<PAGE> PAGE 1
000 B000000 02/29/96
000 C000000 0000934346
000 D000000 N
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001 C000000 7082955700
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002 D010000 60045
002 D020000 1821
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 C020200 CORE EQUITY FUND
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007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 BOBERSKI & CO.
008 B00AA01 A
008 C00AA01 801-5908
008 D01AA01 LAKE FOREST
008 D02AA01 IL
008 D03AA01 60045
008 D04AA01 1821
010 A00AA01 AMERICAN DATA SERVICES
010 C01AA01 HUNTINGTON
010 C02AA01 NY
010 C03AA01 11743
012 A00AA01 AMERICAN DATA SERVICES
012 B00AA01 84-1964
012 C01AA01 HUNTINGTON
<PAGE> PAGE 2
012 C02AA01 NY
012 C03AA01 11743
013 A00AA01 MCCURDY & ASSOCIATES CPA'S INC.
013 B01AA01 WESTLAKE
013 B02AA01 OH
013 B03AA01 44145
015 A00AA01 STAR BANK N.A.
015 B00AA01 C
015 C01AA01 CINCINNATI
015 C02AA01 OH
015 C03AA01 45202
015 E01AA01 X
018 00AA00 Y
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020 C000001 6
020 A000002 PAINE WEBBER
020 C000002 3
020 A000003 MORGAN STANLEY
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020 C000006 0
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<PAGE> PAGE 3
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054 C00AA00 N
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054 E00AA00 N
054 F00AA00 N
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<PAGE> PAGE 4
077 A000000 Y
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078 000000 N
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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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SIGNATURE JAMES E. CINO
TITLE ADMINISTRATOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000093446
<NAME> LAKE FOREST MONEY MARKET FUND
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<PERIOD-TYPE> 12-MOS
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<PERIOD-END> FEB-29-1996
<INVESTMENTS-AT-COST> 1793864
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<SHARES-COMMON-STOCK> 1786909
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 1786909
<DIVIDEND-INCOME> 0
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<NET-INVESTMENT-INCOME> 63254
<REALIZED-GAINS-CURRENT> 0
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 2337398
<NUMBER-OF-SHARES-REDEEMED> 656923
<SHARES-REINVESTED> 56434
<NET-CHANGE-IN-ASSETS> 1736909
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
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<CIK> 0000934346
<NAME> LAKE FOREST CORE EQUITY FUND
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<PERIOD-END> FEB-29-1996
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<DISTRIBUTIONS-OF-GAINS> 13262
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</TABLE>
Board of Trustees
The Lake Forest Funds
In planning and performing our audit of the financial statements
of the Lake Forest Funds for the year ended February 29, 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 the Lake Forest 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 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 proce-
Board of Trustees The Lake Forest Funds Page 2
dures for safeguarding securities, that we consider to be
material weaknesses as defined above as of February 29, 1996.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
McCurdy & Associates CPA's, Inc.
Westlake, Ohio
March 20, 1996
