FUNDAMENTAL FIXED INCOME FUND
NSAR-A, 1997-09-04
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<PAGE>      PAGE  1
000 A000000 06/30/97
000 C000000 0000811668
000 D000000 N
000 E000000 F
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 FUNDAMENTAL FIXED INCOME FUND
001 B000000 811-5063
001 C000000 2126353000
002 A000000 90 WASHINGTON STREET
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10006
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  3
007 C010100  1
007 C020100 TAX FREE MONEY SERIES
007 C030100 N
007 C010200  2
007 C020200 HIGH YIELD MUNICIPAL BOND SERIES
007 C030200 N
007 C010300  3
007 C020300 U.S. GOVERNMENT STRATEGIC INCOME 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
020 A000001 FIRST OPTIONS OF CHICAGO
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020 C000005      0
020 C000006      0
020 C000007      0
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021  000000        6
022 A000001 FUNDAMENTAL INTERFUND
<PAGE>      PAGE  2
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022 A000002 CITICORP
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022 A000003 MORGAN STANLEY & CO.
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022 A000004 NUVEEN JOHN & CO.
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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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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<PAGE>      PAGE  10
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SIGNATURE   CAROLE LAIBLE                                
TITLE       COMPLIANCE OFFICER  


<TABLE> <S> <C>

<ARTICLE>                                            6
<SERIES>                      
<NAME>                        Tax-Free Money Market Fund
<NUMBER>                      1
       
<S>                             <C>
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<FISCAL-YEAR-END>                              DEC-31-1997
<PERIOD-END>                                   JUN-30-1997
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<INVESTMENTS-AT-VALUE>                         90,003,072
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<OTHER-ITEMS-ASSETS>                           0
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<EXPENSE-RATIO>                                1.14
<AVG-DEBT-OUTSTANDING>                         0
<AVG-DEBT-PER-SHARE>                           0.000
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                            6
<SERIES>                      
<NUMBER>                      2
<NAME>                        High-Yield Bond Fund
       
<S>                             <C>
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<PERIOD-END>                                   JUN-30-1997
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<INVESTMENTS-AT-VALUE>                         1,766,751
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<SENIOR-EQUITY>                                0
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<ACCUMULATED-NET-GAINS>                        (162,753)
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<AVG-DEBT-PER-SHARE>                           0.000
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                            6
<SERIES>                      
<NUMBER>                      3
<NAME>                        U.S. Government Strategic Income Fund
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
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<PERIOD-END>                                   JUN-30-1997
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<APPREC-INCREASE-CURRENT>                      (1,181,929)
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<EQUALIZATION>                                 0
<DISTRIBUTIONS-OF-INCOME>                      (477,993)
<DISTRIBUTIONS-OF-GAINS>                       0
<DISTRIBUTIONS-OTHER>                          0
<NUMBER-OF-SHARES-SOLD>                        233,779
<NUMBER-OF-SHARES-REDEEMED>                    (1,209,801)
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<NET-CHANGE-IN-ASSETS>                         (1,264,674)
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<EXPENSE-RATIO>                                2.89
<AVG-DEBT-OUTSTANDING>                         4,977,000
<AVG-DEBT-PER-SHARE>                           0.560
        


</TABLE>


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