<PAGE> PAGE 1
000 A000000 06/30/98
000 C000000 0000917323
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 THE PALLADIAN TRUST
001 B000000 811-08278
001 C000000 5088553498
002 A000000 440 LINCOLN STREET
002 B000000 WORCESTER
002 C000000 MA
002 D010000 01653
003 000000 N
004 000000 N
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 STRATEGIC INCOME PORTFOLO
007 C030400 N
007 C010500 5
007 C020500 THE GLOBAL INTERACTIVE/TELECOMM PORTFOLIO
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 ALLMERICA FINANCIAL INVESTMENT MNGT SRV.INC.
008 B00AA01 A
008 C00AA01 801-44189
008 D01AA01 WORCESTER
008 D02AA01 MA
008 D03AA01 01653
008 A00AA02 GAMCO INVESTORS, INC.
008 B00AA02 S
008 C00AA02 801-14132
<PAGE> PAGE 2
008 D01AA02 RYE
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 ALLMERICA ASSET MANAGEMENT, INC.
008 B00AA05 S
008 C00AA05 801-39824
008 D01AA05 WORCESTER
008 D02AA05 MA
008 D03AA05 01653
010 A00AA01 INVESTORS BANK & TRUST COMPANY
010 B00AA01 85-720
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02116
011 A00AA01 ALLMERICA INVESTMENTS, INC.
011 B00AA01 8-801-3984
011 C01AA01 WORCESTER
011 C02AA01 MA
011 C03AA01 01653
012 A00AA01 INVESTORS BANK & TRUST COMPANY
012 B00AA01 85-720
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02116
013 A00AA01 PRICEWATERHOUSECOOPERS, L.L.P.
013 B01AA01 BALTIMORE
013 B02AA01 MD
013 B03AA01 21201
014 A00AA01 GAMCO
014 B00AA01 8-01-14132
015 A00AA01 INVESTORS BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02116
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
<PAGE> PAGE 3
020 A000001 BRIDGE TRADING
020 C000001 28
020 A000002 MONNESS, CRESPI, HARDT, & CO
020 C000002 20
020 A000003 INTERSTATE SECURITIES CORP
020 C000003 19
020 A000004 ALEX BROWN & SONS
020 C000004 16
020 A000005 GABELLI & CO
020 C000005 16
020 A000006 INSTINET
020 C000006 2
020 A000007 GRUNTAL & CO
020 C000007 2
020 A000008 JOHNSON LANE
020 C000008 1
020 A000009 ERNST & CO
020 C000009 1
020 A000010 HSBC SECURITIES INC.
020 C000010 1
021 000000 108
022 A000001 J.P. MORGAN SECURITIES
022 C000001 1784
022 D000001 1818
022 A000002 GOLDMAN SACHS
022 C000002 707
022 D000002 783
022 A000003 MORGAN STANLEY & CO INC
022 C000003 300
022 D000003 1060
022 A000004 CHASE MANHATTAN
022 C000004 947
022 D000004 421
022 A000005 HSBC CORP.,
022 C000005 938
022 D000005 302
022 A000006 BANKERS TRUST, LONDON
022 C000006 176
022 D000006 735
022 A000007 UBS SECURITIES
022 C000007 141
022 D000007 659
022 A000008 PAINE WEBBER INC
022 C000008 154
022 D000008 392
022 A000009 GX CLARKE & CO
022 C000009 138
022 D000009 398
022 A000010 MONTGOMERY SECURITIES
022 C000010 128
022 D000010 195
<PAGE> PAGE 4
023 C000000 8204
023 D000000 9360
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
045 00AA00 Y
046 00AA00 Y
047 00AA00 N
048 00AA00 0.000
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
<PAGE> PAGE 5
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 Y
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 Y
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 Y
055 B00AA00 N
056 00AA00 N
057 00AA00 N
058 A00AA00 Y
058 B00AA00 Y
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 100
070 A01AA00 Y
<PAGE> PAGE 6
070 A02AA00 N
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 N
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 Y
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 N
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 Y
070 M02AA00 Y
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 N
070 Q01AA00 Y
070 Q02AA00 N
070 R01AA00 Y
070 R02AA00 N
077 A000000 Y
077 B000000 N
077 C000000 Y
077 D000000 Y
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
<PAGE> PAGE 7
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 GULF INSURANCE CO
080 B00AA00 LLOYDS OF LONDON
080 C00AA00 23100
081 A00AA00 Y
081 B00AA00 15
082 A00AA00 Y
082 B00AA00 5
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
028 A010100 266
028 A020100 0
028 A030100 0
028 A040100 11
028 B010100 600
028 B020100 0
028 B030100 0
028 B040100 332
028 C010100 329
028 C020100 0
028 C030100 0
028 C040100 170
028 D010100 201
028 D020100 0
028 D030100 0
028 D040100 228
028 E010100 402
028 E020100 0
028 E030100 0
028 E040100 300
028 F010100 423
028 F020100 0
028 F030100 0
028 F040100 152
028 G010100 2221
028 G020100 0
028 G030100 0
028 G040100 1193
028 H000100 0
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
<PAGE> PAGE 8
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
071 A000100 5260
071 B000100 2981
071 C000100 6790
071 D000100 44
072 A000100 6
072 B000100 22
072 C000100 35
072 D000100 0
072 E000100 0
072 F000100 17
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 10
072 K000100 0
072 L000100 7
072 M000100 10
072 N000100 3
072 O000100 0
072 P000100 0
072 Q000100 24
072 R000100 16
072 S000100 58
072 T000100 0
072 U000100 2
072 V000100 0
072 W000100 5
<PAGE> PAGE 9
072 X000100 152
072 Y000100 86
072 Z000100 -7
072AA000100 349
072BB000100 0
072CC010100 448
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 182
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 8221
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 131
074 K000100 7
074 L000100 9
074 M000100 14
074 N000100 8565
074 O000100 79
074 P000100 3
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 72
074 S000100 0
074 T000100 8411
074 U010100 560
074 U020100 0
074 V010100 15.01
074 V020100 0.00
074 W000100 0.0000
074 X000100 3
074 Y000100 0
075 A000100 0
075 B000100 7663
076 000100 0.00
028 A010200 280
028 A020200 0
028 A030200 0
028 A040200 27
<PAGE> PAGE 10
028 B010200 287
028 B020200 0
028 B030200 0
028 B040200 198
028 C010200 264
028 C020200 0
028 C030200 0
028 C040200 266
028 D010200 187
028 D020200 0
028 D030200 0
028 D040200 91
028 E010200 103
028 E020200 0
028 E030200 0
028 E040200 36
028 F010200 169
028 F020200 0
028 F030200 0
028 F040200 39
028 G010200 1290
028 G020200 0
028 G030200 0
028 G040200 657
028 H000200 0
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 Y
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
<PAGE> PAGE 11
068 A000200 N
068 B000200 N
069 000200 N
071 A000200 18648
071 B000200 17271
071 C000200 5539
071 D000200 312
072 A000200 12
072 B000200 0
072 C000200 4
072 D000200 0
072 E000200 0
072 F000200 0
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 5
072 K000200 0
072 L000200 6
072 M000200 5
072 N000200 4
072 O000200 0
072 P000200 0
072 Q000200 24
072 R000200 12
072 S000200 36
072 T000200 0
072 U000200 2
072 V000200 0
072 W000200 20
072 X000200 114
072 Y000200 78
072 Z000200 -32
072AA000200 296
072BB000200 0
072CC010200 0
072CC020200 290
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 5617
074 G000200 0
<PAGE> PAGE 12
074 H000200 0
074 I000200 0
074 J000200 527
074 K000200 9
074 L000200 1
074 M000200 14
074 N000200 6168
074 O000200 417
074 P000200 622
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 49
074 S000200 0
074 T000200 5080
074 U010200 424
074 U020200 0
074 V010200 11.98
074 V020200 0.00
074 W000200 0.0000
074 X000200 2
074 Y000200 0
075 A000200 0
075 B000200 5185
076 000200 0.00
028 A010300 98
028 A020300 0
028 A030300 0
028 A040300 186
028 B010300 96
028 B020300 0
028 B030300 0
028 B040300 384
028 C010300 133
028 C020300 0
028 C030300 0
028 C040300 47
028 D010300 46
028 D020300 0
028 D030300 0
028 D040300 30
028 E010300 20
028 E020300 0
028 E030300 0
028 E040300 114
028 F010300 70
028 F020300 0
028 F030300 0
028 F040300 36
028 G010300 463
<PAGE> PAGE 13
028 G020300 0
028 G030300 0
028 G040300 797
028 H000300 0
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 Y
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 Y
069 000300 N
071 A000300 845
071 B000300 1447
071 C000300 2902
071 D000300 29
072 A000300 12
072 B000300 3
072 C000300 28
072 D000300 0
072 E000300 0
072 F000300 1
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 5
072 K000300 0
072 L000300 4
072 M000300 5
072 N000300 3
<PAGE> PAGE 14
072 O000300 0
072 P000300 0
072 Q000300 24
072 R000300 8
072 S000300 28
072 T000300 0
072 U000300 2
072 V000300 0
072 W000300 4
072 X000300 84
072 Y000300 57
072 Z000300 3
072AA000300 207
072BB000300 0
072CC010300 0
072CC020300 52
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 345
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 2600
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 106
074 K000300 6
074 L000300 9
074 M000300 15
074 N000300 3081
074 O000300 0
074 P000300 1
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 42
074 S000300 0
074 T000300 3038
074 U010300 293
074 U020300 0
074 V010300 10.35
074 V020300 0.00
074 W000300 0.0000
<PAGE> PAGE 15
074 X000300 3
074 Y000300 0
075 A000300 0
075 B000300 3101
076 000300 0.00
028 A010400 22
028 A020400 0
028 A030400 0
028 A040400 1088
028 B010400 23
028 B020400 0
028 B030400 0
028 B040400 258
028 C010400 173
028 C020400 0
028 C030400 0
028 C040400 14
028 D010400 7
028 D020400 0
028 D030400 0
028 D040400 164
028 E010400 50
028 E020400 0
028 E030400 0
028 E040400 60
028 F010400 12
028 F020400 0
028 F030400 0
028 F040400 19
028 G010400 287
028 G020400 0
028 G030400 0
028 G040400 1603
028 H000400 0
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 44.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 53.0
<PAGE> PAGE 16
062 R000400 0.0
063 A000400 0
063 B000400 4.7
064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
071 A000400 4155
071 B000400 5044
071 C000400 1665
071 D000400 250
072 A000400 12
072 B000400 42
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 4
072 G000400 0
072 H000400 0
072 I000400 0
072 J000400 5
072 K000400 0
072 L000400 2
072 M000400 4
072 N000400 4
072 O000400 0
072 P000400 0
072 Q000400 24
072 R000400 2
072 S000400 23
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 3
072 X000400 71
072 Y000400 50
072 Z000400 21
072AA000400 0
072BB000400 30
072CC010400 38
072CC020400 0
072DD010400 0
072DD020400 0
072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
<PAGE> PAGE 17
074 A000400 158
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 1382
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 351
074 K000400 7
074 L000400 22
074 M000400 2
074 N000400 1922
074 O000400 460
074 P000400 4
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 38
074 S000400 0
074 T000400 1420
074 U010400 141
074 U020400 0
074 V010400 10.11
074 V020400 0.00
074 W000400 0.0000
074 X000400 2
074 Y000400 0
075 A000400 0
075 B000400 1566
076 000400 0.00
028 A010500 184
028 A020500 0
028 A030500 0
028 A040500 19
028 B010500 211
028 B020500 0
028 B030500 0
028 B040500 356
028 C010500 322
028 C020500 0
028 C030500 0
028 C040500 142
028 D010500 125
028 D020500 0
028 D030500 0
028 D040500 201
028 E010500 196
028 E020500 0
<PAGE> PAGE 18
028 E030500 0
028 E040500 21
028 F010500 157
028 F020500 0
028 F030500 0
028 F040500 53
028 G010500 1195
028 G020500 0
028 G030500 0
028 G040500 792
028 H000500 0
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
066 A000500 Y
066 B000500 Y
066 C000500 N
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
071 A000500 2402
071 B000500 1205
071 C000500 3126
071 D000500 39
072 A000500 12
072 B000500 11
072 C000500 15
072 D000500 0
072 E000500 0
072 F000500 37
072 G000500 0
<PAGE> PAGE 19
072 H000500 0
072 I000500 0
072 J000500 5
072 K000500 0
072 L000500 5
072 M000500 5
072 N000500 1
072 O000500 0
072 P000500 0
072 Q000500 24
072 R000500 7
072 S000500 24
072 T000500 0
072 U000500 2
072 V000500 0
072 W000500 3
072 X000500 113
072 Y000500 48
072 Z000500 -38
072AA000500 247
072BB000500 0
072CC010500 462
072CC020500 0
072DD010500 0
072DD020500 0
072EE000500 0
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 4164
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 129
074 K000500 5
074 L000500 6
074 M000500 13
074 N000500 4317
074 O000500 91
074 P000500 85
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 43
<PAGE> PAGE 20
074 S000500 0
074 T000500 4098
074 U010500 253
074 U020500 0
074 V010500 16.18
074 V020500 0.00
074 W000500 0.0000
074 X000500 3
074 Y000500 0
075 A000500 0
075 B000500 3520
076 000500 0.00
SIGNATURE THOMAS P. CUNNINGHAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Palladian Trust Funds, Inc.
form N-SAR for the period ended June 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Palladian Trust Value Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 7,226,354
<INVESTMENTS-AT-VALUE> 8,221,032
<RECEIVABLES> 147,232
<ASSETS-OTHER> 196,651
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,564,915
<PAYABLE-FOR-SECURITIES> 79,207
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 74,890
<TOTAL-LIABILITIES> 154,097
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,058,620
<SHARES-COMMON-STOCK> 560,199
<SHARES-COMMON-PRIOR> 487,816
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 6,772
<ACCUMULATED-NET-GAINS> 364,292
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 994,678
<NET-ASSETS> 8,410,818
<DIVIDEND-INCOME> 34,736
<INTEREST-INCOME> 21,546
<OTHER-INCOME> 0
<EXPENSES-NET> 63,077
<NET-INVESTMENT-INCOME> (6,795)
<REALIZED-GAINS-CURRENT> 349,089
<APPREC-INCREASE-CURRENT> 447,797
<NET-CHANGE-FROM-OPS> 790,091
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 155,099
<NUMBER-OF-SHARES-REDEEMED> (82,716)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,826,166
<ACCUMULATED-NII-PRIOR> 23
<ACCUMULATED-GAINS-PRIOR> 15,203
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,607
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 149,687
<AVERAGE-NET-ASSETS> 7,663,023
<PER-SHARE-NAV-BEGIN> 13.50
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 1.52
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 15.01
<EXPENSE-RATIO> 1.66
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Palladian Trust Funds, Inc.
form N-SAR for the period ended June 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> Palladian Trust GrowthPortfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 5,631,404
<INVESTMENTS-AT-VALUE> 5,617,480
<RECEIVABLES> 536,619
<ASSETS-OTHER> 14,253
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,168,352
<PAYABLE-FOR-SECURITIES> 416,584
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 671,564
<TOTAL-LIABILITIES> 1,088,148
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,211,661
<SHARES-COMMON-STOCK> 424,234
<SHARES-COMMON-PRIOR> 373,580
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 31,987
<ACCUMULATED-NET-GAINS> (85,546)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (13,924)
<NET-ASSETS> 5,080,204
<DIVIDEND-INCOME> 3,505
<INTEREST-INCOME> 574
<OTHER-INCOME> 0
<EXPENSES-NET> 36,066
<NET-INVESTMENT-INCOME> (31,987)
<REALIZED-GAINS-CURRENT> 295,740
<APPREC-INCREASE-CURRENT> (290,356)
<NET-CHANGE-FROM-OPS> (26,603)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 100,443
<NUMBER-OF-SHARES-REDEEMED> (49,789)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 616,673
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 381,286
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 18,615
<GROSS-EXPENSE> 114,514
<AVERAGE-NET-ASSETS> 5,185,456
<PER-SHARE-NAV-BEGIN> 11.95
<PER-SHARE-NII> (0.08)
<PER-SHARE-GAIN-APPREC> 0.11
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.98
<EXPENSE-RATIO> 1.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Palladian Trust Funds, Inc.
form N-SAR for the period ended June 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> Palladian Trust International Growth Portf
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 2,927,622
<INVESTMENTS-AT-VALUE> 2,599,758
<RECEIVABLES> 119,338
<ASSETS-OTHER> 362,075
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,081,171
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43,278
<TOTAL-LIABILITIES> 43,278
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,163,082
<SHARES-COMMON-STOCK> 293,493
<SHARES-COMMON-PRIOR> 329,943
<ACCUMULATED-NII-CURRENT> 3,402
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 199,442
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (328,033)
<NET-ASSETS> 3,037,893
<DIVIDEND-INCOME> 27,683
<INTEREST-INCOME> 3,447
<OTHER-INCOME> 0
<EXPENSES-NET> 27,634
<NET-INVESTMENT-INCOME> 3,496
<REALIZED-GAINS-CURRENT> 206,653
<APPREC-INCREASE-CURRENT> (52,358)
<NET-CHANGE-FROM-OPS> 157,791
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 45,826
<NUMBER-OF-SHARES-REDEEMED> (82,276)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (169,109)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4,533
<OVERDISTRIB-NII-PRIOR> (94)
<OVERDIST-NET-GAINS-PRIOR> 7,211
<GROSS-ADVISORY-FEES> 1,455
<INTEREST-EXPENSE> 1,721
<GROSS-EXPENSE> 84,182
<AVERAGE-NET-ASSETS> 3,101,424
<PER-SHARE-NAV-BEGIN> 9.72
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.62
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.35
<EXPENSE-RATIO> 1.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Palladian Trust Funds, Inc.
form N-SAR for the period ended June 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> Palladian Trust Strategic Income Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 1,371,031
<INVESTMENTS-AT-VALUE> 1,381,805
<RECEIVABLES> 379,366
<ASSETS-OTHER> 161,042
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,922,213
<PAYABLE-FOR-SECURITIES> 460,176
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 41,776
<TOTAL-LIABILITIES> 501,952
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,407,634
<SHARES-COMMON-STOCK> 140,544
<SHARES-COMMON-PRIOR> 273,302
<ACCUMULATED-NII-CURRENT> 21,917
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (20,189)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,899
<NET-ASSETS> 1,420,261
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 42,196
<OTHER-INCOME> 0
<EXPENSES-NET> 21,410
<NET-INVESTMENT-INCOME> 20,786
<REALIZED-GAINS-CURRENT> (30,170)
<APPREC-INCREASE-CURRENT> 38,303
<NET-CHANGE-FROM-OPS> 28,919
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28,577
<NUMBER-OF-SHARES-REDEEMED> (161,335)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,279,677)
<ACCUMULATED-NII-PRIOR> 1,131
<ACCUMULATED-GAINS-PRIOR> 9,981
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,156
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 70,926
<AVERAGE-NET-ASSETS> 1,565,760
<PER-SHARE-NAV-BEGIN> 9.88
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> 0.08
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.11
<EXPENSE-RATIO> 2.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Palladian Trust Funds, Inc.
form N-SAR for the period ended June 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> Palladian Trust Global Interactive/Telecom
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 3,303,593
<INVESTMENTS-AT-VALUE> 4,163,947
<RECEIVABLES> 138,438
<ASSETS-OTHER> 14,799
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,317,184
<PAYABLE-FOR-SECURITIES> 90,653
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 128,533
<TOTAL-LIABILITIES> 219,186
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,037,927
<SHARES-COMMON-STOCK> 253,300
<SHARES-COMMON-PRIOR> 226,425
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 37,965
<ACCUMULATED-NET-GAINS> 237,683
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 860,353
<NET-ASSETS> 4,097,998
<DIVIDEND-INCOME> 15,371
<INTEREST-INCOME> 11,121
<OTHER-INCOME> 0
<EXPENSES-NET> 64,368
<NET-INVESTMENT-INCOME> (37,876)
<REALIZED-GAINS-CURRENT> 247,170
<APPREC-INCREASE-CURRENT> 462,301
<NET-CHANGE-FROM-OPS> 671,595
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 81,208
<NUMBER-OF-SHARES-REDEEMED> (54,333)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,081,557
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (89)
<OVERDIST-NET-GAINS-PRIOR> 9,487
<GROSS-ADVISORY-FEES> 36,805
<INTEREST-EXPENSE> 611
<GROSS-EXPENSE> 112,144
<AVERAGE-NET-ASSETS> 3,519,784
<PER-SHARE-NAV-BEGIN> 13.32
<PER-SHARE-NII> (0.15)
<PER-SHARE-GAIN-APPREC> 3.01
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 16.18
<EXPENSE-RATIO> 3.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
77D. Policies with Respect to Security Investment
At the Trust's special meeting of shareholders held on June 8, 1998,
shareholders of Global Strategic Income Portfolio changed the Portfolio's
investment objective to reduce the global emphasis, adopted new non-fundamental
investment policies consistent with the new investment objective and changed the
name of the Portfolio to the Strategic Income Portfolio.
The new policies allow the Portfolio to allocate its assets among debt
securities in three separate areas: 1) investment grade corporate debt
securities and securities issued or guaranteed as to principal or interest by
the U.S. Government or its agencies or instrumentalities; 2) below investment
grade corporate debt securities; and 3) foreign securities which include
government debt of developed and emerging markets, corporate obligations of
foreign companies, and debt obligations of supranational entities. The Portfolio
will select particular debt securities based on their relative value merits.
The new investment policies differs from the current ones by eliminating certain
policies specific to foreign securities. The change is consistent with the new
investment objective's decreased focus of foreign fixed-income securities.
77C. Matters Submitted to a Vote of Security Holders
A special meeting of the Trust's shareholders was held on June 8, 1998 at which
shareholders approved five proposals. The voting results were as follows:
Proposal 1 To elect as Trustees the following two nominees:
<TABLE>
<S> <C> <C> <C> <C>
Shares Against Shares Abstaining Percent of Shares Voted
Shares For
Gordon Holmes 1,585,033 18,564 35,479 100.00%
George J. Sullivan, Jr. 1,582,880 23,982 32,214 100.00%
</TABLE>
Proposal 2 To approve a new Management Agreement under which Allmerica
Financial Investment Management Services, Inc. ("AFIMS")
will serve as Manager of the Trust:
<TABLE>
<S> <C> <C> <C> <C>
Shares Against Shares Abstaining Percent of Shares Voted
Shares For
Value 526,933 121 12,353 100.00%
Growth 395,909 101 6,908 100.00%
International Growth 288,240 469 8,761 100.00%
Strategic Income 157,206 --- 891 100.00%
Global Interactive/Telecomm 234,450 122 5,811 100.00%
</TABLE>
Proposal 3 To approve agreements under which AFIMS is substituted for the
previous Manager under the Portfolio Management Agreements:
<TABLE>
<S> <C> <C> <C> <C>
Shares Against Shares Abstaining Percent of Shares
Shares For Voted
Value 526,948 121 13,338 100.00%
Growth 395,240 101 7,577 100.00%
International Growth 288,240 469 8,761 100.00%
Global Interactive/Telecomm 233,540 122 6,721 100.00%
</TABLE>
Proposal 4 To approve a new Portfolio Management Agreement with Allmerica
Asset Management, Inc. for the Strategic Income
Portfolio:
<TABLE>
<S> <C> <C> <C> <C>
Shares Against Shares Abstaining Percent of Shares Voted
Shares For
Strategic Income 157,206 --- 891 100.00%
</TABLE>
Proposal 5 To approve a new investment objective for the Strategic Income
Portfolio:
<TABLE>
<S> <C> <C> <C> <C>
Shares Against Shares Abstaining Percent of Shares Voted
Shares For
Strategic Income 157,206 --- 891 100.00%
</TABLE>
