TIME HORIZON FUNDS
NSAR-A/A, 1996-04-18
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<PAGE>      PAGE  1
000 A000000 12/31/95
000 C000000 0000944309
000 D000000 N
000 E000000 F
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 TIME HORIZON FUNDS
001 B000000 811-9024
001 C000000 6144708000
002 A000000 3435 STELZER RD.
002 B000000 COLUMBUS
002 C000000 OH
002 D010000 43219
003  000000 Y
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  3
007 C010100  1
007 C020100 PORTFOLIO 1
007 C030100 N
007 C010200  2
007 C020200 PORTFOLIO 2
007 C030200 N
007 C010300  3
007 C020300 PORTFOLIO 3
007 C030300 N
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
010 A00AA01 BANK OF AMERICA NAT. TRUST & SAVINGS ASSOC.
010 C01AA01 SAN FRANCISCO
010 C02AA01 CA
010 C03AA01 94104
013 A00AA01 COOPERS & LYBRAND L.L.P.
013 B01AA01 LOS ANGELES
013 B02AA01 CA
013 B03AA01 90071
015 A00AA01 PNC BANK, N.A.
015 B00AA01 C
015 C01AA01 PHILADELPHIA
015 C02AA01 PA
015 C03AA01 19101
<PAGE>      PAGE  2
015 E03AA01 X
018  00AA00 Y
019 A00AA00 N
019 B00AA00    0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
037  00AA00 N
039  00AA00 N
045  00AA00 Y
046  00AA00 N
047  00AA00 Y
049  00AA00 N
050  00AA00 N
051  00AA00 N
052  00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 N
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056  00AA00 Y
057  00AA00 N
058 A00AA00 N
059  00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 Y
<PAGE>      PAGE  3
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 N
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 Y
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 Y
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 N
078  000000 N
024  000100 N
029  000100 Y
034  000100 Y
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042 B000100   0
042 C000100   0
042 D000100 100
042 E000100   0
042 F000100   0
042 G000100   0
042 H000100   0
043  000100      6
044  000100      0
062 A000100 Y
062 B000100  12.5
062 C000100   0.0
<PAGE>      PAGE  4
062 D000100   0.0
062 E000100   0.0
062 F000100   0.0
062 G000100   0.0
062 H000100   0.0
062 I000100   0.0
062 J000100   0.0
062 K000100   0.0
062 L000100   0.0
062 M000100  52.4
062 N000100   0.0
062 O000100   0.0
062 P000100   0.0
062 Q000100   0.0
062 R000100  28.8
063 A000100   0
063 B000100  3.0
067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
071 A000100     11821
071 B000100      4090
071 C000100      4794
071 D000100   85
072 A000100  4
072 B000100       48
072 C000100        6
072 D000100        0
072 E000100        0
072 F000100        7
072 G000100        0
072 H000100        0
074 N000100     9699
074 T000100     9657
075 A000100        0
075 B000100     2968
024  000200 N
029  000200 Y
034  000200 Y
042 A000200   0
042 B000200   0
042 C000200   0
042 D000200 100
042 E000200   0
042 F000200   0
042 G000200   0
042 H000200   0
043  000200      5
044  000200      0
062 A000200 Y
<PAGE>      PAGE  5
062 B000200  11.4
062 C000200   0.0
062 D000200   0.0
062 E000200   0.0
062 F000200   0.0
062 G000200   0.0
062 H000200   0.0
062 I000200   0.0
062 J000200   0.0
062 K000200   0.0
062 L000200   0.0
062 M000200  43.7
062 N000200   0.0
062 O000200   0.0
062 P000200   0.0
062 Q000200   0.0
062 R000200  41.9
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
071 A000200      8862
071 B000200      2552
071 C000200      4268
071 D000200   60
072 A000200  4
072 B000200       35
072 C000200        9
072 D000200        0
072 E000200        0
072 F000200        6
072 G000200        0
072 H000200        0
074 N000200     7644
074 T000200     7525
075 A000200        0
075 B000200     2651
024  000300 N
029  000300 Y
034  000300 Y
042 A000300   0
042 B000300   0
042 C000300   0
042 D000300 100
042 E000300   0
042 F000300   0
042 G000300   0
042 H000300   0
043  000300      3
044  000300      0
062 A000300 N
<PAGE>      PAGE  6
062 B000300   0.0
062 C000300   0.0
062 D000300   0.0
062 E000300   0.0
062 F000300   0.0
062 G000300   0.0
062 H000300   0.0
062 I000300   0.0
062 J000300   0.0
062 K000300   0.0
062 L000300   0.0
062 M000300   0.0
062 N000300   0.0
062 O000300   0.0
062 P000300   0.0
062 Q000300   0.0
062 R000300   0.0
067  000300 N
068 A000300 N
068 B000300 N
069  000300 N
071 A000300      5877
071 B000300       916
071 C000300      2775
071 D000300   33
072 A000300  4
072 I000300        2
072 J000300        3
072 K000300        0
072 L000300        1
072 M000300        1
072 N000300        4
072 O000300        0
072 P000300        0
072 Q000300        0
072 R000300        2
072 S000300        1
072 T000300        3
072 U000300        0
072 V000300        0
072 W000300        4
072 X000300       25
072 Y000300       21
072 Z000300       25
072AA000300       14
072BB000300        0
072CC010300       66
072CC020300        0
072DD010300        9
072DD020300       16
072EE000300       26
<PAGE>      PAGE  7
073 A010300   0.0500
073 A020300   0.0400
073 B000300   0.0000
073 C000300   0.0000
074 N000300     6505
074 T000300     6442
075 A000300        0
075 B000300     1781
SIGNATURE   CORY GOSSARD                                 
TITLE       REPORTING ANALYST   
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000944309
<NAME> TIME HORIZON FUNDS
<SERIES>
   <NUMBER> 1
   <NAME> PORTFOLIO 1 CLASS A SHARES
       
<S>                             <C>
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<EQUALIZATION>                                       0
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<NUMBER-OF-SHARES-SOLD>                         269896
<NUMBER-OF-SHARES-REDEEMED>                       8103
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000944309
<NAME> TIME HORIZON FUNDS
<SERIES>
   <NUMBER> 1
   <NAME> PORTFOLIO 1 CLASS B SHARES
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          JUN-30-1996
<PERIOD-START>                              SEP-5-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                          8969127
<INVESTMENTS-AT-VALUE>                         9053007
<RECEIVABLES>                                   562248
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<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        41953 
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<PAID-IN-CAPITAL-COMMON>                       9551413
<SHARES-COMMON-STOCK>                           673482
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<EQUALIZATION>                                       0
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<EXPENSE-RATIO>                                    .72
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000944309
<NAME> TIME HORIZON FUNDS
<SERIES>
   <NUMBER> 2
   <NAME> PORTFOLIO 2 CLASS A SHARES
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          JUN-30-1996
<PERIOD-START>                              SEP-5-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                          7201962
<INVESTMENTS-AT-VALUE>                         7296556
<RECEIVABLES>                                   266669
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<PAYABLE-FOR-SECURITIES>                             0
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<OTHER-ITEMS-LIABILITIES>                       118464
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<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       7408648
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<APPREC-INCREASE-CURRENT>                        94594
<NET-CHANGE-FROM-OPS>                           154419
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        37731
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         274206
<NUMBER-OF-SHARES-REDEEMED>                      15269
<SHARES-REINVESTED>                               1368
<NET-CHANGE-IN-ASSETS>                         7408648
<ACCUMULATED-NII-PRIOR>                              0
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000944309
<NAME> TIME HORIZON FUNDS
<SERIES>
   <NUMBER> 2
   <NAME> PORTFOLIO 2 CLASS B SHARES
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000944309
<NAME> TIME HORIZON FUNDS
<SERIES>
   <NUMBER> 6
   <NAME> PORTFOLIO 3 CLASS A SHARES
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          JUN-30-1996
<PERIOD-START>                              SEP-5-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                          6161625
<INVESTMENTS-AT-VALUE>                         6227834
<RECEIVABLES>                                   204147
<ASSETS-OTHER>                                   73026
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<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        63479
<TOTAL-LIABILITIES>                              63479
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       6361432
<SHARES-COMMON-STOCK>                           195589
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
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<ACCUMULATED-NET-GAINS>                          14120
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<ACCUM-APPREC-OR-DEPREC>                         66209
<NET-ASSETS>                                   6441528
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<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    3377
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<REALIZED-GAINS-CURRENT>                         14120
<APPREC-INCREASE-CURRENT>                        66209
<NET-CHANGE-FROM-OPS>                           105841
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        25745
<DISTRIBUTIONS-OF-GAINS>                             0
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<NUMBER-OF-SHARES-SOLD>                         195200
<NUMBER-OF-SHARES-REDEEMED>                        284
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<NET-CHANGE-IN-ASSETS>                         6441528
<ACCUMULATED-NII-PRIOR>                              0
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<INTEREST-EXPENSE>                                   0
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<PER-SHARE-NII>                                    .05
<PER-SHARE-GAIN-APPREC>                            .40
<PER-SHARE-DIVIDEND>                                 0
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<RETURNS-OF-CAPITAL>                                 0
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<EXPENSE-RATIO>                                    .02
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000944309
<NAME> TIME HORIZON FUNDS
<SERIES>
   <NUMBER> 6
   <NAME> PORTFOLIO 3 CLASS B SHARES
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          JUN-30-1996
<PERIOD-START>                              SEP-5-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                          6161625
<INVESTMENTS-AT-VALUE>                         6227834
<RECEIVABLES>                                   204147
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