<PAGE> PAGE 1
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002 B000000 COLUMBUS
002 C000000 OH
002 D010000 43219
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 MAGNA INTERMEDIATE GOVERNMENT BOND FUND
007 C030100 N
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007 C020200 MAGNA GROWTH & INCOME FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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<PAGE> PAGE 2
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008 A00AA01 MAGNA BANK,N.A.
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010 A00AA02 ERNST ASSET MANAGEMENT CORP
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010 C01AA02 BOSTON
010 C02AA02 MA
010 C03AA02 02109
<PAGE> PAGE 3
011 A00AA01 BISYS FUND SERVICES
011 B00AA01 8-0000
011 C01AA01 COLUMBUS
011 C02AA01 OH
011 C03AA01 43219
011 A00AA02 ERNST & COMPANY
011 B00AA02 8-03018
011 C01AA02 NEW YORK
011 C02AA02 NY
011 C03AA02 10004
011 C04AA02 1478
012 A00AA01 BISYS FUND SERVICES
012 B00AA01 84-0000
012 C01AA01 COLUMBUS
012 C02AA01 OH
012 C03AA01 43219
012 A00AA02 BOSTON FINANCIAL DATA SERVICES, INC
012 B00AA02 85-8494
012 C01AA02 BOSTON
012 C02AA02 MA
012 C03AA02 02266
013 A00AA01 COOPERS & LYBRAND, L.L.P.
013 B01AA01 COLUMBUS
013 B02AA01 OH
013 B03AA01 43215
014 A00AA01 MAGNA INVESTMENT, INC.
014 B00AA01 8-0000
014 A00AA02 ERNST AND COMPANY
014 B00AA02 8-0000
015 A00AA01 FIFTH THIRD BANK
015 B00AA01 C
015 C01AA01 CINCINNATI
015 C02AA01 OH
015 C03AA01 45263
015 E01AA01 X
015 A00AA02 STATE STREET BANK & TRUST
015 B00AA02 C
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019 B00AA00 0
020 A000001 MERRILL LYNCH PIERCE FENNER & SMITH
020 B000001 13-5674085
020 C000001 19
020 A000002 SMITH BARNEY INC.
020 B000002 13-1912900
020 C000002 2
020 A000003 DEAN WITTER
<PAGE> PAGE 4
020 C000003 1
020 A000004 OPPENHEIMER & CO., INC.
020 C000004 1
020 A000005 SHEARSON LEHMAN HUTTON INC.
020 C000005 1
020 A000006 MORGAN STANLEY
020 C000006 1
020 A000007 PAINE WEBBER
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<PAGE> PAGE 5
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<PAGE> PAGE 6
055 A00AA00 N
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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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SIGNATURE CHRIS WEBER
TITLE FINANCIAL ANALYST
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000922637
<NAME> MAGNA FUNDS
<SERIES>
<NUMBER> 02
<NAME> MAGNA GROWTH AND INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
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<OTHER-INCOME> 0
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<ACCUMULATED-GAINS-PRIOR> 909219
<OVERDISTRIB-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 16.42
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<PER-SHARE-DISTRIBUTIONS> .370
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<PER-SHARE-NAV-END> 22.18
<EXPENSE-RATIO> 1.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000922637
<NAME> MAGNA FUNDS
<SERIES>
<NUMBER> 01
<NAME> MAGNA INTERMEDIATE GOVERNMENT BOND FUND
<S> <C>
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<INVESTMENTS-AT-VALUE> 63718466
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<REALIZED-GAINS-CURRENT> 67662
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<NUMBER-OF-SHARES-REDEEMED> 499001
<SHARES-REINVESTED> 50648
<NET-CHANGE-IN-ASSETS> 7694976
<ACCUMULATED-NII-PRIOR> 1466
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<GROSS-EXPENSE> 800231
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<PER-SHARE-NAV-BEGIN> 12.43
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<PER-SHARE-DISTRIBUTIONS> .01
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</TABLE>
To the Trustees of
the Magna Funds
In planning and performing our audits of the financial statements of the
Magna Funds for the year ended August 31, 1997, we considered its
internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and
to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of the Magna Funds is responsible for establishing
and maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two
objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that
assets are safeguarded against loss from unauthorized
use or disposition and transactions are executed in accordance
with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and may not be detected.
Also, projection of any evaluation of the structure to
future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation
of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements
being audited may occur and not be detected within a timely
period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving
the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined
above as of August 31, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
COOPERS & LYBRAND, L.L.P.
Columbus, Ohio
October 21, 1997
