KENNEBEC FUNDS TRUST
NSAR-A, 1995-12-07
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<PAGE>      PAGE  1
000 A000000 09/30/95
000 C000000 935742
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 KENNEBEC FUNDS TRUST
001 B000000 811-8948
001 C000000 3036232577
002 A000000 370 SEVENTEENTH ST., SUITE 2700
002 B000000 DENVER
002 C000000 CO
002 D010000 80202
003  000000 Y
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  3
007 C010100  1
007 C020100 U.S. GOVERNMENT FUND
007 C030100 N
007 C010200  2
007 C020200 CALIFORNIA TAX-FREE FUND
007 C030200 N
007 C010300  3
007 C020300 EQUITY FUND
007 C030300 N
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 KENNEBEC CAPITAL MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-47997
008 D01AA01 SAN DIEGO
008 D02AA01 CA
008 D03AA01 92122
010 A00AA01 ALPS MUTUAL FUNDS SERVICES, INC.
010 B00AA01 8-34626
010 C01AA01 DENVER
010 C02AA01 CO
010 C03AA01 80202
011 A00AA01 ALPS MUTUAL FUNDS SERVICES, INC.
011 B00AA01 8-34626
<PAGE>      PAGE  2
011 C01AA01 DENVER
011 C02AA01 CO
011 C03AA01 80202
012 A00AA01 STATE STREET BANK & TRUST, CO.
012 B00AA01 85-05003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02015
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 DENVER
013 B02AA01 CO
013 B03AA01 80202
015 A00AA01 STATE STREET BANK & TRUST, CO.
015 B00AA01 C
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015 C02AA01 MA
015 C03AA01 02015
015 E01AA01 X
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020 C000003      7
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020 C000005      6
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<PAGE>      PAGE  3
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022 C000004      7812
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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  13
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SIGNATURE   WILLIAM N. PASTON                            
TITLE       VICE PRESIDENT      
 


<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 2
   <NAME> CALIFORNIA TAX-FREE FUND
       
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 3
   <NAME> EQUITY FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1996
<PERIOD-END>                               SEP-30-1995
<INVESTMENTS-AT-COST>                         24159066
<INVESTMENTS-AT-VALUE>                        26598043
<RECEIVABLES>                                   574237
<ASSETS-OTHER>                                   28191
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<TOTAL-ASSETS>                                27200471
<PAYABLE-FOR-SECURITIES>                        853075
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        56078
<TOTAL-LIABILITIES>                             909153
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      23968693
<SHARES-COMMON-STOCK>                          1957149
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                        24010
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                        140362
<ACCUM-APPREC-OR-DEPREC>                       2438977
<NET-ASSETS>                                  26291318
<DIVIDEND-INCOME>                               188298
<INTEREST-INCOME>                               150996
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  155938
<NET-INVESTMENT-INCOME>                         183356
<REALIZED-GAINS-CURRENT>                      (140362)
<APPREC-INCREASE-CURRENT>                      2438977
<NET-CHANGE-FROM-OPS>                          2481971
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       159346
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        1953942
<NUMBER-OF-SHARES-REDEEMED>                        614
<SHARES-REINVESTED>                               1044
<NET-CHANGE-IN-ASSETS>                        26257992
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
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<INTEREST-EXPENSE>                                   0
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<PER-SHARE-GAIN-APPREC>                          01.42
<PER-SHARE-DIVIDEND>                             00.10
<PER-SHARE-DISTRIBUTIONS>                            0
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<PER-SHARE-NAV-END>                              13.43
<EXPENSE-RATIO>                                  01.64
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 1
   <NAME> U.S. GOVERNMENT FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1996
<PERIOD-END>                               SEP-30-1995
<INVESTMENTS-AT-COST>                         17730072
<INVESTMENTS-AT-VALUE>                        18427210
<RECEIVABLES>                                   303196
<ASSETS-OTHER>                                   28088
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<TOTAL-ASSETS>                                18758494
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       128825
<TOTAL-LIABILITIES>                             128825
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      17897731
<SHARES-COMMON-STOCK>                          1488693
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                              36
<ACCUMULATED-NET-GAINS>                          34836
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        697138
<NET-ASSETS>                                  18629669
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               588503
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   94344
<NET-INVESTMENT-INCOME>                         494159
<REALIZED-GAINS-CURRENT>                         34836
<APPREC-INCREASE-CURRENT>                       697138
<NET-CHANGE-FROM-OPS>                          1226133
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       494195
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        1485574
<NUMBER-OF-SHARES-REDEEMED>                        131
<SHARES-REINVESTED>                                472
<NET-CHANGE-IN-ASSETS>                        18596332
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            52411
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 124106
<AVERAGE-NET-ASSETS>                          17615260
<PER-SHARE-NAV-BEGIN>                            12.00
<PER-SHARE-NII>                                  00.35
<PER-SHARE-GAIN-APPREC>                          00.51
<PER-SHARE-DIVIDEND>                             00.35
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<EXPENSE-RATIO>                                   1.09
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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