<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 4
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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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<PAGE> PAGE 21
048 F020400 0.000
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068 A000400 N
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069 000400 N
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070 B010400 N
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<PAGE> PAGE 22
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 N
070 J020400 N
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070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 N
070 M020400 N
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070 P010400 N
070 P020400 N
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070 Q020400 N
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070 R020400 N
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<PAGE> PAGE 23
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<PAGE> PAGE 24
008 A000501 ALLIED INVESTMENT ADVISORS, INC.
008 B000501 A
008 C000501 801-0000
008 D010501 BALTIMORE
008 D020501 MD
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
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070 E020500 N
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070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
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070 K020500 N
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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008 A000601 ALLIED INVESTMENT ADVISORS, INC.
008 B000601 A
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008 D020601 MD
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
066 G000600 N
067 000600 Y
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070 A010600 Y
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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
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070 K020600 Y
070 L010600 Y
070 L020600 Y
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070 M020600 Y
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070 O020600 N
070 P010600 N
070 P020600 N
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070 Q020600 N
070 R010600 Y
070 R020600 N
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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008 A000701 ALLIED INVESTMENT ADVISORS, INC.
008 B000701 A
008 C000701 801-0000
008 D010701 BALTIMORE
008 D020701 MD
008 D030701 21203
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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008 A000801 AIB INVESTMENT MANAGERS LTD
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<PAGE> PAGE 38
008 C000801 801-0000
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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008 A000901 ALLIED INVESTMENT ADVISORS, INC.
008 B000901 A
008 C000901 801-0000
008 D010901 BALTIMORE
008 D020901 MD
008 D030901 21203
015 A000901 FMB TRUST, NA
015 B000901 C
015 C010901 BALTIMORE
015 C020901 MD
015 C030901 21203
<PAGE> PAGE 41
015 E030901 X
024 000900 Y
025 A000901 FIRST BOSTON
025 B000901 13-5659485
025 C000901 D
025 D000901 2958
028 A010900 441
028 A020900 0
028 A030900 0
028 A040900 3536
028 B010900 574
028 B020900 4848
028 B030900 0
028 B040900 3125
028 C010900 3110
028 C020900 0
028 C030900 0
028 C040900 95
028 D010900 559
028 D020900 0
028 D030900 0
028 D040900 249
028 E010900 140
028 E020900 0
028 E030900 0
028 E040900 374
028 F010900 260
028 F020900 0
028 F030900 0
028 F040900 851
028 G010900 5084
028 G020900 4848
028 G030900 0
028 G040900 8230
028 H000900 0
037 000900 N
038 000900 0
039 000900 N
040 000900 Y
041 000900 Y
042 A000900 0
042 B000900 0
042 C000900 0
042 D000900 100
042 E000900 0
042 F000900 0
042 G000900 0
042 H000900 0
043 000900 1
044 000900 0
045 000900 Y
<PAGE> PAGE 42
046 000900 N
047 000900 Y
048 000900 0.600
048 A010900 0
048 A020900 0.000
048 B010900 0
048 B020900 0.000
048 C010900 0
048 C020900 0.000
048 D010900 0
048 D020900 0.000
048 E010900 0
048 E020900 0.000
048 F010900 0
048 F020900 0.000
048 G010900 0
048 G020900 0.000
048 H010900 0
048 H020900 0.000
048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
058 A000900 N
059 000900 Y
060 A000900 Y
060 B000900 Y
061 000900 500
062 A000900 N
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 0.0
062 M000900 0.0
062 N000900 0.0
062 O000900 0.0
062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
066 A000900 Y
066 B000900 N
066 C000900 Y
<PAGE> PAGE 43
066 D000900 N
066 E000900 N
066 F000900 N
066 G000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 Y
070 B010900 Y
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 Y
070 D020900 Y
070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 Y
070 I010900 Y
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 N
070 L010900 Y
070 L020900 Y
070 M010900 Y
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 Y
070 Q020900 N
070 R010900 Y
070 R020900 N
071 A000900 155830
071 B000900 166061
071 C000900 22122
071 D000900 704
072 A000900 12
072 B000900 153
072 C000900 57
<PAGE> PAGE 44
072 D000900 0
072 E000900 0
072 F000900 150
072 G000900 32
072 H000900 0
072 I000900 0
072 J000900 36
072 K000900 0
072 L000900 1
072 M000900 1
072 N000900 7
072 O000900 0
072 P000900 0
072 Q000900 0
072 R000900 9
072 S000900 1
072 T000900 1
072 U000900 0
072 V000900 0
072 W000900 1
072 X000900 239
072 Y000900 0
072 Z000900 -29
072AA000900 2092
072BB000900 0
072CC010900 0
072CC020900 8396
072DD010900 0
072DD020900 0
072EE000900 4849
073 A010900 0.0000
073 A020900 0.0000
073 B000900 3.2100
073 C000900 0.0000
074 A000900 45
074 B000900 2958
074 C000900 0
074 D000900 0
074 E000900 44
074 F000900 17926
074 G000900 0
074 H000900 0
074 I000900 12
074 J000900 179
074 K000900 0
074 L000900 10
074 M000900 34
074 N000900 21208
074 O000900 2128
074 P000900 0
074 Q000900 0
<PAGE> PAGE 45
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 259
074 S000900 0
074 T000900 18821
074 U010900 2079
074 U020900 126
074 V010900 8.53
074 V020900 8.53
074 W000900 0.0000
074 X000900 10
074 Y000900 0
075 A000900 0
075 B000900 25084
076 000900 0.00
008 A001001 ALLIED INVESTMENT ADVISORS, INC.
008 B001001 A
008 C001001 801-0000
008 D011001 BALTIMORE
008 D021001 MD
008 D031001 21203
015 A001001 FMB TRUST, NA
015 B001001 C
015 C011001 BALTIMORE
015 C021001 MD
015 C031001 21203
015 E031001 X
024 001000 Y
025 A001001 FIRST BOSTON
025 B001001 13-5659485
025 C001001 D
025 D001001 4162
028 A011000 4720
028 A021000 0
028 A031000 0
028 A041000 479
028 B011000 4481
028 B021000 104
028 B031000 0
028 B041000 827
028 C011000 1951
028 C021000 100
028 C031000 0
028 C041000 2824
028 D011000 2131
028 D021000 100
028 D031000 0
028 D041000 919
028 E011000 1225
028 E021000 189
<PAGE> PAGE 46
028 E031000 0
028 E041000 1528
028 F011000 682
028 F021000 94
028 F031000 0
028 F041000 1070
028 G011000 15190
028 G021000 587
028 G031000 0
028 G041000 7647
028 H001000 0
037 001000 N
038 001000 0
039 001000 N
040 001000 Y
041 001000 Y
042 A001000 0
042 B001000 0
042 C001000 0
042 D001000 100
042 E001000 0
042 F001000 0
042 G001000 0
042 H001000 0
043 001000 15
044 001000 0
045 001000 Y
046 001000 N
047 001000 Y
048 001000 0.350
048 A011000 0
048 A021000 0.000
048 B011000 0
048 B021000 0.000
048 C011000 0
048 C021000 0.000
048 D011000 0
048 D021000 0.000
048 E011000 0
048 E021000 0.000
048 F011000 0
048 F021000 0.000
048 G011000 0
048 G021000 0.000
048 H011000 0
048 H021000 0.000
048 I011000 0
048 I021000 0.000
048 J011000 0
048 J021000 0.000
048 K011000 0
<PAGE> PAGE 47
048 K021000 0.000
058 A001000 N
059 001000 Y
060 A001000 Y
060 B001000 Y
061 001000 500
062 A001000 Y
062 B001000 23.6
062 C001000 0.0
062 D001000 0.0
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 75.5
062 N001000 0.0
062 O001000 0.0
062 P001000 0.0
062 Q001000 0.0
062 R001000 0.0
063 A001000 0
063 B001000 1.5
064 A001000 N
064 B001000 N
066 A001000 N
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 Y
070 A021000 N
070 B011000 N
070 B021000 N
070 C011000 N
070 C021000 N
070 D011000 N
070 D021000 N
070 E011000 N
070 E021000 N
070 F011000 N
070 F021000 N
070 G011000 N
070 G021000 N
070 H011000 N
070 H021000 N
070 I011000 N
070 I021000 N
<PAGE> PAGE 48
070 J011000 N
070 J021000 N
070 K011000 Y
070 K021000 N
070 L011000 N
070 L021000 N
070 M011000 Y
070 M021000 N
070 N011000 Y
070 N021000 N
070 O011000 Y
070 O021000 N
070 P011000 N
070 P021000 N
070 Q011000 Y
070 Q021000 N
070 R011000 N
070 R021000 N
071 A001000 60250
071 B001000 41490
071 C001000 28060
071 D001000 148
072 A001000 12
072 B001000 1844
072 C001000 0
072 D001000 0
072 E001000 0
072 F001000 113
072 G001000 42
072 H001000 0
072 I001000 5
072 J001000 8
072 K001000 0
072 L001000 7
072 M001000 0
072 N001000 18
072 O001000 0
072 P001000 0
072 Q001000 0
072 R001000 1
072 S001000 1
072 T001000 33
072 U001000 3
072 V001000 0
072 W001000 1
072 X001000 232
072 Y001000 39
072 Z001000 1651
072AA001000 12
072BB001000 0
072CC011000 0
<PAGE> PAGE 49
072CC021000 116
072DD011000 1009
072DD021000 641
072EE001000 25
073 A011000 0.4900
073 A021000 0.2800
073 B001000 0.0100
073 C001000 0.0000
074 A001000 0
074 B001000 0
074 C001000 10524
074 D001000 33574
074 E001000 0
074 F001000 0
074 G001000 0
074 H001000 0
074 I001000 0
074 J001000 0
074 K001000 0
074 L001000 559
074 M001000 98
074 N001000 44755
074 O001000 0
074 P001000 0
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 255
074 S001000 0
074 T001000 44500
074 U011000 2164
074 U021000 2303
074 V011000 9.96
074 V021000 9.96
074 W001000 0.0000
074 X001000 8
074 Y001000 0
075 A001000 0
075 B001000 39290
076 001000 0.00
008 A001101 ALLIED INVESTMENT ADVISORS, INC.
008 B001101 A
008 C001101 801-0000
008 D011101 BALTIMORE
008 D021101 MD
008 D031101 21203
015 A001101 FMB TRUST, NA
015 B001101 C
015 C011101 BALTIMORE
015 C021101 MD
<PAGE> PAGE 50
015 C031101 21203
015 E031101 X
024 001100 N
028 A011100 5261
028 A021100 0
028 A031100 0
028 A041100 559
028 B011100 1812
028 B021100 22
028 B031100 0
028 B041100 338
028 C011100 5294
028 C021100 18
028 C031100 0
028 C041100 845
028 D011100 5098
028 D021100 0
028 D031100 0
028 D041100 126
028 E011100 3325
028 E021100 35
028 E031100 0
028 E041100 255
028 F011100 2898
028 F021100 69
028 F031100 0
028 F041100 564
028 G011100 23688
028 G021100 144
028 G031100 0
028 G041100 2687
028 H001100 0
037 001100 N
038 001100 0
039 001100 N
040 001100 Y
041 001100 Y
042 A001100 0
042 B001100 0
042 C001100 0
042 D001100 100
042 E001100 0
042 F001100 0
042 G001100 0
042 H001100 0
043 001100 6
044 001100 0
045 001100 Y
046 001100 N
047 001100 Y
048 001100 0.600
<PAGE> PAGE 51
048 A011100 0
048 A021100 0.000
048 B011100 0
048 B021100 0.000
048 C011100 0
048 C021100 0.000
048 D011100 0
048 D021100 0.000
048 E011100 0
048 E021100 0.000
048 F011100 0
048 F021100 0.000
048 G011100 0
048 G021100 0.000
048 H011100 0
048 H021100 0.000
048 I011100 0
048 I021100 0.000
048 J011100 0
048 J021100 0.000
048 K011100 0
048 K021100 0.000
058 A001100 N
059 001100 Y
060 A001100 Y
060 B001100 Y
061 001100 500
062 A001100 N
062 B001100 0.0
062 C001100 0.0
062 D001100 0.0
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
062 L001100 0.0
062 M001100 0.0
062 N001100 0.0
062 O001100 0.0
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
066 A001100 Y
066 B001100 N
066 C001100 Y
066 D001100 N
066 E001100 N
066 F001100 N
<PAGE> PAGE 52
066 G001100 N
067 001100 N
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
070 A021100 Y
070 B011100 Y
070 B021100 N
070 C011100 Y
070 C021100 N
070 D011100 Y
070 D021100 N
070 E011100 Y
070 E021100 N
070 F011100 Y
070 F021100 N
070 G011100 Y
070 G021100 N
070 H011100 Y
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 N
070 J021100 N
070 K011100 Y
070 K021100 N
070 L011100 Y
070 L021100 Y
070 M011100 Y
070 M021100 N
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 N
070 P021100 N
070 Q011100 Y
070 Q021100 N
070 R011100 Y
070 R021100 N
071 A001100 40365
071 B001100 11349
071 C001100 24194
071 D001100 47
072 A001100 12
072 B001100 116
072 C001100 461
072 D001100 0
072 E001100 0
072 F001100 155
<PAGE> PAGE 53
072 G001100 35
072 H001100 0
072 I001100 1
072 J001100 20
072 K001100 0
072 L001100 4
072 M001100 0
072 N001100 15
072 O001100 0
072 P001100 0
072 Q001100 0
072 R001100 1
072 S001100 0
072 T001100 13
072 U001100 4
072 V001100 0
072 W001100 0
072 X001100 248
072 Y001100 60
072 Z001100 389
072AA001100 236
072BB001100 0
072CC011100 5200
072CC021100 0
072DD011100 326
072DD021100 66
072EE001100 23
073 A011100 0.1700
073 A021100 0.1600
073 B001100 0.0100
073 C001100 0.0000
074 A001100 0
074 B001100 4162
074 C001100 0
074 D001100 0
074 E001100 0
074 F001100 44998
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 0
074 K001100 0
074 L001100 306
074 M001100 120
074 N001100 49586
074 O001100 646
074 P001100 0
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
<PAGE> PAGE 54
074 R041100 39
074 S001100 0
074 T001100 48901
074 U011100 2880
074 U021100 1067
074 V011100 12.39
074 V021100 12.38
074 W001100 0.0000
074 X001100 10
074 Y001100 0
075 A001100 0
075 B001100 26090
076 001100 0.00
008 A001201 ALLIED INVESTMENT ADVISORS, INC.
008 B001201 A
008 C001201 801-0000
008 D011201 BALTIMORE
008 D021201 MD
008 D031201 21203
015 A001201 FMB TRUST, NA
015 B001201 C
015 C011201 BALTIMORE
015 C021201 MD
015 C031201 21203
015 E031201 X
024 001200 Y
025 A001201 LEHMAN BROTHERS
025 B001201 13-2927667
025 C001201 D
025 D001201 1242
025 A001202 MERRILL LYNCH
025 B001202 13-5674085
025 C001202 D
025 D001202 2129
025 A001203 PRUDENTIAL
025 B001203 22-2347336
025 C001203 D
025 D001203 919
025 A001204 FIRST BOSTON
025 B001204 13-5659485
025 C001204 D
025 D001204 770
028 A011200 79234
028 A021200 0
028 A031200 0
028 A041200 93
028 B011200 1383
028 B021200 0
028 B031200 0
028 B041200 1031
028 C011200 208
<PAGE> PAGE 55
028 C021200 0
028 C031200 0
028 C041200 642
028 D011200 607
028 D021200 0
028 D031200 0
028 D041200 706
028 E011200 729
028 E021200 0
028 E031200 0
028 E041200 1430
028 F011200 722
028 F021200 0
028 F031200 0
028 F041200 1374
028 G011200 82883
028 G021200 0
028 G031200 0
028 G041200 5276
028 H001200 0
037 001200 N
038 001200 0
039 001200 N
040 001200 N
042 A001200 0
042 B001200 0
042 C001200 0
042 D001200 0
042 E001200 0
042 F001200 0
042 G001200 0
042 H001200 0
043 001200 0
044 001200 0
045 001200 Y
046 001200 N
047 001200 Y
048 001200 0.600
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048 B011200 0
048 B021200 0.000
048 C011200 0
048 C021200 0.000
048 D011200 0
048 D021200 0.000
048 E011200 0
048 E021200 0.000
048 F011200 0
048 F021200 0.000
048 G011200 0
<PAGE> PAGE 56
048 G021200 0.000
048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 0
048 K021200 0.000
058 A001200 N
059 001200 Y
060 A001200 Y
060 B001200 Y
061 001200 100000
062 A001200 Y
062 B001200 10.5
062 C001200 0.0
062 D001200 1.0
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 0.0
062 M001200 37.2
062 N001200 0.0
062 O001200 0.0
062 P001200 21.0
062 Q001200 29.0
062 R001200 0.0
063 A001200 0
063 B001200 4.9
064 A001200 N
064 B001200 N
066 A001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
070 A021200 Y
070 B011200 N
070 B021200 N
070 C011200 N
070 C021200 N
070 D011200 N
070 D021200 N
070 E011200 N
070 E021200 N
<PAGE> PAGE 57
070 F011200 N
070 F021200 N
070 G011200 Y
070 G021200 N
070 H011200 N
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 N
070 J021200 N
070 K011200 N
070 K021200 N
070 L011200 Y
070 L021200 N
070 M011200 N
070 M021200 N
070 N011200 Y
070 N021200 N
070 O011200 N
070 O021200 N
070 P011200 N
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 Y
070 R021200 N
071 A001200 12458
071 B001200 13220
071 C001200 72506
071 D001200 17
072 A001200 6
072 B001200 2420
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072 D001200 0
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072 G001200 45
072 H001200 0
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072 J001200 5
072 K001200 0
072 L001200 2
072 M001200 0
072 N001200 25
072 O001200 0
072 P001200 0
072 Q001200 0
072 R001200 2
072 S001200 0
072 T001200 0
072 U001200 1
<PAGE> PAGE 58
072 V001200 0
072 W001200 1
072 X001200 292
072 Y001200 53
072 Z001200 2181
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072BB001200 81
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072DD011200 2181
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072EE001200 0
073 A011200 0.2800
073 A021200 0.0000
073 B001200 0.0000
073 C001200 0.0000
074 A001200 0
074 B001200 770
074 C001200 9274
074 D001200 57568
074 E001200 0
074 F001200 0
074 G001200 0
074 H001200 0
074 I001200 7739
074 J001200 0
074 K001200 0
074 L001200 1424
074 M001200 0
074 N001200 76775
074 O001200 0
074 P001200 0
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 449
074 S001200 0
074 T001200 76326
074 U011200 7787
074 U021200 0
074 V011200 9.80
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074 W001200 0.0000
074 X001200 3
074 Y001200 0
075 A001200 0
075 B001200 78288
076 001200 0.00
008 A001301 ALLIED INVESTMENT ADVISORS, INC.
008 B001301 A
<PAGE> PAGE 59
008 C001301 801-0000
008 D011301 BALTIMORE
008 D021301 MD
008 D031301 21203
015 A001301 FMB TRUST, NA
015 B001301 C
015 C011301 BALTIMORE
015 C021301 MD
015 C031301 21203
015 E031301 X
024 001300 N
028 A011300 81312
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028 B011300 399
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028 C011300 3853
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028 D011300 2932
028 D021300 12
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028 D041300 679
028 E011300 3659
028 E021300 42
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028 F011300 1980
028 F021300 31
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028 F041300 3138
028 G011300 94135
028 G021300 85
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028 G041300 5519
028 H001300 0
037 001300 N
038 001300 0
039 001300 N
040 001300 Y
041 001300 Y
042 A001300 0
042 B001300 0
042 C001300 0
042 D001300 100
042 E001300 0
042 F001300 0
<PAGE> PAGE 60
042 G001300 0
042 H001300 0
043 001300 3
044 001300 0
045 001300 Y
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047 001300 Y
048 001300 0.500
048 A011300 0
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048 B011300 0
048 B021300 0.000
048 C011300 0
048 C021300 0.000
048 D011300 0
048 D021300 0.000
048 E011300 0
048 E021300 0.000
048 F011300 0
048 F021300 0.000
048 G011300 0
048 G021300 0.000
048 H011300 0
048 H021300 0.000
048 I011300 0
048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 0
048 K021300 0.000
058 A001300 N
059 001300 Y
060 A001300 Y
060 B001300 Y
061 001300 500
062 A001300 Y
062 B001300 0.0
062 C001300 0.0
062 D001300 0.0
062 E001300 0.0
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
062 I001300 0.0
062 J001300 0.0
062 K001300 0.0
062 L001300 0.9
062 M001300 0.0
062 N001300 0.0
062 O001300 98.3
062 P001300 0.0
<PAGE> PAGE 61
062 Q001300 0.0
062 R001300 0.0
063 A001300 0
063 B001300 12.0
064 A001300 N
064 B001300 N
066 A001300 N
067 001300 N
068 A001300 N
068 B001300 N
069 001300 N
070 A011300 Y
070 A021300 N
070 B011300 N
070 B021300 N
070 C011300 N
070 C021300 N
070 D011300 N
070 D021300 N
070 E011300 N
070 E021300 N
070 F011300 N
070 F021300 N
070 G011300 Y
070 G021300 N
070 H011300 N
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 N
070 J021300 N
070 K011300 N
070 K021300 N
070 L011300 N
070 L021300 N
070 M011300 N
070 M021300 N
070 N011300 N
070 N021300 N
070 O011300 N
070 O021300 N
070 P011300 N
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 Y
070 R021300 N
071 A001300 18305
071 B001300 9135
071 C001300 82057
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<PAGE> PAGE 62
072 A001300 6
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<PAGE> PAGE 63
074 O001300 2054
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008 A001401 ALLIED INVESTMENT ADVISORS, INC.
008 B001401 A
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008 D011401 BALTIMORE
008 D021401 MD
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015 A001401 FMB TRUST, NA
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<PAGE> PAGE 64
028 E041400 274
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039 001400 N
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041 001400 Y
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042 D001400 0
042 E001400 0
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042 H001400 0
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047 001400 Y
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<PAGE> PAGE 65
058 A001400 N
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062 Q001400 0.0
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063 B001400 9.8
064 A001400 N
064 B001400 N
066 A001400 N
067 001400 N
068 A001400 N
068 B001400 N
069 001400 N
070 A011400 Y
070 A021400 N
070 B011400 N
070 B021400 N
070 C011400 N
070 C021400 N
070 D011400 N
070 D021400 N
070 E011400 N
070 E021400 N
070 F011400 N
070 F021400 N
070 G011400 Y
070 G021400 N
070 H011400 N
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 N
<PAGE> PAGE 66
070 J021400 N
070 K011400 N
070 K021400 N
070 L011400 N
070 L021400 N
070 M011400 N
070 M021400 N
070 N011400 N
070 N021400 N
070 O011400 N
070 O021400 N
070 P011400 N
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 Y
070 R021400 N
071 A001400 8701
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<PAGE> PAGE 67
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008 A001501 ALLIED INVESTMENT ADVISORS, INC.
008 B001501 A
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<PAGE> PAGE 68
015 E031501 X
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042 E001500 0
042 F001500 0
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<PAGE> PAGE 69
047 001500 Y
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<PAGE> PAGE 70
066 E001500 Y
066 F001500 N
066 G001500 N
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070 D011500 N
070 D021500 N
070 E011500 N
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070 F011500 N
070 F021500 N
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070 H011500 N
070 H021500 N
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070 I021500 N
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070 J021500 N
070 K011500 N
070 K021500 N
070 L011500 N
070 L021500 N
070 M011500 N
070 M021500 N
070 N011500 N
070 N021500 N
070 O011500 N
070 O021500 N
070 P011500 N
070 P021500 N
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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015 A001601 FMB TRUST, NA
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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<PAGE> PAGE 75
070 B021600 N
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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<PAGE> PAGE 78
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<PAGE> PAGE 79
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<PAGE> PAGE 80
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<PAGE> PAGE 81
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075 B001700 42667
076 001700 0.00
SIGNATURE STEVE MEYER
TITLE CONTROLLER
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<TABLE> <S> <C>
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<NAME> ARK
<SERIES>
<NUMBER> 131
<NAME> MARYLAND TAX-FREE PORTFOLIO RETAIL CLASS
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</TABLE>
<TABLE> <S> <C>
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<NAME> ARK
<SERIES>
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<NAME> PENNSYLVANIA TAX-FREE PORTFOLIO INSTITUTIONAL CLASS
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<S> <C>
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<PAID-IN-CAPITAL-COMMON> 24157
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 92
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 206
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<NUMBER-OF-SHARES-SOLD> 2469
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</TABLE>
<TABLE> <S> <C>
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<NAME> ARK
<SERIES>
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<NAME> PENNSYLVANIA TAX-FREE PORTFOLIO RETAIL CLASS
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<S> <C>
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<ACCUMULATED-NET-GAINS> 92
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<ACCUM-APPREC-OR-DEPREC> 206
<NET-ASSETS> 24455
<DIVIDEND-INCOME> 0
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<EXPENSES-NET> (66)
<NET-INVESTMENT-INCOME> 502
<REALIZED-GAINS-CURRENT> 92
<APPREC-INCREASE-CURRENT> (356)
<NET-CHANGE-FROM-OPS> 238
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<DISTRIBUTIONS-OF-INCOME> (8)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 121
<NUMBER-OF-SHARES-REDEEMED> (3)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000893658
<NAME> ARK
<SERIES>
<NUMBER> 150
<NAME> EQUITY INCOME PORTFOLIO INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> NOV-18-1996
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<INVESTMENTS-AT-COST> 71339
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<TOTAL-ASSETS> 84229
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<TOTAL-LIABILITIES> 282
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 64913
<SHARES-COMMON-STOCK> 7867
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6425
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12609
<NET-ASSETS> 83947
<DIVIDEND-INCOME> 1111
<INTEREST-INCOME> 122
<OTHER-INCOME> 0
<EXPENSES-NET> (311)
<NET-INVESTMENT-INCOME> 922
<REALIZED-GAINS-CURRENT> 6425
<APPREC-INCREASE-CURRENT> (1090)
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<DISTRIBUTIONS-OF-INCOME> (922)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 8209
<NUMBER-OF-SHARES-REDEEMED> (342)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 83947
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<PER-SHARE-NAV-BEGIN> 10.00
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<EXPENSE-RATIO> .83
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000893658
<NAME> ARK
<SERIES>
<NUMBER> 160
<NAME> MID-CAP EQUITY PORTFOLIO INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> NOV-18-1996
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<TOTAL-LIABILITIES> 100
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19991
<SHARES-COMMON-STOCK> 2661
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 6
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 391
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6671
<NET-ASSETS> 27059
<DIVIDEND-INCOME> 177
<INTEREST-INCOME> 9
<OTHER-INCOME> 0
<EXPENSES-NET> (108)
<NET-INVESTMENT-INCOME> 78
<REALIZED-GAINS-CURRENT> 391
<APPREC-INCREASE-CURRENT> (72)
<NET-CHANGE-FROM-OPS> 397
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (72)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 2962
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<SHARES-REINVESTED> 1
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<GROSS-EXPENSE> 115
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<PER-SHARE-NII> .03
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<PER-SHARE-NAV-END> 10.17
<EXPENSE-RATIO> .90
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000893658
<NAME> ARK
<SERIES>
<NUMBER> 170
<NAME> STOCK PORTFOLIO INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> NOV-18-1996
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 29317
<INVESTMENTS-AT-VALUE> 40643
<RECEIVABLES> 1232
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41909
<PAYABLE-FOR-SECURITIES> 1309
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29
<TOTAL-LIABILITIES> 1338
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25691
<SHARES-COMMON-STOCK> 3766
<SHARES-COMMON-PRIOR> 0
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3537
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11326
<NET-ASSETS> 40571
<DIVIDEND-INCOME> 283
<INTEREST-INCOME> 33
<OTHER-INCOME> 0
<EXPENSES-NET> (172)
<NET-INVESTMENT-INCOME> 144
<REALIZED-GAINS-CURRENT> 3537
<APPREC-INCREASE-CURRENT> (240)
<NET-CHANGE-FROM-OPS> 3441
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (127)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4394
<NUMBER-OF-SHARES-REDEEMED> (628)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 40571
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 134
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<GROSS-EXPENSE> 181
<AVERAGE-NET-ASSETS> 42667
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> .77
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.77
<EXPENSE-RATIO> .90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Trustees and Shareholders
ARK Funds
In planning and performing our audit of the financial statements of
ARK Funds (including the Income Portfolio, Money Market Portfolio,
Tax-Free Money Market Portfolio, U.S. Government Money Market
Portfolio, U.S. Treasury Money Market Portfolio, Short-Term Treasury
Portfolio, Maryland Tax-Free Portfolio, Pennsylvania Tax-Free Portfolio,
Intermediate Fixed Income Portfolio, Balanced Portfolio, Equity Income
Portfolio, Blue Chip Equity Portfolio, Stock Portfolio, Capital Growth
Portfolio, Mid-Cap Equity Portfolio, Special Equity Portfolio and
International Equity Portfolio) for the year ended April 30, 1997, we
considered their internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing an opinion on the financial statements and
to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of ARK Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments made by management are required to assess the
expected benefits and related costs of internal control structure policies
and procedures. Two of the objectives of an internal control structure
are to provide management with reasonable, but not absolute, assurance
that assets are safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance with
management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors
and irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in which
the design or operation of the specific internal control structure elements
does not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a timely
period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving the internal control
structure, including procedures for safeguarding securities, that we consider
to be material weaknesses as defined above as of April 30, 1997.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
/s:/ KPMG Peat Marwick LLP
Boston, Massachusetts
June 6, 1997
