<PAGE> PAGE 1
000 A000000 12/31/97
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 8002574414
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 Y
007 C010300 3
007 C020300 TRAINER, WORTHAM TOTAL RETURN BOND FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
<PAGE> PAGE 2
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
007 C014100 41
007 C014200 42
007 C014300 43
007 C014400 44
007 C014500 45
007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
007 C015100 51
007 C015200 52
007 C015300 53
007 C015400 54
007 C015500 55
007 C015600 56
007 C015700 57
007 C015800 58
007 C015900 59
007 C016000 60
007 C016100 61
007 C016200 62
007 C016300 63
007 C016400 64
007 C016500 65
007 C016600 66
007 C016700 67
007 C016800 68
007 C016900 69
007 C017000 70
007 C017100 71
007 C017200 72
007 C017300 73
007 C017400 74
<PAGE> PAGE 3
007 C017500 75
007 C017600 76
007 C017700 77
007 C017800 78
007 C017900 79
007 C018000 80
007 C018100 81
007 C018200 82
007 C018300 83
007 C018400 84
007 C018500 85
007 C018600 86
007 C018700 87
007 C018800 88
007 C018900 89
007 C019000 90
008 A00AA01 TRAINER, WORTHAM & CO., INC.
008 B00AA01 A
008 C00AA01 801-37621
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10022
010 A00AA01 FPS SERVICES, INC.
010 B00AA01 34910
010 C01AA01 KING OF PRUSSIA
010 C02AA01 PA
010 C03AA01 19406
010 C04AA01 0903
011 A00AA01 FPS BROKER SERVICES, INC.
011 B00AA01 8-41540
011 C01AA01 KING OF PRUSSIA
011 C02AA01 PA
011 C03AA01 19406
011 C04AA01 0903
012 A00AA01 FPS SERVICES, INC.
012 B00AA01 84-932
012 C01AA01 KING OF PRUSSIA
012 C02AA01 PA
012 C03AA01 19406
012 C04AA01 0903
013 A00AA01 BRIGGS, BUNTING & DOUGHERTY, LLP
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19103
015 A00AA01 UMB BANK, N.A.
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64141
015 E01AA01 X
018 00AA00 Y
<PAGE> PAGE 4
019 A00AA00 N
019 B00AA00 0
020 A000001 REYNDER, GRAY & CO., INC.
020 B000001 13-2942212
020 C000001 24
020 A000002 INSTINET CORP.
020 B000002 13-3443395
020 C000002 11
020 A000003 DONALDSON LUFKIN & JENRETTE SECURITIES CORP.
020 B000003 13-2741729
020 C000003 5
020 A000004 WILLIAM O'NEILL & CO., INC.
020 B000004 95-2269163
020 C000004 4
020 A000005 AUERBACH GRAYSON & CO., INC.
020 B000005 13-3676908
020 C000005 2
020 A000006 SCOTT & STRINGFELLOW INC.
020 B000006 54-0957557
020 C000006 1
020 A000007 GLAZER (C.L.) & CO.
020 B000007 22-2370532
020 C000007 1
020 A000008 CRUTTENDEN ROTH, INC.
020 B000008 33-0036532
020 C000008 1
020 A000009 SELDON CLARKE & CO.
020 C000009 1
020 A000010 SBC WARRBURG DILLION READ, INC.
020 B000010 13-3340045
020 C000010 1
021 000000 52
022 A000001 BEAR STEARNS & CO, INC.
022 B000001 13-3299429
022 C000001 3880
022 D000001 3260
022 A000002 SMITH BARNEY, INC.
022 B000002 13-1912900
022 C000002 1333
022 D000002 2336
022 A000003 DONALDSON LUFKIN & JENRETTE SECURITIES CORP.
022 B000003 13-2741729
022 C000003 1957
022 D000003 601
022 A000004 HERZOG, HEINE, GEDULD, INC.
022 B000004 13-1955436
022 C000004 1353
022 D000004 459
022 A000005 PRUDENTIAL SECURITIES, INC.
022 B000005 22-2347336
022 C000005 313
<PAGE> PAGE 5
022 D000005 1260
022 A000006 WAINWRIGHT (H.C) & CO., INC.
022 B000006 04-3104484
022 C000006 635
022 D000006 514
022 A000007 CANTOR FITZGERALD & CO.
022 B000007 13-3680184
022 C000007 155
022 D000007 870
022 A000008 LEWCO SECURITIES CORP.
022 B000008 13-2765944
022 C000008 342
022 D000008 563
022 A000009 MERRILL LYNCH PIERCE FENNER & SMITH INC.
022 B000009 13-5674085
022 C000009 562
022 D000009 331
022 A000010 MORGAN STANLEY & CO., INC.
022 B000010 13-2655998
022 C000010 878
022 D000010 0
023 C000000 15179
023 D000000 12540
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
054 A00AA00 Y
<PAGE> PAGE 6
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 Y
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 250
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 Y
070 K01AA00 N
070 K02AA00 N
070 L01AA00 N
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
<PAGE> PAGE 7
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 Y
070 R02AA00 N
077 A000000 N
078 000000 N
028 A010100 954
028 A020100 0
028 A030100 0
028 A040100 201
028 B010100 586
028 B020100 0
028 B030100 0
028 B040100 1179
028 C010100 581
028 C020100 0
028 C030100 0
028 C040100 400
028 D010100 519
028 D020100 0
028 D030100 0
028 D040100 1762
028 E010100 150
028 E020100 6280
028 E030100 0
028 E040100 837
028 F010100 565
028 F020100 0
028 F030100 0
028 F040100 301
028 G010100 3355
028 G020100 6280
028 G030100 0
028 G040100 4680
028 H000100 0
034 000100 N
035 000100 0
036 B000100 0
037 000100 N
038 000100 0
039 000100 Y
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
<PAGE> PAGE 8
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 45
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.750
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
<PAGE> PAGE 9
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
071 A000100 14325
071 B000100 15881
071 C000100 34709
071 D000100 41
072 A000100 6
072 B000100 13
072 C000100 181
072 D000100 0
072 E000100 0
072 F000100 134
072 G000100 28
072 H000100 0
072 I000100 16
072 J000100 4
072 K000100 0
072 L000100 8
072 M000100 12
072 N000100 17
072 O000100 0
072 P000100 0
072 Q000100 17
072 R000100 5
072 S000100 14
072 T000100 45
072 U000100 0
072 V000100 0
072 W000100 23
072 X000100 323
072 Y000100 0
072 Z000100 -129
072AA000100 1272
072BB000100 0
072CC010100 3050
072CC020100 0
<PAGE> PAGE 10
072DD010100 0
072DD020100 0
072EE000100 6718
073 A010100 0.0000
073 A020100 0.0000
073 B000100 2.5311
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 35746
074 G000100 0
074 H000100 0
074 I000100 924
074 J000100 0
074 K000100 0
074 L000100 92
074 M000100 0
074 N000100 36762
074 O000100 569
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 114
074 S000100 0
074 T000100 36079
074 U010100 3221
074 U020100 0
074 V010100 11.20
074 V020100 0.00
074 W000100 0.0000
074 X000100 654
074 Y000100 0
075 A000100 0
075 B000100 35217
076 000100 0.00
028 A010200 82
028 A020200 0
028 A030200 0
028 A040200 1
028 B010200 2
028 B020200 0
028 B030200 0
028 B040200 0
028 C010200 2
028 C020200 0
028 C030200 0
<PAGE> PAGE 11
028 C040200 0
028 D010200 3481
028 D020200 0
028 D030200 0
028 D040200 0
028 E010200 455
028 E020200 0
028 E030200 0
028 E040200 0
028 F010200 112
028 F020200 0
028 F030200 0
028 F040200 803
028 G010200 4134
028 G020200 0
028 G030200 0
028 G040200 804
028 H000200 0
034 000200 N
035 000200 0
036 B000200 0
037 000200 N
038 000200 0
039 000200 Y
040 000200 Y
041 000200 Y
042 A000200 0
042 B000200 0
042 C000200 100
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 8
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 1.250
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
<PAGE> PAGE 12
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
053 C000200 N
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 Y
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
071 A000200 4645
071 B000200 4189
<PAGE> PAGE 13
071 C000200 2361
071 D000200 177
072 A000200 6
072 B000200 10
072 C000200 1
072 D000200 0
072 E000200 0
072 F000200 20
072 G000200 6
072 H000200 0
072 I000200 11
072 J000200 4
072 K000200 0
072 L000200 1
072 M000200 1
072 N000200 13
072 O000200 0
072 P000200 0
072 Q000200 11
072 R000200 2
072 S000200 1
072 T000200 8
072 U000200 1
072 V000200 0
072 W000200 1
072 X000200 80
072 Y000200 60
072 Z000200 -9
072AA000200 0
072BB000200 178
072CC010200 0
072CC020200 258
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 1419
074 G000200 0
074 H000200 0
074 I000200 1355
074 J000200 0
074 K000200 12
074 L000200 1694
<PAGE> PAGE 14
074 M000200 9
074 N000200 4489
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 67
074 S000200 0
074 T000200 4422
074 U010200 422
074 U020200 0
074 V010200 10.47
074 V020200 0.00
074 W000200 0.0000
074 X000200 38
074 Y000200 0
075 A000200 0
075 B000200 3125
076 000200 0.00
028 A010300 500
028 A020300 0
028 A030300 0
028 A040300 899
028 B010300 110
028 B020300 0
028 B030300 0
028 B040300 0
028 C010300 1300
028 C020300 113
028 C030300 0
028 C040300 0
028 D010300 0
028 D020300 0
028 D030300 0
028 D040300 32
028 E010300 252
028 E020300 0
028 E030300 0
028 E040300 0
028 F010300 213
028 F020300 199
028 F030300 0
028 F040300 68
028 G010300 2375
028 G020300 312
028 G030300 0
028 G040300 999
028 H000300 0
034 000300 N
<PAGE> PAGE 15
035 000300 0
036 B000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 N
041 000300 N
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 0
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.450
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
062 A000300 Y
<PAGE> PAGE 16
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 22.8
062 N000300 23.6
062 O000300 0.0
062 P000300 46.7
062 Q000300 0.0
062 R000300 5.9
063 A000300 0
063 B000300 12.9
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
071 A000300 6119
071 B000300 4926
071 C000300 8881
071 D000300 55
072 A000300 6
072 B000300 310
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 21
072 G000300 6
072 H000300 0
072 I000300 11
072 J000300 4
072 K000300 0
072 L000300 1
072 M000300 2
072 N000300 15
072 O000300 0
072 P000300 0
072 Q000300 14
072 R000300 2
072 S000300 1
072 T000300 0
072 U000300 1
072 V000300 0
072 W000300 5
<PAGE> PAGE 17
072 X000300 83
072 Y000300 27
072 Z000300 254
072AA000300 73
072BB000300 0
072CC010300 103
072CC020300 0
072DD010300 262
072DD020300 0
072EE000300 71
073 A010300 0.2748
073 A020300 0.0000
073 B000300 0.0730
073 C000300 0.0000
074 A000300 1
074 B000300 0
074 C000300 0
074 D000300 9550
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 607
074 J000300 0
074 K000300 5
074 L000300 98
074 M000300 9
074 N000300 10270
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 6
074 S000300 0
074 T000300 10264
074 U010300 1005
074 U020300 0
074 V010300 10.22
074 V020300 0.00
074 W000300 0.0000
074 X000300 31
074 Y000300 2
075 A000300 0
075 B000300 9256
076 000300 0.00
SIGNATURE KELLY DIGAN
TITLE CORP. COMPLIANCE ADM
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000036563
<NAME>TRAINER, WORTHAM FIRST MUTUAL FUNDS
<SERIES>
<NUMBER> 1
<NAME> FIRST MUTUAL FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 29435895
<INVESTMENTS-AT-VALUE> 36669904
<RECEIVABLES> 92228
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36762132
<PAYABLE-FOR-SECURITIES> 569194
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 113630
<TOTAL-LIABILITIES> 682824
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28756149
<SHARES-COMMON-STOCK> 3220990
<SHARES-COMMON-PRIOR> 2723741
<ACCUMULATED-NII-CURRENT> (128793)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 217943
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7234009
<NET-ASSETS> 36079308
<DIVIDEND-INCOME> 180775
<INTEREST-INCOME> 13297
<OTHER-INCOME> 0
<EXPENSES-NET> 322865
<NET-INVESTMENT-INCOME> (128793)
<REALIZED-GAINS-CURRENT> 1272278
<APPREC-INCREASE-CURRENT> 3050423
<NET-CHANGE-FROM-OPS> 4193908
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 6718173
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 267857
<NUMBER-OF-SHARES-REDEEMED> 370962
<SHARES-REINVESTED> 600354
<NET-CHANGE-IN-ASSETS> 2430567
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 5663838
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 133603
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 322865
<AVERAGE-NET-ASSETS> 35340813
<PER-SHARE-NAV-BEGIN> 12.35
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 1.42
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 2.53
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.20
<EXPENSE-RATIO> 1.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000036563
<NAME> TRAINER, WORTHAM FIRST MUTUAL FUNDS
<SERIES>
<NUMBER> 2
<NAME> TRAINER, WORTHAM EMERGING GROWTH FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUN-30-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 2822136
<INVESTMENTS-AT-VALUE> 2773975
<RECEIVABLES> 1693562
<ASSETS-OTHER> 21137
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4488674
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 66763
<TOTAL-LIABILITIES> 66763
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4817186
<SHARES-COMMON-STOCK> 422237
<SHARES-COMMON-PRIOR> 150411
<ACCUMULATED-NII-CURRENT> (8855)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (338259)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (48161)
<NET-ASSETS> 4421911
<DIVIDEND-INCOME> 724
<INTEREST-INCOME> 10207
<OTHER-INCOME> 0
<EXPENSES-NET> 19786
<NET-INVESTMENT-INCOME> (8855)
<REALIZED-GAINS-CURRENT> (177596)
<APPREC-INCREASE-CURRENT> (257708)
<NET-CHANGE-FROM-OPS> (444159)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 349409
<NUMBER-OF-SHARES-REDEEMED> 77583
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2885578
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (160663)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19786
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 79513
<AVERAGE-NET-ASSETS> 3145828
<PER-SHARE-NAV-BEGIN> 10.21
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 0.28
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.47
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000036563
<NAME> TRAINER, WORTHAM FIRST MUTUAL FUNDS
<SERIES>
<NUMBER> 3
<NAME> TRAINER, WORTHAM TOTAL RETURN BOND FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUN-30-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 10003711
<INVESTMENTS-AT-VALUE> 10157159
<RECEIVABLES> 97865
<ASSETS-OTHER> 13729
<OTHER-ITEMS-ASSETS> 1563
<TOTAL-ASSETS> 10270316
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5850
<TOTAL-LIABILITIES> 5850
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10125814
<SHARES-COMMON-STOCK> 1004814
<SHARES-COMMON-PRIOR> 841204
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2144)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (12652)
<ACCUM-APPREC-OR-DEPREC> 153448
<NET-ASSETS> 10264466
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 309827
<OTHER-INCOME> 0
<EXPENSES-NET> 55342
<NET-INVESTMENT-INCOME> 254485
<REALIZED-GAINS-CURRENT> 72540
<APPREC-INCREASE-CURRENT> 102759
<NET-CHANGE-FROM-OPS> 429784
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 262403
<DISTRIBUTIONS-OF-GAINS> 70764
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 230772
<NUMBER-OF-SHARES-REDEEMED> 97704
<SHARES-REINVESTED> 30542
<NET-CHANGE-IN-ASSETS> 1785063
<ACCUMULATED-NII-PRIOR> 5774
<ACCUMULATED-GAINS-PRIOR> (14428)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 20753
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 83291
<AVERAGE-NET-ASSETS> 9149005
<PER-SHARE-NAV-BEGIN> 10.08
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> 0.22
<PER-SHARE-DIVIDEND> 0.28
<PER-SHARE-DISTRIBUTIONS> 0.07
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.22
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
