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<PER-SHARE-NAV-END> 11.60<F1>
<EXPENSE-RATIO> 1.77<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>Class B
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000944309
<NAME> TIME HORIZON FUNDS
<SERIES>
<NUMBER> 013
<NAME> PORTFOLIO 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 37,022,653
<INVESTMENTS-AT-VALUE> 39,871,030
<RECEIVABLES> 453,167
<ASSETS-OTHER> 36,697
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 40,360,894
<PAYABLE-FOR-SECURITIES> 144,408
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 207,681
<TOTAL-LIABILITIES> 352,089
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36,208,804
<SHARES-COMMON-STOCK> 1,409<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 532,155
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 419,469
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,848,377
<NET-ASSETS> 40,008,805
<DIVIDEND-INCOME> 221,596
<INTEREST-INCOME> 1,337,024
<OTHER-INCOME> 0
<EXPENSES-NET> 534,792
<NET-INVESTMENT-INCOME> 1,023,828
<REALIZED-GAINS-CURRENT> 435,557
<APPREC-INCREASE-CURRENT> 2,656,028
<NET-CHANGE-FROM-OPS> 4,115,413
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 27<F1>
<DISTRIBUTIONS-OF-GAINS> 4<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1,642,701
<NUMBER-OF-SHARES-REDEEMED> 714,451
<SHARES-REINVESTED> 81,664
<NET-CHANGE-IN-ASSETS> 14,155,891
<ACCUMULATED-NII-PRIOR> 329,495
<ACCUMULATED-GAINS-PRIOR> 107,471
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 202,553
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 753,122
<AVERAGE-NET-ASSETS> 5,264<F1>
<PER-SHARE-NAV-BEGIN> 10.41<F1>
<PER-SHARE-NII> 0.36<F1>
<PER-SHARE-GAIN-APPREC> 1.16<F1>
<PER-SHARE-DIVIDEND> 0.28<F1>
<PER-SHARE-DISTRIBUTIONS> 0.04<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 11.61<F1>
<EXPENSE-RATIO> 1.60<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> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 40,532,746
<INVESTMENTS-AT-VALUE> 44,693,531
<RECEIVABLES> 604,977
<ASSETS-OTHER> 39,942
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45,338,450
<PAYABLE-FOR-SECURITIES> 238,043
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 137,052
<TOTAL-LIABILITIES> 375,095
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39,675,771
<SHARES-COMMON-STOCK> 897,160<F1>
<SHARES-COMMON-PRIOR> 688,591<F1>
<ACCUMULATED-NII-CURRENT> 455,883
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 670,916
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,160,785
<NET-ASSETS> 44,963,355
<DIVIDEND-INCOME> 345,391
<INTEREST-INCOME> 1,148,780
<OTHER-INCOME> 0
<EXPENSES-NET> 566,013
<NET-INVESTMENT-INCOME> 928,158
<REALIZED-GAINS-CURRENT> 526,465
<APPREC-INCREASE-CURRENT> 4,001,664
<NET-CHANGE-FROM-OPS> 5,456,287
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 229,351<F1>
<DISTRIBUTIONS-OF-GAINS> 698<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1,786,323
<NUMBER-OF-SHARES-REDEEMED> 66,616
<SHARES-REINVESTED> 535,884
<NET-CHANGE-IN-ASSETS> 19,224,791
<ACCUMULATED-NII-PRIOR> 280,503
<ACCUMULATED-GAINS-PRIOR> 147,373
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 216,727
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 793,699
<AVERAGE-NET-ASSETS> 9,257,081<F1>
<PER-SHARE-NAV-BEGIN> 10.73<F1>
<PER-SHARE-NII> 0.31<F1>
<PER-SHARE-GAIN-APPREC> 1.39<F1>
<PER-SHARE-DIVIDEND> 0.28<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 12.15<F1>
<EXPENSE-RATIO> 0.99<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<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> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 40,532,746
<INVESTMENTS-AT-VALUE> 44,693,531
<RECEIVABLES> 604,977
<ASSETS-OTHER> 39,942
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45,338,450
<PAYABLE-FOR-SECURITIES> 238,043
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 137,052
<TOTAL-LIABILITIES> 375,095
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39,675,771
<SHARES-COMMON-STOCK> 2,817,680<F1>
<SHARES-COMMON-PRIOR> 1,717,473<F1>
<ACCUMULATED-NII-CURRENT> 455,883
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 670,916
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,160,785
<NET-ASSETS> 44,963,355
<DIVIDEND-INCOME> 345,391
<INTEREST-INCOME> 1,148,780
<OTHER-INCOME> 0
<EXPENSES-NET> 566,013
<NET-INVESTMENT-INCOME> 928,158
<REALIZED-GAINS-CURRENT> 526,465
<APPREC-INCREASE-CURRENT> 4,001,664
<NET-CHANGE-FROM-OPS> 5,456,287
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 522,814<F1>
<DISTRIBUTIONS-OF-GAINS> 2,013<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1,786,323
<NUMBER-OF-SHARES-REDEEMED> 66,616
<SHARES-REINVESTED> 535,884
<NET-CHANGE-IN-ASSETS> 19,224,791
<ACCUMULATED-NII-PRIOR> 280,503
<ACCUMULATED-GAINS-PRIOR> 147,373
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 216,727
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 793,699
<AVERAGE-NET-ASSETS> 26,844,348<F1>
<PER-SHARE-NAV-BEGIN> 10.68<F1>
<PER-SHARE-NII> 0.22<F1>
<PER-SHARE-GAIN-APPREC> 1.37<F1>
<PER-SHARE-DIVIDEND> 0.22<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 12.05<F1>
<EXPENSE-RATIO> 1.77<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<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> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 40,532,746
<INVESTMENTS-AT-VALUE> 44,693,531
<RECEIVABLES> 604,977
<ASSETS-OTHER> 39,942
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45,338,450
<PAYABLE-FOR-SECURITIES> 238,043
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 137,052
<TOTAL-LIABILITIES> 375,095
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39,675,771
<SHARES-COMMON-STOCK> 8,280<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 455,883
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 670,916
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,160,785
<NET-ASSETS> 44,963,355
<DIVIDEND-INCOME> 345,391
<INTEREST-INCOME> 1,148,780
<OTHER-INCOME> 0
<EXPENSES-NET> 566,013
<NET-INVESTMENT-INCOME> 928,158
<REALIZED-GAINS-CURRENT> 526,465
<APPREC-INCREASE-CURRENT> 4,001,664
<NET-CHANGE-FROM-OPS> 5,456,287
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 821<F1>
<DISTRIBUTIONS-OF-GAINS> 3<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1,786,323
<NUMBER-OF-SHARES-REDEEMED> 66,616
<SHARES-REINVESTED> 535,884
<NET-CHANGE-IN-ASSETS> 19,224,791
<ACCUMULATED-NII-PRIOR> 280,503
<ACCUMULATED-GAINS-PRIOR> 147,373
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 216,727
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 793,699
<AVERAGE-NET-ASSETS> 46,037<F1>
<PER-SHARE-NAV-BEGIN> 10.39<F1>
<PER-SHARE-NII> 0.29<F1>
<PER-SHARE-GAIN-APPREC> 1.61<F1>
<PER-SHARE-DIVIDEND> 0.26<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 12.03<F1>
<EXPENSE-RATIO> 1.59<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> 031
<NAME> PORTFOLIO 3
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 42,375,640
<INVESTMENTS-AT-VALUE> 48,179,350
<RECEIVABLES> 603,375
<ASSETS-OTHER> 44,849
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 48,827,574
<PAYABLE-FOR-SECURITIES> 328,990
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 134,587
<TOTAL-LIABILITIES> 463,577
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,218,607
<SHARES-COMMON-STOCK> 809,303<F1>
<SHARES-COMMON-PRIOR> 551,552<F1>
<ACCUMULATED-NII-CURRENT> 293,304
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,048,376
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,803,710
<NET-ASSETS> 48,363,997
<DIVIDEND-INCOME> 735,306
<INTEREST-INCOME> 451,152
<OTHER-INCOME> 0
<EXPENSES-NET> 560,684
<NET-INVESTMENT-INCOME> 625,774
<REALIZED-GAINS-CURRENT> 890,937
<APPREC-INCREASE-CURRENT> 5,494,585
<NET-CHANGE-FROM-OPS> 7,011,296
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 151,395<F1>
<DISTRIBUTIONS-OF-GAINS> 700<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 2,065,938
<NUMBER-OF-SHARES-REDEEMED> 416,888
<SHARES-REINVESTED> 45,496
<NET-CHANGE-IN-ASSETS> 25,889,752
<ACCUMULATED-NII-PRIOR> 197,597
<ACCUMULATED-GAINS-PRIOR> 159,812
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 328,990
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 786,618
<AVERAGE-NET-ASSETS> 8,098,390<F1>
<PER-SHARE-NAV-BEGIN> 10.94<F1>
<PER-SHARE-NII> 0.23<F1>
<PER-SHARE-GAIN-APPREC> 2.00<F1>
<PER-SHARE-DIVIDEND> 0.22<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 12.95<F1>
<EXPENSE-RATIO> 0.99<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<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> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 42,375,640
<INVESTMENTS-AT-VALUE> 48,179,350
<RECEIVABLES> 603,375
<ASSETS-OTHER> 44,849
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 48,827,574
<PAYABLE-FOR-SECURITIES> 328,990
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 134,587
<TOTAL-LIABILITIES> 463,577
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,218,607
<SHARES-COMMON-STOCK> 2,938,300<F1>
<SHARES-COMMON-PRIOR> 1,508,791<F1>
<ACCUMULATED-NII-CURRENT> 293,304
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,048,376
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,803,710
<NET-ASSETS> 48,363,997
<DIVIDEND-INCOME> 735,306
<INTEREST-INCOME> 451,152
<OTHER-INCOME> 0
<EXPENSES-NET> 560,684
<NET-INVESTMENT-INCOME> 625,774
<REALIZED-GAINS-CURRENT> 890,937
<APPREC-INCREASE-CURRENT> 5,494,585
<NET-CHANGE-FROM-OPS> 7,011,296
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 377,979<F1>
<DISTRIBUTIONS-OF-GAINS> 2,349<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 2,065,938
<NUMBER-OF-SHARES-REDEEMED> 416,888
<SHARES-REINVESTED> 45,496
<NET-CHANGE-IN-ASSETS> 25,889,752
<ACCUMULATED-NII-PRIOR> 197,597
<ACCUMULATED-GAINS-PRIOR> 159,812
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 328,990
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 786,618
<AVERAGE-NET-ASSETS> 27,199,014<F1>
<PER-SHARE-NAV-BEGIN> 10.90<F1>
<PER-SHARE-NII> 0.14<F1>
<PER-SHARE-GAIN-APPREC> 1.98<F1>
<PER-SHARE-DIVIDEND> 0.16<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 12.86<F1>
<EXPENSE-RATIO> 1.76<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<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> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 42,375,640
<INVESTMENTS-AT-VALUE> 48,179,350
<RECEIVABLES> 603,375
<ASSETS-OTHER> 44,849
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 48,827,574
<PAYABLE-FOR-SECURITIES> 328,990
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 134,587
<TOTAL-LIABILITIES> 463,577
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,218,607
<SHARES-COMMON-STOCK> 7,288<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 293,304
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,048,376
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,803,710
<NET-ASSETS> 48,363,997
<DIVIDEND-INCOME> 735,306
<INTEREST-INCOME> 451,152
<OTHER-INCOME> 0
<EXPENSES-NET> 560,684
<NET-INVESTMENT-INCOME> 625,774
<REALIZED-GAINS-CURRENT> 890,937
<APPREC-INCREASE-CURRENT> 5,494,585
<NET-CHANGE-FROM-OPS> 7,011,296
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 17<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 2,065,938
<NUMBER-OF-SHARES-REDEEMED> 416,888
<SHARES-REINVESTED> 45,496
<NET-CHANGE-IN-ASSETS> 25,889,752
<ACCUMULATED-NII-PRIOR> 197,597
<ACCUMULATED-GAINS-PRIOR> 159,812
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 328,990
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 786,618
<AVERAGE-NET-ASSETS> 32,866<F1>
<PER-SHARE-NAV-BEGIN> 10.48<F1>
<PER-SHARE-NII> 0.25<F1>
<PER-SHARE-GAIN-APPREC> 2.34<F1>
<PER-SHARE-DIVIDEND> 0.18<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 12.89<F1>
<EXPENSE-RATIO> 1.59<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>Class K
</FN>
</TABLE>
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 Funds (comprising, respectively, the Time Horizon
Portfolio 1, Time Horizon Portfolio 2, and Time Horizon Portfolio
3) for the year ended June 30, 1997, we considered their internal
control, including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, not to provide assurance
on the internal control.
The management of Time Horizon Funds is responsible for establishing
and maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those
controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in any internal control, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of internal control 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 would not necessarily disclose
all matters in the internal control 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 one or more of the internal control components does
not reduce to a relatively low level of risk that errors or irregularities
in amounts that would be material in relation to the financial statements
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 and its
operation, including controls for safeguarding securities, that we consider
to be material weaknesses as defined above as of June 30, 1997.
This report is intended solely for the information and use of the board of
trustees and the Securities and Exchange Commission.
Los Angeles, California
August 8, 1997
