SOLON FUNDS
NSAR-A, 1996-10-25
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000 A000000     8/29/96
000 C000000     0000914243
000 D000000     N           
000 E000000     NF
000 F000000     Y
000 G000000     N
000 H000000     N
000 I000000     3.0
000 J000000     U
001 A000000     THE SOLON FUNDS
001 B000000     811-8104
001 C000000     5109887110
002 A000000     1981 N. BROADWAY, SUITE 325
002 B000000     WALNUT CREEK
002 C000000     CA
002 D010000     94596
003  000000     N
004  000000     N
005  000000     N
006  000000     N
007 A000000     Y
007 B000000     2
007 C010100     1
007 C020100     ONE YEAR PORTFOLIO
007 C030100     N
007 C010200     2
007 C020200     THREE YEAR PORTFOLIO
007 C030200     N
007 C010300     3
007 C010400     4
007 C010500     5
007 C010600     6
007 C010700     7
007 C010800     8
007 C010900     9
007 C011000     10
007 C011100     11
007 C011200     12
007 C011300     13
007 C011400     14
007 C011500     15
007 C011600     16
007 C011700     17
007 C011800     18
007 C011900     19
007 C012000     20
008 A00AA01     SOLON ASSET MANAGEMENT, L.P.
008 B00AA01     A
008 C00AA01     801-45897
008 D01AA01     WALNUT CREEK
008 D02AA01     CA
<PAGE>
008 D03AA01     94596
008 A00AA02     SOLON ASSET MANAGEMENT CORPORATION
008 B00AA02     S
008 C00AA02     801-36406
008 D01AA02     WALNUT CREEK
008 D02AA02     CA
008 D03AA02     94596
010 A00AA01     SOLON ASSET MANAGEMENT, L.P.
010 B00AA01     801-45897
010 C01AA01     WALNUT CREEK
010 C02AA01     CA
010 C03AA01     94596
012 A00AA01     SOLON ASSET MANAGEMENT, L.P.
012 B00AA01     85-45897
012 C01AA01     WALNUT CREEK
012 C02AA01     CA
012 C03AA01     94596
013 A00AA01     ERNST & YOUNG
013 B01AA01     KANSAS CITY
013 B02AA01     MO
013 B03AA01     64105
013 B04AA01     2143
014 A00AA01     SOLON FINANCIAL SERVICES, L.P.
014 B00AA01     8-47691
015 A00AA01     INVESTORS FIDUCIARY TRUST COMPANY
015 B00AA01     C
015 C01AA01     KANSAS CITY
015 C02AA01     MO
015 C03AA01     64105
015 E01AA01     X
018  00AA00     Y
019 A00AA00     N
019 B00AA00     0
020 C000001     0
020 C000002     0
020 C000003     0
020 C000004     0
020 C000005     0
020 C000006     0
020 C000007     0
020 C000008     0
020 C000009     0
020 C000010     0
021  000000     0
022 A000001     PAINE WEBBER
022 C000001     134626
022 D000001       1714
022 A000002     BARCLAYS DE ZOETE WEDD
022 C000002      52598
022 D000002       1531
022 A000003     FREDDIE MAC
<PAGE>
022 C000003       6511
022 D000003       5756
022 A000004     PRUDENTIAL BACHE SECURITIES
022 C000004       6610
022 D000004       1138
022 A000005     DRESDNER
022 C000005       3320
022 D000005       4025
022 A000006     BEAR STEARNS
022 C000006        805
022 D000006       2401
022 A000007     RAUSCHER PIERCE
022 C000007       1210
022 D000007       1803
022 A000008     UBS
022 C000008       1467
022 D000008       1340
022 A000009     STATE STREET BANK AND TRUST
022 C000009       2648
022 D000009          0
022 A000010     DAIN BOSWORTH     
022 C000010       1381
022 D000010       1123
023 C000000     216613
023 D000000      21561
024  00AA00     N
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026 F000000     N
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030 C00AA00     0.00
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031 B00AA00     0
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033  00AA00     0
034  00AA00     N
035  00AA00     0
036 B00AA00     0
037  00AA00     0
038  00AA00     0
039  00AA00     N
040  00AA00     N
<PAGE>
041  00AA00     N
042 A00AA00     0
042 B00AA00     0
042 C00AA00     0
042 D00AA00     0
042 E00AA00     0
042 F00AA00     0
042 G00AA00     0
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049  00AA00     N
050  00AA00     N
051  00AA00     N
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053 B00AA00     Y
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054 B00AA00     Y
054 C00AA00     Y
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<PAGE>
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057  00AA00     N
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066 A00AA00     N
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068 A00AA00     N
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070 A02AA00     Y
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070 C01AA00     Y
070 C02AA00     N
070 D01AA00     N
070 D02AA00     N
070 E01AA00     Y
070 E02AA00     N
070 F01AA00     N
070 F02AA00     N
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070 G02AA00     N
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070 H02AA00     N
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070 I02AA00     N
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<PAGE>
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077 L000000     N
077 M000000     N
077 N000000     N
077 O000000     N
077 P000000     N
077 Q010000     N
077 Q020000     N
077 Q030000     N
078  000000     N

<PAGE>
028 A010100       6
028 A020100       2
028 A030100       0
028 A040100       0
028 B010100       0
028 B020100       2
028 B030100       0
028 B040100       0
028 C010100      48
028 C020100       2
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028 C040100       0
028 D010100      14
028 D020100       2
028 D030100       0
028 D040100       0
028 E010100     256
028 E020100       2
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028 E040100       0
028 F010100      27
028 F020100       3
028 F030100       0
028 F040100       0
028 G010100     351
028 G020100      13
028 G030100       0
028 G040100       0
028 H000100       0
062 A000100       Y
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062 D000100       0.0
062 E000100       0.0
062 F000100       0.0
062 G000100       0.0
062 H000100       0.0
062 I000100       0.0
062 J000100       0.0
062 K000100       0.0
062 L000100       0.0
062 M000100      30.6
062 N000100      50.2
062 O000100       0.0
062 P000100       0.0
062 Q000100       0.0
062 R000100       0.0
063 A000100       0
063 B000100       0.672
064 A000100     N
064 B000100     N
<PAGE>
071 A000100     620
071 B000100     226
071 C000100     429
071 D000100      53
072 A000100       6
072 B000100      16
072 C000100       0
072 D000100       0
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072 F000100       1
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072 H000100       0
072 I000100       8
072 J000100       7
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072 Z000100      16
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072DD020100       0
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073 A010100       0.3009
073 A020100       0.0000
073 B000100       0.0000
073 C000100       0.0000
074 A000100       0
074 B000100       0
074 C000100     136
074 D000100     620
074 E000100       0
074 F000100       0
074 G000100       0
074 H000100       0
074 I000100       0
074 J000100       0
<PAGE>
074 K000100       0
074 L000100      11
074 M000100       0
074 N000100     767
074 O000100       0
074 P000100       0
074 Q000100       0
074 R010100       0
074 R020100       0
074 R030100       0
074 R040100       0
074 S000100       0
074 T000100    767226
074 U010100      76
074 U020100       0
074 V010100      10.04
074 V020100       0
074 W000100       0
074 X000100       4
074 Y000100       0
075 A000100       0
075 B000100     521
076  000100       0
028 A010200     694
028 A020200      50
028 A030200       0
028 A040200      21
028 B010200     406
028 B020200      53
028 B030200       0
028 B040200      83
028 C010200     597
028 C020200      56
028 C030200       0
028 C040200      84
028 D010200      85
028 D020200      61
028 D030200       0
028 D040200     425
028 E010200     213
028 E020200      62
028 E030200       0
028 E040200     129
028 F010200     107
028 F020200      61
028 F030200       0
028 F040200     172
028 G010200    2102
028 G020200     343
028 G030200       0
028 G040200     914
028 H000200       0
062 A000200       Y
062 B000200       0.0
062 C000200      10.5
062 D000200       0.5
062 E000200       0.0
062 F000200       0.0
062 G000200       0.0
062 H000200       0.0
062 I000200       0.0
062 J000200       0.0
062 K000200       0.0
062 L000200       0.0
062 M000200      36.1
062 N000200      64.3
062 O000200       0.0
062 P000200       1.4
062 Q000200       0.0
062 R000200       0.0
063 A000200       0
063 B000200       2.42
064 A000200       N
064 B000200       N
071 A000200   26642
071 B000200   21719
071 C000200   11783
071 D000200     184
072 A000200       6
072 B000200     369
072 C000200       0
072 D000200       0
072 E000200       0
072 F000200      15
072 G000200       0
072 H000200       0
072 I000200      21
072 J000200      14
072 K000200       0
072 L000200       0
072 M000200       3
072 N000200       0
072 O000200       0
072 P000200       1
072 Q000200       0
072 R000200       4
072 S000200      10
072 T000200       0
072 U000200       0
072 V000200       0
072 W000200       5
<PAGE>
072 X000200      74
072 Y000200      59
072 Z000200     354
072AA000200       0
072BB000200      93
072CC010200       0
072CC020200      38
072DD010200     354
072DD020200       0
072EE000200       0
073 A010200       0.2906
073 A020200       0.0000
073 B000200       0.0000
073 C000200       0.0000
074 A000200       1
074 B000200    1300
074 C000200      67
074 D000200   12651
074 E000200       0
074 F000200       0
074 G000200       0
074 H000200       0
074 I000200       0
074 J000200       0
074 K000200       0
074 L000200     127
074 M000200       0
074 N000200   14146
074 O000200    1691
074 P000200       0
074 Q000200       0
074 R010200      18
074 R020200       0
074 R030200       0
074 R040200      18
074 S000200       0
074 T000200   12436
074 U010200    1253
074 U020200       0
074 V010200    9.93
074 V020200       0
074 W000200       0
074 X000200      12
074 Y000200       0
075 A000200       0
075 B000200   12106
076  000200       0
SIGNATURE      DEBORAH HICKS MIDANEK
TITLE          CEO


 
[ARTICLE]                                   6
[CIK]                0000914243
[NAME]               THE SOLON FUNDS
[SERIES]                    
    [NUMBER]         1
    [NAME]           ONE YEAR PORTFOLIO
[MULTIPLIER]                          1
<TABLE>
<S>                   <C>
[PERIOD-TYPE]         6-MOS
[FISCAL-YEAR-END]           FEB-28-1996
[PERIOD-START]              MAR-01-1996
[PERIOD-END]                AUG-29-1996
[INVESTMENTS-AT-COST]            755342
[INVESTMENTS-AT-VALUE]           755917
[RECEIVABLES]                     11086
[ASSETS-OTHER]                      388
[OTHER-ITEMS-ASSETS]                  0
[TOTAL-ASSETS]                   767391
[PAYABLE-FOR-SECURITIES]              0
[SENIOR-LONG-TERM-DEBT]               0
[OTHER-ITEMS-LIABILITIES]           165
[TOTAL-LIABILITIES]                 165
[SENIOR-EQUITY]                       0
[PAID-IN-CAPITAL-COMMON]         765165
[SHARES-COMMON-STOCK]                 0
[SHARES-COMMON-PRIOR]                 0
[ACCUMULATED-NII-CURRENT]            98
[OVERDISTRIBUTION-NII]                0
[ACCUMULATED-NET-GAINS]            1387
[OVERDISTRIBUTION-GAINS]              0
[ACCUM-APPREC-OR-DEPREC]            576
[NET-ASSETS]                     767226
[DIVIDEND-INCOME]                     0
[INTEREST-INCOME]                 15974
[OTHER-INCOME]                        0
[EXPENSES-NET]                        0
[NET-INVESTMENT-INCOME]           15974
[REALIZED-GAINS-CURRENT]          (203)
[APPREC-INCREASE-CURRENT]           286
[NET-CHANGE-FROM-OPS]             16057
[EQUALIZATION]                        0
[DISTRIBUTIONS-OF-INCOME]       (15501)
[DISTRIBUTIONS-OF-GAINS]              0
[DISTRIBUTIONS-OTHER]                 0
[NUMBER-OF-SHARES-SOLD]           34955
[NUMBER-OF-SHARES-REDEEMED]        (35)
[SHARES-REINVESTED]                1544
[NET-CHANGE-IN-ASSETS]           369160
[ACCUMULATED-NII-PRIOR]             210
[ACCUMULATED-GAINS-PRIOR]          (44)
[OVERDISTRIB-NII-PRIOR]               0
[OVERDIST-NET-GAINS-PRIOR]            0
[GROSS-ADVISORY-FEES]               655
[INTEREST-EXPENSE]                    0
[GROSS-EXPENSE]                   32043
[AVERAGE-NET-ASSETS]                521
[PER-SHARE-NAV-BEGIN]             10.03
[PER-SHARE-NII]                    0.30
[PER-SHARE-GAIN-APPREC]            0.01
[PER-SHARE-DIVIDEND]             (0.30)
[PER-SHARE-DISTRIBUTIONS]          0.00
[RETURNS-OF-CAPITAL]               0.00
[PER-SHARE-NAV-END]               10.04
[EXPENSE-RATIO]                   12.35
[AVG-DEBT-OUTSTANDING]                0
[AVG-DEBT-PER-SHARE]                  0
</TABLE>


<TABLE> <S> <C>


<ARTICLE>                                     6
<CIK>                0000914243
<NAME>               THE SOLON FUNDS
<SERIES>                    
        <NUMBER>     2
        <NAME>       THREE YEAR PORTFOLIO
<MULTIPLIER>                            1
       
<S>                  <C>
<PERIOD-TYPE>        6-MOS
<FISCAL-YEAR-END>             FEB-28-1996
<PERIOD-START>                MAR-01-1996
<PERIOD-END>                  AUG-29-1996
<INVESTMENTS-AT-COST>            14047991
<INVESTMENTS-AT-VALUE>           14018429
<RECEIVABLES>                      126870
<ASSETS-OTHER>                        924
<OTHER-ITEMS-ASSETS>                    0
<TOTAL-ASSETS>                   14146223
<PAYABLE-FOR-SECURITIES>          1691296
<SENIOR-LONG-TERM-DEBT>                 0
<OTHER-ITEMS-LIABILITIES>           18432
<TOTAL-LIABILITIES>               1709728
<SENIOR-EQUITY>                         0
<PAID-IN-CAPITAL-COMMON>         12538777
<SHARES-COMMON-STOCK>                   0
<SHARES-COMMON-PRIOR>                   0
<ACCUMULATED-NII-CURRENT>               0
<OVERDISTRIBUTION-NII>                  0
<ACCUMULATED-NET-GAINS>           (72720)
<OVERDISTRIBUTION-GAINS>                0
<ACCUM-APPREC-OR-DEPREC>          (29562)
<NET-ASSETS>                     12436495
<DIVIDEND-INCOME>                       0
<INTEREST-INCOME>                  368960
<OTHER-INCOME>                          0
<EXPENSES-NET>                      15344
<NET-INVESTMENT-INCOME>            353616
<REALIZED-GAINS-CURRENT>          (93493)
<APPREC-INCREASE-CURRENT>         (38289)
<NET-CHANGE-FROM-OPS>              221834
<EQUALIZATION>                          0
<DISTRIBUTIONS-OF-INCOME>        (353566)
<DISTRIBUTIONS-OF-GAINS>                0
<DISTRIBUTIONS-OTHER>                   0
<NUMBER-OF-SHARES-SOLD>            211013
<NUMBER-OF-SHARES-REDEEMED>       (92030)
<SHARES-REINVESTED>                 35544
<NET-CHANGE-IN-ASSETS>            1409930
<ACCUMULATED-NII-PRIOR>              3202
<ACCUMULATED-GAINS-PRIOR>        (158158)
<OVERDISTRIB-NII-PRIOR>                 0
<OVERDIST-NET-GAINS-PRIOR>              0
<GROSS-ADVISORY-FEES>               15240
<INTEREST-EXPENSE>                    713
<GROSS-EXPENSE>                     74239
<AVERAGE-NET-ASSETS>                12106
<PER-SHARE-NAV-BEGIN>               10.04
<PER-SHARE-NII>                      0.29
<PER-SHARE-GAIN-APPREC>            (0.11)
<PER-SHARE-DIVIDEND>               (0.29)
<PER-SHARE-DISTRIBUTIONS>            0.00
<RETURNS-OF-CAPITAL>                 0.00
<PER-SHARE-NAV-END>                  9.93
<EXPENSE-RATIO>                      1.23
<AVG-DEBT-OUTSTANDING>              59501
<AVG-DEBT-PER-SHARE>                 0.05

        

</TABLE>


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