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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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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<PAGE> PAGE 20
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<PAGE> PAGE 21
063 A000400 0
063 B000400 4.5
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 115178
071 B000400 93764
071 C000400 141095
071 D000400 66
072 A000400 12
072 B000400 9476
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<PAGE> PAGE 22
072 E000400 0
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<PAGE> PAGE 23
074 R020400 0
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076 000400 0.00
015 A000501 U.S. NATIONAL BANK OF OREGON
015 B000501 C
015 C010501 PORTLAND
015 C020501 OR
015 C030501 97208
015 E030501 X
024 000500 Y
025 A000501 MERRILL LYNCH
025 C000501 D
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<PAGE> PAGE 24
028 E040500 3518
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038 000500 0
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041 000500 Y
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042 E000500 0
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<PAGE> PAGE 25
048 F010500 0
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066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
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070 D020500 N
<PAGE> PAGE 26
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 139201
071 B000500 86562
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071 D000500 34
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<PAGE> PAGE 27
072 T000500 23
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<PAGE> PAGE 28
015 A000601 U.S. NATIONAL BANK OF OREGON
015 B000601 C
015 C010601 PORTLAND
015 C020601 OR
015 C030601 97208
015 E030601 X
024 000600 Y
025 A000601 BEAR STEARNS
025 C000601 E
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025 A000602 MERRILL LYNCH
025 C000602 D
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<PAGE> PAGE 29
030 C000600 0.00
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<PAGE> PAGE 30
062 B000600 0.0
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066 D000600 N
066 E000600 N
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 Y
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070 F010600 Y
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070 G020600 N
070 H010600 Y
070 H020600 N
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<PAGE> PAGE 31
070 K020600 N
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<PAGE> PAGE 32
072EE000600 7925
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015 A000701 DELETE
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<PAGE> PAGE 33
062 M000700 0.0
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015 A000801 U.S. NATIONAL BANK OF OREGON
015 B000801 C
015 C010801 PORTLAND
015 C020801 OR
015 C030801 97208
015 E030801 X
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<PAGE> PAGE 34
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015 A000901 U.S. NATIONAL BANK OF OREGON
015 B000901 C
015 C010901 PORTLAND
015 C020901 OR
<PAGE> PAGE 35
015 C030901 97208
015 E030901 X
024 000900 Y
025 A000901 MERRILL LYNCH
025 C000901 D
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<PAGE> PAGE 36
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<PAGE> PAGE 37
062 H000900 0.0
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<PAGE> PAGE 38
070 Q020900 N
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<PAGE> PAGE 39
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015 A001001 U.S. NATIONAL BANK OF OREGON
015 B001001 C
015 C011001 PORTLAND
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024 001000 Y
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025 D001006 995
<PAGE> PAGE 40
025 D001007 0
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<PAGE> PAGE 41
042 D001000 100
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047 001000 Y
048 001000 0.500
048 A011000 0
048 A021000 0.000
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048 B021000 0.000
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048 F011000 0
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048 H011000 0
048 H021000 0.000
048 I011000 0
048 I021000 0.000
048 J011000 0
048 J021000 0.000
048 K011000 0
048 K021000 0.000
062 A001000 N
062 B001000 0.0
062 C001000 0.0
062 D001000 0.0
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 0.0
062 N001000 0.0
062 O001000 0.0
062 P001000 0.0
062 Q001000 0.0
062 R001000 0.0
<PAGE> PAGE 42
063 A001000 0
063 B001000 0.0
066 A001000 Y
066 B001000 N
066 C001000 Y
066 D001000 N
066 E001000 N
066 F001000 N
066 G001000 N
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 Y
070 A021000 Y
070 B011000 Y
070 B021000 N
070 C011000 Y
070 C021000 N
070 D011000 Y
070 D021000 N
070 E011000 Y
070 E021000 N
070 F011000 Y
070 F021000 N
070 G011000 Y
070 G021000 N
070 H011000 Y
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 Y
070 J021000 N
070 K011000 Y
070 K021000 N
070 L011000 N
070 L021000 N
070 M011000 Y
070 M021000 N
070 N011000 Y
070 N021000 N
070 O011000 Y
070 O021000 N
070 P011000 N
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
071 A001000 155408
071 B001000 105020
<PAGE> PAGE 43
071 C001000 187956
071 D001000 56
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072 M001000 11
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072 T001000 2
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072 X001000 1147
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072DD011000 3151
072DD021000 5
072EE001000 2705
073 A011000 0.2100
073 A021000 0.1900
073 B001000 0.2000
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<PAGE> PAGE 44
074 M001000 8
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074 R031000 0
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074 S001000 0
074 T001000 220323
074 U011000 18067
074 U021000 100
074 V011000 12.12
074 V021000 12.10
074 W001000 0.0000
074 X001000 311
074 Y001000 0
075 A001000 0
075 B001000 191583
076 001000 0.00
015 A001101 BANK OF NEW YORK
015 B001101 C
015 C011101 NEW YORK
015 C021101 NY
015 C031101 10286
015 E041101 X
024 001100 Y
025 A001101 H.S.B.C. SECURITIES
025 C001101 E
025 D001101 1087
025 A001102 DEUTCHE BANK
025 C001102 E
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025 A001103 DAIWA SECURITIES
025 C001103 E
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028 C011100 1976
<PAGE> PAGE 45
028 C021100 0
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029 001100 Y
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034 001100 Y
035 001100 0
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037 001100 N
038 001100 0
039 001100 N
040 001100 Y
041 001100 Y
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047 001100 Y
048 001100 0.600
<PAGE> PAGE 46
048 A011100 0
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048 B011100 0
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048 E021100 0.000
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048 G011100 0
048 G021100 0.000
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048 H021100 0.000
048 I011100 0
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048 J011100 0
048 J021100 0.000
048 K011100 0
048 K021100 0.000
062 A001100 N
062 B001100 0.0
062 C001100 0.0
062 D001100 0.0
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
062 L001100 0.0
062 M001100 0.0
062 N001100 0.0
062 O001100 0.0
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
063 A001100 0
063 B001100 0.0
066 A001100 Y
066 B001100 N
066 C001100 Y
066 D001100 N
066 E001100 N
066 F001100 N
066 G001100 N
067 001100 N
068 A001100 N
<PAGE> PAGE 47
068 B001100 Y
069 001100 N
070 A011100 Y
070 A021100 N
070 B011100 Y
070 B021100 N
070 C011100 Y
070 C021100 N
070 D011100 Y
070 D021100 N
070 E011100 Y
070 E021100 N
070 F011100 Y
070 F021100 N
070 G011100 Y
070 G021100 N
070 H011100 Y
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 Y
070 J021100 N
070 K011100 Y
070 K021100 Y
070 L011100 Y
070 L021100 Y
070 M011100 Y
070 M021100 Y
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 N
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 96230
071 B001100 6197
071 C001100 105711
071 D001100 6
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<PAGE> PAGE 48
072 J001100 107
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072 M001100 7
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072 T001100 5
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072DD021100 9
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074 M001100 40
074 N001100 144923
074 O001100 386
074 P001100 46
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 8
074 S001100 0
074 T001100 144483
<PAGE> PAGE 49
074 U011100 13334
074 U021100 187
074 V011100 10.69
074 V021100 10.64
074 W001100 0.0000
074 X001100 274
074 Y001100 0
075 A001100 0
075 B001100 108700
076 001100 0.00
015 A001201 U.S. NATIONAL BANK OREGON
015 B001201 C
015 C011201 PORTLAND
015 C021201 OR
015 C031201 97208
015 E031201 X
024 001200 N
028 A011200 0
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028 F011200 517
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028 G011200 7729
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028 G041200 110
028 H001200 0
029 001200 Y
030 A001200 0
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<PAGE> PAGE 50
031 B001200 0
032 001200 0
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034 001200 N
035 001200 0
036 B001200 0
037 001200 N
038 001200 0
039 001200 N
040 001200 Y
041 001200 Y
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042 B001200 0
042 C001200 0
042 D001200 100
042 E001200 0
042 F001200 0
042 G001200 0
042 H001200 0
043 001200 0
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047 001200 Y
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048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 0
048 K021200 0.000
062 A001200 N
062 B001200 0.0
062 C001200 0.0
062 D001200 0.0
<PAGE> PAGE 51
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 0.0
062 M001200 0.0
062 N001200 0.0
062 O001200 0.0
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
066 A001200 Y
066 B001200 N
066 C001200 N
066 D001200 N
066 E001200 N
066 F001200 Y
066 G001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
070 A021200 N
070 B011200 N
070 B021200 N
070 C011200 N
070 C021200 N
070 D011200 N
070 D021200 N
070 E011200 N
070 E021200 N
070 F011200 N
070 F021200 N
070 G011200 N
070 G021200 N
070 H011200 N
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 N
070 J021200 N
070 K011200 Y
070 K021200 Y
070 L011200 N
070 L021200 N
070 M011200 N
070 M021200 N
<PAGE> PAGE 52
070 N011200 N
070 N021200 N
070 O011200 N
070 O021200 N
070 P011200 N
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 7715
071 B001200 206
071 C001200 6404
071 D001200 3
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072 X001200 5
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072DD021200 0
072EE001200 0
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073 C001200 0.0000
<PAGE> PAGE 53
074 A001200 0
074 B001200 0
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074 D001200 0
074 E001200 0
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074 H001200 0
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074 L001200 1
074 M001200 2
074 N001200 7575
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074 R041200 1
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074 U011200 760
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074 W001200 0.0000
074 X001200 5
074 Y001200 0
075 A001200 0
075 B001200 6195
076 001200 0.00
015 A001301 U.S. NATIONAL BANK OF OREGON
015 B001301 C
015 C011301 PORTLAND
015 C021301 OR
015 C031301 97208
015 E031301 X
024 001300 N
028 A011300 0
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<PAGE> PAGE 54
028 C041300 0
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028 E011300 9718
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035 001300 0
036 B001300 0
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038 001300 0
039 001300 N
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042 E001300 0
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<PAGE> PAGE 55
048 B021300 0.000
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048 I021300 0.000
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048 K011300 0
048 K021300 0.000
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062 R001300 0.0
066 A001300 Y
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066 D001300 N
066 E001300 N
066 F001300 N
066 G001300 N
067 001300 Y
068 A001300 N
068 B001300 N
069 001300 N
070 A011300 Y
070 A021300 N
070 B011300 N
<PAGE> PAGE 56
070 B021300 N
070 C011300 N
070 C021300 N
070 D011300 N
070 D021300 N
070 E011300 N
070 E021300 N
070 F011300 N
070 F021300 N
070 G011300 N
070 G021300 N
070 H011300 N
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 N
070 J021300 N
070 K011300 Y
070 K021300 Y
070 L011300 N
070 L021300 N
070 M011300 N
070 M021300 N
070 N011300 N
070 N021300 N
070 O011300 N
070 O021300 N
070 P011300 N
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
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<PAGE> PAGE 57
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074 U011300 3927
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<PAGE> PAGE 58
074 X001300 5
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015 A001401 U.S. NATIONAL BANK OF OREGON
015 B001401 C
015 C011401 PORTLAND
015 C021401 OR
015 C031401 97208
015 E031401 X
024 001400 N
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<PAGE> PAGE 59
036 B001400 0
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<PAGE> PAGE 60
062 J001400 0.0
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066 A001400 Y
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066 F001400 N
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068 B001400 N
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070 D011400 N
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070 E011400 N
070 E021400 N
070 F011400 N
070 F021400 N
070 G011400 N
070 G021400 N
070 H011400 N
070 H021400 N
070 I011400 N
070 I021400 N
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070 J021400 N
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070 M011400 N
070 M021400 N
070 N011400 N
070 N021400 N
070 O011400 N
070 O021400 N
070 P011400 N
<PAGE> PAGE 61
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
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<PAGE> PAGE 62
074 F001400 0
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015 A001501 U.S. NATIONAL BANK OF OREGON
015 B001501 C
015 C011501 PORTLAND
015 C021501 OR
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015 E031501 X
024 001500 N
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<PAGE> PAGE 63
028 E011500 2460
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038 001500 0
039 001500 N
040 001500 Y
041 001500 Y
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042 D001500 100
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<PAGE> PAGE 64
048 E011500 0
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048 H021500 0.000
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048 I021500 0.000
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048 J021500 0.000
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048 K021500 0.000
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062 H001500 0.0
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062 M001500 0.0
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066 A001500 Y
066 B001500 N
066 C001500 Y
066 D001500 N
066 E001500 N
066 F001500 N
066 G001500 N
067 001500 N
068 A001500 N
068 B001500 N
069 001500 N
070 A011500 Y
070 A021500 N
070 B011500 N
070 B021500 N
070 C011500 N
070 C021500 N
070 D011500 N
070 D021500 N
<PAGE> PAGE 65
070 E011500 N
070 E021500 N
070 F011500 N
070 F021500 N
070 G011500 N
070 G021500 N
070 H011500 N
070 H021500 N
070 I011500 N
070 I021500 N
070 J011500 N
070 J021500 N
070 K011500 Y
070 K021500 Y
070 L011500 N
070 L021500 N
070 M011500 N
070 M021500 N
070 N011500 N
070 N021500 N
070 O011500 N
070 O021500 N
070 P011500 N
070 P021500 N
070 Q011500 N
070 Q021500 N
070 R011500 N
070 R021500 N
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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SIGNATURE PRATIK H. DALAL
TITLE FIN. RPTG. ANALYST
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000923499
<NAME> THE QUALIVEST FUNDS
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<NAME> MONEY MARKET FUND
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<EQUALIZATION> 0
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<NUMBER-OF-SHARES-SOLD> 444512914<F1>
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<SHARES-REINVESTED> 10674201<F1>
<NET-CHANGE-IN-ASSETS> 108135664
<ACCUMULATED-NII-PRIOR> 0
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<AVG-DEBT-PER-SHARE> 0
<F1>Class A Shares
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST FUNDS
<SERIES>
<NUMBER> 012
<NAME> MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 448126142
<INVESTMENTS-AT-VALUE> 448126142
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<SHARES-COMMON-STOCK> 100468124<F1>
<SHARES-COMMON-PRIOR> 66484195<F1>
<ACCUMULATED-NII-CURRENT> 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST FUNDS
<SERIES>
<NUMBER> 013
<NAME> MONEY MARKET FUND
<S> <C>
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<FISCAL-YEAR-END> JUL-31-1996
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<NET-CHANGE-IN-ASSETS> 108135664
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST FUNDS
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<NUMBER> 021
<NAME> U.S. TREASURY MONEY MARKET FUND
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<FISCAL-YEAR-END> JUL-31-1996
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST FUNDS
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<NUMBER> 022
<NAME> U.S. TREASURY MONEY MARKET FUND
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<CIK> 0000923499
<NAME> THE QUALIVEST FUNDS
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<NAME> U.S. TREASURY MONEY MARKET FUND
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<EXPENSE-RATIO> .51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class Q (Institutional) Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST FUNDS
<SERIES>
<NUMBER> 031
<NAME> TAX-FREE MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 34901268
<INVESTMENTS-AT-VALUE> 34901268
<RECEIVABLES> 261414
<ASSETS-OTHER> 1342
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 35164024
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1125880
<TOTAL-LIABILITIES> 1125880
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34036826
<SHARES-COMMON-STOCK> 30141729<F1>
<SHARES-COMMON-PRIOR> 33568827<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1318
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 34038144
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1369015
<OTHER-INCOME> 0
<EXPENSES-NET> 326976
<NET-INVESTMENT-INCOME> 1042039
<REALIZED-GAINS-CURRENT> 1142
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1043181
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 968355<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 64492744<F1>
<NUMBER-OF-SHARES-REDEEMED> 68911030<F1>
<SHARES-REINVESTED> 991188<F1>
<NET-CHANGE-IN-ASSETS> (794350)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 176
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 130991
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 462091
<AVERAGE-NET-ASSETS> 34872407
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .028
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .028
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST FUNDS
<SERIES>
<NUMBER> 032
<NAME> TAX-FREE MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 34901268
<INVESTMENTS-AT-VALUE> 34901268
<RECEIVABLES> 261414
<ASSETS-OTHER> 1342
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 35164024
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1125880
<TOTAL-LIABILITIES> 1125880
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34036826
<SHARES-COMMON-STOCK> 723055<F1>
<SHARES-COMMON-PRIOR> 13506<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1318
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 34038144
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1369015
<OTHER-INCOME> 0
<EXPENSES-NET> 326976
<NET-INVESTMENT-INCOME> 1042039
<REALIZED-GAINS-CURRENT> 1142
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1043181
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10400<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 3950136<F1>
<NUMBER-OF-SHARES-REDEEMED> 3241089<F1>
<SHARES-REINVESTED> 502<F1>
<NET-CHANGE-IN-ASSETS> (794350)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 176
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 130991
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 462091
<AVERAGE-NET-ASSETS> 355882<F1>
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .032<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> .032<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> .41<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class Y Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST FUNDS
<SERIES>
<NUMBER> 033
<NAME> TAX-FREE MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 34901268
<INVESTMENTS-AT-VALUE> 34901268
<RECEIVABLES> 261414
<ASSETS-OTHER> 1342
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 35164024
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1125880
<TOTAL-LIABILITIES> 1125880
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34036826
<SHARES-COMMON-STOCK> 3172042<F1>
<SHARES-COMMON-PRIOR> 1249985<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1318
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 34038144
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1369015
<OTHER-INCOME> 0
<EXPENSES-NET> 326976
<NET-INVESTMENT-INCOME> 1042039
<REALIZED-GAINS-CURRENT> 1142
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1043181
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 63284<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 26681957<F1>
<NUMBER-OF-SHARES-REDEEMED> 24820752<F1>
<SHARES-REINVESTED> 60852<F1>
<NET-CHANGE-IN-ASSETS> (794350)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 176
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 130991
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 462091
<AVERAGE-NET-ASSETS> 2197235<F1>
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .029<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> .029<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> .72<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class Q (Institiutional) Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 041
<NAME> INTERMEDIATE BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 154606465
<INVESTMENTS-AT-VALUE> 153492575
<RECEIVABLES> 5472455
<ASSETS-OTHER> 5340
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 158970370
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 100502
<TOTAL-LIABILITIES> 100502
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 159166878
<SHARES-COMMON-STOCK> 59138<F1>
<SHARES-COMMON-PRIOR> 37850<F1>
<ACCUMULATED-NII-CURRENT> 383393
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 433487
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1113890)
<NET-ASSETS> 158869868
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9475798
<OTHER-INCOME> 0
<EXPENSES-NET> 1138712
<NET-INVESTMENT-INCOME> 8337086
<REALIZED-GAINS-CURRENT> 952023
<APPREC-INCREASE-CURRENT> (3464045)
<NET-CHANGE-FROM-OPS> 5825064
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 28845<F1>
<DISTRIBUTIONS-OF-GAINS> 120<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 46452<F1>
<NUMBER-OF-SHARES-REDEEMED> 27997<F1>
<SHARES-REINVESTED> 2833<F1>
<NET-CHANGE-IN-ASSETS> 16957128
<ACCUMULATED-NII-PRIOR> 307040
<ACCUMULATED-GAINS-PRIOR> (484433)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 484433
<GROSS-ADVISORY-FEES> 898208
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1363480
<AVERAGE-NET-ASSETS> 532106<F1>
<PER-SHARE-NAV-BEGIN> 10.06<F1>
<PER-SHARE-NII> 0.55<F1>
<PER-SHARE-GAIN-APPREC> (.16)<F1>
<PER-SHARE-DIVIDEND> .54<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 9.91<F1>
<EXPENSE-RATIO> 1.01<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 042
<NAME> INTERMEDIATE BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 154606465
<INVESTMENTS-AT-VALUE> 153492575
<RECEIVABLES> 5472455
<ASSETS-OTHER> 5340
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 158970370
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 100502
<TOTAL-LIABILITIES> 100502
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 159166878
<SHARES-COMMON-STOCK> 15801869<F1>
<SHARES-COMMON-PRIOR> 13924029<F1>
<ACCUMULATED-NII-CURRENT> 383393
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 433487
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1113890)
<NET-ASSETS> 158869868
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9475798
<OTHER-INCOME> 0
<EXPENSES-NET> 1138712
<NET-INVESTMENT-INCOME> 8337086
<REALIZED-GAINS-CURRENT> 952023
<APPREC-INCREASE-CURRENT> (3464045)
<NET-CHANGE-FROM-OPS> 5825064
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8226339<F1>
<DISTRIBUTIONS-OF-GAINS> 33732<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 6277182<F1>
<NUMBER-OF-SHARES-REDEEMED> 5186990<F1>
<SHARES-REINVESTED> 787648<F1>
<NET-CHANGE-IN-ASSETS> 16957128
<ACCUMULATED-NII-PRIOR> 307040
<ACCUMULATED-GAINS-PRIOR> (484433)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 484433
<GROSS-ADVISORY-FEES> 898208
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1363480
<AVERAGE-NET-ASSETS> 149041739<F1>
<PER-SHARE-NAV-BEGIN> 10.16<F1>
<PER-SHARE-NII> 0.56<F1>
<PER-SHARE-GAIN-APPREC> (.15)<F1>
<PER-SHARE-DIVIDEND> .56<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.01<F1>
<EXPENSE-RATIO> .76<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class Y Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 043
<NAME> INTERMEDIATE BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 154606465
<INVESTMENTS-AT-VALUE> 153492575
<RECEIVABLES> 5472455
<ASSETS-OTHER> 5340
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 158970370
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 100502
<TOTAL-LIABILITIES> 100502
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 159166878
<SHARES-COMMON-STOCK> 11161<F1>
<SHARES-COMMON-PRIOR> 13357<F1>
<ACCUMULATED-NII-CURRENT> 383393
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 433487
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1113890)
<NET-ASSETS> 158869868
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9475798
<OTHER-INCOME> 0
<EXPENSES-NET> 1138712
<NET-INVESTMENT-INCOME> 8337086
<REALIZED-GAINS-CURRENT> 952023
<APPREC-INCREASE-CURRENT> (3464045)
<NET-CHANGE-FROM-OPS> 5825064
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5766<F1>
<DISTRIBUTIONS-OF-GAINS> 34<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 3129<F1>
<NUMBER-OF-SHARES-REDEEMED> 5906<F1>
<SHARES-REINVESTED> 581<F1>
<NET-CHANGE-IN-ASSETS> 16957128
<ACCUMULATED-NII-PRIOR> 307040
<ACCUMULATED-GAINS-PRIOR> (484433)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 484433
<GROSS-ADVISORY-FEES> 898208
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1363480
<AVERAGE-NET-ASSETS> 125893<F1>
<PER-SHARE-NAV-BEGIN> 9.96<F1>
<PER-SHARE-NII> 0.44<F1>
<PER-SHARE-GAIN-APPREC> (.10)<F1>
<PER-SHARE-DIVIDEND> .46<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 9.84<F1>
<EXPENSE-RATIO> 1.76<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class C Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 051
<NAME> SMALL COMPANIES VALUE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 271302019
<INVESTMENTS-AT-VALUE> 307985458
<RECEIVABLES> 973413
<ASSETS-OTHER> 18409
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 308977280
<PAYABLE-FOR-SECURITIES> 664304
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 273197
<TOTAL-LIABILITIES> 937501
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 242813307
<SHARES-COMMON-STOCK> 646897<F1>
<SHARES-COMMON-PRIOR> 94984<F1>
<ACCUMULATED-NII-CURRENT> 174634
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 28368399
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 36683439
<NET-ASSETS> 308039779
<DIVIDEND-INCOME> 2728455
<INTEREST-INCOME> 1232175
<OTHER-INCOME> (19225)
<EXPENSES-NET> 2878491
<NET-INVESTMENT-INCOME> 1062914
<REALIZED-GAINS-CURRENT> 34451881
<APPREC-INCREASE-CURRENT> (2468172)
<NET-CHANGE-FROM-OPS> 33046623
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13292<F1>
<DISTRIBUTIONS-OF-GAINS> 266703<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 627722<F1>
<NUMBER-OF-SHARES-REDEEMED> 97404<F1>
<SHARES-REINVESTED> 21595<F1>
<NET-CHANGE-IN-ASSETS> 96845161
<ACCUMULATED-NII-PRIOR> 203238
<ACCUMULATED-GAINS-PRIOR> 12114627
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2121590
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2880228
<AVERAGE-NET-ASSETS> 5542675<F1>
<PER-SHARE-NAV-BEGIN> 13.23<F1>
<PER-SHARE-NII> .04<F1>
<PER-SHARE-GAIN-APPREC> 1.83<F1>
<PER-SHARE-DIVIDEND> .04<F1>
<PER-SHARE-DISTRIBUTIONS> 1.11<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 13.95<F1>
<EXPENSE-RATIO> 1.33<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 052
<NAME> SMALL COMPANIES VALUE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 271302019
<INVESTMENTS-AT-VALUE> 307985458
<RECEIVABLES> 973413
<ASSETS-OTHER> 18409
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 308977280
<PAYABLE-FOR-SECURITIES> 664304
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 273197
<TOTAL-LIABILITIES> 937501
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 242813307
<SHARES-COMMON-STOCK> 21331709<F1>
<SHARES-COMMON-PRIOR> 15814833<F1>
<ACCUMULATED-NII-CURRENT> 174634
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 28368399
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 36683439
<NET-ASSETS> 308039779
<DIVIDEND-INCOME> 2728455
<INTEREST-INCOME> 1232175
<OTHER-INCOME> (19225)
<EXPENSES-NET> 2878491
<NET-INVESTMENT-INCOME> 1062914
<REALIZED-GAINS-CURRENT> 34451881
<APPREC-INCREASE-CURRENT> (2468172)
<NET-CHANGE-FROM-OPS> 33046623
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1077909<F1>
<DISTRIBUTIONS-OF-GAINS> 17878500<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 8469326<F1>
<NUMBER-OF-SHARES-REDEEMED> 4421271<F1>
<SHARES-REINVESTED> 1468821<F1>
<NET-CHANGE-IN-ASSETS> 96845161
<ACCUMULATED-NII-PRIOR> 203238
<ACCUMULATED-GAINS-PRIOR> 12114627
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2121590
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2880228
<AVERAGE-NET-ASSETS> 258797376<F1>
<PER-SHARE-NAV-BEGIN> 13.26<F1>
<PER-SHARE-NII> .06<F1>
<PER-SHARE-GAIN-APPREC> 1.81<F1>
<PER-SHARE-DIVIDEND> .06<F1>
<PER-SHARE-DISTRIBUTIONS> 1.11<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 13.96<F1>
<EXPENSE-RATIO> 1.08<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class Y Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 053
<NAME> SMALL COMPANIES VALUE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 271302019
<INVESTMENTS-AT-VALUE> 307985458
<RECEIVABLES> 973413
<ASSETS-OTHER> 18409
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 308977280
<PAYABLE-FOR-SECURITIES> 664304
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 273197
<TOTAL-LIABILITIES> 937501
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 242813307
<SHARES-COMMON-STOCK> 89131<F1>
<SHARES-COMMON-PRIOR> 23738<F1>
<ACCUMULATED-NII-CURRENT> 174634
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 28368399
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 36683439
<NET-ASSETS> 308039779
<DIVIDEND-INCOME> 2728455
<INTEREST-INCOME> 1232175
<OTHER-INCOME> (19225)
<EXPENSES-NET> 2878491
<NET-INVESTMENT-INCOME> 1062914
<REALIZED-GAINS-CURRENT> 34451881
<APPREC-INCREASE-CURRENT> (2468172)
<NET-CHANGE-FROM-OPS> 33046623
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 317<F1>
<DISTRIBUTIONS-OF-GAINS> 52906<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 67990<F1>
<NUMBER-OF-SHARES-REDEEMED> 6763<F1>
<SHARES-REINVESTED> 4166<F1>
<NET-CHANGE-IN-ASSETS> 96845161
<ACCUMULATED-NII-PRIOR> 203238
<ACCUMULATED-GAINS-PRIOR> 12114627
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2121590
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2880228
<AVERAGE-NET-ASSETS> 861801<F1>
<PER-SHARE-NAV-BEGIN> 13.14<F1>
<PER-SHARE-NII> .03<F1>
<PER-SHARE-GAIN-APPREC> 1.74<F1>
<PER-SHARE-DIVIDEND> .00<F1>
<PER-SHARE-DISTRIBUTIONS> 1.11<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 13.74<F1>
<EXPENSE-RATIO> 2.08<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class C Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 061
<NAME> LARGE COMPANIES VALUE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 106654233
<INVESTMENTS-AT-VALUE> 118123135
<RECEIVABLES> 246104
<ASSETS-OTHER> 4183
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118373422
<PAYABLE-FOR-SECURITIES> 65820
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 85428
<TOTAL-LIABILITIES> 151248
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 100268201
<SHARES-COMMON-STOCK> 391381<F1>
<SHARES-COMMON-PRIOR> 86572<F1>
<ACCUMULATED-NII-CURRENT> 417988
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6067083
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11468902
<NET-ASSETS> 118222174
<DIVIDEND-INCOME> 2310719
<INTEREST-INCOME> 576061
<OTHER-INCOME> (2663)
<EXPENSES-NET> 1003225
<NET-INVESTMENT-INCOME> 1880892
<REALIZED-GAINS-CURRENT> 8958325
<APPREC-INCREASE-CURRENT> (2960072)
<NET-CHANGE-FROM-OPS> 7879145
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 35005<F1>
<DISTRIBUTIONS-OF-GAINS> 129974<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 320635<F1>
<NUMBER-OF-SHARES-REDEEMED> 30203<F1>
<SHARES-REINVESTED> 14377<F1>
<NET-CHANGE-IN-ASSETS> 18767817
<ACCUMULATED-NII-PRIOR> 333372
<ACCUMULATED-GAINS-PRIOR> 5033956
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 801854
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1163909
<AVERAGE-NET-ASSETS> 2557884<F1>
<PER-SHARE-NAV-BEGIN> 12.20<F1>
<PER-SHARE-NII> .20<F1>
<PER-SHARE-GAIN-APPREC> .71<F1>
<PER-SHARE-DIVIDEND> .19<F1>
<PER-SHARE-DISTRIBUTIONS> 1.00<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 11.92<F1>
<EXPENSE-RATIO> 1.18<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 062
<NAME> LARGE COMPANIES VALUE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 106654233
<INVESTMENTS-AT-VALUE> 118123135
<RECEIVABLES> 246104
<ASSETS-OTHER> 4183
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118373422
<PAYABLE-FOR-SECURITIES> 65820
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 85428
<TOTAL-LIABILITIES> 151248
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 100268201
<SHARES-COMMON-STOCK> 9422668<F1>
<SHARES-COMMON-PRIOR> 8020533<F1>
<ACCUMULATED-NII-CURRENT> 417988
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6067083
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11468902
<NET-ASSETS> 118222174
<DIVIDEND-INCOME> 2310719
<INTEREST-INCOME> 576061
<OTHER-INCOME> (2663)
<EXPENSES-NET> 1003225
<NET-INVESTMENT-INCOME> 1880892
<REALIZED-GAINS-CURRENT> 8958325
<APPREC-INCREASE-CURRENT> (2960072)
<NET-CHANGE-FROM-OPS> 7879145
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1756110<F1>
<DISTRIBUTIONS-OF-GAINS> 7767356<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 3808985<F1>
<NUMBER-OF-SHARES-REDEEMED> 3228601<F1>
<SHARES-REINVESTED> 821751<F1>
<NET-CHANGE-IN-ASSETS> 18767817
<ACCUMULATED-NII-PRIOR> 333372
<ACCUMULATED-GAINS-PRIOR> 5033956
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 801854
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1163909
<AVERAGE-NET-ASSETS> 103868821<F1>
<PER-SHARE-NAV-BEGIN> 12.23<F1>
<PER-SHARE-NII> .21<F1>
<PER-SHARE-GAIN-APPREC> .75<F1>
<PER-SHARE-DIVIDEND> .21<F1>
<PER-SHARE-DISTRIBUTIONS> 1.00<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 11.98<F1>
<EXPENSE-RATIO> 0.93<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class Y Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 063
<NAME> LARGE COMPANIES VALUE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 106654233
<INVESTMENTS-AT-VALUE> 118123135
<RECEIVABLES> 246104
<ASSETS-OTHER> 4183
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118373422
<PAYABLE-FOR-SECURITIES> 65820
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 85428
<TOTAL-LIABILITIES> 151248
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 100268201
<SHARES-COMMON-STOCK> 55254<F1>
<SHARES-COMMON-PRIOR> 22510<F1>
<ACCUMULATED-NII-CURRENT> 417988
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6067083
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11468902
<NET-ASSETS> 118222174
<DIVIDEND-INCOME> 2310719
<INTEREST-INCOME> 576061
<OTHER-INCOME> (2663)
<EXPENSES-NET> 1003225
<NET-INVESTMENT-INCOME> 1880892
<REALIZED-GAINS-CURRENT> 8958325
<APPREC-INCREASE-CURRENT> (2960072)
<NET-CHANGE-FROM-OPS> 7879145
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5161<F1>
<DISTRIBUTIONS-OF-GAINS> 27868<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 36992<F1>
<NUMBER-OF-SHARES-REDEEMED> 7195<F1>
<SHARES-REINVESTED> 2947<F1>
<NET-CHANGE-IN-ASSETS> 18767817
<ACCUMULATED-NII-PRIOR> 333372
<ACCUMULATED-GAINS-PRIOR> 5033956
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 801854
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1163909
<AVERAGE-NET-ASSETS> 486108<F1>
<PER-SHARE-NAV-BEGIN> 12.04<F1>
<PER-SHARE-NII> .13<F1>
<PER-SHARE-GAIN-APPREC> .69<F1>
<PER-SHARE-DIVIDEND> .13<F1>
<PER-SHARE-DISTRIBUTIONS> 1.00<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 11.73<F1>
<EXPENSE-RATIO> 1.93<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class C Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 091
<NAME> DIVERSIFIED BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 184615110
<INVESTMENTS-AT-VALUE> 180796171
<RECEIVABLES> 2863530
<ASSETS-OTHER> 4900
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 183664601
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 87018
<TOTAL-LIABILITIES> 87018
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 185520877
<SHARES-COMMON-STOCK> 31763<F1>
<SHARES-COMMON-PRIOR> 1<F1>
<ACCUMULATED-NII-CURRENT> 463930
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1411715
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3818939)
<NET-ASSETS> 183577583
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8741161
<OTHER-INCOME> 0
<EXPENSES-NET> 838805
<NET-INVESTMENT-INCOME> 7902356
<REALIZED-GAINS-CURRENT> 1877945
<APPREC-INCREASE-CURRENT> (5431677)
<NET-CHANGE-FROM-OPS> 4348624
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6473<F1>
<DISTRIBUTIONS-OF-GAINS> 1356<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 31704<F1>
<NUMBER-OF-SHARES-REDEEMED> 720<F1>
<SHARES-REINVESTED> 778<F1>
<NET-CHANGE-IN-ASSETS> 84231038
<ACCUMULATED-NII-PRIOR> 221822
<ACCUMULATED-GAINS-PRIOR> 1259526
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 829165
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1254083
<AVERAGE-NET-ASSETS> 117935<F1>
<PER-SHARE-NAV-BEGIN> 10.18<F1>
<PER-SHARE-NII> .55<F1>
<PER-SHARE-GAIN-APPREC> (.16)<F1>
<PER-SHARE-DIVIDEND> .55<F1>
<PER-SHARE-DISTRIBUTIONS> .16<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 9.86<F1>
<EXPENSE-RATIO> .85<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 092
<NAME> DIVERSIFIED BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 184615110
<INVESTMENTS-AT-VALUE> 180796171
<RECEIVABLES> 2863530
<ASSETS-OTHER> 4900
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 183664601
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 87018
<TOTAL-LIABILITIES> 87018
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 185520877
<SHARES-COMMON-STOCK> 18251188<F1>
<SHARES-COMMON-PRIOR> 9616504<F1>
<ACCUMULATED-NII-CURRENT> 463930
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1411715
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3818939)
<NET-ASSETS> 183577583
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8741161
<OTHER-INCOME> 0
<EXPENSES-NET> 838805
<NET-INVESTMENT-INCOME> 7902356
<REALIZED-GAINS-CURRENT> 1877945
<APPREC-INCREASE-CURRENT> (5431677)
<NET-CHANGE-FROM-OPS> 4348624
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7654293<F1>
<DISTRIBUTIONS-OF-GAINS> 1723809<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 8867817<F1>
<NUMBER-OF-SHARES-REDEEMED> 1107314<F1>
<SHARES-REINVESTED> 874181<F1>
<NET-CHANGE-IN-ASSETS> 84231038
<ACCUMULATED-NII-PRIOR> 221822
<ACCUMULATED-GAINS-PRIOR> 1259526
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 829165
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1254083
<AVERAGE-NET-ASSETS> 138073527<F1>
<PER-SHARE-NAV-BEGIN> 10.33<F1>
<PER-SHARE-NII> .58<F1>
<PER-SHARE-GAIN-APPREC> (.13)<F1>
<PER-SHARE-DIVIDEND> .58<F1>
<PER-SHARE-DISTRIBUTIONS> .16<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.04<F1>
<EXPENSE-RATIO> .61<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class Y Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 093
<NAME> DIVERSIFIED BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 184615110
<INVESTMENTS-AT-VALUE> 180796171
<RECEIVABLES> 2863530
<ASSETS-OTHER> 4900
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 183664601
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 87018
<TOTAL-LIABILITIES> 87018
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 185520877
<SHARES-COMMON-STOCK> 978<F1>
<SHARES-COMMON-PRIOR> 1<F1>
<ACCUMULATED-NII-CURRENT> 463930
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1411715
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3818939)
<NET-ASSETS> 183577583
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8741161
<OTHER-INCOME> 0
<EXPENSES-NET> 838805
<NET-INVESTMENT-INCOME> 7902356
<REALIZED-GAINS-CURRENT> 1877945
<APPREC-INCREASE-CURRENT> (5431677)
<NET-CHANGE-FROM-OPS> 4348624
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 73<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 969<F1>
<NUMBER-OF-SHARES-REDEEMED> 0<F1>
<SHARES-REINVESTED> 8<F1>
<NET-CHANGE-IN-ASSETS> 84231038
<ACCUMULATED-NII-PRIOR> 221822
<ACCUMULATED-GAINS-PRIOR> 1259526
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 829165
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1254083
<AVERAGE-NET-ASSETS> 1269<F1>
<PER-SHARE-NAV-BEGIN> 10.22<F1>
<PER-SHARE-NII> .48<F1>
<PER-SHARE-GAIN-APPREC> (.60)<F1>
<PER-SHARE-DIVIDEND> .50<F1>
<PER-SHARE-DISTRIBUTIONS> .16<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 9.44<F1>
<EXPENSE-RATIO> 1.58<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class C Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 101
<NAME> OPTIMIZED STOCK FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 196818435
<INVESTMENTS-AT-VALUE> 220062966
<RECEIVABLES> 354732
<ASSETS-OTHER> 6593
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 220424291
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 101403
<TOTAL-LIABILITIES> 101403
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190000958
<SHARES-COMMON-STOCK> 100392<F1>
<SHARES-COMMON-PRIOR> 3194<F1>
<ACCUMULATED-NII-CURRENT> 730609
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6346790
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23244531
<NET-ASSETS> 220322888
<DIVIDEND-INCOME> 4393667
<INTEREST-INCOME> 111046
<OTHER-INCOME> 3639
<EXPENSES-NET> 1146727
<NET-INVESTMENT-INCOME> 3361625
<REALIZED-GAINS-CURRENT> 8462270
<APPREC-INCREASE-CURRENT> 11602223
<NET-CHANGE-FROM-OPS> 23426118
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4963<F1>
<DISTRIBUTIONS-OF-GAINS> 4341<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 100759<F1>
<NUMBER-OF-SHARES-REDEEMED> 4335<F1>
<SHARES-REINVESTED> 774<F1>
<NET-CHANGE-IN-ASSETS> 71485426
<ACCUMULATED-NII-PRIOR> 525124
<ACCUMULATED-GAINS-PRIOR> 589477
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 957926
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1530493
<AVERAGE-NET-ASSETS> 416921<F1>
<PER-SHARE-NAV-BEGIN> 10.94<F1>
<PER-SHARE-NII> .19<F1>
<PER-SHARE-GAIN-APPREC> 1.36<F1>
<PER-SHARE-DIVIDEND> .19<F1>
<PER-SHARE-DISTRIBUTIONS> .20<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 12.10<F1>
<EXPENSE-RATIO> .84<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 102
<NAME> OPTIMIZED STOCK FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 196818435
<INVESTMENTS-AT-VALUE> 220062966
<RECEIVABLES> 354732
<ASSETS-OTHER> 6593
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 220424291
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 101403
<TOTAL-LIABILITIES> 101403
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190000958
<SHARES-COMMON-STOCK> 18066956<F1>
<SHARES-COMMON-PRIOR> 13588700<F1>
<ACCUMULATED-NII-CURRENT> 730609
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6346790
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23244531
<NET-ASSETS> 220322888
<DIVIDEND-INCOME> 4393667
<INTEREST-INCOME> 111046
<OTHER-INCOME> 3639
<EXPENSES-NET> 1146727
<NET-INVESTMENT-INCOME> 3361625
<REALIZED-GAINS-CURRENT> 8462270
<APPREC-INCREASE-CURRENT> 11602223
<NET-CHANGE-FROM-OPS> 23426118
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3150517<F1>
<DISTRIBUTIONS-OF-GAINS> 2699756<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 5785352<F1>
<NUMBER-OF-SHARES-REDEEMED> 1799096<F1>
<SHARES-REINVESTED> 492000<F1>
<NET-CHANGE-IN-ASSETS> 71485426
<ACCUMULATED-NII-PRIOR> 525124
<ACCUMULATED-GAINS-PRIOR> 589477
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 957926
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1530493
<AVERAGE-NET-ASSETS> 191107482<F1>
<PER-SHARE-NAV-BEGIN> 10.95<F1>
<PER-SHARE-NII> .21<F1>
<PER-SHARE-GAIN-APPREC> 1.37<F1>
<PER-SHARE-DIVIDEND> .21<F1>
<PER-SHARE-DISTRIBUTIONS> .20<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 12.12<F1>
<EXPENSE-RATIO> .60<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class Y Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 103
<NAME> OPTIMIZED STOCK FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 196818435
<INVESTMENTS-AT-VALUE> 220062966
<RECEIVABLES> 354732
<ASSETS-OTHER> 6593
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 220424291
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 101403
<TOTAL-LIABILITIES> 101403
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190000958
<SHARES-COMMON-STOCK> 7816<F1>
<SHARES-COMMON-PRIOR> 1840<F1>
<ACCUMULATED-NII-CURRENT> 730609
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6346790
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23244531
<NET-ASSETS> 220322888
<DIVIDEND-INCOME> 4393667
<INTEREST-INCOME> 111046
<OTHER-INCOME> 3639
<EXPENSES-NET> 1146727
<NET-INVESTMENT-INCOME> 3361625
<REALIZED-GAINS-CURRENT> 8462270
<APPREC-INCREASE-CURRENT> 11602223
<NET-CHANGE-FROM-OPS> 23426118
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 660<F1>
<DISTRIBUTIONS-OF-GAINS> 860<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 6079<F1>
<NUMBER-OF-SHARES-REDEEMED> 232<F1>
<SHARES-REINVESTED> 129<F1>
<NET-CHANGE-IN-ASSETS> 71485426
<ACCUMULATED-NII-PRIOR> 525124
<ACCUMULATED-GAINS-PRIOR> 589477
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 957926
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1530493
<AVERAGE-NET-ASSETS> 58826<F1>
<PER-SHARE-NAV-BEGIN> 10.92<F1>
<PER-SHARE-NII> .11<F1>
<PER-SHARE-GAIN-APPREC> 1.37<F1>
<PER-SHARE-DIVIDEND> .15<F1>
<PER-SHARE-DISTRIBUTIONS> .20<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 12.05<F1>
<EXPENSE-RATIO> 1.59<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class C Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 111
<NAME> INTERNATIONAL OPPORTUNITIES FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 140471512
<INVESTMENTS-AT-VALUE> 144178943
<RECEIVABLES> 250779
<ASSETS-OTHER> 492951
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 144922673
<PAYABLE-FOR-SECURITIES> 386286
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53845
<TOTAL-LIABILITIES> 440131
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 139914426
<SHARES-COMMON-STOCK> 186725<F1>
<SHARES-COMMON-PRIOR> 1916<F1>
<ACCUMULATED-NII-CURRENT> 543401
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 313720
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3710995
<NET-ASSETS> 144482542
<DIVIDEND-INCOME> 2454999
<INTEREST-INCOME> 152106
<OTHER-INCOME> (447171)
<EXPENSES-NET> 883247
<NET-INVESTMENT-INCOME> 1276687
<REALIZED-GAINS-CURRENT> 84338
<APPREC-INCREASE-CURRENT> 1152386
<NET-CHANGE-FROM-OPS> 2513411
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8763<F1>
<DISTRIBUTIONS-OF-GAINS> 38<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 273252<F1>
<NUMBER-OF-SHARES-REDEEMED> 89117<F1>
<SHARES-REINVESTED> 674<F1>
<NET-CHANGE-IN-ASSETS> 84389494
<ACCUMULATED-NII-PRIOR> 48989
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 347
<GROSS-ADVISORY-FEES> 653161
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1202307
<AVERAGE-NET-ASSETS> 1989583<F1>
<PER-SHARE-NAV-BEGIN> 10.45<F1>
<PER-SHARE-NII> .07<F1>
<PER-SHARE-GAIN-APPREC> .17<F1>
<PER-SHARE-DIVIDEND> .05<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.64<F1>
<EXPENSE-RATIO> 1.06<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 112
<NAME> INTERNATIONAL OPPORTUNITIES FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 140471512
<INVESTMENTS-AT-VALUE> 144178943
<RECEIVABLES> 252704
<ASSETS-OTHER> 491026
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 144922673
<PAYABLE-FOR-SECURITIES> 386286
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53845
<TOTAL-LIABILITIES> 440131
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 139914426
<SHARES-COMMON-STOCK> 13333784<F1>
<SHARES-COMMON-PRIOR> 5732143<F1>
<ACCUMULATED-NII-CURRENT> 543401
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 313720
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3710995
<NET-ASSETS> 144482542
<DIVIDEND-INCOME> 2454999
<INTEREST-INCOME> 152106
<OTHER-INCOME> (447171)
<EXPENSES-NET> 883247
<NET-INVESTMENT-INCOME> 1276687
<REALIZED-GAINS-CURRENT> 84338
<APPREC-INCREASE-CURRENT> 1152386
<NET-CHANGE-FROM-OPS> 2513411
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 542120<F1>
<DISTRIBUTIONS-OF-GAINS> 1605<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 8541811<F1>
<NUMBER-OF-SHARES-REDEEMED> 983990<F1>
<SHARES-REINVESTED> 43820<F1>
<NET-CHANGE-IN-ASSETS> 84389494
<ACCUMULATED-NII-PRIOR> 48989
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 347
<GROSS-ADVISORY-FEES> 653161
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1202307
<AVERAGE-NET-ASSETS> 106862817<F1>
<PER-SHARE-NAV-BEGIN> 10.48<F1>
<PER-SHARE-NII> .09<F1>
<PER-SHARE-GAIN-APPREC> .18<F1>
<PER-SHARE-DIVIDEND> .06<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.69<F1>
<EXPENSE-RATIO> .81<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class Y Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 113
<NAME> INTERNATIONAL OPPORTUNITIES FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 140471512
<INVESTMENTS-AT-VALUE> 144178943
<RECEIVABLES> 252704
<ASSETS-OTHER> 491026
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 144922673
<PAYABLE-FOR-SECURITIES> 386286
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53845
<TOTAL-LIABILITIES> 440131
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 139914426
<SHARES-COMMON-STOCK> 1750<F1>
<SHARES-COMMON-PRIOR> 1<F1>
<ACCUMULATED-NII-CURRENT> 543401
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 313720
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3710995
<NET-ASSETS> 144482542
<DIVIDEND-INCOME> 2454999
<INTEREST-INCOME> 152106
<OTHER-INCOME> (447171)
<EXPENSES-NET> 883247
<NET-INVESTMENT-INCOME> 1276687
<REALIZED-GAINS-CURRENT> 84338
<APPREC-INCREASE-CURRENT> 1152386
<NET-CHANGE-FROM-OPS> 2513411
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 20<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1747<F1>
<NUMBER-OF-SHARES-REDEEMED> 0<F1>
<SHARES-REINVESTED> 2<F1>
<NET-CHANGE-IN-ASSETS> 84389494
<ACCUMULATED-NII-PRIOR> 48989
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 347
<GROSS-ADVISORY-FEES> 653161
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1202307
<AVERAGE-NET-ASSETS> 6466<F1>
<PER-SHARE-NAV-BEGIN> 10.46<F1>
<PER-SHARE-NII> .03<F1>
<PER-SHARE-GAIN-APPREC> .17<F1>
<PER-SHARE-DIVIDEND> .03<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.63<F1>
<EXPENSE-RATIO> 1.78<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class C Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST FAMILY OF FUNDS
<SERIES>
<NUMBER> 121
<NAME> ALLOCATED CONSERVATIVE FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> MAY-01-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 7657694
<INVESTMENTS-AT-VALUE> 7572284
<RECEIVABLES> 794
<ASSETS-OTHER> 2091
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7575169
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2574
<TOTAL-LIABILITIES> 2574
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7618112
<SHARES-COMMON-STOCK> 1<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 39940
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 47
<ACCUM-APPREC-OR-DEPREC> (85410)
<NET-ASSETS> 7572595
<DIVIDEND-INCOME> 63944
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 5297
<NET-INVESTMENT-INCOME> 58647
<REALIZED-GAINS-CURRENT> (47)
<APPREC-INCREASE-CURRENT> (85410)
<NET-CHANGE-FROM-OPS> (26810)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1<F1>
<NUMBER-OF-SHARES-REDEEMED> 0<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 7572595
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 768
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5297
<AVERAGE-NET-ASSETS> 10<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> .10<F1>
<PER-SHARE-GAIN-APPREC> (.12)<F1>
<PER-SHARE-DIVIDEND> .03<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 9.95<F1>
<EXPENSE-RATIO> 0<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST FAMILY OF FUNDS
<SERIES>
<NUMBER> 122
<NAME> ALLOCATED CONSERVATIVE FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> MAY-01-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 7657694
<INVESTMENTS-AT-VALUE> 7572284
<RECEIVABLES> 794
<ASSETS-OTHER> 2091
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7575169
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2574
<TOTAL-LIABILITIES> 2574
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7618112
<SHARES-COMMON-STOCK> 760357<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 39940
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 47
<ACCUM-APPREC-OR-DEPREC> (85410)
<NET-ASSETS> 7572595
<DIVIDEND-INCOME> 63944
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 5297
<NET-INVESTMENT-INCOME> 58647
<REALIZED-GAINS-CURRENT> (47)
<APPREC-INCREASE-CURRENT> (85410)
<NET-CHANGE-FROM-OPS> (26810)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 18707<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 771455<F1>
<NUMBER-OF-SHARES-REDEEMED> 11098<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 7572595
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 768
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5297
<AVERAGE-NET-ASSETS> 6195014<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> .08<F1>
<PER-SHARE-GAIN-APPREC> (.09)<F1>
<PER-SHARE-DIVIDEND> .03<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 9.96<F1>
<EXPENSE-RATIO> .34<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class Y Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 131
<NAME> ALLOCATED BALANCED FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> MAY-01-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 39401861
<INVESTMENTS-AT-VALUE> 38281807
<RECEIVABLES> 3514
<ASSETS-OTHER> 4036
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38289357
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6721
<TOTAL-LIABILITIES> 6721
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39266629
<SHARES-COMMON-STOCK> 1<F1>
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 129894
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6167
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1120054)
<NET-ASSETS> 38282636
<DIVIDEND-INCOME> 235030
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 17644
<NET-INVESTMENT-INCOME> 217386
<REALIZED-GAINS-CURRENT> 6167
<APPREC-INCREASE-CURRENT> (1120054)
<NET-CHANGE-FROM-OPS> (896501)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1<F1>
<NUMBER-OF-SHARES-REDEEMED> 0<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 38282636
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4013
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17644
<AVERAGE-NET-ASSETS> 10<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> .08<F1>
<PER-SHARE-GAIN-APPREC> (.31)<F1>
<PER-SHARE-DIVIDEND> .03<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 9.74<F1>
<EXPENSE-RATIO> 0<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 132
<NAME> ALLOCATED BALANCED FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> MAY-01-1996
<PERIOD-END> JUL-31-1996
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<NET-INVESTMENT-INCOME> 217386
<REALIZED-GAINS-CURRENT> 6167
<APPREC-INCREASE-CURRENT> (1120054)
<NET-CHANGE-FROM-OPS> (896501)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 87492<F1>
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<NUMBER-OF-SHARES-SOLD> 3995653<F1>
<NUMBER-OF-SHARES-REDEEMED> 76460<F1>
<SHARES-REINVESTED> 7698<F1>
<NET-CHANGE-IN-ASSETS> 38282636
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17644
<AVERAGE-NET-ASSETS> 32343955<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> .06<F1>
<PER-SHARE-GAIN-APPREC> (.28)<F1>
<PER-SHARE-DIVIDEND> .03<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 9.75<F1>
<EXPENSE-RATIO> .22<F1>
<AVG-DEBT-OUTSTANDING> 0
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<FN>
<F1>Class Y Shares
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 141
<NAME> ALLOCATED GROWTH FUND
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<OVERDISTRIBUTION-GAINS> 1108
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<NET-INVESTMENT-INCOME> 30292
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<GROSS-EXPENSE> 5865
<AVERAGE-NET-ASSETS> 10<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> 0.05<F1>
<PER-SHARE-GAIN-APPREC> (0.28)<F1>
<PER-SHARE-DIVIDEND> 0.03<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
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<PER-SHARE-NAV-END> 9.74<F1>
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 142
<NAME> ALLOCATED GROWTH FUND
<S> <C>
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<FISCAL-YEAR-END> JUL-31-1996
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<OVERDISTRIBUTION-GAINS> 1108
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<REALIZED-GAINS-CURRENT> (1108)
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<AVERAGE-NET-ASSETS> 7606269<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> .04<F1>
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<FN>
<F1>Class Y Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 151
<NAME> ALLOCATED AGGRESSIVE FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUL-31-1996
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<ACCUM-APPREC-OR-DEPREC> (289495)
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<NET-INVESTMENT-INCOME> 10360
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<ACCUMULATED-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5181
<AVERAGE-NET-ASSETS> 1627<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> (.01)<F1>
<PER-SHARE-GAIN-APPREC> (.33)<F1>
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000923499
<NAME> THE QUALIVEST MUTUAL FUNDS
<SERIES>
<NUMBER> 152
<NAME> ALLOCATED AGGRESSIVE FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> MAY-01-1996
<PERIOD-END> JUL-31-1996
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<INVESTMENTS-AT-VALUE> 8207977
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<SENIOR-EQUITY> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 4939
<ACCUM-APPREC-OR-DEPREC> (289495)
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<NET-INVESTMENT-INCOME> 10360
<REALIZED-GAINS-CURRENT> (4939)
<APPREC-INCREASE-CURRENT> (289495)
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<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0<F1>
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<NUMBER-OF-SHARES-SOLD> 984956<F1>
<NUMBER-OF-SHARES-REDEEMED> 131480<F1>
<SHARES-REINVESTED> 1012<F1>
<NET-CHANGE-IN-ASSETS> 8208424
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 731
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5181
<AVERAGE-NET-ASSETS> 5900805<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> .02<F1>
<PER-SHARE-GAIN-APPREC> .40<F1>
<PER-SHARE-DIVIDEND> .02<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 9.60<F1>
<EXPENSE-RATIO> .35<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class Y Shares
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</TABLE>
Board of Trustees
Qualivest Funds
In planning and performing our audits of the
financial statements of Qualivest Funds for the
year ended July 31, 1996 (on which we have
issued our report dated September 12, 1996),
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 Qualivest 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 of the 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 that
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 July 31, 1996.
This report is intended solely for the information and
use of the Board of Trustees, management and the
Securities and Exchange Commission.
DELOITTE & TOUCHE LLP
September 12, 1996
Dayton, Ohio
