<PAGE> PAGE 1
000 B000000 06/30/96
000 C000000 0000944309
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 H000000 N
000 I000000 3.0.a
000 J000000 A
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 N
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
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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
008 A00AA01 BANK OF AMERICA NAT.TRUST & SAVINGS ASSOC.
008 B00AA01 A
008 C00AA01 801-84000
008 D01AA01 SAN FRANSISCO
008 D02AA01 CA
008 D03AA01 94104
010 A00AA01 BANK OF AMERICA NAT. TRUST & SAVINGS ASSOC.
010 C01AA01 SAN FRANCISCO
010 C02AA01 CA
010 C03AA01 94104
011 A00AA01 CONCORD FINANCIAL GROUP
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011 C01AA01 COLUMBUS
<PAGE> PAGE 2
011 C02AA01 OH
011 C03AA01 43219
012 A00AA01 BISYS FUND SERVICES OHIO, INC.
012 B00AA01 84-0000
012 C01AA01 COLUMBUS
012 C02AA01 OH
012 C03AA01 43219
013 A00AA01 ERNST & YOUNG L.L.P.
013 B01AA01 LOS ANGELES
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014 A00AA01 BANK OF AMERICA INVESTMENT SERVICES
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015 A00AA01 PNC BANK, N.A.
015 B00AA01 C
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<PAGE> PAGE 3
020 B000010 UNKNOWN
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022 D000003 7747
022 A000004 G T CLARK
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022 A000005 DEAN WITTER.
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022 D000006 1539
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022 A000008 HSBC SECURITIES
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<PAGE> PAGE 4
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<PAGE> PAGE 5
054 J00AA00 N
054 K00AA00 N
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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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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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SIGNATURE WENDY SWONGER
TITLE SUPERVISOR
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<CIK> 0000944309
<NAME> TIME HORIZON FUNDS
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<NAME> PORTFOLIO 1 CLASS A SHARES
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> TIME HORIZON FUNDS
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<PAGE>
BOARD RESOLUTIONS
Approval of Independent Accountants
RESOLVED, that Ernst & Young LLP are hereby appointed as independent
public accountants for the Trust for its fiscal year ending on June 30, 1997.
RESOLVED FURTHER, that such appointment is conditioned upon the
right of the Trust to terminate such employment without penalty by vote
of a majority of the outstanding shares of the Trust at any meeting
called for that purpose.
<PAGE>
[LETTERHEAD ERNST & YOUNG LLP APPEARS HERE]
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of
Time Horizon Funds
In planning and performing our audits of the financial statements of Time
Horizon Portfolio 1, Time Horizon Portfolio 2, and Time Horizon Portfolio 3,
series of Time Horizon Funds, for the period from September 5, 1995
(commencement of operation) to June 30, 1996, we considered their 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 financial highlights and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of Time Horizon 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 that
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 not be deleted. 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 and financial
highlights 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
procedures for safeguarding securities, that we consider to be material
weaknesses as defined above as of June 30, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
[SIGNATURE: ERNST & YOUNG LLP APPEARS HERE]
August 19, 1996
Ernst & Young LLP is a member of Ernst & Young International, Ltd.
