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<PAGE> PAGE 7
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 21
045 000600 Y
046 000600 N
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066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
<PAGE> PAGE 22
070 A010600 Y
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 Y
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 Y
070 M010600 Y
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 243331
071 B000600 132586
071 C000600 75644
071 D000600 175
072 A000600 12
072 B000600 4741
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<PAGE> PAGE 23
072 L000600 7
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074 B000600 2030
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<PAGE> PAGE 24
074 V010600 9.44
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028 A010700 527
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045 000700 Y
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<PAGE> PAGE 25
048 F010700 0
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066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
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070 E020700 N
070 F010700 N
070 F020700 N
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070 G020700 N
<PAGE> PAGE 26
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
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070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 33780
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<PAGE> PAGE 27
072 Z000700 -56
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028 A010800 199
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<PAGE> PAGE 28
028 B030800 0
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045 000800 Y
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<PAGE> PAGE 29
051 000800 N
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066 A000800 Y
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066 D000800 N
066 E000800 N
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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SIGNATURE STEVE KEANE
TITLE GEN. COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001002191
<NAME> FTI FUNDS
<SERIES>
<NUMBER> 010
<NAME> FTI BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MONTHS
<FISCAL-YEAR-END> Nov-30-1999
<PERIOD-END> Nov-30-1999
<INVESTMENTS-AT-COST> 108,364,186
<INVESTMENTS-AT-VALUE> 106,330,838
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<OTHER-ITEMS-LIABILITIES> 717,183
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<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 558,150
<INTEREST-INCOME> 4,740,686
<OTHER-INCOME> 0
<EXPENSES-NET> (613,393)
<NET-INVESTMENT-INCOME> 4,685,443
<REALIZED-GAINS-CURRENT> (1,818,237)
<APPREC-INCREASE-CURRENT> (2,033,348)
<NET-CHANGE-FROM-OPS> 833,858
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<DISTRIBUTIONS-OF-INCOME> (4,669,642)
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<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (1,307,392)
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<GROSS-EXPENSE> 636,902
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<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.610
<PER-SHARE-GAIN-APPREC> (0.580)
<PER-SHARE-DIVIDEND> (0.590)
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<RETURNS-OF-CAPITAL> 0.000
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<EXPENSE-RATIO> 0.85
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001002191
<NAME> FTI FUNDS
<SERIES>
<NUMBER> 020
<NAME> FTI INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MONTHS
<FISCAL-YEAR-END> Nov-30-1999
<PERIOD-END> Nov-30-1999
<INVESTMENTS-AT-COST> 55,778,362
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<SHARES-COMMON-STOCK> 4,313,151
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<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 3,807,086
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<NET-ASSETS> 75,988,868
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<EXPENSES-NET> (909,255)
<NET-INVESTMENT-INCOME> (577)
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,235,350
<NUMBER-OF-SHARES-REDEEMED> (3,298,400)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,543,595
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (178,735)
<OVERDIST-NET-GAINS-PRIOR> (223,295)
<GROSS-ADVISORY-FEES> 761,149
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,059,221
<AVERAGE-NET-ASSETS> 76,114,871
<PER-SHARE-NAV-BEGIN> 13.850
<PER-SHARE-NII> (0.010)
<PER-SHARE-GAIN-APPREC> 3.780
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 17.620
<EXPENSE-RATIO> 1.20
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001002191
<NAME> FTI FUNDS
<SERIES>
<NUMBER> 010
<NAME> FTI LARGE CAP GROWTH FUND
<S> <C>
<PERIOD-TYPE> 12-MONTHS
<FISCAL-YEAR-END> Nov-30-1999
<PERIOD-END> Nov-30-1999
<INVESTMENTS-AT-COST> 21,159,930
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,878,049
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 31,237,803
<DIVIDEND-INCOME> 169,768
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<OTHER-INCOME> 0
<EXPENSES-NET> (281,677)
<NET-INVESTMENT-INCOME> (56,111)
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,887,209
<NUMBER-OF-SHARES-REDEEMED> (236,767)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 31,237,803
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 195,351
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 407,285
<AVERAGE-NET-ASSETS> 26,780,523
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (0.020)
<PER-SHARE-GAIN-APPREC> 1.810
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.790
<EXPENSE-RATIO> 1.08
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001002191
<NAME> FTI FUNDS
<SERIES>
<NUMBER> 010
<NAME> FTI LARGE CAP GROWTH AND INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MONTHS
<FISCAL-YEAR-END> Nov-30-1999
<PERIOD-END> Nov-30-1999
<INVESTMENTS-AT-COST> 49,138,714
<INVESTMENTS-AT-VALUE> 99,927,575
<RECEIVABLES> 120,361
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 588
<TOTAL-ASSETS> 100,048,524
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 161,188
<TOTAL-LIABILITIES> 161,188
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,476,946
<SHARES-COMMON-STOCK> 8,772,925
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 107,959
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,513,570
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 50,788,861
<NET-ASSETS> 99,887,336
<DIVIDEND-INCOME> 1,232,515
<INTEREST-INCOME> 133,377
<OTHER-INCOME> 0
<EXPENSES-NET> (1,017,964)
<NET-INVESTMENT-INCOME> 347,928
<REALIZED-GAINS-CURRENT> 13,530,982
<APPREC-INCREASE-CURRENT> 50,788,861
<NET-CHANGE-FROM-OPS> 64,667,771
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (257,381)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,219,673
<NUMBER-OF-SHARES-REDEEMED> (1,446,770)
<SHARES-REINVESTED> 22
<NET-CHANGE-IN-ASSETS> 99,887,336
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 97,397,991
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 1.380
<PER-SHARE-DIVIDEND> (0.030)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.390
<EXPENSE-RATIO> 1.08
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001002191
<NAME> FTI FUNDS
<SERIES>
<NUMBER> 010
<NAME> FTI MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MONTHS
<FISCAL-YEAR-END> Nov-30-1999
<PERIOD-END> Nov-30-1999
<INVESTMENTS-AT-COST> 70,145,491
<INVESTMENTS-AT-VALUE> 69,992,932
<RECEIVABLES> 2,546,818
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 423
<TOTAL-ASSETS> 72,540,173
<PAYABLE-FOR-SECURITIES> 1,509,829
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 332,002
<TOTAL-LIABILITIES> 1,841,831
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 71,433,707
<SHARES-COMMON-STOCK> 7,394,867
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,067
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (553,873)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (182,559)
<NET-ASSETS> 70,698,342
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,939,819
<OTHER-INCOME> 0
<EXPENSES-NET> (490,408)
<NET-INVESTMENT-INCOME> 2,449,411
<REALIZED-GAINS-CURRENT> (182,559)
<APPREC-INCREASE-CURRENT> (553,873)
<NET-CHANGE-FROM-OPS> 1,712,979
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,448,344)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,380,636
<NUMBER-OF-SHARES-REDEEMED> (985,785)
<SHARES-REINVESTED> 16
<NET-CHANGE-IN-ASSETS> 70,698,342
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 305,943
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 559,269
<AVERAGE-NET-ASSETS> 62,912,136
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.380
<PER-SHARE-GAIN-APPREC> (0.440)
<PER-SHARE-DIVIDEND> (0.380)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.560
<EXPENSE-RATIO> 0.80
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001002191
<NAME> FTI FUNDS
<SERIES>
<NUMBER> 010
<NAME> FTI SMALL CAPITALIZATION FUND
<S> <C>
<PERIOD-TYPE> 12-MONTHS
<FISCAL-YEAR-END> Nov-30-1999
<PERIOD-END> Nov-30-1999
<INVESTMENTS-AT-COST> 47,766,868
<INVESTMENTS-AT-VALUE> 71,157,210
<RECEIVABLES> 1,687,787
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 13,828
<TOTAL-ASSETS> 72,858,825
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 106,881
<TOTAL-LIABILITIES> 106,881
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43,221,771
<SHARES-COMMON-STOCK> 3,496,557
<SHARES-COMMON-PRIOR> 3,485,703
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,139,831
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23,390,342
<NET-ASSETS> 72,751,944
<DIVIDEND-INCOME> 121,435
<INTEREST-INCOME> 166,388
<OTHER-INCOME> 0
<EXPENSES-NET> (837,265)
<NET-INVESTMENT-INCOME> (542,442)
<REALIZED-GAINS-CURRENT> 9,402,531
<APPREC-INCREASE-CURRENT> 17,831,264
<NET-CHANGE-FROM-OPS> 26,684,353
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 978,601
<NUMBER-OF-SHARES-REDEEMED> (967,747)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 25,519,138
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2,713,258)
<GROSS-ADVISORY-FEES> 579,875
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 837,265
<AVERAGE-NET-ASSETS> 57,987,702
<PER-SHARE-NAV-BEGIN> 13.260
<PER-SHARE-NII> (0.160)
<PER-SHARE-GAIN-APPREC> 7.710
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 20.810
<EXPENSE-RATIO> 1.44
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
Report of Independent Auditors
To the Shareholders and
Board of Trustees of
FTI Funds
In planning and performing our audit of the financial statements of FTI
Funds for the year ended November 30, 1998, we considered its internal
control, including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the internal
control.
The management of FTI Funds is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entitys objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the specific internal control components
does not reduce to a relatively low level the risk that errors or fraud
in amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a timely
period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving internal control and
its operation, including controls for safeguarding securities, that we
consider to be material weaknesses as defined above at November 30,
1998.
This report is intended solely for the information and use of the board
of trustees and management of FTI Funds and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone
other than these specified parties.
Pittsburgh, Pennsylvania
January 20, 1999
