<PAGE> PAGE 1
000 A000000 08/31/97
000 C000000 0000934346
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 LAKE FOREST FUNDS
001 B000000 811-8906
001 C000000 7082955700
002 A000000 ONE WESTMINSTER PLACE
002 B000000 LAKE FOREST
002 C000000 IL
002 D010000 60045
002 D020000 1821
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 MONEY MARKET FUND
007 C030100 N
007 C010200 2
007 C020200 CORE EQUITY 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
020 A000001 SMITH BARNEY
020 C000001 1
020 A000002 MERRILL LYNCH
020 C000002 1
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 2
022 A000001 MERRILL LYNCH
<PAGE> PAGE 2
022 C000001 55832
022 D000001 55412
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023 C000000 55832
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024 00AA00 N
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034 00AA00 N
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039 00AA00 N
040 00AA00 N
077 A000000 N
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<PAGE> PAGE 3
028 E040100 402
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062 A000100 Y
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<PAGE> PAGE 4
062 P000100 0.0
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064 A000100 N
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<PAGE> PAGE 5
074 E000100 0
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<PAGE> PAGE 6
028 F030200 0
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<PAGE> PAGE 7
066 A000200 Y
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<PAGE> PAGE 8
073 C000200 0.0000
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SIGNATURE JAMES COLANTINO
TITLE SENIOR ADMINISTRATOR
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> LAKE FOREST CORE EQUITY FUND
<S> <C>
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<PERIOD-END> AUG-31-1997
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<SHARES-COMMON-PRIOR> 129323
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> LAKE FOREST MONEY MARKET FUND
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<PERIOD-END> AUG-31-1997
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</TABLE>
