<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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 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
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<PAGE> PAGE 23
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 29
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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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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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SIGNATURE LAURA HLADE
TITLE ASSISTANT TREASURER
I
SUB-ITEM 77M
(a) Acquired Registered Investment Company:
Multi-Manager Series:
PIMCO Emerging Markets Fund
PIMCO International Developed Fund
(b) The merger of PIMCO Emerging Markets Fund and PIMCO International
Developed Fund (the "PIMCO Funds"), each a series of Multi-Manager Series
(the "Trust"), with the Registrant became effective April 30, 1999 pursuant to
an Agreement and Plan of Reorganization (the "Plan") which provided for (i) the
transfer of all of the assets and stated liabilities of each PIMCO Fund to the
Alleghany/Blairlogie Emerging Markets Fund and Alleghany/Blairlogie
International Developed Fund in exchange for Shares of the Alleghany/Blairlogie
Emerging Markets Fund and Alleghany/Blairlogie International Developed Fund;
and (ii) the distribution of Alleghany/Blairlogie Emerging Markets Fund and
Alleghany/Blairlogie International Developed Fund Shares to the shareholders of
the PIMCO Funds in liquidation of the two PIMCO Funds. Following the
Reorganizations, the PIMCO Funds ceased to operate as separate Funds and were
liquidated.
The Registrant's Board of Trustees approved the Plan at its December 17, 1999
Board Meeting. The Trust's Board of Trustees approved the Plan at a Board
Meeting on December 10, 1998. The Plan was also ratified and approved at a
Special Meeting of Shareholders of the Trust on February 26, 1999.
SUB-ITEM 77Q1(g)
The Agreement and Plan of Reorgainzation is incorporated by reference to a
filing filed pursuant to DEF14A filed via EDGAR on May 20, 1999.
II
SUB-ITEM 77M
(a) Acquired Registered Investment Company:
Veredus Funds:
Veredus Growth Fund
(b) The merger of Veredus Growth Fund (the "Veredus Fund"), a series of Veredus
Funds ("Veredus Trust"), with the Registrant became effective December 7, 1998
pursuant to an Agreement and Plan of Reorganization (the "Plan") which
provided for (i) the transfer of all of the assets and liabilities of the
Veredus Fund to the Alleghany/Veredus Aggressive Growth Fund in exchange for
full and fractional shares of the Alleghany/Veredus Aggressive Growth Fund;
and (ii) the distribution of Alleghany/Veredus Aggressive Growth Fund Shares
to the shareholders of the Veredus Fund in liquidation of the Veredus Fund.
Following the Reorganization, the Veredus Fund ceased to operate as a separate
Fund and was liquidated.
The Registrant's Board of Trustees approved the Plan at its November 5, 1998
Board Meeting. The Veredus Trust's Board of Trustees approved the Plan at a
Board Meeting on October 26, 1998. The Plan was also ratified and approved
at a Special Meeting of Shareholders of the Veredus Trust on November 25, 1998.
SUB-ITEM 77Q1(g)
The Agreement and Plan of Reorgainzation is incorporated by reference to
DEFS14A filed via EDGAR on November 18, 1998.
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<TOTAL-LIABILITIES> 40,981,272
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,889,563,786
<SHARES-COMMON-STOCK> 45,778,649
<SHARES-COMMON-PRIOR> 37,909,987
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1,582,453
<ACCUMULATED-NET-GAINS> 12,663,817
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 677,090,261
<NET-ASSETS> 2,577,735,411
<DIVIDEND-INCOME> 8,624,156
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 10,206,609
<NET-INVESTMENT-INCOME> (1,582,453)
<REALIZED-GAINS-CURRENT> 12,785,130
<APPREC-INCREASE-CURRENT> 420,742,026
<NET-CHANGE-FROM-OPS> 431,944,703
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 35,583,495
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 593,768,157
<NUMBER-OF-SHARES-REDEEMED> 386,288,677
<SHARES-REINVESTED> 33,016,184
<NET-CHANGE-IN-ASSETS> 834,956,904
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 63,880,284
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,395,637
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10,206,609
<AVERAGE-NET-ASSETS> 1,241,605,695
<PER-SHARE-NAV-BEGIN> 26.49
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> 6.15
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.94)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 31.66
<EXPENSE-RATIO> 1.06
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 071
<NAME> M&C BALANCED FUND - CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 170,818,576
<INVESTMENTS-AT-VALUE> 207,377,533
<RECEIVABLES> 16,442,465
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3,486
<TOTAL-ASSETS> 223,823,484
<PAYABLE-FOR-SECURITIES> 1,443,388
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 480,711
<TOTAL-LIABILITIES> 1,924,099
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 181,340,180
<SHARES-COMMON-STOCK> 4,178,234
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 359,634
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,640,614
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 36,558,957
<NET-ASSETS> 221,889,385
<DIVIDEND-INCOME> 562,119
<INTEREST-INCOME> 1,731,401
<OTHER-INCOME> 0
<EXPENSES-NET> 1,035,929
<NET-INVESTMENT-INCOME> 1,257,591
<REALIZED-GAINS-CURRENT> 4,011,635
<APPREC-INCREASE-CURRENT> 19,040,964
<NET-CHANGE-FROM-OPS> 24,310,190
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 130,978
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 79,402,053
<NUMBER-OF-SHARES-REDEEMED> 1,335,125
<SHARES-REINVESTED> 130,976
<NET-CHANGE-IN-ASSETS> 63,501,037
<ACCUMULATED-NII-PRIOR> 351,445
<ACCUMULATED-GAINS-PRIOR> 8,533,022
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 703,053
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,035,929
<AVERAGE-NET-ASSETS> 44,049,125
<PER-SHARE-NAV-BEGIN> 18.36
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> .65
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.03
<EXPENSE-RATIO> .96
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> CT MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 272,383,482
<INVESTMENTS-AT-VALUE> 272,383,482
<RECEIVABLES> 462,638
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,614
<TOTAL-ASSETS> 272,848,734
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,290,635
<TOTAL-LIABILITIES> 1,290,635
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 271,558,099
<SHARES-COMMON-STOCK> 271,558,099
<SHARES-COMMON-PRIOR> 281,389,294
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 271,558,099
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,313,749
<OTHER-INCOME> 0
<EXPENSES-NET> 745,581
<NET-INVESTMENT-INCOME> 6,568,168
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,568,168
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,568,168
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 650,738,781
<NUMBER-OF-SHARES-REDEEMED> 661,326,353
<SHARES-REINVESTED> 756,377
<NET-CHANGE-IN-ASSETS> (9,831,195)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 577,326
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 745,581
<AVERAGE-NET-ASSETS> 291,054,936
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .52
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 070
<NAME> M&C BALANCED FUND - CLASS N
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 170,818,576
<INVESTMENTS-AT-VALUE> 207,377,533
<RECEIVABLES> 16,442,465
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3,486
<TOTAL-ASSETS> 223,823,484
<PAYABLE-FOR-SECURITIES> 1,443,388
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 480,711
<TOTAL-LIABILITIES> 1,924,099
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 181,340,180
<SHARES-COMMON-STOCK> 7,481,485
<SHARES-COMMON-PRIOR> 8,997,568
<ACCUMULATED-NII-CURRENT> 359,634
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,640,614
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 36,558,957
<NET-ASSETS> 221,899,385
<DIVIDEND-INCOME> 562,119
<INTEREST-INCOME> 1,731,401
<OTHER-INCOME> 0
<EXPENSES-NET> 1,035,929
<NET-INVESTMENT-INCOME> 1,257,591
<REALIZED-GAINS-CURRENT> 4,011,635
<APPREC-INCREASE-CURRENT> 19,040,964
<NET-CHANGE-FROM-OPS> 24,310,190
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,118,424
<DISTRIBUTIONS-OF-GAINS> 8,904,043
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 41,466,046
<NUMBER-OF-SHARES-REDEEMED> 80,230,263
<SHARES-REINVESTED> 9,910,605
<NET-CHANGE-IN-ASSETS> 63,501,037
<ACCUMULATED-NII-PRIOR> 351,445
<ACCUMULATED-GAINS-PRIOR> 8,533,022
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 703,053
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,035,929
<AVERAGE-NET-ASSETS> 160,560,792
<PER-SHARE-NAV-BEGIN> 17.60
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> 2.37
<PER-SHARE-DIVIDEND> (.12)
<PER-SHARE-DISTRIBUTIONS> (.94)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.03
<EXPENSE-RATIO> 1.13
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> CT MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 16,443,587
<INVESTMENTS-AT-VALUE> 16,772,225
<RECEIVABLES> 248,082
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 171
<TOTAL-ASSETS> 17,020,478
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51,834
<TOTAL-LIABILITIES> 51,834
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16,611,959
<SHARES-COMMON-STOCK> 1,651,751
<SHARES-COMMON-PRIOR> 1,274,844
<ACCUMULATED-NII-CURRENT> 31,191
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3,144
<ACCUM-APPREC-OR-DEPREC> 328,638
<NET-ASSETS> 16,968,644
<DIVIDEND-INCOME> 7,369
<INTEREST-INCOME> 328,397
<OTHER-INCOME> 0
<EXPENSES-NET> 7,291
<NET-INVESTMENT-INCOME> 328,475
<REALIZED-GAINS-CURRENT> 31,581
<APPREC-INCREASE-CURRENT> (166,513)
<NET-CHANGE-FROM-OPS> 193,543
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 323,887
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,503,545
<NUMBER-OF-SHARES-REDEEMED> 659,590
<SHARES-REINVESTED> 45,125
<NET-CHANGE-IN-ASSETS> 3,758,736
<ACCUMULATED-NII-PRIOR> 26,603
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 34,725
<GROSS-ADVISORY-FEES> 43,741
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 90,365
<AVERAGE-NET-ASSETS> 14,701,176
<PER-SHARE-NAV-BEGIN> 10.36
<PER-SHARE-NII> .23
<PER-SHARE-GAIN-APPREC> (.09)
<PER-SHARE-DIVIDEND> (.23)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.27
<EXPENSE-RATIO> .10
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> CT SMALL CAP VALUE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 37,620,818
<INVESTMENTS-AT-VALUE> 39,332,956
<RECEIVABLES> 1,403,544
<ASSETS-OTHER> 862
<OTHER-ITEMS-ASSETS> 273
<TOTAL-ASSETS> 40,737,635
<PAYABLE-FOR-SECURITIES> 679,426
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 47,011
<TOTAL-LIABILITIES> 726,437
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,022,394
<SHARES-COMMON-STOCK> 4,069,349
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 39,866
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1,763,200
<ACCUM-APPREC-OR-DEPREC> 1,712,138
<NET-ASSETS> 40,011,198
<DIVIDEND-INCOME> 172,763
<INTEREST-INCOME> 106,447
<OTHER-INCOME> 0
<EXPENSES-NET> 203,166
<NET-INVESTMENT-INCOME> 76,044
<REALIZED-GAINS-CURRENT> (1,763,200)
<APPREC-INCREASE-CURRENT> 1,712,138
<NET-CHANGE-FROM-OPS> 24,982
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 36,178
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 41,397,510
<NUMBER-OF-SHARES-REDEEMED> 1,411,297
<SHARES-REINVESTED> 36,171
<NET-CHANGE-IN-ASSETS> 40,011,188
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 145,399
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 228,538
<AVERAGE-NET-ASSETS> 30,805,930
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> (.18)
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.83
<EXPENSE-RATIO> 1.40
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> CT TALON FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 19,730,690
<INVESTMENTS-AT-VALUE> 20,778,811
<RECEIVABLES> 75,812
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,427
<TOTAL-ASSETS> 20,856,050
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 91,313
<TOTAL-LIABILITIES> 91,313
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,490,361
<SHARES-COMMON-STOCK> 1,480,885
<SHARES-COMMON-PRIOR> 1,726,652
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 23,165
<ACCUMULATED-NET-GAINS> 1,249,420
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,048,121
<NET-ASSETS> 20,764,737
<DIVIDEND-INCOME> 96,634
<INTEREST-INCOME> 24,250
<OTHER-INCOME> 0
<EXPENSES-NET> 138,993
<NET-INVESTMENT-INCOME> (18,109)
<REALIZED-GAINS-CURRENT> 1,556,082
<APPREC-INCREASE-CURRENT> (219,610)
<NET-CHANGE-FROM-OPS> 1,318,363
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,361
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 930,852
<NUMBER-OF-SHARES-REDEEMED> 4,211,862
<SHARES-REINVESTED> 8,053
<NET-CHANGE-IN-ASSETS> (1,962,955)
<ACCUMULATED-NII-PRIOR> 3,305
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 306,662
<GROSS-ADVISORY-FEES> 85,582
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 159,710
<AVERAGE-NET-ASSETS> 21,572,889
<PER-SHARE-NAV-BEGIN> 13.16
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> .87
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.02
<EXPENSE-RATIO> 1.30
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> VEREDUS AGGRESSIVE GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 24,486,573
<INVESTMENTS-AT-VALUE> 30,415,101
<RECEIVABLES> 531,080
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 20,213
<TOTAL-ASSETS> 30,966,394
<PAYABLE-FOR-SECURITIES> 632,499
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31,347
<TOTAL-LIABILITIES> 663,846
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23,356,643
<SHARES-COMMON-STOCK> 2,383,421
<SHARES-COMMON-PRIOR> 1,469,832
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 84,722
<ACCUMULATED-NET-GAINS> 1,102,099
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,928,528
<NET-ASSETS> 30,302,548
<DIVIDEND-INCOME> 15,947
<INTEREST-INCOME> 38,218
<OTHER-INCOME> 0
<EXPENSES-NET> 138,887
<NET-INVESTMENT-INCOME> (84,722)
<REALIZED-GAINS-CURRENT> 2,677,440
<APPREC-INCREASE-CURRENT> 5,731,559
<NET-CHANGE-FROM-OPS> 8,324,277
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,497,221
<NUMBER-OF-SHARES-REDEEMED> 2,192,489
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 17,629,009
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1,575,341
<GROSS-ADVISORY-FEES> 101,799
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 161,340
<AVERAGE-NET-ASSETS> 19,785,138
<PER-SHARE-NAV-BEGIN> 8.62
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> 4.13
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.71
<EXPENSE-RATIO> 1.42
</TABLE>
