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<PAGE> PAGE 13
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008 D020405 TX
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<PAGE> PAGE 21
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066 A000400 N
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<PAGE> PAGE 22
069 000400 N
070 A010400 Y
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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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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046 000500 Y
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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008 A000601 FOUNDATION ADVISERS, INC.
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008 D010601 CHARLOTTESVILLE
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008 D030604 02109
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 33
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SIGNATURE WILLIAM E. VASTARDIS
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> EMERGING MARKETS FUND
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
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<NAME> INTERNATIONAL EQUITY FUND
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<ACCUMULATED-NET-GAINS> (2093)
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> MULTI-ASSET FUND
<MULTIPLIER> 1,000
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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