<PAGE> PAGE 1
000 A000000 06/30/96
000 C000000 0000917323
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
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002 B000000 LAJOLLA
002 C000000 CA
002 D010000 92037
003 000000 Y
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005 000000 N
006 000000 N
007 A000000 Y
007 B000000 5
007 C010100 1
007 C020100 THE VALUE PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 THE GROWTH PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 THE INTERNATIONAL GROWTH PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 THE GLOBAL STRATEGIC INCOME PORTFOLO
007 C030400 N
007 C010500 5
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007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
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008 A00AA01 PALLADIAN ADVISORS, INC.
008 B00AA01 A
008 C00AA01 801-44035
008 D01AA01 LAJOLLA
008 D02AA01 CA
008 D03AA01 92037
008 A00AA02 GAMCO INVESTORS, INC.
008 B00AA02 S
008 C00AA02 801-14132
<PAGE> PAGE 2
008 D01AA02 NEW YORK
008 D02AA02 NY
008 D03AA02 10580
008 A00AA03 STONEHILL CAPITAL MANAGEMENT, INC.
008 B00AA03 S
008 C00AA03 801-39824
008 D01AA03 NEW YORK
008 D02AA03 NY
008 D03AA03 10172
008 A00AA04 BEE & ASSOCIATES
008 B00AA04 S
008 C00AA04 801-34538
008 D01AA04 DENVER
008 D02AA04 CO
008 D03AA04 80202
008 A00AA05 FISCHER FRANCIS TREES & WATTS
008 B00AA05 S
008 C00AA05 801-39824
008 D01AA05 NEW YORK
008 D02AA05 NY
008 D03AA05 10166
011 A00AA01 WESTERN CAPITAL FINANCIAL GROUP
011 B00AA01 8-36420
011 C01AA01 LAJOLLA
011 C02AA01 CA
011 C03AA01 92032
012 A00AA01 INVESTORS BANK & TRUST
012 B00AA01 85-720
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02111
013 A00AA01 COOPERS & LYBRAND, L.L.P.
013 B01AA01 LOS ANGELES
013 B02AA01 CA
013 B03AA01 90071
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<PAGE> PAGE 3
020 C000004 23
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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SIGNATURE H. MICHAEL SCHWARTZ
TITLE PRESIDENT
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> VALUE PORTFOLIO
<S> <C>
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<PERIOD-END> JUN-30-1996
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<TOTAL-LIABILITIES> 87,440
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<SHARES-COMMON-STOCK> 671,545
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (26,602)
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<OVERDISTRIBUTION-GAINS> 0
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<NET-INVESTMENT-INCOME> (26,602)
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> GROWTH
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> FEB-01-1996
<PERIOD-END> JUN-30-1996
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<NET-INVESTMENT-INCOME> (18,794)
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> INTERNATIONAL GROWTH
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> FEB-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 42,607
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<ACCUM-APPREC-OR-DEPREC> 2,715
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<EXPENSES-NET> 17,585
<NET-INVESTMENT-INCOME> (17,003)
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<PER-SHARE-NAV-BEGIN> 10.00
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> GLOBAL STRATEGIC INCOME
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> FEB-01-1996
<PERIOD-END> JUN-30-1996
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<ACCUMULATED-NII-CURRENT> (19,730)
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,002,474
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 21,982
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<EXPENSES-NET> 41,712
<NET-INVESTMENT-INCOME> (19,730)
<REALIZED-GAINS-CURRENT> (42,526)
<APPREC-INCREASE-CURRENT> (43,686)
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<NUMBER-OF-SHARES-SOLD> 141,960
<NUMBER-OF-SHARES-REDEEMED> (35,563)
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<PER-SHARE-NII> (.19)
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> GLOBAL INTERACTIVE/TELECOM
<S> <C>
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<NET-ASSETS> 559,764
<DIVIDEND-INCOME> 2,300
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<EXPENSES-NET> 28,645
<NET-INVESTMENT-INCOME> (24,667)
<REALIZED-GAINS-CURRENT> 2,735
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<AVERAGE-NET-ASSETS> 460,238
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.46)
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<PER-SHARE-NAV-END> 9.72
<EXPENSE-RATIO> 15.71
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</TABLE>
