<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 0000837951
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 U.S.F.&G. PACHOLDER FUND, INC.
001 B000000 811-5639
001 C000000 5139853200
002 A000000 8044 MONTGOMERY ROAD, SUITE 382
002 B000000 CINCINNATI
002 C000000 OH
002 D010000 45236
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 PACHOLDER & COMPANY
008 B000001 A
008 C000001 801-32589
008 D010001 CINCINNATI
008 D020001 OH
008 D030001 45236
010 A000001 KENWOOD ADMINISTRATIVE MANAGEMENT, L.P.
010 C010001 CINCINNATI
010 C020001 OH
010 C030001 45236
011 A000001 A. G. EDWARDS & SONS, INC.
011 B000001 8-13580
011 C010001 ST. LOUIS
011 C020001 MO
011 C030001 63103
012 A000001 FIFTH THIRD BANK
012 B000001 84-678
012 C010001 CINCINNATI
012 C020001 OH
<PAGE> PAGE 2
012 C030001 45263
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 DAYTON
013 B020001 OH
013 B030001 45402
013 B040001 1788
015 A000001 STAR BANK N.A.
015 B000001 C
015 C010001 CINCINNATI
015 C020001 OH
015 C030001 45201
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 CIBC WOOD GUNDY SECURITIES CORP.
020 B000001 13-5492430
020 C000001 1
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 1
022 A000001 GENERAL ELECTRIC CREDIT CORP.
022 B000001 N/A
022 C000001 36974
022 D000001 36598
022 A000002 PRUDENTIAL FUNDING SECURITIES CORP.
022 B000002 N/A
022 C000002 23600
022 D000002 24478
022 A000003 AMERICAN EXPRESS CREDIT CORP
022 B000003 N/A
022 C000003 23147
022 D000003 22726
022 A000004 FORD MOTOR CREDIT CORP
022 B000004 N/A
022 C000004 23048
022 D000004 22354
022 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000005 13-5674085
022 C000005 24311
022 D000005 16377
022 A000006 AMERICAN GENERAL FINANCE CORP.
022 B000006 N/A
022 C000006 16901
<PAGE> PAGE 3
022 D000006 16523
022 A000007 BEAR STEARNS & CO., INC.
022 B000007 13-3604093
022 C000007 16686
022 D000007 15443
022 A000008 CHEVRON OIL FINANCE
022 B000008 N/A
022 C000008 14386
022 D000008 14749
022 A000009 MORGAN STANLEY & CO., INC.
022 B000009 13-2655998
022 C000009 13279
022 D000009 14401
022 A000010 JEFFRIES & CO.
022 B000010 N/A
022 C000010 15038
022 D000010 10108
023 C000000 382881
023 D000000 335580
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
<PAGE> PAGE 4
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 N
048 000000 0.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
<PAGE> PAGE 5
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 Y
052 000000 N
053 A000000 N
054 A000000 N
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 N
060 A000000 N
060 B000000 N
061 000000 0
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 2.2
062 J000000 0.0
062 K000000 0.0
<PAGE> PAGE 6
062 L000000 1.7
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 95.8
062 Q000000 0.0
062 R000000 0.3
063 A000000 0
063 B000000 7.5
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
<PAGE> PAGE 7
070 R020000 N
071 A000000 226319
071 B000000 180998
071 C000000 155692
071 D000000 116
072 A000000 12
072 B000000 17141
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 1949
072 G000000 165
072 H000000 0
072 I000000 8
072 J000000 19
072 K000000 0
072 L000000 82
072 M000000 55
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 39
072 R000000 36
072 S000000 38
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 30
072 X000000 2421
072 Y000000 0
072 Z000000 14720
072AA000000 3056
072BB000000 0
072CC010000 1369
072CC020000 0
072DD010000 14550
072DD020000 0
072EE000000 1169
073 A010000 2.2165
073 A020000 0.0000
073 B000000 0.1650
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 3898
074 D000000 165205
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 453
<PAGE> PAGE 8
074 J000000 4371
074 K000000 0
074 L000000 150
074 M000000 8
074 N000000 174085
074 O000000 581
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 1062
074 S000000 49000
074 T000000 123442
074 U010000 7096407
074 U020000 0
074 V010000 17.40
074 V020000 0.00
074 W000000 0.0000
074 X000000 480
074 Y000000 0
075 A000000 0
075 B000000 165067
076 000000 18.19
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000 600
081 A000000 N
081 B000000 0
082 A000000 Y
082 B000000 25
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 2105
086 A020000 33105
086 B010000 0
086 B020000 0
086 C010000 16000
086 C020000 15859
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
<PAGE> PAGE 9
087 A010000 U.S.F.&G. PACHOLDER FUND, INC.
087 A020000 903291102
087 A030000 PHF
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 Y
SIGNATURE MARK H. PRENGER
TITLE ASSISTANT TREASURER