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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 14
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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008 A000501 FOUNDATION ADVISERS, INC.
008 B000501 A
008 C000501 801-45618
008 D010501 CHARLOTTESVILLE
008 D020501 VA
008 D030501 22905
008 A000502 FISCHER FRANCIS TREES & WATTS, INC.
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008 D020502 NY
008 D030502 10022
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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067 000500 N
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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008 A000601 FOUNDATION ADVISERS, INC.
008 B000601 A
008 C000601 801-45618
008 D010601 CHARLOTTESVILLE
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<PAGE> PAGE 27
008 D020603 NY
008 D030603 07081
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008 D020604 MA
008 D030604 02109
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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SIGNATURE WILLIAM E. VASTARDIS
TITLE TREASURER
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<SERIES>
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<NAME> MULTI-ASSET FUND
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<NAME> BOND FUND
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<NET-CHANGE-IN-ASSETS> (10921)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> EMERGING MARKETS FUND
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 2
<NAME> INTERNATIONAL EQUITY FUND
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<S> <C>
<PERIOD-TYPE> 6-MOS
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<ACCUMULATED-NET-GAINS> (2093)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> SHORT-TERM FUND
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<S> <C>
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<PERIOD-END> JUN-30-1995
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