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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 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
055 A000400 Y
055 B000400 N
056 000400 Y
057 000400 N
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058 B000400 N
058 C000400 N
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058 E000400 N
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064 A000400 Y
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066 A000400 N
067 000400 N
068 A000400 N
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<PAGE> PAGE 22
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070 I020400 N
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070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
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<PAGE> PAGE 23
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008 A000501 GRIFFIN FINANCIAL INVESTMENT ADVISORS
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008 C000501 801-44570
<PAGE> PAGE 24
008 D010501 SANTA FE SPRINGS
008 D020501 CA
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008 A000502 PIPER CAPITAL MANAGEMENT
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008 D020502 MN
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024 000500 N
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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070 I020500 N
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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008 A000601 GRIFFIN FINANCIAL INVESTMENT ADVISORS
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<PAGE> PAGE 29
025 D000602 293
025 A000603 SALOMON INC
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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008 A000701 GRIFFIN FINANCIAL INVESTMENT ADVISORS
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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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<PAGE> PAGE 38
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SIGNATURE STEVEN MUSON
TITLE SENIOR ACCOUNTANT
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<NAME> MONEY MARKET FUND
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</TABLE>
<TABLE> <S> <C>
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<NAME> TAX-FREE MONEY MARKET FUND
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> U.S. GOVERNMENT INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1994
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<INVESTMENTS-AT-COST> 20068518
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> CALIFORNIA TAX-FREE FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 2609068
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<ACCUM-APPREC-OR-DEPREC> (83674)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 7850643
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<ACCUMULATED-NET-GAINS> (29537)
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<ACCUM-APPREC-OR-DEPREC> (426275)
<NET-ASSETS> 7538894
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<NET-INVESTMENT-INCOME> 270185
<REALIZED-GAINS-CURRENT> (29357)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
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<NAME> GROWTH & INCOME FUND
<S> <C>
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<INVESTMENTS-AT-COST> 13784816
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</TABLE>
