<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
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 268953
022 D000001 0
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
022 A000005 MERRILL LYNCH
022 C000005 4053
022 D000005 60
022 A000006 LEHMAN BROTHERS
022 C000006 1232
022 D000006 2158
022 A000007 CS FIRST BOSTON
022 C000007 1249
022 D000007 0
022 A000008 AMHURST
022 C000008 1193
022 D000008 0
022 A000009 UBS
022 C000009 735
022 D000009 450
022 A000010 FIRST TENNESSEE
022 C000010 909
022 D000010 0
023 C000000 290973
023 D000000 18596
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
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
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
<PAGE> PAGE 4
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
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 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
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
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
<PAGE> PAGE 6
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
028 A010100 107
028 A020100 4
028 A030100 0
028 A040100 8
028 B010100 48
028 B020100 5
028 B030100 0
028 B040100 92
028 C010100 52
028 C020100 5
028 C030100 0
028 C040100 106
028 D010100 100
028 D020100 4
028 D030100 0
028 D040100 4
028 E010100 23
028 E020100 4
028 E030100 0
028 E040100 34
028 F010100 350
028 F020100 5
028 F030100 0
028 F040100 76
028 G010100 680
028 G020100 27
028 G030100 0
028 G040100 320
028 H000100 0
062 A000100 Y
062 B000100 0.0
062 C000100 26.2
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
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
071 B000100 458
071 C000100 740
071 D000100 62
072 A000100 6
072 B000100 28
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 1
072 G000100 0
072 H000100 0
072 I000100 9
072 J000100 17
072 K000100 0
072 L000100 0
072 M000100 2
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 11
072 S000100 2
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 2
072 X000100 44
072 Y000100 44
072 Z000100 28
072AA000100 2
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 28
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
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 5
074 M000100 0
074 N000100 1359
074 O000100 103
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 0
074 S000100 0
074 T000100 1256
074 U010100 125
074 U020100 0
074 V010100 10.07
074 V020100 0.00
074 W000100 0.0000
074 X000100 7
074 Y000100 0
075 A000100 0
075 B000100 961
076 000100 0.00
028 A010200 395
028 A020200 84
028 A030200 0
028 A040200 206
028 B010200 309
028 B020200 88
028 B030200 0
028 B040200 2752
028 C010200 110
028 C020200 79
028 C030200 0
028 C040200 153
028 D010200 370
028 D020200 78
028 D030200 0
<PAGE> PAGE 9
028 D040200 559
028 E010200 615
028 E020200 80
028 E030200 0
028 E040200 241
028 F010200 203
028 F020200 78
028 F030200 0
028 F040200 8
028 G010200 2002
028 G020200 487
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
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 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
071 A000200 21801
071 B000200 19109
071 C000200 15493
071 D000200 123
072 A000200 6
072 B000200 496
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 20
072 G000200 0
072 H000200 0
072 I000200 27
072 J000200 23
072 K000200 0
072 L000200 0
<PAGE> PAGE 10
072 M000200 2
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 11
072 S000200 2
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 9
072 X000200 94
072 Y000200 74
072 Z000200 476
072AA000200 7
072BB000200 0
072CC010200 32
072CC020200 0
072DD010200 483
072DD020200 0
072EE000200 0
073 A010200 0.2981
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 1
074 B000200 2278
074 C000200 0
074 D000200 16097
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 103
074 K000200 57
074 L000200 116
074 M000200 0
074 N000200 18652
074 O000200 2217
074 P000200 0
074 Q000200 0
074 R010200 26
074 R020200 0
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
<INVESTMENTS-AT-COST> 1,352,991
<INVESTMENTS-AT-VALUE> 1,353,135
<RECEIVABLES> 4,865
<ASSETS-OTHER> 987
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,358,987
<PAYABLE-FOR-SECURITIES> 102,990
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 89
<TOTAL-LIABILITIES> 103,079
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,252,125
<SHARES-COMMON-STOCK> 124,780
<SHARES-COMMON-PRIOR> 85,941
<ACCUMULATED-NII-CURRENT> 27,753
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,341
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 144
<NET-ASSETS> 1,255,908
<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
<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-28-1998
<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
<TOTAL-ASSETS> 18,651,750
<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)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 50,962
<NET-ASSETS> 16,408,959
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 496,193
<OTHER-INCOME> 0
<EXPENSES-NET> 19,973
<NET-INVESTMENT-INCOME> 476,220
<REALIZED-GAINS-CURRENT> 6,501
<APPREC-INCREASE-CURRENT> 31,702
<NET-CHANGE-FROM-OPS> 514,423
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (482,548)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 205,830
<NUMBER-OF-SHARES-REDEEMED> (392,937)
<SHARES-REINVESTED> 42,467
<NET-CHANGE-IN-ASSETS> (1,400,459)
<ACCUMULATED-NII-PRIOR> 747,808
<ACCUMULATED-GAINS-PRIOR> (79,700)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 20,421
<INTEREST-EXPENSE> 368
<GROSS-EXPENSE> 93,609
<AVERAGE-NET-ASSETS> 16,399
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 0.02
<PER-SHARE-DIVIDEND> (0.29)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.03
<EXPENSE-RATIO> 1.14
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>