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SIGNATURE DAVID KEALEY
TITLE SENIOR ADMINISTRATOR
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Asset
Management Portfolio Annual Report dated March 31, 1996, and is qualified in
its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000888569
<NAME>ASSET MANAGEMENT PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> APR-01-1995
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 230,224,245
<INVESTMENTS-AT-VALUE> 239,411,417
<RECEIVABLES> 917,912
<ASSETS-OTHER> 1,500,506
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 241,829,835
<PAYABLE-FOR-SECURITIES> 1,179,696
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 507,731
<TOTAL-LIABILITIES> 1,687,427
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 230,968,946
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,173,462
<NET-ASSETS> 240,142,408
<DIVIDEND-INCOME> 1,673,515
<INTEREST-INCOME> 6,047,253
<OTHER-INCOME> 0
<EXPENSES-NET> 1,008,451
<NET-INVESTMENT-INCOME> 6,712,317
<REALIZED-GAINS-CURRENT> 14,006,189
<APPREC-INCREASE-CURRENT> 7,261,817
<NET-CHANGE-FROM-OPS> 27,980,323
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 143,613,644
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,092,488
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,287,651
<AVERAGE-NET-ASSETS> 168,075,140
<PER-SHARE-NAV-BEGIN> 0
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</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees
of the Asset Management Portfolio:
In planning and performing our audit of the financial statements
and financial highlights of the Asset Management Portfolio for
the year ended March 31, 1996, we considered the internal
control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial
statements and financial highlights and to comply with the
requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of the Asset Management Portfolio is responsible
for establishing and maintaining an internal control structure.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of internal control structure policies and
procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and
recorded properly to permit the preparation of financial
statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure
to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in
relation to the financial statements and financial highlights
being audited may occur and not be detected within a timely
period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
internal control structure, including procedures for
safeguarding securities, that we consider to be material
weaknesses, as defined above, as of March 31, 1996.
This report is intended solely for the information and use of
management of the Asset Management Portfolio and the Securities
and Exchange Commission.
/s/ Coopers & Lybrand L.L.P.
COOPERS & LYBRAND L.L.P.
Kansas City, Missouri
May 3, 1996
