000 B000000 02/29/96
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 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, LLP
013 B01AA01 KANSAS CITY
013 B02AA01 MO
013 B03AA01 64105
013 B04AA01 2143
014 A00AA01 SOLON FINANCIAL SERVICES, L.P.
014 B00AA01 8-pending
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 320050
022 D000001 0
022 A000002 BEAR STEARNS & CO.
022 C000002 49501
022 D000002 1662
022 A000003 BARCLAYS DEZOETE WEDD
<PAGE>
022 C000003 42081
022 D000003 4863
022 A000004 PRUDENTIAL BACHE SECURITIES
022 C000004 12361
022 D000004 6614
022 A000005 UBS SECURITIES
022 C000005 4182
022 D000005 3676
022 A000006 RAUSCHER PIERCE
022 C000006 1065
022 D000006 898
022 A000007 FREDDIE MAC
022 C000007 999
022 D000007 802
022 A000008 MERRILL LYNCH
022 C000008 830
022 D000008 0
022 A000009 SMITH BARNEY
022 C000009 0
022 D000009 703
022 A000010 GREENWICH CAPITAL MARKETS, INC.
022 C000010 0
022 D000010 491
023 C000000 431069
023 D000000 19709
024 00AA00 N
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
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
042 H00AA00 0
043 00AA00 0
044 00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.250
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 Y
054 E00AA00 Y
054 F00AA00 Y
054 G00AA00 Y
<PAGE>
054 H00AA00 Y
054 I00AA00 Y
054 J00AA00 Y
054 K00AA00 Y
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 Y
054 O00AA00 Y
055 A00AA00 Y
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 0
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00
N 069 00AA00 N
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 N
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 N
070 L01AA00 Y
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
<PAGE>
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 Y
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
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
080 A00AA00 GULF INSURANCE COMPANY
080 C00AA00 1000
081 A00AA00 Y
081 B00AA00 3
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
<PAGE>
028 A010100 6
028 A020100 1
028 A030100 0
028 A040100 2
028 B010100 19
028 B020100 2
028 B030100 0
028 B040100 0
028 C010100 20
028 C020100 2
028 C030100 0
028 C040100 0
028 D010100 0
028 D020100 2
028 D030100 0
028 D040100 4
028 E010100 3
028 E020100 2
028 E030100 0
028 E040100 0
028 F010100 2
028 F020100 2
028 F030100 0
028 F040100 0
028 G010100 50
028 G020100 10
028 G030100 0
028 G040100 6
028 H000100 0
062 A000100 Y
062 B000100 0.0
062 C000100 14.3
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 15.0
062 N000100 68.8
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.4
064 A000100 N
064 B000100 N
<PAGE>
071 A000100 446
071 B000100 349
071 C000100 220
071 D000100 159
072 A000100 12
072 B000100 17
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 0
072 G000100 0
072 H000100 0
072 I000100 4
072 J000100 15
072 K000100 0
072 L000100 0
072 M000100 4
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 7
072 S000100 8
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 5
072 X000100 43
072 Y000100 43
072 Z000100 17
072AA000100 1
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.6514
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 57
074 D000100 334
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
<PAGE>
074 K000100 0
074 L000100 9
074 M000100 0
074 N000100 400
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 2
074 S000100 0
074 T000100 398
074 U010100 39
074 U020100 0
074 V010100 10.03
074 V020100 0.00
074 W000100 0.0000
074 X000100 4
074 Y000100 0
075 A000100 0
075 B000100 271
076 000100 0.00
028 A010200 510
028 A020200 44
028 A030200 0
028 A040200 0
028 B010200 227
028 B020200 46
028 B030200 0
028 B040200 27
028 C010200 248
028 C020200 46
028 C030200 0
028 C040200 20
028 D010200 167
028 D020200 47
028 D030200 0
028 D040200 23
028 E010200 499
028 E020200 48
028 E030200 0
028 E040200 52
028 F010200 397
028 F020200 50
028 F030200 0
028 F040200 73
028 G010200 2049
028 G020200 280
028 G030200 0
028 G040200 196
<PAGE>
028 H000200 0
062 A000200 Y
062 B000200 0.0
062 C000200 27.3
062 D000200 0.0
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 24.3
062 N000200 65.2
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 2.6
064 A000200 Y
064 B000200 N
071 A000200 25873
071 B000200 20759
071 C000200 8259
071 D000200 251
072 A000200 12
072 B000200 580
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 22
072 G000200 0
072 H000200 0
072 I000200 31
072 J000200 31
072 K000200 0
072 L000200 0
072 M000200 4
072 N000200 0
072 O000200 0
072 P000200 11
072 Q000200 0
072 R000200 10
072 S000200 8
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 11
072 X000200 128
<PAGE>
072 Y000200 96
072 Z000200 548
072AA000200 158
072BB000200 0
072CC010200 14
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.5976
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 1
074 B000200 3009
074 C000200 0
074 D000200 9869
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 602
074 M000200 0
074 N000200 13481
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 2455
074 S000200 0
074 T000200 11026
074 U010200 1098
074 U020200 0
074 V010200 10.04
074 V020200 0.00
074 W000200 0.0000
074 X000200 12
074 Y000200 0
075 A000200 0
075 B000200 8858
076 000200 0.00
SIGNATURE DEBORAH HICKS MIDANEK
TITLE CEO
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000914243
<NAME> THE SOLON FUNDS
<SERIES>
<NUMBER> 1
<NAME> ONE YEAR PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-29-1996
<PERIOD-START> MAR-01-1995
<PERIOD-END> FEB-29-1996
<INVESTMENTS-AT-COST> 390,378
<INVESTMENTS-AT-VALUE> 390,668
<RECEIVABLES> 8,766
<ASSETS-OTHER> 460
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 399,893
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,827
<TOTAL-LIABILITIES> 1,827
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 396,562
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 98
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,116
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 290
<NET-ASSETS> 398,066
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 17,194
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 17,194
<REALIZED-GAINS-CURRENT> 872
<APPREC-INCREASE-CURRENT> 445
<NET-CHANGE-FROM-OPS> 18,511
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17,017)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 24,084
<NUMBER-OF-SHARES-REDEEMED> (635)
<SHARES-REINVESTED> 1,765
<NET-CHANGE-IN-ASSETS> 253,399
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 663
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 43,850
<AVERAGE-NET-ASSETS> 271,000
<PER-SHARE-NAV-BEGIN> 9.99
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.03
<EXPENSE-RATIO> 000000000001.647
<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> YEAR
<FISCAL-YEAR-END> FEB-29-1996
<PERIOD-START> MAR-01-1995
<PERIOD-END> FEB-29-1996
<INVESTMENTS-AT-COST> 12,869,618
<INVESTMENTS-AT-VALUE> 12,878,346
<RECEIVABLES> 602,363
<ASSETS-OTHER> 896
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13,481,605
<PAYABLE-FOR-SECURITIES> 2,449,516
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,524
<TOTAL-LIABILITIES> 2,455,040
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,997,114
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 20,723
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,728
<NET-ASSETS> 11,026,565
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 580,067
<OTHER-INCOME> 0
<EXPENSES-NET> 32,283
<NET-INVESTMENT-INCOME> 547,784
<REALIZED-GAINS-CURRENT> 158,024
<APPREC-INCREASE-CURRENT> 14,016
<NET-CHANGE-FROM-OPS> 719,824
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (530,162)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 340,414
<NUMBER-OF-SHARES-REDEEMED> (19,715)
<SHARES-REINVESTED> 56,672
<NET-CHANGE-IN-ASSETS> 3,961,753
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 22,123
<INTEREST-EXPENSE> 11,053
<GROSS-EXPENSE> 128,500
<AVERAGE-NET-ASSETS> 8,858,000
<PER-SHARE-NAV-BEGIN> 9.80
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.04
<EXPENSE-RATIO> 000000000000.181
<AVG-DEBT-OUTSTANDING> 256,115
<AVG-DEBT-PER-SHARE> .28
</TABLE>
[Ernst & Young Letterhead]
REPORT OF INDEPENDENT AUDITORS
The Shareholders and Board of Trustees
Solon Short Duration Government Funds
We have audited the accompanying statement of assets and liabilities of Solon
Short Duration Government Funds (comprised of the One Year Portfolio and Three
Year Portfolio) (the Funds), including the schedules of investments, as of
February 29, 1996, and the related statements of operations for the year then
ended, and the statements of changes in net assets and financial highlights for
each of the two years in the period then ended. These financial statements and
financial highlights are the responsibility of the Funds' management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and the financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
February 29, 1996, by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonably basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective portfolios comprising the Solon Short Duration Government
Funds at February 29, 1996 and the results of their operations, changes in their
net assets and their financial highlights for the periods indicated above in
conformity with generally accepted principles.
/s/ Ernst & Young LLP
March 29, 1996
