AVALON CAPITAL INC
NSAR-A, 1997-06-17
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<PAGE>      PAGE  1
000 A000000 02/28/97
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001 A000000 AVALON CAPITAL INC
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015 A000001 STAR BANK N.A.
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<PAGE>      PAGE  2
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<PAGE>      PAGE  7
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SIGNATURE   JAMES E. CINO                                
TITLE       VP ADMINISTRATION   
 


<TABLE> <S> <C>

<ARTICLE> 6
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1997
<PERIOD-END>                               FEB-28-1997
<INVESTMENTS-AT-COST>                          9814410
<INVESTMENTS-AT-VALUE>                        12316263
<RECEIVABLES>                                    13686
<ASSETS-OTHER>                                   76890
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                12406839
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        61344
<TOTAL-LIABILITIES>                              61344
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       9918200
<SHARES-COMMON-STOCK>                           984912
<SHARES-COMMON-PRIOR>                           968360
<ACCUMULATED-NII-CURRENT>                      (65714)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         (8844)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       2501853
<NET-ASSETS>                                  12345495
<DIVIDEND-INCOME>                                66855
<INTEREST-INCOME>                                31392
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  163016
<NET-INVESTMENT-INCOME>                        (64769)
<REALIZED-GAINS-CURRENT>                       (36859)
<APPREC-INCREASE-CURRENT>                      2085194
<NET-CHANGE-FROM-OPS>                          1983566
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          16552
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         2165822
<ACCUMULATED-NII-PRIOR>                          (945)
<ACCUMULATED-GAINS-PRIOR>                        33546
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            59721
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<GROSS-EXPENSE>                                 163016
<AVERAGE-NET-ASSETS>                          11303000
<PER-SHARE-NAV-BEGIN>                            10.51
<PER-SHARE-NII>                                  (.07)
<PER-SHARE-GAIN-APPREC>                           2.09
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.53
<EXPENSE-RATIO>                                   2.91
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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