<PAGE> PAGE 1
000 B000000 12/31/95
000 C000000 0000913253
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 ASIA HOUSE FUNDS
001 B000000 811-8070
001 C000000 7087332200
002 A000000 1007 CHURCH STREET SUITE 307-B
002 B000000 EVANSTON
002 C000000 IL
002 D010000 60201
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 C020100 FAR EAST GROWTH
007 C030100 N
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007 C020200 ASEAN GROWTH
007 C030200 N
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007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 ASIA HOUSE INVESTMENTS INC
008 B00AA01 A
008 C00AA01 801-44523
008 D01AA01 EVANSTON
008 D02AA01 IL
008 D03AA01 60201
010 A00AA01 INVESTORS BANK & TRUST
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02111
012 A00AA01 INVESTORS BANK & TRUST COMPANY
012 B00AA01 85-XXXXXXX
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02111
<PAGE> PAGE 2
013 A00AA01 DELOITTE & TOUCHE
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
015 A00AA01 INVESTORS BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02111
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 W.I.CARR (FAR EAST) LTD.
020 C000001 12
020 A000002 ROBERT FLEMING & SON INC
020 C000002 6
020 A000003 JARDINE FLEMING
020 C000003 4
020 A000004 SWISS BANK CORPORATION
020 C000004 3
020 A000005 BARCLAYS BANK, PLC
020 C000005 1
020 A000006 DAEWOOD SECURITIES
020 C000006 1
020 A000007 BARING SECURITIES
020 C000007 1
020 A000008 JAMES CAPEL
020 C000008 1
020 A000009 SBCI FINANCE - ASIA
020 C000009 0
020 A000010 CHICAGO CORPORATION (THE)
020 C000010 0
021 000000 29
022 A000001 PRUDENTIAL SECURITIES
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022 D000001 0
022 A000002 W.I. CARR (FAR EAST)
022 C000002 152
022 D000002 227
022 A000003 ROBERT FLEMING & SON INC
022 C000003 0
022 D000003 93
022 A000004 SWISS BANK CORPORATION
022 C000004 75
022 D000004 0
022 A000005 JARDINE FLEMING
022 C000005 0
022 D000005 46
022 A000006 VICKERS DA COSTA
022 C000006 0
<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 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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SIGNATURE MR. JOHN F. VAIL
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from
Asia House Funds Form N-SAR for the period ended December 31, 1995 and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Far East Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 1661194
<INVESTMENTS-AT-VALUE> 1531120
<RECEIVABLES> 5968
<ASSETS-OTHER> 157213
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1694301
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28712
<TOTAL-LIABILITIES> 28712
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1892799
<SHARES-COMMON-STOCK> 187582
<SHARES-COMMON-PRIOR> 202588
<ACCUMULATED-NII-CURRENT> 31755
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (126391)
<ACCUM-APPREC-OR-DEPREC> (132574)
<NET-ASSETS> 1665589
<DIVIDEND-INCOME> 26436
<INTEREST-INCOME> 33829
<OTHER-INCOME> 0
<EXPENSES-NET> 42156
<NET-INVESTMENT-INCOME> 18109
<REALIZED-GAINS-CURRENT> (112530)
<APPREC-INCREASE-CURRENT> (33193)
<NET-CHANGE-FROM-OPS> (127614)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (304)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (55346)
<NUMBER-OF-SHARES-SOLD> 14510
<NUMBER-OF-SHARES-REDEEMED> 35598
<SHARES-REINVESTED> 6082
<NET-CHANGE-IN-ASSETS> (321832)
<ACCUMULATED-NII-PRIOR> 103
<ACCUMULATED-GAINS-PRIOR> 55332
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21527
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 205097
<AVERAGE-NET-ASSETS> 1793046
<PER-SHARE-NAV-BEGIN> 9.81
<PER-SHARE-NII> .097
<PER-SHARE-GAIN-APPREC> (.734)
<PER-SHARE-DIVIDEND> (.001)
<PER-SHARE-DISTRIBUTIONS> (.292)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.88
<EXPENSE-RATIO> 2.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from
Asia House Funds Form N-SAR for the period ended December 31, 1995 and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> ASEAN Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 832906
<INVESTMENTS-AT-VALUE> 734365
<RECEIVABLES> 5895
<ASSETS-OTHER> 298493
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1038753
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26511
<TOTAL-LIABILITIES> 26511
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1197372
<SHARES-COMMON-STOCK> 119565
<SHARES-COMMON-PRIOR> 122295
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (271)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (85172)
<ACCUM-APPREC-OR-DEPREC> (99687)
<NET-ASSETS> 1012242
<DIVIDEND-INCOME> 11710
<INTEREST-INCOME> 24019
<OTHER-INCOME> 0
<EXPENSES-NET> 24755
<NET-INVESTMENT-INCOME> 10974
<REALIZED-GAINS-CURRENT> (79860)
<APPREC-INCREASE-CURRENT> 7521
<NET-CHANGE-FROM-OPS> (61365)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10974)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (6231)
<NUMBER-OF-SHARES-SOLD> 10324
<NUMBER-OF-SHARES-REDEEMED> 14845
<SHARES-REINVESTED> 1791
<NET-CHANGE-IN-ASSETS> (101452)
<ACCUMULATED-NII-PRIOR> 268
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2263)
<GROSS-ADVISORY-FEES> 12641
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 185280
<AVERAGE-NET-ASSETS> 1053166
<PER-SHARE-NAV-BEGIN> 9.11
<PER-SHARE-NII> .091
<PER-SHARE-GAIN-APPREC> (.588)
<PER-SHARE-DIVIDEND> (.143)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.47
<EXPENSE-RATIO> 2.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
To the Trustees and Shareholders of
Asia House Funds:
In planning and performing our audits of the financial
House Funds (comprising, respectively, Far East Growth
ASEAN Growth Fund) for the year ended December 31, 199
we have issued our report dated February 1, 1996), we
internal control structure, including procedures for s
securities, in order to determine our auditing procedu
of expressing our opinion on the financial statements
the requirements of Form N-SAR, not to provide assuran
internal control structure.
The management of Asia House Funds is responsible for
and maintaining an internal control structure. In ful
responsibility, estimates and judgments by management
assess the expected benefits and related costs of inte
structure policies and procedures. Two of the objecti
control structure are to provide management with reaso
absolute, assurance that assets are safeguarded agains
unauthorized use or disposition and that transactions
accordance with management's authorization and recorde
permit preparation of financial statements in conformi
accepted accounting principles.
Because of inherent limitations in any internal contro
irregularities may occur and not be detected. Also, p
evaluation of the structure to future periods is subje
may become inadequate because of changes in conditions
effectiveness of the design and operation may deterior
Our consideration of the internal control structure wo
disclose all matters in the internal control structure
weaknesses under standards established by the American
Certified Public Accountants. A material weakness is
the design or operation of the specific internal contr
does not reduce to a relatively low level the risk tha
irregularities in amounts that would be material in re
statements being audited may occur and not be detected
period by employees in the normal course of performing
functions. However, we noted no matters involving the
structure, including procedures for safeguarding secur
consider to be material weaknesses as defined above as
31, 1995.
This report is intended solely for the information and
and the Securities and Exchange Commission.
February 1, 1996
- - 2 -
