<PAGE> PAGE 1
000 B000000 12/31/98
000 C000000 0000811668
000 D000000 N
000 E000000 NF
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 8002105226
002 A000000 67 WALL STREET
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10005
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 MARKET SERIES
007 C030100 N
007 C010200 2
007 C020200 HIGH YIELD MUNICIPAL BOND SERIES
007 C030200 N
007 C010300 3
007 C020300 US 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
011 A00AA01 CRESVALE INTERNATIONAL, LLC
011 B00AA01 8-50555
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10006
012 A00AA01 FIRSTAR MUTUAL FUND SERVICES, LLC
012 B00AA01 85-11357
012 C01AA01 MILWAUKEE
012 C02AA01 WI
012 C03AA01 53202
013 A00AA01 MCGLADREY & PULLEN
013 B01AA01 NEW YORK
013 B02AA01 NY
<PAGE> PAGE 2
013 B03AA01 10017
013 B04AA01 2416
014 A00AA01 CRESVALE INTERNATIONAL, LLC
014 B00AA01 8-50555
015 A00AA01 FIRSTAR BANK MILWAUKEE, N.A.
015 B00AA01 C
015 C01AA01 MILWAUKEE
015 C02AA01 WI
015 C03AA01 53201
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 3
019 C00AA00 FUNDAMENTL
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 MERRILL LYNCH
022 C000001 372225
022 D000001 361210
022 A000002 MORGAN STANLEY
022 C000002 163525
022 D000002 165975
022 A000003 NUVEEN
022 C000003 140140
022 D000003 146340
022 A000004 PAINE WEBBER
022 C000004 128190
022 D000004 107155
022 A000005 J P MORGAN
022 C000005 117300
022 D000005 111900
022 A000006 SMITH BARNEY
022 C000006 108700
022 D000006 105000
022 A000007 CITICORP
022 C000007 78300
022 D000007 92550
022 A000008 LEHMAN BROTHERS
022 C000008 56500
022 D000008 47600
022 A000009 FIRST ALBANY
022 C000009 37283
<PAGE> PAGE 3
022 D000009 24183
022 A000010 BEAR STEARNS
022 C000010 20300
022 D000010 20360
023 C000000 1289314
023 D000000 1263935
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 N
026 C000000 N
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
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
<PAGE> PAGE 4
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 VIGILANT INSURANCE COMPANY
080 C00AA00 925
081 A00AA00 Y
081 B00AA00 4
082 A00AA00 Y
082 B00AA00 10
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
<PAGE> PAGE 5
086 F010000 0
086 F020000 0
008 A000101 CORNERSTONE EQUITY ADVISORS, INC.
008 B000101 A
008 C000101 801-55967
008 D010101 NEW YORK
008 D020101 NY
008 D030101 10005
010 A000101 FIRSTAR MUTUAL FUND SERVICES, LLC
010 B000101 85-11357
010 C010101 MILWAUKEE
010 C020101 WI
010 C030101 53202
028 A010100 71005
028 A020100 0
028 A030100 0
028 A040100 72199
028 B010100 172287
028 B020100 0
028 B030100 0
028 B040100 171115
028 C010100 229091
028 C020100 2
028 C030100 0
028 C040100 229544
028 D010100 161432
028 D020100 3
028 D030100 0
028 D040100 145291
028 E010100 161195
028 E020100 19
028 E030100 0
028 E040100 177753
028 F010100 290493
028 F020100 16
028 F030100 0
028 F040100 233512
028 G010100 1085503
028 G020100 40
028 G030100 0
028 G040100 1029414
028 H000100 0
042 A000100 2
042 B000100 3
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 95
042 H000100 0
043 000100 100
<PAGE> PAGE 6
044 000100 0
045 000100 Y
046 000100 Y
047 000100 Y
048 000100 0.000
048 A010100 100000
048 A020100 0.500
048 B010100 100000
048 B020100 0.480
048 C010100 100000
048 C020100 0.460
048 D010100 100000
048 D020100 0.440
048 E010100 100000
048 E020100 0.420
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 500000
048 K020100 0.400
055 A000100 Y
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 N
060 B000100 N
061 000100 1000
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 4.0
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
062 O000100 0.0
<PAGE> PAGE 7
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 4
063 B000100 0.0
064 A000100 Y
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 N
070 K020100 Y
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 Y
071 A000100 0
071 B000100 0
071 C000100 0
<PAGE> PAGE 8
071 D000100 0
072 A000100 12
072 B000100 1014
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 157
072 G000100 37
072 H000100 0
072 I000100 90
072 J000100 -6
072 K000100 0
072 L000100 13
072 M000100 8
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 25
072 R000100 0
072 S000100 120
072 T000100 100
072 U000100 0
072 V000100 0
072 W000100 12
072 X000100 556
072 Y000100 0
072 Z000100 458
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 458
072DD020100 0
072EE000100 0
073 A010100 0.0200
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 14905
074 B000100 0
074 C000100 2370
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 42149
074 M000100 0
<PAGE> PAGE 9
074 N000100 59424
074 O000100 0
074 P000100 31
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 97
074 S000100 0
074 T000100 59296
074 U010100 59302
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 0.9997
074 X000100 751
074 Y000100 0
075 A000100 31409
075 B000100 0
076 000100 0.00
008 A000201 CORNERSTONE EQUITY ADVISORS, INC.
008 B000201 A
008 C000201 801-55967
008 D010201 NEW YORK
008 D020201 NY
008 D030201 10005
010 A000201 FIRSTAR MUTUAL FUND SERVICES, LLC
010 B000201 85-11357
010 C010201 MILWAUKEE
010 C020201 WI
010 C030201 53202
028 A010200 683
028 A020200 4
028 A030200 0
028 A040200 720
028 B010200 2097
028 B020200 4
028 B030200 0
028 B040200 2129
028 C010200 2850
028 C020200 4
028 C030200 0
028 C040200 2879
028 D010200 2226
028 D020200 4
028 D030200 0
028 D040200 2232
028 E010200 1422
028 E020200 4
028 E030200 0
028 E040200 1679
<PAGE> PAGE 10
028 F010200 1671
028 F020200 10
028 F030200 0
028 F040200 2104
028 G010200 10949
028 G020200 30
028 G030200 0
028 G040200 11743
028 H000200 0
042 A000200 5
042 B000200 87
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 8
042 H000200 0
043 000200 4
044 000200 0
045 000200 Y
046 000200 Y
047 000200 Y
048 000200 0.000
048 A010200 100000
048 A020200 0.800
048 B010200 100000
048 B020200 0.780
048 C010200 100000
048 C020200 0.760
048 D010200 100000
048 D020200 0.740
048 E010200 100000
048 E020200 0.720
048 F010200 0
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 500000
048 K020200 0.700
055 A000200 Y
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
<PAGE> PAGE 11
060 A000200 N
060 B000200 N
061 000200 1000
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 31.8
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 127.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 4.0
064 A000200 Y
064 B000200 Y
065 000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
<PAGE> PAGE 12
070 K010200 Y
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 1300
071 B000200 2159
071 C000200 2280
071 D000200 57
072 A000200 12
072 B000200 163
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 17
072 G000200 2
072 H000200 0
072 I000200 8
072 J000200 21
072 K000200 0
072 L000200 14
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 6
072 R000200 0
072 S000200 11
072 T000200 4
072 U000200 0
072 V000200 0
072 W000200 5
072 X000200 88
072 Y000200 0
072 Z000200 75
072AA000200 43
072BB000200 17
072CC010200 0
072CC020200 29
072DD010200 75
<PAGE> PAGE 13
072DD020200 0
072EE000200 0
073 A010200 0.2900
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 500
074 D000200 1997
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 44
074 M000200 0
074 N000200 2541
074 O000200 0
074 P000200 9
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 960
074 S000200 0
074 T000200 1572
074 U010200 215
074 U020200 0
074 V010200 7.30
074 V020200 0.00
074 W000200 0.0000
074 X000200 152
074 Y000200 0
075 A000200 0
075 B000200 2079
076 000200 0.00
008 A000301 CORNERSTONE EQUITY ADVISORS, INC.
008 B000301 A
008 C000301 801-55967
008 D010301 NEW YORK
008 D020301 NY
008 D030301 10005
010 A000301 FIRSTAR MUTUAL FUND SERVICES, LLC
010 B000301 85-11357
010 C010301 MILWAUKEE
010 C020301 WI
010 C030301 53202
028 A010300 18
<PAGE> PAGE 14
028 A020300 10
028 A030300 0
028 A040300 1025
028 B010300 10
028 B020300 8
028 B030300 0
028 B040300 804
028 C010300 13
028 C020300 7
028 C030300 0
028 C040300 382
028 D010300 19
028 D020300 6
028 D030300 0
028 D040300 456
028 E010300 5
028 E020300 5
028 E030300 0
028 E040300 436
028 F010300 17
028 F020300 11
028 F030300 0
028 F040300 396
028 G010300 82
028 G020300 47
028 G030300 0
028 G040300 3499
028 H000300 0
042 A000300 6
042 B000300 22
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 72
042 H000300 0
043 000300 12
044 000300 0
045 000300 Y
046 000300 Y
047 000300 Y
048 000300 0.000
048 A010300 500000
048 A020300 0.750
048 B010300 500000
048 B020300 0.725
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
<PAGE> PAGE 15
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 1000000
048 K020300 0.700
055 A000300 Y
055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 N
060 B000300 N
061 000300 2500
062 A000300 Y
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 113.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 2.8
064 A000300 Y
064 B000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
<PAGE> PAGE 16
070 B010300 N
070 B020300 N
070 C010300 Y
070 C020300 Y
070 D010300 N
070 D020300 N
070 E010300 Y
070 E020300 Y
070 F010300 N
070 F020300 N
070 G010300 Y
070 G020300 Y
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 N
070 K020300 N
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 5468
071 B000300 14543
071 C000300 7989
071 D000300 68
072 A000300 12
072 B000300 667
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 58
072 G000300 11
072 H000300 0
072 I000300 34
072 J000300 12
072 K000300 0
072 L000300 19
072 M000300 2
<PAGE> PAGE 17
072 N000300 0
072 O000300 0
072 P000300 1
072 Q000300 10
072 R000300 0
072 S000300 122
072 T000300 12
072 U000300 0
072 V000300 0
072 W000300 12
072 X000300 293
072 Y000300 0
072 Z000300 374
072AA000300 1578
072BB000300 408
072CC010300 0
072CC020300 1929
072DD010300 374
072DD020300 0
072EE000300 0
073 A010300 0.0600
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 0
074 D000300 5430
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 81
074 M000300 0
074 N000300 5511
074 O000300 0
074 P000300 10
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 698
074 S000300 0
074 T000300 4803
074 U010300 3719
074 U020300 0
074 V010300 1.29
074 V020300 0.00
<PAGE> PAGE 18
074 W000300 0.0000
074 X000300 598
074 Y000300 0
075 A000300 0
075 B000300 7801
076 000300 0.00
SIGNATURE STEPHEN C LESLIE
TITLE CEO
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811668
<NAME> FUNDAMENTAL FIXED INCOME FUND
<SERIES>
<NUMBER> 1
<NAME> TAX FREE MONEY MARKET SERIES
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 2,370,000
<INVESTMENTS-AT-VALUE> 2,370,000
<RECEIVABLES> 42,148,521
<ASSETS-OTHER> 14,905,469
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 59,423,990
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 127,631
<TOTAL-LIABILITIES> 127,631
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 59,296,359
<SHARES-COMMON-STOCK> 59,302,217
<SHARES-COMMON-PRIOR> 13,270,069
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 59,296,359
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,014,393
<OTHER-INCOME> 0
<EXPENSES-NET> (555,795)
<NET-INVESTMENT-INCOME> 458,598
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 458,598
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (457,555)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,125,151,259
<NUMBER-OF-SHARES-REDEEMED> (2,079,196,134)
<SHARES-REINVESTED> 77,023
<NET-CHANGE-IN-ASSETS> 46,033,191
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 157,064
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 585,925
<AVERAGE-NET-ASSETS> 31,409,071
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811668
<NAME> FUNDAMENTAL FIXED INCOME FUND
<SERIES>
<NUMBER> 2
<NAME> HIGH YIELD MUNI BOND SERIES
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 2,433,106
<INVESTMENTS-AT-VALUE> 2,497,024
<RECEIVABLES> 44,390
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,541,414
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 969,414
<TOTAL-LIABILITIES> 969,414
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,641,242
<SHARES-COMMON-STOCK> 215,221
<SHARES-COMMON-PRIOR> 299,472
<ACCUMULATED-NII-CURRENT> (158,714)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 25,554
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 63,918
<NET-ASSETS> 1,572,000
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 162,614
<OTHER-INCOME> 0
<EXPENSES-NET> (87,237)
<NET-INVESTMENT-INCOME> 75,377
<REALIZED-GAINS-CURRENT> 25,553
<APPREC-INCREASE-CURRENT> (28,819)
<NET-CHANGE-FROM-OPS> 72,111
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (75,377)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,609,245
<NUMBER-OF-SHARES-REDEEMED> (2,701,004)
<SHARES-REINVESTED> 7,508
<NET-CHANGE-IN-ASSETS> (682,985)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (158,714)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,631
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 87,237
<AVERAGE-NET-ASSETS> 2,079,074
<PER-SHARE-NAV-BEGIN> 7.53
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> (.21)
<PER-SHARE-DIVIDEND> (.29)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.30
<EXPENSE-RATIO> 4.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811668
<NAME> FUNDAMENTAL FIXED INCOME FUND
<SERIES>
<NUMBER> 3
<NAME> US GOVERNMENT STRATEGIC INCOME FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 5,454,607
<INVESTMENTS-AT-VALUE> 5,430,067
<RECEIVABLES> 81,458
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,511,525
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 707,873
<TOTAL-LIABILITIES> 707,873
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,491,481
<SHARES-COMMON-STOCK> 3,718,983
<SHARES-COMMON-PRIOR> 7,116,688
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (16,663,290)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (24,539)
<NET-ASSETS> 4,803,652
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 666,559
<OTHER-INCOME> 0
<EXPENSES-NET> (292,717)
<NET-INVESTMENT-INCOME> 373,842
<REALIZED-GAINS-CURRENT> 1,457,080
<APPREC-INCREASE-CURRENT> (1,929,400)
<NET-CHANGE-FROM-OPS> (385,288)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (373,840)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 280,607
<NUMBER-OF-SHARES-REDEEMED> (3,879,157)
<SHARES-REINVESTED> 200,845
<NET-CHANGE-IN-ASSETS> (5,226,694)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (17,833,560)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 58,529
<INTEREST-EXPENSE> 1,006
<GROSS-EXPENSE> 297,015
<AVERAGE-NET-ASSETS> 7,801,287
<PER-SHARE-NAV-BEGIN> 1.43
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> (.14)
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.29
<EXPENSE-RATIO> 3.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
