,672,999
<OTHER-INCOME> 0
<EXPENSES-NET> 782,924
<NET-INVESTMENT-INCOME> 3,890,075
<REALIZED-GAINS-CURRENT> (39,130)
<APPREC-INCREASE-CURRENT> (46,941)
<NET-CHANGE-FROM-OPS> 3,804,004
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,890,075
<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> 15,889,752
<ACCUMULATED-NII-PRIOR> 18,946
<ACCUMULATED-GAINS-PRIOR> (298,565)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 554,567
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 782,924
<AVERAGE-NET-ASSETS> 78,062,725
<PER-SHARE-NAV-BEGIN> 9.960
<PER-SHARE-NII> 0.490
<PER-SHARE-GAIN-APPREC> (0.020)
<PER-SHARE-DIVIDEND> 0.490
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<PER-SHARE-NAV-END> 9.940
<EXPENSE-RATIO> 0.99
<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
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> Nov-30-1997
<INVESTMENTS-AT-COST> 122,558,313
<INVESTMENTS-AT-VALUE> 152,186,799
<RECEIVABLES> 470,246
<ASSETS-OTHER> 5,643
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 152,662,688
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 131,399
<TOTAL-LIABILITIES> 131,399
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 118,622,058
<SHARES-COMMON-STOCK> 9,429,868
<SHARES-COMMON-PRIOR> 6,018,115
<ACCUMULATED-NII-CURRENT> 299,491
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,981,254
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29,628,486
<NET-ASSETS> 152,531,289
<DIVIDEND-INCOME> 2,509,216
<INTEREST-INCOME> 262,560
<OTHER-INCOME> 0
<EXPENSES-NET> 1,136,091
<NET-INVESTMENT-INCOME> 1,635,685
<REALIZED-GAINS-CURRENT> 3,981,222
<APPREC-INCREASE-CURRENT> 16,758,345
<NET-CHANGE-FROM-OPS> 22,375,252
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,593,979
<DISTRIBUTIONS-OF-GAINS> 3,888,698
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,724,418
<NUMBER-OF-SHARES-REDEEMED> 483,316
<SHARES-REINVESTED> 3,797
<NET-CHANGE-IN-ASSETS> 68,959,319
<ACCUMULATED-NII-PRIOR> 257,785
<ACCUMULATED-GAINS-PRIOR> 3,888,730
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 875,092
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,136,091
<AVERAGE-NET-ASSETS> 109,228,858
<PER-SHARE-NAV-BEGIN> 13.890
<PER-SHARE-NII> 0.220
<PER-SHARE-GAIN-APPREC> 2.940
<PER-SHARE-DIVIDEND> 0.210
<PER-SHARE-DISTRIBUTIONS> 0.660
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.180
<EXPENSE-RATIO> 1.04
<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-30-1997
<PERIOD-END> Nov-30-1997
<INVESTMENTS-AT-COST> 65,341,977
<INVESTMENTS-AT-VALUE> 81,440,229
<RECEIVABLES> 1,703,160
<ASSETS-OTHER> 12,344
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 83,155,733
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 82,519
<TOTAL-LIABILITIES> 82,519
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 64,210,692
<SHARES-COMMON-STOCK> 6,023,878
<SHARES-COMMON-PRIOR> 4,740,378
<ACCUMULATED-NII-CURRENT> 314,333
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,449,937
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,098,252
<NET-ASSETS> 83,073,214
<DIVIDEND-INCOME> 679,148
<INTEREST-INCOME> 2,090,165
<OTHER-INCOME> 0
<EXPENSES-NET> 802,829
<NET-INVESTMENT-INCOME> 1,966,484
<REALIZED-GAINS-CURRENT> 2,450,885
<APPREC-INCREASE-CURRENT> 6,641,686
<NET-CHANGE-FROM-OPS> 11,059,055
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,975,632
<DISTRIBUTIONS-OF-GAINS> 1,475,295
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 960,324
<NUMBER-OF-SHARES-REDEEMED> 771,226
<SHARES-REINVESTED> 82,169
<NET-CHANGE-IN-ASSETS> 23,752,417
<ACCUMULATED-NII-PRIOR> 323,481
<ACCUMULATED-GAINS-PRIOR> 1,474,347
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 576,963
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 802,829
<AVERAGE-NET-ASSETS> 71,610,460
<PER-SHARE-NAV-BEGIN> 12.510
<PER-SHARE-NII> 0.360
<PER-SHARE-GAIN-APPREC> 1.600
<PER-SHARE-DIVIDEND> 0.370
<PER-SHARE-DISTRIBUTIONS> 0.310
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.790
<EXPENSE-RATIO> 1.11
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
