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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 29
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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052 001200 N
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055 B001200 N
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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070 K011200 Y
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070 M011200 Y
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<PAGE> PAGE 64
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SIGNATURE GEOFFREY B. SALE
TITLE SECRETARY/CLERK
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<TABLE> <S> <C>
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<NUMBER> 0225
<NAME> MENTOR CAPITAL GROWTH PORTFOLIO-CLASS Y
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<S> <C>
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<TABLE> <S> <C>
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<SERIES>
<NUMBER> 022
<NAME> MENTOR CAPITAL GROWTH PORTFOLIO-CLASS B
<MULTIPLIER> 1000
<S> <C>
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<PERIOD-END> SEP-30-1998
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<NET-INVESTMENT-INCOME> (1100)
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<APPREC-INCREASE-CURRENT> (32273)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> MENTOR STRATEGY PORTFOLIO-CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
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<RECEIVABLES> 1970
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<OTHER-ITEMS-LIABILITIES> 61761
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<PAID-IN-CAPITAL-COMMON> 192883
<SHARES-COMMON-STOCK> 1602
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<ACCUMULATED-NET-GAINS> 20466
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9718
<NET-ASSETS> 225233
<DIVIDEND-INCOME> 1264
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<EXPENSES-NET> 5921
<NET-INVESTMENT-INCOME> 2639
<REALIZED-GAINS-CURRENT> 24558
<APPREC-INCREASE-CURRENT> (26287)
<NET-CHANGE-FROM-OPS> 910
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<DISTRIBUTIONS-OF-GAINS> 6308
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<NUMBER-OF-SHARES-SOLD> 509
<NUMBER-OF-SHARES-REDEEMED> 1530
<SHARES-REINVESTED> 445
<NET-CHANGE-IN-ASSETS> (117203)
<ACCUMULATED-NII-PRIOR> 5366
<ACCUMULATED-GAINS-PRIOR> 54474
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<PER-SHARE-NAV-BEGIN> 18.61
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<PER-SHARE-GAIN-APPREC> (0.35)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> MENTOR STRATEGY PORTFOLIO-CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
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<APPREC-INCREASE-CURRENT> (26287)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 0325
<NAME> MENTOR STRATEGY PORTFOLIO-CLASS Y
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
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<NET-ASSETS> 225233
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<NET-CHANGE-IN-ASSETS> (117203)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> MENTOR INCOME AND GROWTH PORTFOLIO-CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
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<PAID-IN-CAPITAL-COMMON> 221635
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<ACCUMULATED-NET-GAINS> 10214
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<SHARES-REINVESTED> 371
<NET-CHANGE-IN-ASSETS> 71316
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 042
<NAME> MENTOR INCOME AND GROWTH PORTFOLIO-CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
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<NET-CHANGE-IN-ASSETS> 71316
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 0425
<NAME> MENTOR INCOME AND GROWTH PORTFOLIO-CLASS Y
<MULTIPLIER> 1000
<S> <C>
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<FISCAL-YEAR-END> SEP-30-1998
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<ACCUMULATED-NET-GAINS> 10214
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 051
<NAME> MENTOR PERPETUAL GLOBAL PORTFOLIO-CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
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<ACCUM-APPREC-OR-DEPREC> (8264)
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<NET-INVESTMENT-INCOME> (757)
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 052
<NAME> MENTOR PERPETUAL GLOBAL PORTFOLIO-CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
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<NET-INVESTMENT-INCOME> (757)
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<ACCUMULATED-NII-PRIOR> (98)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 0525
<NAME> MENTOR PERPETUAL GLOBAL PORTFOLIO-CLASS Y
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8264)
<NET-ASSETS> 158290
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<NET-INVESTMENT-INCOME> (757)
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<APPREC-INCREASE-CURRENT> (25460)
<NET-CHANGE-FROM-OPS> (11418)
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<NUMBER-OF-SHARES-SOLD> 0
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 22704
<ACCUMULATED-NII-PRIOR> (98)
<ACCUMULATED-GAINS-PRIOR> 5560
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<AVERAGE-NET-ASSETS> 1
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<EXPENSE-RATIO> 1.5
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 061
<NAME> MENTOR QUALITY INCOME PORTFOLIO-CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 290164
<INVESTMENTS-AT-VALUE> 298638
<RECEIVABLES> 4115
<ASSETS-OTHER> 35
<OTHER-ITEMS-ASSETS> 1725
<TOTAL-ASSETS> 304513
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 97331
<TOTAL-LIABILITIES> 97331
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 213925
<SHARES-COMMON-STOCK> 6927
<SHARES-COMMON-PRIOR> 4035
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 924
<ACCUMULATED-NET-GAINS> (14294)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8474
<NET-ASSETS> 207181
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11610
<OTHER-INCOME> 0
<EXPENSES-NET> 2275
<NET-INVESTMENT-INCOME> 9335
<REALIZED-GAINS-CURRENT> 713
<APPREC-INCREASE-CURRENT> 6558
<NET-CHANGE-FROM-OPS> 16606
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4831
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4257
<NUMBER-OF-SHARES-REDEEMED> 1598
<SHARES-REINVESTED> 233
<NET-CHANGE-IN-ASSETS> 78959
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 391
<OVERDIST-NET-GAINS-PRIOR> 15099
<GROSS-ADVISORY-FEES> 1026
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2480
<AVERAGE-NET-ASSETS> 77738
<PER-SHARE-NAV-BEGIN> 13.18
<PER-SHARE-NII> 0.79
<PER-SHARE-GAIN-APPREC> 0.47
<PER-SHARE-DIVIDEND> 0.83
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<PER-SHARE-NAV-END> 13.61
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 062
<NAME> MENTOR QUALITY INCOME PORTFOLIO-CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 290164
<INVESTMENTS-AT-VALUE> 298638
<RECEIVABLES> 4115
<ASSETS-OTHER> 35
<OTHER-ITEMS-ASSETS> 1725
<TOTAL-ASSETS> 304513
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 97331
<TOTAL-LIABILITIES> 97331
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 213925
<SHARES-COMMON-STOCK> 8297
<SHARES-COMMON-PRIOR> 5693
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 924
<ACCUMULATED-NET-GAINS> (14294)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8474
<NET-ASSETS> 207181
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11610
<OTHER-INCOME> 0
<EXPENSES-NET> 2275
<NET-INVESTMENT-INCOME> 9335
<REALIZED-GAINS-CURRENT> 713
<APPREC-INCREASE-CURRENT> 6558
<NET-CHANGE-FROM-OPS> 16606
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5432
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 3811
<NUMBER-OF-SHARES-REDEEMED> 1479
<SHARES-REINVESTED> 272
<NET-CHANGE-IN-ASSETS> 78959
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 391
<OVERDIST-NET-GAINS-PRIOR> 15099
<GROSS-ADVISORY-FEES> 1026
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2480
<AVERAGE-NET-ASSETS> 93548
<PER-SHARE-NAV-BEGIN> 13.18
<PER-SHARE-NII> 0.72
<PER-SHARE-GAIN-APPREC> 0.48
<PER-SHARE-DIVIDEND> 0.77
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<PER-SHARE-NAV-END> 13.61
<EXPENSE-RATIO> 1.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 0625
<NAME> MENTOR QUALITY INCOME PORTFOLIO-CLASS Y
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 290164
<INVESTMENTS-AT-VALUE> 298638
<RECEIVABLES> 4115
<ASSETS-OTHER> 35
<OTHER-ITEMS-ASSETS> 1725
<TOTAL-ASSETS> 304513
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 97331
<TOTAL-LIABILITIES> 97331
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 213925
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 00
<OVERDISTRIBUTION-NII> 924
<ACCUMULATED-NET-GAINS> (14294)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8474
<NET-ASSETS> 207181
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11610
<OTHER-INCOME> 0
<EXPENSES-NET> 2275
<NET-INVESTMENT-INCOME> 9335
<REALIZED-GAINS-CURRENT> 713
<APPREC-INCREASE-CURRENT> 6558
<NET-CHANGE-FROM-OPS> 16606
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 78959
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 391
<OVERDIST-NET-GAINS-PRIOR> 15099
<GROSS-ADVISORY-FEES> 1026
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2480
<AVERAGE-NET-ASSETS> 1
<PER-SHARE-NAV-BEGIN> 13.20
<PER-SHARE-NII> 0.78
<PER-SHARE-GAIN-APPREC> 0.39
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<PER-SHARE-NAV-END> 13.69
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 071
<NAME> MENTOR SHORT DURATION PORTFOLIO-CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 161222
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<RECEIVABLES> 5387
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<TOTAL-ASSETS> 168544
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21499
<TOTAL-LIABILITIES> 21499
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 145503
<SHARES-COMMON-STOCK> 7313
<SHARES-COMMON-PRIOR> 2188
<ACCUMULATED-NII-CURRENT> (512)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 144
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1910
<NET-ASSETS> 147044
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6170
<OTHER-INCOME> 0
<EXPENSES-NET> 1003
<NET-INVESTMENT-INCOME> 5167
<REALIZED-GAINS-CURRENT> 326
<APPREC-INCREASE-CURRENT> 1608
<NET-CHANGE-FROM-OPS> 7101
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3203
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9922
<NUMBER-OF-SHARES-REDEEMED> 4997
<SHARES-REINVESTED> 201
<NET-CHANGE-IN-ASSETS> 92337
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 96
<OVERDIST-NET-GAINS-PRIOR> 176
<GROSS-ADVISORY-FEES> 504
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1285
<AVERAGE-NET-ASSETS> 56628
<PER-SHARE-NAV-BEGIN> 12.62
<PER-SHARE-NII> 0.70
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<PER-SHARE-DIVIDEND> 0.73
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<PER-SHARE-NAV-END> 12.74
<EXPENSE-RATIO> 0.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 072
<NAME> MENTOR SHORT DURATION PORTFOLIO-CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 161222
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<RECEIVABLES> 5387
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 25
<TOTAL-ASSETS> 168544
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21499
<TOTAL-LIABILITIES> 21499
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 145503
<SHARES-COMMON-STOCK> 4228
<SHARES-COMMON-PRIOR> 2146
<ACCUMULATED-NII-CURRENT> (512)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 144
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1910
<NET-ASSETS> 147044
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6170
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<EXPENSES-NET> 1003
<NET-INVESTMENT-INCOME> 5167
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<APPREC-INCREASE-CURRENT> 1608
<NET-CHANGE-FROM-OPS> 7101
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<DISTRIBUTIONS-OF-INCOME> 2394
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<NUMBER-OF-SHARES-SOLD> 3500
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<SHARES-REINVESTED> 145
<NET-CHANGE-IN-ASSETS> 92337
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<OVERDISTRIB-NII-PRIOR> 96
<OVERDIST-NET-GAINS-PRIOR> 176
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<GROSS-EXPENSE> 1285
<AVERAGE-NET-ASSETS> 44607
<PER-SHARE-NAV-BEGIN> 12.62
<PER-SHARE-NII> 0.66
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<PER-SHARE-NAV-END> 12.75
<EXPENSE-RATIO> 1.16
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 0725
<NAME> MENTOR SHORT DURATION PORTFOLIO-CLASS Y
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
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<TOTAL-ASSETS> 168544
<PAYABLE-FOR-SECURITIES> 0
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<TOTAL-LIABILITIES> 21499
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 145503
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (512)
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1910
<NET-ASSETS> 147044
<DIVIDEND-INCOME> 0
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<NET-INVESTMENT-INCOME> 5167
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<APPREC-INCREASE-CURRENT> 1608
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<NET-CHANGE-IN-ASSETS> 92337
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<PER-SHARE-NAV-BEGIN> 12.57
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 081
<NAME> MENTOR MUNI INCOME PORTFOLIO-CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
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<TOTAL-ASSETS> 116487
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<PAID-IN-CAPITAL-COMMON> 105841
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<SHARES-COMMON-PRIOR> 1896
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<ACCUMULATED-NET-GAINS> (2004)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7622
<NET-ASSETS> 111109
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<SHARES-REINVESTED> 76
<NET-CHANGE-IN-ASSETS> 37443
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<OVERDISTRIB-NII-PRIOR> 300
<OVERDIST-NET-GAINS-PRIOR> 1963
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<PER-SHARE-NAV-BEGIN> 15.50
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 082
<NAME> MENTOR MUNI INCOME PORTFOLIO-CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
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<TOTAL-LIABILITIES> 5377
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<PAID-IN-CAPITAL-COMMON> 105841
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<NAME> MENTOR BALANCED PORTFOLIO-CLASS A
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<NAME> MENTOR BALANCED PORTFOLIO-CLASS B
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<NAME> MENTOR BALANCED PORTFOLIO-CLASS Y
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