SOLON FUNDS/DE/
NSAR-A, 1997-10-27
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<PAGE>      PAGE  1
000 A000000 08/31/97
000 C000000 0000914243
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
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
008 A00AA01 SOLON ASSET MANAGEMENT, L.P.
008 B00AA01 A
008 C00AA01 801-45897
008 D01AA01 WALNUT CREEK
008 D02AA01 CA
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
<PAGE>      PAGE  2
010 C02AA01 CA
010 C03AA01 94596
011 A00AA01 SOLON FINANCIAL SERVICES, L.P.
011 B00AA01 8-47691
011 C01AA01 WALNUT CREEK
011 C02AA01 CA
011 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 8-47691
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
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020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
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022 A000001 PAINE WEBBER
022 C000001    268953
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022 A000002 FREDDIE MAC
022 C000002      8640
022 D000002      8907
022 A000003 BZW SECURITIES
022 C000003      3677
022 D000003      3106
022 A000004 BARCLAYS DE ZOETE WEDD
022 C000004       332
022 D000004      3915
<PAGE>      PAGE  3
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022 A000006 LEHMAN BROTHERS
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022 D000006      2158
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034  00AA00 N
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038  00AA00      0
039  00AA00 N
040  00AA00 N
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<PAGE>      PAGE  4
047  00AA00 Y
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048 C01AA00        0
048 C02AA00 0.000
048 D01AA00        0
048 D02AA00 0.000
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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
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054 H00AA00 Y
054 I00AA00 Y
054 J00AA00 Y
054 K00AA00 Y
054 L00AA00 Y
054 M00AA00 Y
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054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056  00AA00 Y
057  00AA00 N
058 A00AA00 N
<PAGE>      PAGE  5
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
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070 M01AA00 N
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077 A000000 Y
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<PAGE>      PAGE  6
077 G000000 N
077 H000000 N
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077 Q030000 N
078  000000 N
028 A010100       107
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028 A040100         8
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028 B020100         5
028 B030100         0
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062 A000100 Y
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062 H000100   0.0
<PAGE>      PAGE  7
062 I000100   0.0
062 J000100   0.0
062 K000100   0.0
062 L000100   0.0
062 M000100   3.0
062 N000100  67.5
062 O000100   0.0
062 P000100  11.5
062 Q000100   0.0
062 R000100   0.0
063 A000100   0
063 B000100  0.4
064 A000100 N
071 A000100      1031
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071 C000100       740
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072 A000100  6
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072 C000100        0
072 D000100        0
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072 S000100        2
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072 Y000100       44
072 Z000100       28
072AA000100        2
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072CC010100        0
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072DD020100        0
072EE000100        0
073 A010100   0.2979
<PAGE>      PAGE  8
073 A020100   0.0000
073 B000100   0.0000
073 C000100   0.0000
074 A000100        1
074 B000100        0
074 C000100      328
074 D000100     1025
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074 I000100        0
074 J000100        0
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074 L000100        5
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074 Q000100        0
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074 T000100     1256
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074 V020100     0.00
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074 X000100        7
074 Y000100        0
075 A000100        0
075 B000100      961
076  000100     0.00
028 A010200       395
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028 B010200       309
028 B020200        88
028 B030200         0
028 B040200      2752
028 C010200       110
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028 C030200         0
028 C040200       153
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028 D020200        78
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<PAGE>      PAGE  9
028 D040200       559
028 E010200       615
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028 F030200         0
028 F040200         8
028 G010200      2002
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028 G030200         0
028 G040200      3919
028 H000200         0
062 A000200 Y
062 B000200   0.0
062 C000200   0.0
062 D000200  14.0
062 E000200   0.0
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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  34.6
062 N000200  52.2
062 O000200   0.0
062 P000200  12.2
062 Q000200   0.0
062 R000200   0.0
063 A000200   0
063 B000200  2.3
064 A000200 N
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071 B000200     19109
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071 D000200  123
072 A000200  6
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<PAGE>      PAGE  10
072 M000200        2
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072 O000200        0
072 P000200        0
072 Q000200        0
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072 S000200        2
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072 U000200        0
072 V000200        0
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072 X000200       94
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072 Z000200      476
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072BB000200        0
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072CC020200        0
072DD010200      483
072DD020200        0
072EE000200        0
073 A010200   0.2981
073 A020200   0.0000
073 B000200   0.0000
073 C000200   0.0000
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074 R030200        0
074 R040200        0
074 S000200        0
074 T000200    16409
074 U010200     1636
074 U020200        0
074 V010200    10.03
<PAGE>      PAGE  11
074 V020200     0.00
074 W000200   0.0000
074 X000200       18
074 Y000200        0
075 A000200        0
075 B000200    16194
076  000200     0.00
SIGNATURE   JAMES I. MIDANEK                             
TITLE       PRESIDENT, CIO      
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000914243
<NAME> THE SOLON FUNDS
<SERIES>
   <NUMBER> 1
   <NAME> ONE YEAR PORTFOLIO
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          FEB-28-1998
<PERIOD-END>                               AUG-31-1997
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<INVESTMENTS-AT-VALUE>                       1,353,135
<RECEIVABLES>                                    4,865
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<TOTAL-ASSETS>                               1,358,987
<PAYABLE-FOR-SECURITIES>                       102,990
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           89
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<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     1,252,125
<SHARES-COMMON-STOCK>                          124,780
<SHARES-COMMON-PRIOR>                           85,941
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<OVERDISTRIBUTION-NII>                               0
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<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                           144
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<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               27,569
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                       0
<NET-INVESTMENT-INCOME>                         27,569
<REALIZED-GAINS-CURRENT>                         1,921
<APPREC-INCREASE-CURRENT>                        (743)
<NET-CHANGE-FROM-OPS>                           28,747
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (28,455)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         67,703
<NUMBER-OF-SHARES-REDEEMED>                   (31,698)
<SHARES-REINVESTED>                              2,834
<NET-CHANGE-IN-ASSETS>                         391,345
<ACCUMULATED-NII-PRIOR>                         39,778
<ACCUMULATED-GAINS-PRIOR>                        3,598
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            1,207
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 44,263
<AVERAGE-NET-ASSETS>                               976
<PER-SHARE-NAV-BEGIN>                            10.06
<PER-SHARE-NII>                                   0.30
<PER-SHARE-GAIN-APPREC>                           0.00
<PER-SHARE-DIVIDEND>                            (0.29)
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              10.07
<EXPENSE-RATIO>                                   9.07
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<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>
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<FISCAL-YEAR-END>                          FEB-28-1998
<PERIOD-END>                               AUG-31-1997
<INVESTMENTS-AT-COST>                       18,324,139
<INVESTMENTS-AT-VALUE>                      18,375,101
<RECEIVABLES>                                  275,874
<ASSETS-OTHER>                                     775
<OTHER-ITEMS-ASSETS>                                 0
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<PAYABLE-FOR-SECURITIES>                     2,217,134
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       25,657
<TOTAL-LIABILITIES>                          2,242,791
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    16,398,881
<SHARES-COMMON-STOCK>                        1,636,336
<SHARES-COMMON-PRIOR>                        1,780,976
<ACCUMULATED-NII-CURRENT>                      477,564
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (35,901)
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<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (482,548)
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<DISTRIBUTIONS-OTHER>                                0
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<NUMBER-OF-SHARES-REDEEMED>                  (392,937)
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</TABLE>


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