KPM FUNDS INC
NSAR-A, 1999-02-25
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<PAGE>      PAGE  1
000 A000000 12/31/98
000 C000000 0000922379
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 KPM FUNDS, INC.
001 B000000 811-08488
001 C000000 4142873630
002 A000000 615 E. MICHIGAN STREET
002 B000000 MILWAUKEE
002 C000000 WI
002 D010000 53202
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C020100 KPM EQUITY PORTFOLIO
007 C030100 N
007 C010200  2
007 C020200 KPM FIXED INCOME PORTFOLIO
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 KPM INVESTMENT MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-46698
008 D01AA01 OMAHA
008 D02AA01 NE
008 D03AA01 68114
010 A00AA01 FIRSTAR MUTUAL FUND SERVICES, LLC
010 B00AA01 85-11357
010 C01AA01 MILWAUKEE
010 C02AA01 WI
010 C03AA01 53202
011 A00AA01 KIRKPATRICK, PETTIS, SMITH, POLIAN, INC.
011 B00AA01 8-02441
011 C01AA01 OMAHA
011 C02AA01 NE
<PAGE>      PAGE  2
011 C03AA01 68114
012 A00AA01 FIRSTAR MUTUAL FUND SERVICES, LLC
012 B00AA01 85-11357
012 C01AA01 MILWAUKEE
012 C02AA01 WI
012 C03AA01 53202
013 A00AA01 DELOITTE & TOUCHE LLP
013 B01AA01 LINCOLN
013 B02AA01 NE
013 B03AA01 68508
014 A00AA01 KIRKPATRICK, PETTIS, SMITH, POLIAN, INC.
014 B00AA01 8-02441
015 A00AA01 FIRSTAR BANK MILWAUKEE, N.A.
015 B00AA01 C
015 C01AA01 MILWAUKEE
015 C02AA01 WI
015 C03AA01 53202
015 E01AA01 X
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019 A00AA00 N
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020 A000001 CANTOR FITZGERALD
020 C000001     12
020 A000002 OPPENHEIMER
020 C000002     12
020 A000003 SMITH BARNEY
020 C000003      9
020 A000004 LAIDLAW
020 C000004      3
020 A000005 MERRILL LYNCH
020 C000005      3
020 A000006 KIRKPATRICK, PETTIS, SMITH, POLIAN, INC.
020 C000006      1
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000       40
022 A000001 FIRST NATIONAL BANK OMAHA
022 C000001      2500
022 D000001     10000
022 A000002 UNION BANK & TRUST COMPANY
022 C000002      2927
022 D000002         0
022 A000003 FIRST TENNESSEE BANK
022 C000003      1973
022 D000003         0
022 A000004 PAINE WEBBER
022 C000004       591
022 D000004       674
022 A000005 BROOKSTREET SECURITIES
<PAGE>      PAGE  3
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<PAGE>      PAGE  4
053 C00AA00 N
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054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
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054 O00AA00 N
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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066 A000100 Y
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066 E000100 N
066 F000100 N
066 G000100 N
067  000100 N
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070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
<PAGE>      PAGE  7
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
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072 X000100      301
<PAGE>      PAGE  8
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073 B000100   0.5300
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074 Y000100        0
075 A000100        0
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076  000100     0.00
024  000200 Y
025 A000201 MERRILL LYNCH MORTGAGE INVESTORS
025 C000201 D
025 D000201     172
025 D000202       0
<PAGE>      PAGE  9
025 D000203       0
025 D000204       0
025 D000205       0
025 D000206       0
025 D000207       0
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028 D030200         0
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042 C000200   0
042 D000200 100
042 E000200   0
042 F000200   0
042 G000200   0
042 H000200   0
043  000200     15
044  000200      0
045  000200 Y
046  000200 N
047  000200 Y
048  000200  0.600
048 A010200        0
048 A020200 0.000
<PAGE>      PAGE  10
048 B010200        0
048 B020200 0.000
048 C010200        0
048 C020200 0.000
048 D010200        0
048 D020200 0.000
048 E010200        0
048 E020200 0.000
048 F010200        0
048 F020200 0.000
048 G010200        0
048 G020200 0.000
048 H010200        0
048 H020200 0.000
048 I010200        0
048 I020200 0.000
048 J010200        0
048 J020200 0.000
048 K010200        0
048 K020200 0.000
055 A000200 Y
055 B000200 N
056  000200 Y
057  000200 N
062 A000200 Y
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
062 I000200   0.0
062 J000200   0.0
062 K000200   0.0
062 L000200   4.1
062 M000200   6.8
062 N000200   0.0
062 O000200   0.0
062 P000200  40.6
062 Q000200  47.3
062 R000200   0.0
063 A000200   0
063 B000200  7.7
064 A000200 N
064 B000200 N
066 A000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
<PAGE>      PAGE  11
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
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 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200      2327
071 B000200      2159
071 C000200     11485
071 D000200   19
072 A000200  6
072 B000200      395
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072 D000200        0
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072 G000200       12
072 H000200        0
072 I000200        4
072 J000200        1
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<PAGE>      PAGE  12
072 L000200        1
072 M000200        1
072 N000200        3
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072 X000200       95
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072 Z000200      320
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072CC010200        0
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072DD010200      319
072DD020200        0
072EE000200       78
073 A010200   0.2900
073 A020200   0.0000
073 B000200   0.0700
073 C000200   0.0000
074 A000200        0
074 B000200        0
074 C000200      487
074 D000200    11051
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<PAGE>      PAGE  13
074 V010200    10.77
074 V020200     0.00
074 W000200   0.0000
074 X000200      125
074 Y000200        0
075 A000200        0
075 B000200    11907
076  000200     0.00
SIGNATURE   RANDALL D. GREER
TITLE       CHAIRMAN


<TABLE> <S> <C>


<ARTICLE>                     6
<LEGEND>
 Pursuant to Item 602(c)(2)(i) of Regulations S-K and S-B.
</LEGEND>
<CIK>                         0000922379
<NAME>                        KPM FUNDS, INC.
<SERIES>
   <NUMBER>                   1
   <NAME>                     KPM EQUITY PORTFOLIO
<MULTIPLIER>                  1
       
<S>                                                               <C>
<PERIOD-TYPE>                                                   6-MOS
<FISCAL-YEAR-END>                                         JUN-30-1999
<PERIOD-START>                                            JUL-01-1998
<PERIOD-END>                                              DEC-31-1998
<INVESTMENTS-AT-COST>                                      31,784,263
<INVESTMENTS-AT-VALUE>                                     40,475,745
<RECEIVABLES>                                               1,631,495
<ASSETS-OTHER>                                                 12,046
<OTHER-ITEMS-ASSETS>                                                0
<TOTAL-ASSETS>                                             42,119,286
<PAYABLE-FOR-SECURITIES>                                            0
<SENIOR-LONG-TERM-DEBT>                                             0
<OTHER-ITEMS-LIABILITIES>                                     549,527
<TOTAL-LIABILITIES>                                           549,527
<SENIOR-EQUITY>                                                     0
<PAID-IN-CAPITAL-COMMON>                                   34,918,040
<SHARES-COMMON-STOCK>                                       2,667,282
<SHARES-COMMON-PRIOR>                                       3,241,980
<ACCUMULATED-NII-CURRENT>                                      (2,726)
<OVERDISTRIBUTION-NII>                                              0
<ACCUMULATED-NET-GAINS>                                    (2,037,037)
<OVERDISTRIBUTION-GAINS>                                            0
<ACCUM-APPREC-OR-DEPREC>                                    8,691,482
<NET-ASSETS>                                               41,569,759
<DIVIDEND-INCOME>                                             281,177
<INTEREST-INCOME>                                             148,438
<OTHER-INCOME>                                                      0
<EXPENSES-NET>                                               (300,663)
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<REALIZED-GAINS-CURRENT>                                   (2,038,091)
<APPREC-INCREASE-CURRENT>                                  (1,648,786)
<NET-CHANGE-FROM-OPS>                                      (3,557,925)
<EQUALIZATION>                                                      0
<DISTRIBUTIONS-OF-INCOME>                                    (131,429)
<DISTRIBUTIONS-OF-GAINS>                                   (1,379,833)
<DISTRIBUTIONS-OTHER>                                               0
<NUMBER-OF-SHARES-SOLD>                                       208,170
<NUMBER-OF-SHARES-REDEEMED>                                  (872,437)
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<NET-CHANGE-IN-ASSETS>                                    (14,545,245)
<ACCUMULATED-NII-PRIOR>                                          (249)
<ACCUMULATED-GAINS-PRIOR>                                   1,380,888
<OVERDISTRIB-NII-PRIOR>                                             0
<OVERDIST-NET-GAINS-PRIOR>                                          0
<GROSS-ADVISORY-FEES>                                         170,321
<INTEREST-EXPENSE>                                                  0
<GROSS-EXPENSE>                                               300,663
<AVERAGE-NET-ASSETS>                                       42,239,894
<PER-SHARE-NAV-BEGIN>                                           17.31
<PER-SHARE-NII>                                                  0.05
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<PER-SHARE-DIVIDEND>                                            (0.05)
<PER-SHARE-DISTRIBUTIONS>                                       (0.53)
<RETURNS-OF-CAPITAL>                                                0
<PER-SHARE-NAV-END>                                             15.59
<EXPENSE-RATIO>                                                  1.41
<AVG-DEBT-OUTSTANDING>                                              0
<AVG-DEBT-PER-SHARE>                                                0
        


</TABLE>

<TABLE> <S> <C>


<ARTICLE>                     6
<LEGEND>
 Pursuant to Item 602(c)(2)(i) of Regulations S-K and S-B.
</LEGEND>
<CIK>                         0000922379
<NAME>                        KPM FUNDS, INC.
<SERIES>
   <NUMBER>                   2
   <NAME>                     KPM FIXED INCOME FUND
<MULTIPLIER>                  1
       
<S>                                                               <C>
<PERIOD-TYPE>                                                   6-MOS
<FISCAL-YEAR-END>                                         JUN-30-1999
<PERIOD-START>                                            JUL-01-1998
<PERIOD-END>                                              DEC-31-1998
<INVESTMENTS-AT-COST>                                      11,248,404
<INVESTMENTS-AT-VALUE>                                     11,537,693
<RECEIVABLES>                                                 159,903
<ASSETS-OTHER>                                                  1,816
<OTHER-ITEMS-ASSETS>                                                0
<TOTAL-ASSETS>                                             11,699,412
<PAYABLE-FOR-SECURITIES>                                            0
<SENIOR-LONG-TERM-DEBT>                                             0
<OTHER-ITEMS-LIABILITIES>                                      24,690
<TOTAL-LIABILITIES>                                            24,690
<SENIOR-EQUITY>                                                     0
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<OVERDISTRIBUTION-GAINS>                                            0
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<NET-ASSETS>                                               11,674,722
<DIVIDEND-INCOME>                                                   0
<INTEREST-INCOME>                                             395,288
<OTHER-INCOME>                                                      0
<EXPENSES-NET>                                                (75,142)
<NET-INVESTMENT-INCOME>                                       320,146
<REALIZED-GAINS-CURRENT>                                      130,143
<APPREC-INCREASE-CURRENT>                                    (109,773)
<NET-CHANGE-FROM-OPS>                                         340,516
<EQUALIZATION>                                                      0
<DISTRIBUTIONS-OF-INCOME>                                    (319,264)
<DISTRIBUTIONS-OF-GAINS>                                      (78,240)
<DISTRIBUTIONS-OTHER>                                               0
<NUMBER-OF-SHARES-SOLD>                                       238,782
<NUMBER-OF-SHARES-REDEEMED>                                  (276,471)
<SHARES-REINVESTED>                                            35,039
<NET-CHANGE-IN-ASSETS>                                        (69,314)
<ACCUMULATED-NII-PRIOR>                                        (2,504)
<ACCUMULATED-GAINS-PRIOR>                                      17,221
<OVERDISTRIB-NII-PRIOR>                                             0
<OVERDIST-NET-GAINS-PRIOR>                                          0
<GROSS-ADVISORY-FEES>                                          36,005
<INTEREST-EXPENSE>                                                  0
<GROSS-EXPENSE>                                                95,436
<AVERAGE-NET-ASSETS>                                       11,906,941
<PER-SHARE-NAV-BEGIN>                                           10.80
<PER-SHARE-NII>                                                  0.29
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<PER-SHARE-DIVIDEND>                                            (0.29)
<PER-SHARE-DISTRIBUTIONS>                                       (0.07)
<RETURNS-OF-CAPITAL>                                                0
<PER-SHARE-NAV-END>                                             10.77
<EXPENSE-RATIO>                                                  1.25
<AVG-DEBT-OUTSTANDING>                                              0
<AVG-DEBT-PER-SHARE>                                                0
        


</TABLE>


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