PORTAGE FUNDS
NSAR-B, 1995-01-30
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<PAGE>      PAGE  1
000 B000000 11/30/94
000 C000000 0000869393
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 PORTAGE FUNDS
001 B000000 811-6224
001 C000000 4122881484
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C020100 PORTAGE GOVERNMENT MONEY MARKET FUND
007 C030100 N
007 C010200  2
007 C020200 NEW POINT EQUITY FUND
007 C030200 N
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 A00AA01 FIRST NATIONAL BANK OF OHIO
008 B00AA01 A
008 C00AA01 801-0000
008 D01AA01 AKRON
008 D02AA01 OH
008 D03AA01 44308
008 D04AA01 1444
010 A00AA01 FEDERATED ADMINISTRATIVE SERVICES
010 C01AA01 PITTSBURGH
010 C02AA01 PA
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
<PAGE>      PAGE  2
011 C01AA01 PITTSBURGH
011 C02AA01 PA
011 C03AA01 15222
011 C04AA01 3779
012 A00AA01 FEDERATED SERVICES COMPANY
012 B00AA01 84-1869
012 C01AA01 PITTSBURGH
012 C02AA01 PA
012 C03AA01 15222
012 C04AA01 3779
013 A00AA01 ARTHUR ANDERSEN & CO. LLP
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15222
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02105
015 E01AA01 X
015 A00AA02 BANK OF NEW YORK
015 B00AA02 S
015 C01AA02 NEW YORK
015 C02AA02 NY
015 C03AA02 10006
015 E01AA02 X
015 A00AA03 CHEMICAL BANK & CO.
015 B00AA03 S
015 C01AA03 NEW YORK
015 C02AA03 NY
015 C03AA03 10006
015 E01AA03 X
015 A00AA04 MORGAN GUARANTY BANK & TRUST CO.
015 B00AA04 S
015 C01AA04 NEW YORK
015 C02AA04 NY
015 C03AA04 10015
015 E01AA04 X
015 A00AA05 BANKERS TRUST CO.
015 B00AA05 S
015 C01AA05 NEW YORK
015 C02AA05 NY
015 C03AA05 10015
015 E01AA05 X
015 A00AA06 NATIONSBANK OF NORTH CAROLINA
015 B00AA06 S
015 C01AA06 CHARLOTTE
015 C02AA06 NC
015 C03AA06 28255
015 E01AA06 X
015 A00AA07 NATIONSBANC CAPITAL MARKETS, INC.
<PAGE>      PAGE  3
015 B00AA07 S
015 C01AA07 RICHMOND
015 C02AA07 VA
015 C03AA07 23261
015 E01AA07 X
018  00AA00 Y
019 A00AA00 N
019 B00AA00    0
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000001 13-5674085
020 C000001     12
020 A000002 SMITH, BARNEY HARRIS UPHAM & CO., INC.
020 B000002 13-1912900
020 C000002     11
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020 C000006      0
020 C000007      0
020 C000008      0
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021  000000       23
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022 B000001 13-5674085
022 C000001   2959755
022 D000001         0
022 A000002 SMITH BARNEY, INC.
022 B000002 13-1912900
022 C000002   2492129
022 D000002         0
022 A000003 SANWA-BGK SECURITIES CO.
022 B000003 13-3046258
022 C000003    225194
022 D000003         0
022 A000004 HSBC SECURITIES, INC.
022 B000004 13-2650272
022 C000004    113109
022 D000004         0
022 A000005 KIDDER, PEABODY & CO., INC.
022 B000005 13-5650440
022 C000005     39000
022 D000005         0
022 A000006 SANWA BANK
022 B000006 13-3046258
022 C000006     24747
022 D000006         0
022 A000007 DOMINICK INVESTOR SERVICE CORP.
022 C000007     11560
022 D000007         0
022 A000008 LAMB BROTHERS
<PAGE>      PAGE  4
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034  00AA00 N
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036 B00AA00      0
049  00AA00 N
050  00AA00 N
051  00AA00 N
052  00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056  00AA00 Y
057  00AA00 N
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060 A00AA00 Y
060 B00AA00 Y
061  00AA00     1000
<PAGE>      PAGE  5
077 A000000 Y
077 B000000 Y
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077 E000000 N
077 F000000 N
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077 H000000 N
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077 J000000 N
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077 Q020000 N
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078  000000 N
080 A00AA00 THE AETNA CASUALTY AND SURETY COMPANY
080 B00AA00 ICI MUTUAL INSURANCE COMPANY
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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067  000100 N
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068 B000100 N
069  000100 N
070 A010100 Y
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070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
<PAGE>      PAGE  8
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 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
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070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100         0
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072 B000100     2462
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<PAGE>      PAGE  9
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074 C000100    38945
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074 X000100      227
074 Y000100        0
075 A000100    61822
075 B000100        0
076  000100     0.00
<PAGE>      PAGE  10
024  000200 N
025 D000201       0
025 D000202       0
025 D000203       0
025 D000204       0
025 D000205       0
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028 C020200         0
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028 D010200     10372
028 D020200         0
028 D030200         0
028 D040200         5
028 E010200      1266
028 E020200         0
028 E030200         0
028 E040200         0
028 F010200       269
028 F020200         0
028 F030200         0
028 F040200        32
028 G010200     11907
028 G020200         0
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028 H000200     11903
029  000200 Y
030 A000200    536
030 B000200  4.50
030 C000200  0.00
031 A000200     60
031 B000200      0
032  000200    476
033  000200      0
037  000200 N
038  000200      0
039  000200 N
040  000200 Y
041  000200 N
<PAGE>      PAGE  11
042 A000200   0
042 B000200   0
042 C000200   0
042 D000200   0
042 E000200   0
042 F000200   0
042 G000200   0
042 H000200   0
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045  000200 Y
046  000200 N
047  000200 Y
048  000200  0.750
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048 B010200        0
048 B020200 0.000
048 C010200        0
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048 D010200        0
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048 E010200        0
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048 F010200        0
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048 I010200        0
048 I020200 0.000
048 J010200        0
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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
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<PAGE>      PAGE  12
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062 Q000200   0.0
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063 A000200   0
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066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 Y
066 F000200 N
066 G000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
<PAGE>      PAGE  13
070 R020200 N
071 A000200      9118
071 B000200         0
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072 C000200       32
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072 Y000200       35
072 Z000200       56
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<PAGE>      PAGE  14
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SIGNATURE   S. ELLIOTT COHAN                             
TITLE       ASST. GEN. COUNSEL  
 


<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   1                                              
     <NAME>                     Newpoint Equity Fund                           
                                                                               
                                                                               
<PERIOD-TYPE>                   3-MOS                                          
<FISCAL-YEAR-END>               Nov-30-1994                                    
<PERIOD-END>                    Nov-30-1994                                    
<INVESTMENTS-AT-COST>           11,984,652                                     
<INVESTMENTS-AT-VALUE>          11,723,262                                     
<RECEIVABLES>                   27,558                                         
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  11,750,820                                     
<PAYABLE-FOR-SECURITIES>        116,490                                        
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       19,906                                         
<TOTAL-LIABILITIES>             136,396                                        
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        11,869,617                                     
<SHARES-COMMON-STOCK>           1,188,151                                      
<SHARES-COMMON-PRIOR>           0                                              
<ACCUMULATED-NII-CURRENT>       6,197                                          
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         0                                              
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        (261,390)                                      
<NET-ASSETS>                    11,614,424                                     
<DIVIDEND-INCOME>               32,423                                         
<INTEREST-INCOME>               46,546                                         
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  23,472                                         
<NET-INVESTMENT-INCOME>         55,497                                         
<REALIZED-GAINS-CURRENT>        0                                              
<APPREC-INCREASE-CURRENT>       (261,390)                                      
<NET-CHANGE-FROM-OPS>           (205,893)                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       49,300                                         
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         1,191,903                                      
<NUMBER-OF-SHARES-REDEEMED>     3,752                                          
<SHARES-REINVESTED>             0                                              
<NET-CHANGE-IN-ASSETS>          11,614,424                                     
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       0                                              
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           17,604                                         
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 58,076                                         
<AVERAGE-NET-ASSETS>            10,450,045                                     
<PER-SHARE-NAV-BEGIN>           10.000                                         
<PER-SHARE-NII>                 0.050                                          
<PER-SHARE-GAIN-APPREC>         (0.230)                                        
<PER-SHARE-DIVIDEND>            0.040                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             9.780                                          
<EXPENSE-RATIO>                 100                                            
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   2                                              
     <NAME>                     Portage Government Money Market Fund           
                                Investment Shares                              
                                                                               
<PERIOD-TYPE>                   12-MOS                                         
<FISCAL-YEAR-END>               Nov-30-1994                                    
<PERIOD-END>                    Nov-30-1994                                    
<INVESTMENTS-AT-COST>           63,854,220                                     
<INVESTMENTS-AT-VALUE>          63,854,220                                     
<RECEIVABLES>                   187,446                                        
<ASSETS-OTHER>                  29,103                                         
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  64,070,769                                     
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       202,552                                        
<TOTAL-LIABILITIES>             202,552                                        
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        0                                              
<SHARES-COMMON-STOCK>           63,868,217                                     
<SHARES-COMMON-PRIOR>           10,314,474                                     
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         0                                              
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        0                                              
<NET-ASSETS>                    63,868,217                                     
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               2,462,550                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  475,596                                        
<NET-INVESTMENT-INCOME>         1,986,954                                      
<REALIZED-GAINS-CURRENT>        0                                              
<APPREC-INCREASE-CURRENT>       0                                              
<NET-CHANGE-FROM-OPS>           1,986,954                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       1,783,499                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         179,893,585                                    
<NUMBER-OF-SHARES-REDEEMED>     126,605,532                                    
<SHARES-REINVESTED>             265,690                                        
<NET-CHANGE-IN-ASSETS>          4,656,561                                      
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       0                                              
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           309,110                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 603,309                                        
<AVERAGE-NET-ASSETS>            61,822,008                                     
<PER-SHARE-NAV-BEGIN>           1.000                                          
<PER-SHARE-NII>                 0.030                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            0.030                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             1.000                                          
<EXPENSE-RATIO>                 77                                             
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   3                                              
     <NAME>                     Portage Government Money Market Fund           
                                Trust Shares                                   
                                                                               
<PERIOD-TYPE>                   12-MOS                                         
<FISCAL-YEAR-END>               Nov-30-1994                                    
<PERIOD-END>                    Nov-30-1994                                    
<INVESTMENTS-AT-COST>           63,854,220                                     
<INVESTMENTS-AT-VALUE>          63,854,220                                     
<RECEIVABLES>                   187,446                                        
<ASSETS-OTHER>                  29,103                                         
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  64,070,769                                     
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       202,552                                        
<TOTAL-LIABILITIES>             202,552                                        
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        0                                              
<SHARES-COMMON-STOCK>           0                                              
<SHARES-COMMON-PRIOR>           48,897,182                                     
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         0                                              
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        0                                              
<NET-ASSETS>                    63,868,217                                     
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               2,462,550                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  475,596                                        
<NET-INVESTMENT-INCOME>         1,986,954                                      
<REALIZED-GAINS-CURRENT>        0                                              
<APPREC-INCREASE-CURRENT>       0                                              
<NET-CHANGE-FROM-OPS>           1,986,954                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       203,455                                        
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         37,059,202                                     
<NUMBER-OF-SHARES-REDEEMED>     85,956,400                                     
<SHARES-REINVESTED>             16                                             
<NET-CHANGE-IN-ASSETS>          4,656,561                                      
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       0                                              
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           309,110                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 603,309                                        
<AVERAGE-NET-ASSETS>            61,822,008                                     
<PER-SHARE-NAV-BEGIN>           1.000                                          
<PER-SHARE-NII>                 0.010                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            0.010                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             1.000                                          
<EXPENSE-RATIO>                 79                                             
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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