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<PAGE> PAGE 12
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SIGNATURE TRACIE PERSINGER
TITLE MANAGER
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<DISTRIBUTIONS-OF-GAINS> 90,844<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 919,529
<NUMBER-OF-SHARES-REDEEMED> 279,256
<SHARES-REINVESTED> 10,993
<NET-CHANGE-IN-ASSETS> 7,791,269
<ACCUMULATED-NII-PRIOR> 329,495
<ACCUMULATED-GAINS-PRIOR> 107,471
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 91,354
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 343,808
<AVERAGE-NET-ASSETS> 22,465,130<F1>
<PER-SHARE-NAV-BEGIN> 10.60<F1>
<PER-SHARE-NII> 0.12<F1>
<PER-SHARE-GAIN-APPREC> 0.46<F1>
<PER-SHARE-DIVIDEND> 0.25<F1>
<PER-SHARE-DISTRIBUTIONS> 0.04<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.89<F1>
<EXPENSE-RATIO> 1.67<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>Class B
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000944309
<NAME> TIME HORIZON FUNDS
<SERIES>
<NUMBER> 013
<NAME> PORTFOLIO 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 32,498,467
<INVESTMENTS-AT-VALUE> 33,958,276
<RECEIVABLES> 556,619
<ASSETS-OTHER> 57,925
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<TOTAL-ASSETS> 34,572,820
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 928,637
<TOTAL-LIABILITIES> 928,637
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,269,542
<SHARES-COMMON-STOCK> 96<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 2,192
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 87,360
<ACCUM-APPREC-OR-DEPREC> 1,459,809
<NET-ASSETS> 33,644,183
<DIVIDEND-INCOME> 127,824
<INTEREST-INCOME> 589,802
<OTHER-INCOME> 0
<EXPENSES-NET> 223,457
<NET-INVESTMENT-INCOME> 494,169
<REALIZED-GAINS-CURRENT> (71,576)
<APPREC-INCREASE-CURRENT> 1,267,460
<NET-CHANGE-FROM-OPS> 1,690,053
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 27<F1>
<DISTRIBUTIONS-OF-GAINS> 4<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 919,529
<NUMBER-OF-SHARES-REDEEMED> 279,256
<SHARES-REINVESTED> 10,993
<NET-CHANGE-IN-ASSETS> 7,791,269
<ACCUMULATED-NII-PRIOR> 329,495
<ACCUMULATED-GAINS-PRIOR> 107,471
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 91,354
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 343,808
<AVERAGE-NET-ASSETS> 1,041<F1>
<PER-SHARE-NAV-BEGIN> 10.45<F1>
<PER-SHARE-NII> 0.16<F1>
<PER-SHARE-GAIN-APPREC> 0.59<F1>
<PER-SHARE-DIVIDEND> 0.28<F1>
<PER-SHARE-DISTRIBUTIONS> 0.04<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.88<F1>
<EXPENSE-RATIO> 1.53<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>Class K
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000944309
<NAME> TIME HORIZON FUNDS
<SERIES>
<NUMBER> 021
<NAME> PORTFOLIO 2
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 34,583,953
<INVESTMENTS-AT-VALUE> 36,528,112
<RECEIVABLES> 314,974
<ASSETS-OTHER> 23,990
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,867,076
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 853,456
<TOTAL-LIABILITIES> 853,456
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,000,434
<SHARES-COMMON-STOCK> 826,697<F1>
<SHARES-COMMON-PRIOR> 688,591<F1>
<ACCUMULATED-NII-CURRENT> 2,379
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 66,648
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,944,159
<NET-ASSETS> 36,013,620
<DIVIDEND-INCOME> 211,800
<INTEREST-INCOME> 496,681
<OTHER-INCOME> 0
<EXPENSES-NET> 233,618
<NET-INVESTMENT-INCOME> 474,863
<REALIZED-GAINS-CURRENT> (78,012)
<APPREC-INCREASE-CURRENT> 1,785,038
<NET-CHANGE-FROM-OPS> 2,181,889
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 229,351<F1>
<DISTRIBUTIONS-OF-GAINS> 698<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 991,503
<NUMBER-OF-SHARES-REDEEMED> 175,219
<SHARES-REINVESTED> 240
<NET-CHANGE-IN-ASSETS> 10,275,056
<ACCUMULATED-NII-PRIOR> 280,503
<ACCUMULATED-GAINS-PRIOR> 147,373
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 95,944
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 356,862
<AVERAGE-NET-ASSETS> 8,458,449<F1>
<PER-SHARE-NAV-BEGIN> 10.73<F1>
<PER-SHARE-NII> 0.16<F1>
<PER-SHARE-GAIN-APPREC> 0.59<F1>
<PER-SHARE-DIVIDEND> 0.28<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 11.2<F1>
<EXPENSE-RATIO> 0.88<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000944309
<NAME> TIME HORIZON FUNDS
<SERIES>
<NUMBER> 022
<NAME> PORTFOLIO 2
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 34,583,953
<INVESTMENTS-AT-VALUE> 36,528,112
<RECEIVABLES> 314,974
<ASSETS-OTHER> 23,990
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,867,076
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 853,456
<TOTAL-LIABILITIES> 853,456
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,000,434
<SHARES-COMMON-STOCK> 2,392,744<F1>
<SHARES-COMMON-PRIOR> 1,717,473<F1>
<ACCUMULATED-NII-CURRENT> 2,379
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 66,648
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,944,159
<NET-ASSETS> 36,013,620
<DIVIDEND-INCOME> 211,800
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<OTHER-INCOME> 0
<EXPENSES-NET> 233,618
<NET-INVESTMENT-INCOME> 474,863
<REALIZED-GAINS-CURRENT> (78,012)
<APPREC-INCREASE-CURRENT> 1,785,038
<NET-CHANGE-FROM-OPS> 2,181,889
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 522,815<F1>
<DISTRIBUTIONS-OF-GAINS> 2,012<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 991,503
<NUMBER-OF-SHARES-REDEEMED> 175,219
<SHARES-REINVESTED> 240
<NET-CHANGE-IN-ASSETS> 10,275,056
<ACCUMULATED-NII-PRIOR> 280,503
<ACCUMULATED-GAINS-PRIOR> 147,373
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 95,944
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 356,862
<AVERAGE-NET-ASSETS> 23,245,593<F1>
<PER-SHARE-NAV-BEGIN> 10.68<F1>
<PER-SHARE-NII> 0.11<F1>
<PER-SHARE-GAIN-APPREC> 0.60<F1>
<PER-SHARE-DIVIDEND> 0.22<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 11.17<F1>
<EXPENSE-RATIO> 1.67<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000944309
<NAME> TIME HORIZON FUNDS
<SERIES>
<NUMBER> 023
<NAME> PORTFOLIO 2
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 34,583,953
<INVESTMENTS-AT-VALUE> 36,528,112
<RECEIVABLES> 314,974
<ASSETS-OTHER> 23,990
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<TOTAL-ASSETS> 36,867,076
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 853,456
<TOTAL-LIABILITIES> 853,456
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,000,434
<SHARES-COMMON-STOCK> 3,147<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 2,379
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 66,648
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,944,159
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<DIVIDEND-INCOME> 211,800
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<OTHER-INCOME> 0
<EXPENSES-NET> 233,618
<NET-INVESTMENT-INCOME> 474,863
<REALIZED-GAINS-CURRENT> (78,012)
<APPREC-INCREASE-CURRENT> 1,785,038
<NET-CHANGE-FROM-OPS> 2,181,889
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 822<F1>
<DISTRIBUTIONS-OF-GAINS> 3<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 991,503
<NUMBER-OF-SHARES-REDEEMED> 175,219
<SHARES-REINVESTED> 240
<NET-CHANGE-IN-ASSETS> 10,275,056
<ACCUMULATED-NII-PRIOR> 280,503
<ACCUMULATED-GAINS-PRIOR> 147,373
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 95,944
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 356,862
<AVERAGE-NET-ASSETS> 16,919<F1>
<PER-SHARE-NAV-BEGIN> 10.44<F1>
<PER-SHARE-NII> 0.08<F1>
<PER-SHARE-GAIN-APPREC> 0.87<F1>
<PER-SHARE-DIVIDEND> 0.26<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 11.13<F1>
<EXPENSE-RATIO> 1.71<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class K
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000944309
<NAME> TIME HORIZON FUNDS
<SERIES>
<NUMBER> 031
<NAME> PORTFOLIO 3
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 32,633,431
<INVESTMENTS-AT-VALUE> 35,027,839
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<TOTAL-ASSETS> 35,421,010
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<OTHER-ITEMS-LIABILITIES> 629,301
<TOTAL-LIABILITIES> 629,301
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,256,743
<SHARES-COMMON-STOCK> 690,128<F1>
<SHARES-COMMON-PRIOR> 551,552<F1>
<ACCUMULATED-NII-CURRENT> 2,470
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 138,088
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,394,408
<NET-ASSETS> 34,791,709
<DIVIDEND-INCOME> 248,318
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<OTHER-INCOME> 0
<EXPENSES-NET> 217,314
<NET-INVESTMENT-INCOME> 334,263
<REALIZED-GAINS-CURRENT> (18,675)
<APPREC-INCREASE-CURRENT> 2,085,283
<NET-CHANGE-FROM-OPS> 2,400,871
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 151,395<F1>
<DISTRIBUTIONS-OF-GAINS> 700<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1,142,951
<NUMBER-OF-SHARES-REDEEMED> 200,713
<SHARES-REINVESTED> 259
<NET-CHANGE-IN-ASSETS> 12,317,464
<ACCUMULATED-NII-PRIOR> 197,597
<ACCUMULATED-GAINS-PRIOR> 159,812
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 87,913
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 335,469
<AVERAGE-NET-ASSETS> 7,109,996<F1>
<PER-SHARE-NAV-BEGIN> 10.94<F1>
<PER-SHARE-NII> 0.12<F1>
<PER-SHARE-GAIN-APPREC> 0.78<F1>
<PER-SHARE-DIVIDEND> 0.22<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 11.62<F1>
<EXPENSE-RATIO> 0.88<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000944309
<NAME> TIME HORIZON FUNDS
<SERIES>
<NUMBER> 032
<NAME> PORTFOLIO 3
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 32,633,431
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<SHARES-COMMON-STOCK> 2,312,617<F1>
<SHARES-COMMON-PRIOR> 1,508,791<F1>
<ACCUMULATED-NII-CURRENT> 2,470
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 138,088
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<ACCUM-APPREC-OR-DEPREC> 2,394,408
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<EXPENSES-NET> 217,314
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<REALIZED-GAINS-CURRENT> (18,675)
<APPREC-INCREASE-CURRENT> 2,085,283
<NET-CHANGE-FROM-OPS> 2,400,871
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<DISTRIBUTIONS-OF-INCOME> 377,978<F1>
<DISTRIBUTIONS-OF-GAINS> 2,349<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1,142,951
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<SHARES-REINVESTED> 259
<NET-CHANGE-IN-ASSETS> 12,317,464
<ACCUMULATED-NII-PRIOR> 197,597
<ACCUMULATED-GAINS-PRIOR> 159,812
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 87,913
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 335,469
<AVERAGE-NET-ASSETS> 21,992,236<F1>
<PER-SHARE-NAV-BEGIN> 10.90<F1>
<PER-SHARE-NII> 0.07<F1>
<PER-SHARE-GAIN-APPREC> 0.77<F1>
<PER-SHARE-DIVIDEND> 0.16<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 11.58<F1>
<EXPENSE-RATIO> 1.68<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000944309
<NAME> TIME HORIZON FUNDS
<SERIES>
<NUMBER> 033
<NAME> PORTFOLIO 3
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 32,633,431
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<OTHER-ITEMS-LIABILITIES> 629,301
<TOTAL-LIABILITIES> 629,301
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 95<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 2,470
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 138,088
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,394,408
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<NET-INVESTMENT-INCOME> 334,263
<REALIZED-GAINS-CURRENT> (18,675)
<APPREC-INCREASE-CURRENT> 2,085,283
<NET-CHANGE-FROM-OPS> 2,400,871
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 17<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1,142,951
<NUMBER-OF-SHARES-REDEEMED> 200,713
<SHARES-REINVESTED> 259
<NET-CHANGE-IN-ASSETS> 12,317,464
<ACCUMULATED-NII-PRIOR> 197,597
<ACCUMULATED-GAINS-PRIOR> 159,812
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 87,913
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 335,469
<AVERAGE-NET-ASSETS> 1,068<F1>
<PER-SHARE-NAV-BEGIN> 10.55<F1>
<PER-SHARE-NII> 0.12<F1>
<PER-SHARE-GAIN-APPREC> 1.09<F1>
<PER-SHARE-DIVIDEND> 0.18<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 11.58<F1>
<EXPENSE-RATIO> 1.50<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class K
</FN>
</TABLE>
