FUNDMANAGER PORTFOLIOS
NSAR-A, 1998-06-01
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<PAGE>      PAGE  1
000 A000000 03/31/98
000 C000000 0000939891
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 FUNDMANAGER PORTFOLIOS
001 B000000 811-8992
001 C000000 4122881432
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  5
007 C010100  1
007 C020100 AGGRESSIVE GROWTH PORTFOLIO
007 C030100 N
007 C010200  2
007 C020200 GROWTH PORTFOLIO
007 C030200 N
007 C010300  3
007 C020300 GROWTH & INCOME PORTFOLIO
007 C030300 N
007 C010400  4
007 C020400 BOND PORTFOLIO
007 C030400 N
007 C010500  5
007 C020500 MANAGED TOTAL RETURN PORTFOLIO
007 C030500 N
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 FREEDOM CAPITAL MANAGEMENT CORPORATION
008 B00AA01 A
008 C00AA01 801-42
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10281
010 A00AA01 FEDERATED ADMINISTRATIVE SERVICES
010 C01AA01 PITTSBURGH
<PAGE>      PAGE  2
010 C02AA01 PA
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 EDGEWOOD SERVICES, INC.
011 B00AA01 8-46985
011 C01AA01 PITTSBURGH
011 C02AA01 PA
011 C03AA01 15230
011 C04AA01 0897
011 A00AA02 FREEDOM DISTRIBUTORS CORPORATION
011 B00AA02 8-00000
011 C01AA02 BOSTON
011 C02AA02 MA
011 C03AA02 02108
011 A00AA03 TUCKER ANTHONY, INCORPORATED
011 B00AA03 8-00000
011 C01AA03 NEW YORK
011 C02AA03 NY
011 C03AA03 10281
011 A00AA04 SUTRO & CO., INC.
011 B00AA04 8-00000
011 C01AA04 SAN FRANCISCO
011 C02AA04 CA
011 C03AA04 94111
012 A00AA01 FEDERATED SHAREHOLDER SERVICES COMPANY
012 B00AA01 84-1869
012 C01AA01 PITTSBURGH
012 C02AA01 PA
012 C03AA01 15222
012 C04AA01 3779
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15219
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02266
015 C04AA01 8600
015 E01AA01 X
018  00AA00 Y
019 A00AA00 N
019 B00AA00    0
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020 C000007      0
<PAGE>      PAGE  3
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        0
022 A000001 INVESTORS BANK & TRUST COMPANY MUTUAL FUNDS
022 C000001     39009
022 D000001     37298
022 A000002 WADDELL & REED, INC.
022 B000002 43-1235675
022 C000002     54025
022 D000002     20007
022 A000003 REPUBLIC BANK
022 B000003 75-0520130
022 C000003     27201
022 D000003     16126
022 A000004 SEI FINANCIAL SERVICES COMPANY
022 C000004     13141
022 D000004     12673
022 A000005 PACIFIC INVESTMENT ADMINISTRATION
022 C000005      1941
022 D000005     14426
022 A000006 IDS FINANCIAL SERVICES, INC.
022 C000006       976
022 D000006     11041
022 A000007 DODGE & COX
022 C000007      1295
022 D000007      7044
022 A000008 BERNSTEIN (SANFORD C.) & CO., INC.
022 B000008 13-2625874
022 C000008       158
022 D000008      8178
022 A000009 FIDELITY MANAGEMENT & RESEARCH
022 C000009       757
022 D000009      7574
022 A000010 UNDERWOOD NEUHAUS & CO., INC.
022 B000010 74-1064172
022 C000010       986
022 D000010      5790
023 C000000     151971
023 D000000     159748
024  00AA00 N
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026 A000000 N
026 B000000 Y
<PAGE>      PAGE  4
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048 K01AA00   500000
048 K02AA00 0.400
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053 B00AA00 Y
053 C00AA00 N
054 A00AA00 N
054 B00AA00 N
<PAGE>      PAGE  5
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
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058 A00AA00 N
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<PAGE>      PAGE  6
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068 A000100 N
068 B000100 N
069  000100 N
<PAGE>      PAGE  7
070 A010100 Y
070 A020100 N
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070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
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 Y
070 K020100 Y
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
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<PAGE>      PAGE  8
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072DD010100      807
072DD020100       53
072EE000100     4056
073 A010100   0.3800
073 A020100   0.4700
073 B000100   1.8100
073 C000100   0.0000
074 A000100      373
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074 D000100        0
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<PAGE>      PAGE  9
074 V010100    17.31
074 V020100    17.37
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076  000100     0.00
028 A010200      6554
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028 G020200      5756
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<PAGE>      PAGE  10
042 G000200   0
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043  000200     97
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066 A000200 Y
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066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
070 A010200 Y
070 A020200 N
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 Y
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
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070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
<PAGE>      PAGE  11
071 A000200     11718
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<PAGE>      PAGE  12
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028 A010300      4645
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<PAGE>      PAGE  13
028 H000300         0
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066 A000300 Y
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<PAGE>      PAGE  14
070 K020300 Y
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<PAGE>      PAGE  15
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<PAGE>      PAGE  16
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<PAGE>      PAGE  17
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<PAGE>      PAGE  18
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<PAGE>      PAGE  19
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028 E030500         0
028 E040500       173
028 F010500       609
028 F020500         0
028 F030500         0
028 F040500      1755
028 G010500      1156
028 G020500      1214
028 G030500         0
028 G040500      3447
028 H000500         0
029  000500 Y
030 A000500      0
030 B000500  4.50
030 C000500  0.00
031 A000500      0
031 B000500      0
032  000500      0
033  000500      0
042 A000500   0
042 B000500   0
042 C000500 100
042 D000500   0
042 E000500   0
042 F000500   0
042 G000500   0
042 H000500   0
043  000500     28
044  000500      0
066 A000500 Y
066 B000500 N
<PAGE>      PAGE  20
066 C000500 Y
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067  000500 N
068 A000500 N
068 B000500 N
069  000500 N
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 N
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500      5266
071 B000500      6016
071 C000500     10608
071 D000500   50
072 A000500  6
072 B000500        0
<PAGE>      PAGE  21
072 C000500      229
072 D000500        0
072 E000500        0
072 F000500       28
072 G000500       31
072 H000500        0
072 I000500       14
072 J000500        6
072 K000500        0
072 L000500        6
072 M000500        1
072 N000500        8
072 O000500        0
072 P000500        0
072 Q000500        6
072 R000500       15
072 S000500        4
072 T000500       27
072 U000500        0
072 V000500        0
072 W000500        1
072 X000500      147
072 Y000500       11
072 Z000500       93
072AA000500      956
072BB000500        0
072CC010500        0
072CC020500      337
072DD010500      223
072DD020500        0
072EE000500     1002
073 A010500   0.2500
073 A020500   0.0000
073 B000500   1.1400
073 C000500   0.0000
074 A000500      617
074 B000500        0
074 C000500     4232
074 D000500     6137
074 E000500        0
074 F000500        0
074 G000500        0
074 H000500        0
074 I000500        0
074 J000500        0
074 K000500        0
074 L000500       21
074 M000500        0
074 N000500    11007
074 O000500        0
074 P000500        0
<PAGE>      PAGE  22
074 Q000500        0
074 R010500        0
074 R020500        0
074 R030500        0
074 R040500       70
074 S000500        0
074 T000500    10937
074 U010500      958
074 U020500        0
074 V010500    11.42
074 V020500     0.00
074 W000500   0.0000
074 X000500      414
074 Y000500        0
075 A000500        0
075 B000500    11089
076  000500     0.00
SIGNATURE   S. ELLIOTT COHAN                             
TITLE       ASST. GEN. COUNSEL  
 


<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   011                                            
     <NAME>                     FundManager Portfolios                         
                                FundManager Aggressive Growth Portfolio        
                                Financial Adviser Class                        
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Sep-30-1998                                    
<PERIOD-END>                    Mar-31-1998                                    
<INVESTMENTS-AT-COST>           33,285,429                                     
<INVESTMENTS-AT-VALUE>          41,973,167                                     
<RECEIVABLES>                   0                                              
<ASSETS-OTHER>                  373,164                                        
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  42,346,331                                     
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       139,276                                        
<TOTAL-LIABILITIES>             139,276                                        
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        31,777,802                                     
<SHARES-COMMON-STOCK>           2,319,437                                      
<SHARES-COMMON-PRIOR>           1,963,321                                      
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          (910,577)                                      
<ACCUMULATED-NET-GAINS>         2,652,092                                      
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        8,687,738                                      
<NET-ASSETS>                    40,146,271                                     
<DIVIDEND-INCOME>               283,554                                        
<INTEREST-INCOME>               0                                              
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  343,661                                        
<NET-INVESTMENT-INCOME>         (60,107)                                       
<REALIZED-GAINS-CURRENT>        27,203,632                                     
<APPREC-INCREASE-CURRENT>       (200,765)                                      
<NET-CHANGE-FROM-OPS>           2,942,760                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       806,597                                        
<DISTRIBUTIONS-OF-GAINS>        3,851,235                                      
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         467,073                                        
<NUMBER-OF-SHARES-REDEEMED>     386,588                                        
<SHARES-REINVESTED>             275,631                                        
<NET-CHANGE-IN-ASSETS>          4,086,267                                      
<ACCUMULATED-NII-PRIOR>         9,012                                          
<ACCUMULATED-GAINS-PRIOR>       3,504,184                                      
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           100,395                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 354,443                                        
<AVERAGE-NET-ASSETS>            40,330,637                                     
<PER-SHARE-NAV-BEGIN>           18.440                                         
<PER-SHARE-NII>                 (0.030)                                        
<PER-SHARE-GAIN-APPREC>         1.090                                          
<PER-SHARE-DIVIDEND>            0.380                                          
<PER-SHARE-DISTRIBUTIONS>       1.810                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             17.310                                         
<EXPENSE-RATIO>                 1.71                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   012                                            
     <NAME>                     FundManager Portfolios                         
                                FundManager Aggressive Growth Portfolio        
                                No-Load Class                                  
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Sep-30-1998                                    
<PERIOD-END>                    Mar-31-1998                                    
<INVESTMENTS-AT-COST>           33,285,429                                     
<INVESTMENTS-AT-VALUE>          41,973,167                                     
<RECEIVABLES>                   0                                              
<ASSETS-OTHER>                  373,164                                        
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  42,346,331                                     
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       139,276                                        
<TOTAL-LIABILITIES>             139,276                                        
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        31,777,802                                     
<SHARES-COMMON-STOCK>           118,609                                        
<SHARES-COMMON-PRIOR>           103,510                                        
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          (910,577)                                      
<ACCUMULATED-NET-GAINS>         2,652,092                                      
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        8,687,738                                      
<NET-ASSETS>                    2,060,784                                      
<DIVIDEND-INCOME>               283,554                                        
<INTEREST-INCOME>               0                                              
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  343,661                                        
<NET-INVESTMENT-INCOME>         (60,107)                                       
<REALIZED-GAINS-CURRENT>        27,203,632                                     
<APPREC-INCREASE-CURRENT>       (200,765)                                      
<NET-CHANGE-FROM-OPS>           2,942,760                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       52,885                                         
<DISTRIBUTIONS-OF-GAINS>        204,489                                        
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         18,714                                         
<NUMBER-OF-SHARES-REDEEMED>     19,413                                         
<SHARES-REINVESTED>             15,798                                         
<NET-CHANGE-IN-ASSETS>          4,086,267                                      
<ACCUMULATED-NII-PRIOR>         9,012                                          
<ACCUMULATED-GAINS-PRIOR>       3,504,184                                      
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           100,395                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 354,443                                        
<AVERAGE-NET-ASSETS>            40,330,637                                     
<PER-SHARE-NAV-BEGIN>           18.560                                         
<PER-SHARE-NII>                 0.020                                          
<PER-SHARE-GAIN-APPREC>         1.070                                          
<PER-SHARE-DIVIDEND>            0.470                                          
<PER-SHARE-DISTRIBUTIONS>       1.810                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             17.370                                         
<EXPENSE-RATIO>                 1.21                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   021                                            
     <NAME>                     FundManager Portfolios                         
                                FundManager Growth Portfolio                   
                                Financial Adviser Class                        
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Sep-30-1998                                    
<PERIOD-END>                    Mar-31-1998                                    
<INVESTMENTS-AT-COST>           34,555,404                                     
<INVESTMENTS-AT-VALUE>          42,898,420                                     
<RECEIVABLES>                   452                                            
<ASSETS-OTHER>                  332,940                                        
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  43,231,812                                     
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       130,537                                        
<TOTAL-LIABILITIES>             130,537                                        
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        31,574,031                                     
<SHARES-COMMON-STOCK>           2,463,916                                      
<SHARES-COMMON-PRIOR>           1,843,969                                      
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          (575,668)                                      
<ACCUMULATED-NET-GAINS>         3,760,896                                      
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        8,343,016                                      
<NET-ASSETS>                    41,622,536                                     
<DIVIDEND-INCOME>               343,969                                        
<INTEREST-INCOME>               0                                              
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  337,540                                        
<NET-INVESTMENT-INCOME>         6,429                                          
<REALIZED-GAINS-CURRENT>        3,555,848                                      
<APPREC-INCREASE-CURRENT>       1,287,220                                      
<NET-CHANGE-FROM-OPS>           4,849,497                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       561,585                                        
<DISTRIBUTIONS-OF-GAINS>        5,379,100                                      
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         497,843                                        
<NUMBER-OF-SHARES-REDEEMED>     240,093                                        
<SHARES-REINVESTED>             362,197                                        
<NET-CHANGE-IN-ASSETS>          9,001,468                                      
<ACCUMULATED-NII-PRIOR>         100,956                                        
<ACCUMULATED-GAINS-PRIOR>       5,911,570                                      
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           100,079                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 352,626                                        
<AVERAGE-NET-ASSETS>            40,225,395                                     
<PER-SHARE-NAV-BEGIN>           17.810                                         
<PER-SHARE-NII>                 0.001                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            0.260                                          
<PER-SHARE-DISTRIBUTIONS>       2.440                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             16.890                                         
<EXPENSE-RATIO>                 1.71                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   022                                            
     <NAME>                     FundManager Portfolios                         
                                FundManager Growth Portfolio                   
                                No-Load Class                                  
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Sep-30-1998                                    
<PERIOD-END>                    Mar-31-1998                                    
<INVESTMENTS-AT-COST>           34,555,404                                     
<INVESTMENTS-AT-VALUE>          42,898,420                                     
<RECEIVABLES>                   452                                            
<ASSETS-OTHER>                  332,940                                        
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  43,231,812                                     
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       130,537                                        
<TOTAL-LIABILITIES>             130,537                                        
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        31,574,031                                     
<SHARES-COMMON-STOCK>           87,243                                         
<SHARES-COMMON-PRIOR>           70,876                                         
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          (575,668)                                      
<ACCUMULATED-NET-GAINS>         3,760,896                                      
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        8,343,016                                      
<NET-ASSETS>                    1,478,739                                      
<DIVIDEND-INCOME>               343,969                                        
<INTEREST-INCOME>               0                                              
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  337,540                                        
<NET-INVESTMENT-INCOME>         6,429                                          
<REALIZED-GAINS-CURRENT>        3,555,848                                      
<APPREC-INCREASE-CURRENT>       1,287,220                                      
<NET-CHANGE-FROM-OPS>           4,849,497                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       21,512                                         
<DISTRIBUTIONS-OF-GAINS>        190,374                                        
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         14,308                                         
<NUMBER-OF-SHARES-REDEEMED>     11,197                                         
<SHARES-REINVESTED>             13,256                                         
<NET-CHANGE-IN-ASSETS>          9,001,468                                      
<ACCUMULATED-NII-PRIOR>         100,956                                        
<ACCUMULATED-GAINS-PRIOR>       5,911,570                                      
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           100,079                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 352,626                                        
<AVERAGE-NET-ASSETS>            40,225,395                                     
<PER-SHARE-NAV-BEGIN>           17.840                                         
<PER-SHARE-NII>                 0.040                                          
<PER-SHARE-GAIN-APPREC>         1.790                                          
<PER-SHARE-DIVIDEND>            0.280                                          
<PER-SHARE-DISTRIBUTIONS>       2.440                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             16.950                                         
<EXPENSE-RATIO>                 1.21                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   031                                            
     <NAME>                     FundManager Portfolios                         
                                FundManager Growth with Income Portfolio       
                                Financial Adviser Class                        
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Sep-30-1998                                    
<PERIOD-END>                    Mar-31-1998                                    
<INVESTMENTS-AT-COST>           35,530,758                                     
<INVESTMENTS-AT-VALUE>          44,110,075                                     
<RECEIVABLES>                   1,200                                          
<ASSETS-OTHER>                  290,977                                        
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  44,402,252                                     
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       115,023                                        
<TOTAL-LIABILITIES>             115,023                                        
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        31,492,449                                     
<SHARES-COMMON-STOCK>           2,403,053                                      
<SHARES-COMMON-PRIOR>           1,965,232                                      
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          (612,759)                                      
<ACCUMULATED-NET-GAINS>         4,828,222                                      
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        8,579,317                                      
<NET-ASSETS>                    43,267,311                                     
<DIVIDEND-INCOME>               410,111                                        
<INTEREST-INCOME>               0                                              
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  336,160                                        
<NET-INVESTMENT-INCOME>         73,951                                         
<REALIZED-GAINS-CURRENT>        4,476,442                                      
<APPREC-INCREASE-CURRENT>       (130,383)                                      
<NET-CHANGE-FROM-OPS>           4,420,010                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       669,212                                        
<DISTRIBUTIONS-OF-GAINS>        5,060,401                                      
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         330,934                                        
<NUMBER-OF-SHARES-REDEEMED>     215,306                                        
<SHARES-REINVESTED>             322,193                                        
<NET-CHANGE-IN-ASSETS>          6,212,693                                      
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       5,535,755                                      
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           104,406                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 348,571                                        
<AVERAGE-NET-ASSETS>            41,984,857                                     
<PER-SHARE-NAV-BEGIN>           18.970                                         
<PER-SHARE-NII>                 0.030                                          
<PER-SHARE-GAIN-APPREC>         1.670                                          
<PER-SHARE-DIVIDEND>            0.310                                          
<PER-SHARE-DISTRIBUTIONS>       2.350                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             18.010                                         
<EXPENSE-RATIO>                 1.62                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   032                                            
     <NAME>                     FundManager Portfolios                         
                                FundManager Growth with Income Portfolio       
                                No-Load Class                                  
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Sep-30-1998                                    
<PERIOD-END>                    Mar-31-1998                                    
<INVESTMENTS-AT-COST>           35,530,758                                     
<INVESTMENTS-AT-VALUE>          44,110,075                                     
<RECEIVABLES>                   1,200                                          
<ASSETS-OTHER>                  290,977                                        
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  44,402,252                                     
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       115,023                                        
<TOTAL-LIABILITIES>             115,023                                        
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        31,492,449                                     
<SHARES-COMMON-STOCK>           57,262                                         
<SHARES-COMMON-PRIOR>           42,633                                         
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          (612,759)                                      
<ACCUMULATED-NET-GAINS>         4,828,222                                      
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        8,579,317                                      
<NET-ASSETS>                    1,019,918                                      
<DIVIDEND-INCOME>               410,111                                        
<INTEREST-INCOME>               0                                              
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  336,160                                        
<NET-INVESTMENT-INCOME>         73,951                                         
<REALIZED-GAINS-CURRENT>        4,476,442                                      
<APPREC-INCREASE-CURRENT>       (130,383)                                      
<NET-CHANGE-FROM-OPS>           4,420,010                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       17,498                                         
<DISTRIBUTIONS-OF-GAINS>        123,574                                        
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         14,232                                         
<NUMBER-OF-SHARES-REDEEMED>     7,998                                          
<SHARES-REINVESTED>             8,395                                          
<NET-CHANGE-IN-ASSETS>          6,212,693                                      
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       5,535,755                                      
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           104,406                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 348,571                                        
<AVERAGE-NET-ASSETS>            41,984,857                                     
<PER-SHARE-NAV-BEGIN>           18.770                                         
<PER-SHARE-NII>                 0.070                                          
<PER-SHARE-GAIN-APPREC>         1.650                                          
<PER-SHARE-DIVIDEND>            0.330                                          
<PER-SHARE-DISTRIBUTIONS>       2.350                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             17.810                                         
<EXPENSE-RATIO>                 1.12                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   041                                            
     <NAME>                     FundManager Portfolios                         
                                FundManager Bond Portfolio                     
                                Financial Adviser Class                        
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Sep-30-1998                                    
<PERIOD-END>                    Mar-31-1998                                    
<INVESTMENTS-AT-COST>           50,342,693                                     
<INVESTMENTS-AT-VALUE>          51,687,488                                     
<RECEIVABLES>                   52,840                                         
<ASSETS-OTHER>                  587,066                                        
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  52,327,394                                     
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       82,412                                         
<TOTAL-LIABILITIES>             82,412                                         
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        53,730,601                                     
<SHARES-COMMON-STOCK>           4,963,676                                      
<SHARES-COMMON-PRIOR>           6,184,570                                      
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          (164,309)                                      
<ACCUMULATED-NET-GAINS>         (2,666,105)                                    
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        1,344,795                                      
<NET-ASSETS>                    50,950,937                                     
<DIVIDEND-INCOME>               1,706,304                                      
<INTEREST-INCOME>               0                                              
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  383,900                                        
<NET-INVESTMENT-INCOME>         1,322,404                                      
<REALIZED-GAINS-CURRENT>        898,071                                        
<APPREC-INCREASE-CURRENT>       (301,718)                                      
<NET-CHANGE-FROM-OPS>           1,918,697                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       1,900,542                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         375,051                                        
<NUMBER-OF-SHARES-REDEEMED>     1,690,248                                      
<SHARES-REINVESTED>             94,303                                         
<NET-CHANGE-IN-ASSETS>          (13,533,178)                                   
<ACCUMULATED-NII-PRIOR>         470,672                                        
<ACCUMULATED-GAINS-PRIOR>       (3,564,116)                                    
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           134,477                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 393,654                                        
<AVERAGE-NET-ASSETS>            53,887,937                                     
<PER-SHARE-NAV-BEGIN>           10.280                                         
<PER-SHARE-NII>                 0.270                                          
<PER-SHARE-GAIN-APPREC>         0.090                                          
<PER-SHARE-DIVIDEND>            0.380                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.260                                         
<EXPENSE-RATIO>                 1.44                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   042                                            
     <NAME>                     FundManager Portfolios                         
                                FundManager Bond Portfolio                     
                                No-Load Class                                  
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Sep-30-1998                                    
<PERIOD-END>                    Mar-31-1998                                    
<INVESTMENTS-AT-COST>           50,342,693                                     
<INVESTMENTS-AT-VALUE>          51,687,488                                     
<RECEIVABLES>                   52,840                                         
<ASSETS-OTHER>                  587,066                                        
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  52,327,394                                     
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       82,412                                         
<TOTAL-LIABILITIES>             82,412                                         
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        53,730,601                                     
<SHARES-COMMON-STOCK>           125,059                                        
<SHARES-COMMON-PRIOR>           214,805                                        
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          (164,309)                                      
<ACCUMULATED-NET-GAINS>         (2,666,105)                                    
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        1,344,795                                      
<NET-ASSETS>                    1,294,045                                      
<DIVIDEND-INCOME>               1,706,304                                      
<INTEREST-INCOME>               0                                              
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  383,900                                        
<NET-INVESTMENT-INCOME>         1,322,404                                      
<REALIZED-GAINS-CURRENT>        898,071                                        
<APPREC-INCREASE-CURRENT>       (301,718)                                      
<NET-CHANGE-FROM-OPS>           1,918,697                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       56,843                                         
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         1,132                                          
<NUMBER-OF-SHARES-REDEEMED>     96,353                                         
<SHARES-REINVESTED>             5,475                                          
<NET-CHANGE-IN-ASSETS>          (13,533,178)                                   
<ACCUMULATED-NII-PRIOR>         470,672                                        
<ACCUMULATED-GAINS-PRIOR>       (3,564,116)                                    
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           134,477                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 393,654                                        
<AVERAGE-NET-ASSETS>            53,887,937                                     
<PER-SHARE-NAV-BEGIN>           10.340                                         
<PER-SHARE-NII>                 0.320                                          
<PER-SHARE-GAIN-APPREC>         0.090                                          
<PER-SHARE-DIVIDEND>            0.400                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.350                                         
<EXPENSE-RATIO>                 0.94                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   05                                             
     <NAME>                     FundManager Portfolios                         
                                FundManager Managed Total Return Portfolio     
                                                                               
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Sep-30-1998                                    
<PERIOD-END>                    Mar-31-1998                                    
<INVESTMENTS-AT-COST>           9,423,874                                      
<INVESTMENTS-AT-VALUE>          10,369,962                                     
<RECEIVABLES>                   20,109                                         
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            616,856                                        
<TOTAL-ASSETS>                  11,006,927                                     
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       70,411                                         
<TOTAL-LIABILITIES>             70,411                                         
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        9,212,750                                      
<SHARES-COMMON-STOCK>           957,512                                        
<SHARES-COMMON-PRIOR>           962,428                                        
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          (70,384)                                       
<ACCUMULATED-NET-GAINS>         848,062                                        
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        946,088                                        
<NET-ASSETS>                    10,936,516                                     
<DIVIDEND-INCOME>               229,291                                        
<INTEREST-INCOME>               0                                              
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  136,721                                        
<NET-INVESTMENT-INCOME>         92,570                                         
<REALIZED-GAINS-CURRENT>        956,031                                        
<APPREC-INCREASE-CURRENT>       (336,751)                                      
<NET-CHANGE-FROM-OPS>           711,850                                        
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       222,837                                        
<DISTRIBUTIONS-OF-GAINS>        1,001,878                                      
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         57,913                                         
<NUMBER-OF-SHARES-REDEEMED>     171,689                                        
<SHARES-REINVESTED>             108,860                                        
<NET-CHANGE-IN-ASSETS>          (669,791)                                      
<ACCUMULATED-NII-PRIOR>         59,883                                         
<ACCUMULATED-GAINS-PRIOR>       893,909                                        
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           27,693                                         
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 147,454                                        
<AVERAGE-NET-ASSETS>            11,089,250                                     
<PER-SHARE-NAV-BEGIN>           12.060                                         
<PER-SHARE-NII>                 0.100                                          
<PER-SHARE-GAIN-APPREC>         0.650                                          
<PER-SHARE-DIVIDEND>            0.250                                          
<PER-SHARE-DISTRIBUTIONS>       1.140                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             11.420                                         
<EXPENSE-RATIO>                 2.47                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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