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072 B000400 1965
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072 D000400 0
072 E000400 0
072 F000400 58
072 G000400 15
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072 I000400 8
072 J000400 148
072 K000400 0
072 L000400 0
072 M000400 0
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 6
072 S000400 8
072 T000400 0
072 U000400 2
072 V000400 0
072 W000400 21
072 X000400 266
072 Y000400 97
072 Z000400 1796
072AA000400 0
072BB000400 463
072CC010400 0
072CC020400 1016
072DD010400 1808
072DD020400 0
072EE000400 0
073 A010400 0.3600
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 9423
074 C000400 6551
074 D000400 73805
074 E000400 168
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074 J000400 5400
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<PAGE> PAGE 21
074 M000400 1082
074 N000400 96450
074 O000400 13825
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074 R020400 0
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074 R040400 2954
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074 T000400 79671
074 U010400 8230
074 U020400 0
074 V010400 9.68
074 V020400 0.00
074 W000400 0.0000
074 X000400 31
074 Y000400 9176
075 A000400 0
075 B000400 46431
076 000400 0.00
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.
008 B000502 S
008 C000502 801-10577
008 D010502 NEW YORK
008 D020502 NY
008 D030502 10022
028 A010500 650
028 A020500 2
028 A030500 0
028 A040500 25
028 B010500 0
028 B020500 3
028 B030500 0
028 B040500 40
028 C010500 1500
028 C020500 5
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028 C040500 533
028 D010500 400
028 D020500 7
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028 D040500 88
028 E010500 1400
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<PAGE> PAGE 22
028 E030500 0
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028 F010500 4749
028 F020500 58
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028 F040500 427
028 G010500 8699
028 G020500 85
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028 G040500 1389
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.000
048 A010500 1000000
048 A020500 0.030
048 B010500 1000000
048 B020500 0.020
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048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
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048 I010500 0
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048 J010500 0
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048 K010500 2000000
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055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 N
060 B000500 N
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<PAGE> PAGE 23
062 F000500 4.4
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062 J000500 17.4
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062 M000500 1.6
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062 O000500 0.0
062 P000500 0.0
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063 A000500 63
063 B000500 0.0
064 A000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
071 A000500 163449
071 B000500 151456
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<PAGE> PAGE 24
072AA000500 17
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SIGNATURE WILLIAM VASTARDIS
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> MAY-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 90941
<INVESTMENTS-AT-VALUE> 89968
<RECEIVABLES> 5400
<ASSETS-OTHER> 1082
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 96450
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<PAID-IN-CAPITAL-COMMON> 81147
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 14
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<ACCUMULATED-NET-GAINS> (474)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1016)
<NET-ASSETS> 79671
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<INTEREST-INCOME> 1965
<OTHER-INCOME> 0
<EXPENSES-NET> 169
<NET-INVESTMENT-INCOME> 1796
<REALIZED-GAINS-CURRENT> (463)
<APPREC-INCREASE-CURRENT> (1016)
<NET-CHANGE-FROM-OPS> 317
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1808
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 81065
<NUMBER-OF-SHARES-REDEEMED> 541
<SHARES-REINVESTED> 638
<NET-CHANGE-IN-ASSETS> 79671
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<AVERAGE-NET-ASSETS> 46431
<PER-SHARE-NAV-BEGIN> 10.00
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<PER-SHARE-NAV-END> 9.68
<EXPENSE-RATIO> .62
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> EMERGING MARKETS FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> MAY-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 60344
<INVESTMENTS-AT-VALUE> 54424
<RECEIVABLES> 0
<ASSETS-OTHER> 578
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<TOTAL-ASSETS> 55002
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<OTHER-ITEMS-LIABILITIES> 3115
<TOTAL-LIABILITIES> 4970
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 56217
<SHARES-COMMON-STOCK> 5414
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 36
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (303)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (5918)
<NET-ASSETS> 50032
<DIVIDEND-INCOME> 205
<INTEREST-INCOME> 200
<OTHER-INCOME> 0
<EXPENSES-NET> 332
<NET-INVESTMENT-INCOME> 72
<REALIZED-GAINS-CURRENT> (33)
<APPREC-INCREASE-CURRENT> (5918)
<NET-CHANGE-FROM-OPS> (5879)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 41
<DISTRIBUTIONS-OF-GAINS> 297
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 56389
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<SHARES-REINVESTED> 313
<NET-CHANGE-IN-ASSETS> 50032
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 203
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<GROSS-EXPENSE> 412
<AVERAGE-NET-ASSETS> 28557
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> (.71)
<PER-SHARE-DIVIDEND> .01
<PER-SHARE-DISTRIBUTIONS> .05
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.24
<EXPENSE-RATIO> 1.83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> INTERNATIONAL EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> MAY-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 93888
<INVESTMENTS-AT-VALUE> 93111
<RECEIVABLES> 1288
<ASSETS-OTHER> 1596
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<TOTAL-ASSETS> 95995
<PAYABLE-FOR-SECURITIES> 3768
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2918
<TOTAL-LIABILITIES> 6686
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 91192
<SHARES-COMMON-STOCK> 8949
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 97
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1373)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (607)
<NET-ASSETS> 89309
<DIVIDEND-INCOME> 423
<INTEREST-INCOME> 374
<OTHER-INCOME> 0
<EXPENSES-NET> 423
<NET-INVESTMENT-INCOME> 374
<REALIZED-GAINS-CURRENT> (655)
<APPREC-INCREASE-CURRENT> (608)
<NET-CHANGE-FROM-OPS> (889)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 420
<DISTRIBUTIONS-OF-GAINS> 658
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<NUMBER-OF-SHARES-SOLD> 90264
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<SHARES-REINVESTED> 1032
<NET-CHANGE-IN-ASSETS> 89209
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<GROSS-EXPENSE> 499
<AVERAGE-NET-ASSETS> 63207
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> .06
<PER-SHARE-DIVIDEND> .05
<PER-SHARE-DISTRIBUTIONS> .08
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<PER-SHARE-NAV-END> 9.98
<EXPENSE-RATIO> 1.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> SHORT-TERM FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> MAY-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 34296
<INVESTMENTS-AT-VALUE> 34286
<RECEIVABLES> 0
<ASSETS-OTHER> 34
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 34320
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37
<TOTAL-LIABILITIES> 37
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34299
<SHARES-COMMON-STOCK> 3429
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (10)
<NET-ASSETS> 34283
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 238
<OTHER-INCOME> 0
<EXPENSES-NET> 18
<NET-INVESTMENT-INCOME> 220
<REALIZED-GAINS-CURRENT> 17
<APPREC-INCREASE-CURRENT> (10)
<NET-CHANGE-FROM-OPS> 227
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 22
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<NUMBER-OF-SHARES-SOLD> 35605
<NUMBER-OF-SHARES-REDEEMED> 1400
<SHARES-REINVESTED> 96
<NET-CHANGE-IN-ASSETS> 34283
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<GROSS-ADVISORY-FEES> 10
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<GROSS-EXPENSE> 76
<AVERAGE-NET-ASSETS> 6973
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> .02
<PER-SHARE-DIVIDEND> .28
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<PER-SHARE-NAV-END> 10.00
<EXPENSE-RATIO> .40
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> U.S. EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> MAY-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 78543
<INVESTMENTS-AT-VALUE> 78986
<RECEIVABLES> 807
<ASSETS-OTHER> 4653
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<TOTAL-ASSETS> 84446
<PAYABLE-FOR-SECURITIES> 19843
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<OTHER-ITEMS-LIABILITIES> 6430
<TOTAL-LIABILITIES> 26273
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58029
<SHARES-COMMON-STOCK> 5808
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<OVERDISTRIBUTION-GAINS> 851
<ACCUM-APPREC-OR-DEPREC> 995
<NET-ASSETS> 58173
<DIVIDEND-INCOME> 161
<INTEREST-INCOME> 787
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<EXPENSES-NET> 241
<NET-INVESTMENT-INCOME> 707
<REALIZED-GAINS-CURRENT> 54
<APPREC-INCREASE-CURRENT> 995
<NET-CHANGE-FROM-OPS> 1756
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 799
<DISTRIBUTIONS-OF-GAINS> 851
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<NUMBER-OF-SHARES-SOLD> 71479
<NUMBER-OF-SHARES-REDEEMED> 14869
<SHARES-REINVESTED> 1457
<NET-CHANGE-IN-ASSETS> 58173
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 125
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<GROSS-EXPENSE> 300
<AVERAGE-NET-ASSETS> 43132
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .15
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<PER-SHARE-DIVIDEND> .15
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<PER-SHARE-NAV-END> 10.02
<EXPENSE-RATIO> .85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
