BLACKROCK FUNDS - Notes to Mutual Funds Financial Statements - 12-16-1996

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					                                       Notes to Financial Statements.

(ii) With respect to the Value Equity, Growth Equity, Small Cap Growth Equity, Select Equity, Index Equity,
Small Cap Value Equity, International Equity, International Emerging Markets and Balanced Portfolios:

Report of Independent Accountants for the fiscal year ended September 30, 1996;

Statements of Net Assets (all Portfolios except International Equity and International Emerging Markets
Portfolios) - September 30, 1996;

                                                      C-2
Schedules of Investments with respect to the International Equity and International Emerging Markets Portfolios -
September 30, 1996;

Statements of Operations for the year ended September 30, 1996;

Statements of Changes in Net Assets for the year ended September 30, 1996;

                                        Notes to Financial Statements.

(iii) With respect to the Managed Income, Tax-Free Income, Intermediate Government, Ohio Tax-Free Income,
Pennsylvania Tax-Free Income, Intermediate Bond, Government Income, Low Duration Bond, Core Bond,
New Jersey Tax-Free Income and International Bond Portfolios:

Report of Independent Accountants (Coopers & Lybrand L.L.P.) for the fiscal year ended September 30, 1996;

Schedules of Investments and Statements of Assets and Liabilities (all Portfolios except Pennsylvania Tax-Free
Income and Ohio Tax-Free Income Portfolios) -September 30, 1996;

Statements of Net Assets with respect to the Pennsylvania Tax-Free Income and Ohio Tax-Free Income
Portfolios - September 30, 1996;

Statements of Operations for the year or periods ended September 30, 1996;

Statements of Changes in Net Assets for the year or periods ended September 30, 1996 and 1995 and for the
period ended March 31, 1996 for the Low Duration Bond (formerly the Short Government Bond) Portfolio and
Core Bond Portfolio;

Financial highlights for all periods presented except for the periods ended June 30, 1995 and prior periods for the
Short Government Bond and Core Bond Portfolios.

                                        Notes to Financial Statements.

                                                       C-3
(iv) With respect to the Low Duration Bond Portfolio (formerly the Short Government Bond Portfolio) and Core
Bond Portfolio

Report of Independent Accountants (Deloitte & Touche L.L.P.) for the fiscal year ended June 30, 1995 as it
relates to the Statement of Changes in Net Assets for the year ended June 30, 1995 and the Financial Highlights
for the years or period ended June 30, 1995, 1994 and 1993 .

(v) With respect to The Multi-Sector Mortgage Securities Portfolio III:

Report of Independent Accountants (Coopers & Lybrand L.L.P.) for the fiscal year ended September 30, 1996
as it relates to:

                              The Schedule of Investments--September 30, 1996

                         Statement of Assets and Liabilities--September 30, 1996

                            Statement of Operations for the period ended September
                                                  30, 1996

                                Statement of Changes in Net Assets and Financial
                               Highlights for the period ended September 30, 1996

Reports of Independent Accountants (Deloitte & Touche L.L.P) for the fiscal year ended June 30, 1995 and the
period ended March 31, 1996 as it relates to:

Statement of Operations for the period ended March 31, 1996

Statement of Changes in Net Assets and Financial Highlights for the periods ended March 31, 1996 and June 30,
1995

(vi) With respect to the U.S. Large Company Series of The DFA Investment Trust Company:

Report of Independent Accountants for the fiscal year ended November 30, 1995;

                               Statement of Net Assets - November 30, 1995;

                                   Statement of Operations for the year ended
                                             November 30, 1995;

                                 Statement of Changes in Net Assets for the year
                                          ended November 30, 1995;

                                       Notes to Financial Statements.

(vii) With respect to the U.S. Large Company Series of The DFA Investment Trust Company:

Statement of Net Assets - September 30, 1996 (unaudited);

Statement of Operations for the ten months ended September 30, 1996 (unaudited);

Statement of Changes in Net Assets for the ten months ended September 30, 1996 (unaudited);

                                 Notes to Financial Statements (unaudited).

(b) Exhibits:

                  (1)   (a)    Declaration of Trust of the Registrant dated December
                               22, 1988 is incorporated herein by reference to Exhibit
      (1) of Registrant's Registration Statement on Form N-1A
      filed on December 23, 1988.

(b)   Amendment No. 1 to Declaration of Trust is incorporated
      herein by reference to Exhibit (1)(b) of Pre-Effective
      Amendment No. 2 to Registrant's Registration Statement
      on Form N-1A filed on May 11, 1989.

                  C-4
      (c)   Amendment No. 2 to the Declaration of Trust dated
            December 23, 1993 is incorporated herein by reference
            to Exhibit (1)(c) of Post-Effective Amendment No. 12 to
            Registrant's Registration Statement on Form N-1A filed
            on July 8, 1994.

      (d)   Amendment No. 3 to the Declaration of Trust dated
            January 5, 1996 is incorporated by reference to Exhibit
            1(d) of Post-Effective Amendment No. 23 to Registrant's
            Registration Statement on Form N-1A (No. 33-26305)
            filed on October 18, 1996 ("Post-Effective Amendment
            No. 23").

(2)         Registrant's Code of Regulations is incorporated herein
            by reference to Exhibit (2) of Registrant's
            Registration Statement on Form N-1A, filed on December
            23, 1988.

(3)         None.

(4)         Sections V, VIII and IX of Registrant's Declaration of
            Trust dated December 22, 1988 is incorporated herein by
            reference to Exhibit (1) of Registrant's Registration
            Statement on Form N-1A filed on December 23, 1988;
            Article II of Registrant's Code of Regulations is
            incorporated herein by reference to Exhibit (2) of
            Registrant's Registration Statement on Form N-1A filed
            on December 23, 1988.

(5)   (a)   Investment Advisory Agreement between Registrant and
            PNC Asset Management Group, Inc. relating to all
            Portfolios except the Multi-Sector Mortgage Securities
            Portfolio III and Index Equity Portfolio is
            incorporated herein by reference to Exhibit (5)(a) of
            Post-Effective Amendment No. 21 to Registrant's
            Registration Statement on Form N-1A filed on May 30,
            1996.

      (b)   Investment Advisory Agreement between Registrant and
            BlackRock Financial Management, Inc. with respect to
            the Multi-Sector Mortgage Securities
            Portfolio III is incorporated herein by reference to
            Exhibit (5)(b) of Post-

                        C-5
      Effective Amendment No. 21 to Registrant's Registration
      Statement on Form N-1A filed on May 30, 1996.

(c)   Form of Amendment No. 1 to Investment Advisory
      Agreement between Registrant and PNC Asset Management
      Group, Inc. with respect to the Mid-Cap Value Equity
      and Mid-Cap Growth Equity Portfolios is incorporated by
      reference to Exhibit 5(c) of Post-Effective Amendment
      No. 23.

(d)   Sub-Advisory Agreement between PNC Asset Management
      Group, Inc. and BlackRock Financial Management, Inc.
      with respect to the Managed Income, Tax-Free Income,
      Intermediate Government Bond, Ohio Tax-Free Income,
      Pennsylvania Tax-Free Income, Low Duration Bond,
      Intermediate Bond, Government Income, New Jersey Tax-
      Free Income and Core Bond Portfolios is incorporated
      herein by reference to Exhibit (5)(c) of Post-Effective
      Amendment No. 21 to Registrant's Registration Statement
      on Form N-1A filed on May 30, 1996.

(e)   Sub-Advisory Agreement between PNC Asset Management
      Group, Inc. and Provident Capital Management, Inc. with
      respect to the Value Equity, Small Cap Value Equity and
      Select Equity Portfolios is incorporated herein by
      reference to Exhibit (5)(c) of Post-Effective Amendment
      No. 21 to Registrant's Registration Statement on Form
      N-1A filed on May 30, 1996.

(f)   Sub-Advisory Agreement between PNC Asset Management
      Group, Inc. and PNC Equity Advisors Company with
      respect to the Growth Equity and Small Cap Growth
      Equity Portfolios is incorporated herein by reference
      to Exhibit (5)(c) of Post-Effective Amendment No. 21 to
      Registrant's Registration Statement on Form N-1A filed
      on May 30, 1996.

(g)   Sub-Advisory Agreement between PNC Asset Management
      Group, Inc. and PNC Institutional Management
      Corporation with respect to the Money Market, U.S.

                  C-6
      Treasury Money Market, Municipal Money Market,
      Pennsylvania Municipal Money Market, Ohio Municipal
      Money Market, North Carolina Municipal Money Market,
      Virginia Municipal Money Market and New Jersey
      Municipal Money Market Portfolios is incorporated
      herein by reference to Exhibit (5)(c) of Post-Effective
      Amendment No. 21 to Registrant's Registration Statement
      on Form N-1A filed on May 30, 1996.

(h)   Sub-Advisory Agreement between PNC Asset Management
      Group, Inc. and CastleInternational Asset Management
      Limited with respect to the International Equity and
      International Emerging Markets Portfolios is
      incorporated herein by reference to Exhibit (5)(c) of
      Post-Effective Amendment No. 21 to Registrant's
      Registration Statement on Form N-1A filed on May 30,
      1996.

(i)   Sub-Advisory Agreement among PNC Asset Management
      Group, Inc., Provident Capital Management, Inc. and
      BlackRock Financial Management, Inc. with respect to
      the Balanced Portfolio is incorporated herein by
      reference to Exhibit (5)(c) of Post-Effective Amendment
      No. 21 to Registrant's Registration Statement on Form
      N-1A filed on May 30, 1996.

(j)   Form of Sub-Advisory Agreement between PNC Asset
      Management Group, Inc. and Provident Capital
      Management, Inc. with respect to the Mid-Cap Value
      Equity Portfolio is incorporated by reference to
      Exhibit 5(k) of Post-Effective Amendment No. 23.

(k)   Form of Sub-Advisory Agreement between PNC Asset
      Management Group, Inc. and PNC Equity Advisors Company
      with respect to the Mid-Cap Growth Equity Portfolio is
      incorporated by reference to Exhibit 5(l) of Post-
      Effective Amendment No. 23.

(l)   Form of Sub-Advisory Agreement between PNC Asset
      Management Group, Inc. and




                        C-7
            BlackRock Financial Management, Inc. with respect to
            the International Bond Portfolio.

(6)   (a)   Distribution Agreement between Registrant and Provident
            Distributors, Inc. dated January 31, 1994 is
            incorporated herein by reference to Exhibit (6)(a) of
            Post-Effective Amendment No. 12 to Registrant's
            Registration Statement on Form N-1A filed on July 8,
            1994.

      (b)   Appendix A to the Distribution Agreement between
            Registrant and Compass Distributors, Inc. is
            incorporated herein by reference to Exhibit (6)(b) of
            Post-Effective Amendment No. 22 to Registrant's
            Registration Statement on Form N-1A filed on July 29,
            1996.

      (c)   Form of Appendix A to the Distribution Agreement
            between Registrant and Compass Distributors, Inc. is
            incorporated by reference to Exhibit 6(c) of Post-
            Effective Amendment No. 23.

      (d)   Amendment No. 2 to the Distribution Agreement between
            Registrant and Provident Distributors, Inc. dated
            October 18, 1994 is incorporated herein by reference to
            Exhibit 6(c) of Post-Effective Amendment No. 14 to
            Registrant's Registration Statement on Form N-1A filed
            on January 18, 1995.

      (e)   Amendment No. 3 to the Distribution Agreement between
            Registrant and Provident Distributors, Inc. is
            incorporated herein by reference to Exhibit (6)(d) of
            Post-Effective Amendment No. 21 to Registrant's
            Registration Statement on Form N-1A filed on May 30,
            1996.

(7)         None.

(8)   (a)   Custodian Agreement dated October 4, 1989 between
            Registrant and PNC Bank, National Association is
            incorporated herein by reference to Exhibit 8(a) of
            Post-Effective Amendment No. 1 to

                        C-8
      Registrant's Registration Statement on Form N-1A filed
      on December 29, 1989.

(b)   Amendment No. 1 to Custodian Agreement between
      Registrant and PNC Bank, National Association is
      incorporated herein by reference to Exhibit 8(b) of
      Post-Effective Amendment No. 4 to Registrant's
      Registration Statement on Form N-1A filed on December
      13, 1991.

(c)   Amendment No. 2 dated March 1, 1993 to Custodian
      Agreement between Registrant and PNC Bank, National
      Association with respect to the Short-Term Bond,
      Intermediate-Term Bond, Core Equity, Small Cap Growth
      Equity and North Carolina Municipal Money Market
      Portfolios is incorporated herein by reference to
      Exhibit (8)(c) of Post-Effective Amendment No. 10 to
      Registrant's Registration Statement on Form N-1A filed
      on November 10, 1993.

(d)   Appendix B to Custodian Agreement dated October 4, 1989
      between Registrant and PNC Bank, National Association
      is incorporated herein by reference to Exhibit (8)(d)
      of Post-Effective Amendment No. 22 to Registrant's
      Registration Statement on Form N-1A filed on July 29,
      1996.

(e)   Form of Appendix B to Custodian Agreement dated October
      4, 1989 between Registrant and PNC Bank, National
      Association is incorporated by reference to Exhibit
      8(e) of Post-Effective Amendment No. 23.

(f)   Sub-Custodian Agreement dated April 27, 1992 among the
      Registrant, PNC Bank, National Association and The
      Chase Manhattan Bank is incorporated herein by
      reference to Exhibit (8)(e) of Post-Effective Amendment
      No. 10 to Registrant's Registration Statement on Form
      N-1A filed on November 10, 1993.

(g)   Global Sub-Custody Agreement between Barclays Bank PLC
      and PNC Bank, National Association dated October 28,
      1992 is

                  C-9
      incorporated herein by reference to Exhibit
      (8)(e) of Post-Effective Amendment No. 14 to
      Registrant's Registration Statement on Form N-1A filed
      on January 18, 1995.

(h)   Custodian Agreement between State Street Bank and Trust
      Company and PNC Bank, National Association dated June
      13, 1983 is incorporated herein by reference to Exhibit
      (8)(f) of Post-Effective Amendment No. 14 to
      Registrant's Registration Statement on Form N-1A filed
      on January 18, 1995.

(i)   Amendment No. 1 to Custodian Agreement between State
      Street Bank and Trust Company and PNC Bank, National
      Association dated November 21, 1989 is incorporated
      herein by reference to Exhibit (8)(g) of Post-Effective
      Amendment No. 14 to Registrant's Registration Statement
      on Form N-1A filed on January 18, 1995.

(j)   Letter Agreement between Registrant and PNC Bank,
      National Association relating to custodian services
      with respect to the Tax-Free Income Portfolio is
      incorporated herein by reference to Exhibit 8(d) of
      Post-Effective Amendment No. 7 to Registrant's
      Registration Statement on Form N-1A filed on December
      1, 1992.

(k)   Letter Agreement between Registrant and PNC Bank,
      National Association relating to custodian services
      with respect to the Ohio Municipal Money Market,
      Pennsylvania Municipal Money Market, Intermediate
      Government, Ohio Tax-Free Income, Pennsylvania Tax-Free
      Income, Value Equity, Index Equity and Small Cap Value
      Equity Portfolios is incorporated herein by reference
      to Exhibit (8)(e) of Post-Effective Amendment No. 7 to
      Registrant's Registration Statement on Form N-1A filed
      on December 1, 1992.

(l)   Letter Agreement dated March 1, 1993 between Registrant
      and PNC Bank, National Association relating to

                  C-10
            custodian services with respect to the North Carolina
            Municipal Money Market, Short-Term Bond, Intermediate-
            Term Bond, Small Cap Growth Equity and Core Equity
            Portfolios is incorporated herein by reference to
            Exhibit (8)(h) of Post-Effective Amendment No. 10 to
            Registrant's Registration Statement on Form N-1A filed
            on November 10, 1993.

(9)   (a)   Administration Agreement among Registrant, Compass
            Distributors, Inc. and PFPC Inc. is incorporated herein
            by reference to Exhibit (9)(a) of Post-Effective
            Amendment No. 21 to Registrant's Registration Statement
            on Form N-1A filed on May 30, 1996.

      (b)   Forms of Appendix A and Appendix B to Administration
            Agreement among Registrant, Compass Distributors, Inc.
            and PFPC Inc. is incorporated by reference to Exhibit
            9(b) of Post-Effective Amendment No. 23.

      (c)   Co-Administration Agreement between Registrant and
            Compass Capital Group, Inc. is incorporated herein by
            reference to Exhibit (9)(b) of Post-Effective Amendment
            No. 21 to Registrant's Registration Statement on Form
            N-1A filed on May 30, 1996.

      (d)   Form of Appendix A to Co-Administration Agreement
            between Registrant and Compass Capital Group, Inc. is
            incorporated by reference to Exhibit 9(d) of Post-
            Effective Amendment No. 23.

      (e)   Transfer Agency Agreement dated October 4, 1989 between
            Registrant and PFPC Inc. is incorporated herein by
            reference to Exhibit 9(e) of Post-Effective Amendment
            No. 1 to Registrant's Registration Statement on Form N-
            1A filed on December 29, 1989.

      (f)   Amendment No. 1 to Transfer Agency Agreement dated
            October 4, 1989 between Registrant and PFPC Inc.
            relating to the Tax-Free Income Portfolio is
            incorporated herein by reference to

                        C-11
                            Exhibit 9(h) of Post-Effective Amendment No. 5 to
                            Registrant's Registration Statement on Form N-1A filed
                            on February 5, 1992.

                      (g)   Amendment No. 2 to Transfer Agency Agreement dated
                            October 4, 1989 between Registrant and PFPC Inc.
                            relating to the Pennsylvania Municipal Money Market,
                            Ohio Municipal Money Market, Intermediate Government,
                            Ohio Tax-Free Income, Pennsylvania Tax-Free Income,
                            Value Equity, Index Equity and Small Cap Value Equity
                            Portfolios is incorporated herein by reference to
                            Exhibit 9(h) of Post-Effective Amendment No. 4 to
                            Registrant's Registration Statement on Form N-1A filed
                            on December 13, 1991.

                      (h)   Amendment No. 3 to Transfer Agency Agreement dated
                            October 4, 1989 between Registrant and PFPC Inc.
                            relating to the Short-Term Bond, Intermediate-Term
                            Bond, Core Equity, Small Cap Growth Equity and North
                            Carolina Municipal Money Market Portfolios is
                            incorporated herein by reference to Exhibit (9)(e) of
                            Post-Effective Amendment No. 10 to Registrant's
                            Registration Statement on Form N-1A filed on November
                            10, 1993.

                      (i)   Amendment No. 4 to Transfer Agency Agreement dated
                            October 4, 1989 between Registrant and PFPC Inc.
                            relating to Series B Investor Shares of the Money
                            Market, Managed Income, Tax-Free Income, Intermediate
                            Government, Ohio Tax-Free Income, Pennsylvania Tax-Free
                            Income, Value Equity, Growth Equity, Index Equity,
                            Small Cap Value Equity, Intermediate-Term Bond, Small
                            Cap Growth Equity, Core Equity, International Fixed
                            Income, Government Income, International Emerging
                            Markets, International Equity and Balanced Portfolios
                            is incorporated herein by reference to Exhibit (9)(i)
                            of Post-Effective Amendment No. 14 to Registrant's
                            Registration Statement on Form N-1A filed on January
                            18, 1995.




(j) Appendix C to Transfer Agency Agreement between Registrant and PFPC Inc. is

                                                  C-12
incorporated herein by reference to Exhibit (9)(k) of Post-Effective Amendment No. 18 to Registrant's
Registration Statement on Form N-1A filed on October 12, 1995.

(k) Form of Appendix C to Transfer Agency Agreement between Registrant and PFPC Inc. is incorporated by
reference to Exhibit 9(k) of Post-Effective Amendment No. 23.

(l) Trademark License Agreement between Registrant and PNC Bank Corp. is incorporated herein by reference
to Exhibit 9(h) of Post-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A filed
on December 29, 1989.

(10) Opinion and Consent of Counsel./1/

                   (11) (a)     Consent of Drinker Biddle & Reath.

                          (b)   Consent of Deloitte & Touche LLP.

                          (c)   Consent of Coopers & Lybrand, L.L.P.

                   (12)         None.

                   (13) (a)     Purchase Agreement between Registrant and Shearson
                                Lehman Hutton Inc. ("Shearson") relating to Classes A-
                                1, B-1, C-1, D-2, E-2, F-2 and G-2 is incorporated
                                herein by reference to Exhibit 13(a) of Post-Effective
                                Amendment No. 1 to Registrant's Registration Statement
                                on Form N-1A filed on December 29, 1989.

                          (b)   Purchase Agreement between Registrant and Shearson
                                relating to shares of Class H-2 is incorporated herein
                                by reference to Exhibit 13(b) of Post-Effective
                                Amendment No. 2 to Registrant's




/1/ Filed on November 26, 1996 under Rule 24f-2 as part of Registrant's Rule 24f-2 Notice.

                                                     C-13
Registration Statement on Form N-1A filed on April 30, 1990.

(c) Purchase Agreement between Registrant and Shearson relating to shares of Class I-1, Class I-2, Class J-1,
Class J-2, Class K-2, Class L-2, Class M-2, Class N-2, Class O-2 and Class P-2 is incorporated herein by
reference to Exhibit 13(c) of Post-Effective Amendment No. 4 to Registrant's Registration Statement on Form
N- 1A filed on December 13, 1991.

(d) Purchase Agreement between Registrant and Shearson relating to shares of Class D-1, Class E-1, Class F-1,
Class G-1, Class H-1, Class K-1, Class L-1, Class M-1, Class N-1, Class O-1, Class P-1, Class A-2, Class
B-2, Class C-2, Class I-2, Class J-2, Class A-3, Class B-3, Class C-3, Class D-3, Class E-3, Class F-3, Class
G-3, Class H-3, Class I-3, Class J-3, Class K-3, Class L-3, Class M-3, Class N-3, Class O-3 and Class P-3
is incorporated herein by reference to Exhibit (13)(d) of Post-Effective Amendment No. 7 to Registrant's
Registration Statement on Form N-1A filed on December 1, 1992.

(e) Purchase Agreement between the Registrant and Pennsylvania Merchant Group Ltd relating to shares of
Class Q-1, Class Q-2, Class Q-3, Class R-1, Class R-2, Class R-3, Class S-1, Class S-2, Class S-3, Class T-
1, Class T-2, Class T-3, Class U-1, Class U-2 and Class U- 3 is incorporated herein by reference to Exhibit
(13)(e) of Post-Effective No. 10 to Registrant's Registration Statement on Form N-1A as filed on November 10,
1993.

(f) Purchase Agreement dated September 30, 1994 between the Registrant and Provident Distributors, Inc.
relating to shares of Class A-4, Class D-4, Class E-4, Class F-4, Class G-4, Class H-4, Class K-4, Class L-4,
Class M-4, Class N-4, Class O-4, Class P-4, Class R-4, Class S-4, Class T-4, Class U-4, Class

                                                     C-14
W-4, Class X-4, Class Y-4 is incorporated herein by reference to Exhibit (13)(f) of Post-Effective Amendment
No. 14 to Registrant's Registration Statement on Form N-1A filed on January 18, 1995.

(g) Purchase Agreement dated February 1, 1994 between the Registrant and Provident Distributors, Inc. relating
to shares of Class V-1, Class V-2, Class V-3, Class W-1, Class W-2, Class W-3, Class X-1, Class X-2, Class
X-3, Class Y-1, Class Y-2 and Class Y-3 is incorporated herein by reference to Exhibit (13)(g) of Post-
Effective Amendment No. 15 to Registrant's Registration Statement on Form N-1A filed on May 11, 1995.

(h) Purchase Agreement dated August 1, 1995 between Registrant and Provident Distributors, Inc. relating to
shares of Class Z-1, Class Z-2 and Class Z-3 is incorporated herein by reference to Exhibit (13)(h) of Post-
Effective Amendment No. 15 to Registrant's Registration Statement on Form N-1A filed on May 11, 1995.

(i) Purchase Agreement between Registrant and Provident Distributors, Inc. relating to shares of Class AA-1,
Class AA-2, Class AA-3, Class AA-4 and Class AA-5; Class BB-1, Class BB-2, Class

BB-3, Class BB-4 and Class BB-5; Class CC-3; Class A-5, Class B-4, Class B-5, Class C-4, Class C-5,
Class I-4, Class I-5, Class J-4, Class J-5, Class Q-4, Class Q-5, Class V-4, Class V-5, Class Z-4 and Class
Z-5; Class X- 1 and Class X-3; and Class D-5, E-5, F-5, G-5, H-5, K- 5, L-5, M-5, N-5, O-5, P-5, R-5, S-
5, T-5, U-5, W-5, X- 5 and Y-5 is incorporated by reference to Exhibit 13(i) of Post-Effective Amendment No.
23.

(j) Form of Purchase Agreement between Registrant and Compass Distributors, Inc. relating to shares of Class
DD-1, Class DD-2, Class DD-3, Class DD-4 and

                                                     C-15
DD-5; and Class EE-1, Class EE-2, Class EE-3, Class EE- 4 and Class EE-5 is incorporated by reference to
Exhibit 13(j) of Post-Effective Amendment No. 23.

                 (14)         None.

                 (15) (a)     Amended and Restated Distribution and Service Plan for
                              Service, Series A Investor, Series B Investor, Series C
                              Investor and Institutional Shares is incorporated
                              herein by reference to Exhibit (15) of Post-Effective
                              Amendment No. 21 to Registrant's Registration Statement
                              on Form N-1A filed on May 30, 1996.

                        (b)   Form of Appendix A to Amended and Restated Distribution
                              and Service Plan is incorporated by reference to
                              Exhibit 15(b) of Post-Effective Amendment No. 23.


                 (16)         Schedules for computation of performance quotations are
                              incorporated herein by reference to Exhibit (16) of
                              Post-Effective Amendment No. 5 to Registrant's
                              Registration Statement on Form N-1A filed on February
                              5, 1992.

                 (18)         Plan Pursuant to 18f-3 for Operation of a Multi-Class
                              Distribution System is incorporated herein by reference
                              to Exhibit (18) of Post-Effective Amendment No. 21 to
                              Registrant's Registration Statement on Form N-1A filed
                              on May 30, 1996.

                 (24) (a)     Registrant's Annual Report dated September 30, 1996 is
                              incorporated herein by reference to Registrant's
                              filing including such Annual Report and filed on
                              November 29, 1996 (Accession Nos. 0000935069-000160 and
                              0000935069-000163).

                        (b)   Annual Report for The DFA Investment Trust Company
                              ("DFA") (File No. 811-7436) dated November 30, 1995
                              with respect to the U.S. Large Company Series
                              is incorporated herein by reference to

                                          C-16
                               DFA's filing including such Annual Report and filed on
                               January 26, 1996 (Accession No. 0000950116-96-000032).

                         (c)   Unaudited Financial Statements for the Ten Months Ended
                               September 30, 1996.




Item 25. Persons Controlled by or under Common Control with Registrant

Registrant is controlled by its Board of Trustees.

Item 26. Number of Holders of Securities

Compass Distributors, Inc. has provided the initial capitalization for and holds all of the outstanding shares of
beneficial interest of the following classes as of November 30, 1996: B-4, B-5, C-4, C-5, D-5, E-5, F-4, F-5,
G-5, H-5, I-4, I-5, J-4, J-5, L-5, M-5, P-5, Q-4, Q-5, R-5, S-4, S-5, V-2, V-4, V-5, X-1, X-3, X-5, Y-5,
Z-4, Z-5, AA-3, AA-5, BB-5, DD-1, DD-2, DD-3, DD-4, DD-5, EE-1, EE-2, EE-3, EE-4 and EE-5.

                                                      C-17
With regard to the other classes of shares, the following information is as of November 30, 1996:

                           Title of Class                Number of Record Holders
                           --------------                ------------------------
                             Class A-1                            605
                             Class B-1                            187
                             Class C-1                             57
                             Class D-1                            528
                             Class E-1                            105
                             Class F-1                              7
                             Class G-1                            468
                             Class H-1                             94
                             Class I-1                              2
                             Class J-1                             28
                             Class K-1                              2
                             Class L-1                              2
                             Class M-1                             82
                             Class N-1                          3,271
                             Class O-1                              1
                             Class P-1                              9
                             Class Q-1                              4
                             Class R-1                            680
                             Class S-1                              1
                             Class T-1                            354
                             Class U-1                              7
                             Class V-1                              2
                             Class W-1                            112
                             Class Y-1                              9
                             Class Z-1                             91
                             Class AA-1                           126
                             Class BB-1                           866
                             Class A-2                            654
                             Class B-2                             71
                             Class C-2                              6
                             Class D-2                            451
                             Class E-2                          1,796
                             Class F-2                            248
                             Class G-2                            631
                             Class H-2                            149
                             Class I-2                              3
                             Class J-2                             53
                             Class K-2                            115
                             Class L-2                             31
                             Class M-2                            404
                             Class N-2                            578
                             Class O-2                            331
                             Class P-2                            629
                             Class Q-2                              3
                             Class R-2                             31
                             Class S-2                             32




                                                     C-18
Title of Class     Number of Record Holders
--------------     ------------------------
  Class T-2                748
  Class U-2                 86
  Class W-2                 11
  Class X-2                 39
  Class Y-2                109
  Class Z-2                 20
  Class AA-2                10
  Class BB-2                12
  Class A-3                 16
  Class B-3                  3
  Class C-3                  2
  Class D-3                 19
  Class E-3                  9
  Class F-3                 23
  Class G-3                 22
  Class H-3                  4
  Class I-3                  7
  Class J-3                  2
  Class K-3                  8
  Class L-3                  4
  Class M-3                  1
  Class N-3                 38
  Class O-3                  8
  Class P-3                 38
  Class Q-3                 14
  Class R-3                 39
  Class S-3                 10
  Class T-3                 73
  Class U-3                 21
  Class V-3                 10
  Class W-3                  2
  Class Y-3                 10
  Class Z-3                  1
  Class BB-3               101
  Class CC-3                 2
  Class A-4                  2
  Class D-4                389
  Class E-4                844
  Class G-4                543
  Class H-4                  6
  Class K-4                  2
  Class L-4                  9
  Class M-4                265
  Class N-4                482
  Class O-4                362
  Class P-4                406
  Class R-4                  1
  Class T-4              1,263
  Class U-4                189
  Class W-4                 10




                 C-19
                             Title of Class                  Number of Record Holders
                             --------------                  ------------------------

                               Class   X-4                         621
                               Class   Y-4                          91
                               Class   BB-4                        115
                               Class   A-5                           1
                               Class   N-5                           2
                               Class   0-5                          77
                               Class   P-5                           2
                               Class   T-5                          48
                               Class   U-5                           3
                               Class   W-5                           6




Item 27. Indemnification

Indemnification of Registrant's principal underwriter against certain losses is provided for in Section 7 of the
Distribution Agreement incorporated by reference herein as Exhibit (6)(a). Indemnification of PFPC Inc. and
Compass Distributors, Inc. in their capacity as co-administrators is provided for in
Section 7 of the Administration Agreement incorporated by reference herein as Exhibit 9(a). Indemnification of
Registrant's Custodian and Transfer Agent is provided for, respectively, in Section 22 of the Custodian
Agreement incorporated by reference herein as Exhibit 8(a) and Section 17 of the Transfer Agency Agreement
incorporated by reference herein as Exhibit 9(e). Indemnification of Compass Capital Group, Inc. in its capacity
as co- administrator as provided for in Section 7 of the Co-Administration Agreement incorporated by reference
herein as Exhibit 9(c). Registrant intends to obtain from a major insurance carrier a trustees' and officers' liability
policy covering certain types of errors and omissions. In addition, Section 9.3 of the Registrant's Declaration of
Trust incorporated by reference herein as Exhibit 1(a) provides as follows:

                  Indemnification of Trustees, Officers, Representatives and Employees.

The Trust shall indemnify each of its Trustees against all liabilities and expenses (including amounts paid in
satisfaction of judgments, in compromise, as fines and penalties, and as counsel fees) reasonably incurred by him
in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, in
which he may be involved or with which he may be threatened, while as a Trustee or thereafter, by reason of his
being or having been such a Trustee except with respect to any matter as to which he shall have been adjudicated
to have acted in bad faith, willful misfeasance, gross negligence or reckless disregard of his duties,

provided that as to any matter disposed of by a compromise payment by such person, pursuant to a consent
decree or otherwise, no indemnification either for said payment or for

                                                         C-20
                                    Title of Class Number of Record Holders

any other expenses shall be provided unless the Trust shall have received a written opinion from independent legal
counsel approved by the Trustees to the effect that if either the matter of willful misfeasance, gross negligence or
reckless disregard of duty, or the matter of bad faith had been adjudicated, it would in the opinion of such
counsel have been adjudicated in favor of such person. The rights accruing to any person under these provisions
shall not exclude any other right to which he may be lawfully entitled, provided that no person may satisfy any
right of indemnity or reimbursement hereunder except out of the property of the Trust. The Trustees may make
advance payments in connection with the indemnification under this Section 9.3, provided that the indemnified
person shall have given a written undertaking to reimburse the Trust in the event it is subsequently determined that
he is not entitled to such indemnification.

The Trustee shall indemnify officers, representatives and employees of the Trust to the same extent that Trustees
are entitled to indemnification pursuant to this Section 9.3.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees,
officers and controlling persons of Registrant pursuant to the foregoing provisions, or otherwise, Registrant has
been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public
policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by Registrant of expenses incurred or paid by a trustee, officer or
controlling person of Registrant in the successful defense of any action, suit or proceeding) is asserted by such
trustee, officer or controlling person in connection with the securities being registered, Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will
be governed by the final adjudication of such issue.

Section 9.6 of the Registrant's Declaration of Trust, filed herein as Exhibit 1(a), also provides for the
indemnification of shareholders of the Registrant. Section 9.6 states as follows:

Indemnification of Shareholders. In case any Shareholder or former Shareholder shall be held to be personally
liable solely by reason of his being or having

                                                         C-21
been a Shareholder and not because of his acts or omissions or for some other reason, the Shareholder or former
Shareholder (or his heirs, executors, administrators or other legal representatives or, in the case of a corporation
or other entity, its corporate or other general successor) shall be entitled out of the assets belonging to the classes
of Shares with the same alphabetical designation as that of the Shares owned by such Shareholder to be held
harmless from and indemnified against all loss and expense arising from such liability. The Trust shall, upon
request by the Shareholder, assume the defense of any claim made against any Shareholder for any act or
obligations of the Trust and satisfy any judgment thereon from such assets.

Item 28. Business and Other Connections of Investment Advisers

(a) PNC Asset Management Group, Inc. ("PAMG") is an indirect wholly- owned subsidiary for PNC Bank
Corp. PAMG was organized in 1994 for the purpose of providing advisory services to investment companies.
The list required by this Item 28 of officers and directors of PAMG, together with information as to any other
business, profession, vocation or employment of a substantial nature engaged in by such officers and directors
during the past two years, is incorporated by reference to Schedules A and D of Form ADV, filed by PAMG
pursuant to the Investment Advisers Act of 1940 (SEC File No. 801-47710).

(b) PNC Institutional Management Corporation ("PIMC") is an indirect wholly-owned subsidiary of PNC Bank
Corp. The list required by this Item 28 of officers and directors of PIMC, together with information as to any
other business, profession, vocation or employment of a substantial nature engaged in by such officers and
directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV, filed by
PIMC pursuant to the Investment Advisers Act of 1940 (SEC File No. 801-13304).

(c) Provident Capital Management, Inc. ("PCM") is an indirect wholly- owned subsidiary of PNC Bank Corp.
PCM currently offers investment advisory services to institutional investors such as pension and profit-sharing
plans or trusts, insurance companies and banks. The list required by this Item 28 of officers and directors of
PMC, together with information as to any other business, profession, vocation or employment of a substantial
nature engaged in by such officers and directors during the past two years, is incorporated by reference to
Schedules A and D of Form ADV, filed by PMC pursuant to the Investment Advisers Act of 1940 (SEC File
No. 801-1438).

(d) BlackRock Financial Management, Inc. ("BlackRock") is an indirect wholly-owned subsidiary of PNC Bank
Corp.

                                                        C-22
BlackRock currently offers investment advisory services to institutional investors such as pension and profit-
sharing plans or trusts, insurance companies and banks. The list required by this Item 28 of officers and directors
of BlackRock, together with information as to any other business, profession, vocation or employment of a
substantial nature engaged in by such officers and directors during the past two years, is incorporated by
reference to Schedules A and D of Form ADV, filed by BlackRock pursuant to the Investment Advisers Act of
1940 (SEC File No. 801-48433).

(e) PNC Equity Advisors Company ("PEAC") is an indirect wholly-owned subsidiary of PNC Bank Corp.
PEAC currently offers investment advisory services to institutional investors such as pension and profit-sharing
plans or trusts, insurance companies and banks. The list required by this Item 28 of officers and directors of
PEAC, together with information as to any other business, profession, vocation or employment of a substantial
nature engaged in by such officers and directors during the past two years, is incorporated by reference to
Schedules A and D of Form ADV, filed by PEAC pursuant to the Investment Advisers Act of 1940 (SEC File
No. 801-47711).

(f) CastleInternational Asset Management Limited ("CastleInternational") is an indirect wholly-owned subsidiary
of PNC Bank Corp. The list required by this Item 28 of officers and directors of CastleInternational, together
with information as to any other business, profession, vocation or employment of a substantial nature engaged in
by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of
Form ADV, filed by CastleInternational pursuant to the Investment Advisers Act of 1940 (SEC File No. 801-
51087).

Item 29. Principal Underwriter

(a) Not applicable.

(b) The information required by this Item 29 with respect to each director, officer or partner of Compass
Distributors, Inc. is incorporated by reference to Schedule A of FORM BD filed by Compass Distributors, Inc.
with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934 (File No. 8-
48775).

(c) Not applicable.

Item 30. Location of Accounts and Records

(1) PNC Bank, National Association, Broad and Chestnut Streets, Philadelphia, Pennsylvania

                                                       C-23
19102 (records relating to its functions as custodian).

(2) Provident Capital Management, Inc., 30 South 17th Street, Philadelphia, Pennsylvania 19103 (records
relating to its functions as investment sub-adviser).

(3) Compass Distributors, Inc., 259 Radnor-Chester Road, Suite 135, Radnor, Pennsylvania 19807 (records
relating to its functions as distributor and co-administrator).

(4) PNC Asset Management Group, Inc., 1835 Market Street, 15th Floor, Eleven Penn Center, Philadelphia,
PA 19103 (records relating to its functions as investment adviser).

(5) PNC Institutional Management Corporation, Bellevue Corporate Center, 103 Bellevue Parkway,
Wilmington, Delaware 19809 (records relating to its functions as investment sub- adviser).

(6) BlackRock Financial Management, Inc., 345 Park Avenue, New York, New York 10154 (records relating
to its functions as investment adviser and sub-adviser).

(7) PNC Equity Advisors Company, 1835 Market Street, 15th Floor, Philadelphia, Pennsylvania 19103
(records relating to its functions as investment sub-adviser).

(8) PFPC Inc., Bellevue Corporate Center, 400 Bellevue Parkway, Wilmington, Delaware 19809 (records
relating to its functions as co-administrator, transfer agent and dividend disbursing agent).

(9) The Chase Manhattan Bank, N.A., 1285 Avenue of the Americas, New York, New York 10019 (records
relating to its function as sub-custodian).

(10) State Street Bank and Trust Company, P.O. Box 1631, Boston, Massachusetts (records relating to its
function as sub- custodian).

(11) Barclays Bank PLC, 75 Wall Street, New York, New York 10265 (records relating to its function as sub-
custodian).

                                                          C-24
(12) Compass Capital Group, Inc., 345 Park Avenue, New York, New York 10154 (records relating to its
functions as co- administrator).

(13) CastleInternational Asset Management Limited, 7 Castle Street, Edinburgh, Scotland, EH2 3AH (records
relating to its functions as investment sub-adviser).

(14) Citibank, N.A. 111 Wall Street, 23rd Floor, Zone 6, New York, NY 10043 (records relating to its
functions as sub- custodian).

(15) Drinker Biddle & Reath, Philadelphia National Bank Building, 1345 Chestnut Street, Philadelphia,
Pennsylvania 19107-3496 (Registrant's declaration of trust, code of regulations and minute books).

Item 31. Management Services

None.

Item 32. Undertakings

(a) Registrant undertakes to furnish each person to whom a prospectus is delivered with a copy of Registrant's
latest annual report to shareholders upon request and without charge.

(b) Registrant undertakes to file a Post-Effective Amendment with respect to the Mid-Cap Value Equity and
Mid-Cap Growth Equity Portfolios using financial statements which need not be certified within four to six months
from the effective date of this Post-Effective Amendment No. 24.

                                                     C-25
                                                SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the
Registrant has duly caused this Post- Effective Amendment No. 24 to its Registration Statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of New York and the State of New York on
the 13th day of December, 1996.

                                       COMPASS CAPITAL FUNDS
                                             Registrant

                                            By *Raymond J. Clark

Raymond J. Clark, President and Treasurer


                                          (Principal Executive Officer)

Pursuant to the requirements of the Securities Act of 1933, this Post- Effective Amendment No. 24 to the
Registration Statement has been signed by the following persons in the capacities and on the dates indicated:

                    Signature                  Title                              Date
                    ---------                  -----                              ----

               *Raymond J. Clark             Trustee, President and            December 13, 1996
               - ----------------------------
               (Raymond J. Clark)            Treasurer

               *David R. Wilmerding, Jr.     Chairman of the Board             December 13, 1996
               - ----------------------------
               (David R. Wilmerding, Jr.)

               *Anthony M. Santomero         Vice-Chairman of                  December 13, 1996
               - ----------------------------
               (Anthony M. Santomero)        the Board

               *William O. Albertini         Trustee                           December 13, 1996
               - ----------------------------
               (William O. Albertini)

               *Robert M. Hernandez          Trustee                           December 13, 1996
               - ----------------------------
               (Robert M. Hernandez)




               *By: /S/ Karen H. Sabath
                   ----------------------------------
                   Karen H. Sabath, Attorney-in-fact
                                           Compass Capital Funds

                                          POWER OF ATTORNEY

David R. Wilmerding, Jr., whose signature appears below, hereby constitutes and appoints David R. Wilmerding,
Jr., Raymond J. Clark and Karen H. Sabath, and each of them, his true and lawful attorneys and agents, with
power of substitution or resubstitution, to do any and all acts and things and to execute any and all instruments
which said attorneys and agents, or any of them, may deem necessary or advisable or which may be required to
enable Compass Capital Funds (the "Company") to comply with the Investment Company Act of 1940, as
amended, and the Securities Act of 1933, as amended (collectively, the "Acts"), and any rules, regulations or
requirements of the Securities and Exchange Commission in respect thereof, in connection with the filing and
effectiveness of any and all amendments (including post-effective amendments) to the Company's Registration
Statement pursuant to said Acts, including specifically, but without limiting the generality of the foregoing, the
power and authority to sign in the name and on behalf of the undersigned as a trustee and/or officer of the
Company any and all such amendments filed with the Securities and Exchange Commission under said Acts, and
any other instruments or documents related thereto, and the undersigned does hereby ratify and confirm all that
said attorneys and agents, or any of them, shall do or cause to be done by virtue hereof.

                                                                     /s/David R. Wilmerding, Jr.
                                                                     ---------------------------

            Date:   March 5, 1996
                                            Compass Capital Funds

                                          POWER OF ATTORNEY

Raymond J. Clark, whose signature appears below, hereby constitutes and appoints Edward J. Roach his true
and lawful attorney and agent, with power of substitution or resubstitution, to do any and all acts and things and
to execute any and all instruments which said attorney and agent may deem necessary or advisable or which may
be required to enable Compass Capital Funds (the "Company") to comply with the Investment Company Act of
1940, as amended, and the Securities Act of 1933, as amended (collectively, the "Acts"), and any rules,
regulations or requirements of the Securities and Exchange Commission in respect thereof, in connection with the
filing and effectiveness of any and all amendments (including post-effective amendments) to the Company's
Registration Statement pursuant to said Acts, including specifically, but without limiting the generality of the
foregoing, the power and authority to sign in the name and on behalf of the undersigned as a trustee and/or officer
of the Company any and all such amendments filed with the Securities and Exchange Commission under said
Acts, and any other instruments or documents related thereto, and the undersigned does hereby ratify and
confirm all that said attorney and agent shall do or cause to be done by virtue hereof.

                                                                          /s/Raymond J. Clark
                                                                          -------------------

                 Date:   March 5, 1996
                                             Compass Capital Funds

                                           POWER OF ATTORNEY

Robert M. Hernandez, whose signature appears below, hereby constitutes and appoints G. Willing Pepper and
Edward J. Roach, and either of them, his true and lawful attorneys and agents, with power of substitution or
resubstitution, to do any and all acts and things and to execute any and all instruments which said attorneys and
agents, or either of them, may deem necessary or advisable or which may be required to enable Compass Capital
Funds (the "Company") to comply with the Investment Company Act of 1940, as amended, and the Securities
Act of 1933, as amended (collectively, the "Acts"), and any rules, regulations or requirements of the Securities
and Exchange Commission in respect thereof, in connection with the filing and effectiveness of any and all
amendments (including post-effective amendments) to the Company's Registration Statement pursuant to said
Acts, including specifically, but without limiting the generality of the foregoing, the power and authority to sign in
the name and on behalf of the undersigned as a trustee and/or officer of the Company any and all such
amendments filed with the Securities and Exchange Commission under said Acts, and any other instruments or
documents related thereto, and the undersigned does hereby ratify and confirm all that said attorneys and agents,
or either of them, shall do or cause to be done by virtue hereof.

                                                                          /s/Robert M. Hernandez
                                                                          ----------------------

                Date:   March 5, 1996
                                             Compass Capital Funds

                                           POWER OF ATTORNEY

Anthony M. Santomero, whose signature appears below, hereby constitutes and appoints G. Willing Pepper and
Edward J. Roach, and either of them, his true and lawful attorneys and agents, with power of substitution or
resubstitution, to do any and all acts and things and to execute any and all instruments which said attorneys and
agents, or either of them, may deem necessary or advisable or which may be required to enable Compass Capital
Funds (the "Company") to comply with the Investment Company Act of 1940, as amended, and the Securities
Act of 1933, as amended (collectively, the "Acts"), and any rules, regulations or requirements of the Securities
and Exchange Commission in respect thereof, in connection with the filing and effectiveness of any and all
amendments (including post-effective amendments) to the Company's Registration Statement pursuant to said
Acts, including specifically, but without limiting the generality of the foregoing, the power and authority to sign in
the name and on behalf of the undersigned as a trustee and/or officer of the Company any and all such
amendments filed with the Securities and Exchange Commission under said Acts, and any other instruments or
documents related thereto, and the undersigned does hereby ratify and confirm all that said attorneys and agents,
or either of them, shall do or cause to be done by virtue hereof.

                                                                         /s/Anthony M. Santomero
                                                                         -----------------------

               Date:    March 5, 1996
                                             Compass Capital Funds

                                           POWER OF ATTORNEY

William O. Albertini, whose signature appears below, hereby constitutes and appoints G. Willing Pepper and
Edward J. Roach, and either of them, his true and lawful attorneys and agents, with power of substitution or
resubstitution, to do any and all acts and things and to execute any and all instruments which said attorneys and
agents, or either of them, may deem necessary or advisable or which may be required to enable Compass Capital
Funds (the "Company") to comply with the Investment Company Act of 1940, as amended, and the Securities
Act of 1933, as amended (collectively, the "Acts"), and any rules, regulations or requirements of the Securities
and Exchange Commission in respect thereof, in connection with the filing and effectiveness of any and all
amendments (including post-effective amendments) to the Company's Registration Statement pursuant to said
Acts, including specifically, but without limiting the generality of the foregoing, the power and authority to sign in
the name and on behalf of the undersigned as a trustee and/or officer of the Company any and all such
amendments filed with the Securities and Exchange Commission under said Acts, and any other instruments or
documents related thereto, and the undersigned does hereby ratify and confirm all that said attorneys and agents,
or either of them, shall do or cause to be done by virtue hereof.

                                                                         /s/William O. Albertini
                                                                         -----------------------

               Date:    March 5, 1996
                                        COMPASS CAPITAL FUNDS

                                       SECRETARY'S CERTIFICATE

The undersigned, Morgan R. Jones, Secretary of Compass Capital Funds (the "Fund") hereby certifies that set
forth below is a copy of the resolutions duly adopted by the Board of Trustees of the Fund on August 6, 1996:

RESOLVED, that the officers of the Fund be, and each of them hereby is, authorized in the name and on behalf
of the Fund to execute and cause to be filed with the SEC Post-Effective Amendments to the Fund's Registration
Statement on Form N-1A under the 1940 Act and the Securities Act of 1933, as amended (the "1933 Act"), in
such forms as the officer or officers executing the same may approve as necessary or desirable and proper, such
approval to be conclusively evidenced by his or their execution thereof;

FURTHER RESOLVED, that Morgan R. Jones be, and hereby is, designated to act on behalf of the Fund as its
agent for service of process for matters relating to said Registration Statement with the powers enumerated in
Rule 478 of the Rules and Regulations of the SEC under the 1933 Act, as amended; and

FURTHER RESOLVED, that the trustees and officers of the Fund who may be required to execute any
amendments to the Fund's Registration Statement be, and each of them hereby is, authorized to execute a power
of attorney appointing David R. Wilmerding, Raymond J. Clark and Karen H. Sabath, and any of them, their true
and lawful attorney or attorneys, to execute in their name, place and stead, in their capacity as trustee or officer,
or both, of the Fund any and all amendments to the Registration Statement, and all instruments necessary or
incidental in connection therewith, and to file the same with the SEC; and any of said attorneys shall have the
power to act thereunder with or without the other of said attorneys and shall have full power of substitution and
resubstitution; and any of said attorneys shall have full power and authority to do in the name and on behalf of
said trustees and officers, or any or all of them, in any and all capacities, every act whatsoever requisite or
necessary to be done on the premises, as fully and to all intents and purposes as each of said trustees or officers,
or any or all of them, might or could do in person, said acts of said attorneys, or either of them, being hereby
ratified and approved.

IN WITNESS THEREOF, I have hereunto signed my name and affixed the seal of the Fund on December 10,
1996.

                                                        /S/
                                                 ---------------
                                                 Morgan R. Jones
                                                 Secretary
                                                SIGNATURES

As it relates to the Index Equity Portfolio only, The DFA Investment Trust Company consents to the filing of this
Amendment to the Registration Statement of Compass Capital Funds which is signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Santa Monica and the State of California on this 13th day
of December, 1996.

                              THE DFA INVESTMENT TRUST COMPANY

* David G. Booth

David G. Booth President and Chairman-Chief Executive Officer

The undersigned Trustees and Principal Officers of The DFA Investment Trust Company consent to the filing of
this Amendment to the Registration Statement of Compass Capital Funds as it relates to the Index Equity
Portfolio only, on the dates indicated.

              Signature                            Title                       Date
              - -----------                          -----                       ----

              * David G. Booth                     President, Chairman
              - ------------------------
              President, Chairman -                Chief Executive Officer
              December 13, 1996                    and Trustee
              David G. Booth


              * Rex A. Sinquefield          Chairman - Chief                   December 13, 1996
              - ----------------------------
              Rex A. Sinquefield            Investment Officer
                                            and Trustee

              * George M. Constantinides    Trustee                            December 13, 1996
              - ----------------------------
              George M. Constantinides

              * John P. Gould               Trustee                            December 13, 1996
              - ----------------------------
              John P. Gould

              * Roger G. Ibbotson           Trustee                            December 13, 1996
              - ----------------------------
              Roger G. Ibbotson

              * Merton H. Miller            Trustee                            December 13, 1996
              - ----------------------------
              Merton H. Miller

              * Myron S. Scholes            Trustee                            December 13, 1996
              - ----------------------------
              Myron S. Scholes

              * Michael T. Scardina         Vice President, Chief              December 13, 1996
              - ----------------------------
              Michael T. Scardina           Financial Officer,




                                           Controller and Treasurer

                                            *By:         /S/
                                                   ----------------
                                                   Irene R. Diamant
                                                   Attorney-in-fact
                               THE DFA INVESTMENT TRUST COMPANY

                                            POWER OF ATTORNEY

The undersigned officers and trustees of THE DFA INVESTMENT TRUST COMPANY (the "Fund") hereby
appoint DAVID G. BOOTH, REX A. SINQUEFIELD, MICHAEL T. SCARDINA, IRENE R. DIAMANT
AND STEPHEN W. KLINE, ESQUIRE (with full power to any of them to act) as attorney-in-fact and agent, in
all capacities, to execute, and to file any of the documents referred to below relating to a Registration Statement
under the Securities Act of 1933 and/or the Investment Company Act of 1940, including any and all amendments
thereto, covering the registration of any registered investment company for which any Series of the Fund serves
as a master fund in a master fund-feeder fund structure, including all exhibits and any and all documents required
to be filed with respect thereto with any regulatory authority. Each of the undersigned grants to each of said
attorneys full authority to do every act necessary to be done in order to effectuate the same as fully, to all intents
and purposes, as he could do if personally present, thereby ratifying all that said attorneys-in-fact and agents may
lawfully do or cause to be done by virtue hereof.

The undersigned officers and trustees hereby execute this Power of Attorney as of the 20th day of December,
1995.

                 /s/ David G. Booth                               /s/Rex A. Sinquefield
               - ---------------------------                      -----------------------------
               David G. Booth,                                   Rex A. Sinquefield,
               Chairman-Chairman-Chief Executive                 Chief Investment Officer and
               Officer, President and Trustee                    Trustee


                 /s/George M. Constantinides                      /s/John P. Gould
               - ----------------------------                     -----------------------------
               George M. Constantinides,                         John P. Gould, Trustee
               Trustee



                 /s/Roger G. Ibbotson                             /s/Merton H. Miller
               - ----------------------------                     -----------------------------
               Roger G. Ibbotson, Trustee                       Merton H. Miller, Trustee



                 /s/Myron S. Scholes                              /s/Michael T. Scardina
               - -------------------------                        -----------------------------
               Myron S. Scholes, Trustee                        Michael T. Scardina, Chief
                                                                Financial Officer, Treasurer
                                                                and Vice President
               EXHIBIT INDEX

Exhibit No.     Description                          Page No.
- ----------      -----------                          --------

(5) (1)         Form of Sub-Advisory Agreement
                between PNC Asset Management
                Group, Inc. and BlackRock
                Financial Management, Inc.
                with respect to the International
                Bond Portfolio.

(11) (a)        Consent of Drinker Biddle & Reath.

       (b)      Consent of Deloitte & Touch LLP.

       (c)      Consent of Coopers & Lybrand, L.L.P.

(24) (c)        Unaudited Financial Statements for the
                Ten Months Ended September 30, 1996.

(27)            Financial Data Schedule
                                                 EXHIBIT 5(1)

                                      SUB-ADVISORY AGREEMENT

                                         International Bond Portfolio

AGREEMENT dated as of December __, 1996, between PNC Asset Management Group, Inc., a Delaware
corporation ("Adviser"), and BLACKROCK FINANCIAL MANAGEMENT, INC., a Delaware limited
corporation ("Sub-Adviser").

WHEREAS, Adviser has agreed to furnish investment advisory services to the International Bond Portfolio (the
"Portfolio") of Compass Capital Funds (the "Fund"), an open-end, management investment company registered
under the Investment Company Act of 1940 ("1940 Act"); and

WHEREAS, Adviser wishes to retain the Sub-Adviser to provide it with sub- advisory services as described
below in connection with Adviser's advisory activities on behalf of the Portfolio;

WHEREAS, the advisory agreement between Adviser and the Fund dated January 4, 1996 (such Agreement or
the most recent successor agreement between such parties relating to advisory services to the Portfolio is referred
to herein as the "Advisory Agreement") contemplates that Adviser may sub-contract investment advisory services
with respect to the Portfolio to a sub-adviser pursuant to a sub-advisory agreement agreeable to the Fund and
approved in accordance with the provisions of the 1940 Act;

WHEREAS, this Agreement has been approved in accordance with the provisions of the 1940 Act, and Sub-
Adviser is willing to furnish such services upon the terms and conditions herein set forth;

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, it is agreed
between the parties hereto as follows:

1. Appointment. Adviser hereby appoints Sub-Adviser to act as sub-adviser with respect to the Portfolio as
provided in Section 2 of the Advisory Agreement. Sub-Adviser accepts such appointment and agrees to render
the services herein set forth for the compensation herein provided.

2. Services of Sub-Adviser. Subject to the oversight and supervision of Adviser and the Fund's Board of
Trustees, Sub-Adviser will supervise the day-to- day operations of the Portfolio and perform the following
services: (i) provide investment
research and credit analysis concerning the Portfolio's investments, (ii) conduct a continual program of investment
of the Portfolio's assets, (iii) determine what portion of the Portfolio's assets will be invested in cash, cash
equivalents and money market instruments, (iv) place orders for all purchases and sales of the investments made
for the Portfolio, and (v) maintain the books and records as are required to support Fund operations (in
conjunction with record-keeping and accounting functions performed by Adviser). In addition, Sub-Adviser will
keep the Fund and Adviser informed of developments materially affecting the Fund and shall, on its own initiative,
furnish to the Fund from time to time whatever information Sub-Adviser believes appropriate for this purpose.
Sub-Adviser will communicate to Adviser on each day that a purchase or sale of an instrument is effected for the
Portfolio (i) the name of the issuer,
(ii) the amount of the purchase or sale, (iii) the name of the broker or dealer, if any, through which the purchase
or sale will be effected, (iv) the CUSIP number of the instrument, if any, and (v) such other information as
Adviser may reasonably require for purposes of fulfilling its obligations to the Fund under the Advisory
Agreement. Sub-Adviser will provide the services rendered by it under this Agreement in accordance with the
Portfolio's investment objectives, policies and restrictions as stated in the Portfolio's Prospectus and Statement of
Additional Information (as currently in effect and as they may be amended or supplemented from time to time),
and the resolutions of the Fund's Board of Trustees.

3. Other Sub-Adviser Covenants. Sub-Adviser further agrees that it:

(a) will comply with all applicable Rules and Regulations of the Securities and Exchange Commission (the "SEC")
and will in addition conduct its activities under this Agreement in accordance with other applicable law;

(b) will place orders either directly with the issuer or with any broker or dealer. Subject to the other provisions of
this paragraph, in placing orders with brokers and dealers, Sub-Adviser will attempt to obtain the best price and
the most favorable execution of its orders. In placing orders, Sub-Adviser will consider the experience and skill
of the firm's securities traders as well as the firm's financial responsibility and administrative efficiency. Consistent
with this obligation, Sub-Adviser may, subject to the approval of the Fund's Board of Trustees, select brokers on
the basis of the research, statistical and pricing services they provide to the Portfolio and other clients of Adviser
or Sub-Adviser. Information and research received from such brokers will be in addition to, and not in lieu of, the
services required to be performed by Sub- Adviser hereunder. A commission paid to such brokers may be
higher than that which another qualified broker would have
charged for effecting the same transaction, provided that Sub-Adviser determines in good faith that such
commission is reasonable in terms either of the transaction or the overall responsibility of Adviser and Sub-
Adviser to the Portfolio and their other clients and that the total commissions paid by the Portfolio will be
reasonable in relation to the benefits to the Portfolio over the long-term. In addition, Sub-Adviser is authorized to
take into account the sale of shares of the Fund in allocating purchase and sale orders for portfolio securities to
brokers or dealers (including brokers and dealers that are affiliated with Adviser, Sub-Adviser or the Fund's
distributor), provided that Sub-Adviser believes that the quality of the transaction and the commission are
comparable to what they would be with other qualified firms. In no instance, however, will the Portfolio's
securities be purchased from or sold to the Adviser, Sub-Adviser, the Fund's distributor or any affiliated person
thereof, except to the extent permitted by the SEC or by applicable law;

(c) will maintain or cause Adviser to maintain books and records with respect to the Portfolio's securities
transactions and will render to Adviser and the Fund's Board of Trustees such periodic and special reports as
they may request;

(d) will maintain a policy and practice of conducting its investment advisory services hereunder independently of
the commercial banking operations of its affiliates. When Sub-Adviser makes investment recommendations for
the Portfolio, its investment advisory personnel will not inquire or take into consideration whether the issuer of
securities proposed for purchase or sale for the Portfolio's account are customers of the commercial department
of its affiliates; and

(e) will treat confidentially and as proprietary information of the Fund all records and other information relative to
the Fund, the Portfolio's and the Fund's prior, current or potential shareholders, and will not use such records and
information for any purpose other than performance of its responsibilities and duties hereunder, except after prior
notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may
not be withheld where Sub-Adviser may be exposed to civil or criminal contempt proceedings for failure to
comply, when requested to divulge such information by duly constituted authorities, or when so requested by the
Fund.

4. Services Not Exclusive. Sub-Adviser's services hereunder are not deemed to be exclusive, and Sub-Adviser
shall be free to render similar services to others so long as its services under this Agreement are not impaired
thereby.
5. Books and Records. In compliance with the requirements of Rule 31a-3 under the 1940 Act, Sub-Adviser
hereby agrees that all records which it maintains for the Portfolio are the property of the Fund and further agrees
to surrender promptly to the Fund any such records upon the Fund's request. Sub- Adviser further agrees to
preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records required to be maintained by
Rule 31a-1 under the 1940 Act.

6. Expenses. During the term of this Agreement, Sub-Adviser will pay all expenses incurred by it in connection
with its activities under this Agreement other than the cost of securities, commodities, and other investments
(including brokerage commissions and other transaction charges, if any) purchased or sold for the Portfolio.

7. Compensation. For the services which the Sub-Adviser will render to Adviser under this Agreement, Adviser
will pay to Sub-Adviser a fee, computed daily and payable monthly, at the following annual rates for the Portfolio:
.40% of the first $1 billion of the Portfolio's average daily net assets, .35% of the next $1 billion of the Portfolio's
average daily net assets, .325% of the next $1 billion of the Portfolio's average daily net assets and .30% of the
average daily net assets of the Portfolio in excess of $3 billion.

If the Adviser waives any or all of its advisory fee payable under the Advisory Agreement, or reimburses the
Fund pursuant to Section 8(b) of that Agreement, with respect to the Portfolio, the Sub-Adviser will bear its
share of the amount of such waiver or reimbursement by waiving fees otherwise payable to it hereunder on a
proportionate basis to be determined by comparing the aggregate fees that would otherwise be paid to it
hereunder with respect to the Portfolio to the aggregate fees that would otherwise be paid by the Fund to the
Adviser under the Advisory Agreement with respect to the Portfolio. Adviser shall inform Sub-Adviser prior to
waiving any advisory fees.

8. Limitation on Liability. Sub-Adviser will not be liable for any error of judgment or mistake of law or for any
loss suffered by Adviser or by the Portfolio in connection with the performance of this Agreement, except a loss
resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss
resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from
reckless disregard by it of its obligations or duties under this Agreement.

9. Duration and Termination. This Agreement will become effective as of the date hereof and, unless sooner
terminated as provided herein, shall continue in effect until March 31, 1998. Thereafter, if not terminated, this
Agreement
shall continue in effect for successive annual periods ending on March 31, provided such continuance is
specifically approved at least annually (a) by the vote of a majority of those members of the Fund's Board of
Trustees who are not interested persons of any party to this Agreement, cast in person at a meeting called for the
purpose of voting on such approval, and (b) by the Fund's Board of Trustees or by a vote of a majority of the
outstanding voting securities of the Portfolio. Notwithstanding the foregoing, this Agreement may be terminated at
any time, without the payment of any penalty, by the Fund (by vote of the Fund's Board of Trustees or by vote of
a majority of the outstanding voting securities of the Portfolio), or by Adviser or Sub-Adviser on 60 days' written
notice, and will terminate automatically upon any termination of the Advisory Agreement between the Fund and
Adviser. This Agreement will also immediately terminate in the event of its assignment. (As used in this
Agreement, the terms "majority of the outstanding voting securities," "interested person" and "assignment" shall
have the same meanings of such terms in the 1940 Act.)

10. Amendment of this Agreement. No provision of this Agreement may be changed, waived, discharged or
terminated orally, but only by an instrument in writing signed by the party against which enforcement of the
change, waiver, discharge or termination is sought. Any amendment of this Agreement shall be subject to the
1940 Act.

11. Miscellaneous. The captions in this Agreement are included for convenience of reference only and in no way
define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of
this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this
Agreement shall not be affected thereby. This Agreement shall be binding on, and shall inure to the benefit of, the
parties hereto and their respective successors and shall be governed by Delaware law.

12. Counterparts. This Agreement may be executed in counterparts by the parties hereto, each of which shall
constitute an original counterpart, and all of which, together, shall constitute one Agreement.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers
designated below as of the day and year first above written.

                            PNC ASSET MANAGEMENT GROUP, INC.

                                By:______________________________

                         BLACKROCK FINANCIAL MANAGEMENT, INC.

                                By:______________________________
                                               EXHIBIT 11(a)

                                         CONSENT OF COUNSEL

We hereby consent to the use of our name and to the reference to our firm under the caption "Counsel" in the
Statement of Additional Information that is included in Post-Effective Amendment No. 24 to the Registration
Statement (File No. 33-26305) on Form N-1A of Compass Capital Funds(R) (formerly, The PNC(R) Fund)
under the Securities Act of 1933 and the Investment Company Act of 1940, respectively. This consent does not
constitute a consent under Section 7 of the Securities Act of 1933, and in consenting to the use of our name and
the reference to our Firm under such caption we have not certified any part of the Registration Statement and do
not otherwise come within the categories of persons whose consent is required under Section 7 or the rules and
regulations of the Securities and Exchange Commission thereunder.

                                                                    /s/ Drinker Biddle & Reath
                                                                -------------------------------
                                                                       DRINKER BIDDLE & REATH




            Philadelphia, Pennsylvania

            December 13, 1996
                                               EXHIBIT 11(b)

                                INDEPENDENT AUDITORS' CONSENT

We consent to the incorporation by reference in this Post-Effective Amendment No. 24 to Registration Statement
No. 33-26305 of Compass Capital Funds (formerly The PNC Fund) on Form N-1A of our reports dated May
22, 1996 and August 7, 1995 on the financial statements of The Multi-Sector Mortgage Securities Portfolio III of
The BFM Institutional Trust, Inc. (the "Trust") appearing in the Annual Reports of the Trust for the period ended
March 31, 1996 and June 30, 1995 insofar as such reports relate to the Statement of Operations for the period
ended March 31, 1996 and the Statement of Changes in Net Assets and Financial Highlights for the periods
ended March 31, 1996 and June 30, 1995.

Deloitte & Touche LLP
New York, New York
December 12, 1996
                                               EXHIBIT 11(b)

                                INDEPENDENT AUDITORS' CONSENT

We consent to the incorporation by reference in this Post-Effective Amendment No. 24 to Registration Statement
No. 33-26305 of Compass Capital Funds (formerly The PNC Fund) on Form N-1A of our report dated August
7, 1995 on the financial statements of the Short Government Bond Portfolio (now known as Low Duration Bond
Portfolio) and the Core Bond Portfolio of The BFM Institutional Trust, Inc. (the "Trust") appearing in the 1996
Annual Report of the Trust insofar as such report relates to the Statements of Changes in Net Assets for the year
ended June 30, 1995 and the Financial Highlights for the year or period ended June 30, 1995, 1994 and 1993.

Deloitte & Touche LLP
New York, New York
December 12, 1996
                             CONSENT OF INDEPENDENT ACCOUNTANTS

We consent to the incorporation by reference of the following reports in this Post-Effective Amendment No. 24
under the Securities Act of 1933, as amended, to this Registration Statement on Form N-1A (No. 33-26305) of
the Compass Capital Funds:

. Our report dated November 22, 1996 for the Compass Capital Funds' Bond Portfolios.

. Our report dated November 22, 1996 for the Compass Capital Funds' Equity Portfolios.

. Our report dated November 15, 1996 for the Compass Capital Funds' Money Market Portfolios.

. Our report dated November 22, 1996 for the Multi- Sector Mortgage Securities Portfolio III.

. Our report dated January 19, 1996 for The U.S.
Large Company Series of The DFA Investment Trust Company.

We also consent to the reference to our Firm under the headings "Miscellaneous - Independent Accountants" and
"Financial Statements" in the Statement of Additional Information.

COOPERS & LYBRAND L.L.P.

2400 Eleven Penn Center
Philadelphia, Pennsylvania
December 13, 1996
THE DFA INVESTMENT TRUST COMPANY

  THE U.S. LARGE COMPANY SERIES

          ANNUAL REPORT

  Ten Months Ended September 30, 1996
              (Unaudited)

     Year Ended November 30, 1995
         - --------------------------------------------------------------------------------
         TABLE OF CONTENTS                           THE DFA INVESTMENT TRUST COMPANY
         - --------------------------------------------------------------------------------

                                                                                      Page

                        Statements of Net Assets.............................X

                        Statements of Operations.............................X

                        Statements of Changes in Net Assets..................

                        Financial Highlights.................................X

                        Notes to Financial Statements........................X




This report is submitted for the information of the Fund's shareholders. It is not authorized for distribution to
prospective investors unless preceded or accompanied by an effective prospectus.
                         THE DFA INVESTMENT TRUST COMPANY
                              STATEMENTS OF NET ASSETS
                           THE U.S. LARGE COMPANY SERIES

                                                     SEPTEMBER 30, 1996     NOVEMBER 30
                                                     ------------------     -----------
                                                         (Unaudited)

                                                     SHARES      VALUE+     SHARES
                                                     ------      ------     ------
COMMON STOCKS - (99.7% and 99.50%, respectively)

 AMP, Inc.........................................    16,904 $ 655,030       4,640    $
 AMR Corp.........................................     6,900    549,413 *    1,800
 AON Corp.........................................     8,250    447,563          -
 AT & T Corp......................................   124,939  6,528,063     34,219   2,
 Abbott Laboratories..............................    60,500  2,979,625     17,100
 Advanced Micro Devices, Inc......................    10,500    154,875 *    2,300
 Aetna, Inc.......................................    11,537    811,916      2,500
 Ahmanson (H.F.) & Co.............................     8,800    246,400      2,500
 Air Products & Chemicals, Inc....................     8,500    495,125      2,500
 Airtouch Communications, Inc.....................     38,300 1,058,038 *   10,700
 Alberto-Culver Co. Class B.......................     2,100     91,088        200
 Albertson's Inc..................................    19,500    821,438      5,500
 Alcan Aluminum, Ltd..............................    17,500    525,000      4,900
 Alco Standard Corp...............................     9,800    488,775      2,200
 Alexander & Alexander Services, Inc..............     3,500     58,188        900
 Allegheny Teledyne, Inc..........................    13,600    307,700 *        -
 Allergan, Inc....................................     4,900    186,813      1,200
 AlliedSignal, Inc................................    21,900  1,442,663      6,100
 Allstate Corp....................................    34,227  1,685,680      9,838
 Alltel Corp......................................    14,500    404,188      4,200
 Aluminium Co. of America.........................    13,700    808,300      3,800
 Alza Corp........................................     6,400    172,000 *    1,600
 Amdahl Corp......................................     9,100     85,881 *    2,600
 Amerada Hess Corp................................     7,100    375,413      2,100
 American Brands, Inc.............................    13,600    574,600      4,200
 American Electric Power Co., Inc.................    14,500    589,063      4,100
 American Express Co..............................    37,400  1,729,750     10,500
 American General Corp............................    16,100    607,775      4,500
 American Greetings Corp. Class A.................     5,700    163,519      1,600
 American Home Products Corp......................    49,300  3,142,875      6,600
 American International Group, Inc................    36,362  3,663,472     10,300
 American Stores Co...............................    11,500    460,000      3,300
 Ameritech Corp...................................    42,900  2,257,613     12,000
 Amgen, Inc.......................................    20,600  1,301,663 *    5,600
 Amoco Corp.......................................    38,400  2,707,200     10,800
 Andrew Corp......................................     4,562    227,530 *      750
 Anheuser-Busch Companies, Inc....................    39,200  1,474,900      5,400
 Apple Computer, Inc..............................     9,700    215,219      2,600
 Applied Materials, Inc...........................     14,000   387,625 *    4,000
 Archer-Daniels Midland Co........................    42,178    811,927     11,692
 Armco, Inc.......................................     8,200     36,900 *    2,300
 Armstrong World Industries, Inc..................     2,800    174,650        900
THE DFA INVESTMENT TRUST COMPANY
THE U.S. LARGE COMPANY SERIES
(CONTINUED)

                                       SEPTEMBER 30, 1996       NOVEMBER 30, 1995
                                       ------------------       -----------------
                                         (Unaudited)

                                       SHARES      VALUE+       SHARES   VALUE+
                                       ------      ------       ------  -------
Asarco, Inc.........................    3,450 $    91,856        1,100 $ 38,912
Ashland, Inc........................    4,900     194,775        1,400   48,825
Atlantic Richfield Co...............   12,300   1,568,250        3,500  379,313
Autodesk, Inc.......................    3,600      93,375        1,200   42,450
Automatic Data Processing, Inc......   22,400     977,200        3,100  246,837
Avery Dennison Corp.................    4,000     222,000        1,200   57,150
Avon Products, Inc..................   10,500     521,063        1,400  101,675
Baker Hughes, Inc...................   10,900     331,088        3,100   63,162
Ball Corp...........................    2,400      58,800          600   17,175
Bally Entertainment Corp............    3,800     107,825   *     1,200  14,550     *
Baltimore Gas & Electric Co.........   11,350     296,519         3,050  81,206     #
Banc One Corp.......................   34,711   1,423,151        8,502  324,139
Bank of Boston Corp.................   12,100     700,288        2,400  111,300
Bank of New York Co., Inc...........   30,000     881,250        4,000  188,500
BankAmerica Corp....................   28,168   2,313,297        8,156  518,926
Bankers Trust New York Corp.........    6,100     479,613        1,800   16,775
Bard (C.R.), Inc....................    4,400     136,950        1,300   37,537
Barnett Banks, Inc..................   14,400     486,000        2,200  132,275
Barrick Gold Corp...................   27,500     690,938        7,800  205,725
Battle Mountain Gold Co.............   17,400     134,850            -        -
Bausch & Lomb, Inc..................    4,400     161,700        1,400   50,575
Bay Networks, Inc...................   14,400     392,400   *        -        -
Baxter International, Inc...........   21,000     981,750        6,100  256,200
Becton Dickinson & Co...............    9,800     433,650        1,600  111,600
Bell Atlantic Corp..................   33,700   2,017,788        9,500  598,500
Bellsouth Corp......................   77,200   2,856,400       21,600  839,700
Bemis Co., Inc......................    4,100     138,888        1,300   33,962
Beneficial Corp.....................    4,300     247,250        1,200   60,900
Bethlehem Steel Corp................    8,700      87,000   *    2,500   35,000     *
Beverly Enterprises.................    7,700      83,738   *    2,000   23,250     *
Biomet, Inc.........................    8,900     144,625   *    2,500   46,094     *
Black & Decker Corp.................    6,800     282,200        2,000   74,750
Block (H.&R.), Inc..................    7,900     235,025        2,400  106,800
Boatmen's Bancshares, Inc...........   12,300     686,494        2,800  108,150
Boeing Co...........................   27,200   2,570,400        7,400  539,275
Boise Cascade Corp..................    3,900     132,600        1,200   44,700
Boston Scientific Corp..............     13,600   782,000   *    3,300  133,650     *
Briggs & Stratton Corp..............    2,300     102,063          800   33,300
Bristol Myers Squibb Co.............   38,900   3,748,988       11,000  882,750
Brown Group, Inc....................        -           -          400    5,600
Brown-Forman Corp. Class B..........    5,300     207,363          900   34,312
Browning-Ferris Industries, Inc.....   16,500     412,500        4,700  141,587
Brunswick Corp......................    7,500     180,000        2,200   47,025
Burlington Northern Santa Fe Corp...   11,637     981,872        3,089  249,051
THE DFA INVESTMENT TRUST COMPANY
THE U.S. LARGE COMPANY SERIES
(CONTINUED)

                                               SEPTEMBER 30, 1996         NOVEMBER 30, 19
                                               ------------------         ---------------
                                                   (Unaudited)

                                                SHARES       VALUE+       SHARES      VALU
                                                ------       ------       ------     -----
Burlington Resources, Inc...................     9,900   $ 439,313         2,800    $107,8
CIGNA Corp..................................     5,800      695,275        1,700     187,0
CPC International, Inc......................    11,100      831,113        3,100     213,1
CSX Corp....................................    16,400      828,200        2,200     192,7
CUC International, Inc......................    19,100      761,613   *    3,800     144,4
Cabletron Systems, Inc......................     5,800      395,850   *    1,500     124,5
Caliber Systems, Inc........................     2,900       46,763            -
Campbell Soup Co............................    19,300    1,505,400        5,500     307,3
Capital Cities ABC, Inc.....................         -            -        3,300     407,9
Carolina Power & Light Co...................    11,600      400,200        3,400     111,7
Case Corp...................................     5,700      277,875            -
Caterpillar, Inc............................    15,100    1,138,163        4,400     270,0
Centex Corp.................................     2,300       75,038          800      26,3
Central & South West Corp...................    16,200      421,200        4,100     110,1
Ceridian Corp...............................     5,200      260,000   *      800      33,6
Champion International Corp.................     7,300      334,888        2,100      98,9
Charming Shoppes, Inc.......................     8,000       47,750   *    2,200       5,1
Chase Manhattan Corp........................    33,996    2,723,930        3,700     225,2
Chemical Banking Corp.......................         -            -        5,298     317,8
Chevron Corp................................    50,800    3,181,350       14,100     696,1
Chrysler Corp...............................    57,600    1,648,800        8,400     435,7
Chubb Corp..................................    13,700      630,200        2,000     194,5
Cincinnati Milacron, Inc....................     3,100       58,513          600      15,6
Cinergy Corp................................    12,293      379,546        3,418     100,8
Circuit City Stores, Inc....................     7,400      267,325        2,200      63,8
Cisco Sytems, Inc...........................    50,000    3,103,125   *    5,900     496,7
Citicorp....................................    37,400    3,389,375        9,000     636,7
Clorox Co...................................     4,100      393,088        1,100      83,3
Coastal Corp................................     8,050      332,063        2,200      73,1
Coca-Cola Co................................   193,300    9,834,138       27,300   2,067,9
Colgate-Palmolive Co........................    11,200      973,000        3,000     219,7
Columbia Gas System, Inc....................     4,200      235,200        1,000      43,2
Columbia/HCA Healthcare Corp................    34,455    1,959,628   #    9,455     488,1
Comcast Corp. Class A Special...............    18,550      286,366        4,200      82,6
Comerica, Inc...............................     8,900      458,350            -
Community Psychiatric Centers...............     3,538       33,169   *      900      10,0
Compaq Computer Corp........................    20,700    1,327,388   *    5,700     282,1
Computer Associates International, Inc......    27,975    1,671,506        5,250     343,8
Computer Sciences Corp......................     5,700      438,188   *    1,300      94,5
Conagra, Inc................................    18,850      928,363        5,350     213,3
Conrail, Inc................................     6,000      434,250        1,700     118,7
Consolidated Edison Co. of New York, Inc...     18,200      505,050        5,100     147,2
Consolidated Freightways, Inc...............     3,500       85,750          800      21,0
Consolidated Natural Gas Co.................     7,100      380,738        2,000      88,7
Cooper Industries, Inc......................     8,200      354,650        2,300      83,9
THE DFA INVESTMENT TRUST COMPANY
THE U.S. LARGE COMPANY SERIES
(CONTINUED)

                                            SEPTEMBER 30, 1996      NOVEMBER 30, 1995
                                            ------------------      -----------------
                                                (Unaudited)

                                            SHARES      VALUE+        SHARES   VALUE+
                                            ------      ------        ------   -------
Cooper Tire & Rubber Co..................    6,600   $ 142,725         1,800 $ 44,325
Coors (Adolph) Co. Class B...............    3,100      68,006         1,000   20,375
Corestates Financial Corp................   17,200     743,900         3,000 116,250
Corning, Inc.............................   17,900     698,100         4,900 147,612
Crane Co.................................    2,400     106,500           500   17,062
Cray Research, Inc.......................        -           -           500   12,000     *
Crown Cork & Seal Co., Inc...............    9,800     452,025         1,900   79,562     *
Cummins Engine Co., Inc..................    3,300     129,938           700   27,475     #
Cyprus Amax Minerals Co., Inc............    7,250     155,875         2,100   57,750
DSC Communications Corp..................    9,000     226,688 *       2,500   98,906     *
DTE Energy Co............................   11,200     313,600             -        -
Dana Corp................................    8,000     242,000         2,100   61,425
Darden Restaurants, Inc..................   12,300     106,088 *       3,400   39,525
Data General Corp........................    3,100      43,400 *       1,000   12,125     *
Dayton-Hudson Corp.......................   16,800     555,400         1,700 123,462
Dean Witter, Discover & Co...............   12,977     713,735         3,566 181,866
Deere & Co...............................   20,300     852,600         5,700 187,387
Dell Computer Corp.......................    7,000     544,250 *           -        -
Delta Air Lines, Inc.....................    6,100     439,200         1,000   77,625
Deluxe Corp..............................    6,300     237,825         1,600   44,200
Detroit Edison Co........................        -           -         3,200 104,400      #
Dial Corp................................        -           -         2,100   56,700
Digital Equipment Corp...................   11,700      418,275 *      3,200 188,400      *
Dillard Department Stores, Inc. Class A..    8,900      287,025        2,300   66,412
Disney (Walt) Co.........................   52,800    3,346,200       11,200 673,400      #
Dominion Resources, Inc. VA..............   13,800      520,950        3,850 152,556
Donnelley (R.R.) & Sons Co...............   11,800      380,550        3,300 126,637
Dover Corp...............................    8,700     415,425          2,400 93,300
Dow Chemical Co..........................   19,400   1,556,850          5,800 411,075
Dow Jones & Co., Inc.....................    7,400     273,800          1,900 72,913
Dresser Industries, Inc..................   13,900     413,525          3,900 92,137
DuPont (E.I.) de Nemours & Co............   43,300   3,821,225         12,000 798,000
Duke Power Co............................   15,900     741,338         4,500 201,937
Dun & Bradstreet Corp....................   13,000     775,125         3,800 237,025
E G & G, Inc.............................    3,700      66,138         1,300   25,025
EMC Corp. MA.............................   17,900     404,988 *           -        -
Eastern Enterprises......................    1,700      64,175           300     9,750
Eastman Chemical Co......................    6,050     353,169         1,625   106,641
Eastman Kodak Co.........................   26,700   2,095,950         7,400   503,200
Eaton Corp...............................    5,900     356,213         1,800    98,100
Echlin, Inc..............................    4,700     147,463         1,400    51,100
Echo Bay Mines, Ltd......................   10,900      96,056         2,500    25,937
Ecolab, Inc..............................    5,100     172,125         1,300    37,375
Edison International.....................   34,200     611,325             -          -
Emerson Electric Co......................   17,400   1,568,175         4,900   382,200
Engelhard Corp...........................   11,074     254,702         3,037    70,990
THE DFA INVESTMENT TRUST COMPANY
THE U.S. LARGE COMPANY SERIES
(CONTINUED)

                                          SEPTEMBER 30, 1996           NOVEMBER 30, 1995
                                          ------------------           -----------------
                                              (Unaudited)

                                           SHARES         VALUE+       SHARES       VALUE+
                                           ------         ------       ------      -------
Enron Corp.............................    19,400    $   790,550        5,500   $ 206,250
Enserch Corp...........................     5,200        108,550        1,500       23,250
Entergy Corp...........................    17,700        477,900        4,800      133,800
Exxon Corp.............................    96,100      8,000,325       26,900    2,081,387
FMC Corp...............................     2,800        190,050   *      600       44,325   *
FPL Group, Inc.........................    14,300        618,475        4,000      173,500
Federal Express Corp...................     4,400        348,700   *    1,100       82,225   *
Federal Home Loan Mortgage Corp........    13,900      1,360,463        3,800      292,600
Federal National Mortgage Association..    84,600      2,950,425        6,000      657,000
Federal Paper Board Co., Inc...........         -              -        1,000       52,000
Federated Department Stores, Inc.......    16,100        539,350   *    3,900      113,587   *
Fifth Third Bancorp....................     7,800        453,375            -            -
First Bank System, Inc.................    10,800        722,250        2,900      149,712
First Chicago NBD Corp.................    24,393      1,103,783   #    1,800      125,100
First Data Corp........................    17,300      1,412,113        2,500      177,500   #
First Fidelity Bancorp.................         -              -        1,600      117,400
First Interstate Bancorp...............         -              -        1,500      201,000
First Union Corp.......................    22,040      1,471,170        3,600      196,650
Fleet Financial Group, Inc.............    20,364        906,198        3,200      133,600
Fleetwood Enterprises, Inc.............     2,600         79,950          800       19,200
Fleming Companies, Inc.................     2,800         48,650          900       20,812
Fluor Corp.............................     6,400        393,600        1,800      117,000
Ford Motor Co..........................    91,800      2,868,750       23,300      658,225
Foster Wheeler Corp....................     3,250        142,188          600       23,700
Freeport McMoran Copper & Gold, Inc.
 Class B...............................     14,900      465,625         3,000       81,375   *
Fruit of The Loom, Inc. Class A........      5,800      179,800 *       1,300       25,187   *
GPU, Inc...............................      9,200       282,900            -            -
GTE Corp...............................     75,200     2,895,200       21,000      895,125
Gannett Co., Inc.......................     11,000       774,125        2,900      176,900
Gap, Inc...............................     22,300       643,913        3,000      135,750
General Dynamics Corp..................      4,800       330,600        1,200       71,550
General Electric Co....................    128,200    11,666,128       36,400    2,447,900
General Instrument Corp................      9,880       244,530 *          -            -
General Mills, Inc.....................     12,200       736,575        3,400      187,425
General Motors Corp....................     58,700     2,817,600       16,100      780,850
General Public Utilities Corp..........          -              -       2,400       75,900
General RE Corp........................      6,200       878,850        1,900      284,287
General Signal Corp....................      3,800       167,200        1,200       38,700
Genuine Parts Co.......................      9,550       417,813        2,550      102,956
Georgia-Pacific Corp...................      7,000       553,875        2,000      155,500
Giant Food, Inc. Class A...............      4,600       156,400        1,400       45,150
Giddings & Lewis, Inc..................      2,750        32,313          900       14,119
Gillette Co............................     34,700     2,502,738        9,700      503,187
Golden West Financial Corp.............      4,700       274,363        1,200       61,350
Goodrich (B.F.) Co.....................      4,100       185,013          500       35,062
Goodyear Tire & Rubber Co..............     12,100       558,113        3,400      144,075
Grace (W.R.) & Co......................      7,500       562,500        2,200      133,650
THE DFA INVESTMENT TRUST COMPANY
THE U.S. LARGE COMPANY SERIES
(CONTINUED)

                                               SEPTEMBER 30, 1996        NOVEMBER 30, 1995
                                               ------------------        -----------------
                                                   (Unaudited)

                                               SHARES       VALUE+       SHARES      VALUE+
                                               ------       ------       ------     -------
Grainger (W.W.), Inc.......................     4,100     $288,025        1,000     $66,875
Great Atlantic & Pacific Tea Co., Inc......     3,000       77,625          700      15,312
Great Lakes Chemical Corp..................     4,900      279,300        1,500     106,687
Great Western Financial Corp...............    10,600      280,900        3,000      76,500
Green Tree Financial Corp..................    10,500      412,125            -           -
HFS, Inc...................................     9,200      615,250   *        -           -
Halliburton Co.............................     9,000      464,625        2,400     104,100
Handleman Co...............................          -           -          600       3,750
Harcourt General, Inc......................     5,623      310,671        1,423      57,276
Harland (John H.) Co.......................     2,450       73,500          500      10,312
Harnischfeger Industries, Inc..............     3,676      138,769          900      30,488
Harrahs Entertainment, Inc.................     8,000      149,000        2,200      54,725
Harris Corp................................     3,000      195,375          700      40,337
Hasbro, Inc................................     6,650      246,881        1,750      53,375
Heinz (H.J.) Co............................    28,450      960,188        8,100     258,188
Helmerich & Payne, Inc.....................     2,000       87,250          400      10,900
Hercules, Inc..............................     8,300      454,425        2,300     126,212
Hershey Foods Corp.........................    11,800      592,950        1,700     104,975
Hewlett-Packard Co.........................    79,100    3,856,125       11,000     911,625
Hilton Hotels Corp.........................    15,200      431,300        1,000      64,625
Home Depot, Inc............................    37,248    2,118,480       10,366     459,991
Homestake Mining Co........................    11,300      165,263        2,900      47,850
Honeywell, Inc.............................     9,700      612,313        2,900     138,112
Household International, Inc...............     7,400      608,650        2,200     137,500
Houston Industries, Inc....................    20,300      449,138        2,900     132,675
Humana, Inc................................    12,400      251,100   *        -           -
ITT Corp...................................     9,200      401,350   *    2,500     306,563
ITT Hartford Group, Inc....................     9,200      542,800            -           -
ITT Industries, Inc........................     9,000      217,125            -           -
Illinois Tool Works, Inc...................     9,100      656,338        2,400     152,100
Inco, Ltd..................................    13,100      402,825        2,600      92,625
Ingersoll-Rand Co..........................     8,300      394,250        2,400      92,100
Inland Steel Industries, Inc...............     3,900       69,713        1,100      28,737
Intel Corp.................................    63,700    6,079,369       17,800   1,082,463
Intergraph Corp............................    3,700        40,238   *      800      13,800
International Business Machines Corp.......    42,000    5,229,000       12,400   1,198,150
International Flavors & Fragrances, Inc...      8,500      370,813        2,500     127,812
International Paper Co.....................    23,000      977,500        5,400     205,875
Interpublic Group of Companies, Inc........     6,000      283,500        1,800      69,075
James River Corp. of Virginia..............     6,700      185,088   #    1,600      50,400
Jefferson-Pilot Corp.......................     5,450      282,038          850      60,350
Johnson & Johnson..........................   103,300    5,294,125       14,000   1,212,750
Johnson Controls, Inc......................     3,100      232,500          700      48,475
Jostens, Inc...............................     3,200       66,800          800      19,800
THE DFA INVESTMENT TRUST COMPANY
THE U.S. LARGE COMPANY SERIES
(CONTINUED)

                                         SEPTEMBER 30, 1996    NOVEMBER 30, 1995
                                          ------------------   -----------------
                                              (Unaudited)

                                          SHARES    VALUE+     SHARES     VALUE+
                                          ------    ------     ------    -------
K Mart Corp...........................    37,200 $ 381,300      9,900   $ 76,725   #
Kaufman & Broad Home Corp.............     3,100    40,300        600      7,800
Kellogg Co............................    16,500 1,136,438      4,600    351,325
Kerr-McGee Corp.......................     3,800   231,325      1,300     75,238
Keycorp...............................    18,000   792,000      4,900    180,688
Kimberly Clark Corp...................    21,742 1,916,014      3,400    261,375
King World Productions, Inc...........     3,000   110,625 *      600     23,775   *
Knight Ridder, Inc....................     7,600   281,200      1,100     70,950
Kroger Co.............................     9,500   425,125 *    2,600     87,100   *
LSI Logic Corp........................     9,800   227,850 *        -          -
Laidlaw, Inc. Class B Non-Voting......    24,200   266,200      5,000     46,250
Lilly (Eli) & Co......................    42,600 2,747,700      6,000    597,000
Limited, Inc..........................    20,900   399,713      7,600    135,850
Lincoln National Corp.................     8,200   359,775      2,200    102,850
Liz Claiborne, Inc....................     5,600   208,600      1,500     44,063
Lockheed Martin Corp..................    15,457 1,393,062      4,404    323,144
Loews Corp............................     9,100   704,113      1,200    184,200
Longs Drug Stores Corp................     1,700    73,950        300     11,925
Loral Corp............................         -         -      3,700    125,338
Louisiana Land & Exploration Co.......     2,500   131,563        600     23,400
Louisiana-Pacific Corp................     8,300   188,825      2,400     64,800   #
Lowe's Companies, Inc.................    13,400   547,725      3,600    113,400
Luby's Cafeterias, Inc................     1,950    46,800        500     11,000
Lucas Varity P.L.C. Sponsored ADR.....     4,126   162,461 *        -          -
Lucent Technologies, Inc..............     5,000   229,375          -          -
MBNA Corp.............................    17,325   602,044      3,200    129,200
MCI Communications Corp...............    53,300 1,362,481     14,700    392,306
MGIC Investment Corp..................     4,500   303,188          -          -
Mallinckrodt Group, Inc...............     5,700   237,263      1,500     51,188
Manor Care, Inc.......................     4,800   184,200      1,450     47,306
Marriott International, Inc...........    10,000   551,250      2,600     96,850
Marsh & McLennan Companies, Inc.......     5,500   534,188      1,500    130,125
Masco Corp............................    12,300   369,000      3,500    103,250
Mattel, Inc...........................    21,452   555,071      4,800    134,400
May Department Stores Co..............    19,300   938,463      5,400    235,575
Maytag Corp...........................     8,000   156,000      2,400     48,900
McDermott International, Inc..........     4,200    91,350      1,300     23,563
McDonalds Corp........................    54,000 2,558,250 #   15,000    669,375
McDonnell Douglas Corp................    17,200   903,000      2,300    204,988
McGraw-Hill Companies, Inc............     7,700   328,213      1,200    100,500
Mead Corp.............................     4,000   234,500      1,300     74,263
Medtronic, Inc........................    18,100 1,160,663      5,000    274,375
Mellon Bank Corp......................    10,450   619,163      3,100    165,850
Melville Corp.........................     8,000   353,000      2,400     74,700
THE DFA INVESTMENT TRUST COMPANY
THE U.S. LARGE COMPANY SERIES
(CONTINUED)

                                         SEPTEMBER 30, 1996   NOVEMBER 30, 1995
                                         ------------------   -----------------
                                             (Unaudited)

                                         SHARES    VALUE+     SHARES      VALUE+
                                         ------    ------     ------     -------
Mercantile Stores Co., Inc............    2,900 $ 156,600        600    $ 27,900
Merck & Co., Inc......................   94,500 6,650,438     26,800   1,658,250
Meredith Corp.........................    2,300   113,563        700      27,563
Merrill Lynch & Co., Inc..............   13,100   859,688      3,700     205,813
Micron Technology, Inc................   16,100   491,050      4,600     251,850
Microsoft Corp........................   46,400 6,116,100 *   12,700   1,105,694   *
Millipore Corp........................    3,500   138,250        800      29,800
Minnesota Mining & Manufacturing Co...   32,700 2,284,913      9,000     589,500
Mobil Corp............................   30,400 3,518,800      8,700     908,063
Monsanto Co...........................   45,500 1,660,750      2,600     297,700
Moore Corp., Ltd......................    7,800   143,325      2,300      41,113
Morgan (J.P.) & Co., Inc..............   14,600 1,297,575      4,100     321,850
Morgan Stanley Group, Inc.............   11,700   582,075      1,800     155,250
Morrison Knudsen Corp.................        -         -        600       3,600   #
Morton International, Inc.............   11,300   449,175      3,200     110,800
Motorola, Inc.........................   46,200 2,385,075     12,800     784,000
NBD Bancorp, Inc......................        -         -      3,450     132,394
Nacco Industries, Inc. Class A........      600    28,650        100       5,700
Nalco Chemical Co.....................    5,300   192,125      1,500      45,938
National City Corp....................   17,100   720,338      3,200     103,600
National Semiconductor Corp...........   10,600   213,325 *    2,600      55,575   *
National Service Industries, Inc......    3,900   136,500      1,000      32,500
NationsBank Corp......................   23,171 2,012,981      5,824     415,688
Navistar International Corp...........    5,970    50,745 *    1,450      15,769   *
New York Times Class A................    7,700   259,875      2,100      61,950
Newell Co.............................   12,400   372,000      3,400      89,675
Newmont Mining Corp...................    7,615   359,809      1,723      74,304
Niagra Mohawk Power Corp..............   11,100    88,800      3,000      29,625
Nicor, Inc............................    3,900   131,625        900      22,838
Nike, Inc. Class B....................   11,200 1,360,800      2,200     127,600
Noram Energy Corp.....................   10,300   153,213      2,700      21,263
Nordstrom, Inc........................    6,200   235,988      1,900      74,813
Norfolk Southern Corp.................    9,700   886,338      2,900     228,375
Northern States Power Co. MN..........    5,200   242,450      1,300      61,100
Northern Telecom, Ltd.................   19,900 1,149,225      5,500     222,063
Northrop Grumman Corp.................    4,400   353,100      1,000      61,500
Norwest Corp..........................   28,200 1,152,675      6,900     227,700
Novell, Inc...........................   28,200   311,963 *    8,100     136,181   *
Nucor Corp............................    6,800   345,100      2,000      99,750
Nynex Corp............................   33,600 1,461,600      9,200     456,550
Occidental Petroleum Corp.............   24,600   575,025      7,000     154,875   #
Ogden Corp............................        -         -      1,200      25,500
Ohio Edison Co........................   11,700   226,688      3,300      75,075   #
Oneok, Inc............................    2,200    60,500        400       9,400
Oracle Systems Corp...................   50,975 2,169,623 *    9,450     428,203   *
Oryx Energy Co........................    8,100   143,775 *    2,100      27,563   *
THE DFA INVESTMENT TRUST COMPANY
THE U.S. LARGE COMPANY SERIES
(CONTINUED)

                                          SEPTEMBER 30, 1996    NOVEMBER 30, 1995
                                          ------------------    -----------------
                                             (Unaudited)

                                           SHARES    VALUE+     SHARES       VALUE+
                                           ------    ------     ------      -------
Outboard Marine Corp...................         -         -        300   $    6,150
Owens-Corning Fiberglas Corp...........     4,000 $ 147,500 *      900       39,938   *
PECO Energy Co.........................    17,200   408,500      4,800      139,200
PNC Bank Corp..........................    26,250   876,094      5,100      149,175   #
PP &L Resources, Inc...................    12,200   266,875          -            -
PPG Industries, Inc....................    14,700   799,313      4,500      204,188
Paccar, Inc............................     3,060   167,918        760       33,440
PacifiCorp.............................    22,700   468,188      6,200      121,675   #
Pacific Enterprises....................     6,300   190,575      2,000       53,500
Pacific Gas & Electric Co..............    32,100   698,175      9,100      250,250
Pacific Telesis Group..................    33,000 1,109,625      9,300      279,000
Pall Corp..............................     8,766   247,640      2,600       70,525
Panenergy Corp.........................    11,500   398,188          -            -
Panhandle Eastern Corp.................         -         -      3,100       87,963   #
Parker-Hannifin Corp...................     5,650   237,300      1,500       55,125
Penney (J.C.) Co., Inc.................    17,400   941,775      4,800      225,000
Pennzoil Co............................     3,500   185,063      1,000       39,625
Peoples Energy Corp....................     2,600    88,400        700       21,350
Pep Boys -- Manny, Moe & Jack..........     4,800   171,000      1,400       37,100
Pepsico, Inc...........................   121,700 3,438,025     17,100      944,775   #
Perkin Elmer Corp......................     3,500   202,563      1,100       39,600
Pfizer, Inc............................    49,700 3,932,513     13,600      788,800
Pharmacia & Upjohn, Inc................    39,380 1,624,425      5,365      192,469
Phelps Dodge Corp......................     5,100   327,038      1,600      108,600
Philip Morris Companies, Inc...........    64,100 5,752,975     18,200    1,597,050
Phillips Petroleum Co..................    20,300   867,825      5,700      189,525
Pioneer Hi-Bred International, Inc.....     6,300   381,150      1,800      103,050
Pitney Bowes, Inc......................    11,500   606,625      3,200      143,200
Pittston Co. Services Group............         -         -        700       21,350
Placer Dome, Inc.......................    18,500   437,063      5,300      131,175
Polaroid Corp..........................     3,700   162,800        800       36,900
Potlatch Corp..........................     2,300    89,125        600       24,225
Praxair, Inc...........................    11,800   507,400      3,000       87,375
Premark International, Inc.............         -         -      1,300       66,300
Price/Costco, Inc......................    15,203   312,612 *    4,165       69,503   *
Procter & Gamble Co....................    53,416 5,208,060     14,900    1,286,988
Providian Corp.........................     7,200   309,600      2,200       88,275
Public Service Enterprise Group, Inc...    18,900   505,575      5,200      154,050
Pulte Corp.............................     1,900    48,688        700       21,525
Quaker Oats Co.........................    10,400   380,900      3,000      104,250
Ralston Purina Group...................     8,100   554,850      2,300      147,200
Raychem Corp...........................     3,400   255,000        900       46,800
Raytheon Co............................    18,500 1,029,063      5,600      249,200
Reebok International, Ltd..............     4,800   166,800      1,600       41,600
Republic New York Corp.................     4,300   297,238      1,200       75,600
Reynolds Metals Co.....................     4,900   250,513      1,500       86,625
Rite Aid Corp..........................     6,400   232,000      1,900       59,375
THE DFA INVESTMENT TRUST COMPANY
THE U.S. LARGE COMPANY SERIES
(CONTINUED)

                                             SEPTEMBER 30, 1996      NOVEMBER 30, 1995
                                             ------------------      ------------------
                                                (Unaudited)


                                          SHARES        VALUE+       SHARES        VALUE+
                                          ------        ------       ------        ------
Roadway Services, Inc..................        -            -           700   $    35,175
Rockwell International Corp............   16,900    $ 952,738         4,800       235,200
Rohm & Haas Co.........................    5,000       327,500        1,600        96,400
Rowan Companies, Inc...................    6,700       124,788        2,000        15,000
Royal Dutch Petroleum Co...............   41,700     6,510,413       11,500     1,476,313
Rubbermaid, Inc........................   11,600       284,200        3,500        96,250
Russell Corp...........................    3,100        99,975          700        18,638
Ryans Family Steak Houses, Inc.........    4,200        31,631   *    1,300         9,669
Ryder System, Inc......................     6,000      177,750        1,700        40,588
SBC Communications, Inc................    47,500    2,285,938       13,100       707,400
SCE Corp...............................        -            -         9,800       153,125
Safeco Corp............................    9,700      338,288         1,400        99,663
Safety Kleen Corp......................    4,500       74,250         1,300        18,525
Saint Jude Medical, Inc................    6,050      244,647    *    1,800        71,213
Saint Paul Companies, Inc..............    6,500      360,750         1,700        95,200
Salomon, Inc...........................    8,000      365,000         2,400        87,300
Santa Fe Energy Resources, Inc.........    7,080      100,890    *    2,100        19,425
Santa Fe Pacific Corp..................   10,054      125,675         2,803        33,636
Sara Lee Corp..........................   37,200    1,329,900        10,300       332,175
Schering-Plough Corp...................   28,400    1,746,600         8,200       470,475
Schlumberger, Ltd......................   18,800    1,588,600         5,100       323,850
Scientific-Atlanta, Inc................    5,800       92,075         1,500        23,813
Scott Paper Co.........................        -            -         3,400       194,225
Seagate Technology, Inc................    8,000      447,000    *        -             -
Seagram Co., Ltd.......................   28,800    1,076,400         8,200       299,300
Sears, Roebuck & Co....................   30,200    1,351,450         8,400       330,750
Service Corp. International............   18,200      550,550         1,950        79,219
Shared Medical Systems Corp............    1,900      107,944           700        30,231
Shawmut National Corp..................        -            -         2,600        97,500
Sherwin-Williams Co....................    6,500      301,438         1,800        71,325
Shoney's, Inc..........................    3,900       35,588    *      700         7,525
Sigma-Aldrich Corp.....................    3,900      223,031         1,200        59,250
Silicon Graphics, Inc..................   12,700      280,988    *    3,500       127,750
Snap-On, Inc...........................    6,300      202,388         1,000        44,250
Sonat, Inc.............................    6,700      296,475         1,700        54,825
Southern Co............................   51,700    1,169,713        14,400       329,400
Southwest Airlines Co..................   11,100      253,913         3,200        80,000
Springs Industries, Inc. Class A.......    1,450       64,525           600        25,200
Sprint Corp............................   33,600    1,306,200         7,400       296,000
Stanley Works..........................    6,700      188,438           800        40,500
Stone Container Corp...................    7,700      120,313         2,114        33,031
Stride Rite Corp.......................    3,900       35,100         1,000         8,750
Sun Company, Inc.......................    5,800       133,400        1,600        44,400
Sun Microsystems.......................   14,020       870,116   *    2,200       185,350
Suntrust Banks, Inc....................   17,600       721,600        2,600       177,450
Supervalu, Inc.........................    5,200       143,000        1,600        51,600
Sysco Corp.............................   13,900       467,388        3,800       116,375
THE DFA INVESTMENT TRUST COMPANY
THE U.S. LARGE COMPANY SERIES
(CONTINUED)

                                      SEPTEMBER 30, 1996       NOVEMBER 30, 1995
                                      ------------------       -----------------
                                          (Unaudited)

                                      SHARES     VALUE+        SHARES   VALUE+
                                      ------     ------        ------   -------

TJX Companies, Inc.................    5,500 $ 197,313          1,600 $ 26,600
TRW, Inc...........................    5,000    465,000         1,300   97,338
Tandem Computers, Inc..............    9,000     96,750    *    2,400   30,000 *
Tandy Corp.........................    4,615    186,331         1,515   72,152
Tektronix, Inc.....................    2,600    106,275           900   48,488
Tele-Communications, Inc. Class A..   50,400    752,850    *   12,300  228,319 *
Teledyne, Inc......................        -          -         1,300   31,525
Tellabs, Inc.......................    6,800    480,250    *    2,000   79,000 *
Temple-Inland, Inc.................    4,200    221,550         1,300   58,988
Tenet Healthcare Corp..............   16,500    367,125    *     4,400  78,650 *
Tenneco, Inc.......................   13,500    676,688         3,900  187,200
Texaco, Inc........................   20,400  1,876,800         5,700  421,800
Texas Instruments, Inc.............   14,700    810,338         4,000  231,500
Texas Utilities Co.................   17,500    693,438         4,900  188,650
Textron, Inc.......................    6,400    544,000         2,000  153,250
Thomas & Betts Corp................    3,300    135,300           400   29,350
Three COM Corp.....................   13,000    780,813    *        -        -
Time Warner, Inc...................   30,260  1,168,793         8,360  334,400
Times Mirror Co. Class A...........    8,100    360,450         2,400   78,000
Timken Co..........................    2,500     98,125           500   20,188
Torchmark Corp.....................    5,450    250,019         1,550   65,875
Toys 'R' Us, Inc...................   21,100    614,538    *    6,000  139,500 *
Transamerica Corp..................    5,200    363,350         1,400  107,275
Travelers Group, Inc...............   36,448  1,790,508         6,852  407,694
Tribune Co.........................    4,700    366,600         1,300   83,850
Trinova Corp.......................    2,300     72,450           800   24,600
Tupperware Corp....................    4,700    230,300    *        -        -
Tyco International, Ltd............   11,900    513,188         3,600  112,950
UNUM Corp..........................    5,700    365,513         1,700   92,013
US Bancorp.........................   12,400    489,800         2,150   72,966
US Healthcare, Inc.................        -          -         3,600  164,025
US West, Inc.......................   36,700  1,091,825        10,100  315,625
US West, Inc. Media Group Class....   36,300    612,563    *   20,200 363,600 *
USAir Group, Inc...................    4,800     79,200    *    1,400  18,725 *
USF&G Corp.........................    9,100    168,350         2,300   39,675
USLIFE Corp........................    2,725     81,750           750   21,656
UST, Inc...........................   15,200    450,300         4,300  140,288
USX-Marathon Group, Inc............   22,200    480,075         6,300  115,763
USX-US Steel Group.................    6,320    180,120         1,620   52,853
Unicom Corp., Inc..................   16,700    419,588         4,500  144,000
Unilever NV........................   12,500  1,970,313         3,500  465,063
Union Camp Corp....................    5,400    263,925         1,400   68,775
Union Carbide Corp.................   10,200    465,375         3,100  122,838
Union Electric Co..................    7,800    287,625         2,300   92,288
Union Pacific Corp.................    19,000 1,391,750    #    4,300 291,325
THE DFA INVESTMENT TRUST COMPANY
THE U.S. LARGE COMPANY SERIES
(CONTINUED)

                                               SEPTEMBER 30, 1996       NOVEMBER 30, 1
                                               ------------------       --------------
                                                   (Unaudited)

                                               SHARES       VALUE+     SHARES         VAL
                                               ------       ------     ------         ---


 Unisys Corp................................    13,200 $    80,850 *    3,800       $ 24,
 United Healthcare Corp.....................    14,200     591,075      3,700        232,
 United States Surgical Corp................     4,900     208,250      1,100         27,
 United Technologies Corp...................     9,300   1,117,163      2,600        243,
 Unocal Corp................................    19,100     687,600      5,500        147,
 VF Corp....................................     4,900     294,613      1,300         67,
 Varity Corp................................         -           -      1,000         38,
 Viacom, Inc. Class B.......................    28,534   1,012,957 *    6,221        300,
 WMX Technologies, Inc......................    38,000   1,249,250     10,400        306,
 Wachovia Corp..............................    12,900     638,550      3,800        171,
 Wal-Mart Stores, Inc.......................   177,900   4,692,113     49,600      1,190,
 Walgreen Co................................    19,100     706,700      5,500        160,
 Warner-Lambert Co..........................    21,000   1,386,000      2,900        258,
 Wells Fargo & Co...........................     7,399   1,923,740        900        189,
 Wendy's International, Inc.................     9,700     208,550      2,300         47,
 Western Atlas, Inc.........................     4,100     255,225 *    1,300         62,
 Westinghouse Electric Corp.................    32,100     597,863      7,900        133,
 Westvaco Corp..............................     7,750     229,594      2,150         58,
 Weyerhaeuser Co............................    15,400     710,325      4,500        203,
 Whirlpool Corp.............................     5,700     288,563      1,500         83,
 Whitman Corp...............................     8,300     191,938      2,400         52,
 Williamette Industries, Inc................     4,300     280,575      1,200         72,
 Williams Companies, Inc....................     7,957     405,807      2,300         96,
 Winn-Dixie Stores, Inc.....................    11,700     408,038      1,600        102,
 Woolworth Corp.............................    10,300     212,438 *    2,800         42,
 Worldcom, Inc..............................    29,920     643,280 *        -
 Worthington Industries, Inc................     6,875     138,789      2,075         40,
 Wrigley (Wm.) Jr. Co.......................     8,900     536,225      2,600        122,
 Xerox Corp.................................     25,000 1,340,625 *      2,300       315,
 Yellow Corp................................     2,300      30,188         800         9,
 Zurn Industries, Inc.......................         -           -        200          4,
                                                       ----------                 -------
TOTAL COMMON STOCKS (Cost $299,439,341 and
 $68,158,757, respectively).................            404,182,897              $96,600,
                                                        -----------              --------
THE DFA INVESTMENT TRUST COMPANY

THE U.S. LARGE COMPANY SERIES

STATEMENTS OF OPERATIONS

(AMOUNTS IN THOUSANDS)

                                                                     TEN MONTH      YEAR
                                                                       ENDED       ENDED
                                                                     SEPT. 30,      NOV. 30,
                                                                      1996           1995
                                                                     -------        -------
                                                                     (UNAUDITED)

         INVESTMENT INCOME
          Dividends..............................................      $ 3,964     $ 1,944
          Interest...............................................           78          40
          Income From Securities Lending.........................            6           -
                                                                       -------     -------

         Total Investment Income                                          4,048       1,984
                                                                        -------     -------

         EXPENSES
          Investment Advisory Services...........................            44          19
          Accounting & Transfer Agent Fees.......................            56          75
          Custodian's Fee........................................            48          29
          Legal Fees.............................................            58           2
          Audit Fees.............................................             6           2
          Shareholders' Reports..................................             3           3
          Trustees' Fees and Expenses............................             1           1
          Other..................................................            10           7
                                                                        -------     -------

                  Total Expenses                                           226         138

          Less:   Expenses Reimbursed.............................            -        (119)
                                                                        -------     -------

          Net Expenses...........................................           226          19
                                                                        -------     -------

         NET INVESTMENT INCOME                                            3,822       1,965
                                                                        -------     -------

         NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

         Net Realized Gain on Investment Securities..............          709         172

         Change in Unrealized Appreciation (Depreciation)
          of Investment Securities...............................        21,479      21,274
                                                                        -------     -------

          NET GAIN ON INVESTMENT SECURITIES......................        22,188      21,446
                                                                        -------     -------

         NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS....      $26,010     $23,411
                                                                       =======     =======




See accompanying Notes to Financial Statements
THE DFA INVESTMENT TRUST COMPANY

THE U.S. LARGE COMPANY SERIES

STATEMENTS OF CHANGES IN NET ASSETS

(AMOUNTS IN THOUSANDS)

                                                                   TEN MONTHS    YEAR          YEAR
                                                                     ENDED      ENDED         ENDED
                                                                   SEPT. 30,    NOV. 30,      NOV. 30,
                                                                     1996       1995          1994
                                                                   --------    -------       -------
                                                                   (UNAUDITED)
   INCREASE (DECREASE) IN NET ASSETS
   Operations:
     Net Investment Income.................................          $   3,822    $ 1,965     $ 1,224
     Net Realized Gain (Loss) on Investment Securities....                 709        172         (43)
     Change in Unrealized Appreciation
    (Depreciation) of Investment Securities................            21,479      21,274        (687)
                                                                     --------     -------     -------

     Net Increase in Net Assets Resulting from Operations..            26,010      23,411         494
                                                                     --------     -------     -------

   Distributions From:
     Net Investment Income.................................            (1,215)     (1,886)     (1,252)
     Net Realized Gains....................................              (685)          -         (33)
                                                                     --------     -------     -------

     Total Distributions...................................            (1,900)     (1,886)     (1,285)
                                                                     --------     -------     -------

   Capital Share Transactions (1):
     Shares Issued.........................................            32,324      31,424      16,588
     Shares Issued in Lieu of Cash Distributions...........             1,744       1,585       1,173
     Shares Redeemed.......................................           (10,535)     (6,073)     (6,166)
                                                                     --------     -------     -------

     Net Increase from Capital Share Transactions..........            23,533      26,936      11,595
                                                                     --------     -------     -------

   Transactions in Interest (1):
     Contributions.........................................           283,520           -           -
     Withdrawals...........................................           (23,076)          -           -
                                                                     --------     -------     -------
   Net Increase from Transactions in Interest                         260,444           -           -
                                                                     --------     -------     -------

     Total Increase........................................           308,087      48,461      10,804
   NET ASSETS
     Beginning of Period...................................            97,118      48,657      37,853
                                                                     --------     -------     -------
     End of Period.........................................          $405,205     $97,118     $48,657
                                                                     ========     =======     =======

   (1) SHARES ISSUED AND REDEEMED:
     Shares Issued.........................................             2,257       2,738       1,612
     Shares Issued in Lieu of Cash Distributions...........               121         135         114
     Shares Redeemed.......................................              (754)       (484)       (597)
                                                                     --------     -------     -------
                                                                        1,624       2,389       1,129
                                                                     --------     -------     -------




(1) Capital Share Transaction and Shares Issued and Redeemed are reported through May 31, 1996. Effective
June 1, 1996, the Series was reorganized as a partnership.

See accompanying Notes to Financial Statements
                             THE DFA INVESTMENT TRUST COMPANY

                                 THE U.S. LARGE COMPANY SERIES

                                       FINANCIAL HIGHLIGHTS

                   (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

                                                    TEN MONTHS        YEAR            YEAR          FEB. 8
                                                       ENDED         ENDED           ENDED            TO
                                                     SEPT. 30,      NOV. 30,        NOV. 30,       NOV. 30,
                                                       1996           1995            1994           1993
                                                    -----------   ------------    ------------    -----------
                                                    (UNAUDITED)

Net Asset Value, Beginning of Period (2)...           $ 13.48       $ 10.11         $ 10.27       $ 10.00
                                                      --------      -------         -------       --------

Income from Investment Operations (2)
- -------------------------------------------
  Net Investment Income ...................               0.15         0.30            0.28            0.24
  Net Gains (Losses) on Securities
   (Realized and Unrealized)...............               1.41         3.36           (0.14)          0.26
                                                      --------      -------         -------       --------

  Total from Investment Operations.........               1.56         3.66            0.14           0.50
                                                      --------      -------         -------       --------


Less Distributions (2)
- -------------------------------------------
  Net Investment Income....................              (0.16)       (0.29)          (0.29)         (0.23)
  Net Realized Gains.......................              (0.08)           -           (0.01)             -
                                                      --------      -------         -------       --------

  Total Distributions......................              (0.24)       (0.29)          (0.30)         (0.23)
                                                      --------      -------         -------       --------


Net Asset Value, End of Period (2).........           $ 14.80       $ 13.48         $ 10.11       $ 10.27
                                                      ========      =======         =======       ========

Total Return (2)...........................            11.60%#        36.77%           1.30%         5.05%#

Net Assets, End of Period (thousands)......    $405,205    $97,118       $48,657      $ 37,853
Ratio of Expenses to Average Net Assets....      0.13%*       0.02%(a)      0.02%(a)    0.02%*(a)
Ratio of Net Investment Income to Average
 Net Assets................................      2.15%*       2.61%(a)      2.83%(a)    2.87%*(a)
Portfolio Turnover Rate....................     11.64%*       2.38%         8.52%      34.36%*
Average Commission Rate (1)................    $ 0.0216        N/A           N/A           N/A
- -------------------------------------------------------------------------------------------------




                                                 *Annualized

                                              #Non-Annualized

(1) Computed by dividing the total amount of brokerage commissions paid by the total shares of investment
securities purchased and sold during the period for which commissions were charged, as required by the SEC for
fiscal years beginning after September 1, 1995.
(2) Items calculated through May 31, 1996. Effective June 1, 1996, the Series was reorganized as a partnership,
and these items are no longer applicable.
(a) Had certain reimbursements not been in effect the ratios of expenses to average net assets for the periods
ended November 30, 1995, 1994 and 1993 would have been 0.18%, 0.33% and 0.48%, respectively, and the
ratios of net investment income to average net assets for the periods ended November 30, 1995, 1994 and
1993, would have been 2.45%, 2.52% and 2.41%, respectively.
See accompanying Notes to Financial Statements
                               THE DFA INVESTMENT TRUST COMPANY

                                  NOTES TO FINANCIAL STATEMENTS
                                            (UNAUDITED)

                                              A. ORGANIZATION:

The DFA Investment Trust Company (the "Trust") is an open-end management investment company registered
under the Investment Company Act of 1940. At September 30, 1996, The Trust consisted of fifteen investment
portfolios: The U.S. 6-10 Small Company Series, The U.S. Large Company Series, The Enhanced U.S. Large
Company Series, The U.S. Small Cap Value Series, The U.S. Large Cap Value Series, The DFA One-Year
Fixed Income Series, The DFA Two-Year Corporate Fixed Income Series, The DFA Two-Year Government
Series, The Japanese Small Company Series, The Pacific Rim Small Company Series, The United Kingdom
Small Company Series, The Continental Small Company Series, The DFA International Value Series, The
Emerging Markets Series and The DFA Two-Year Global Fixed Income Series. At November 30, 1995, The
DFA Two-Year Corporate Fixed Income Series, The DFA Two-Year Government Series, The Japanese Small
Company Series, The Pacific Rim Small Company Series, The United Kingdom Small Company Series, The
Continental Small Company Series and The DFA Two-Year Global Fixed Income Series had not yet
commenced operations. These financial statements relate solely to The U.S. Large Company Series (the
"Series").

On June 1, 1996, the Series was reorganized from an entity taxed as a corporation to an entity taxed as a
partnership for income tax purposes. This reorganization was accomplished by an amendment to the organization
document of the Series which for income tax purposes was treated as a liquidation of the Series, immediate
distribution of its assets to its sole shareholder at May 31, 1996, which was The U.S. Large Company Portfolio
(the "Portfolio") and subsequent contribution of those assets from the Portfolio, along with a nominal contribution
from the Advisor to this Series to create the partnership.

On June 2, 1996, an unrelated investment company contributed assets valued at $225,957,696 to the Series in
exchange for a 63.4% interest in the Series. The total net assets of the Series increased to $356,632,854
immediately following this transaction.

These transactions are expected to be tax-free events to all parties involved based on rulings obtained from the
Internal Revenue Service.

For financial reporting purposes, the Series continues to exist and as such, will maintain all of its previous
operating history throughout the financial statements.

                                B. SIGNIFICANT ACCOUNTING POLICIES:

The following significant accounting policies are in conformity with generally accepted accounting principles for
investment companies. Such policies are consistently followed by the Trust in preparation of its financial
statements. The preparation of financial statements in accordance with generally accepted accounting principles
may require management to make estimates and assumptions that affect the reported amounts and disclosures in
the financial statements. Actual results could differ from those estimates.

1. Security Valuation: Securities held by the Series which are listed on a securities exchange and for which market
quotations are readily available are valued at the last quoted sale price of the day, or if there is no such reported
sale, at the mean between the most recent bid and asked prices. Price information on listed securities is taken
from the exchange where the security is primarily traded. Unlisted securities for which market quotations are
readily available are valued at the mean between the most recent bid and asked prices. The value of securities for
which no quotations are readily available are determined in good faith at fair value using methods determined by
the Board of Directors.
2. Federal Income Taxes: Prior to June 1, 1996, the Series qualified as a regulated investment company and
distributed all of its taxable income. Accordingly, no provision for federal taxes was required in the financial
statements prior to that time. Effective June 1, 1996, the Series is treated as a partnership for federal income tax
purposes. Any interest, dividends and gains or losses of the Series will be deemed to have been "passed through"
to its Feeder Funds.

3. Repurchase Agreements: The Series may purchase money market instruments subject to the seller's agreement
to repurchase them at an agreed upon date and price. The seller will be required on a daily basis to maintain the
value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest).
The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry
system or with the Fund's custodian or a third party sub-custodian. All repurchase agreements were entered into
on September 30, 1996 or November 30, 1995.

4. Other: Security transactions are accounted for on the date the securities are purchased or sold. Costs used in
determining realized gains and losses on the sale of investment securities are those of specific securities sold.
Dividend income and distributions to shareholders are recorded on the ex-dividend date. Interest income is
recorded on the accrual basis. Expenses directly attributable to a Series are directly charged. Common expenses
are allocated using methods determined by the Board of Directors.

C. INVESTMENT ADVISOR:

Dimensional Fund Advisors Inc. (the "Advisor") provides investment advisory services to the Series. For the ten
months ended September 30, 1996 and the year ended November 30, 1995, the Series' advisory fees were
computed daily and paid monthly to the Advisor based on an effective annual rate of 0.025 of 1%.

Through November 30, 1995, the Advisor had agreed to bear all of the ordinary operating expenses of the
Series except for the advisory fee. Effective December 1, 1995, the Series is obligated to bear all of its expenses
including its advisory fee.

Certain officers of the Series are also officers, directors and shareholders of the Advisor.

D. PURCHASES AND SALES OF SECURITIES:

The Series made the following purchases and sales of investment securities (amounts in thousands):

                                                       Ten Months                Year
                                                         Ended                   Ended
                                                       Sept. 30,                Nov. 30,
                                                         1996                    1995
                                                      ----------              -----------
                                                       (Unaudited)

                          Purchases...........         $250,332                 $26,675
                          Sales...............           20,037                   1,770
E. INVESTMENT TRANSACTIONS:

The gross unrealized appreciation and depreciation for financial reporting and federal income tax purposes of
investment securities was as follows (amounts in thousands):

                                                                 Ten Months        Year
                                                                    Ended          Ended
                                                                  Sept. 30,      Nov. 30,
                                                                    1996           1995
                                                                 -----------     ---------
                                                                 (Unaudited)

                         Gross Unrealized Appreciation..            $109,728       $28,997
                         Gross Unrealized Depreciation..              (4,984)         (555)
                                                                    --------       -------
                         Net............................            $104,744       $28,442
                                                                    ========       =======




At November 30, 1995, the Series had a capital loss carryover of approximately $172,000 for federal income
tax purposes expiring on November 30, 2001.

F. COMPONENTS OF NET ASSETS:

At November 30, 1995, net assets consisted of (amounts in thousands):

                             Paid-In Capital........................           $69,255
                             Undistributed Net Investment Income....                97
                             Undistributed Net Realized Gain........              (676)
                             Unrealized Appreciation of Investment
                              Securities............................            28,442
                                                                               -------
                                                                               $97,118
                                                                               =======




G. SECURITIES LENDING

Loans of domestic securities are required at all times to be secured by collateral at least equal to 102% of the
market value of the securities on loan. However, in the event of default or bankruptcy by the other party to the
agreement, realization and/or retention of the collateral may be subject to legal proceedings. In the event that the
borrower fails to return loaned securities, and cash collateral being maintained by the borrower is insufficient to
cover the value of loaned securities, and provided such collateral insufficiency is not the result of investment
losses, the lending agent has agreed to pay the amount of the shortfall to the Series or, at the option of the lending
agent, replace the loaned securities. The market value of securities on loan to brokers from the Series and the
related collateral cash, and indemnification received as follows:

                                                                      Ten Months         Year
                                                                      -----------     -----------
                                                                         Ended           Ended
                                                                       Sept. 30,       Nov. 30,
                                                                         1996            1995
                                                                      -----------     -----------
                                                                      (Unaudited)

                  Value of Securities on Loan..............             $3,808,137    $6,064,020

                  Value of Collateral and Indemnification..              3,884,300     6,262,200
                             REPORT OF INDEPENDENT ACCOUNTANTS

                    TO THE SHAREHOLDERS AND BOARD OF DIRECTORS OF
                          THE DFA INVESTMENT TRUST COMPANY:

We have audited the accompanying statement of net assets of The U.S. Large Company Series of The DFA
Investment Trust Company as of November 30, 1995, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the period then ended, and the
financial highlights for each of the periods presented. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an opinion of these financial statements
and financial highlights based on our audits.

We conducted our audits in accordance with generally accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial
highlights are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosure in the financial statements. Our procedures included confirmation of investments owned
as of November 30, 1995, by correspondence with the custodians and brokers. An audit also includes assessing
the accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all materials
respects, the financial position of The U.S. Large Company Series of The DFA Investment Trust Company as of
November 30, 1995, and the results of its operations for the year then ended, the changes in its net assets for
each of the two years in the period then ended, and its financial highlights for each of the periods presented, in
conformity with generally accepted accounting principles.

                                       COOPERS & LYBRAND L.L.P.

2400 Eleven Penn Center
Philadelphia, Pennsylvania
January 19, 1996
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 011
NAME: MONEY MARKET PORTFOLIO INSTITUTIONAL CLASS



PERIOD TYPE                                            6 MOS
FISCAL YEAR END                                    SEP 30 1996
PERIOD END                                         SEP 30 1996
INVESTMENTS AT COST                                2324428538
INVESTMENTS AT VALUE                               2324428538
RECEIVABLES                                          11294664
ASSETS OTHER                                            549002
OTHER ITEMS ASSETS                                             0
TOTAL ASSETS                                       2336272204
PAYABLE FOR SECURITIES                                   75147
SENIOR LONG TERM DEBT                                          0
OTHER ITEMS LIABILITIES                              11165667
TOTAL LIABILITIES                                    11240814
SENIOR EQUITY                                                  0
PAID IN CAPITAL COMMON                             2324992540
SHARES COMMON STOCK                                2325064818
SHARES COMMON PRIOR                                1858408030
ACCUMULATED NII CURRENT                                        0
OVERDISTRIBUTION NII                                           0
ACCUMULATED NET GAINS                                    38850
OVERDISTRIBUTION GAINS                                         0
ACCUM APPREC OR DEPREC                                         0
NET ASSETS                                         2325031390
DIVIDEND INCOME                                                0
INTEREST INCOME                                     132608905
OTHER INCOME                                                   0
EXPENSES NET                                         12114934
NET INVESTMENT INCOME                               120493971
REALIZED GAINS CURRENT                                  143906
APPREC INCREASE CURRENT                                        0
NET CHANGE FROM OPS                                 120637877
EQUALIZATION                                                   0
DISTRIBUTIONS OF INCOME                             120493971
DISTRIBUTIONS OF GAINS                                         0
DISTRIBUTIONS OTHER                                            0
NUMBER OF SHARES SOLD                              8043653882
NUMBER OF SHARES REDEEMED                          7589667400
SHARES REINVESTED                                    12670306
NET CHANGE IN ASSETS                                466645644
ACCUMULATED NII PRIOR                                          0
ACCUMULATED GAINS PRIOR                                (22284)
OVERDISTRIB NII PRIOR                                          0
OVERDIST NET GAINS PRIOR                                       0
GROSS ADVISORY FEES                                   9874178
INTEREST EXPENSE                                               0
GROSS EXPENSE                                        20735731
AVERAGE NET ASSETS                                 2367076465
PER SHARE NAV BEGIN                                        1.00
PER SHARE NII                                              .053
PER SHARE GAIN APPREC                                          0
PER SHARE DIVIDEND                                         .053
PER SHARE DISTRIBUTIONS                                        0
RETURNS OF CAPITAL                                             0
PER SHARE NAV END                                          1.00
EXPENSE RATIO                                                .29
AVG DEBT OUTSTANDING                                           0
AVG DEBT PER SHARE                                             0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 012
NAME: MONEY MARKET PORTFOLIO SERVICE CLASS



PERIOD TYPE                                      6 MOS
FISCAL YEAR END                              SEP 30 1996
PERIOD END                                   SEP 30 1996
INVESTMENTS AT COST                          2324428538
INVESTMENTS AT VALUE                         2324428538
RECEIVABLES                                    11294664
ASSETS OTHER                                      549002
OTHER ITEMS ASSETS                                       0
TOTAL ASSETS                                 2336272204
PAYABLE FOR SECURITIES                             75147
SENIOR LONG TERM DEBT                                    0
OTHER ITEMS LIABILITIES                        11165667
TOTAL LIABILITIES                              11240814
SENIOR EQUITY                                            0
PAID IN CAPITAL COMMON                       2324992540
SHARES COMMON STOCK                          2325064818
SHARES COMMON PRIOR                          1858408030
ACCUMULATED NII CURRENT                                  0
OVERDISTRIBUTION NII                                     0
ACCUMULATED NET GAINS                              38850
OVERDISTRIBUTION GAINS                                   0
ACCUM APPREC OR DEPREC                                   0
NET ASSETS                                   2325031390
DIVIDEND INCOME                                          0
INTEREST INCOME                               132608905
OTHER INCOME                                             0
EXPENSES NET                                   12114934
NET INVESTMENT INCOME                         120493971
REALIZED GAINS CURRENT                            143906
APPREC INCREASE CURRENT                                  0
NET CHANGE FROM OPS                           120637877
EQUALIZATION                                             0
DISTRIBUTIONS OF INCOME                       120493971
DISTRIBUTIONS OF GAINS                                   0
DISTRIBUTIONS OTHER                                      0
NUMBER OF SHARES SOLD                        8043653882
NUMBER OF SHARES REDEEMED                    7589667400
SHARES REINVESTED                              12670306
NET CHANGE IN ASSETS                          466645644
ACCUMULATED NII PRIOR                                    0
ACCUMULATED GAINS PRIOR                          (22284)
OVERDISTRIB NII PRIOR                                    0
OVERDIST NET GAINS PRIOR                                 0
GROSS ADVISORY FEES                             9874178
INTEREST EXPENSE                                         0
GROSS EXPENSE                                  20735731
AVERAGE NET ASSETS                           2367076465
PER SHARE NAV BEGIN                                  1.00
PER SHARE NII                                        .050
PER SHARE GAIN APPREC                                    0
PER SHARE DIVIDEND                                   .050
PER SHARE DISTRIBUTIONS                                  0
RETURNS OF CAPITAL                                       0
PER SHARE NAV END                                    1.00
EXPENSE RATIO                                          .59
AVG DEBT OUTSTANDING                                     0
AVG DEBT PER SHARE                                       0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 013
NAME: MONEY MARKET PORTFOLIO INVESTOR A CLASS



PERIOD TYPE                                         6 MOS
FISCAL YEAR END                                 SEP 30 1996
PERIOD END                                      SEP 30 1996
INVESTMENTS AT COST                             2324428538
INVESTMENTS AT VALUE                            2324428538
RECEIVABLES                                       11294664
ASSETS OTHER                                         549002
OTHER ITEMS ASSETS                                          0
TOTAL ASSETS                                    2336272204
PAYABLE FOR SECURITIES                                75147
SENIOR LONG TERM DEBT                                       0
OTHER ITEMS LIABILITIES                           11165667
TOTAL LIABILITIES                                 11240814
SENIOR EQUITY                                               0
PAID IN CAPITAL COMMON                          2324992540
SHARES COMMON STOCK                             2325064818
SHARES COMMON PRIOR                             1858408030
ACCUMULATED NII CURRENT                                     0
OVERDISTRIBUTION NII                                        0
ACCUMULATED NET GAINS                                 38850
OVERDISTRIBUTION GAINS                                      0
ACCUM APPREC OR DEPREC                                      0
NET ASSETS                                      2325031390
DIVIDEND INCOME                                             0
INTEREST INCOME                                  132608905
OTHER INCOME                                                0
EXPENSES NET                                      12114934
NET INVESTMENT INCOME                            120493971
REALIZED GAINS CURRENT                               143906
APPREC INCREASE CURRENT                                     0
NET CHANGE FROM OPS                              120637877
EQUALIZATION                                                0
DISTRIBUTIONS OF INCOME                          120493971
DISTRIBUTIONS OF GAINS                                      0
DISTRIBUTIONS OTHER                                         0
NUMBER OF SHARES SOLD                           8043653882
NUMBER OF SHARES REDEEMED                       7589667400
SHARES REINVESTED                                 12670306
NET CHANGE IN ASSETS                             466645644
ACCUMULATED NII PRIOR                                       0
ACCUMULATED GAINS PRIOR                             (22284)
OVERDISTRIB NII PRIOR                                       0
OVERDIST NET GAINS PRIOR                                    0
GROSS ADVISORY FEES                                9874178
INTEREST EXPENSE                                            0
GROSS EXPENSE                                     20735731
AVERAGE NET ASSETS                              2367076465
PER SHARE NAV BEGIN                                     1.00
PER SHARE NII                                           .049
PER SHARE GAIN APPREC                                       0
PER SHARE DIVIDEND                                      .049
PER SHARE DISTRIBUTIONS                                     0
RETURNS OF CAPITAL                                          0
PER SHARE NAV END                                       1.00
EXPENSE RATIO                                             .74
AVG DEBT OUTSTANDING                                        0
AVG DEBT PER SHARE                                          0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 014
NAME: MONEY MARKET PORTFOLIO INVESTOR B CLASS



PERIOD TYPE                                         6 MOS
FISCAL YEAR END                                 SEP 30 1996
PERIOD END                                      SEP 30 1996
INVESTMENTS AT COST                             2324428538
INVESTMENTS AT VALUE                            2324428538
RECEIVABLES                                       11294664
ASSETS OTHER                                         549002
OTHER ITEMS ASSETS                                         0
TOTAL ASSETS                                    2336272204
PAYABLE FOR SECURITIES                                75147
SENIOR LONG TERM DEBT                                      0
OTHER ITEMS LIABILITIES                           11165667
TOTAL LIABILITIES                                 11240814
SENIOR EQUITY                                              0
PAID IN CAPITAL COMMON                          2324992540
SHARES COMMON STOCK                             2325064818
SHARES COMMON PRIOR                             1858408030
ACCUMULATED NII CURRENT                                    0
OVERDISTRIBUTION NII                                       0
ACCUMULATED NET GAINS                                 38850
OVERDISTRIBUTION GAINS                                     0
ACCUM APPREC OR DEPREC                                     0
NET ASSETS                                      2325031390
DIVIDEND INCOME                                            0
INTEREST INCOME                                  132608905
OTHER INCOME                                               0
EXPENSES NET                                      12114934
NET INVESTMENT INCOME                            120493971
REALIZED GAINS CURRENT                               143906
APPREC INCREASE CURRENT                                    0
NET CHANGE FROM OPS                              120637877
EQUALIZATION                                               0
DISTRIBUTIONS OF INCOME                          120493971
DISTRIBUTIONS OF GAINS                                     0
DISTRIBUTIONS OTHER                                        0
NUMBER OF SHARES SOLD                           8043653882
NUMBER OF SHARES REDEEMED                       7589667400
SHARES REINVESTED                                 12670306
NET CHANGE IN ASSETS                             466645644
ACCUMULATED NII PRIOR                                      0
ACCUMULATED GAINS PRIOR                             (22284)
OVERDISTRIB NII PRIOR                                      0
OVERDIST NET GAINS PRIOR                                   0
GROSS ADVISORY FEES                                9874178
INTEREST EXPENSE                                           0
GROSS EXPENSE                                     20735731
AVERAGE NET ASSETS                              2367076465
PER SHARE NAV BEGIN                                     1.00
PER SHARE NII                                           .043
PER SHARE GAIN APPREC                                      0
PER SHARE DIVIDEND                                      .043
PER SHARE DISTRIBUTIONS                                    0
RETURNS OF CAPITAL                                         0
PER SHARE NAV END                                       1.00
EXPENSE RATIO                                           1.36
AVG DEBT OUTSTANDING                                       0
AVG DEBT PER SHARE                                         0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 019
NAME: NEW JERSEY TAX FREE INCOME PORTFOLIO SERVICE CLASS



PERIOD TYPE                                                 6 MOS
FISCAL YEAR END                                       SEP 30 1996
PERIOD END                                            SEP 30 1996
INVESTMENTS AT COST                                      86685166
INVESTMENTS AT VALUE                                     88366496
RECEIVABLES                                                5954318
ASSETS OTHER                                                  (3564)
OTHER ITEMS ASSETS                                                   0
TOTAL ASSETS                                             94317250
PAYABLE FOR SECURITIES                                     4899236
SENIOR LONG TERM DEBT                                                0
OTHER ITEMS LIABILITIES                                      417426
TOTAL LIABILITIES                                          5316662
SENIOR EQUITY                                                        0
PAID IN CAPITAL COMMON                                   88191085
SHARES COMMON STOCK                                        7898291
SHARES COMMON PRIOR                                        8439928
ACCUMULATED NII CURRENT                                              0
OVERDISTRIBUTION NII                                           10202
ACCUMULATED NET GAINS                                     (861625)
OVERDISTRIBUTION GAINS                                               0
ACCUM APPREC OR DEPREC                                     1681330
NET ASSETS                                               89000588
DIVIDEND INCOME                                                      0
INTEREST INCOME                                            3254967
OTHER INCOME                                                         0
EXPENSES NET                                                 524710
NET INVESTMENT INCOME                                      2730257
REALIZED GAINS CURRENT                                    (794672)
APPREC INCREASE CURRENT                                 (1956552)
NET CHANGE FROM OPS                                         (20967)
EQUALIZATION                                                         0
DISTRIBUTIONS OF INCOME                                    2896810
DISTRIBUTIONS OF GAINS                                               0
DISTRIBUTIONS OTHER                                                  0
NUMBER OF SHARES SOLD                                      8338012
NUMBER OF SHARES REDEEMED                                  8965550
SHARES REINVESTED                                              85900
NET CHANGE IN ASSETS                                    (8989618)
ACCUMULATED NII PRIOR                                        156351
ACCUMULATED GAINS PRIOR                                     (66935)
OVERDISTRIB NII PRIOR                                                0
OVERDIST NET GAINS PRIOR                                             0
GROSS ADVISORY FEES                                          307414
INTEREST EXPENSE                                                     0
GROSS EXPENSE                                                717050
AVERAGE NET ASSETS                                       61482832
PER SHARE NAV BEGIN                                             11.61
PER SHARE NII                                                      .73
PER SHARE GAIN APPREC                                            (.32)
PER SHARE DIVIDEND                                                 .75
PER SHARE DISTRIBUTIONS                                              0
RETURNS OF CAPITAL                                                   0
PER SHARE NAV END                                               11.27
EXPENSE RATIO                                                      .85
AVG DEBT OUTSTANDING                                                 0
AVG DEBT PER SHARE                                                   0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 021
NAME: MUNICIPAL MONEY MARKET PORTFOLIO INSTITUTIONAL CLASS



PERIOD TYPE                                              6 MOS
FISCAL YEAR END                                    SEP 30 1996
PERIOD END                                         SEP 30 1996
INVESTMENTS AT COST                                  306710764
INVESTMENTS AT VALUE                                 306710764
RECEIVABLES                                             1683113
ASSETS OTHER                                             114087
OTHER ITEMS ASSETS                                              0
TOTAL ASSETS                                         308507964
PAYABLE FOR SECURITIES                                          0
SENIOR LONG TERM DEBT                                           0
OTHER ITEMS LIABILITIES                                 1104462
TOTAL LIABILITIES                                       1104462
SENIOR EQUITY                                                   0
PAID IN CAPITAL COMMON                               307724335
SHARES COMMON STOCK                                  307431037
SHARES COMMON PRIOR                                  319461603
ACCUMULATED NII CURRENT                                         0
OVERDISTRIBUTION NII                                            0
ACCUMULATED NET GAINS                                  (320833)
OVERDISTRIBUTION GAINS                                          0
ACCUM APPREC OR DEPREC                                          0
NET ASSETS                                           307403502
DIVIDEND INCOME                                                 0
INTEREST INCOME                                       12535303
OTHER INCOME                                                    0
EXPENSES NET                                            1870478
NET INVESTMENT INCOME                                 10664825
REALIZED GAINS CURRENT                                    39648
APPREC INCREASE CURRENT                                         0
NET CHANGE FROM OPS                                 (10704473)
EQUALIZATION                                                    0
DISTRIBUTIONS OF INCOME                               10664825
DISTRIBUTIONS OF GAINS                                          0
DISTRIBUTIONS OTHER                                             0
NUMBER OF SHARES SOLD                              1222244688
NUMBER OF SHARES REDEEMED                          1235704842
SHARES REINVESTED                                       1428588
NET CHANGE IN ASSETS                                (12023786)
ACCUMULATED NII PRIOR                                319427288
ACCUMULATED GAINS PRIOR                                         0
OVERDISTRIB NII PRIOR                                           0
OVERDIST NET GAINS PRIOR                                        0
GROSS ADVISORY FEES                                     1538868
INTEREST EXPENSE                                                0
GROSS EXPENSE                                           3384194
AVERAGE NET ASSETS                                   341970753
PER SHARE NAV BEGIN                                         1.00
PER SHARE NII                                               .034
PER SHARE GAIN APPREC                                           0
PER SHARE DIVIDEND                                          .034
PER SHARE DISTRIBUTIONS                                         0
RETURNS OF CAPITAL                                              0
PER SHARE NAV END                                           1.00
EXPENSE RATIO                                                 .29
AVG DEBT OUTSTANDING                                            0
AVG DEBT PER SHARE                                              0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 022
NAME: MUNICIPAL MONEY MARKET PORTFOLIO SERVICE CLASS



PERIOD TYPE                                                  6 MOS
FISCAL YEAR END                                        SEP 30 1996
PERIOD END                                             SEP 30 1996
INVESTMENTS AT COST                                      306710764
INVESTMENTS AT VALUE                                     306710764
RECEIVABLES                                                 1683113
ASSETS OTHER                                                 114087
OTHER ITEMS ASSETS                                                  0
TOTAL ASSETS                                             308507964
PAYABLE FOR SECURITIES                                              0
SENIOR LONG TERM DEBT                                               0
OTHER ITEMS LIABILITIES                                     1104462
TOTAL LIABILITIES                                           1104462
SENIOR EQUITY                                                       0
PAID IN CAPITAL COMMON                                   307724335
SHARES COMMON STOCK                                      307431037
SHARES COMMON PRIOR                                      319461603
ACCUMULATED NII CURRENT                                             0
OVERDISTRIBUTION NII                                                0
ACCUMULATED NET GAINS                                      (320833)
OVERDISTRIBUTION GAINS                                              0
ACCUM APPREC OR DEPREC                                              0
NET ASSETS                                               307403502
DIVIDEND INCOME                                                     0
INTEREST INCOME                                           12535303
OTHER INCOME                                                        0
EXPENSES NET                                                1870478
NET INVESTMENT INCOME                                     10664825
REALIZED GAINS CURRENT                                        39648
APPREC INCREASE CURRENT                                             0
NET CHANGE FROM OPS                                     (10704473)
EQUALIZATION                                                        0
DISTRIBUTIONS OF INCOME                                   10664825
DISTRIBUTIONS OF GAINS                                              0
DISTRIBUTIONS OTHER                                                 0
NUMBER OF SHARES SOLD                                  1222244688
NUMBER OF SHARES REDEEMED                              1235704842
SHARES REINVESTED                                           1428588
NET CHANGE IN ASSETS                                    (12023786)
ACCUMULATED NII PRIOR                                    319427288
ACCUMULATED GAINS PRIOR                                             0
OVERDISTRIB NII PRIOR                                               0
OVERDIST NET GAINS PRIOR                                            0
GROSS ADVISORY FEES                                         1538868
INTEREST EXPENSE                                                    0
GROSS EXPENSE                                               3384194
AVERAGE NET ASSETS                                       341970753
PER SHARE NAV BEGIN                                             1.00
PER SHARE NII                                                   .031
PER SHARE GAIN APPREC                                               0
PER SHARE DIVIDEND                                              .031
PER SHARE DISTRIBUTIONS                                             0
RETURNS OF CAPITAL                                                  0
PER SHARE NAV END                                               1.00
EXPENSE RATIO                                                     .59
AVG DEBT OUTSTANDING                                                0
AVG DEBT PER SHARE                                                  0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 023
NAME: MUNICIPAL MONEY MARKET PORTFOLIO INVESTOR A CLASS



PERIOD TYPE                                              6 MOS
FISCAL YEAR END                                    SEP 30 1996
PERIOD END                                         SEP 30 1996
INVESTMENTS AT COST                                  306710764
INVESTMENTS AT VALUE                                 306710764
RECEIVABLES                                             1683113
ASSETS OTHER                                             114087
OTHER ITEMS ASSETS                                              0
TOTAL ASSETS                                         308507964
PAYABLE FOR SECURITIES                                          0
SENIOR LONG TERM DEBT                                           0
OTHER ITEMS LIABILITIES                                 1104462
TOTAL LIABILITIES                                       1104462
SENIOR EQUITY                                                   0
PAID IN CAPITAL COMMON                               307724335
SHARES COMMON STOCK                                  307431037
SHARES COMMON PRIOR                                  319461603
ACCUMULATED NII CURRENT                                         0
OVERDISTRIBUTION NII                                            0
ACCUMULATED NET GAINS                                  (320833)
OVERDISTRIBUTION GAINS                                          0
ACCUM APPREC OR DEPREC                                          0
NET ASSETS                                           307403502
DIVIDEND INCOME                                                 0
INTEREST INCOME                                       12535303
OTHER INCOME                                                    0
EXPENSES NET                                            1870478
NET INVESTMENT INCOME                                 10664825
REALIZED GAINS CURRENT                                    39648
APPREC INCREASE CURRENT                                         0
NET CHANGE FROM OPS                                 (10704473)
EQUALIZATION                                                    0
DISTRIBUTIONS OF INCOME                               10664825
DISTRIBUTIONS OF GAINS                                          0
DISTRIBUTIONS OTHER                                             0
NUMBER OF SHARES SOLD                              1222244688
NUMBER OF SHARES REDEEMED                          1235704842
SHARES REINVESTED                                       1428588
NET CHANGE IN ASSETS                                (12023786)
ACCUMULATED NII PRIOR                                319427288
ACCUMULATED GAINS PRIOR                                         0
OVERDISTRIB NII PRIOR                                           0
OVERDIST NET GAINS PRIOR                                        0
GROSS ADVISORY FEES                                     1538868
INTEREST EXPENSE                                                0
GROSS EXPENSE                                           3384194
AVERAGE NET ASSETS                                   341970753
PER SHARE NAV BEGIN                                         1.00
PER SHARE NII                                               .029
PER SHARE GAIN APPREC                                           0
PER SHARE DIVIDEND                                          .029
PER SHARE DISTRIBUTIONS                                         0
RETURNS OF CAPITAL                                              0
PER SHARE NAV END                                           1.00
EXPENSE RATIO                                                 .77
AVG DEBT OUTSTANDING                                            0
AVG DEBT PER SHARE                                              0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 029
NAME: NEW JERSEY TAX FREE INCOME PORTFOLIO INVESTOR A CLASS



PERIOD TYPE                                                6 MOS
FISCAL YEAR END                                      SEP 30 1996
PERIOD END                                           SEP 30 1996
INVESTMENTS AT COST                                     86685166
INVESTMENTS AT VALUE                                    88366496
RECEIVABLES                                               5954318
ASSETS OTHER                                                 (3564)
OTHER ITEMS ASSETS                                                  0
TOTAL ASSETS                                            94317250
PAYABLE FOR SECURITIES                                    4899236
SENIOR LONG TERM DEBT                                               0
OTHER ITEMS LIABILITIES                                     417426
TOTAL LIABILITIES                                         5316662
SENIOR EQUITY                                                       0
PAID IN CAPITAL COMMON                                  88191085
SHARES COMMON STOCK                                       7898291
SHARES COMMON PRIOR                                       8439928
ACCUMULATED NII CURRENT                                             0
OVERDISTRIBUTION NII                                          10202
ACCUMULATED NET GAINS                                    (861625)
OVERDISTRIBUTION GAINS                                              0
ACCUM APPREC OR DEPREC                                    1681330
NET ASSETS                                              89000588
DIVIDEND INCOME                                                     0
INTEREST INCOME                                           3254967
OTHER INCOME                                                        0
EXPENSES NET                                                524710
NET INVESTMENT INCOME                                     2730257
REALIZED GAINS CURRENT                                   (794672)
APPREC INCREASE CURRENT                                (1956552)
NET CHANGE FROM OPS                                        (20967)
EQUALIZATION                                                        0
DISTRIBUTIONS OF INCOME                                   2896810
DISTRIBUTIONS OF GAINS                                              0
DISTRIBUTIONS OTHER                                                 0
NUMBER OF SHARES SOLD                                     8338012
NUMBER OF SHARES REDEEMED                                 8965550
SHARES REINVESTED                                             85900
NET CHANGE IN ASSETS                                   (8989618)
ACCUMULATED NII PRIOR                                       156351
ACCUMULATED GAINS PRIOR                                    (66935)
OVERDISTRIB NII PRIOR                                               0
OVERDIST NET GAINS PRIOR                                            0
GROSS ADVISORY FEES                                         307414
INTEREST EXPENSE                                                    0
GROSS EXPENSE                                               717050
AVERAGE NET ASSETS                                      61482832
PER SHARE NAV BEGIN                                            11.61
PER SHARE NII                                                     .34
PER SHARE GAIN APPREC                                           (.34)
PER SHARE DIVIDEND                                                .34
PER SHARE DISTRIBUTIONS                                             0
RETURNS OF CAPITAL                                                  0
PER SHARE NAV END                                              11.27
EXPENSE RATIO                                                    1.01
AVG DEBT OUTSTANDING                                                0
AVG DEBT PER SHARE                                                  0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 031
NAME: U.S. TREASURY MONEY MARKET PORTOLIO INSTITUTIONAL CLASS



PERIOD TYPE                                              6 MOS
FISCAL YEAR END                                     SEP 30 1996
PERIOD END                                          SEP 30 1996
INVESTMENTS AT COST                                 1134362513
INVESTMENTS AT VALUE                                1134362513
RECEIVABLES                                             3231579
ASSETS OTHER                                             962633
OTHER ITEMS ASSETS                                              0
TOTAL ASSETS                                        1138556725
PAYABLE FOR SECURITIES                                          0
SENIOR LONG TERM DEBT                                           0
OTHER ITEMS LIABILITIES                                 5278859
TOTAL LIABILITIES                                       5278859
SENIOR EQUITY                                                   0
PAID IN CAPITAL COMMON                              1133540818
SHARES COMMON STOCK                                 1133606479
SHARES COMMON PRIOR                                  672772903
ACCUMULATED NII CURRENT                                         0
OVERDISTRIBUTION NII                                            0
ACCUMULATED NET GAINS                                  (262952)
OVERDISTRIBUTION GAINS                                          0
ACCUM APPREC OR DEPREC                                          0
NET ASSETS                                          1133277866
DIVIDEND INCOME                                                 0
INTEREST INCOME                                       63498298
OTHER INCOME                                                    0
EXPENSES NET                                            6399555
NET INVESTMENT INCOME                                 57098743
REALIZED GAINS CURRENT                                 (262952)
APPREC INCREASE CURRENT                                         0
NET CHANGE FROM OPS                                   56835791
EQUALIZATION                                                    0
DISTRIBUTIONS OF INCOME                               57098743
DISTRIBUTIONS OF GAINS                                    11145
DISTRIBUTIONS OTHER                                             0
NUMBER OF SHARES SOLD                               6396759500
NUMBER OF SHARES REDEEMED                           5940588565
SHARES REINVESTED                                       4662641
NET CHANGE IN ASSETS                                 460493818
ACCUMULATED NII PRIOR                                           0
ACCUMULATED GAINS PRIOR                                   11145
OVERDISTRIB NII PRIOR                                           0
OVERDIST NET GAINS PRIOR                                        0
GROSS ADVISORY FEES                                     5136095
INTEREST EXPENSE                                                0
GROSS EXPENSE                                         11046449
AVERAGE NET ASSETS                                  1167576822
PER SHARE NAV BEGIN                                         1.00
PER SHARE NII                                               .052
PER SHARE GAIN APPREC                                           0
PER SHARE DIVIDEND                                          .052
PER SHARE DISTRIBUTIONS                                         0
RETURNS OF CAPITAL                                              0
PER SHARE NAV END                                           1.00
EXPENSE RATIO                                                 .29
AVG DEBT OUTSTANDING                                            0
AVG DEBT PER SHARE                                              0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 032
NAME: U.S. TREASURY MONEY MARKET PORTOLIO SERVICE CLASS



PERIOD TYPE                                               6 MOS
FISCAL YEAR END                                      SEP 30 1996
PERIOD END                                           SEP 30 1996
INVESTMENTS AT COST                                  1134362513
INVESTMENTS AT VALUE                                 1134362513
RECEIVABLES                                              3231579
ASSETS OTHER                                              962633
OTHER ITEMS ASSETS                                               0
TOTAL ASSETS                                         1138556725
PAYABLE FOR SECURITIES                                           0
SENIOR LONG TERM DEBT                                            0
OTHER ITEMS LIABILITIES                                  5278859
TOTAL LIABILITIES                                        5278859
SENIOR EQUITY                                                    0
PAID IN CAPITAL COMMON                               1133540818
SHARES COMMON STOCK                                  1133606479
SHARES COMMON PRIOR                                   672772903
ACCUMULATED NII CURRENT                                          0
OVERDISTRIBUTION NII                                             0
ACCUMULATED NET GAINS                                   (262952)
OVERDISTRIBUTION GAINS                                           0
ACCUM APPREC OR DEPREC                                           0
NET ASSETS                                           1133277866
DIVIDEND INCOME                                                  0
INTEREST INCOME                                        63498298
OTHER INCOME                                                     0
EXPENSES NET                                             6399555
NET INVESTMENT INCOME                                  57098743
REALIZED GAINS CURRENT                                  (262952)
APPREC INCREASE CURRENT                                          0
NET CHANGE FROM OPS                                    56835791
EQUALIZATION                                                     0
DISTRIBUTIONS OF INCOME                                57098743
DISTRIBUTIONS OF GAINS                                     11145
DISTRIBUTIONS OTHER                                              0
NUMBER OF SHARES SOLD                                6396759500
NUMBER OF SHARES REDEEMED                            5940588565
SHARES REINVESTED                                        4662641
NET CHANGE IN ASSETS                                  460493818
ACCUMULATED NII PRIOR                                            0
ACCUMULATED GAINS PRIOR                                    11145
OVERDISTRIB NII PRIOR                                            0
OVERDIST NET GAINS PRIOR                                         0
GROSS ADVISORY FEES                                      5136095
INTEREST EXPENSE                                                 0
GROSS EXPENSE                                          11046449
AVERAGE NET ASSETS                                   1167576822
PER SHARE NAV BEGIN                                          1.00
PER SHARE NII                                                .049
PER SHARE GAIN APPREC                                            0
PER SHARE DIVIDEND                                           .049
PER SHARE DISTRIBUTIONS                                          0
RETURNS OF CAPITAL                                               0
PER SHARE NAV END                                            1.00
EXPENSE RATIO                                                  .59
AVG DEBT OUTSTANDING                                             0
AVG DEBT PER SHARE                                               0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 033
NAME: U.S. TREASURY MONEY MARKET PORTOLIO INVESTOR A CLASS



PERIOD TYPE                                               6 MOS
FISCAL YEAR END                                      SEP 30 1996
PERIOD END                                           SEP 30 1996
INVESTMENTS AT COST                                  1134362513
INVESTMENTS AT VALUE                                 1134362513
RECEIVABLES                                              3231579
ASSETS OTHER                                              962633
OTHER ITEMS ASSETS                                               0
TOTAL ASSETS                                         1138556725
PAYABLE FOR SECURITIES                                           0
SENIOR LONG TERM DEBT                                            0
OTHER ITEMS LIABILITIES                                  5278859
TOTAL LIABILITIES                                        5278859
SENIOR EQUITY                                                    0
PAID IN CAPITAL COMMON                               1133540818
SHARES COMMON STOCK                                  1133606479
SHARES COMMON PRIOR                                   672772903
ACCUMULATED NII CURRENT                                          0
OVERDISTRIBUTION NII                                             0
ACCUMULATED NET GAINS                                   (262952)
OVERDISTRIBUTION GAINS                                           0
ACCUM APPREC OR DEPREC                                           0
NET ASSETS                                           1133277866
DIVIDEND INCOME                                                  0
INTEREST INCOME                                        63498298
OTHER INCOME                                                     0
EXPENSES NET                                             6399555
NET INVESTMENT INCOME                                  57098743
REALIZED GAINS CURRENT                                  (262952)
APPREC INCREASE CURRENT                                          0
NET CHANGE FROM OPS                                    56835791
EQUALIZATION                                                     0
DISTRIBUTIONS OF INCOME                                57098743
DISTRIBUTIONS OF GAINS                                     11145
DISTRIBUTIONS OTHER                                              0
NUMBER OF SHARES SOLD                                6396759500
NUMBER OF SHARES REDEEMED                            5940588565
SHARES REINVESTED                                        4662641
NET CHANGE IN ASSETS                                  460493818
ACCUMULATED NII PRIOR                                            0
ACCUMULATED GAINS PRIOR                                    11145
OVERDISTRIB NII PRIOR                                            0
OVERDIST NET GAINS PRIOR                                         0
GROSS ADVISORY FEES                                      5136095
INTEREST EXPENSE                                                 0
GROSS EXPENSE                                          11046449
AVERAGE NET ASSETS                                   1167576822
PER SHARE NAV BEGIN                                          1.00
PER SHARE NII                                                .047
PER SHARE GAIN APPREC                                            0
PER SHARE DIVIDEND                                           .047
PER SHARE DISTRIBUTIONS                                          0
RETURNS OF CAPITAL                                               0
PER SHARE NAV END                                            1.00
EXPENSE RATIO                                                  .79
AVG DEBT OUTSTANDING                                             0
AVG DEBT PER SHARE                                               0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 039
NAME: NEW JERSEY TAX FREE INCOME PORTFOLIO INVESTOR B CLASS



PERIOD TYPE                                                 6 MOS
FISCAL YEAR END                                       SEP 30 1996
PERIOD END                                            SEP 30 1996
INVESTMENTS AT COST                                      86685166
INVESTMENTS AT VALUE                                     88366496
RECEIVABLES                                                5954318
ASSETS OTHER                                                  (3564)
OTHER ITEMS ASSETS                                                  0
TOTAL ASSETS                                             94317250
PAYABLE FOR SECURITIES                                     4899236
SENIOR LONG TERM DEBT                                               0
OTHER ITEMS LIABILITIES                                      417426
TOTAL LIABILITIES                                          5316662
SENIOR EQUITY                                                       0
PAID IN CAPITAL COMMON                                   88191085
SHARES COMMON STOCK                                        7898291
SHARES COMMON PRIOR                                        8439928
ACCUMULATED NII CURRENT                                             0
OVERDISTRIBUTION NII                                           10202
ACCUMULATED NET GAINS                                     (861625)
OVERDISTRIBUTION GAINS                                              0
ACCUM APPREC OR DEPREC                                     1681330
NET ASSETS                                               89000588
DIVIDEND INCOME                                                     0
INTEREST INCOME                                            3254967
OTHER INCOME                                                        0
EXPENSES NET                                                 524710
NET INVESTMENT INCOME                                      2730257
REALIZED GAINS CURRENT                                    (794672)
APPREC INCREASE CURRENT                                 (1956552)
NET CHANGE FROM OPS                                         (20967)
EQUALIZATION                                                        0
DISTRIBUTIONS OF INCOME                                    2896810
DISTRIBUTIONS OF GAINS                                              0
DISTRIBUTIONS OTHER                                                 0
NUMBER OF SHARES SOLD                                      8338012
NUMBER OF SHARES REDEEMED                                  8965550
SHARES REINVESTED                                              85900
NET CHANGE IN ASSETS                                    (8989618)
ACCUMULATED NII PRIOR                                        156351
ACCUMULATED GAINS PRIOR                                     (66935)
OVERDISTRIB NII PRIOR                                               0
OVERDIST NET GAINS PRIOR                                            0
GROSS ADVISORY FEES                                          307414
INTEREST EXPENSE                                                    0
GROSS EXPENSE                                                717050
AVERAGE NET ASSETS                                       61482832
PER SHARE NAV BEGIN                                             11.15
PER SHARE NII                                                     .09
PER SHARE GAIN APPREC                                             .12
PER SHARE DIVIDEND                                                .09
PER SHARE DISTRIBUTIONS                                             0
RETURNS OF CAPITAL                                                  0
PER SHARE NAV END                                               11.27
EXPENSE RATIO                                                    1.74
AVG DEBT OUTSTANDING                                                0
AVG DEBT PER SHARE                                                  0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 041
NAME: GROWTH EQUITY PORTFOLIO INSTITUTIONAL CLASS



PERIOD TYPE                                             6 MOS
FISCAL YEAR END                                     SEP 30 1996
PERIOD END                                          SEP 30 1996
INVESTMENTS AT COST                                  541994629
INVESTMENTS AT VALUE                                 694945358
RECEIVABLES                                            7347661
ASSETS OTHER                                              30589
OTHER ITEMS ASSETS                                             0
TOTAL ASSETS                                         702323608
PAYABLE FOR SECURITIES                                10604046
SENIOR LONG TERM DEBT                                          0
OTHER ITEMS LIABILITIES                                  582817
TOTAL LIABILITIES                                     11186863
SENIOR EQUITY                                                  0
PAID IN CAPITAL COMMON                               532760410
SHARES COMMON STOCK                                   46206901
SHARES COMMON PRIOR                                   22908770
ACCUMULATED NII CURRENT                                1106968
OVERDISTRIBUTION NII                                           0
ACCUMULATED NET GAINS                                 25423336
OVERDISTRIBUTION GAINS                                         0
ACCUM APPREC OR DEPREC                               131846031
NET ASSETS                                           691136745
DIVIDEND INCOME                                        5777634
INTEREST INCOME                                        1154701
OTHER INCOME                                                   0
EXPENSES NET                                           4434236
NET INVESTMENT INCOME                                  2498099
REALIZED GAINS CURRENT                                29394943
APPREC INCREASE CURRENT                               70324834
NET CHANGE FROM OPS                                  102217876
EQUALIZATION                                                   0
DISTRIBUTIONS OF INCOME                                1391131
DISTRIBUTIONS OF GAINS                                 9637811
DISTRIBUTIONS OTHER                                            0
NUMBER OF SHARES SOLD                                 38286082
NUMBER OF SHARES REDEEMED                             15785919
SHARES REINVESTED                                        797968
NET CHANGE IN ASSETS                                 392790776
ACCUMULATED NII PRIOR                                          0
ACCUMULATED GAINS PRIOR                                5578079
OVERDISTRIB NII PRIOR                                          0
OVERDIST NET GAINS PRIOR                                       0
GROSS ADVISORY FEES                                    2777808
INTEREST EXPENSE                                               0
GROSS EXPENSE                                          5009578
AVERAGE NET ASSETS                                   505056082
PER SHARE NAV BEGIN                                        13.03
PER SHARE NII                                                .08
PER SHARE GAIN APPREC                                       2.29
PER SHARE DIVIDEND                                           .06
PER SHARE DISTRIBUTIONS                                      .38
RETURNS OF CAPITAL                                             0
PER SHARE NAV END                                          14.96
EXPENSE RATIO                                                .75
AVG DEBT OUTSTANDING                                           0
AVG DEBT PER SHARE                                             0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 042
NAME: GROWTH EQUITY PORTFOLIO SERVICE CLASS



PERIOD TYPE                                       6 MOS
FISCAL YEAR END                               SEP 30 1996
PERIOD END                                    SEP 30 1996
INVESTMENTS AT COST                            541994629
INVESTMENTS AT VALUE                           694945358
RECEIVABLES                                      7347661
ASSETS OTHER                                        30589
OTHER ITEMS ASSETS                                       0
TOTAL ASSETS                                   702323608
PAYABLE FOR SECURITIES                          10604046
SENIOR LONG TERM DEBT                                    0
OTHER ITEMS LIABILITIES                            582817
TOTAL LIABILITIES                               11186863
SENIOR EQUITY                                            0
PAID IN CAPITAL COMMON                         532760410
SHARES COMMON STOCK                             46206901
SHARES COMMON PRIOR                             22908770
ACCUMULATED NII CURRENT                          1106968
OVERDISTRIBUTION NII                                     0
ACCUMULATED NET GAINS                           25423336
OVERDISTRIBUTION GAINS                                   0
ACCUM APPREC OR DEPREC                         131846031
NET ASSETS                                     691136745
DIVIDEND INCOME                                  5777634
INTEREST INCOME                                  1154701
OTHER INCOME                                             0
EXPENSES NET                                     4434236
NET INVESTMENT INCOME                            2498099
REALIZED GAINS CURRENT                          29394943
APPREC INCREASE CURRENT                         70324834
NET CHANGE FROM OPS                            102217876
EQUALIZATION                                             0
DISTRIBUTIONS OF INCOME                          1391131
DISTRIBUTIONS OF GAINS                           9637811
DISTRIBUTIONS OTHER                                      0
NUMBER OF SHARES SOLD                           38286082
NUMBER OF SHARES REDEEMED                       15785919
SHARES REINVESTED                                  797968
NET CHANGE IN ASSETS                           392790776
ACCUMULATED NII PRIOR                                    0
ACCUMULATED GAINS PRIOR                          5578079
OVERDISTRIB NII PRIOR                                    0
OVERDIST NET GAINS PRIOR                                 0
GROSS ADVISORY FEES                              2777808
INTEREST EXPENSE                                         0
GROSS EXPENSE                                    5009578
AVERAGE NET ASSETS                             505056082
PER SHARE NAV BEGIN                                  13.02
PER SHARE NII                                          .05
PER SHARE GAIN APPREC                                 2.28
PER SHARE DIVIDEND                                     .02
PER SHARE DISTRIBUTIONS                                .38
RETURNS OF CAPITAL                                       0
PER SHARE NAV END                                    14.95
EXPENSE RATIO                                         1.05
AVG DEBT OUTSTANDING                                     0
AVG DEBT PER SHARE                                       0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 043
NAME: GROWTH EQUITY PORTFOLIO INVESTOR A CLASS



PERIOD TYPE                                          6 MOS
FISCAL YEAR END                                  SEP 30 1996
PERIOD END                                       SEP 30 1996
INVESTMENTS AT COST                               541994629
INVESTMENTS AT VALUE                              694945358
RECEIVABLES                                         7347661
ASSETS OTHER                                           30589
OTHER ITEMS ASSETS                                          0
TOTAL ASSETS                                      702323608
PAYABLE FOR SECURITIES                             10604046
SENIOR LONG TERM DEBT                                       0
OTHER ITEMS LIABILITIES                               582817
TOTAL LIABILITIES                                  11186863
SENIOR EQUITY                                               0
PAID IN CAPITAL COMMON                            532760410
SHARES COMMON STOCK                                46206901
SHARES COMMON PRIOR                                22908770
ACCUMULATED NII CURRENT                             1106968
OVERDISTRIBUTION NII                                        0
ACCUMULATED NET GAINS                              25423336
OVERDISTRIBUTION GAINS                                      0
ACCUM APPREC OR DEPREC                            131846031
NET ASSETS                                        691136745
DIVIDEND INCOME                                     5777634
INTEREST INCOME                                     1154701
OTHER INCOME                                                0
EXPENSES NET                                        4434236
NET INVESTMENT INCOME                               2498099
REALIZED GAINS CURRENT                             29394943
APPREC INCREASE CURRENT                            70324834
NET CHANGE FROM OPS                               102217876
EQUALIZATION                                                0
DISTRIBUTIONS OF INCOME                             1391131
DISTRIBUTIONS OF GAINS                              9637811
DISTRIBUTIONS OTHER                                         0
NUMBER OF SHARES SOLD                              38286082
NUMBER OF SHARES REDEEMED                          15785919
SHARES REINVESTED                                     797968
NET CHANGE IN ASSETS                              392790776
ACCUMULATED NII PRIOR                                       0
ACCUMULATED GAINS PRIOR                             5578079
OVERDISTRIB NII PRIOR                                       0
OVERDIST NET GAINS PRIOR                                    0
GROSS ADVISORY FEES                                 2777808
INTEREST EXPENSE                                            0
GROSS EXPENSE                                       5009578
AVERAGE NET ASSETS                                505056082
PER SHARE NAV BEGIN                                     13.01
PER SHARE NII                                             .02
PER SHARE GAIN APPREC                                    2.29
PER SHARE DIVIDEND                                          0
PER SHARE DISTRIBUTIONS                                   .38
RETURNS OF CAPITAL                                          0
PER SHARE NAV END                                       14.94
EXPENSE RATIO                                            1.22
AVG DEBT OUTSTANDING                                        0
AVG DEBT PER SHARE                                          0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 044
NAME: GROWTH EQUITY PORTFOLIO INVESTOR B CLASS



PERIOD TYPE                                          6 MOS
FISCAL YEAR END                                  SEP 30 1996
PERIOD END                                       SEP 30 1996
INVESTMENTS AT COST                               541994629
INVESTMENTS AT VALUE                              694945358
RECEIVABLES                                         7347661
ASSETS OTHER                                           30589
OTHER ITEMS ASSETS                                           0
TOTAL ASSETS                                      702323608
PAYABLE FOR SECURITIES                             10604046
SENIOR LONG TERM DEBT                                        0
OTHER ITEMS LIABILITIES                               582817
TOTAL LIABILITIES                                  11186863
SENIOR EQUITY                                                0
PAID IN CAPITAL COMMON                            532760410
SHARES COMMON STOCK                                46206901
SHARES COMMON PRIOR                                22908770
ACCUMULATED NII CURRENT                             1106968
OVERDISTRIBUTION NII                                         0
ACCUMULATED NET GAINS                              25423336
OVERDISTRIBUTION GAINS                                       0
ACCUM APPREC OR DEPREC                            131846031
NET ASSETS                                        691136745
DIVIDEND INCOME                                     5777634
INTEREST INCOME                                     1154701
OTHER INCOME                                                 0
EXPENSES NET                                        4434236
NET INVESTMENT INCOME                               2498099
REALIZED GAINS CURRENT                             29394943
APPREC INCREASE CURRENT                            70324834
NET CHANGE FROM OPS                               102217876
EQUALIZATION                                                 0
DISTRIBUTIONS OF INCOME                             1391131
DISTRIBUTIONS OF GAINS                              9637811
DISTRIBUTIONS OTHER                                          0
NUMBER OF SHARES SOLD                              38286082
NUMBER OF SHARES REDEEMED                          15785919
SHARES REINVESTED                                     797968
NET CHANGE IN ASSETS                              392790776
ACCUMULATED NII PRIOR                                        0
ACCUMULATED GAINS PRIOR                             5578079
OVERDISTRIB NII PRIOR                                        0
OVERDIST NET GAINS PRIOR                                     0
GROSS ADVISORY FEES                                 2777808
INTEREST EXPENSE                                             0
GROSS EXPENSE                                       5009578
AVERAGE NET ASSETS                                505056082
PER SHARE NAV BEGIN                                     13.08
PER SHARE NII                                            (.02)
PER SHARE GAIN APPREC                                     1.80
PER SHARE DIVIDEND                                           0
PER SHARE DISTRIBUTIONS                                      0
RETURNS OF CAPITAL                                           0
PER SHARE NAV END                                       14.86
EXPENSE RATIO                                             1.93
AVG DEBT OUTSTANDING                                         0
AVG DEBT PER SHARE                                           0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 049
NAME: INTERNATIONAL BOND PORTFOLIO INSTITUTIONAL CLASS



PERIOD TYPE                                              6 MOS
FISCAL YEAR END                                     SEP 30 1996
PERIOD END                                          SEP 30 1996
INVESTMENTS AT COST                                    37065323
INVESTMENTS AT VALUE                                   37426586
RECEIVABLES                                             2975595
ASSETS OTHER                                             662386
OTHER ITEMS ASSETS                                              0
TOTAL ASSETS                                           41064567
PAYABLE FOR SECURITIES                                  1681071
SENIOR LONG TERM DEBT                                           0
OTHER ITEMS LIABILITIES                                  334306
TOTAL LIABILITIES                                       2015377
SENIOR EQUITY                                                   0
PAID IN CAPITAL COMMON                                 33605063
SHARES COMMON STOCK                                     3335333
SHARES COMMON PRIOR                                     3301814
ACCUMULATED NII CURRENT                                 1937243
OVERDISTRIBUTION NII                                            0
ACCUMULATED NET GAINS                                   3018715
OVERDISTRIBUTION GAINS                                          0
ACCUM APPREC OR DEPREC                                   488169
NET ASSETS                                             39049190
DIVIDEND INCOME                                                 0
INTEREST INCOME                                         1684563
OTHER INCOME                                                    0
EXPENSES NET                                             295032
NET INVESTMENT INCOME                                   1389531
REALIZED GAINS CURRENT                                  1752946
APPREC INCREASE CURRENT                               (1158595)
NET CHANGE FROM OPS                                     1983882
EQUALIZATION                                                    0
DISTRIBUTIONS OF INCOME                                  952288
DISTRIBUTIONS OF GAINS                                          0
DISTRIBUTIONS OTHER                                             0
NUMBER OF SHARES SOLD                                   6176956
NUMBER OF SHARES REDEEMED                               6152010
SHARES REINVESTED                                           8573
NET CHANGE IN ASSETS                                    1422409
ACCUMULATED NII PRIOR                                    105320
ACCUMULATED GAINS PRIOR                                 2651481
OVERDISTRIB NII PRIOR                                           0
OVERDIST NET GAINS PRIOR                                        0
GROSS ADVISORY FEES                                      138377
INTEREST EXPENSE                                                0
GROSS EXPENSE                                            328605
AVERAGE NET ASSETS                                     24741632
PER SHARE NAV BEGIN                                        11.37
PER SHARE NII                                                 .21
PER SHARE GAIN APPREC                                         .30
PER SHARE DIVIDEND                                            .17
PER SHARE DISTRIBUTIONS                                         0
RETURNS OF CAPITAL                                              0
PER SHARE NAV END                                          11.71
EXPENSE RATIO                                                 .92
AVG DEBT OUTSTANDING                                            0
AVG DEBT PER SHARE                                              0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 051
NAME: MANAGED INCOME PORTFOLIO INSTITUTIONAL CLASS



PERIOD TYPE                                               6 MOS
FISCAL YEAR END                                      SEP 30 1996
PERIOD END                                           SEP 30 1996
INVESTMENTS AT COST                                   821946530
INVESTMENTS AT VALUE                                  819902454
RECEIVABLES                                             48214551
ASSETS OTHER                                               21240
OTHER ITEMS ASSETS                                               0
TOTAL ASSETS                                          868138245
PAYABLE FOR SECURITIES                                121704752
SENIOR LONG TERM DEBT                                            0
OTHER ITEMS LIABILITIES                                  5423887
TOTAL LIABILITIES                                     127128639
SENIOR EQUITY                                                    0
PAID IN CAPITAL COMMON                                751438651
SHARES COMMON STOCK                                     18358706
SHARES COMMON PRIOR                                      6721865
ACCUMULATED NII CURRENT                                          0
OVERDISTRIBUTION NII                                      587175
ACCUMULATED NET GAINS                                  (7827063)
OVERDISTRIBUTION GAINS                                           0
ACCUM APPREC OR DEPREC                                 (2014807)
NET ASSETS                                            741009606
DIVIDEND INCOME                                                  0
INTEREST INCOME                                         44722334
OTHER INCOME                                                     0
EXPENSES NET                                             4338508
NET INVESTMENT INCOME                                   40383826
REALIZED GAINS CURRENT                                 (5088235)
APPREC INCREASE CURRENT                                (8196267)
NET CHANGE FROM OPS                                     27099324
EQUALIZATION                                                     0
DISTRIBUTIONS OF INCOME                                 40049206
DISTRIBUTIONS OF GAINS                                   5965545
DISTRIBUTIONS OTHER                                              0
NUMBER OF SHARES SOLD                                   26746617
NUMBER OF SHARES REDEEMED                               10469395
SHARES REINVESTED                                        2081484
NET CHANGE IN ASSETS                                  187954362
ACCUMULATED NII PRIOR                                            0
ACCUMULATED GAINS PRIOR                                  3106358
OVERDISTRIB NII PRIOR                                     801436
OVERDIST NET GAINS PRIOR                                         0
GROSS ADVISORY FEES                                      3310695
INTEREST EXPENSE                                                 0
GROSS EXPENSE                                            5825871
AVERAGE NET ASSETS                                    662138972
PER SHARE NAV BEGIN                                         10.38
PER SHARE NII                                                  .64
PER SHARE GAIN APPREC                                        (.21)
PER SHARE DIVIDEND                                             .62
PER SHARE DISTRIBUTIONS                                        .10
RETURNS OF CAPITAL                                               0
PER SHARE NAV END                                           10.09
EXPENSE RATIO                                                  .58
AVG DEBT OUTSTANDING                                             0
AVG DEBT PER SHARE                                               0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 052
NAME: MANAGED INCOME PORTFOLIO SERVICE CLASS



PERIOD TYPE                                         6 MOS
FISCAL YEAR END                                SEP 30 1996
PERIOD END                                     SEP 30 1996
INVESTMENTS AT COST                             821946530
INVESTMENTS AT VALUE                            819902454
RECEIVABLES                                       48214551
ASSETS OTHER                                         21240
OTHER ITEMS ASSETS                                         0
TOTAL ASSETS                                    868138245
PAYABLE FOR SECURITIES                          121704752
SENIOR LONG TERM DEBT                                      0
OTHER ITEMS LIABILITIES                            5423887
TOTAL LIABILITIES                               127128639
SENIOR EQUITY                                              0
PAID IN CAPITAL COMMON                          751438651
SHARES COMMON STOCK                               18358706
SHARES COMMON PRIOR                                6721865
ACCUMULATED NII CURRENT                                    0
OVERDISTRIBUTION NII                                587175
ACCUMULATED NET GAINS                            (7827063)
OVERDISTRIBUTION GAINS                                     0
ACCUM APPREC OR DEPREC                           (2014807)
NET ASSETS                                      741009606
DIVIDEND INCOME                                            0
INTEREST INCOME                                   44722334
OTHER INCOME                                               0
EXPENSES NET                                       4338508
NET INVESTMENT INCOME                             40383826
REALIZED GAINS CURRENT                           (5088235)
APPREC INCREASE CURRENT                          (8196267)
NET CHANGE FROM OPS                               27099324
EQUALIZATION                                               0
DISTRIBUTIONS OF INCOME                           40049206
DISTRIBUTIONS OF GAINS                             5965545
DISTRIBUTIONS OTHER                                        0
NUMBER OF SHARES SOLD                             26746617
NUMBER OF SHARES REDEEMED                         10469395
SHARES REINVESTED                                  2081484
NET CHANGE IN ASSETS                            187954362
ACCUMULATED NII PRIOR                                      0
ACCUMULATED GAINS PRIOR                            3106358
OVERDISTRIB NII PRIOR                               801436
OVERDIST NET GAINS PRIOR                                   0
GROSS ADVISORY FEES                                3310695
INTEREST EXPENSE                                           0
GROSS EXPENSE                                      5825871
AVERAGE NET ASSETS                              662138972
PER SHARE NAV BEGIN                                   10.38
PER SHARE NII                                            .61
PER SHARE GAIN APPREC                                  (.20)
PER SHARE DIVIDEND                                       .60
PER SHARE DISTRIBUTIONS                                  .10
RETURNS OF CAPITAL                                         0
PER SHARE NAV END                                     10.09
EXPENSE RATIO                                            .88
AVG DEBT OUTSTANDING                                       0
AVG DEBT PER SHARE                                         0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 053
NAME: MANAGED INCOME PORTFOLIO INVESTOR A CLASS



PERIOD TYPE                                            6 MOS
FISCAL YEAR END                                   SEP 30 1996
PERIOD END                                        SEP 30 1996
INVESTMENTS AT COST                                821946530
INVESTMENTS AT VALUE                               819902454
RECEIVABLES                                          48214551
ASSETS OTHER                                            21240
OTHER ITEMS ASSETS                                            0
TOTAL ASSETS                                       868138245
PAYABLE FOR SECURITIES                             121704752
SENIOR LONG TERM DEBT                                         0
OTHER ITEMS LIABILITIES                               5423887
TOTAL LIABILITIES                                  127128639
SENIOR EQUITY                                                 0
PAID IN CAPITAL COMMON                             751438651
SHARES COMMON STOCK                                  18358706
SHARES COMMON PRIOR                                   6721865
ACCUMULATED NII CURRENT                                       0
OVERDISTRIBUTION NII                                   587175
ACCUMULATED NET GAINS                               (7827063)
OVERDISTRIBUTION GAINS                                        0
ACCUM APPREC OR DEPREC                              (2014807)
NET ASSETS                                         741009606
DIVIDEND INCOME                                               0
INTEREST INCOME                                      44722334
OTHER INCOME                                                  0
EXPENSES NET                                          4338508
NET INVESTMENT INCOME                                40383826
REALIZED GAINS CURRENT                              (5088235)
APPREC INCREASE CURRENT                             (8196267)
NET CHANGE FROM OPS                                  27099324
EQUALIZATION                                                  0
DISTRIBUTIONS OF INCOME                              40049206
DISTRIBUTIONS OF GAINS                                5965545
DISTRIBUTIONS OTHER                                           0
NUMBER OF SHARES SOLD                                26746617
NUMBER OF SHARES REDEEMED                            10469395
SHARES REINVESTED                                     2081484
NET CHANGE IN ASSETS                               187954362
ACCUMULATED NII PRIOR                                         0
ACCUMULATED GAINS PRIOR                               3106358
OVERDISTRIB NII PRIOR                                  801436
OVERDIST NET GAINS PRIOR                                      0
GROSS ADVISORY FEES                                   3310695
INTEREST EXPENSE                                              0
GROSS EXPENSE                                         5825871
AVERAGE NET ASSETS                                 662138972
PER SHARE NAV BEGIN                                      10.38
PER SHARE NII                                               .59
PER SHARE GAIN APPREC                                     (.20)
PER SHARE DIVIDEND                                          .58
PER SHARE DISTRIBUTIONS                                     .10
RETURNS OF CAPITAL                                            0
PER SHARE NAV END                                        10.09
EXPENSE RATIO                                              1.05
AVG DEBT OUTSTANDING                                          0
AVG DEBT PER SHARE                                            0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 059
NAME: INTERNATIONAL BOND PORTFOLIO SERVICE CLASS



PERIOD TYPE                                             6 MOS
FISCAL YEAR END                                    SEP 30 1996
PERIOD END                                         SEP 30 1996
INVESTMENTS AT COST                                   37065323
INVESTMENTS AT VALUE                                  37426586
RECEIVABLES                                            2975595
ASSETS OTHER                                            662386
OTHER ITEMS ASSETS                                             0
TOTAL ASSETS                                          41064567
PAYABLE FOR SECURITIES                                 1681071
SENIOR LONG TERM DEBT                                          0
OTHER ITEMS LIABILITIES                                 334306
TOTAL LIABILITIES                                      2015377
SENIOR EQUITY                                                  0
PAID IN CAPITAL COMMON                                33605063
SHARES COMMON STOCK                                    3335333
SHARES COMMON PRIOR                                    3301814
ACCUMULATED NII CURRENT                                1937243
OVERDISTRIBUTION NII                                           0
ACCUMULATED NET GAINS                                  3018715
OVERDISTRIBUTION GAINS                                         0
ACCUM APPREC OR DEPREC                                  488169
NET ASSETS                                            39049190
DIVIDEND INCOME                                                0
INTEREST INCOME                                        1684563
OTHER INCOME                                                   0
EXPENSES NET                                            295032
NET INVESTMENT INCOME                                  1389531
REALIZED GAINS CURRENT                                 1752946
APPREC INCREASE CURRENT                              (1158595)
NET CHANGE FROM OPS                                    1983882
EQUALIZATION                                                   0
DISTRIBUTIONS OF INCOME                                 952288
DISTRIBUTIONS OF GAINS                                         0
DISTRIBUTIONS OTHER                                            0
NUMBER OF SHARES SOLD                                  6176956
NUMBER OF SHARES REDEEMED                              6152010
SHARES REINVESTED                                          8573
NET CHANGE IN ASSETS                                   1422409
ACCUMULATED NII PRIOR                                   105320
ACCUMULATED GAINS PRIOR                                2651481
OVERDISTRIB NII PRIOR                                          0
OVERDIST NET GAINS PRIOR                                       0
GROSS ADVISORY FEES                                     138377
INTEREST EXPENSE                                               0
GROSS EXPENSE                                           328605
AVERAGE NET ASSETS                                    24741632
PER SHARE NAV BEGIN                                       11.39
PER SHARE NII                                               1.37
PER SHARE GAIN APPREC                                      (.77)
PER SHARE DIVIDEND                                           .28
PER SHARE DISTRIBUTIONS                                        0
RETURNS OF CAPITAL                                             0
PER SHARE NAV END                                         11.71
EXPENSE RATIO                                               1.09
AVG DEBT OUTSTANDING                                           0
AVG DEBT PER SHARE                                             0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 061
NAME: BALANCED PORTFOLIO INSTITUTIONAL CLASS



PERIOD TYPE                                        6 MOS
FISCAL YEAR END                                SEP 30 1996
PERIOD END                                     SEP 30 1996
INVESTMENTS AT COST                             216183811
INVESTMENTS AT VALUE                            252404149
RECEIVABLES                                       1480425
ASSETS OTHER                                         27159
OTHER ITEMS ASSETS                                        0
TOTAL ASSETS                                    253911733
PAYABLE FOR SECURITIES                            2406938
SENIOR LONG TERM DEBT                                     0
OTHER ITEMS LIABILITIES                             584820
TOTAL LIABILITIES                                 2991758
SENIOR EQUITY                                             0
PAID IN CAPITAL COMMON                          207815771
SHARES COMMON STOCK                              16625010
SHARES COMMON PRIOR                              13202887
ACCUMULATED NII CURRENT                              65771
OVERDISTRIBUTION NII                                      0
ACCUMULATED NET GAINS                             8409989
OVERDISTRIBUTION GAINS                                    0
ACCUM APPREC OR DEPREC                           34628444
NET ASSETS                                      250919975
DIVIDEND INCOME                                   3497796
INTEREST INCOME                                   5597117
OTHER INCOME                                              0
EXPENSES NET                                      2531996
NET INVESTMENT INCOME                             6562917
REALIZED GAINS CURRENT                            9240875
APPREC INCREASE CURRENT                          13767502
NET CHANGE FROM OPS                              29571294
EQUALIZATION                                              0
DISTRIBUTIONS OF INCOME                           6475720
DISTRIBUTIONS OF GAINS                            1686070
DISTRIBUTIONS OTHER                                       0
NUMBER OF SHARES SOLD                            10719187
NUMBER OF SHARES REDEEMED                         7817286
SHARES REINVESTED                                   520222
NET CHANGE IN ASSETS                             69711349
ACCUMULATED NII PRIOR                                     0
ACCUMULATED GAINS PRIOR                             833758
OVERDISTRIB NII PRIOR                                     0
OVERDIST NET GAINS PRIOR                                  0
GROSS ADVISORY FEES                               1264711
INTEREST EXPENSE                                          0
GROSS EXPENSE                                     2782402
AVERAGE NET ASSETS                              229947589
PER SHARE NAV BEGIN                                   13.73
PER SHARE NII                                           .46
PER SHARE GAIN APPREC                                  1.49
PER SHARE DIVIDEND                                      .45
PER SHARE DISTRIBUTIONS                                 .13
RETURNS OF CAPITAL                                        0
PER SHARE NAV END                                     15.10
EXPENSE RATIO                                           .79
AVG DEBT OUTSTANDING                                      0
AVG DEBT PER SHARE                                        0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 062
NAME: BALANCED PORTFOLIO SERVICE CLASS



PERIOD TYPE                                  6 MOS
FISCAL YEAR END                          SEP 30 1996
PERIOD END                               SEP 30 1996
INVESTMENTS AT COST                       216183811
INVESTMENTS AT VALUE                      252404149
RECEIVABLES                                 1480425
ASSETS OTHER                                   27159
OTHER ITEMS ASSETS                                  0
TOTAL ASSETS                              253911733
PAYABLE FOR SECURITIES                      2406938
SENIOR LONG TERM DEBT                               0
OTHER ITEMS LIABILITIES                       584820
TOTAL LIABILITIES                           2991758
SENIOR EQUITY                                       0
PAID IN CAPITAL COMMON                    207815771
SHARES COMMON STOCK                        16625010
SHARES COMMON PRIOR                        13202887
ACCUMULATED NII CURRENT                        65771
OVERDISTRIBUTION NII                                0
ACCUMULATED NET GAINS                       8409989
OVERDISTRIBUTION GAINS                              0
ACCUM APPREC OR DEPREC                     34628444
NET ASSETS                                250919975
DIVIDEND INCOME                             3497796
INTEREST INCOME                             5597117
OTHER INCOME                                        0
EXPENSES NET                                2531996
NET INVESTMENT INCOME                       6562917
REALIZED GAINS CURRENT                      9240875
APPREC INCREASE CURRENT                    13767502
NET CHANGE FROM OPS                        29571294
EQUALIZATION                                        0
DISTRIBUTIONS OF INCOME                     6475720
DISTRIBUTIONS OF GAINS                      1686070
DISTRIBUTIONS OTHER                                 0
NUMBER OF SHARES SOLD                      10719187
NUMBER OF SHARES REDEEMED                   7817286
SHARES REINVESTED                             520222
NET CHANGE IN ASSETS                       69711349
ACCUMULATED NII PRIOR                               0
ACCUMULATED GAINS PRIOR                       833758
OVERDISTRIB NII PRIOR                               0
OVERDIST NET GAINS PRIOR                            0
GROSS ADVISORY FEES                         1264711
INTEREST EXPENSE                                    0
GROSS EXPENSE                               2782402
AVERAGE NET ASSETS                        229947589
PER SHARE NAV BEGIN                             13.72
PER SHARE NII                                     .42
PER SHARE GAIN APPREC                            1.49
PER SHARE DIVIDEND                                .41
PER SHARE DISTRIBUTIONS                           .13
RETURNS OF CAPITAL                                  0
PER SHARE NAV END                               15.09
EXPENSE RATIO                                    1.09
AVG DEBT OUTSTANDING                                0
AVG DEBT PER SHARE                                  0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 063
NAME: BALANCED PORTFOLIO INVESTOR A CLASS



PERIOD TYPE                                     6 MOS
FISCAL YEAR END                             SEP 30 1996
PERIOD END                                  SEP 30 1996
INVESTMENTS AT COST                          216183811
INVESTMENTS AT VALUE                         252404149
RECEIVABLES                                    1480425
ASSETS OTHER                                      27159
OTHER ITEMS ASSETS                                     0
TOTAL ASSETS                                 253911733
PAYABLE FOR SECURITIES                         2406938
SENIOR LONG TERM DEBT                                  0
OTHER ITEMS LIABILITIES                          584820
TOTAL LIABILITIES                              2991758
SENIOR EQUITY                                          0
PAID IN CAPITAL COMMON                       207815771
SHARES COMMON STOCK                           16625010
SHARES COMMON PRIOR                           13202887
ACCUMULATED NII CURRENT                           65771
OVERDISTRIBUTION NII                                   0
ACCUMULATED NET GAINS                          8409989
OVERDISTRIBUTION GAINS                                 0
ACCUM APPREC OR DEPREC                        34628444
NET ASSETS                                   250919975
DIVIDEND INCOME                                3497796
INTEREST INCOME                                5597117
OTHER INCOME                                           0
EXPENSES NET                                   2531996
NET INVESTMENT INCOME                          6562917
REALIZED GAINS CURRENT                         9240875
APPREC INCREASE CURRENT                       13767502
NET CHANGE FROM OPS                           29571294
EQUALIZATION                                           0
DISTRIBUTIONS OF INCOME                        6475720
DISTRIBUTIONS OF GAINS                         1686070
DISTRIBUTIONS OTHER                                    0
NUMBER OF SHARES SOLD                         10719187
NUMBER OF SHARES REDEEMED                      7817286
SHARES REINVESTED                                520222
NET CHANGE IN ASSETS                          69711349
ACCUMULATED NII PRIOR                                  0
ACCUMULATED GAINS PRIOR                          833758
OVERDISTRIB NII PRIOR                                  0
OVERDIST NET GAINS PRIOR                               0
GROSS ADVISORY FEES                            1264711
INTEREST EXPENSE                                       0
GROSS EXPENSE                                  2782402
AVERAGE NET ASSETS                           229947589
PER SHARE NAV BEGIN                                13.73
PER SHARE NII                                        .40
PER SHARE GAIN APPREC                               1.49
PER SHARE DIVIDEND                                   .39
PER SHARE DISTRIBUTIONS                              .13
RETURNS OF CAPITAL                                     0
PER SHARE NAV END                                  15.10
EXPENSE RATIO                                       1.19
AVG DEBT OUTSTANDING                                   0
AVG DEBT PER SHARE                                     0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 064
NAME: BALANCED PORTFOLIO INVESTOR B CLASS



PERIOD TYPE                                     6 MOS
FISCAL YEAR END                             SEP 30 1996
PERIOD END                                  SEP 30 1996
INVESTMENTS AT COST                          216183811
INVESTMENTS AT VALUE                         252404149
RECEIVABLES                                    1480425
ASSETS OTHER                                      27159
OTHER ITEMS ASSETS                                     0
TOTAL ASSETS                                 253911733
PAYABLE FOR SECURITIES                         2406938
SENIOR LONG TERM DEBT                                  0
OTHER ITEMS LIABILITIES                          584820
TOTAL LIABILITIES                              2991758
SENIOR EQUITY                                          0
PAID IN CAPITAL COMMON                       207815771
SHARES COMMON STOCK                           16625010
SHARES COMMON PRIOR                           13202887
ACCUMULATED NII CURRENT                           65771
OVERDISTRIBUTION NII                                   0
ACCUMULATED NET GAINS                          8409989
OVERDISTRIBUTION GAINS                                 0
ACCUM APPREC OR DEPREC                        34628444
NET ASSETS                                   250919975
DIVIDEND INCOME                                3497796
INTEREST INCOME                                5597117
OTHER INCOME                                           0
EXPENSES NET                                   2531996
NET INVESTMENT INCOME                          6562917
REALIZED GAINS CURRENT                         9240875
APPREC INCREASE CURRENT                       13767502
NET CHANGE FROM OPS                           29571294
EQUALIZATION                                           0
DISTRIBUTIONS OF INCOME                        6475720
DISTRIBUTIONS OF GAINS                         1686070
DISTRIBUTIONS OTHER                                    0
NUMBER OF SHARES SOLD                         10719187
NUMBER OF SHARES REDEEMED                      7817286
SHARES REINVESTED                                520222
NET CHANGE IN ASSETS                          69711349
ACCUMULATED NII PRIOR                                  0
ACCUMULATED GAINS PRIOR                          833758
OVERDISTRIB NII PRIOR                                  0
OVERDIST NET GAINS PRIOR                               0
GROSS ADVISORY FEES                            1264711
INTEREST EXPENSE                                       0
GROSS EXPENSE                                  2782402
AVERAGE NET ASSETS                           229947589
PER SHARE NAV BEGIN                                13.69
PER SHARE NII                                        .31
PER SHARE GAIN APPREC                               1.47
PER SHARE DIVIDEND                                   .30
PER SHARE DISTRIBUTIONS                              .13
RETURNS OF CAPITAL                                     0
PER SHARE NAV END                                  15.04
EXPENSE RATIO                                       1.98
AVG DEBT OUTSTANDING                                   0
AVG DEBT PER SHARE                                     0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 069
NAME: INTERNATIONAL BOND PORTFOLIO INVESTOR A CLASS



PERIOD TYPE                                                6 MOS
FISCAL YEAR END                                       SEP 30 1996
PERIOD END                                            SEP 30 1996
INVESTMENTS AT COST                                      37065323
INVESTMENTS AT VALUE                                     37426586
RECEIVABLES                                               2975595
ASSETS OTHER                                               662386
OTHER ITEMS ASSETS                                                0
TOTAL ASSETS                                             41064567
PAYABLE FOR SECURITIES                                    1681071
SENIOR LONG TERM DEBT                                             0
OTHER ITEMS LIABILITIES                                    334306
TOTAL LIABILITIES                                         2015377
SENIOR EQUITY                                                     0
PAID IN CAPITAL COMMON                                   33605063
SHARES COMMON STOCK                                       3335333
SHARES COMMON PRIOR                                       3301814
ACCUMULATED NII CURRENT                                   1937243
OVERDISTRIBUTION NII                                              0
ACCUMULATED NET GAINS                                     3018715
OVERDISTRIBUTION GAINS                                            0
ACCUM APPREC OR DEPREC                                     488169
NET ASSETS                                               39049190
DIVIDEND INCOME                                                   0
INTEREST INCOME                                           1684563
OTHER INCOME                                                      0
EXPENSES NET                                               295032
NET INVESTMENT INCOME                                     1389531
REALIZED GAINS CURRENT                                    1752946
APPREC INCREASE CURRENT                                 (1158595)
NET CHANGE FROM OPS                                       1983882
EQUALIZATION                                                      0
DISTRIBUTIONS OF INCOME                                    952288
DISTRIBUTIONS OF GAINS                                            0
DISTRIBUTIONS OTHER                                               0
NUMBER OF SHARES SOLD                                     6176956
NUMBER OF SHARES REDEEMED                                 6152010
SHARES REINVESTED                                             8573
NET CHANGE IN ASSETS                                      1422409
ACCUMULATED NII PRIOR                                      105320
ACCUMULATED GAINS PRIOR                                   2651481
OVERDISTRIB NII PRIOR                                             0
OVERDIST NET GAINS PRIOR                                          0
GROSS ADVISORY FEES                                        138377
INTEREST EXPENSE                                                  0
GROSS EXPENSE                                              328605
AVERAGE NET ASSETS                                       24741632
PER SHARE NAV BEGIN                                          11.37
PER SHARE NII                                                   .26
PER SHARE GAIN APPREC                                           .32
PER SHARE DIVIDEND                                              .24
PER SHARE DISTRIBUTIONS                                           0
RETURNS OF CAPITAL                                                0
PER SHARE NAV END                                            11.71
EXPENSE RATIO                                                  1.45
AVG DEBT OUTSTANDING                                              0
AVG DEBT PER SHARE                                                0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 071
NAME: TAX FREE INCOME PORTFOLIO INSTITUTIONAL CLASS



PERIOD TYPE                                                6 MOS
FISCAL YEAR END                                       SEP 30 1996
PERIOD END                                            SEP 30 1996
INVESTMENTS AT COST                                     48304891
INVESTMENTS AT VALUE                                    49325955
RECEIVABLES                                               4799915
ASSETS OTHER                                                  23792
OTHER ITEMS ASSETS                                                  0
TOTAL ASSETS                                            54149662
PAYABLE FOR SECURITIES                                    4444193
SENIOR LONG TERM DEBT                                               0
OTHER ITEMS LIABILITIES                                     311302
TOTAL LIABILITIES                                         4755495
SENIOR EQUITY                                                       0
PAID IN CAPITAL COMMON                                  49118073
SHARES COMMON STOCK                                       4558239
SHARES COMMON PRIOR                                       1091002
ACCUMULATED NII CURRENT                                       11969
OVERDISTRIBUTION NII                                                0
ACCUMULATED NET GAINS                                    (885702)
OVERDISTRIBUTION GAINS                                              0
ACCUM APPREC OR DEPREC                                    1149827
NET ASSETS                                              49394167
DIVIDEND INCOME                                                     0
INTEREST INCOME                                           2279538
OTHER INCOME                                                        0
EXPENSES NET                                                329934
NET INVESTMENT INCOME                                     1949604
REALIZED GAINS CURRENT                                       (8747)
APPREC INCREASE CURRENT                                      (8481)
NET CHANGE FROM OPS                                       1932376
EQUALIZATION                                                        0
DISTRIBUTIONS OF INCOME                                   1943554
DISTRIBUTIONS OF GAINS                                              0
DISTRIBUTIONS OTHER                                                 0
NUMBER OF SHARES SOLD                                     6869072
NUMBER OF SHARES REDEEMED                                 3432397
SHARES REINVESTED                                             30562
NET CHANGE IN ASSETS                                    37818999
ACCUMULATED NII PRIOR                                           3124
ACCUMULATED GAINS PRIOR                                    (75045)
OVERDISTRIB NII PRIOR                                               0
OVERDIST NET GAINS PRIOR                                            0
GROSS ADVISORY FEES                                         199220
INTEREST EXPENSE                                                    0
GROSS EXPENSE                                               458738
AVERAGE NET ASSETS                                      39843864
PER SHARE NAV BEGIN                                            10.61
PER SHARE NII                                                     .49
PER SHARE GAIN APPREC                                             .28
PER SHARE DIVIDEND                                                .54
PER SHARE DISTRIBUTIONS                                             0
RETURNS OF CAPITAL                                                  0
PER SHARE NAV END                                              10.84
EXPENSE RATIO                                                     .55
AVG DEBT OUTSTANDING                                                0
AVG DEBT PER SHARE                                                  0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 072
NAME: TAX FREE INCOME PORTFOLIO SERVICE CLASS



PERIOD TYPE                                          6 MOS
FISCAL YEAR END                                 SEP 30 1996
PERIOD END                                      SEP 30 1996
INVESTMENTS AT COST                               48304891
INVESTMENTS AT VALUE                              49325955
RECEIVABLES                                         4799915
ASSETS OTHER                                            23792
OTHER ITEMS ASSETS                                            0
TOTAL ASSETS                                      54149662
PAYABLE FOR SECURITIES                              4444193
SENIOR LONG TERM DEBT                                         0
OTHER ITEMS LIABILITIES                               311302
TOTAL LIABILITIES                                   4755495
SENIOR EQUITY                                                 0
PAID IN CAPITAL COMMON                            49118073
SHARES COMMON STOCK                                 4558239
SHARES COMMON PRIOR                                 1091002
ACCUMULATED NII CURRENT                                 11969
OVERDISTRIBUTION NII                                          0
ACCUMULATED NET GAINS                              (885702)
OVERDISTRIBUTION GAINS                                        0
ACCUM APPREC OR DEPREC                              1149827
NET ASSETS                                        49394167
DIVIDEND INCOME                                               0
INTEREST INCOME                                     2279538
OTHER INCOME                                                  0
EXPENSES NET                                          329934
NET INVESTMENT INCOME                               1949604
REALIZED GAINS CURRENT                                 (8747)
APPREC INCREASE CURRENT                                (8481)
NET CHANGE FROM OPS                                 1932376
EQUALIZATION                                                  0
DISTRIBUTIONS OF INCOME                             1943554
DISTRIBUTIONS OF GAINS                                        0
DISTRIBUTIONS OTHER                                           0
NUMBER OF SHARES SOLD                               6869072
NUMBER OF SHARES REDEEMED                           3432397
SHARES REINVESTED                                       30562
NET CHANGE IN ASSETS                              37818999
ACCUMULATED NII PRIOR                                     3124
ACCUMULATED GAINS PRIOR                              (75045)
OVERDISTRIB NII PRIOR                                         0
OVERDIST NET GAINS PRIOR                                      0
GROSS ADVISORY FEES                                   199220
INTEREST EXPENSE                                              0
GROSS EXPENSE                                         458738
AVERAGE NET ASSETS                                39843864
PER SHARE NAV BEGIN                                      10.61
PER SHARE NII                                               .51
PER SHARE GAIN APPREC                                       .23
PER SHARE DIVIDEND                                          .51
PER SHARE DISTRIBUTIONS                                       0
RETURNS OF CAPITAL                                            0
PER SHARE NAV END                                        10.84
EXPENSE RATIO                                               .85
AVG DEBT OUTSTANDING                                          0
AVG DEBT PER SHARE                                            0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 073
NAME: TAX FREE INCOME PORTFOLIO INVESTOR A CLASS



PERIOD TYPE                                             6 MOS
FISCAL YEAR END                                    SEP 30 1996
PERIOD END                                         SEP 30 1996
INVESTMENTS AT COST                                  48304891
INVESTMENTS AT VALUE                                 49325955
RECEIVABLES                                            4799915
ASSETS OTHER                                               23792
OTHER ITEMS ASSETS                                               0
TOTAL ASSETS                                         54149662
PAYABLE FOR SECURITIES                                 4444193
SENIOR LONG TERM DEBT                                            0
OTHER ITEMS LIABILITIES                                  311302
TOTAL LIABILITIES                                      4755495
SENIOR EQUITY                                                    0
PAID IN CAPITAL COMMON                               49118073
SHARES COMMON STOCK                                    4558239
SHARES COMMON PRIOR                                    1091002
ACCUMULATED NII CURRENT                                    11969
OVERDISTRIBUTION NII                                             0
ACCUMULATED NET GAINS                                 (885702)
OVERDISTRIBUTION GAINS                                           0
ACCUM APPREC OR DEPREC                                 1149827
NET ASSETS                                           49394167
DIVIDEND INCOME                                                  0
INTEREST INCOME                                        2279538
OTHER INCOME                                                     0
EXPENSES NET                                             329934
NET INVESTMENT INCOME                                  1949604
REALIZED GAINS CURRENT                                    (8747)
APPREC INCREASE CURRENT                                   (8481)
NET CHANGE FROM OPS                                    1932376
EQUALIZATION                                                     0
DISTRIBUTIONS OF INCOME                                1943554
DISTRIBUTIONS OF GAINS                                           0
DISTRIBUTIONS OTHER                                              0
NUMBER OF SHARES SOLD                                  6869072
NUMBER OF SHARES REDEEMED                              3432397
SHARES REINVESTED                                          30562
NET CHANGE IN ASSETS                                 37818999
ACCUMULATED NII PRIOR                                        3124
ACCUMULATED GAINS PRIOR                                 (75045)
OVERDISTRIB NII PRIOR                                            0
OVERDIST NET GAINS PRIOR                                         0
GROSS ADVISORY FEES                                      199220
INTEREST EXPENSE                                                 0
GROSS EXPENSE                                            458738
AVERAGE NET ASSETS                                   39843864
PER SHARE NAV BEGIN                                         10.61
PER SHARE NII                                                  .45
PER SHARE GAIN APPREC                                          .21
PER SHARE DIVIDEND                                             .43
PER SHARE DISTRIBUTIONS                                          0
RETURNS OF CAPITAL                                               0
PER SHARE NAV END                                           10.84
EXPENSE RATIO                                                 1.04
AVG DEBT OUTSTANDING                                             0
AVG DEBT PER SHARE                                               0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 074
NAME: TAX FREE INCOME PORTFOLIO INVESTOR B CLASS



PERIOD TYPE                                             6 MOS
FISCAL YEAR END                                    SEP 30 1996
PERIOD END                                         SEP 30 1996
INVESTMENTS AT COST                                  48304891
INVESTMENTS AT VALUE                                 49325955
RECEIVABLES                                            4799915
ASSETS OTHER                                               23792
OTHER ITEMS ASSETS                                               0
TOTAL ASSETS                                         54149662
PAYABLE FOR SECURITIES                                 4444193
SENIOR LONG TERM DEBT                                            0
OTHER ITEMS LIABILITIES                                  311302
TOTAL LIABILITIES                                      4755495
SENIOR EQUITY                                                    0
PAID IN CAPITAL COMMON                               49118073
SHARES COMMON STOCK                                    4558239
SHARES COMMON PRIOR                                    1091002
ACCUMULATED NII CURRENT                                    11969
OVERDISTRIBUTION NII                                             0
ACCUMULATED NET GAINS                                 (885702)
OVERDISTRIBUTION GAINS                                           0
ACCUM APPREC OR DEPREC                                 1149827
NET ASSETS                                           49394167
DIVIDEND INCOME                                                  0
INTEREST INCOME                                        2279538
OTHER INCOME                                                     0
EXPENSES NET                                             329934
NET INVESTMENT INCOME                                  1949604
REALIZED GAINS CURRENT                                    (8747)
APPREC INCREASE CURRENT                                   (8481)
NET CHANGE FROM OPS                                    1932376
EQUALIZATION                                                     0
DISTRIBUTIONS OF INCOME                                1943554
DISTRIBUTIONS OF GAINS                                           0
DISTRIBUTIONS OTHER                                              0
NUMBER OF SHARES SOLD                                  6869072
NUMBER OF SHARES REDEEMED                              3432397
SHARES REINVESTED                                          30562
NET CHANGE IN ASSETS                                 37818999
ACCUMULATED NII PRIOR                                        3124
ACCUMULATED GAINS PRIOR                                 (75045)
OVERDISTRIB NII PRIOR                                            0
OVERDIST NET GAINS PRIOR                                         0
GROSS ADVISORY FEES                                      199220
INTEREST EXPENSE                                                 0
GROSS EXPENSE                                            458738
AVERAGE NET ASSETS                                   39843864
PER SHARE NAV BEGIN                                         10.74
PER SHARE NII                                                  .08
PER SHARE GAIN APPREC                                          .10
PER SHARE DIVIDEND                                             .08
PER SHARE DISTRIBUTIONS                                          0
RETURNS OF CAPITAL                                               0
PER SHARE NAV END                                           10.84
EXPENSE RATIO                                                 1.72
AVG DEBT OUTSTANDING                                             0
AVG DEBT PER SHARE                                               0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 079
NAME: INTERNATIONAL BOND PORTFOLIO INVESTOR B CLASS



PERIOD TYPE                                                6 MOS
FISCAL YEAR END                                       SEP 30 1996
PERIOD END                                            SEP 30 1996
INVESTMENTS AT COST                                      37065323
INVESTMENTS AT VALUE                                     37426586
RECEIVABLES                                               2975595
ASSETS OTHER                                               662386
OTHER ITEMS ASSETS                                                0
TOTAL ASSETS                                             41064567
PAYABLE FOR SECURITIES                                    1681071
SENIOR LONG TERM DEBT                                             0
OTHER ITEMS LIABILITIES                                    334306
TOTAL LIABILITIES                                         2015377
SENIOR EQUITY                                                     0
PAID IN CAPITAL COMMON                                   33605063
SHARES COMMON STOCK                                       3335333
SHARES COMMON PRIOR                                       3301814
ACCUMULATED NII CURRENT                                   1937243
OVERDISTRIBUTION NII                                              0
ACCUMULATED NET GAINS                                     3018715
OVERDISTRIBUTION GAINS                                            0
ACCUM APPREC OR DEPREC                                     488169
NET ASSETS                                               39049190
DIVIDEND INCOME                                                   0
INTEREST INCOME                                           1684563
OTHER INCOME                                                      0
EXPENSES NET                                               295032
NET INVESTMENT INCOME                                     1389531
REALIZED GAINS CURRENT                                    1752946
APPREC INCREASE CURRENT                                 (1158595)
NET CHANGE FROM OPS                                       1983882
EQUALIZATION                                                      0
DISTRIBUTIONS OF INCOME                                    952288
DISTRIBUTIONS OF GAINS                                            0
DISTRIBUTIONS OTHER                                               0
NUMBER OF SHARES SOLD                                     6176956
NUMBER OF SHARES REDEEMED                                 6152010
SHARES REINVESTED                                             8573
NET CHANGE IN ASSETS                                      1422409
ACCUMULATED NII PRIOR                                      105320
ACCUMULATED GAINS PRIOR                                   2651481
OVERDISTRIB NII PRIOR                                             0
OVERDIST NET GAINS PRIOR                                          0
GROSS ADVISORY FEES                                        138377
INTEREST EXPENSE                                                  0
GROSS EXPENSE                                              328605
AVERAGE NET ASSETS                                       24741632
PER SHARE NAV BEGIN                                          11.36
PER SHARE NII                                                   .22
PER SHARE GAIN APPREC                                           .33
PER SHARE DIVIDEND                                              .20
PER SHARE DISTRIBUTIONS                                           0
RETURNS OF CAPITAL                                                0
PER SHARE NAV END                                            11.71
EXPENSE RATIO                                                  2.09
AVG DEBT OUTSTANDING                                              0
AVG DEBT PER SHARE                                                0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 081
NAME: INTERNATIONAL EQUITY PORTFOLIO INSTITUTIONAL CLASS



PERIOD TYPE                                              6 MOS
FISCAL YEAR END                                      SEP 30 1996
PERIOD END                                           SEP 30 1996
INVESTMENTS AT COST                                   509372007
INVESTMENTS AT VALUE                                  534164493
RECEIVABLES                                            20001850
ASSETS OTHER                                           21915897
OTHER ITEMS ASSETS                                              0
TOTAL ASSETS                                          576082240
PAYABLE FOR SECURITIES                                  2666393
SENIOR LONG TERM DEBT                                           0
OTHER ITEMS LIABILITIES                                   973095
TOTAL LIABILITIES                                       3639488
SENIOR EQUITY                                                   0
PAID IN CAPITAL COMMON                                527907051
SHARES COMMON STOCK                                    42688687
SHARES COMMON PRIOR                                    32991337
ACCUMULATED NII CURRENT                                13021762
OVERDISTRIBUTION NII                                            0
ACCUMULATED NET GAINS                                  11741562
OVERDISTRIBUTION GAINS                                          0
ACCUM APPREC OR DEPREC                                 19772377
NET ASSETS                                            572442752
DIVIDEND INCOME                                         9191959
INTEREST INCOME                                         1076526
OTHER INCOME                                                    0
EXPENSES NET                                            6021505
NET INVESTMENT INCOME                                   4246980
REALIZED GAINS CURRENT                                 24364347
APPREC INCREASE CURRENT                                 9725258
NET CHANGE FROM OPS                                    38336585
EQUALIZATION                                                    0
DISTRIBUTIONS OF INCOME                                 5903309
DISTRIBUTIONS OF GAINS                                 22617759
DISTRIBUTIONS OTHER                                             0
NUMBER OF SHARES SOLD                                  32830325
NUMBER OF SHARES REDEEMED                              24964039
SHARES REINVESTED                                       1831064
NET CHANGE IN ASSETS                                  135017484
ACCUMULATED NII PRIOR                                   7045321
ACCUMULATED GAINS PRIOR                                17937257
OVERDISTRIB NII PRIOR                                           0
OVERDIST NET GAINS PRIOR                                        0
GROSS ADVISORY FEES                                     3863591
INTEREST EXPENSE                                                0
GROSS EXPENSE                                           6583746
AVERAGE NET ASSETS                                    515145397
PER SHARE NAV BEGIN                                         13.27
PER SHARE NII                                                 .17
PER SHARE GAIN APPREC                                         .84
PER SHARE DIVIDEND                                            .18
PER SHARE DISTRIBUTIONS                                       .67
RETURNS OF CAPITAL                                              0
PER SHARE NAV END                                           13.43
EXPENSE RATIO                                                1.06
AVG DEBT OUTSTANDING                                            0
AVG DEBT PER SHARE                                              0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 082
NAME: INTERNATIONAL EQUITY PORTFOLIO SERVICE CLASS



PERIOD TYPE                                              6 MOS
FISCAL YEAR END                                      SEP 30 1996
PERIOD END                                           SEP 30 1996
INVESTMENTS AT COST                                   509372007
INVESTMENTS AT VALUE                                  534164493
RECEIVABLES                                            20001850
ASSETS OTHER                                           21915897
OTHER ITEMS ASSETS                                              0
TOTAL ASSETS                                          576082240
PAYABLE FOR SECURITIES                                  2666393
SENIOR LONG TERM DEBT                                           0
OTHER ITEMS LIABILITIES                                   973095
TOTAL LIABILITIES                                       3639488
SENIOR EQUITY                                                   0
PAID IN CAPITAL COMMON                                527907051
SHARES COMMON STOCK                                    42688687
SHARES COMMON PRIOR                                    32991337
ACCUMULATED NII CURRENT                                13021762
OVERDISTRIBUTION NII                                            0
ACCUMULATED NET GAINS                                  11741562
OVERDISTRIBUTION GAINS                                          0
ACCUM APPREC OR DEPREC                                 19772377
NET ASSETS                                            572442752
DIVIDEND INCOME                                         9191959
INTEREST INCOME                                         1076526
OTHER INCOME                                                    0
EXPENSES NET                                            6021505
NET INVESTMENT INCOME                                   4246980
REALIZED GAINS CURRENT                                 24364347
APPREC INCREASE CURRENT                                 9725258
NET CHANGE FROM OPS                                    38336585
EQUALIZATION                                                    0
DISTRIBUTIONS OF INCOME                                 5903309
DISTRIBUTIONS OF GAINS                                 22617759
DISTRIBUTIONS OTHER                                             0
NUMBER OF SHARES SOLD                                  32830325
NUMBER OF SHARES REDEEMED                              24964039
SHARES REINVESTED                                       1831064
NET CHANGE IN ASSETS                                  135017484
ACCUMULATED NII PRIOR                                   7045321
ACCUMULATED GAINS PRIOR                                17937257
OVERDISTRIB NII PRIOR                                           0
OVERDIST NET GAINS PRIOR                                        0
GROSS ADVISORY FEES                                     3863591
INTEREST EXPENSE                                                0
GROSS EXPENSE                                           6583746
AVERAGE NET ASSETS                                    515145397
PER SHARE NAV BEGIN                                         13.24
PER SHARE NII                                                 .19
PER SHARE GAIN APPREC                                         .78
PER SHARE DIVIDEND                                            .17
PER SHARE DISTRIBUTIONS                                       .67
RETURNS OF CAPITAL                                              0
PER SHARE NAV END                                           13.37
EXPENSE RATIO                                                1.36
AVG DEBT OUTSTANDING                                            0
AVG DEBT PER SHARE                                              0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 083
NAME: INTERNATIONAL EQUITY PORTFOLIO INVESTOR A CLASS



PERIOD TYPE                                                 6 MOS
FISCAL YEAR END                                         SEP 30 1996
PERIOD END                                              SEP 30 1996
INVESTMENTS AT COST                                      509372007
INVESTMENTS AT VALUE                                     534164493
RECEIVABLES                                               20001850
ASSETS OTHER                                              21915897
OTHER ITEMS ASSETS                                                 0
TOTAL ASSETS                                             576082240
PAYABLE FOR SECURITIES                                     2666393
SENIOR LONG TERM DEBT                                              0
OTHER ITEMS LIABILITIES                                      973095
TOTAL LIABILITIES                                          3639488
SENIOR EQUITY                                                      0
PAID IN CAPITAL COMMON                                   527907051
SHARES COMMON STOCK                                       42688687
SHARES COMMON PRIOR                                       32991337
ACCUMULATED NII CURRENT                                   13021762
OVERDISTRIBUTION NII                                               0
ACCUMULATED NET GAINS                                     11741562
OVERDISTRIBUTION GAINS                                             0
ACCUM APPREC OR DEPREC                                    19772377
NET ASSETS                                               572442752
DIVIDEND INCOME                                            9191959
INTEREST INCOME                                            1076526
OTHER INCOME                                                       0
EXPENSES NET                                               6021505
NET INVESTMENT INCOME                                      4246980
REALIZED GAINS CURRENT                                    24364347
APPREC INCREASE CURRENT                                    9725258
NET CHANGE FROM OPS                                       38336585
EQUALIZATION                                                       0
DISTRIBUTIONS OF INCOME                                    5903309
DISTRIBUTIONS OF GAINS                                    22617759
DISTRIBUTIONS OTHER                                                0
NUMBER OF SHARES SOLD                                     32830325
NUMBER OF SHARES REDEEMED                                 24964039
SHARES REINVESTED                                          1831064
NET CHANGE IN ASSETS                                     135017484
ACCUMULATED NII PRIOR                                      7045321
ACCUMULATED GAINS PRIOR                                   17937257
OVERDISTRIB NII PRIOR                                              0
OVERDIST NET GAINS PRIOR                                           0
GROSS ADVISORY FEES                                        3863591
INTEREST EXPENSE                                                   0
GROSS EXPENSE                                              6583746
AVERAGE NET ASSETS                                       515145397
PER SHARE NAV BEGIN                                            13.24
PER SHARE NII                                                    .14
PER SHARE GAIN APPREC                                            .81
PER SHARE DIVIDEND                                               .16
PER SHARE DISTRIBUTIONS                                          .67
RETURNS OF CAPITAL                                                 0
PER SHARE NAV END                                              13.36
EXPENSE RATIO                                                   1.53
AVG DEBT OUTSTANDING                                               0
AVG DEBT PER SHARE                                                 0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 084
NAME: INTERNATIONAL EQUITY PORTFOLIO INVESTOR B CLASS



PERIOD TYPE                                                 6 MOS
FISCAL YEAR END                                         SEP 30 1996
PERIOD END                                              SEP 30 1996
INVESTMENTS AT COST                                      509372007
INVESTMENTS AT VALUE                                     534164493
RECEIVABLES                                               20001850
ASSETS OTHER                                              21915897
OTHER ITEMS ASSETS                                                 0
TOTAL ASSETS                                             576082240
PAYABLE FOR SECURITIES                                     2666393
SENIOR LONG TERM DEBT                                              0
OTHER ITEMS LIABILITIES                                      973095
TOTAL LIABILITIES                                          3639488
SENIOR EQUITY                                                      0
PAID IN CAPITAL COMMON                                   527907051
SHARES COMMON STOCK                                       42688687
SHARES COMMON PRIOR                                       32991337
ACCUMULATED NII CURRENT                                   13021762
OVERDISTRIBUTION NII                                               0
ACCUMULATED NET GAINS                                     11741562
OVERDISTRIBUTION GAINS                                             0
ACCUM APPREC OR DEPREC                                    19772377
NET ASSETS                                               572442752
DIVIDEND INCOME                                            9191959
INTEREST INCOME                                            1076526
OTHER INCOME                                                       0
EXPENSES NET                                               6021505
NET INVESTMENT INCOME                                      4246980
REALIZED GAINS CURRENT                                    24364347
APPREC INCREASE CURRENT                                    9725258
NET CHANGE FROM OPS                                       38336585
EQUALIZATION                                                       0
DISTRIBUTIONS OF INCOME                                    5903309
DISTRIBUTIONS OF GAINS                                    22617759
DISTRIBUTIONS OTHER                                                0
NUMBER OF SHARES SOLD                                     32830325
NUMBER OF SHARES REDEEMED                                 24964039
SHARES REINVESTED                                          1831064
NET CHANGE IN ASSETS                                     135017484
ACCUMULATED NII PRIOR                                      7045321
ACCUMULATED GAINS PRIOR                                   17937257
OVERDISTRIB NII PRIOR                                              0
OVERDIST NET GAINS PRIOR                                           0
GROSS ADVISORY FEES                                        3863591
INTEREST EXPENSE                                                   0
GROSS EXPENSE                                              6583746
AVERAGE NET ASSETS                                       515145397
PER SHARE NAV BEGIN                                            13.20
PER SHARE NII                                                    .08
PER SHARE GAIN APPREC                                            .77
PER SHARE DIVIDEND                                               .15
PER SHARE DISTRIBUTIONS                                          .67
RETURNS OF CAPITAL                                                 0
PER SHARE NAV END                                              13.23
EXPENSE RATIO                                                   2.23
AVG DEBT OUTSTANDING                                               0
AVG DEBT PER SHARE                                                 0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 089
NAME: INTERNATIONAL BOND PORTFOLIO INVESTOR C CLASS



PERIOD TYPE                                                6 MOS
FISCAL YEAR END                                       SEP 30 1996
PERIOD END                                            SEP 30 1996
INVESTMENTS AT COST                                      37065323
INVESTMENTS AT VALUE                                     37426586
RECEIVABLES                                               2975595
ASSETS OTHER                                               662386
OTHER ITEMS ASSETS                                                0
TOTAL ASSETS                                             41064567
PAYABLE FOR SECURITIES                                    1681071
SENIOR LONG TERM DEBT                                             0
OTHER ITEMS LIABILITIES                                    334306
TOTAL LIABILITIES                                         2015377
SENIOR EQUITY                                                     0
PAID IN CAPITAL COMMON                                   33605063
SHARES COMMON STOCK                                       3335333
SHARES COMMON PRIOR                                       3301814
ACCUMULATED NII CURRENT                                   1937243
OVERDISTRIBUTION NII                                              0
ACCUMULATED NET GAINS                                     3018715
OVERDISTRIBUTION GAINS                                            0
ACCUM APPREC OR DEPREC                                     488169
NET ASSETS                                               39049190
DIVIDEND INCOME                                                   0
INTEREST INCOME                                           1684563
OTHER INCOME                                                      0
EXPENSES NET                                               295032
NET INVESTMENT INCOME                                     1389531
REALIZED GAINS CURRENT                                    1752946
APPREC INCREASE CURRENT                                 (1158595)
NET CHANGE FROM OPS                                       1983882
EQUALIZATION                                                      0
DISTRIBUTIONS OF INCOME                                    952288
DISTRIBUTIONS OF GAINS                                            0
DISTRIBUTIONS OTHER                                               0
NUMBER OF SHARES SOLD                                     6176956
NUMBER OF SHARES REDEEMED                                 6152010
SHARES REINVESTED                                             8573
NET CHANGE IN ASSETS                                      1422409
ACCUMULATED NII PRIOR                                      105320
ACCUMULATED GAINS PRIOR                                   2651481
OVERDISTRIB NII PRIOR                                             0
OVERDIST NET GAINS PRIOR                                          0
GROSS ADVISORY FEES                                        138377
INTEREST EXPENSE                                                  0
GROSS EXPENSE                                              328605
AVERAGE NET ASSETS                                       24741632
PER SHARE NAV BEGIN                                          11.58
PER SHARE NII                                                   .02
PER SHARE GAIN APPREC                                           .12
PER SHARE DIVIDEND                                              .01
PER SHARE DISTRIBUTIONS                                           0
RETURNS OF CAPITAL                                                0
PER SHARE NAV END                                            11.71
EXPENSE RATIO                                                  1.53
AVG DEBT OUTSTANDING                                              0
AVG DEBT PER SHARE                                                0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 091
NAME: OHIO MUNICIPAL MONEY MARKET PORTFOLIO INSTITUTIONAL CLASS



PERIOD TYPE                                             6 MOS
FISCAL YEAR END                                     SEP 30 1996
PERIOD END                                          SEP 30 1996
INVESTMENTS AT COST                                   83759200
INVESTMENTS AT VALUE                                  83759200
RECEIVABLES                                              609344
ASSETS OTHER                                                8739
OTHER ITEMS ASSETS                                               0
TOTAL ASSETS                                          84377283
PAYABLE FOR SECURITIES                                           0
SENIOR LONG TERM DEBT                                            0
OTHER ITEMS LIABILITIES                                  236164
TOTAL LIABILITIES                                        236164
SENIOR EQUITY                                                    0
PAID IN CAPITAL COMMON                                84149244
SHARES COMMON STOCK                                   84149244
SHARES COMMON PRIOR                                   73613456
ACCUMULATED NII CURRENT                                          0
OVERDISTRIBUTION NII                                             0
ACCUMULATED NET GAINS                                     (8125)
OVERDISTRIBUTION GAINS                                           0
ACCUM APPREC OR DEPREC                                           0
NET ASSETS                                            84141119
DIVIDEND INCOME                                                  0
INTEREST INCOME                                        2712738
OTHER INCOME                                                     0
EXPENSES NET                                             360143
NET INVESTMENT INCOME                                  2352595
REALIZED GAINS CURRENT                                    (5840)
APPREC INCREASE CURRENT                                          0
NET CHANGE FROM OPS                                    2346755
EQUALIZATION                                                     0
DISTRIBUTIONS OF INCOME                                2352595
DISTRIBUTIONS OF GAINS                                           0
DISTRIBUTIONS OTHER                                              0
NUMBER OF SHARES SOLD                                398956615
NUMBER OF SHARES REDEEMED                            389142060
SHARES REINVESTED                                        721233
NET CHANGE IN ASSETS                                  10529948
ACCUMULATED NII PRIOR                                            0
ACCUMULATED GAINS PRIOR                                   (2285)
OVERDISTRIB NII PRIOR                                            0
OVERDIST NET GAINS PRIOR                                         0
GROSS ADVISORY FEES                                      234952
INTEREST EXPENSE                                                 0
GROSS EXPENSE                                            691631
AVERAGE NET ASSETS                                    72211572
PER SHARE NAV BEGIN                                          1.00
PER SHARE NII                                                .035
PER SHARE GAIN APPREC                                            0
PER SHARE DIVIDEND                                           .035
PER SHARE DISTRIBUTIONS                                          0
RETURNS OF CAPITAL                                               0
PER SHARE NAV END                                            1.00
EXPENSE RATIO                                                  .29
AVG DEBT OUTSTANDING                                             0
AVG DEBT PER SHARE                                               0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 092
NAME: OHIO MUNICIPAL MONEY MARKET PORTFOLIO SERVICE CLASS



PERIOD TYPE                                             6 MOS
FISCAL YEAR END                                     SEP 30 1996
PERIOD END                                          SEP 30 1996
INVESTMENTS AT COST                                   83759200
INVESTMENTS AT VALUE                                  83759200
RECEIVABLES                                              609344
ASSETS OTHER                                                8739
OTHER ITEMS ASSETS                                               0
TOTAL ASSETS                                          84377283
PAYABLE FOR SECURITIES                                           0
SENIOR LONG TERM DEBT                                            0
OTHER ITEMS LIABILITIES                                  236164
TOTAL LIABILITIES                                        236164
SENIOR EQUITY                                                    0
PAID IN CAPITAL COMMON                                84149244
SHARES COMMON STOCK                                   84149244
SHARES COMMON PRIOR                                   73613456
ACCUMULATED NII CURRENT                                          0
OVERDISTRIBUTION NII                                             0
ACCUMULATED NET GAINS                                     (8125)
OVERDISTRIBUTION GAINS                                           0
ACCUM APPREC OR DEPREC                                           0
NET ASSETS                                            84141119
DIVIDEND INCOME                                                  0
INTEREST INCOME                                        2712738
OTHER INCOME                                                     0
EXPENSES NET                                             360143
NET INVESTMENT INCOME                                  2352595
REALIZED GAINS CURRENT                                    (5840)
APPREC INCREASE CURRENT                                          0
NET CHANGE FROM OPS                                    2346755
EQUALIZATION                                                     0
DISTRIBUTIONS OF INCOME                                2352595
DISTRIBUTIONS OF GAINS                                           0
DISTRIBUTIONS OTHER                                              0
NUMBER OF SHARES SOLD                                398956615
NUMBER OF SHARES REDEEMED                            389142060
SHARES REINVESTED                                        721233
NET CHANGE IN ASSETS                                  10529948
ACCUMULATED NII PRIOR                                            0
ACCUMULATED GAINS PRIOR                                   (2285)
OVERDISTRIB NII PRIOR                                            0
OVERDIST NET GAINS PRIOR                                         0
GROSS ADVISORY FEES                                      234952
INTEREST EXPENSE                                                 0
GROSS EXPENSE                                            691631
AVERAGE NET ASSETS                                    72211572
PER SHARE NAV BEGIN                                          1.00
PER SHARE NII                                                .032
PER SHARE GAIN APPREC                                            0
PER SHARE DIVIDEND                                           .032
PER SHARE DISTRIBUTIONS                                          0
RETURNS OF CAPITAL                                               0
PER SHARE NAV END                                            1.00
EXPENSE RATIO                                                  .59
AVG DEBT OUTSTANDING                                             0
AVG DEBT PER SHARE                                               0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 093
NAME: OHIO MUNICIPAL MONEY MARKET PORTFOLIO INVESTOR A CLASS



PERIOD TYPE                                             6 MOS
FISCAL YEAR END                                     SEP 30 1996
PERIOD END                                          SEP 30 1996
INVESTMENTS AT COST                                   83759200
INVESTMENTS AT VALUE                                  83759200
RECEIVABLES                                              609344
ASSETS OTHER                                                8739
OTHER ITEMS ASSETS                                               0
TOTAL ASSETS                                          84377283
PAYABLE FOR SECURITIES                                           0
SENIOR LONG TERM DEBT                                            0
OTHER ITEMS LIABILITIES                                  236164
TOTAL LIABILITIES                                        236164
SENIOR EQUITY                                                    0
PAID IN CAPITAL COMMON                                84149244
SHARES COMMON STOCK                                   84149244
SHARES COMMON PRIOR                                   73613456
ACCUMULATED NII CURRENT                                          0
OVERDISTRIBUTION NII                                             0
ACCUMULATED NET GAINS                                     (8125)
OVERDISTRIBUTION GAINS                                           0
ACCUM APPREC OR DEPREC                                           0
NET ASSETS                                            84141119
DIVIDEND INCOME                                                  0
INTEREST INCOME                                        2712738
OTHER INCOME                                                     0
EXPENSES NET                                             360143
NET INVESTMENT INCOME                                  2352595
REALIZED GAINS CURRENT                                    (5840)
APPREC INCREASE CURRENT                                          0
NET CHANGE FROM OPS                                    2346755
EQUALIZATION                                                     0
DISTRIBUTIONS OF INCOME                                2352595
DISTRIBUTIONS OF GAINS                                           0
DISTRIBUTIONS OTHER                                              0
NUMBER OF SHARES SOLD                                398956615
NUMBER OF SHARES REDEEMED                            389142060
SHARES REINVESTED                                        721233
NET CHANGE IN ASSETS                                  10529948
ACCUMULATED NII PRIOR                                            0
ACCUMULATED GAINS PRIOR                                   (2285)
OVERDISTRIB NII PRIOR                                            0
OVERDIST NET GAINS PRIOR                                         0
GROSS ADVISORY FEES                                      234952
INTEREST EXPENSE                                                 0
GROSS EXPENSE                                            691631
AVERAGE NET ASSETS                                    72211572
PER SHARE NAV BEGIN                                          1.00
PER SHARE NII                                                .029
PER SHARE GAIN APPREC                                            0
PER SHARE DIVIDEND                                           .029
PER SHARE DISTRIBUTIONS                                          0
RETURNS OF CAPITAL                                               0
PER SHARE NAV END                                            1.00
EXPENSE RATIO                                                  .79
AVG DEBT OUTSTANDING                                             0
AVG DEBT PER SHARE                                               0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 099
NAME: CORE BOND PORTFOLIO INSTITUTIONAL CLASS



PERIOD TYPE                                            6 MOS
FISCAL YEAR END                                 SEP 30 1996
PERIOD END                                      SEP 30 1996
INVESTMENTS AT COST                               301850474
INVESTMENTS AT VALUE                              301406932
RECEIVABLES                                         25298509
ASSETS OTHER                                            43524
OTHER ITEMS ASSETS                                           0
TOTAL ASSETS                                      326748965
PAYABLE FOR SECURITIES                              31221565
SENIOR LONG TERM DEBT                                        0
OTHER ITEMS LIABILITIES                             13877447
TOTAL LIABILITIES                                   45099012
SENIOR EQUITY                                                0
PAID IN CAPITAL COMMON                            279979862
SHARES COMMON STOCK                                 29495876
SHARES COMMON PRIOR                                 30881216
ACCUMULATED NII CURRENT                                123608
OVERDISTRIBUTION NII                                         0
ACCUMULATED NET GAINS                                (729844)
OVERDISTRIBUTION GAINS                                       0
ACCUM APPREC OR DEPREC                                2276327
NET ASSETS                                        281649953
DIVIDEND INCOME                                              0
INTEREST INCOME                                     10241807
OTHER INCOME                                                 0
EXPENSES NET                                          1373077
NET INVESTMENT INCOME                                 8860584
REALIZED GAINS CURRENT                             (2823009)
APPREC INCREASE CURRENT                                555399
NET CHANGE FROM OPS                                   6592874
EQUALIZATION                                                 0
DISTRIBUTIONS OF INCOME                               8773403
DISTRIBUTIONS OF GAINS                                       0
DISTRIBUTIONS OTHER                                          0
NUMBER OF SHARES SOLD                               40460586
NUMBER OF SHARES REDEEMED                           42020723
SHARES REINVESTED                                      174797
NET CHANGE IN ASSETS                             (15254403)
ACCUMULATED NII PRIOR                                        0
ACCUMULATED GAINS PRIOR                                      0
OVERDISTRIB NII PRIOR                                        0
OVERDIST NET GAINS PRIOR                                     0
GROSS ADVISORY FEES                                    707818
INTEREST EXPENSE                                       329458
GROSS EXPENSE                                         1373077
AVERAGE NET ASSETS                                283127116
PER SHARE NAV BEGIN                                       9.61
PER SHARE NII                                              .30
PER SHARE GAIN APPREC                                    (.06)
PER SHARE DIVIDEND                                         .30
PER SHARE DISTRIBUTIONS                                      0
RETURNS OF CAPITAL                                           0
PER SHARE NAV END                                         9.55
EXPENSE RATIO                                              .84
AVG DEBT OUTSTANDING                                         0
AVG DEBT PER SHARE                                           0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 101
NAME: PENNSYLVANIA MUNICIPAL MONEYMARKET PORT. INSTITUTIONAL CLASS



PERIOD TYPE                                            6 MOS
FISCAL YEAR END                                    SEP 30 1996
PERIOD END                                         SEP 30 1996
INVESTMENTS AT COST                                 485731663
INVESTMENTS AT VALUE                                485731663
RECEIVABLES                                           2109460
ASSETS OTHER                                             95901
OTHER ITEMS ASSETS                                             0
TOTAL ASSETS                                        487937024
PAYABLE FOR SECURITIES                                         0
SENIOR LONG TERM DEBT                                          0
OTHER ITEMS LIABILITIES                               1493594
TOTAL LIABILITIES                                     1493594
SENIOR EQUITY                                                  0
PAID IN CAPITAL COMMON                              486452077
SHARES COMMON STOCK                                 486455044
SHARES COMMON PRIOR                                 381904746
ACCUMULATED NII CURRENT                                        0
OVERDISTRIBUTION NII                                           0
ACCUMULATED NET GAINS                                   (8647)
OVERDISTRIBUTION GAINS                                         0
ACCUM APPREC OR DEPREC                                         0
NET ASSETS                                          486443430
DIVIDEND INCOME                                                0
INTEREST INCOME                                      18355910
OTHER INCOME                                                   0
EXPENSES NET                                          2406024
NET INVESTMENT INCOME                                15949886
REALIZED GAINS CURRENT                                  (1626)
APPREC INCREASE CURRENT                                        0
NET CHANGE FROM OPS                                  15948260
EQUALIZATION                                                   0
DISTRIBUTIONS OF INCOME                              15949886
DISTRIBUTIONS OF GAINS                                         0
DISTRIBUTIONS OTHER                                            0
NUMBER OF SHARES SOLD                              1605724680
NUMBER OF SHARES REDEEMED                          1503666294
SHARES REINVESTED                                     2491912
NET CHANGE IN ASSETS                                104540013
ACCUMULATED NII PRIOR                                          0
ACCUMULATED GAINS PRIOR                                 (1329)
OVERDISTRIB NII PRIOR                                          0
OVERDIST NET GAINS PRIOR                                       0
GROSS ADVISORY FEES                                   2284553
INTEREST EXPENSE                                               0
GROSS EXPENSE                                         4554206
AVERAGE NET ASSETS                                  507678375
PER SHARE NAV BEGIN                                        1.00
PER SHARE NII                                              .033
PER SHARE GAIN APPREC                                          0
PER SHARE DIVIDEND                                         .033
PER SHARE DISTRIBUTIONS                                        0
RETURNS OF CAPITAL                                             0
PER SHARE NAV END                                          1.00
EXPENSE RATIO                                                .29
AVG DEBT OUTSTANDING                                           0
AVG DEBT PER SHARE                                             0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 102
NAME: PENNSYLVANIA MUNICIPAL MONEYMARKET PORT. SERVICE CLASS



PERIOD TYPE                                            6 MOS
FISCAL YEAR END                                    SEP 30 1996
PERIOD END                                         SEP 30 1996
INVESTMENTS AT COST                                 485731663
INVESTMENTS AT VALUE                                485731663
RECEIVABLES                                           2109460
ASSETS OTHER                                             95901
OTHER ITEMS ASSETS                                             0
TOTAL ASSETS                                        487937024
PAYABLE FOR SECURITIES                                         0
SENIOR LONG TERM DEBT                                          0
OTHER ITEMS LIABILITIES                               1493594
TOTAL LIABILITIES                                     1493594
SENIOR EQUITY                                                  0
PAID IN CAPITAL COMMON                              486452077
SHARES COMMON STOCK                                 486455044
SHARES COMMON PRIOR                                 381904746
ACCUMULATED NII CURRENT                                        0
OVERDISTRIBUTION NII                                           0
ACCUMULATED NET GAINS                                   (8647)
OVERDISTRIBUTION GAINS                                         0
ACCUM APPREC OR DEPREC                                         0
NET ASSETS                                          486443430
DIVIDEND INCOME                                                0
INTEREST INCOME                                      18355910
OTHER INCOME                                                   0
EXPENSES NET                                          2406024
NET INVESTMENT INCOME                                15949886
REALIZED GAINS CURRENT                                  (1626)
APPREC INCREASE CURRENT                                        0
NET CHANGE FROM OPS                                  15948260
EQUALIZATION                                                   0
DISTRIBUTIONS OF INCOME                              15949886
DISTRIBUTIONS OF GAINS                                         0
DISTRIBUTIONS OTHER                                            0
NUMBER OF SHARES SOLD                              1605724680
NUMBER OF SHARES REDEEMED                          1503666294
SHARES REINVESTED                                     2491912
NET CHANGE IN ASSETS                                104540013
ACCUMULATED NII PRIOR                                          0
ACCUMULATED GAINS PRIOR                                 (1329)
OVERDISTRIB NII PRIOR                                          0
OVERDIST NET GAINS PRIOR                                       0
GROSS ADVISORY FEES                                   2284553
INTEREST EXPENSE                                               0
GROSS EXPENSE                                         4554206
AVERAGE NET ASSETS                                  507678375
PER SHARE NAV BEGIN                                        1.00
PER SHARE NII                                              .030
PER SHARE GAIN APPREC                                          0
PER SHARE DIVIDEND                                         .030
PER SHARE DISTRIBUTIONS                                        0
RETURNS OF CAPITAL                                             0
PER SHARE NAV END                                          1.00
EXPENSE RATIO                                                .59
AVG DEBT OUTSTANDING                                           0
AVG DEBT PER SHARE                                             0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 103
NAME: PENNSYLVANIA MUNICIPAL MONEYMARKET PORT. INVESTOR A CLASS



PERIOD TYPE                                            6 MOS
FISCAL YEAR END                                    SEP 30 1996
PERIOD END                                         SEP 30 1996
INVESTMENTS AT COST                                 485731663
INVESTMENTS AT VALUE                                485731663
RECEIVABLES                                           2109460
ASSETS OTHER                                             95901
OTHER ITEMS ASSETS                                             0
TOTAL ASSETS                                        487937024
PAYABLE FOR SECURITIES                                         0
SENIOR LONG TERM DEBT                                          0
OTHER ITEMS LIABILITIES                               1493594
TOTAL LIABILITIES                                     1493594
SENIOR EQUITY                                                  0
PAID IN CAPITAL COMMON                              486452077
SHARES COMMON STOCK                                 486455044
SHARES COMMON PRIOR                                 381904746
ACCUMULATED NII CURRENT                                        0
OVERDISTRIBUTION NII                                           0
ACCUMULATED NET GAINS                                   (8647)
OVERDISTRIBUTION GAINS                                         0
ACCUM APPREC OR DEPREC                                         0
NET ASSETS                                          486443430
DIVIDEND INCOME                                                0
INTEREST INCOME                                      18355910
OTHER INCOME                                                   0
EXPENSES NET                                          2406024
NET INVESTMENT INCOME                                15949886
REALIZED GAINS CURRENT                                  (1626)
APPREC INCREASE CURRENT                                        0
NET CHANGE FROM OPS                                  15948260
EQUALIZATION                                                   0
DISTRIBUTIONS OF INCOME                              15949886
DISTRIBUTIONS OF GAINS                                         0
DISTRIBUTIONS OTHER                                            0
NUMBER OF SHARES SOLD                              1605724680
NUMBER OF SHARES REDEEMED                          1503666294
SHARES REINVESTED                                     2491912
NET CHANGE IN ASSETS                                104540013
ACCUMULATED NII PRIOR                                          0
ACCUMULATED GAINS PRIOR                                 (1329)
OVERDISTRIB NII PRIOR                                          0
OVERDIST NET GAINS PRIOR                                       0
GROSS ADVISORY FEES                                   2284553
INTEREST EXPENSE                                               0
GROSS EXPENSE                                         4554206
AVERAGE NET ASSETS                                  507678375
PER SHARE NAV BEGIN                                        1.00
PER SHARE NII                                              .028
PER SHARE GAIN APPREC                                          0
PER SHARE DIVIDEND                                         .028
PER SHARE DISTRIBUTIONS                                        0
RETURNS OF CAPITAL                                             0
PER SHARE NAV END                                          1.00
EXPENSE RATIO                                                .81
AVG DEBT OUTSTANDING                                           0
AVG DEBT PER SHARE                                             0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 109
NAME: CORE BOND PORTFOLIO SERVICE CLASS



PERIOD TYPE                                      6 MOS
FISCAL YEAR END                           SEP 30 1996
PERIOD END                                SEP 30 1996
INVESTMENTS AT COST                         301850474
INVESTMENTS AT VALUE                        301406932
RECEIVABLES                                   25298509
ASSETS OTHER                                      43524
OTHER ITEMS ASSETS                                     0
TOTAL ASSETS                                326748965
PAYABLE FOR SECURITIES                        31221565
SENIOR LONG TERM DEBT                                  0
OTHER ITEMS LIABILITIES                       13877447
TOTAL LIABILITIES                             45099012
SENIOR EQUITY                                          0
PAID IN CAPITAL COMMON                      279979862
SHARES COMMON STOCK                           29495876
SHARES COMMON PRIOR                           30881216
ACCUMULATED NII CURRENT                          123608
OVERDISTRIBUTION NII                                   0
ACCUMULATED NET GAINS                          (729844)
OVERDISTRIBUTION GAINS                                 0
ACCUM APPREC OR DEPREC                          2276327
NET ASSETS                                  281649953
DIVIDEND INCOME                                        0
INTEREST INCOME                               10241807
OTHER INCOME                                           0
EXPENSES NET                                    1373077
NET INVESTMENT INCOME                           8860584
REALIZED GAINS CURRENT                       (2823009)
APPREC INCREASE CURRENT                          555399
NET CHANGE FROM OPS                             6592874
EQUALIZATION                                           0
DISTRIBUTIONS OF INCOME                         8773403
DISTRIBUTIONS OF GAINS                                 0
DISTRIBUTIONS OTHER                                    0
NUMBER OF SHARES SOLD                         40460586
NUMBER OF SHARES REDEEMED                     42020723
SHARES REINVESTED                                174797
NET CHANGE IN ASSETS                       (15254403)
ACCUMULATED NII PRIOR                                  0
ACCUMULATED GAINS PRIOR                                0
OVERDISTRIB NII PRIOR                                  0
OVERDIST NET GAINS PRIOR                               0
GROSS ADVISORY FEES                              707818
INTEREST EXPENSE                                 329458
GROSS EXPENSE                                   1373077
AVERAGE NET ASSETS                          283127116
PER SHARE NAV BEGIN                                 9.61
PER SHARE NII                                        .30
PER SHARE GAIN APPREC                              (.07)
PER SHARE DIVIDEND                                   .29
PER SHARE DISTRIBUTIONS                                0
RETURNS OF CAPITAL                                     0
PER SHARE NAV END                                   9.55
EXPENSE RATIO                                        .85
AVG DEBT OUTSTANDING                                   0
AVG DEBT PER SHARE                                     0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 111
NAME: VALUE EQUITY PORTFOLIO INSTITUTIONAL CLASS



PERIOD TYPE                                             6 MOS
FISCAL YEAR END                                    SEP 30 1996
PERIOD END                                         SEP 30 1996
INVESTMENTS AT COST                                1079395860
INVESTMENTS AT VALUE                               1222861801
RECEIVABLES                                            9465633
ASSETS OTHER                                            172293
OTHER ITEMS ASSETS                                            0
TOTAL ASSETS                                       1232499727
PAYABLE FOR SECURITIES                                12882326
SENIOR LONG TERM DEBT                                         0
OTHER ITEMS LIABILITIES                                1763451
TOTAL LIABILITIES                                     14645777
SENIOR EQUITY                                                 0
PAID IN CAPITAL COMMON                                92712781
SHARES COMMON STOCK                                   79342810
SHARES COMMON PRIOR                                   50001131
ACCUMULATED NII CURRENT                                  24607
OVERDISTRIBUTION NII                                          0
ACCUMULATED NET GAINS                               169878268
OVERDISTRIBUTION GAINS                                        0
ACCUM APPREC OR DEPREC                              126238294
NET ASSETS                                         1217853950
DIVIDEND INCOME                                       30104224
INTEREST INCOME                                        2165637
OTHER INCOME                                                  0
EXPENSES NET                                           9893819
NET INVESTMENT INCOME                                 23256170
REALIZED GAINS CURRENT                              176352512
APPREC INCREASE CURRENT                              (4910031)
NET CHANGE FROM OPS                                 194698651
EQUALIZATION                                                  0
DISTRIBUTIONS OF INCOME                               23692527
DISTRIBUTIONS OF GAINS                                48428508
DISTRIBUTIONS OTHER                                           0
NUMBER OF SHARES SOLD                                 74920999
NUMBER OF SHARES REDEEMED                             50221160
SHARES REINVESTED                                      4641840
NET CHANGE IN ASSETS                                521839487
ACCUMULATED NII PRIOR                                   460964
ACCUMULATED GAINS PRIOR                               41954264
OVERDISTRIB NII PRIOR                                         0
OVERDIST NET GAINS PRIOR                                      0
GROSS ADVISORY FEES                                    5557359
INTEREST EXPENSE                                              0
GROSS EXPENSE                                          9893819
AVERAGE NET ASSETS                                 1019946128
PER SHARE NAV BEGIN                                       13.92
PER SHARE NII                                               .35
PER SHARE GAIN APPREC                                      2.41
PER SHARE DIVIDEND                                          .36
PER SHARE DISTRIBUTIONS                                     .97
RETURNS OF CAPITAL                                            0
PER SHARE NAV END                                         15.35
EXPENSE RATIO                                               .75
AVG DEBT OUTSTANDING                                          0
AVG DEBT PER SHARE                                            0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 112
NAME: VALUE EQUITY PORTFOLIO SERVICE CLASS



PERIOD TYPE                                       6 MOS
FISCAL YEAR END                              SEP 30 1996
PERIOD END                                   SEP 30 1996
INVESTMENTS AT COST                          1079395860
INVESTMENTS AT VALUE                         1222861801
RECEIVABLES                                      9465633
ASSETS OTHER                                      172293
OTHER ITEMS ASSETS                                      0
TOTAL ASSETS                                 1232499727
PAYABLE FOR SECURITIES                          12882326
SENIOR LONG TERM DEBT                                   0
OTHER ITEMS LIABILITIES                          1763451
TOTAL LIABILITIES                               14645777
SENIOR EQUITY                                           0
PAID IN CAPITAL COMMON                          92712781
SHARES COMMON STOCK                             79342810
SHARES COMMON PRIOR                             50001131
ACCUMULATED NII CURRENT                            24607
OVERDISTRIBUTION NII                                    0
ACCUMULATED NET GAINS                         169878268
OVERDISTRIBUTION GAINS                                  0
ACCUM APPREC OR DEPREC                        126238294
NET ASSETS                                   1217853950
DIVIDEND INCOME                                 30104224
INTEREST INCOME                                  2165637
OTHER INCOME                                            0
EXPENSES NET                                     9893819
NET INVESTMENT INCOME                           23256170
REALIZED GAINS CURRENT                        176352512
APPREC INCREASE CURRENT                        (4910031)
NET CHANGE FROM OPS                           194698651
EQUALIZATION                                            0
DISTRIBUTIONS OF INCOME                         23692527
DISTRIBUTIONS OF GAINS                          48428508
DISTRIBUTIONS OTHER                                     0
NUMBER OF SHARES SOLD                           74920999
NUMBER OF SHARES REDEEMED                       50221160
SHARES REINVESTED                                4641840
NET CHANGE IN ASSETS                          521839487
ACCUMULATED NII PRIOR                             460964
ACCUMULATED GAINS PRIOR                         41954264
OVERDISTRIB NII PRIOR                                   0
OVERDIST NET GAINS PRIOR                                0
GROSS ADVISORY FEES                              5557359
INTEREST EXPENSE                                        0
GROSS EXPENSE                                    9893819
AVERAGE NET ASSETS                           1019946128
PER SHARE NAV BEGIN                                 13.92
PER SHARE NII                                         .32
PER SHARE GAIN APPREC                                2.40
PER SHARE DIVIDEND                                    .32
PER SHARE DISTRIBUTIONS                               .97
RETURNS OF CAPITAL                                      0
PER SHARE NAV END                                   15.35
EXPENSE RATIO                                        1.05
AVG DEBT OUTSTANDING                                    0
AVG DEBT PER SHARE                                      0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 113
NAME: VALUE EQUITY PORTFOLIO INVESTOR A CLASS



PERIOD TYPE                                          6 MOS
FISCAL YEAR END                                 SEP 30 1996
PERIOD END                                      SEP 30 1996
INVESTMENTS AT COST                             1079395860
INVESTMENTS AT VALUE                            1222861801
RECEIVABLES                                         9465633
ASSETS OTHER                                         172293
OTHER ITEMS ASSETS                                         0
TOTAL ASSETS                                    1232499727
PAYABLE FOR SECURITIES                             12882326
SENIOR LONG TERM DEBT                                      0
OTHER ITEMS LIABILITIES                             1763451
TOTAL LIABILITIES                                  14645777
SENIOR EQUITY                                              0
PAID IN CAPITAL COMMON                             92712781
SHARES COMMON STOCK                                79342810
SHARES COMMON PRIOR                                50001131
ACCUMULATED NII CURRENT                               24607
OVERDISTRIBUTION NII                                       0
ACCUMULATED NET GAINS                            169878268
OVERDISTRIBUTION GAINS                                     0
ACCUM APPREC OR DEPREC                           126238294
NET ASSETS                                      1217853950
DIVIDEND INCOME                                    30104224
INTEREST INCOME                                     2165637
OTHER INCOME                                               0
EXPENSES NET                                        9893819
NET INVESTMENT INCOME                              23256170
REALIZED GAINS CURRENT                           176352512
APPREC INCREASE CURRENT                           (4910031)
NET CHANGE FROM OPS                              194698651
EQUALIZATION                                               0
DISTRIBUTIONS OF INCOME                            23692527
DISTRIBUTIONS OF GAINS                             48428508
DISTRIBUTIONS OTHER                                        0
NUMBER OF SHARES SOLD                              74920999
NUMBER OF SHARES REDEEMED                          50221160
SHARES REINVESTED                                   4641840
NET CHANGE IN ASSETS                             521839487
ACCUMULATED NII PRIOR                                460964
ACCUMULATED GAINS PRIOR                            41954264
OVERDISTRIB NII PRIOR                                      0
OVERDIST NET GAINS PRIOR                                   0
GROSS ADVISORY FEES                                 5557359
INTEREST EXPENSE                                           0
GROSS EXPENSE                                       9893819
AVERAGE NET ASSETS                              1019946128
PER SHARE NAV BEGIN                                    13.92
PER SHARE NII                                            .28
PER SHARE GAIN APPREC                                   2.41
PER SHARE DIVIDEND                                       .29
PER SHARE DISTRIBUTIONS                                  .97
RETURNS OF CAPITAL                                         0
PER SHARE NAV END                                      15.35
EXPENSE RATIO                                           1.22
AVG DEBT OUTSTANDING                                       0
AVG DEBT PER SHARE                                         0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 114
NAME: VALUE EQUITY PORTFOLIO INVESTOR B CLASS



PERIOD TYPE                                          6 MOS
FISCAL YEAR END                                 SEP 30 1996
PERIOD END                                      SEP 30 1996
INVESTMENTS AT COST                             1079395860
INVESTMENTS AT VALUE                            1222861801
RECEIVABLES                                         9465633
ASSETS OTHER                                         172293
OTHER ITEMS ASSETS                                         0
TOTAL ASSETS                                    1232499727
PAYABLE FOR SECURITIES                             12882326
SENIOR LONG TERM DEBT                                      0
OTHER ITEMS LIABILITIES                             1763451
TOTAL LIABILITIES                                  14645777
SENIOR EQUITY                                              0
PAID IN CAPITAL COMMON                             92712781
SHARES COMMON STOCK                                79342810
SHARES COMMON PRIOR                                50001131
ACCUMULATED NII CURRENT                               24607
OVERDISTRIBUTION NII                                       0
ACCUMULATED NET GAINS                            169878268
OVERDISTRIBUTION GAINS                                     0
ACCUM APPREC OR DEPREC                           126238294
NET ASSETS                                      1217853950
DIVIDEND INCOME                                    30104224
INTEREST INCOME                                     2165637
OTHER INCOME                                               0
EXPENSES NET                                        9893819
NET INVESTMENT INCOME                              23256170
REALIZED GAINS CURRENT                           176352512
APPREC INCREASE CURRENT                           (4910031)
NET CHANGE FROM OPS                              194698651
EQUALIZATION                                               0
DISTRIBUTIONS OF INCOME                            23692527
DISTRIBUTIONS OF GAINS                             48428508
DISTRIBUTIONS OTHER                                        0
NUMBER OF SHARES SOLD                              74920999
NUMBER OF SHARES REDEEMED                          50221160
SHARES REINVESTED                                   4641840
NET CHANGE IN ASSETS                             521839487
ACCUMULATED NII PRIOR                                460964
ACCUMULATED GAINS PRIOR                            41954264
OVERDISTRIB NII PRIOR                                      0
OVERDIST NET GAINS PRIOR                                   0
GROSS ADVISORY FEES                                 5557359
INTEREST EXPENSE                                           0
GROSS EXPENSE                                       9893819
AVERAGE NET ASSETS                              1019946128
PER SHARE NAV BEGIN                                    13.56
PER SHARE NII                                            .13
PER SHARE GAIN APPREC                                   1.80
PER SHARE DIVIDEND                                       .17
PER SHARE DISTRIBUTIONS                                    0
RETURNS OF CAPITAL                                         0
PER SHARE NAV END                                      15.32
EXPENSE RATIO                                           1.92
AVG DEBT OUTSTANDING                                       0
AVG DEBT PER SHARE                                         0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 115
NAME: VALUE EQUITY PORTFOLIO INVESTOR C CLASS



PERIOD TYPE                                          6 MOS
FISCAL YEAR END                                 SEP 30 1996
PERIOD END                                      SEP 30 1996
INVESTMENTS AT COST                             1079395860
INVESTMENTS AT VALUE                            1222861801
RECEIVABLES                                         9465633
ASSETS OTHER                                         172293
OTHER ITEMS ASSETS                                         0
TOTAL ASSETS                                    1232499727
PAYABLE FOR SECURITIES                             12882326
SENIOR LONG TERM DEBT                                      0
OTHER ITEMS LIABILITIES                             1763451
TOTAL LIABILITIES                                  14645777
SENIOR EQUITY                                              0
PAID IN CAPITAL COMMON                             92712781
SHARES COMMON STOCK                                79342810
SHARES COMMON PRIOR                                50001131
ACCUMULATED NII CURRENT                               24607
OVERDISTRIBUTION NII                                       0
ACCUMULATED NET GAINS                            169878268
OVERDISTRIBUTION GAINS                                     0
ACCUM APPREC OR DEPREC                           126238294
NET ASSETS                                      1217853950
DIVIDEND INCOME                                    30104224
INTEREST INCOME                                     2165637
OTHER INCOME                                               0
EXPENSES NET                                        9893819
NET INVESTMENT INCOME                              23256170
REALIZED GAINS CURRENT                           176352512
APPREC INCREASE CURRENT                           (4910031)
NET CHANGE FROM OPS                              194698651
EQUALIZATION                                               0
DISTRIBUTIONS OF INCOME                            23692527
DISTRIBUTIONS OF GAINS                             48428508
DISTRIBUTIONS OTHER                                        0
NUMBER OF SHARES SOLD                              74920999
NUMBER OF SHARES REDEEMED                          50221160
SHARES REINVESTED                                   4641840
NET CHANGE IN ASSETS                             521839487
ACCUMULATED NII PRIOR                                460964
ACCUMULATED GAINS PRIOR                            41954264
OVERDISTRIB NII PRIOR                                      0
OVERDIST NET GAINS PRIOR                                   0
GROSS ADVISORY FEES                                 5557359
INTEREST EXPENSE                                           0
GROSS EXPENSE                                       9893819
AVERAGE NET ASSETS                              1019946128
PER SHARE NAV BEGIN                                    14.91
PER SHARE NII                                            .02
PER SHARE GAIN APPREC                                    .45
PER SHARE DIVIDEND                                       .06
PER SHARE DISTRIBUTIONS                                    0
RETURNS OF CAPITAL                                         0
PER SHARE NAV END                                      15.32
EXPENSE RATIO                                           1.80
AVG DEBT OUTSTANDING                                       0
AVG DEBT PER SHARE                                         0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 119
NAME: CORE BOND PORTFOLIO INVESTOR A CLASS



PERIOD TYPE                                         6 MOS
FISCAL YEAR END                              SEP 30 1996
PERIOD END                                   SEP 30 1996
INVESTMENTS AT COST                            301850474
INVESTMENTS AT VALUE                           301406932
RECEIVABLES                                      25298509
ASSETS OTHER                                         43524
OTHER ITEMS ASSETS                                        0
TOTAL ASSETS                                   326748965
PAYABLE FOR SECURITIES                           31221565
SENIOR LONG TERM DEBT                                     0
OTHER ITEMS LIABILITIES                          13877447
TOTAL LIABILITIES                                45099012
SENIOR EQUITY                                             0
PAID IN CAPITAL COMMON                         279979862
SHARES COMMON STOCK                              29495876
SHARES COMMON PRIOR                              30881216
ACCUMULATED NII CURRENT                             123608
OVERDISTRIBUTION NII                                      0
ACCUMULATED NET GAINS                             (729844)
OVERDISTRIBUTION GAINS                                    0
ACCUM APPREC OR DEPREC                             2276327
NET ASSETS                                     281649953
DIVIDEND INCOME                                           0
INTEREST INCOME                                  10241807
OTHER INCOME                                              0
EXPENSES NET                                       1373077
NET INVESTMENT INCOME                              8860584
REALIZED GAINS CURRENT                          (2823009)
APPREC INCREASE CURRENT                             555399
NET CHANGE FROM OPS                                6592874
EQUALIZATION                                              0
DISTRIBUTIONS OF INCOME                            8773403
DISTRIBUTIONS OF GAINS                                    0
DISTRIBUTIONS OTHER                                       0
NUMBER OF SHARES SOLD                            40460586
NUMBER OF SHARES REDEEMED                        42020723
SHARES REINVESTED                                   174797
NET CHANGE IN ASSETS                          (15254403)
ACCUMULATED NII PRIOR                                     0
ACCUMULATED GAINS PRIOR                                   0
OVERDISTRIB NII PRIOR                                     0
OVERDIST NET GAINS PRIOR                                  0
GROSS ADVISORY FEES                                 707818
INTEREST EXPENSE                                    329458
GROSS EXPENSE                                      1373077
AVERAGE NET ASSETS                             283127116
PER SHARE NAV BEGIN                                    9.61
PER SHARE NII                                           .28
PER SHARE GAIN APPREC                                 (.06)
PER SHARE DIVIDEND                                      .28
PER SHARE DISTRIBUTIONS                                   0
RETURNS OF CAPITAL                                        0
PER SHARE NAV END                                      9.55
EXPENSE RATIO                                          1.02
AVG DEBT OUTSTANDING                                      0
AVG DEBT PER SHARE                                        0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 121
NAME: INDEX EQUITY PORTFOLIO INSTITUTIONAL CLASS



PERIOD TYPE                                            6 MOS
FISCAL YEAR END                                    SEP 30 1996
PERIOD END                                         SEP 30 1996
INVESTMENTS AT COST                                 185398315
INVESTMENTS AT VALUE                                247320047
RECEIVABLES                                             798770
ASSETS OTHER                                             19377
OTHER ITEMS ASSETS                                            0
TOTAL ASSETS                                        248138194
PAYABLE FOR SECURITIES                                        0
SENIOR LONG TERM DEBT                                         0
OTHER ITEMS LIABILITIES                               1894191
TOTAL LIABILITIES                                     1894191
SENIOR EQUITY                                                 0
PAID IN CAPITAL COMMON                              172176744
SHARES COMMON STOCK                                  17633499
SHARES COMMON PRIOR                                  13067112
ACCUMULATED NII CURRENT                                 129907
OVERDISTRIBUTION NII                                          0
ACCUMULATED NET GAINS                                12016044
OVERDISTRIBUTION GAINS                                        0
ACCUM APPREC OR DEPREC                               61921308
NET ASSETS                                          246244003
DIVIDEND INCOME                                       3036763
INTEREST INCOME                                         537894
OTHER INCOME                                          1682960
EXPENSES NET                                            640919
NET INVESTMENT INCOME                                 4616698
REALIZED GAINS CURRENT                               12146985
APPREC INCREASE CURRENT                              21445760
NET CHANGE FROM OPS                                  38209443
EQUALIZATION                                                  0
DISTRIBUTIONS OF INCOME                               5001850
DISTRIBUTIONS OF GAINS                               23145488
DISTRIBUTIONS OTHER                                           0
NUMBER OF SHARES SOLD                                 9045030
NUMBER OF SHARES REDEEMED                             6551620
SHARES REINVESTED                                     2072979
NET CHANGE IN ASSETS                                 68774213
ACCUMULATED NII PRIOR                                   515059
ACCUMULATED GAINS PRIOR                              23014547
OVERDISTRIB NII PRIOR                                         0
OVERDIST NET GAINS PRIOR                                      0
GROSS ADVISORY FEES                                     276660
INTEREST EXPENSE                                              0
GROSS EXPENSE                                         1319180
AVERAGE NET ASSETS                                            0
PER SHARE NAV BEGIN                                       13.58
PER SHARE NII                                               .31
PER SHARE GAIN APPREC                                      2.12
PER SHARE DIVIDEND                                          .34
PER SHARE DISTRIBUTIONS                                    1.70
RETURNS OF CAPITAL                                            0
PER SHARE NAV END                                         13.97
EXPENSE RATIO                                               .18
AVG DEBT OUTSTANDING                                          0
AVG DEBT PER SHARE                                            0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 122
NAME: INDEX EQUITY PORTFOLIO SERVICE CLASS



PERIOD TYPE                                      6 MOS
FISCAL YEAR END                              SEP 30 1996
PERIOD END                                   SEP 30 1996
INVESTMENTS AT COST                           185398315
INVESTMENTS AT VALUE                          247320047
RECEIVABLES                                       798770
ASSETS OTHER                                       19377
OTHER ITEMS ASSETS                                      0
TOTAL ASSETS                                  248138194
PAYABLE FOR SECURITIES                                  0
SENIOR LONG TERM DEBT                                   0
OTHER ITEMS LIABILITIES                         1894191
TOTAL LIABILITIES                               1894191
SENIOR EQUITY                                           0
PAID IN CAPITAL COMMON                        172176744
SHARES COMMON STOCK                            17633499
SHARES COMMON PRIOR                            13067112
ACCUMULATED NII CURRENT                           129907
OVERDISTRIBUTION NII                                    0
ACCUMULATED NET GAINS                          12016044
OVERDISTRIBUTION GAINS                                  0
ACCUM APPREC OR DEPREC                         61921308
NET ASSETS                                    246244003
DIVIDEND INCOME                                 3036763
INTEREST INCOME                                   537894
OTHER INCOME                                    1682960
EXPENSES NET                                      640919
NET INVESTMENT INCOME                           4616698
REALIZED GAINS CURRENT                         12146985
APPREC INCREASE CURRENT                        21445760
NET CHANGE FROM OPS                            38209443
EQUALIZATION                                            0
DISTRIBUTIONS OF INCOME                         5001850
DISTRIBUTIONS OF GAINS                         23145488
DISTRIBUTIONS OTHER                                     0
NUMBER OF SHARES SOLD                           9045030
NUMBER OF SHARES REDEEMED                       6551620
SHARES REINVESTED                               2072979
NET CHANGE IN ASSETS                           68774213
ACCUMULATED NII PRIOR                             515059
ACCUMULATED GAINS PRIOR                        23014547
OVERDISTRIB NII PRIOR                                   0
OVERDIST NET GAINS PRIOR                                0
GROSS ADVISORY FEES                               276660
INTEREST EXPENSE                                        0
GROSS EXPENSE                                   1319180
AVERAGE NET ASSETS                                      0
PER SHARE NAV BEGIN                                 13.58
PER SHARE NII                                         .29
PER SHARE GAIN APPREC                                2.10
PER SHARE DIVIDEND                                    .30
PER SHARE DISTRIBUTIONS                              1.70
RETURNS OF CAPITAL                                      0
PER SHARE NAV END                                   13.97
EXPENSE RATIO                                         .48
AVG DEBT OUTSTANDING                                    0
AVG DEBT PER SHARE                                      0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 123
NAME: INDEX EQUITY PORTFOLIO INVESTOR A CLASS



PERIOD TYPE                                         6 MOS
FISCAL YEAR END                                 SEP 30 1996
PERIOD END                                      SEP 30 1996
INVESTMENTS AT COST                              185398315
INVESTMENTS AT VALUE                             247320047
RECEIVABLES                                          798770
ASSETS OTHER                                          19377
OTHER ITEMS ASSETS                                         0
TOTAL ASSETS                                     248138194
PAYABLE FOR SECURITIES                                     0
SENIOR LONG TERM DEBT                                      0
OTHER ITEMS LIABILITIES                            1894191
TOTAL LIABILITIES                                  1894191
SENIOR EQUITY                                              0
PAID IN CAPITAL COMMON                           172176744
SHARES COMMON STOCK                               17633499
SHARES COMMON PRIOR                               13067112
ACCUMULATED NII CURRENT                              129907
OVERDISTRIBUTION NII                                       0
ACCUMULATED NET GAINS                             12016044
OVERDISTRIBUTION GAINS                                     0
ACCUM APPREC OR DEPREC                            61921308
NET ASSETS                                       246244003
DIVIDEND INCOME                                    3036763
INTEREST INCOME                                      537894
OTHER INCOME                                       1682960
EXPENSES NET                                         640919
NET INVESTMENT INCOME                              4616698
REALIZED GAINS CURRENT                            12146985
APPREC INCREASE CURRENT                           21445760
NET CHANGE FROM OPS                               38209443
EQUALIZATION                                               0
DISTRIBUTIONS OF INCOME                            5001850
DISTRIBUTIONS OF GAINS                            23145488
DISTRIBUTIONS OTHER                                        0
NUMBER OF SHARES SOLD                              9045030
NUMBER OF SHARES REDEEMED                          6551620
SHARES REINVESTED                                  2072979
NET CHANGE IN ASSETS                              68774213
ACCUMULATED NII PRIOR                                515059
ACCUMULATED GAINS PRIOR                           23014547
OVERDISTRIB NII PRIOR                                      0
OVERDIST NET GAINS PRIOR                                   0
GROSS ADVISORY FEES                                  276660
INTEREST EXPENSE                                           0
GROSS EXPENSE                                      1319180
AVERAGE NET ASSETS                                         0
PER SHARE NAV BEGIN                                    13.58
PER SHARE NII                                            .27
PER SHARE GAIN APPREC                                   2.09
PER SHARE DIVIDEND                                       .28
PER SHARE DISTRIBUTIONS                                 1.70
RETURNS OF CAPITAL                                         0
PER SHARE NAV END                                      13.96
EXPENSE RATIO                                            .65
AVG DEBT OUTSTANDING                                       0
AVG DEBT PER SHARE                                         0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 124
NAME: INDEX EQUITY PORTFOLIO INVESTOR B CLASS



PERIOD TYPE                                         6 MOS
FISCAL YEAR END                                 SEP 30 1996
PERIOD END                                      SEP 30 1996
INVESTMENTS AT COST                              185398315
INVESTMENTS AT VALUE                             247320047
RECEIVABLES                                          798770
ASSETS OTHER                                          19377
OTHER ITEMS ASSETS                                         0
TOTAL ASSETS                                     248138194
PAYABLE FOR SECURITIES                                     0
SENIOR LONG TERM DEBT                                      0
OTHER ITEMS LIABILITIES                            1894191
TOTAL LIABILITIES                                  1894191
SENIOR EQUITY                                              0
PAID IN CAPITAL COMMON                           172176744
SHARES COMMON STOCK                               17633499
SHARES COMMON PRIOR                               13067112
ACCUMULATED NII CURRENT                              129907
OVERDISTRIBUTION NII                                       0
ACCUMULATED NET GAINS                             12016044
OVERDISTRIBUTION GAINS                                     0
ACCUM APPREC OR DEPREC                            61921308
NET ASSETS                                       246244003
DIVIDEND INCOME                                    3036763
INTEREST INCOME                                      537894
OTHER INCOME                                       1682960
EXPENSES NET                                         640919
NET INVESTMENT INCOME                              4616698
REALIZED GAINS CURRENT                            12146985
APPREC INCREASE CURRENT                           21445760
NET CHANGE FROM OPS                               38209443
EQUALIZATION                                               0
DISTRIBUTIONS OF INCOME                            5001850
DISTRIBUTIONS OF GAINS                            23145488
DISTRIBUTIONS OTHER                                        0
NUMBER OF SHARES SOLD                              9045030
NUMBER OF SHARES REDEEMED                          6551620
SHARES REINVESTED                                  2072979
NET CHANGE IN ASSETS                              68774213
ACCUMULATED NII PRIOR                                515059
ACCUMULATED GAINS PRIOR                           23014547
OVERDISTRIB NII PRIOR                                      0
OVERDIST NET GAINS PRIOR                                   0
GROSS ADVISORY FEES                                  276660
INTEREST EXPENSE                                           0
GROSS EXPENSE                                      1319180
AVERAGE NET ASSETS                                         0
PER SHARE NAV BEGIN                                    13.20
PER SHARE NII                                            .08
PER SHARE GAIN APPREC                                    .77
PER SHARE DIVIDEND                                       .12
PER SHARE DISTRIBUTIONS                                    0
RETURNS OF CAPITAL                                         0
PER SHARE NAV END                                      13.93
EXPENSE RATIO                                           1.38
AVG DEBT OUTSTANDING                                       0
AVG DEBT PER SHARE                                         0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 125
NAME: INDEX EQUITY PORTFOLIO INVESTOR C CLASS



PERIOD TYPE                                         6 MOS
FISCAL YEAR END                                 SEP 30 1996
PERIOD END                                      SEP 30 1996
INVESTMENTS AT COST                              185398315
INVESTMENTS AT VALUE                             247320047
RECEIVABLES                                          798770
ASSETS OTHER                                          19377
OTHER ITEMS ASSETS                                         0
TOTAL ASSETS                                     248138194
PAYABLE FOR SECURITIES                                     0
SENIOR LONG TERM DEBT                                      0
OTHER ITEMS LIABILITIES                            1894191
TOTAL LIABILITIES                                  1894191
SENIOR EQUITY                                              0
PAID IN CAPITAL COMMON                           172176744
SHARES COMMON STOCK                               17633499
SHARES COMMON PRIOR                               13067112
ACCUMULATED NII CURRENT                              129907
OVERDISTRIBUTION NII                                       0
ACCUMULATED NET GAINS                             12016044
OVERDISTRIBUTION GAINS                                     0
ACCUM APPREC OR DEPREC                            61921308
NET ASSETS                                       246244003
DIVIDEND INCOME                                    3036763
INTEREST INCOME                                      537894
OTHER INCOME                                       1682960
EXPENSES NET                                         640919
NET INVESTMENT INCOME                              4616698
REALIZED GAINS CURRENT                            12146985
APPREC INCREASE CURRENT                           21445760
NET CHANGE FROM OPS                               38209443
EQUALIZATION                                               0
DISTRIBUTIONS OF INCOME                            5001850
DISTRIBUTIONS OF GAINS                            23145488
DISTRIBUTIONS OTHER                                        0
NUMBER OF SHARES SOLD                              9045030
NUMBER OF SHARES REDEEMED                          6551620
SHARES REINVESTED                                  2072979
NET CHANGE IN ASSETS                              68774213
ACCUMULATED NII PRIOR                                515059
ACCUMULATED GAINS PRIOR                           23014547
OVERDISTRIB NII PRIOR                                      0
OVERDIST NET GAINS PRIOR                                   0
GROSS ADVISORY FEES                                  276660
INTEREST EXPENSE                                           0
GROSS EXPENSE                                      1319180
AVERAGE NET ASSETS                                         0
PER SHARE NAV BEGIN                                    13.47
PER SHARE NII                                            .03
PER SHARE GAIN APPREC                                    .53
PER SHARE DIVIDEND                                       .06
PER SHARE DISTRIBUTIONS                                    0
RETURNS OF CAPITAL                                         0
PER SHARE NAV END                                      13.93
EXPENSE RATIO                                           1.25
AVG DEBT OUTSTANDING                                       0
AVG DEBT PER SHARE                                         0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 129
NAME: CORE BOND PORTFOLIO INVESTOR B CLASS



PERIOD TYPE                                         6 MOS
FISCAL YEAR END                              SEP 30 1996
PERIOD END                                   SEP 30 1996
INVESTMENTS AT COST                            301850474
INVESTMENTS AT VALUE                           301406932
RECEIVABLES                                      25298509
ASSETS OTHER                                         43524
OTHER ITEMS ASSETS                                        0
TOTAL ASSETS                                   326748965
PAYABLE FOR SECURITIES                           31221565
SENIOR LONG TERM DEBT                                     0
OTHER ITEMS LIABILITIES                          13877447
TOTAL LIABILITIES                                45099012
SENIOR EQUITY                                             0
PAID IN CAPITAL COMMON                         279979862
SHARES COMMON STOCK                              29495876
SHARES COMMON PRIOR                              30881216
ACCUMULATED NII CURRENT                             123608
OVERDISTRIBUTION NII                                      0
ACCUMULATED NET GAINS                             (729844)
OVERDISTRIBUTION GAINS                                    0
ACCUM APPREC OR DEPREC                             2276327
NET ASSETS                                     281649953
DIVIDEND INCOME                                           0
INTEREST INCOME                                  10241807
OTHER INCOME                                              0
EXPENSES NET                                       1373077
NET INVESTMENT INCOME                              8860584
REALIZED GAINS CURRENT                          (2823009)
APPREC INCREASE CURRENT                             555399
NET CHANGE FROM OPS                                6592874
EQUALIZATION                                              0
DISTRIBUTIONS OF INCOME                            8773403
DISTRIBUTIONS OF GAINS                                    0
DISTRIBUTIONS OTHER                                       0
NUMBER OF SHARES SOLD                            40460586
NUMBER OF SHARES REDEEMED                        42020723
SHARES REINVESTED                                   174797
NET CHANGE IN ASSETS                          (15254403)
ACCUMULATED NII PRIOR                                     0
ACCUMULATED GAINS PRIOR                                   0
OVERDISTRIB NII PRIOR                                     0
OVERDIST NET GAINS PRIOR                                  0
GROSS ADVISORY FEES                                 707818
INTEREST EXPENSE                                    329458
GROSS EXPENSE                                      1373077
AVERAGE NET ASSETS                             283127116
PER SHARE NAV BEGIN                                    9.61
PER SHARE NII                                           .26
PER SHARE GAIN APPREC                                 (.07)
PER SHARE DIVIDEND                                      .25
PER SHARE DISTRIBUTIONS                                   0
RETURNS OF CAPITAL                                        0
PER SHARE NAV END                                      9.55
EXPENSE RATIO                                          1.72
AVG DEBT OUTSTANDING                                      0
AVG DEBT PER SHARE                                        0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 131
NAME: SMALL CAP VALUE EQUITY PORTFOLIO INSTITUTIONAL CLASS



PERIOD TYPE                                               6 MOS
FISCAL YEAR END                                      SEP 30 1996
PERIOD END                                           SEP 30 1996
INVESTMENTS AT COST                                    290785681
INVESTMENTS AT VALUE                                   328197101
RECEIVABLES                                              3426097
ASSETS OTHER                                               29670
OTHER ITEMS ASSETS                                              0
TOTAL ASSETS                                           331652868
PAYABLE FOR SECURITIES                                   4812900
SENIOR LONG TERM DEBT                                           0
OTHER ITEMS LIABILITIES                                  4068994
TOTAL LIABILITIES                                        8881894
SENIOR EQUITY                                                   0
PAID IN CAPITAL COMMON                                 245041945
SHARES COMMON STOCK                                     20200329
SHARES COMMON PRIOR                                     16676411
ACCUMULATED NII CURRENT                                    19976
OVERDISTRIBUTION NII                                            0
ACCUMULATED NET GAINS                                   40297610
OVERDISTRIBUTION GAINS                                          0
ACCUM APPREC OR DEPREC                                  37411443
NET ASSETS                                             322770974
DIVIDEND INCOME                                          3455669
INTEREST INCOME                                           912355
OTHER INCOME                                                    0
EXPENSES NET                                             2767940
NET INVESTMENT INCOME                                    1600084
REALIZED GAINS CURRENT                                  43868536
APPREC INCREASE CURRENT                               (12365246)
NET CHANGE FROM OPS                                     33103374
EQUALIZATION                                                    0
DISTRIBUTIONS OF INCOME                                  1704271
DISTRIBUTIONS OF GAINS                                  14594863
DISTRIBUTIONS OTHER                                             0
NUMBER OF SHARES SOLD                                    8027615
NUMBER OF SHARES REDEEMED                                5463078
SHARES REINVESTED                                         959381
NET CHANGE IN ASSETS                                    70083488
ACCUMULATED NII PRIOR                                     460964
ACCUMULATED GAINS PRIOR                                 41954264
OVERDISTRIB NII PRIOR                                           0
OVERDIST NET GAINS PRIOR                                        0
GROSS ADVISORY FEES                                      1569181
INTEREST EXPENSE                                                0
GROSS EXPENSE                                            2801047
AVERAGE NET ASSETS                                     285305638
PER SHARE NAV BEGIN                                         15.16
PER SHARE NII                                                 .02
PER SHARE GAIN APPREC                                        1.78
PER SHARE DIVIDEND                                            .11
PER SHARE DISTRIBUTIONS                                       .87
RETURNS OF CAPITAL                                              0
PER SHARE NAV END                                           15.98
EXPENSE RATIO                                                 .85
AVG DEBT OUTSTANDING                                            0
AVG DEBT PER SHARE                                              0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 132
NAME: SMALL CAP VALUE EQUITY PORTFOLIO SERVICE CLASS



PERIOD TYPE                                                 6 MOS
FISCAL YEAR END                                        SEP 30 1996
PERIOD END                                             SEP 30 1996
INVESTMENTS AT COST                                      290785681
INVESTMENTS AT VALUE                                     328197101
RECEIVABLES                                                3426097
ASSETS OTHER                                                 29670
OTHER ITEMS ASSETS                                                0
TOTAL ASSETS                                             331652868
PAYABLE FOR SECURITIES                                     4812900
SENIOR LONG TERM DEBT                                             0
OTHER ITEMS LIABILITIES                                    4068994
TOTAL LIABILITIES                                          8881894
SENIOR EQUITY                                                     0
PAID IN CAPITAL COMMON                                   245041945
SHARES COMMON STOCK                                       20200329
SHARES COMMON PRIOR                                       16676411
ACCUMULATED NII CURRENT                                      19976
OVERDISTRIBUTION NII                                              0
ACCUMULATED NET GAINS                                     40297610
OVERDISTRIBUTION GAINS                                            0
ACCUM APPREC OR DEPREC                                    37411443
NET ASSETS                                               322770974
DIVIDEND INCOME                                            3455669
INTEREST INCOME                                             912355
OTHER INCOME                                                      0
EXPENSES NET                                               2767940
NET INVESTMENT INCOME                                      1600084
REALIZED GAINS CURRENT                                    43868536
APPREC INCREASE CURRENT                                 (12365246)
NET CHANGE FROM OPS                                       33103374
EQUALIZATION                                                      0
DISTRIBUTIONS OF INCOME                                    1704271
DISTRIBUTIONS OF GAINS                                    14594863
DISTRIBUTIONS OTHER                                               0
NUMBER OF SHARES SOLD                                      8027615
NUMBER OF SHARES REDEEMED                                  5463078
SHARES REINVESTED                                           959381
NET CHANGE IN ASSETS                                      70083488
ACCUMULATED NII PRIOR                                       460964
ACCUMULATED GAINS PRIOR                                   41954264
OVERDISTRIB NII PRIOR                                             0
OVERDIST NET GAINS PRIOR                                          0
GROSS ADVISORY FEES                                        1569181
INTEREST EXPENSE                                                  0
GROSS EXPENSE                                              2801047
AVERAGE NET ASSETS                                       285305638
PER SHARE NAV BEGIN                                           15.15
PER SHARE NII                                                   .04
PER SHARE GAIN APPREC                                          1.72
PER SHARE DIVIDEND                                              .06
PER SHARE DISTRIBUTIONS                                         .87
RETURNS OF CAPITAL                                                0
PER SHARE NAV END                                             15.98
EXPENSE RATIO                                                  1.15
AVG DEBT OUTSTANDING                                              0
AVG DEBT PER SHARE                                                0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 133
NAME: SMALL CAP VALUE EQUITY PORTFOLIO INVESTOR A CLASS



PERIOD TYPE                                               6 MOS
FISCAL YEAR END                                      SEP 30 1996
PERIOD END                                           SEP 30 1996
INVESTMENTS AT COST                                    290785681
INVESTMENTS AT VALUE                                   328197101
RECEIVABLES                                              3426097
ASSETS OTHER                                               29670
OTHER ITEMS ASSETS                                              0
TOTAL ASSETS                                           331652868
PAYABLE FOR SECURITIES                                   4812900
SENIOR LONG TERM DEBT                                           0
OTHER ITEMS LIABILITIES                                  4068994
TOTAL LIABILITIES                                        8881894
SENIOR EQUITY                                                   0
PAID IN CAPITAL COMMON                                 245041945
SHARES COMMON STOCK                                     20200329
SHARES COMMON PRIOR                                     16676411
ACCUMULATED NII CURRENT                                    19976
OVERDISTRIBUTION NII                                            0
ACCUMULATED NET GAINS                                   40297610
OVERDISTRIBUTION GAINS                                          0
ACCUM APPREC OR DEPREC                                  37411443
NET ASSETS                                             322770974
DIVIDEND INCOME                                          3455669
INTEREST INCOME                                           912355
OTHER INCOME                                                    0
EXPENSES NET                                             2767940
NET INVESTMENT INCOME                                    1600084
REALIZED GAINS CURRENT                                  43868536
APPREC INCREASE CURRENT                               (12365246)
NET CHANGE FROM OPS                                     33103374
EQUALIZATION                                                    0
DISTRIBUTIONS OF INCOME                                  1704271
DISTRIBUTIONS OF GAINS                                  14594863
DISTRIBUTIONS OTHER                                             0
NUMBER OF SHARES SOLD                                    8027615
NUMBER OF SHARES REDEEMED                                5463078
SHARES REINVESTED                                         959381
NET CHANGE IN ASSETS                                    70083488
ACCUMULATED NII PRIOR                                     460964
ACCUMULATED GAINS PRIOR                                 41954264
OVERDISTRIB NII PRIOR                                           0
OVERDIST NET GAINS PRIOR                                        0
GROSS ADVISORY FEES                                      1569181
INTEREST EXPENSE                                                0
GROSS EXPENSE                                            2801047
AVERAGE NET ASSETS                                     285305638
PER SHARE NAV BEGIN                                         15.14
PER SHARE NII                                                 .61
PER SHARE GAIN APPREC                                         .22
PER SHARE DIVIDEND                                            .02
PER SHARE DISTRIBUTIONS                                       .87
RETURNS OF CAPITAL                                              0
PER SHARE NAV END                                           15.97
EXPENSE RATIO                                                1.32
AVG DEBT OUTSTANDING                                            0
AVG DEBT PER SHARE                                              0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 134
NAME: SMALL CAP VALUE EQUITY PORTFOLIO INVESTOR B CLASS



PERIOD TYPE                                               6 MOS
FISCAL YEAR END                                      SEP 30 1996
PERIOD END                                           SEP 30 1996
INVESTMENTS AT COST                                    290785681
INVESTMENTS AT VALUE                                   328197101
RECEIVABLES                                              3426097
ASSETS OTHER                                               29670
OTHER ITEMS ASSETS                                              0
TOTAL ASSETS                                           331652868
PAYABLE FOR SECURITIES                                   4812900
SENIOR LONG TERM DEBT                                           0
OTHER ITEMS LIABILITIES                                  4068994
TOTAL LIABILITIES                                        8881894
SENIOR EQUITY                                                   0
PAID IN CAPITAL COMMON                                 245041945
SHARES COMMON STOCK                                     20200329
SHARES COMMON PRIOR                                     16676411
ACCUMULATED NII CURRENT                                    19976
OVERDISTRIBUTION NII                                            0
ACCUMULATED NET GAINS                                   40297610
OVERDISTRIBUTION GAINS                                          0
ACCUM APPREC OR DEPREC                                  37411443
NET ASSETS                                             322770974
DIVIDEND INCOME                                          3455669
INTEREST INCOME                                           912355
OTHER INCOME                                                    0
EXPENSES NET                                             2767940
NET INVESTMENT INCOME                                    1600084
REALIZED GAINS CURRENT                                  43868536
APPREC INCREASE CURRENT                               (12365246)
NET CHANGE FROM OPS                                     33103374
EQUALIZATION                                                    0
DISTRIBUTIONS OF INCOME                                  1704271
DISTRIBUTIONS OF GAINS                                  14594863
DISTRIBUTIONS OTHER                                             0
NUMBER OF SHARES SOLD                                    8027615
NUMBER OF SHARES REDEEMED                                5463078
SHARES REINVESTED                                         959381
NET CHANGE IN ASSETS                                    70083488
ACCUMULATED NII PRIOR                                     460964
ACCUMULATED GAINS PRIOR                                 41954264
OVERDISTRIB NII PRIOR                                           0
OVERDIST NET GAINS PRIOR                                        0
GROSS ADVISORY FEES                                      1569181
INTEREST EXPENSE                                                0
GROSS EXPENSE                                            2801047
AVERAGE NET ASSETS                                     285305638
PER SHARE NAV BEGIN                                         15.06
PER SHARE NII                                                 .20
PER SHARE GAIN APPREC                                        1.41
PER SHARE DIVIDEND                                              0
PER SHARE DISTRIBUTIONS                                       .87
RETURNS OF CAPITAL                                              0
PER SHARE NAV END                                           15.80
EXPENSE RATIO                                                2.04
AVG DEBT OUTSTANDING                                            0
AVG DEBT PER SHARE                                              0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 139
NAME: MULTI SECTOR MORTGAGE SECURITIES PORTFOLIO



PERIOD TYPE                                             6 MOS
FISCAL YEAR END                                    SEP 30 1996
PERIOD END                                         SEP 30 1996
INVESTMENTS AT COST                                 121628836
INVESTMENTS AT VALUE                                121830421
RECEIVABLES                                            1718148
ASSETS OTHER                                                5799
OTHER ITEMS ASSETS                                             0
TOTAL ASSETS                                        123554368
PAYABLE FOR SECURITIES                                   976388
SENIOR LONG TERM DEBT                                          0
OTHER ITEMS LIABILITIES                                  839943
TOTAL LIABILITIES                                      1816331
SENIOR EQUITY                                                  0
PAID IN CAPITAL COMMON                              120565587
SHARES COMMON STOCK                                      119812
SHARES COMMON PRIOR                                      115331
ACCUMULATED NII CURRENT                                        0
OVERDISTRIBUTION NII                                           0
ACCUMULATED NET GAINS                                    898357
OVERDISTRIBUTION GAINS                                         0
ACCUM APPREC OR DEPREC                                   274093
NET ASSETS                                          121738037
DIVIDEND INCOME                                                0
INTEREST INCOME                                        4737656
OTHER INCOME                                                   0
EXPENSES NET                                             220265
NET INVESTMENT INCOME                                  4517391
REALIZED GAINS CURRENT                                   152944
APPREC INCREASE CURRENT                               (512048)
NET CHANGE FROM OPS                                    4158287
EQUALIZATION                                                   0
DISTRIBUTIONS OF INCOME                                4517391
DISTRIBUTIONS OF GAINS                                         0
DISTRIBUTIONS OTHER                                            0
NUMBER OF SHARES SOLD                                          0
NUMBER OF SHARES REDEEMED                                      0
SHARES REINVESTED                                      4527992
NET CHANGE IN ASSETS                                   4168888
ACCUMULATED NII PRIOR                                          0
ACCUMULATED GAINS PRIOR                                  745413
OVERDISTRIB NII PRIOR                                          0
OVERDIST NET GAINS PRIOR                                       0
GROSS ADVISORY FEES                                      174126
INTEREST EXPENSE                                               0
GROSS EXPENSE                                            305924
AVERAGE NET ASSETS                                  119550039
PER SHARE NAV BEGIN                                     1019.41
PER SHARE NII                                              38.33
PER SHARE GAIN APPREC                                     (3.33)
PER SHARE DIVIDEND                                         38.33
PER SHARE DISTRIBUTIONS                                        0
RETURNS OF CAPITAL                                             0
PER SHARE NAV END                                       1016.08
EXPENSE RATIO                                                  0
AVG DEBT OUTSTANDING                                           0
AVG DEBT PER SHARE                                             0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 141
NAME: INTERMEDIATE GOVERNMENT BOND PORTFOLIO INSTITUTIONAL CLASS



PERIOD TYPE                                               6 MOS
FISCAL YEAR END                                    SEP 30 1996
PERIOD END                                         SEP 30 1996
INVESTMENTS AT COST                                  175054977
INVESTMENTS AT VALUE                                 174475954
RECEIVABLES                                            20692553
ASSETS OTHER                                               18338
OTHER ITEMS ASSETS                                               0
TOTAL ASSETS                                         195186845
PAYABLE FOR SECURITIES                                 13540534
SENIOR LONG TERM DEBT                                            0
OTHER ITEMS LIABILITIES                                  1937528
TOTAL LIABILITIES                                      15478062
SENIOR EQUITY                                                    0
PAID IN CAPITAL COMMON                               185487158
SHARES COMMON STOCK                                    18107490
SHARES COMMON PRIOR                                    19397426
ACCUMULATED NII CURRENT                                    91753
OVERDISTRIBUTION NII                                             0
ACCUMULATED NET GAINS                                 (5277631)
OVERDISTRIBUTION GAINS                                           0
ACCUM APPREC OR DEPREC                                  (592497)
NET ASSETS                                           179708783
DIVIDEND INCOME                                                  0
INTEREST INCOME                                        12503091
OTHER INCOME                                                     0
EXPENSES NET                                             1506208
NET INVESTMENT INCOME                                  10996883
REALIZED GAINS CURRENT                                (1515018)
APPREC INCREASE CURRENT                                 (709452)
NET CHANGE FROM OPS                                      8772413
EQUALIZATION                                                     0
DISTRIBUTIONS OF INCOME                                10721093
DISTRIBUTIONS OF GAINS                                           0
DISTRIBUTIONS OTHER                                              0
NUMBER OF SHARES SOLD                                    5092709
NUMBER OF SHARES REDEEMED                                6831117
SHARES REINVESTED                                         448472
NET CHANGE IN ASSETS                                (14689971)
ACCUMULATED NII PRIOR                                      18299
ACCUMULATED GAINS PRIOR                               (3964951)
OVERDISTRIB NII PRIOR                                            0
OVERDIST NET GAINS PRIOR                                         0
GROSS ADVISORY FEES                                       952916
INTEREST EXPENSE                                          317003
GROSS EXPENSE                                            2071583
AVERAGE NET ASSETS                                   190583222
PER SHARE NAV BEGIN                                         10.02
PER SHARE NII                                                  .58
PER SHARE GAIN APPREC                                        (.11)
PER SHARE DIVIDEND                                             .57
PER SHARE DISTRIBUTIONS                                          0
RETURNS OF CAPITAL                                               0
PER SHARE NAV END                                             9.92
EXPENSE RATIO                                                  .53
AVG DEBT OUTSTANDING                                             0
AVG DEBT PER SHARE                                               0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 142
NAME: INTERMEDIATE GOVERNMENT BOND PORTFOLIO SERVICE CLASS



PERIOD TYPE                                                6 MOS
FISCAL YEAR END                                     SEP 30 1996
PERIOD END                                          SEP 30 1996
INVESTMENTS AT COST                                   175054977
INVESTMENTS AT VALUE                                  174475954
RECEIVABLES                                             20692553
ASSETS OTHER                                                18338
OTHER ITEMS ASSETS                                                0
TOTAL ASSETS                                          195186845
PAYABLE FOR SECURITIES                                  13540534
SENIOR LONG TERM DEBT                                             0
OTHER ITEMS LIABILITIES                                   1937528
TOTAL LIABILITIES                                       15478062
SENIOR EQUITY                                                     0
PAID IN CAPITAL COMMON                                185487158
SHARES COMMON STOCK                                     18107490
SHARES COMMON PRIOR                                     19397426
ACCUMULATED NII CURRENT                                     91753
OVERDISTRIBUTION NII                                              0
ACCUMULATED NET GAINS                                  (5277631)
OVERDISTRIBUTION GAINS                                            0
ACCUM APPREC OR DEPREC                                   (592497)
NET ASSETS                                            179708783
DIVIDEND INCOME                                                   0
INTEREST INCOME                                         12503091
OTHER INCOME                                                      0
EXPENSES NET                                              1506208
NET INVESTMENT INCOME                                   10996883
REALIZED GAINS CURRENT                                 (1515018)
APPREC INCREASE CURRENT                                  (709452)
NET CHANGE FROM OPS                                       8772413
EQUALIZATION                                                      0
DISTRIBUTIONS OF INCOME                                 10721093
DISTRIBUTIONS OF GAINS                                            0
DISTRIBUTIONS OTHER                                               0
NUMBER OF SHARES SOLD                                     5092709
NUMBER OF SHARES REDEEMED                                 6831117
SHARES REINVESTED                                          448472
NET CHANGE IN ASSETS                                 (14689971)
ACCUMULATED NII PRIOR                                       18299
ACCUMULATED GAINS PRIOR                                (3964951)
OVERDISTRIB NII PRIOR                                             0
OVERDIST NET GAINS PRIOR                                          0
GROSS ADVISORY FEES                                        952916
INTEREST EXPENSE                                           317003
GROSS EXPENSE                                             2071583
AVERAGE NET ASSETS                                    190583222
PER SHARE NAV BEGIN                                          10.02
PER SHARE NII                                                   .56
PER SHARE GAIN APPREC                                         (.12)
PER SHARE DIVIDEND                                              .54
PER SHARE DISTRIBUTIONS                                           0
RETURNS OF CAPITAL                                                0
PER SHARE NAV END                                              9.92
EXPENSE RATIO                                                   .83
AVG DEBT OUTSTANDING                                              0
AVG DEBT PER SHARE                                                0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 143
NAME: INTERMEDIATE GOVERNMENT BOND PORTFOLIO INVESTOR A CLASS



PERIOD TYPE                                               6 MOS
FISCAL YEAR END                                    SEP 30 1996
PERIOD END                                         SEP 30 1996
INVESTMENTS AT COST                                  175054977
INVESTMENTS AT VALUE                                 174475954
RECEIVABLES                                            20692553
ASSETS OTHER                                               18338
OTHER ITEMS ASSETS                                               0
TOTAL ASSETS                                         195186845
PAYABLE FOR SECURITIES                                 13540534
SENIOR LONG TERM DEBT                                            0
OTHER ITEMS LIABILITIES                                  1937528
TOTAL LIABILITIES                                      15478062
SENIOR EQUITY                                                    0
PAID IN CAPITAL COMMON                               185487158
SHARES COMMON STOCK                                    18107490
SHARES COMMON PRIOR                                    19397426
ACCUMULATED NII CURRENT                                    91753
OVERDISTRIBUTION NII                                             0
ACCUMULATED NET GAINS                                 (5277631)
OVERDISTRIBUTION GAINS                                           0
ACCUM APPREC OR DEPREC                                  (592497)
NET ASSETS                                           179708783
DIVIDEND INCOME                                                  0
INTEREST INCOME                                        12503091
OTHER INCOME                                                     0
EXPENSES NET                                             1506208
NET INVESTMENT INCOME                                  10996883
REALIZED GAINS CURRENT                                (1515018)
APPREC INCREASE CURRENT                                 (709452)
NET CHANGE FROM OPS                                      8772413
EQUALIZATION                                                     0
DISTRIBUTIONS OF INCOME                                10721093
DISTRIBUTIONS OF GAINS                                           0
DISTRIBUTIONS OTHER                                              0
NUMBER OF SHARES SOLD                                    5092709
NUMBER OF SHARES REDEEMED                                6831117
SHARES REINVESTED                                         448472
NET CHANGE IN ASSETS                                (14689971)
ACCUMULATED NII PRIOR                                      18299
ACCUMULATED GAINS PRIOR                               (3964951)
OVERDISTRIB NII PRIOR                                            0
OVERDIST NET GAINS PRIOR                                         0
GROSS ADVISORY FEES                                       952916
INTEREST EXPENSE                                          317003
GROSS EXPENSE                                            2071583
AVERAGE NET ASSETS                                   190583222
PER SHARE NAV BEGIN                                         10.03
PER SHARE NII                                                  .55
PER SHARE GAIN APPREC                                        (.13)
PER SHARE DIVIDEND                                             .53
PER SHARE DISTRIBUTIONS                                          0
RETURNS OF CAPITAL                                               0
PER SHARE NAV END                                             9.92
EXPENSE RATIO                                                  .95
AVG DEBT OUTSTANDING                                             0
AVG DEBT PER SHARE                                               0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 151
NAME: OHIO TAX FREE INCOME PORTFOLIO INSTITUTIONAL CLASS



PERIOD TYPE                                               6 MOS
FISCAL YEAR END                                      SEP 30 1996
PERIOD END                                           SEP 30 1996
INVESTMENTS AT COST                                      9872965
INVESTMENTS AT VALUE                                   10125514
RECEIVABLES                                                163220
ASSETS OTHER                                                  6189
OTHER ITEMS ASSETS                                                0
TOTAL ASSETS                                           10294923
PAYABLE FOR SECURITIES                                     465170
SENIOR LONG TERM DEBT                                             0
OTHER ITEMS LIABILITIES                                     49716
TOTAL LIABILITIES                                          514886
SENIOR EQUITY                                                     0
PAID IN CAPITAL COMMON                                   9894294
SHARES COMMON STOCK                                        963086
SHARES COMMON PRIOR                                        871191
ACCUMULATED NII CURRENT                                       3272
OVERDISTRIBUTION NII                                              0
ACCUMULATED NET GAINS                                   (370078)
OVERDISTRIBUTION GAINS                                            0
ACCUM APPREC OR DEPREC                                     252549
NET ASSETS                                               9780037
DIVIDEND INCOME                                                   0
INTEREST INCOME                                            513048
OTHER INCOME                                                      0
EXPENSES NET                                                77829
NET INVESTMENT INCOME                                      435219
REALIZED GAINS CURRENT                                    (25177)
APPREC INCREASE CURRENT                                    103074
NET CHANGE FROM OPS                                        513116
EQUALIZATION                                                      0
DISTRIBUTIONS OF INCOME                                    431947
DISTRIBUTIONS OF GAINS                                            0
DISTRIBUTIONS OTHER                                               0
NUMBER OF SHARES SOLD                                      440472
NUMBER OF SHARES REDEEMED                                  362143
SHARES REINVESTED                                           13566
NET CHANGE IN ASSETS                                     1021022
ACCUMULATED NII PRIOR                                             0
ACCUMULATED GAINS PRIOR                                 (343667)
OVERDISTRIB NII PRIOR                                             0
OVERDIST NET GAINS PRIOR                                          0
GROSS ADVISORY FEES                                         46840
INTEREST EXPENSE                                                  0
GROSS EXPENSE                                              133126
AVERAGE NET ASSETS                                       9367886
PER SHARE NAV BEGIN                                          10.05
PER SHARE NII                                                   .50
PER SHARE GAIN APPREC                                           .10
PER SHARE DIVIDEND                                              .50
PER SHARE DISTRIBUTIONS                                           0
RETURNS OF CAPITAL                                                0
PER SHARE NAV END                                            10.15
EXPENSE RATIO                                                   .51
AVG DEBT OUTSTANDING                                              0
AVG DEBT PER SHARE                                                0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 152
NAME: OHIO TAX FREE INCOME PORTFOLIO SERVICE CLASS



PERIOD TYPE                                               6 MOS
FISCAL YEAR END                                      SEP 30 1996
PERIOD END                                           SEP 30 1996
INVESTMENTS AT COST                                      9872965
INVESTMENTS AT VALUE                                   10125514
RECEIVABLES                                                163220
ASSETS OTHER                                                  6189
OTHER ITEMS ASSETS                                                0
TOTAL ASSETS                                           10294923
PAYABLE FOR SECURITIES                                     465170
SENIOR LONG TERM DEBT                                             0
OTHER ITEMS LIABILITIES                                     49716
TOTAL LIABILITIES                                          514886
SENIOR EQUITY                                                     0
PAID IN CAPITAL COMMON                                   9894294
SHARES COMMON STOCK                                        963086
SHARES COMMON PRIOR                                        871191
ACCUMULATED NII CURRENT                                       3272
OVERDISTRIBUTION NII                                              0
ACCUMULATED NET GAINS                                   (370078)
OVERDISTRIBUTION GAINS                                            0
ACCUM APPREC OR DEPREC                                     252549
NET ASSETS                                               9780037
DIVIDEND INCOME                                                   0
INTEREST INCOME                                            513048
OTHER INCOME                                                      0
EXPENSES NET                                                77829
NET INVESTMENT INCOME                                      435219
REALIZED GAINS CURRENT                                    (25177)
APPREC INCREASE CURRENT                                    103074
NET CHANGE FROM OPS                                        513116
EQUALIZATION                                                      0
DISTRIBUTIONS OF INCOME                                    431947
DISTRIBUTIONS OF GAINS                                            0
DISTRIBUTIONS OTHER                                               0
NUMBER OF SHARES SOLD                                      440472
NUMBER OF SHARES REDEEMED                                  362143
SHARES REINVESTED                                           13566
NET CHANGE IN ASSETS                                     1021022
ACCUMULATED NII PRIOR                                             0
ACCUMULATED GAINS PRIOR                                 (343667)
OVERDISTRIB NII PRIOR                                             0
OVERDIST NET GAINS PRIOR                                          0
GROSS ADVISORY FEES                                         46840
INTEREST EXPENSE                                                  0
GROSS EXPENSE                                              133126
AVERAGE NET ASSETS                                       9367886
PER SHARE NAV BEGIN                                          10.05
PER SHARE NII                                                   .48
PER SHARE GAIN APPREC                                           .10
PER SHARE DIVIDEND                                              .48
PER SHARE DISTRIBUTIONS                                           0
RETURNS OF CAPITAL                                                0
PER SHARE NAV END                                            10.15
EXPENSE RATIO                                                   .79
AVG DEBT OUTSTANDING                                              0
AVG DEBT PER SHARE                                                0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 153
NAME: OHIO TAX FREE INCOME PORTFOLIO INVESTOR A CLASS



PERIOD TYPE                                                  6 MOS
FISCAL YEAR END                                         SEP 30 1996
PERIOD END                                              SEP 30 1996
INVESTMENTS AT COST                                         9872965
INVESTMENTS AT VALUE                                      10125514
RECEIVABLES                                                   163220
ASSETS OTHER                                                     6189
OTHER ITEMS ASSETS                                                   0
TOTAL ASSETS                                              10294923
PAYABLE FOR SECURITIES                                        465170
SENIOR LONG TERM DEBT                                                0
OTHER ITEMS LIABILITIES                                        49716
TOTAL LIABILITIES                                             514886
SENIOR EQUITY                                                        0
PAID IN CAPITAL COMMON                                      9894294
SHARES COMMON STOCK                                           963086
SHARES COMMON PRIOR                                           871191
ACCUMULATED NII CURRENT                                          3272
OVERDISTRIBUTION NII                                                 0
ACCUMULATED NET GAINS                                      (370078)
OVERDISTRIBUTION GAINS                                               0
ACCUM APPREC OR DEPREC                                        252549
NET ASSETS                                                  9780037
DIVIDEND INCOME                                                      0
INTEREST INCOME                                               513048
OTHER INCOME                                                         0
EXPENSES NET                                                   77829
NET INVESTMENT INCOME                                         435219
REALIZED GAINS CURRENT                                       (25177)
APPREC INCREASE CURRENT                                       103074
NET CHANGE FROM OPS                                           513116
EQUALIZATION                                                         0
DISTRIBUTIONS OF INCOME                                       431947
DISTRIBUTIONS OF GAINS                                               0
DISTRIBUTIONS OTHER                                                  0
NUMBER OF SHARES SOLD                                         440472
NUMBER OF SHARES REDEEMED                                     362143
SHARES REINVESTED                                              13566
NET CHANGE IN ASSETS                                        1021022
ACCUMULATED NII PRIOR                                                0
ACCUMULATED GAINS PRIOR                                    (343667)
OVERDISTRIB NII PRIOR                                                0
OVERDIST NET GAINS PRIOR                                             0
GROSS ADVISORY FEES                                            46840
INTEREST EXPENSE                                                     0
GROSS EXPENSE                                                 133126
AVERAGE NET ASSETS                                          9367886
PER SHARE NAV BEGIN                                             10.05
PER SHARE NII                                                      .46
PER SHARE GAIN APPREC                                              .10
PER SHARE DIVIDEND                                                 .46
PER SHARE DISTRIBUTIONS                                              0
RETURNS OF CAPITAL                                                   0
PER SHARE NAV END                                               10.15
EXPENSE RATIO                                                      .91
AVG DEBT OUTSTANDING                                                 0
AVG DEBT PER SHARE                                                   0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 154
NAME: OHIO TAX FREE INCOME PORTFOLIO INVESTOR B CLASS



PERIOD TYPE                                                  6 MOS
FISCAL YEAR END                                         SEP 30 1996
PERIOD END                                              SEP 30 1996
INVESTMENTS AT COST                                         9872965
INVESTMENTS AT VALUE                                      10125514
RECEIVABLES                                                   163220
ASSETS OTHER                                                     6189
OTHER ITEMS ASSETS                                                   0
TOTAL ASSETS                                              10294923
PAYABLE FOR SECURITIES                                        465170
SENIOR LONG TERM DEBT                                                0
OTHER ITEMS LIABILITIES                                        49716
TOTAL LIABILITIES                                             514886
SENIOR EQUITY                                                        0
PAID IN CAPITAL COMMON                                      9894294
SHARES COMMON STOCK                                           963086
SHARES COMMON PRIOR                                           871191
ACCUMULATED NII CURRENT                                          3272
OVERDISTRIBUTION NII                                                 0
ACCUMULATED NET GAINS                                      (370078)
OVERDISTRIBUTION GAINS                                               0
ACCUM APPREC OR DEPREC                                        252549
NET ASSETS                                                  9780037
DIVIDEND INCOME                                                      0
INTEREST INCOME                                               513048
OTHER INCOME                                                         0
EXPENSES NET                                                   77829
NET INVESTMENT INCOME                                         435219
REALIZED GAINS CURRENT                                       (25177)
APPREC INCREASE CURRENT                                       103074
NET CHANGE FROM OPS                                           513116
EQUALIZATION                                                         0
DISTRIBUTIONS OF INCOME                                       431947
DISTRIBUTIONS OF GAINS                                               0
DISTRIBUTIONS OTHER                                                  0
NUMBER OF SHARES SOLD                                         440472
NUMBER OF SHARES REDEEMED                                     362143
SHARES REINVESTED                                              13566
NET CHANGE IN ASSETS                                        1021022
ACCUMULATED NII PRIOR                                                0
ACCUMULATED GAINS PRIOR                                    (343667)
OVERDISTRIB NII PRIOR                                                0
OVERDIST NET GAINS PRIOR                                             0
GROSS ADVISORY FEES                                            46840
INTEREST EXPENSE                                                     0
GROSS EXPENSE                                                 133126
AVERAGE NET ASSETS                                          9367886
PER SHARE NAV BEGIN                                             10.05
PER SHARE NII                                                      .38
PER SHARE GAIN APPREC                                              .10
PER SHARE DIVIDEND                                                 .38
PER SHARE DISTRIBUTIONS                                              0
RETURNS OF CAPITAL                                                   0
PER SHARE NAV END                                               10.15
EXPENSE RATIO                                                     1.66
AVG DEBT OUTSTANDING                                                 0
AVG DEBT PER SHARE                                                   0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 161
NAME: PENNSYLVANIA TAX FREE INCOME PORTFOLIO INSTITUTIONAL CLASS



PERIOD TYPE                                               6 MOS
FISCAL YEAR END                                     SEP 30 1996
PERIOD END                                          SEP 30 1996
INVESTMENTS AT COST                                    84139228
INVESTMENTS AT VALUE                                   85815588
RECEIVABLES                                              2053604
ASSETS OTHER                                               12200
OTHER ITEMS ASSETS                                              0
TOTAL ASSETS                                           87881392
PAYABLE FOR SECURITIES                                   3445349
SENIOR LONG TERM DEBT                                           0
OTHER ITEMS LIABILITIES                                   525528
TOTAL LIABILITIES                                        3970877
SENIOR EQUITY                                                   0
PAID IN CAPITAL COMMON                                 81187924
SHARES COMMON STOCK                                      8036937
SHARES COMMON PRIOR                                      6071121
ACCUMULATED NII CURRENT                                         0
OVERDISTRIBUTION NII                                       22061
ACCUMULATED NET GAINS                                 (2140489)
OVERDISTRIBUTION GAINS                                          0
ACCUM APPREC OR DEPREC                                   4885141
NET ASSETS                                             83910515
DIVIDEND INCOME                                                 0
INTEREST INCOME                                          4516808
OTHER INCOME                                            (166313)
EXPENSES NET                                              765441
NET INVESTMENT INCOME                                    3585054
REALIZED GAINS CURRENT                                  (125976)
APPREC INCREASE CURRENT                                   564065
NET CHANGE FROM OPS                                      4023143
EQUALIZATION                                                    0
DISTRIBUTIONS OF INCOME                                  3607115
DISTRIBUTIONS OF GAINS                                          0
DISTRIBUTIONS OTHER                                             0
NUMBER OF SHARES SOLD                                    5745881
NUMBER OF SHARES REDEEMED                                3935158
SHARES REINVESTED                                         155093
NET CHANGE IN ASSETS                                   20804503
ACCUMULATED NII PRIOR                                           0
ACCUMULATED GAINS PRIOR                               (1621094)
OVERDISTRIB NII PRIOR                                           0
OVERDIST NET GAINS PRIOR                                        0
GROSS ADVISORY FEES                                       389436
INTEREST EXPENSE                                                0
GROSS EXPENSE                                             765441
AVERAGE NET ASSETS                                     77887200
PER SHARE NAV BEGIN                                         10.33
PER SHARE NII                                                 .52
PER SHARE GAIN APPREC                                         .12
PER SHARE DIVIDEND                                            .53
PER SHARE DISTRIBUTIONS                                         0
RETURNS OF CAPITAL                                              0
PER SHARE NAV END                                           10.44
EXPENSE RATIO                                                 .55
AVG DEBT OUTSTANDING                                            0
AVG DEBT PER SHARE                                              0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 162
NAME: PENNSYLVANIA TAX FREE INCOME PORTFOLIO SERVICE CLASS



PERIOD TYPE                                                6 MOS
FISCAL YEAR END                                      SEP 30 1996
PERIOD END                                           SEP 30 1996
INVESTMENTS AT COST                                     84139228
INVESTMENTS AT VALUE                                    85815588
RECEIVABLES                                               2053604
ASSETS OTHER                                                12200
OTHER ITEMS ASSETS                                               0
TOTAL ASSETS                                            87881392
PAYABLE FOR SECURITIES                                    3445349
SENIOR LONG TERM DEBT                                            0
OTHER ITEMS LIABILITIES                                    525528
TOTAL LIABILITIES                                         3970877
SENIOR EQUITY                                                    0
PAID IN CAPITAL COMMON                                  81187924
SHARES COMMON STOCK                                       8036937
SHARES COMMON PRIOR                                       6071121
ACCUMULATED NII CURRENT                                          0
OVERDISTRIBUTION NII                                        22061
ACCUMULATED NET GAINS                                  (2140489)
OVERDISTRIBUTION GAINS                                           0
ACCUM APPREC OR DEPREC                                    4885141
NET ASSETS                                              83910515
DIVIDEND INCOME                                                  0
INTEREST INCOME                                           4516808
OTHER INCOME                                             (166313)
EXPENSES NET                                               765441
NET INVESTMENT INCOME                                     3585054
REALIZED GAINS CURRENT                                   (125976)
APPREC INCREASE CURRENT                                    564065
NET CHANGE FROM OPS                                       4023143
EQUALIZATION                                                     0
DISTRIBUTIONS OF INCOME                                   3607115
DISTRIBUTIONS OF GAINS                                           0
DISTRIBUTIONS OTHER                                              0
NUMBER OF SHARES SOLD                                     5745881
NUMBER OF SHARES REDEEMED                                 3935158
SHARES REINVESTED                                          155093
NET CHANGE IN ASSETS                                    20804503
ACCUMULATED NII PRIOR                                            0
ACCUMULATED GAINS PRIOR                                (1621094)
OVERDISTRIB NII PRIOR                                            0
OVERDIST NET GAINS PRIOR                                         0
GROSS ADVISORY FEES                                        389436
INTEREST EXPENSE                                                 0
GROSS EXPENSE                                              765441
AVERAGE NET ASSETS                                      77887200
PER SHARE NAV BEGIN                                          10.33
PER SHARE NII                                                  .50
PER SHARE GAIN APPREC                                          .11
PER SHARE DIVIDEND                                             .50
PER SHARE DISTRIBUTIONS                                          0
RETURNS OF CAPITAL                                               0
PER SHARE NAV END                                            10.44
EXPENSE RATIO                                                  .85
AVG DEBT OUTSTANDING                                             0
AVG DEBT PER SHARE                                               0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 163
NAME: PENNSYLVANIA TAX FREE INCOME PORTFOLIO INVESTOR A CLASS



PERIOD TYPE                                                6 MOS
FISCAL YEAR END                                      SEP 30 1996
PERIOD END                                           SEP 30 1996
INVESTMENTS AT COST                                     84139228
INVESTMENTS AT VALUE                                    85815588
RECEIVABLES                                               2053604
ASSETS OTHER                                                12200
OTHER ITEMS ASSETS                                               0
TOTAL ASSETS                                            87881392
PAYABLE FOR SECURITIES                                    3445349
SENIOR LONG TERM DEBT                                            0
OTHER ITEMS LIABILITIES                                    525528
TOTAL LIABILITIES                                         3970877
SENIOR EQUITY                                                    0
PAID IN CAPITAL COMMON                                  81187924
SHARES COMMON STOCK                                       8036937
SHARES COMMON PRIOR                                       6071121
ACCUMULATED NII CURRENT                                          0
OVERDISTRIBUTION NII                                        22061
ACCUMULATED NET GAINS                                  (2140489)
OVERDISTRIBUTION GAINS                                           0
ACCUM APPREC OR DEPREC                                    4885141
NET ASSETS                                              83910515
DIVIDEND INCOME                                                  0
INTEREST INCOME                                           4516808
OTHER INCOME                                             (166313)
EXPENSES NET                                               765441
NET INVESTMENT INCOME                                     3585054
REALIZED GAINS CURRENT                                   (125976)
APPREC INCREASE CURRENT                                    564065
NET CHANGE FROM OPS                                       4023143
EQUALIZATION                                                     0
DISTRIBUTIONS OF INCOME                                   3607115
DISTRIBUTIONS OF GAINS                                           0
DISTRIBUTIONS OTHER                                              0
NUMBER OF SHARES SOLD                                     5745881
NUMBER OF SHARES REDEEMED                                 3935158
SHARES REINVESTED                                          155093
NET CHANGE IN ASSETS                                    20804503
ACCUMULATED NII PRIOR                                            0
ACCUMULATED GAINS PRIOR                                (1621094)
OVERDISTRIB NII PRIOR                                            0
OVERDIST NET GAINS PRIOR                                         0
GROSS ADVISORY FEES                                        389436
INTEREST EXPENSE                                                 0
GROSS EXPENSE                                              765441
AVERAGE NET ASSETS                                      77887200
PER SHARE NAV BEGIN                                          10.33
PER SHARE NII                                                  .48
PER SHARE GAIN APPREC                                          .11
PER SHARE DIVIDEND                                             .48
PER SHARE DISTRIBUTIONS                                          0
RETURNS OF CAPITAL                                               0
PER SHARE NAV END                                            10.44
EXPENSE RATIO                                                 1.00
AVG DEBT OUTSTANDING                                             0
AVG DEBT PER SHARE                                               0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 164
NAME: PENNSYLVANIA TAX FREE INCOME PORTFOLIO INVESTOR B CLASS



PERIOD TYPE                                                6 MOS
FISCAL YEAR END                                      SEP 30 1996
PERIOD END                                           SEP 30 1996
INVESTMENTS AT COST                                     84139228
INVESTMENTS AT VALUE                                    85815588
RECEIVABLES                                               2053604
ASSETS OTHER                                                12200
OTHER ITEMS ASSETS                                               0
TOTAL ASSETS                                            87881392
PAYABLE FOR SECURITIES                                    3445349
SENIOR LONG TERM DEBT                                            0
OTHER ITEMS LIABILITIES                                    525528
TOTAL LIABILITIES                                         3970877
SENIOR EQUITY                                                    0
PAID IN CAPITAL COMMON                                  81187924
SHARES COMMON STOCK                                       8036937
SHARES COMMON PRIOR                                       6071121
ACCUMULATED NII CURRENT                                          0
OVERDISTRIBUTION NII                                        22061
ACCUMULATED NET GAINS                                  (2140489)
OVERDISTRIBUTION GAINS                                           0
ACCUM APPREC OR DEPREC                                    4885141
NET ASSETS                                              83910515
DIVIDEND INCOME                                                  0
INTEREST INCOME                                           4516808
OTHER INCOME                                             (166313)
EXPENSES NET                                               765441
NET INVESTMENT INCOME                                     3585054
REALIZED GAINS CURRENT                                   (125976)
APPREC INCREASE CURRENT                                    564065
NET CHANGE FROM OPS                                       4023143
EQUALIZATION                                                     0
DISTRIBUTIONS OF INCOME                                   3607115
DISTRIBUTIONS OF GAINS                                           0
DISTRIBUTIONS OTHER                                              0
NUMBER OF SHARES SOLD                                     5745881
NUMBER OF SHARES REDEEMED                                 3935158
SHARES REINVESTED                                          155093
NET CHANGE IN ASSETS                                    20804503
ACCUMULATED NII PRIOR                                            0
ACCUMULATED GAINS PRIOR                                (1621094)
OVERDISTRIB NII PRIOR                                            0
OVERDIST NET GAINS PRIOR                                         0
GROSS ADVISORY FEES                                        389436
INTEREST EXPENSE                                                 0
GROSS EXPENSE                                              765441
AVERAGE NET ASSETS                                      77887200
PER SHARE NAV BEGIN                                          10.33
PER SHARE NII                                                  .40
PER SHARE GAIN APPREC                                          .11
PER SHARE DIVIDEND                                             .40
PER SHARE DISTRIBUTIONS                                          0
RETURNS OF CAPITAL                                               0
PER SHARE NAV END                                            10.44
EXPENSE RATIO                                                 1.74
AVG DEBT OUTSTANDING                                             0
AVG DEBT PER SHARE                                               0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 171
NAME: NORTHCAROLINA MUNICIPAL MONEYMARKET PORT INSTITUTIONAL CLASS



PERIOD TYPE                                           6 MOS
FISCAL YEAR END                                   SEP 30 1996
PERIOD END                                        SEP 30 1996
INVESTMENTS AT COST                                119471351
INVESTMENTS AT VALUE                               119441035
RECEIVABLES                                            512995
ASSETS OTHER                                            97031
OTHER ITEMS ASSETS                                             0
TOTAL ASSETS                                       120051061
PAYABLE FOR SECURITIES                                         0
SENIOR LONG TERM DEBT                                          0
OTHER ITEMS LIABILITIES                                380215
TOTAL LIABILITIES                                      380215
SENIOR EQUITY                                                  0
PAID IN CAPITAL COMMON                             119670967
SHARES COMMON STOCK                                119670967
SHARES COMMON PRIOR                                 78566523
ACCUMULATED NII CURRENT                                        0
OVERDISTRIBUTION NII                                           0
ACCUMULATED NET GAINS                                    (121)
OVERDISTRIBUTION GAINS                                         0
ACCUM APPREC OR DEPREC                                         0
NET ASSETS                                         119670846
DIVIDEND INCOME                                                0
INTEREST INCOME                                      3406073
OTHER INCOME                                                   0
EXPENSES NET                                           254776
NET INVESTMENT INCOME                                3151297
REALIZED GAINS CURRENT                                    3470
APPREC INCREASE CURRENT                                        0
NET CHANGE FROM OPS                                  3151173
EQUALIZATION                                                   0
DISTRIBUTIONS OF INCOME                              3151297
DISTRIBUTIONS OF GAINS                                         0
DISTRIBUTIONS OTHER                                            0
NUMBER OF SHARES SOLD                              402108530
NUMBER OF SHARES REDEEMED                          361143113
SHARES REINVESTED                                      139027
NET CHANGE IN ASSETS                                41104320
ACCUMULATED NII PRIOR                                          0
ACCUMULATED GAINS PRIOR                                        0
OVERDISTRIB NII PRIOR                                          0
OVERDIST NET GAINS PRIOR                                       0
GROSS ADVISORY FEES                                    427672
INTEREST EXPENSE                                               0
GROSS EXPENSE                                          721987
AVERAGE NET ASSETS                                  95038278
PER SHARE NAV BEGIN                                        1.00
PER SHARE NII                                              .034
PER SHARE GAIN APPREC                                          0
PER SHARE DIVIDEND                                         .034
PER SHARE DISTRIBUTIONS                                        0
RETURNS OF CAPITAL                                             0
PER SHARE NAV END                                          1.00
EXPENSE RATIO                                                .25
AVG DEBT OUTSTANDING                                           0
AVG DEBT PER SHARE                                             0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 172
NAME: NORTHCAROLINA MUNICIPAL MONEYMARKET PORT SERVICE CLASS



PERIOD TYPE                                           6 MOS
FISCAL YEAR END                                   SEP 30 1996
PERIOD END                                        SEP 30 1996
INVESTMENTS AT COST                                119471351
INVESTMENTS AT VALUE                               119441035
RECEIVABLES                                            512995
ASSETS OTHER                                            97031
OTHER ITEMS ASSETS                                             0
TOTAL ASSETS                                       120051061
PAYABLE FOR SECURITIES                                         0
SENIOR LONG TERM DEBT                                          0
OTHER ITEMS LIABILITIES                                380215
TOTAL LIABILITIES                                      380215
SENIOR EQUITY                                                  0
PAID IN CAPITAL COMMON                             119670967
SHARES COMMON STOCK                                119670967
SHARES COMMON PRIOR                                 78566523
ACCUMULATED NII CURRENT                                        0
OVERDISTRIBUTION NII                                           0
ACCUMULATED NET GAINS                                    (121)
OVERDISTRIBUTION GAINS                                         0
ACCUM APPREC OR DEPREC                                         0
NET ASSETS                                         119670846
DIVIDEND INCOME                                                0
INTEREST INCOME                                      3406073
OTHER INCOME                                                   0
EXPENSES NET                                           254776
NET INVESTMENT INCOME                                3151297
REALIZED GAINS CURRENT                                    3470
APPREC INCREASE CURRENT                                        0
NET CHANGE FROM OPS                                  3151173
EQUALIZATION                                                   0
DISTRIBUTIONS OF INCOME                              3151297
DISTRIBUTIONS OF GAINS                                         0
DISTRIBUTIONS OTHER                                            0
NUMBER OF SHARES SOLD                              402108530
NUMBER OF SHARES REDEEMED                          361143113
SHARES REINVESTED                                      139027
NET CHANGE IN ASSETS                                41104320
ACCUMULATED NII PRIOR                                          0
ACCUMULATED GAINS PRIOR                                        0
OVERDISTRIB NII PRIOR                                          0
OVERDIST NET GAINS PRIOR                                       0
GROSS ADVISORY FEES                                    427672
INTEREST EXPENSE                                               0
GROSS EXPENSE                                          721987
AVERAGE NET ASSETS                                  95038278
PER SHARE NAV BEGIN                                        1.00
PER SHARE NII                                              .031
PER SHARE GAIN APPREC                                          0
PER SHARE DIVIDEND                                         .031
PER SHARE DISTRIBUTIONS                                        0
RETURNS OF CAPITAL                                             0
PER SHARE NAV END                                          1.00
EXPENSE RATIO                                                .55
AVG DEBT OUTSTANDING                                           0
AVG DEBT PER SHARE                                             0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 173
NAME: NORTHCAROLINA MUNICIPAL MONEYMARKET PORT INVESTOR A CLASS



PERIOD TYPE                                           6 MOS
FISCAL YEAR END                                   SEP 30 1996
PERIOD END                                        SEP 30 1996
INVESTMENTS AT COST                                119471351
INVESTMENTS AT VALUE                               119441035
RECEIVABLES                                            512995
ASSETS OTHER                                            97031
OTHER ITEMS ASSETS                                             0
TOTAL ASSETS                                       120051061
PAYABLE FOR SECURITIES                                         0
SENIOR LONG TERM DEBT                                          0
OTHER ITEMS LIABILITIES                                380215
TOTAL LIABILITIES                                      380215
SENIOR EQUITY                                                  0
PAID IN CAPITAL COMMON                             119670967
SHARES COMMON STOCK                                119670967
SHARES COMMON PRIOR                                 78566523
ACCUMULATED NII CURRENT                                        0
OVERDISTRIBUTION NII                                           0
ACCUMULATED NET GAINS                                    (121)
OVERDISTRIBUTION GAINS                                         0
ACCUM APPREC OR DEPREC                                         0
NET ASSETS                                         119670846
DIVIDEND INCOME                                                0
INTEREST INCOME                                      3406073
OTHER INCOME                                                   0
EXPENSES NET                                           254776
NET INVESTMENT INCOME                                3151297
REALIZED GAINS CURRENT                                    3470
APPREC INCREASE CURRENT                                        0
NET CHANGE FROM OPS                                  3151173
EQUALIZATION                                                   0
DISTRIBUTIONS OF INCOME                              3151297
DISTRIBUTIONS OF GAINS                                         0
DISTRIBUTIONS OTHER                                            0
NUMBER OF SHARES SOLD                              402108530
NUMBER OF SHARES REDEEMED                          361143113
SHARES REINVESTED                                      139027
NET CHANGE IN ASSETS                                41104320
ACCUMULATED NII PRIOR                                          0
ACCUMULATED GAINS PRIOR                                        0
OVERDISTRIB NII PRIOR                                          0
OVERDIST NET GAINS PRIOR                                       0
GROSS ADVISORY FEES                                    427672
INTEREST EXPENSE                                               0
GROSS EXPENSE                                          721987
AVERAGE NET ASSETS                                  95038278
PER SHARE NAV BEGIN                                        1.00
PER SHARE NII                                              .029
PER SHARE GAIN APPREC                                          0
PER SHARE DIVIDEND                                         .029
PER SHARE DISTRIBUTIONS                                        0
RETURNS OF CAPITAL                                             0
PER SHARE NAV END                                          1.00
EXPENSE RATIO                                                .76
AVG DEBT OUTSTANDING                                           0
AVG DEBT PER SHARE                                             0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 181
NAME: SHORT GOVERNMENT BOND PORTFOLIO INSTITUTIONAL CLASS



PERIOD TYPE                                              6 MOS
FISCAL YEAR END                                    SEP 30 1996
PERIOD END                                         SEP 30 1996
INVESTMENTS AT COST                                 225284240
INVESTMENTS AT VALUE                                225468995
RECEIVABLES                                           13643278
ASSETS OTHER                                              54811
OTHER ITEMS ASSETS                                             0
TOTAL ASSETS                                        239167084
PAYABLE FOR SECURITIES                                  6621755
SENIOR LONG TERM DEBT                                          0
OTHER ITEMS LIABILITIES                                 4051080
TOTAL LIABILITIES                                     10672835
SENIOR EQUITY                                                  0
PAID IN CAPITAL COMMON                              230184097
SHARES COMMON STOCK                                   23328192
SHARES COMMON PRIOR                                   24018570
ACCUMULATED NII CURRENT                                        0
OVERDISTRIBUTION NII                                   (104106)
ACCUMULATED NET GAINS                                (4784182)
OVERDISTRIBUTION GAINS                                         0
ACCUM APPREC OR DEPREC                                  3198440
NET ASSETS                                          228494249
DIVIDEND INCOME                                                0
INTEREST INCOME                                         7060312
OTHER INCOME                                                   0
EXPENSES NET                                             943880
NET INVESTMENT INCOME                                   6116432
REALIZED GAINS CURRENT                               (1541367)
APPREC INCREASE CURRENT                                 1327995
NET CHANGE FROM OPS                                     5903060
EQUALIZATION                                                   0
DISTRIBUTIONS OF INCOME                                 5906902
DISTRIBUTIONS OF GAINS                                         0
DISTRIBUTIONS OTHER                                            0
NUMBER OF SHARES SOLD                                 25952137
NUMBER OF SHARES REDEEMED                             26725751
SHARES REINVESTED                                         83238
NET CHANGE IN ASSETS                                 (6737444)
ACCUMULATED NII PRIOR                                          0
ACCUMULATED GAINS PRIOR                                (561531)
OVERDISTRIB NII PRIOR                                          0
OVERDIST NET GAINS PRIOR                                       0
GROSS ADVISORY FEES                                      563812
INTEREST EXPENSE                                         116272
GROSS EXPENSE                                           1252796
AVERAGE NET ASSETS                                  112762356
PER SHARE NAV BEGIN                                         9.79
PER SHARE NII                                                .28
PER SHARE GAIN APPREC                                      (.01)
PER SHARE DIVIDEND                                           .27
PER SHARE DISTRIBUTIONS                                        0
RETURNS OF CAPITAL                                             0
PER SHARE NAV END                                           9.79
EXPENSE RATIO                                                .83
AVG DEBT OUTSTANDING                                           0
AVG DEBT PER SHARE                                             0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 182
NAME: SHORT GOVERNMENT BOND PORTFOLIO SERVICE CLASS



PERIOD TYPE                                                 6 MOS
FISCAL YEAR END                                       SEP 30 1996
PERIOD END                                            SEP 30 1996
INVESTMENTS AT COST                                    225284240
INVESTMENTS AT VALUE                                   225468995
RECEIVABLES                                              13643278
ASSETS OTHER                                                 54811
OTHER ITEMS ASSETS                                                0
TOTAL ASSETS                                           239167084
PAYABLE FOR SECURITIES                                     6621755
SENIOR LONG TERM DEBT                                             0
OTHER ITEMS LIABILITIES                                    4051080
TOTAL LIABILITIES                                        10672835
SENIOR EQUITY                                                     0
PAID IN CAPITAL COMMON                                 230184097
SHARES COMMON STOCK                                      23328192
SHARES COMMON PRIOR                                      24018570
ACCUMULATED NII CURRENT                                           0
OVERDISTRIBUTION NII                                      (104106)
ACCUMULATED NET GAINS                                   (4784182)
OVERDISTRIBUTION GAINS                                            0
ACCUM APPREC OR DEPREC                                     3198440
NET ASSETS                                             228494249
DIVIDEND INCOME                                                   0
INTEREST INCOME                                            7060312
OTHER INCOME                                                      0
EXPENSES NET                                                943880
NET INVESTMENT INCOME                                      6116432
REALIZED GAINS CURRENT                                  (1541367)
APPREC INCREASE CURRENT                                    1327995
NET CHANGE FROM OPS                                        5903060
EQUALIZATION                                                      0
DISTRIBUTIONS OF INCOME                                    5906902
DISTRIBUTIONS OF GAINS                                            0
DISTRIBUTIONS OTHER                                               0
NUMBER OF SHARES SOLD                                    25952137
NUMBER OF SHARES REDEEMED                                26725751
SHARES REINVESTED                                            83238
NET CHANGE IN ASSETS                                    (6737444)
ACCUMULATED NII PRIOR                                             0
ACCUMULATED GAINS PRIOR                                   (561531)
OVERDISTRIB NII PRIOR                                             0
OVERDIST NET GAINS PRIOR                                          0
GROSS ADVISORY FEES                                         563812
INTEREST EXPENSE                                            116272
GROSS EXPENSE                                              1252796
AVERAGE NET ASSETS                                     112762356
PER SHARE NAV BEGIN                                            9.79
PER SHARE NII                                                   .26
PER SHARE GAIN APPREC                                         (.01)
PER SHARE DIVIDEND                                              .25
PER SHARE DISTRIBUTIONS                                           0
RETURNS OF CAPITAL                                                0
PER SHARE NAV END                                              9.79
EXPENSE RATIO                                                   .85
AVG DEBT OUTSTANDING                                              0
AVG DEBT PER SHARE                                                0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 183
NAME: SHORT GOVERNMENT BOND PORTFOLIO INVESTOR A CLASS



PERIOD TYPE                                              6 MOS
FISCAL YEAR END                                    SEP 30 1996
PERIOD END                                         SEP 30 1996
INVESTMENTS AT COST                                 225284240
INVESTMENTS AT VALUE                                225468995
RECEIVABLES                                           13643278
ASSETS OTHER                                              54811
OTHER ITEMS ASSETS                                             0
TOTAL ASSETS                                        239167084
PAYABLE FOR SECURITIES                                  6621755
SENIOR LONG TERM DEBT                                          0
OTHER ITEMS LIABILITIES                                 4051080
TOTAL LIABILITIES                                     10672835
SENIOR EQUITY                                                  0
PAID IN CAPITAL COMMON                              230184097
SHARES COMMON STOCK                                   23328192
SHARES COMMON PRIOR                                   24018570
ACCUMULATED NII CURRENT                                        0
OVERDISTRIBUTION NII                                   (104106)
ACCUMULATED NET GAINS                                (4784182)
OVERDISTRIBUTION GAINS                                         0
ACCUM APPREC OR DEPREC                                  3198440
NET ASSETS                                          228494249
DIVIDEND INCOME                                                0
INTEREST INCOME                                         7060312
OTHER INCOME                                                   0
EXPENSES NET                                             943880
NET INVESTMENT INCOME                                   6116432
REALIZED GAINS CURRENT                               (1541367)
APPREC INCREASE CURRENT                                 1327995
NET CHANGE FROM OPS                                     5903060
EQUALIZATION                                                   0
DISTRIBUTIONS OF INCOME                                 5906902
DISTRIBUTIONS OF GAINS                                         0
DISTRIBUTIONS OTHER                                            0
NUMBER OF SHARES SOLD                                 25952137
NUMBER OF SHARES REDEEMED                             26725751
SHARES REINVESTED                                         83238
NET CHANGE IN ASSETS                                 (6737444)
ACCUMULATED NII PRIOR                                          0
ACCUMULATED GAINS PRIOR                                (561531)
OVERDISTRIB NII PRIOR                                          0
OVERDIST NET GAINS PRIOR                                       0
GROSS ADVISORY FEES                                      563812
INTEREST EXPENSE                                         116272
GROSS EXPENSE                                           1252796
AVERAGE NET ASSETS                                  112762356
PER SHARE NAV BEGIN                                         9.79
PER SHARE NII                                                .25
PER SHARE GAIN APPREC                                      (.01)
PER SHARE DIVIDEND                                           .24
PER SHARE DISTRIBUTIONS                                        0
RETURNS OF CAPITAL                                             0
PER SHARE NAV END                                           9.79
EXPENSE RATIO                                               1.02
AVG DEBT OUTSTANDING                                           0
AVG DEBT PER SHARE                                             0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 191
NAME: INTERMEDIATE TERM BOND PORTFOLIO INSTITUTIONAL CLASS



PERIOD TYPE                                               6 MOS
FISCAL YEAR END                                     SEP 30 1996
PERIOD END                                          SEP 30 1996
INVESTMENTS AT COST                                  252123010
INVESTMENTS AT VALUE                                 251395543
RECEIVABLES                                            24315941
ASSETS OTHER                                               29430
OTHER ITEMS ASSETS                                              0
TOTAL ASSETS                                         275740914
PAYABLE FOR SECURITIES                                 19700357
SENIOR LONG TERM DEBT                                           0
OTHER ITEMS LIABILITIES                                  1834233
TOTAL LIABILITIES                                      21534590
SENIOR EQUITY                                                   0
PAID IN CAPITAL COMMON                               348514929
SHARES COMMON STOCK                                    27269293
SHARES COMMON PRIOR                                    17216730
ACCUMULATED NII CURRENT                                   100772
OVERDISTRIBUTION NII                                            0
ACCUMULATED NET GAINS                                   (260609)
OVERDISTRIBUTION GAINS                                          0
ACCUM APPREC OR DEPREC                                 94148768
NET ASSETS                                           254206324
DIVIDEND INCOME                                                 0
INTEREST INCOME                                        15137312
OTHER INCOME                                                    0
EXPENSES NET                                             1974380
NET INVESTMENT INCOME                                  13162932
REALIZED GAINS CURRENT                                  (214582)
APPREC INCREASE CURRENT                               (2064229)
NET CHANGE FROM OPS                                    10884121
EQUALIZATION                                                    0
DISTRIBUTIONS OF INCOME                                12904116
DISTRIBUTIONS OF GAINS                                    647794
DISTRIBUTIONS OTHER                                             0
NUMBER OF SHARES SOLD                                  14450636
NUMBER OF SHARES REDEEMED                                4977880
SHARES REINVESTED                                         579807
NET CHANGE IN ASSETS                                   91861890
ACCUMULATED NII PRIOR                                      55893
ACCUMULATED GAINS PRIOR                                   387830
OVERDISTRIB NII PRIOR                                           0
OVERDIST NET GAINS PRIOR                                        0
GROSS ADVISORY FEES                                      1112805
INTEREST EXPENSE                                          669801
GROSS EXPENSE                                            2646218
AVERAGE NET ASSETS                                   222561103
PER SHARE NAV BEGIN                                          9.43
PER SHARE NII                                                 .56
PER SHARE GAIN APPREC                                       (.09)
PER SHARE DIVIDEND                                            .55
PER SHARE DISTRIBUTIONS                                       .03
RETURNS OF CAPITAL                                              0
PER SHARE NAV END                                            9.32
EXPENSE RATIO                                                 .53
AVG DEBT OUTSTANDING                                            0
AVG DEBT PER SHARE                                              0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 192
NAME: INTERMEDIATE TERM BOND PORTFOLIO SERVICE CLASS



PERIOD TYPE                                                  6 MOS
FISCAL YEAR END                                        SEP 30 1996
PERIOD END                                             SEP 30 1996
INVESTMENTS AT COST                                     252123010
INVESTMENTS AT VALUE                                    251395543
RECEIVABLES                                               24315941
ASSETS OTHER                                                  29430
OTHER ITEMS ASSETS                                                 0
TOTAL ASSETS                                            275740914
PAYABLE FOR SECURITIES                                    19700357
SENIOR LONG TERM DEBT                                              0
OTHER ITEMS LIABILITIES                                     1834233
TOTAL LIABILITIES                                         21534590
SENIOR EQUITY                                                      0
PAID IN CAPITAL COMMON                                  348514929
SHARES COMMON STOCK                                       27269293
SHARES COMMON PRIOR                                       17216730
ACCUMULATED NII CURRENT                                      100772
OVERDISTRIBUTION NII                                               0
ACCUMULATED NET GAINS                                      (260609)
OVERDISTRIBUTION GAINS                                             0
ACCUM APPREC OR DEPREC                                    94148768
NET ASSETS                                              254206324
DIVIDEND INCOME                                                    0
INTEREST INCOME                                           15137312
OTHER INCOME                                                       0
EXPENSES NET                                                1974380
NET INVESTMENT INCOME                                     13162932
REALIZED GAINS CURRENT                                     (214582)
APPREC INCREASE CURRENT                                  (2064229)
NET CHANGE FROM OPS                                       10884121
EQUALIZATION                                                       0
DISTRIBUTIONS OF INCOME                                   12904116
DISTRIBUTIONS OF GAINS                                       647794
DISTRIBUTIONS OTHER                                                0
NUMBER OF SHARES SOLD                                     14450636
NUMBER OF SHARES REDEEMED                                   4977880
SHARES REINVESTED                                            579807
NET CHANGE IN ASSETS                                      91861890
ACCUMULATED NII PRIOR                                         55893
ACCUMULATED GAINS PRIOR                                      387830
OVERDISTRIB NII PRIOR                                              0
OVERDIST NET GAINS PRIOR                                           0
GROSS ADVISORY FEES                                         1112805
INTEREST EXPENSE                                             669801
GROSS EXPENSE                                               2646218
AVERAGE NET ASSETS                                      222561103
PER SHARE NAV BEGIN                                             9.43
PER SHARE NII                                                    .51
PER SHARE GAIN APPREC                                          (.09)
PER SHARE DIVIDEND                                               .50
PER SHARE DISTRIBUTIONS                                          .03
RETURNS OF CAPITAL                                                 0
PER SHARE NAV END                                               9.32
EXPENSE RATIO                                                    .83
AVG DEBT OUTSTANDING                                               0
AVG DEBT PER SHARE                                                 0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 193
NAME: INTERMEDIATE TERM BOND PORTFOLIO INVESTOR A CLASS



PERIOD TYPE                                               6 MOS
FISCAL YEAR END                                     SEP 30 1996
PERIOD END                                          SEP 30 1996
INVESTMENTS AT COST                                  252123010
INVESTMENTS AT VALUE                                 251395543
RECEIVABLES                                            24315941
ASSETS OTHER                                               29430
OTHER ITEMS ASSETS                                              0
TOTAL ASSETS                                         275740914
PAYABLE FOR SECURITIES                                 19700357
SENIOR LONG TERM DEBT                                           0
OTHER ITEMS LIABILITIES                                  1834233
TOTAL LIABILITIES                                      21534590
SENIOR EQUITY                                                   0
PAID IN CAPITAL COMMON                               348514929
SHARES COMMON STOCK                                    27269293
SHARES COMMON PRIOR                                    17216730
ACCUMULATED NII CURRENT                                   100772
OVERDISTRIBUTION NII                                            0
ACCUMULATED NET GAINS                                   (260609)
OVERDISTRIBUTION GAINS                                          0
ACCUM APPREC OR DEPREC                                 94148768
NET ASSETS                                           254206324
DIVIDEND INCOME                                                 0
INTEREST INCOME                                        15137312
OTHER INCOME                                                    0
EXPENSES NET                                             1974380
NET INVESTMENT INCOME                                  13162932
REALIZED GAINS CURRENT                                  (214582)
APPREC INCREASE CURRENT                               (2064229)
NET CHANGE FROM OPS                                    10884121
EQUALIZATION                                                    0
DISTRIBUTIONS OF INCOME                                12904116
DISTRIBUTIONS OF GAINS                                    647794
DISTRIBUTIONS OTHER                                             0
NUMBER OF SHARES SOLD                                  14450636
NUMBER OF SHARES REDEEMED                                4977880
SHARES REINVESTED                                         579807
NET CHANGE IN ASSETS                                   91861890
ACCUMULATED NII PRIOR                                      55893
ACCUMULATED GAINS PRIOR                                   387830
OVERDISTRIB NII PRIOR                                           0
OVERDIST NET GAINS PRIOR                                        0
GROSS ADVISORY FEES                                      1112805
INTEREST EXPENSE                                          669801
GROSS EXPENSE                                            2646218
AVERAGE NET ASSETS                                   222561103
PER SHARE NAV BEGIN                                          9.43
PER SHARE NII                                                 .48
PER SHARE GAIN APPREC                                       (.09)
PER SHARE DIVIDEND                                            .47
PER SHARE DISTRIBUTIONS                                       .03
RETURNS OF CAPITAL                                              0
PER SHARE NAV END                                            9.32
EXPENSE RATIO                                                 .97
AVG DEBT OUTSTANDING                                            0
AVG DEBT PER SHARE                                              0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 194
NAME: INTERMEDIATE TERM BOND PORTFOLIO INVESTOR B CLASS



PERIOD TYPE                                               6 MOS
FISCAL YEAR END                                     SEP 30 1996
PERIOD END                                          SEP 30 1996
INVESTMENTS AT COST                                  252123010
INVESTMENTS AT VALUE                                 251395543
RECEIVABLES                                            24315941
ASSETS OTHER                                               29430
OTHER ITEMS ASSETS                                              0
TOTAL ASSETS                                         275740914
PAYABLE FOR SECURITIES                                 19700357
SENIOR LONG TERM DEBT                                           0
OTHER ITEMS LIABILITIES                                  1834233
TOTAL LIABILITIES                                      21534590
SENIOR EQUITY                                                   0
PAID IN CAPITAL COMMON                               348514929
SHARES COMMON STOCK                                    27269293
SHARES COMMON PRIOR                                    17216730
ACCUMULATED NII CURRENT                                   100772
OVERDISTRIBUTION NII                                            0
ACCUMULATED NET GAINS                                   (260609)
OVERDISTRIBUTION GAINS                                          0
ACCUM APPREC OR DEPREC                                 94148768
NET ASSETS                                           254206324
DIVIDEND INCOME                                                 0
INTEREST INCOME                                        15137312
OTHER INCOME                                                    0
EXPENSES NET                                             1974380
NET INVESTMENT INCOME                                  13162932
REALIZED GAINS CURRENT                                  (214582)
APPREC INCREASE CURRENT                               (2064229)
NET CHANGE FROM OPS                                    10884121
EQUALIZATION                                                    0
DISTRIBUTIONS OF INCOME                                12904116
DISTRIBUTIONS OF GAINS                                    647794
DISTRIBUTIONS OTHER                                             0
NUMBER OF SHARES SOLD                                  14450636
NUMBER OF SHARES REDEEMED                                4977880
SHARES REINVESTED                                         579807
NET CHANGE IN ASSETS                                   91861890
ACCUMULATED NII PRIOR                                      55893
ACCUMULATED GAINS PRIOR                                   387830
OVERDISTRIB NII PRIOR                                           0
OVERDIST NET GAINS PRIOR                                        0
GROSS ADVISORY FEES                                      1112805
INTEREST EXPENSE                                          669801
GROSS EXPENSE                                            2646218
AVERAGE NET ASSETS                                   222561103
PER SHARE NAV BEGIN                                         10.33
PER SHARE NII                                                 .40
PER SHARE GAIN APPREC                                         .11
PER SHARE DIVIDEND                                            .40
PER SHARE DISTRIBUTIONS                                         0
RETURNS OF CAPITAL                                              0
PER SHARE NAV END                                           10.44
EXPENSE RATIO                                                1.74
AVG DEBT OUTSTANDING                                            0
AVG DEBT PER SHARE                                              0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 201
NAME: SELECT EQUITY PORTFOLIO INSTITUTIONAL CLASS



PERIOD TYPE                                             6 MOS
FISCAL YEAR END                                     SEP 30 1996
PERIOD END                                          SEP 30 1996
INVESTMENTS AT COST                                  346499375
INVESTMENTS AT VALUE                                 397979249
RECEIVABLES                                              939089
ASSETS OTHER                                              22879
OTHER ITEMS ASSETS                                             0
TOTAL ASSETS                                         398941217
PAYABLE FOR SECURITIES                                 1475983
SENIOR LONG TERM DEBT                                          0
OTHER ITEMS LIABILITIES                                1780023
TOTAL LIABILITIES                                      3256006
SENIOR EQUITY                                                  0
PAID IN CAPITAL COMMON                               311378356
SHARES COMMON STOCK                                   29165785
SHARES COMMON PRIOR                                   27458964
ACCUMULATED NII CURRENT                                   88884
OVERDISTRIBUTION NII                                           0
ACCUMULATED NET GAINS                                 32738097
OVERDISTRIBUTION GAINS                                         0
ACCUM APPREC OR DEPREC                                51479874
NET ASSETS                                           395685211
DIVIDEND INCOME                                        8348273
INTEREST INCOME                                          858634
OTHER INCOME                                                   0
EXPENSES NET                                           3125126
NET INVESTMENT INCOME                                  6081781
REALIZED GAINS CURRENT                                38078922
APPREC INCREASE CURRENT                               19257088
NET CHANGE FROM OPS                                   63417791
EQUALIZATION                                                   0
DISTRIBUTIONS OF INCOME                                6010864
DISTRIBUTIONS OF GAINS                                10940908
DISTRIBUTIONS OTHER                                            0
NUMBER OF SHARES SOLD                                 11689437
NUMBER OF SHARES REDEEMED                             11225107
SHARES REINVESTED                                      1242491
NET CHANGE IN ASSETS                                  69358742
ACCUMULATED NII PRIOR                                     17967
ACCUMULATED GAINS PRIOR                                5446083
OVERDISTRIB NII PRIOR                                          0
OVERDIST NET GAINS PRIOR                                       0
GROSS ADVISORY FEES                                    2069619
INTEREST EXPENSE                                               0
GROSS EXPENSE                                          3595271
AVERAGE NET ASSETS                                   376294327
PER SHARE NAV BEGIN                                        11.88
PER SHARE NII                                                .21
PER SHARE GAIN APPREC                                       2.08
PER SHARE DIVIDEND                                           .21
PER SHARE DISTRIBUTIONS                                      .39
RETURNS OF CAPITAL                                             0
PER SHARE NAV END                                          13.57
EXPENSE RATIO                                                .74
AVG DEBT OUTSTANDING                                           0
AVG DEBT PER SHARE                                             0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 202
NAME: SELECT EQUITY PORTFOLIO SERVICE CLASS



PERIOD TYPE                                       6 MOS
FISCAL YEAR END                               SEP 30 1996
PERIOD END                                    SEP 30 1996
INVESTMENTS AT COST                            346499375
INVESTMENTS AT VALUE                           397979249
RECEIVABLES                                        939089
ASSETS OTHER                                        22879
OTHER ITEMS ASSETS                                       0
TOTAL ASSETS                                   398941217
PAYABLE FOR SECURITIES                           1475983
SENIOR LONG TERM DEBT                                    0
OTHER ITEMS LIABILITIES                          1780023
TOTAL LIABILITIES                                3256006
SENIOR EQUITY                                            0
PAID IN CAPITAL COMMON                         311378356
SHARES COMMON STOCK                             29165785
SHARES COMMON PRIOR                             27458964
ACCUMULATED NII CURRENT                             88884
OVERDISTRIBUTION NII                                     0
ACCUMULATED NET GAINS                           32738097
OVERDISTRIBUTION GAINS                                   0
ACCUM APPREC OR DEPREC                          51479874
NET ASSETS                                     395685211
DIVIDEND INCOME                                  8348273
INTEREST INCOME                                    858634
OTHER INCOME                                             0
EXPENSES NET                                     3125126
NET INVESTMENT INCOME                            6081781
REALIZED GAINS CURRENT                          38078922
APPREC INCREASE CURRENT                         19257088
NET CHANGE FROM OPS                             63417791
EQUALIZATION                                             0
DISTRIBUTIONS OF INCOME                          6010864
DISTRIBUTIONS OF GAINS                          10940908
DISTRIBUTIONS OTHER                                      0
NUMBER OF SHARES SOLD                           11689437
NUMBER OF SHARES REDEEMED                       11225107
SHARES REINVESTED                                1242491
NET CHANGE IN ASSETS                            69358742
ACCUMULATED NII PRIOR                               17967
ACCUMULATED GAINS PRIOR                          5446083
OVERDISTRIB NII PRIOR                                    0
OVERDIST NET GAINS PRIOR                                 0
GROSS ADVISORY FEES                              2069619
INTEREST EXPENSE                                         0
GROSS EXPENSE                                    3595271
AVERAGE NET ASSETS                             376294327
PER SHARE NAV BEGIN                                  11.88
PER SHARE NII                                          .17
PER SHARE GAIN APPREC                                 2.07
PER SHARE DIVIDEND                                     .17
PER SHARE DISTRIBUTIONS                                .39
RETURNS OF CAPITAL                                       0
PER SHARE NAV END                                    13.56
EXPENSE RATIO                                         1.04
AVG DEBT OUTSTANDING                                     0
AVG DEBT PER SHARE                                       0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 203
NAME: SELECT EQUITY PORTFOLIO INVESTOR A CLASS



PERIOD TYPE                                          6 MOS
FISCAL YEAR END                                  SEP 30 1996
PERIOD END                                       SEP 30 1996
INVESTMENTS AT COST                               346499375
INVESTMENTS AT VALUE                              397979249
RECEIVABLES                                           939089
ASSETS OTHER                                           22879
OTHER ITEMS ASSETS                                          0
TOTAL ASSETS                                      398941217
PAYABLE FOR SECURITIES                              1475983
SENIOR LONG TERM DEBT                                       0
OTHER ITEMS LIABILITIES                             1780023
TOTAL LIABILITIES                                   3256006
SENIOR EQUITY                                               0
PAID IN CAPITAL COMMON                            311378356
SHARES COMMON STOCK                                29165785
SHARES COMMON PRIOR                                27458964
ACCUMULATED NII CURRENT                                88884
OVERDISTRIBUTION NII                                        0
ACCUMULATED NET GAINS                              32738097
OVERDISTRIBUTION GAINS                                      0
ACCUM APPREC OR DEPREC                             51479874
NET ASSETS                                        395685211
DIVIDEND INCOME                                     8348273
INTEREST INCOME                                       858634
OTHER INCOME                                                0
EXPENSES NET                                        3125126
NET INVESTMENT INCOME                               6081781
REALIZED GAINS CURRENT                             38078922
APPREC INCREASE CURRENT                            19257088
NET CHANGE FROM OPS                                63417791
EQUALIZATION                                                0
DISTRIBUTIONS OF INCOME                             6010864
DISTRIBUTIONS OF GAINS                             10940908
DISTRIBUTIONS OTHER                                         0
NUMBER OF SHARES SOLD                              11689437
NUMBER OF SHARES REDEEMED                          11225107
SHARES REINVESTED                                   1242491
NET CHANGE IN ASSETS                               69358742
ACCUMULATED NII PRIOR                                  17967
ACCUMULATED GAINS PRIOR                             5446083
OVERDISTRIB NII PRIOR                                       0
OVERDIST NET GAINS PRIOR                                    0
GROSS ADVISORY FEES                                 2069619
INTEREST EXPENSE                                            0
GROSS EXPENSE                                       3595271
AVERAGE NET ASSETS                                376294327
PER SHARE NAV BEGIN                                     11.88
PER SHARE NII                                             .15
PER SHARE GAIN APPREC                                    2.07
PER SHARE DIVIDEND                                        .15
PER SHARE DISTRIBUTIONS                                   .39
RETURNS OF CAPITAL                                          0
PER SHARE NAV END                                       13.56
EXPENSE RATIO                                            1.21
AVG DEBT OUTSTANDING                                        0
AVG DEBT PER SHARE                                          0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 204
NAME: SELECT EQUITY PORTFOLIO INVESTOR B CLASS



PERIOD TYPE                                          6 MOS
FISCAL YEAR END                                  SEP 30 1996
PERIOD END                                       SEP 30 1996
INVESTMENTS AT COST                               346499375
INVESTMENTS AT VALUE                              397979249
RECEIVABLES                                           939089
ASSETS OTHER                                           22879
OTHER ITEMS ASSETS                                          0
TOTAL ASSETS                                      398941217
PAYABLE FOR SECURITIES                              1475983
SENIOR LONG TERM DEBT                                       0
OTHER ITEMS LIABILITIES                             1780023
TOTAL LIABILITIES                                   3256006
SENIOR EQUITY                                               0
PAID IN CAPITAL COMMON                            311378356
SHARES COMMON STOCK                                29165785
SHARES COMMON PRIOR                                27458964
ACCUMULATED NII CURRENT                                88884
OVERDISTRIBUTION NII                                        0
ACCUMULATED NET GAINS                              32738097
OVERDISTRIBUTION GAINS                                      0
ACCUM APPREC OR DEPREC                             51479874
NET ASSETS                                        395685211
DIVIDEND INCOME                                     8348273
INTEREST INCOME                                       858634
OTHER INCOME                                                0
EXPENSES NET                                        3125126
NET INVESTMENT INCOME                               6081781
REALIZED GAINS CURRENT                             38078922
APPREC INCREASE CURRENT                            19257088
NET CHANGE FROM OPS                                63417791
EQUALIZATION                                                0
DISTRIBUTIONS OF INCOME                             6010864
DISTRIBUTIONS OF GAINS                             10940908
DISTRIBUTIONS OTHER                                         0
NUMBER OF SHARES SOLD                              11689437
NUMBER OF SHARES REDEEMED                          11225107
SHARES REINVESTED                                   1242491
NET CHANGE IN ASSETS                               69358742
ACCUMULATED NII PRIOR                                  17967
ACCUMULATED GAINS PRIOR                             5446083
OVERDISTRIB NII PRIOR                                       0
OVERDIST NET GAINS PRIOR                                    0
GROSS ADVISORY FEES                                 2069619
INTEREST EXPENSE                                            0
GROSS EXPENSE                                       3595271
AVERAGE NET ASSETS                                376294327
PER SHARE NAV BEGIN                                     12.83
PER SHARE NII                                             .04
PER SHARE GAIN APPREC                                     .73
PER SHARE DIVIDEND                                        .06
PER SHARE DISTRIBUTIONS                                     0
RETURNS OF CAPITAL                                          0
PER SHARE NAV END                                       13.54
EXPENSE RATIO                                            1.92
AVG DEBT OUTSTANDING                                        0
AVG DEBT PER SHARE                                          0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 205
NAME: SELECT EQUITY PORTFOLIO INVESTOR C CLASS



PERIOD TYPE                                          6 MOS
FISCAL YEAR END                                  SEP 30 1996
PERIOD END                                       SEP 30 1996
INVESTMENTS AT COST                               346499375
INVESTMENTS AT VALUE                              397979249
RECEIVABLES                                           939089
ASSETS OTHER                                           22879
OTHER ITEMS ASSETS                                          0
TOTAL ASSETS                                      398941217
PAYABLE FOR SECURITIES                              1475983
SENIOR LONG TERM DEBT                                       0
OTHER ITEMS LIABILITIES                             1780023
TOTAL LIABILITIES                                   3256006
SENIOR EQUITY                                               0
PAID IN CAPITAL COMMON                            311378356
SHARES COMMON STOCK                                29165785
SHARES COMMON PRIOR                                27458964
ACCUMULATED NII CURRENT                                88884
OVERDISTRIBUTION NII                                        0
ACCUMULATED NET GAINS                              32738097
OVERDISTRIBUTION GAINS                                      0
ACCUM APPREC OR DEPREC                             51479874
NET ASSETS                                        395685211
DIVIDEND INCOME                                     8348273
INTEREST INCOME                                       858634
OTHER INCOME                                                0
EXPENSES NET                                        3125126
NET INVESTMENT INCOME                               6081781
REALIZED GAINS CURRENT                             38078922
APPREC INCREASE CURRENT                            19257088
NET CHANGE FROM OPS                                63417791
EQUALIZATION                                                0
DISTRIBUTIONS OF INCOME                             6010864
DISTRIBUTIONS OF GAINS                             10940908
DISTRIBUTIONS OTHER                                         0
NUMBER OF SHARES SOLD                              11689437
NUMBER OF SHARES REDEEMED                          11225107
SHARES REINVESTED                                   1242491
NET CHANGE IN ASSETS                               69358742
ACCUMULATED NII PRIOR                                  17967
ACCUMULATED GAINS PRIOR                             5446083
OVERDISTRIB NII PRIOR                                       0
OVERDIST NET GAINS PRIOR                                    0
GROSS ADVISORY FEES                                 2069619
INTEREST EXPENSE                                            0
GROSS EXPENSE                                       3595271
AVERAGE NET ASSETS                                376294327
PER SHARE NAV BEGIN                                     13.52
PER SHARE NII                                               0
PER SHARE GAIN APPREC                                     .02
PER SHARE DIVIDEND                                          0
PER SHARE DISTRIBUTIONS                                     0
RETURNS OF CAPITAL                                          0
PER SHARE NAV END                                       13.54
EXPENSE RATIO                                               0
AVG DEBT OUTSTANDING                                        0
AVG DEBT PER SHARE                                          0
ARTICLE 6
CIK: 0000844779
NAME: COMPASS CAPITAL FUNDS
SERIES:
NUMBER: 211
NAME: SMALL CAP GROWTH EQUITY PORTFOLIO INSTITUTIONAL CLASS



PERIOD TYPE                                               6 MOS
FISCAL YEAR END                                     SEP 30 1996
PERIOD END                                          SEP 30 1996
INVESTMENTS AT COST                                  332184956
INVESTMENTS AT VALUE                                 504419003
RECEIVABLES                                              2616551
ASSETS OTHER                                               46047
OTHER ITEMS ASSETS                                               0
TOTAL ASSETS                                         507081601
PAYABLE FOR SECURITIES                                 10232794
SENIOR LONG TERM DEBT                                            0
OTHER ITEMS LIABILITIES                                  3581330
TOTAL LIABILITIES                                      13814124
SENIOR EQUITY                                                    0
PAID IN CAPITAL COMMON                               292461202
SHARES COMMON STOCK                                    22548419
SHARES COMMON PRIOR                                    14344604
ACCUMULATED NII CURRENT                                          0
OVERDISTRIBUTION NII                                             0
ACCUMULATED NET GAINS                                  29909482
OVERDISTRIBUTION GAINS                                           0
ACCUM APPREC OR DEPREC                               170896793
NET ASSETS                                           493267477
DIVIDEND INCOME                                           149210
INTEREST INCOME                                          2591701
OTHER INCOME                                                     0
EXPENSES NET                                             3467249
NET INVESTMENT INCOME                                   (726338)
REALIZED GAINS CURRENT                                 34650019
APPREC INCREASE CURRENT                              105497382
NET CHANGE FROM OPS                                  139421063
EQUALIZATION                                                     0
DISTRIBUTIONS OF INCOME                                   211287
DISTRIBUTIONS OF GAINS                                           0
DISTRIBUTIONS OTHER                                              0
NUMBER OF SHARES SOLD                                  24887071
NUMBER OF SHARES REDEEMED                              16692788
SHARES REINVESTED                                            9532
NET CHANGE IN ASSETS                                 277401104
ACCUMULATED NII PRIOR                                     182334
ACCUMULATED GAINS PRIOR                               (4855260)
OVERDISTRIB NII PRIOR                                            0
OVERDIST NET GAINS PRIOR                                         0
GROSS ADVISORY FEES                                      1930941
INTEREST EXPENSE                                                 0
GROSS EXPENSE                                            3535366
AVERAGE NET ASSETS                                   351034008
PER SHARE NAV BEGIN                                         15.06
PER SHARE NII                                                (.01)
PER SHARE GAIN APPREC                                         6.91
PER SHARE DIVIDEND                                             .02
PER SHARE DISTRIBUTIONS                                          0
RETURNS OF CAPITAL                                               0
PER SHARE NAV END                                           21.94
EXPENSE RATIO                                                  .86
AVG DEBT OUTSTANDING                                             0
AVG DEBT PER SHARE                                               0