<PAGE> PAGE 1
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010 A00AA01 FIRST DATA INVESTOR SERVICES GROUP, INC.
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<PAGE> PAGE 2
010 A00AA02 DELETE
011 A00AA01 FIRST DATA DISTRIBUTORS, INC.
011 B00AA01 8-45467
011 C01AA01 WESTBORO
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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SIGNATURE JULIE A. TEDESCO
TITLE ASSISTANT SECRETARY
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 1
<NAME> UNDISCOVERED MGRS ALL CAP FUND
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<AVERAGE-NET-ASSETS> 102,551
<PER-SHARE-NAV-BEGIN> 12.50
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 1.12
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.66
<EXPENSE-RATIO> .99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> UNDISCOVERED MGRS BEHAVIORAL GROWTH
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 1,405,893
<INVESTMENTS-AT-VALUE> 1,482,682
<RECEIVABLES> 38,235
<ASSETS-OTHER> 127,226
<OTHER-ITEMS-ASSETS> 48,564
<TOTAL-ASSETS> 1,696,707
<PAYABLE-FOR-SECURITIES> 30,726
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 76,098
<TOTAL-LIABILITIES> 106,824
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,521,002
<SHARES-COMMON-STOCK> 113,144
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 809
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 8,717
<ACCUM-APPREC-OR-DEPREC> 76,789
<NET-ASSETS> 1,589,883
<DIVIDEND-INCOME> 657
<INTEREST-INCOME> 1,308
<OTHER-INCOME> 0
<EXPENSES-NET> 1,156
<NET-INVESTMENT-INCOME> 809
<REALIZED-GAINS-CURRENT> (8,717)
<APPREC-INCREASE-CURRENT> 76,789
<NET-CHANGE-FROM-OPS> 68,881
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,583,498
<NUMBER-OF-SHARES-REDEEMED> 62,496
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,521,002
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 844
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 28,379
<AVERAGE-NET-ASSETS> 540,660
<PER-SHARE-NAV-BEGIN> 12.50
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 1.54
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.05
<EXPENSE-RATIO> 1.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> UNDISCOVERED MGRS CORE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 96,751
<INVESTMENTS-AT-VALUE> 104,744
<RECEIVABLES> 21,640
<ASSETS-OTHER> 3,445
<OTHER-ITEMS-ASSETS> 48,564
<TOTAL-ASSETS> 178393
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 70,150
<TOTAL-LIABILITIES> 70,150
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 100,000
<SHARES-COMMON-STOCK> 8,000
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 250
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,993
<NET-ASSETS> 108,243
<DIVIDEND-INCOME> 306
<INTEREST-INCOME> 111
<OTHER-INCOME> 0
<EXPENSES-NET> 167
<NET-INVESTMENT-INCOME> 250
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 7,993
<NET-CHANGE-FROM-OPS> 8,243
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 100,000
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 100,000
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 125
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 21,711
<AVERAGE-NET-ASSETS> 102,543
<PER-SHARE-NAV-BEGIN> 12.50
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 1.00
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.53
<EXPENSE-RATIO> .99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> UNDISCOVERED HIDDEN VALUE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 180,398
<INVESTMENTS-AT-VALUE> 188,919
<RECEIVABLES> 21,911
<ASSETS-OTHER> 34,268
<OTHER-ITEMS-ASSETS> 48,565
<TOTAL-ASSETS> 293,663
<PAYABLE-FOR-SECURITIES> 19,073
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 70,471
<TOTAL-LIABILITIES> 89,544
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 194,969
<SHARES-COMMON-STOCK> 15,270
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 197
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 432
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,521
<NET-ASSETS> 204,119
<DIVIDEND-INCOME> 270
<INTEREST-INCOME> 190
<OTHER-INCOME> 0
<EXPENSES-NET> 263
<NET-INVESTMENT-INCOME> 197
<REALIZED-GAINS-CURRENT> 432
<APPREC-INCREASE-CURRENT> 8,521
<NET-CHANGE-FROM-OPS> 9,150
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 195,000
<NUMBER-OF-SHARES-REDEEMED> 31
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 194,969
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 193
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,067
<AVERAGE-NET-ASSETS> 123,560
<PER-SHARE-NAV-BEGIN> 12.50
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> .86
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.37
<EXPENSE-RATIO> 1.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> UNDISCOVERED MGRS REIT FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 1,076,386
<INVESTMENTS-AT-VALUE> 1,055,472
<RECEIVABLES> 26,715
<ASSETS-OTHER> 90,213
<OTHER-ITEMS-ASSETS> 48,641
<TOTAL-ASSETS> 1,221,041
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 75,668
<TOTAL-LIABILITIES> 75,668
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,157,803
<SHARES-COMMON-STOCK> 94,422
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,563
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,921
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (20,914)
<NET-ASSETS> 1,145,373
<DIVIDEND-INCOME> 2,375
<INTEREST-INCOME> 299
<OTHER-INCOME> 0
<EXPENSES-NET> 1,111
<NET-INVESTMENT-INCOME> 1,563
<REALIZED-GAINS-CURRENT> 6,921
<APPREC-INCREASE-CURRENT> (20,914)
<NET-CHANGE-FROM-OPS> (12,430)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,157,803
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,157,803
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 833
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 27,860
<AVERAGE-NET-ASSETS> 490,844
<PER-SHARE-NAV-BEGIN> 12.50
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> (.39)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.13
<EXPENSE-RATIO> 1.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> UNDISCOVERED MGRS SMALL CAP VALUE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 121,434
<INVESTMENTS-AT-VALUE> 128,700
<RECEIVABLES> 21,667
<ASSETS-OTHER> 9,510
<OTHER-ITEMS-ASSETS> 48,490
<TOTAL-ASSETS> 208,367
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 70,367
<TOTAL-LIABILITIES> 70,367
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 130,000
<SHARES-COMMON-STOCK> 10,285
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 65
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 669
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,266
<NET-ASSETS> 138,000
<DIVIDEND-INCOME> 60
<INTEREST-INCOME> 257
<OTHER-INCOME> 0
<EXPENSES-NET> 252
<NET-INVESTMENT-INCOME> 65
<REALIZED-GAINS-CURRENT> 669
<APPREC-INCREASE-CURRENT> 7,266
<NET-CHANGE-FROM-OPS> 8,000
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 130,000
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 130,000
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 189
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,066
<AVERAGE-NET-ASSETS> 107,717
<PER-SHARE-NAV-BEGIN> 12.50
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> .91
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.42
<EXPENSE-RATIO> 1.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> UNDISCOVERED MGRS SPECIAL SMALL CAP FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 1,031,902
<INVESTMENTS-AT-VALUE> 1,069,946
<RECEIVABLES> 29,666
<ASSETS-OTHER> 97,541
<OTHER-ITEMS-ASSETS> 48,490
<TOTAL-ASSETS> 1,245,643
<PAYABLE-FOR-SECURITIES> 32,878
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 80,420
<TOTAL-LIABILITIES> 113,298
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,088,291
<SHARES-COMMON-STOCK> 87,032
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 819
<ACCUMULATED-NET-GAINS> 6,829
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38,044
<NET-ASSETS> 1,132,345
<DIVIDEND-INCOME> 1,753
<INTEREST-INCOME> 489
<OTHER-INCOME> 0
<EXPENSES-NET> 3,061
<NET-INVESTMENT-INCOME> (819)
<REALIZED-GAINS-CURRENT> 6,829
<APPREC-INCREASE-CURRENT> 38,044
<NET-CHANGE-FROM-OPS> 44,054
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,088,291
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,088,291
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,071
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 34,050
<AVERAGE-NET-ASSETS> 1,077,529
<PER-SHARE-NAV-BEGIN> 12.50
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> .52
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.01
<EXPENSE-RATIO> 1.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
