<PAGE> PAGE 1
000 A000000 06/30/95
000 C000000 914324
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 LIFE AND ANNUITY TRUST
001 B000000 811-8118
001 C000000 5013772521
002 A000000 111 CENTER STREET
002 B000000 LITTLE ROCK
002 C000000 AR
002 D010000 72201
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 ASSET ALLOCATION FUND
007 C030100 N
007 C010200 2
007 C020200 GROWTH AND INCOME FUND
007 C030200 N
007 C010300 3
007 C020300 MONEY MARKET FUND
007 C030300 N
007 C010400 4
007 C020400 U.S. GOVERNMENT ALLOCATION FUND
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 STEPHENS INC
010 B00AA01 8-1927
010 C01AA01 LITTLE ROCK
010 C02AA01 AR
010 C03AA01 72201
011 A00AA01 STEPHENS INC.
011 B00AA01 8-1927
011 C01AA01 LITTLE ROCK
011 C02AA01 AR
011 C03AA01 72201
012 A00AA01 WELLS FARGO BANK, NA
<PAGE> PAGE 2
012 B00AA01 84-00000
012 C01AA01 SAN FRANCISCO
012 C02AA01 CA
012 C03AA01 94105
013 A00AA01 KPMG PEAT MARWICK
013 B01AA01 SAN FRANCISCO
013 B02AA01 CA
013 B03AA01 94111
014 A00AA01 WELLS FARGO SECURITIES INC.
014 B00AA01 8-35225
015 A00AA01 WELLS FARGO BANK, NA
015 B00AA01 C
015 C01AA01 SAN FRANCISCO
015 C02AA01 CA
015 C03AA01 94105
015 E01AA01 X
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019 C00AA00 LIFENANNTR
020 A000001 ESI SECURITIES
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020 A000002 INTERSTATE JOHNSON LANE
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020 C000002 2
020 A000003 CAPITAL INSTITUTIONAL SVCS
020 B000003 75-1565705
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020 C000004 1
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020 C000006 0
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020 C000008 0
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020 C000010 0
021 000000 10
022 A000001 JP MORGAN SECURITIES
022 B000001 13-3224016
022 C000001 11757
022 D000001 2691
022 A000002 SALOMON BROS
022 B000002 13-3082694
022 C000002 8498
022 D000002 2492
022 A000003 GOLDMAN SACHS
022 B000003 13-5108880
022 C000003 3499
022 D000003 3193
<PAGE> PAGE 3
022 A000004 FIRST BOSTON
022 B000004 13-5659485
022 C000004 4020
022 D000004 1999
022 A000005 MORGAN STANLEY & CO
022 B000005 13-2655998
022 C000005 33
022 D000005 2223
022 A000006 CITICORP SECURITIES
022 B000006 UNKNOWN
022 C000006 1320
022 D000006 362
022 A000007 ESI SECURITIES
022 B000007 UNKNOWN
022 C000007 1307
022 D000007 241
022 A000008 HSBC SECURITIES INC.
022 B000008 UNKNOWN
022 C000008 1137
022 D000008 395
022 A000009 LEHMAN GOVT SECURITIES
022 B000009 UNKNOWN
022 C000009 950
022 D000009 507
022 A000010 INTERSTATE JOHNSON LANE
022 B000010 56-0276690
022 C000010 499
022 D000010 270
023 C000000 34470
023 D000000 16460
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
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> PAGE 4
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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048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
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050 00AA00 N
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054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
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054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
<PAGE> PAGE 5
054 H00AA00 N
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
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<PAGE> PAGE 6
028 A040100 31
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<PAGE> PAGE 7
064 B000100 N
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 Y
067 000100 Y
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 Y
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 1597
071 B000100 3966
071 C000100 3949
<PAGE> PAGE 8
071 D000100 40
072 A000100 6
072 B000100 321
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072 G000100 3
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072 R000100 6
072 S000100 6
072 T000100 1
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072 Y000100 43
072 Z000100 308
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<PAGE> PAGE 9
074 N000100 13341
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074 Y000100 9716
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076 000100 0.00
008 A000201 WELLS FARGO BANK, NA
008 B000201 A
008 C000201 801-00000
008 D010201 SAN FRANCISCO
008 D020201 CA
008 D030201 94105
008 A000202 DELETE
024 000200 Y
025 A000201 GOLDMAN SACHS
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<PAGE> PAGE 10
028 D010200 437
028 D020200 16
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062 O000200 0.0
062 P000200 0.0
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062 R000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 Y
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
<PAGE> PAGE 11
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 3089
071 B000200 1111
071 C000200 2947
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<PAGE> PAGE 12
072 M000200 6
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<PAGE> PAGE 13
074 V020200 0.00
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008 A000301 WELLS FARGO BANK, NA
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<PAGE> PAGE 14
028 G030300 0
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055 A000300 N
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<PAGE> PAGE 15
070 I020300 N
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<PAGE> PAGE 16
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008 A000401 WELLS FARGO BANK,NA
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<PAGE> PAGE 17
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<PAGE> PAGE 18
062 G000400 0.0
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<PAGE> PAGE 19
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<PAGE> PAGE 20
074 G000400 0
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SIGNATURE ANN BONSTEEL
TITLE ASST. SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> ASSET ALLOCATION FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 12738347
<INVESTMENTS-AT-VALUE> 13019461
<RECEIVABLES> 268246
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<NAME> MONEY MARKET FUND
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<NAME> U.S. GOVERNMENT ALLOCATION FUND
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