FIRST MUTUAL FUNDS
NSAR-A, 1997-02-26
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<PAGE>      PAGE  1
000 A000000 12/31/96
000 C000000 0000036563
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 TRAINER, WORTHAM FIRST MUTUAL FUNDS
001 B000000 811-879
001 C000000 2127597755
002 A000000 845 THIRD AVENUE, 6TH FLOOR
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10022
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  3
007 C010100  1
007 C020100 FIRST MUTUAL FUND
007 C030100 N
007 C010200  2
007 C020200 TRAINER, WORTHAM EMERGING GROWTH FUND
007 C030200 N
007 C010300  3
007 C020300 TRAINER, WORTHAM TOTAL RETURN BOND FUND
007 C030300 N
007 C010400  4
007 C010500  5
007 C010600  6
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<PAGE>      PAGE  2
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<PAGE>      PAGE  3
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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054 M00AA00 Y
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070 E01AA00 N
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070 F02AA00 N
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070 H02AA00 N
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070 J01AA00 Y
070 J02AA00 Y
070 K01AA00 N
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070 L01AA00 N
070 L02AA00 N
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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052  000100 N
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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
062 B000300   0.0
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<PAGE>      PAGE  17
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SIGNATURE   KELLY DIGAN                                  
TITLE       CORP. COMPLIANCE ADM
 


<TABLE> <S> <C>

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<CIK> 0000036563
<NAME> TRAINER, WORTHAM FIRST MUTUAL FUNDS
<SERIES>
   <NUMBER> 1
   <NAME> FIRST MUTUAL FUND
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