<PAGE> PAGE 1
000 A000000 04/30/97
000 C000000 0000843164
000 D000000 N
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000 F000000 Y
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001 A000000 THE CHAPMAN FUNDS, INC.
001 B000000 811-5697
001 C000000 4106259656
002 A000000 401 E. PRATT ST., 28TH FLOOR
002 B000000 BALTIMORE
002 C000000 MD
002 D010000 21202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
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007 C010100 1
007 C020100 CHAPMAN US TREASURY MONEY FUND
007 C030100 N
007 C010200 2
007 C020200 CHAPMAN INSTITUTIONAL CASH MANAGEMENT FUND
007 C030200 N
007 C010300 3
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007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
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008 A00AA01 CHAPMAN CAPITAL MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-32849
008 D01AA01 BALTIMORE
008 D02AA01 MD
008 D03AA01 21202
010 A00AA01 CHAPMAN CAPITAL MANAGEMENT, INC.
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010 C01AA01 BALTIMORE
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011 A00AA01 THE CHAPMAN CO.
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<PAGE> PAGE 2
011 C03AA01 21201
012 A00AA01 CHAPMAN CAPITAL MANAGEMENT, INC.
012 B00AA01 84-00932
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012 C02AA01 MD
012 C03AA01 21202
013 A00AA01 ERNST AND YOUNG LLP
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013 B03AA01 21201
014 A00AA01 THE CHAPMAN CO.
014 B00AA01 8-37188
015 A00AA01 UMB BANK
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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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<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 NATHAN A. CHAPMAN, JR.
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
registrant's audited semi annual financial statements dated April 30, 1997 and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 42986028
<INVESTMENTS-AT-VALUE> 42986028
<RECEIVABLES> 3043
<ASSETS-OTHER> 17388
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 43006459
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 249004
<TOTAL-LIABILITIES> 249004
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42757455
<SHARES-COMMON-STOCK> 42757455
<SHARES-COMMON-PRIOR> 55128535
<ACCUMULATED-NII-CURRENT> 0
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<OVERDISTRIBUTION-GAINS> 0
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<OTHER-INCOME> 0
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<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 970211
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (970211)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 65324829
<NUMBER-OF-SHARES-REDEEMED> (78224589)
<SHARES-REINVESTED> 528680
<NET-CHANGE-IN-ASSETS> (12371080)
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 105110
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<GROSS-EXPENSE> 196692
<AVERAGE-NET-ASSETS> 42392531
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
