<PAGE> PAGE 1
000 B000000 12/31/97
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002 A000000 400 WEST MARKET STREET
002 B000000 LOUISVILLE
002 C000000 KY
002 D010000 40202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 9
007 C010100 1
007 C020100 CAPITAL PRESERVATION PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 INCOME ORIENTED PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 GROWTH AND INCOME PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 CAPITAL GROWTH PORTFOLIO
007 C030400 N
007 C010500 5
007 C020500 MAXIMUM APPRECIATION PORTFOLIO
007 C030500 N
007 C010600 6
007 C020600 HIGH QUALITY STOCK FUND
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007 C010700 7
007 C020700 FIXED INCOME FUND
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007 C010800 8
007 C020800 INTERNATIONAL ACTIVE FUND
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007 C020900 MONEY MARKET FUND
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<PAGE> PAGE 2
010 C01AA01 LOUISVILLE
010 C02AA01 KY
010 C03AA01 40202
010 A00AA02 STATE STREET
010 B00AA02 85-05003
010 C01AA02 BOSTON
010 C02AA02 MA
010 C03AA02 02110
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 KANSAS CITY
013 B02AA01 MO
013 B03AA01 64105
013 B04AA01 2143
014 A00AA01 AEGON USA SECURITIES, INC.
014 B00AA01 8-09158
014 A00AA02 ZAHORIK COMPANY, INC.
014 B00AA02 8-17285
014 A00AA03 DIVERSIFIED INVESTORS SECURITIES CORP.
014 B00AA03 8-45671
014 A00AA04 INTERSECURITIES, INC.
014 B00AA04 8-33429
014 A00AA05 AFSG SECURITIES CORPORATION
014 B00AA05 8-36562
015 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64105
015 E01AA01 X
015 A00AA02 CITIBANK, N.A.
015 B00AA02 S
015 C01AA02 BUENOS AIRES
015 D01AA02 ARGENTINA
015 E04AA02 X
015 A00AA03 WESTPAC BANKING CORPORATION
015 B00AA03 S
015 C01AA03 SYDNEY
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 ERSTE BANK DER OESTERREICHISCHEN
015 B00AA04 S
015 C01AA04 VIENNA
015 D01AA04 AUSTRIA
015 E04AA04 X
015 A00AA05 GENERALE BANK
015 B00AA05 S
015 C01AA05 BRUSSELS
015 D01AA05 BELGIUM
015 E04AA05 X
015 A00AA06 THE BRITISH BANK OF THE MIDDLE EAST
015 B00AA06 S
<PAGE> PAGE 3
015 C01AA06 MANAMA
015 D01AA06 BAHRAIN
015 E04AA06 X
015 A00AA07 THE BANK OF BERMUDA LIMITED
015 B00AA07 S
015 C01AA07 HAMILTON
015 D01AA07 BERMUDA
015 E04AA07 X
015 A00AA08 CITIBANK, N.A.
015 B00AA08 S
015 C01AA08 SAO PAULO
015 D01AA08 BRAZIL
015 E04AA08 X
015 A00AA09 BARCLAYS BANK OF BOTSWANA LIMITED
015 B00AA09 S
015 C01AA09 GABORONE
015 D01AA09 BOTSWANA
015 E04AA09 X
015 A00AA10 CITIBANK, N.A.
015 B00AA10 S
015 C01AA10 SANTIAGO
015 D01AA10 CHILE
015 E04AA10 X
015 A00AA11 THE HONG KONG & SHANGHAI BANKING CORP. LTD.
015 B00AA11 S
015 C01AA11 SHANGHAI
015 D01AA11 P.R. CHINA
015 E04AA11 X
015 A00AA12 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B00AA12 S
015 C01AA12 BOGOTA
015 D01AA12 COLOMBIA
015 E04AA12 X
015 A00AA13 ING BANK N.V.
015 B00AA13 S
015 C01AA13 SOFIA
015 D01AA13 BULGARIA
015 E04AA13 X
015 A00AA14 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B00AA14 S
015 C01AA14 PRAGUE
015 D01AA14 CZECH REPUBLIC
015 E04AA14 X
015 A00AA15 DEN DANSKE BANK
015 B00AA15 S
015 C01AA15 COPENHAGEN
015 D01AA15 DENMARK
015 E04AA15 X
015 A00AA16 CANADA TRUSTCO MORTGAGE COMPANY
015 B00AA16 S
015 C01AA16 TORONTO
<PAGE> PAGE 4
015 D01AA16 CANADA
015 E04AA16 X
015 A00AA17 MERITA BANK LTD.
015 B00AA17 S
015 C01AA17 HELSINKI
015 D01AA17 FINLAND
015 E04AA17 X
015 A00AA18 BANQUE PARIBAS
015 B00AA18 S
015 C01AA18 PARIS
015 D01AA18 FRANCE
015 E04AA18 X
015 A00AA19 DRESDNER BANK AG
015 B00AA19 S
015 C01AA19 FRANKFURT
015 D01AA19 GERMANY
015 E04AA19 X
015 A00AA20 PRIVREDNA BANKA ZAGREB D.D.
015 B00AA20 S
015 C01AA20 ZAGREB
015 D01AA20 CROATIA
015 E04AA20 X
015 A00AA21 NATIONAL BANK OF GREECE, S.A.
015 B00AA21 S
015 C01AA21 ATHENS
015 D01AA21 GREECE
015 E04AA21 X
015 A00AA22 STANDARD CHARTERED BANK PLC
015 B00AA22 S
015 C01AA22 HONG KONG
015 D01AA22 P.R. CHINA
015 E04AA22 X
015 A00AA23 CITIBANK BUDAPEST RT
015 B00AA23 S
015 C01AA23 BUDAPEST
015 D01AA23 HUNGARY
015 E04AA23 X
015 A00AA24 DEUTSCHE BANK AG
015 B00AA24 S
015 C01AA24 BOMBAY
015 D01AA24 INDIA
015 E04AA24 X
015 A00AA25 STANDARD CHARTERED BANK PLC
015 B00AA25 S
015 C01AA25 JAKARTA
015 D01AA25 INDONESIA
015 E04AA25 X
015 A00AA26 BANK OF IRELAND
015 B00AA26 S
015 C01AA26 DUBLIN
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<PAGE> PAGE 5
015 E04AA26 X
015 A00AA27 BANK HAPOALIM B.M.
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015 C01AA27 TEL AVIV
015 D01AA27 ISRAEL
015 E04AA27 X
015 A00AA28 BANQUE PARIBAS
015 B00AA28 S
015 C01AA28 MILAN
015 D01AA28 ITALY
015 E04AA28 X
015 A00AA29 STANDARD CHARTERED BANK
015 B00AA29 S
015 C01AA29 DHAKA
015 D01AA29 BANGLADESH
015 E04AA29 X
015 A00AA30 BRITISH BANK OF MIDDLE EAST, AMMAN
015 B00AA30 S
015 C01AA30 AMMAN
015 D01AA30 JORDAN
015 E04AA30 X
015 A00AA31 CITIBANK, N.A.
015 B00AA31 S
015 C01AA31 QUITO
015 D01AA31 ECUADOR
015 E04AA31 X
015 A00AA32 HONGKONG & SHANGHAI BANKING CORP
015 B00AA32 S
015 C01AA32 SEOUL
015 D01AA32 REPUBLIC OF KOREA
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015 A00AA33 STANDARD CHARTERED BANK MALAYSIA BERHAD
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015 D01AA33 MALAYSIA
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015 A00AA34 CITIBANK MEXICO, S.A.
015 B00AA34 S
015 C01AA34 MEXICO CITY
015 D01AA34 MEXICO
015 E04AA34 X
015 A00AA35 BARCLAYS BANK OF GHANA LIMITED
015 B00AA35 S
015 C01AA35 ACCRA
015 D01AA35 GHANA
015 E04AA35 X
015 A00AA36 MEESPIERSON N.V.
015 B00AA36 S
015 C01AA36 AMSTERDAM
015 D01AA36 THE NETHERLANDS
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<PAGE> PAGE 6
015 A00AA37 ANZ BANKING GROUP LTD.
015 B00AA37 S
015 C01AA37 WELLINGTON
015 D01AA37 NEW ZEALAND
015 E04AA37 X
015 A00AA38 CHRISTIANIA BANK OG KREDITKASSE
015 B00AA38 S
015 C01AA38 OSLO
015 D01AA38 NORWAY
015 E04AA38 X
015 A00AA39 DEUTSCHE BANK AG
015 B00AA39 S
015 C01AA39 KARACHI
015 D01AA39 PAKISTAN
015 E04AA39 X
015 A00AA40 CITIBANK N.A.
015 B00AA40 S
015 C01AA40 LIMA
015 D01AA40 PERU
015 E04AA40 X
015 A00AA41 STANDARD CHARTERED BANK PLC
015 B00AA41 S
015 C01AA41 MANILA
015 D01AA41 PHILIPPINES
015 E04AA41 X
015 A00AA42 CITIBANK POLAND S.A.
015 B00AA42 S
015 C01AA42 WARSAW
015 D01AA42 POLAND
015 E04AA42 X
015 A00AA43 BANCO COMERCIAL PORTUGUES
015 B00AA43 S
015 C01AA43 LISBON
015 D01AA43 PORTUGAL
015 E04AA43 X
015 A00AA44 THE DEVELOPMENT BANK OF SINGAPORE LTD. (DBS)
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015 C01AA44 SINGAPORE
015 D01AA44 SINGAPORE
015 E04AA44 X
015 A00AA45 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B00AA45 S
015 C01AA45 JOHANNESBURG
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015 A00AA46 BANCO SANTANDER, S.A.
015 B00AA46 S
015 C01AA46 MADRID
015 D01AA46 SPAIN
015 E04AA46 X
015 A00AA47 THE HONG KONG & SHANGHAI BANKING CORP. LTD.
<PAGE> PAGE 7
015 B00AA47 S
015 C01AA47 COLOMBO
015 D01AA47 SRI LANKA
015 E04AA47 X
015 A00AA48 SKANDINAVISKA ENSKILDA BANKEN
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015 C01AA48 STOCKHOLM
015 D01AA48 SWEDEN
015 E04AA48 X
015 A00AA49 UNION BANK OF SWITZERLAND
015 B00AA49 S
015 C01AA49 ZURICH
015 D01AA49 SWITZERLAND
015 E04AA49 X
015 A00AA50 CENTRAL TRUST OF CHINA
015 B00AA50 S
015 C01AA50 TAIPEI
015 D01AA50 TAIWAN-R.O.C.
015 E04AA50 X
015 A00AA51 STANDARD CHARTERED BANK
015 B00AA51 S
015 C01AA51 BANGKOK
015 D01AA51 THAILAND
015 E04AA51 X
015 A00AA52 CITIBANK, N.A.
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015 C01AA52 ISTANBUL
015 D01AA52 TURKEY
015 E04AA52 X
015 A00AA53 STATE STREET AND TRUST COMPANY
015 B00AA53 S
015 C01AA53 LONDON
015 D01AA53 UNITED KINGDOM
015 E04AA53 X
015 A00AA54 THE DAIWA BANK, LIMITED
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015 D01AA54 JAPAN
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015 A00AA55 CITIBANK, N.A.
015 B00AA55 S
015 C01AA55 CARACAS
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015 A00AA56 THE FUJI BANK, LIMITED
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015 C01AA56 TOKYO
015 D01AA56 JAPAN
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<PAGE> PAGE 8
015 C01AA57 MOSCOW
015 D01AA57 RUSSIA
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015 A00AA58 SOCIETE GENERALE DE BANQUES EN COTE D IVOIRE
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015 D01AA58 IVORY COAST
015 E04AA58 X
015 A00AA59 BARCLAYS BANK OF KENYA LIMITED
015 B00AA59 S
015 C01AA59 NAIROBI
015 D01AA59 KENYA
015 E04AA59 X
015 A00AA60 BANQUE COMMERCIALE DU MAROC
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015 C01AA60 CASABLANCA
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015 A00AA61 THE BRITISH BANK OF THE MIDDLE EAST
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<PAGE> PAGE 9
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015 E04AA70 X
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015 C01AA71 CARIO
015 D01AA71 EGYPT
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015 A00AA72 THE HONG KONG & SHANGHAI BANKING CORP. LTD.
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015 A00AA73 THE BRITISH BANK OF THE MIDDLE EAST
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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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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<PAGE> PAGE 20
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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 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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008 A000701 PB INVESTMENT ADVISORS, INC.
008 B000701 A
008 C000701 801-35928
008 D010701 LOUISVILLE
008 D020701 KY
008 D030701 40202
008 A000702 ATLANTA CAPTIAL MANAGEMENT COMPANY LLC.
008 B000702 S
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008 D010702 ATLANTA
008 D020702 GA
008 D030702 30309
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025 D000701 0
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<PAGE> PAGE 40
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045 000700 Y
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<PAGE> PAGE 41
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062 P000700 0.0
062 Q000700 1.8
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063 B000700 5.0
064 A000700 N
064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 N
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 N
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 Y
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070 O010700 N
<PAGE> PAGE 42
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
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070 R020700 N
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072CC010700 128
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074 B000700 165
074 C000700 988
<PAGE> PAGE 43
074 D000700 4133
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074 R040700 23
074 S000700 0
074 T000700 5607
074 U010700 546
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074 V010700 10.26
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075 A000700 0
075 B000700 5208
076 000700 0.00
008 A000801 PB INVESTMENT ADVISORS, INC
008 B000801 A
008 C000801 801-35928
008 D010801 LOUISVILLE
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<PAGE> PAGE 44
028 A010800 13
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045 000800 Y
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<PAGE> PAGE 45
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058 A000800 N
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066 A000800 Y
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<PAGE> PAGE 46
070 D020800 N
070 E010800 N
070 E020800 N
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070 F020800 N
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070 H010800 Y
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070 I010800 N
070 I020800 N
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070 K020800 Y
070 L010800 Y
070 L020800 Y
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070 N020800 N
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070 O020800 N
070 P010800 N
070 P020800 N
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071 A000800 14444
071 B000800 5047
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<PAGE> PAGE 47
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072BB000800 736
072CC010800 286
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074 A000800 131
074 B000800 0
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074 F000800 9007
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075 B000800 10034
<PAGE> PAGE 48
076 000800 0.00
008 A000901 PB INVESTMENT ADVISORS, INC.
008 B000901 A
008 C000901 801-35928
008 D010901 LOUISVILLE
008 D020901 KY
008 D030901 40202
008 A000902 FEDERATED INVESTMENT COUNSELING
008 B000902 S
008 C000902 801-34611
008 D010902 PITTSBURGH
008 D020902 PA
008 D030902 15222
008 D040902 3779
024 000900 N
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<PAGE> PAGE 49
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058 A000900 N
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059 000900 Y
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<PAGE> PAGE 50
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067 000900 N
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070 C020900 N
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070 D020900 N
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070 E020900 N
070 F010900 N
070 F020900 N
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070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
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070 K020900 N
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070 Q020900 N
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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SIGNATURE ERIC LAMLEIN
TITLE REPORTING ADMIN
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001026222
<NAME> CAPITAL PRESERVATION PORTFOLIO
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001026222
<NAME> INCOME ORIENTED PORTFOLIO
<S> <C>
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<PAID-IN-CAPITAL-COMMON> 8,331
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (75)
<NET-ASSETS> 8,256
<DIVIDEND-INCOME> 147
<INTEREST-INCOME> 5
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 152
<REALIZED-GAINS-CURRENT> 40
<APPREC-INCREASE-CURRENT> (75)
<NET-CHANGE-FROM-OPS> 117
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (152)
<DISTRIBUTIONS-OF-GAINS> (40)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 759
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 18
<NET-CHANGE-IN-ASSETS> 8,256
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,163
<AVERAGE-NET-ASSETS> 869
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.20
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<PER-SHARE-DIVIDEND> (0.20)
<PER-SHARE-DISTRIBUTIONS> (0.05)
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<PER-SHARE-NAV-END> 10.63
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001026222
<NAME> GROWTH & INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> MAY-9-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 179,915
<INVESTMENTS-AT-VALUE> 180,827
<RECEIVABLES> 301
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 185,559
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,729
<TOTAL-LIABILITIES> 4,729
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 179,972
<SHARES-COMMON-STOCK> 16,869
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 19
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (73)
<ACCUM-APPREC-OR-DEPREC> 912
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<DIVIDEND-INCOME> 2,799
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<OTHER-INCOME> 0
<EXPENSES-NET> 0
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<DISTRIBUTIONS-OF-INCOME> (2,989)
<DISTRIBUTIONS-OF-GAINS> (2,026)
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<NUMBER-OF-SHARES-REDEEMED> (1,337)
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<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,417
<AVERAGE-NET-ASSETS> 58,091
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> 0.84
<PER-SHARE-DIVIDEND> (0.18)
<PER-SHARE-DISTRIBUTIONS> (0.12)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.72
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001026222
<NAME> CAPITAL GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> MAY-9-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 812,087
<INVESTMENTS-AT-VALUE> 816,349
<RECEIVABLES> 311
<ASSETS-OTHER> 4,254
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 820,914
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,565
<TOTAL-LIABILITIES> 4,565
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 812,120
<SHARES-COMMON-STOCK> 73,920
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (33)
<ACCUM-APPREC-OR-DEPREC> 4,262
<NET-ASSETS> 816,349
<DIVIDEND-INCOME> 3,441
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 3,441
<REALIZED-GAINS-CURRENT> 2,459
<APPREC-INCREASE-CURRENT> 4,262
<NET-CHANGE-FROM-OPS> 10,162
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,441)
<DISTRIBUTIONS-OF-GAINS> (2,492)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 73,664
<NUMBER-OF-SHARES-REDEEMED> (282)
<SHARES-REINVESTED> 538
<NET-CHANGE-IN-ASSETS> 816,349
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,222
<AVERAGE-NET-ASSETS> 86,396
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 1.13
<PER-SHARE-DIVIDEND> (0.13)
<PER-SHARE-DISTRIBUTIONS> (0.09)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.04
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001026222
<NAME> MAXIMUM APPRECIATION PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> MAY-9-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 239,079
<INVESTMENTS-AT-VALUE> 244,738
<RECEIVABLES> 337
<ASSETS-OTHER> 4,257
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 249,332
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,594
<TOTAL-LIABILITIES> 4,594
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 239,094
<SHARES-COMMON-STOCK> 21,679
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 32
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (47)
<ACCUM-APPREC-OR-DEPREC> 5,659
<NET-ASSETS> 244,738
<DIVIDEND-INCOME> 1,462
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 1,462
<REALIZED-GAINS-CURRENT> 2,634
<APPREC-INCREASE-CURRENT> 5,659
<NET-CHANGE-FROM-OPS> 9,755
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,462)
<DISTRIBUTIONS-OF-GAINS> (2,649)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,714
<NUMBER-OF-SHARES-REDEEMED> (400)
<SHARES-REINVESTED> 365
<NET-CHANGE-IN-ASSETS> 244,738
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,263
<AVERAGE-NET-ASSETS> 70,538
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 1.41
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> (0.12)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.29
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001026222
<NAME> HIGH QUALITY STOCK FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> MAY-9-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 10,722,726
<INVESTMENTS-AT-VALUE> 12,392,705
<RECEIVABLES> 22,636
<ASSETS-OTHER> 129,318
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,544,659
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29,595
<TOTAL-LIABILITIES> 29,595
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,757,591
<SHARES-COMMON-STOCK> 1,065,622
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 15
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 87,479
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,669,979
<NET-ASSETS> 12,515,064
<DIVIDEND-INCOME> 106,636
<INTEREST-INCOME> 43,591
<OTHER-INCOME> 0
<EXPENSES-NET> 64,965
<NET-INVESTMENT-INCOME> 85,262
<REALIZED-GAINS-CURRENT> 229,655
<APPREC-INCREASE-CURRENT> 1,669,979
<NET-CHANGE-FROM-OPS> 1,984,896
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (85,247)
<DISTRIBUTIONS-OF-GAINS> (142,176)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,065,710
<NUMBER-OF-SHARES-REDEEMED> (19,810)
<SHARES-REINVESTED> 19,722
<NET-CHANGE-IN-ASSETS> 12,515,064
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 46,919
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 78,082
<AVERAGE-NET-ASSETS> 11,116,781
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 1.88
<PER-SHARE-DIVIDEND> (0.08)
<PER-SHARE-DISTRIBUTIONS> (0.14)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.74
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001026222
<NAME> FIXED INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> MAY-9-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 5,382,260
<INVESTMENTS-AT-VALUE> 5,510,285
<RECEIVABLES> 97,366
<ASSETS-OTHER> 25,403
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,633,054
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,367
<TOTAL-LIABILITIES> 26,367
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,478,662
<SHARES-COMMON-STOCK> 546,467
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 128,025
<NET-ASSETS> 5,606,687
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 204,045
<OTHER-INCOME> 0
<EXPENSES-NET> 30,436
<NET-INVESTMENT-INCOME> 173,609
<REALIZED-GAINS-CURRENT> 16,311
<APPREC-INCREASE-CURRENT> 128,025
<NET-CHANGE-FROM-OPS> 317,945
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (173,971)
<DISTRIBUTIONS-OF-GAINS> (16,311)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 528,711
<NUMBER-OF-SHARES-REDEEMED> (798)
<SHARES-REINVESTED> 18,554
<NET-CHANGE-IN-ASSETS> 5,606,687
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21,981
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 53,060
<AVERAGE-NET-ASSETS> 5,208,127
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 0.29
<PER-SHARE-DIVIDEND> (0.34)
<PER-SHARE-DISTRIBUTIONS> (0.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.26
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001026222
<NAME> INTERNATIONAL ACTIVE FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> MAY-9-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 9,386,898
<INVESTMENTS-AT-VALUE> 9,671,365
<RECEIVABLES> 29,007
<ASSETS-OTHER> 132,227
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,832,599
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,334
<TOTAL-LIABILITIES> 28,334
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,203,681
<SHARES-COMMON-STOCK> 1,021,010
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (12,039)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (673,728)
<ACCUM-APPREC-OR-DEPREC> 286,351
<NET-ASSETS> 9,804,265
<DIVIDEND-INCOME> 127,691
<INTEREST-INCOME> 28,297
<OTHER-INCOME> (12,982)
<EXPENSES-NET> 74,925
<NET-INVESTMENT-INCOME> 68,081
<REALIZED-GAINS-CURRENT> (736,159)
<APPREC-INCREASE-CURRENT> 286,351
<NET-CHANGE-FROM-OPS> (381,727)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17,693)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,019,442
<NUMBER-OF-SHARES-REDEEMED> (292)
<SHARES-REINVESTED> 1,860
<NET-CHANGE-IN-ASSETS> 9,804,265
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 58,636
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 109,736
<AVERAGE-NET-ASSETS> 10,033,911
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> (0.45)
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.60
<EXPENSE-RATIO> 1.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001026222
<NAME> MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> MAY-9-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 2,328,304
<INVESTMENTS-AT-VALUE> 2,328,304
<RECEIVABLES> 15,001
<ASSETS-OTHER> 41,894
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,385,199
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 23,858
<TOTAL-LIABILITIES> 23,858
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,361,341
<SHARES-COMMON-STOCK> 2,361,341
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,361,341
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 75,611
<OTHER-INCOME> 0
<EXPENSES-NET> 8,647
<NET-INVESTMENT-INCOME> 66,964
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 66,964
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (66,964)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,378,461
<NUMBER-OF-SHARES-REDEEMED> (89,084)
<SHARES-REINVESTED> 66,964
<NET-CHANGE-IN-ASSETS> 2,356,341
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,321
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 35,513
<AVERAGE-NET-ASSETS> 2,048,737
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
[DESCRIPTION]Auditors Report of Internal Control
February 6, 1998
To the Contractholders and Board of Trustees of PB Series Trust.
In planning and performing our audit of the financial statements of PB
Series Trust for the period ended December 31, 1997, we considered its
internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance on
the internal control.
The management of PB Series Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entitys objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of
internal control 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 would not necessarily disclose
all matters in the internal control that might be material weakness
under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the
design or operation of one or more of the internal control components
does not reduce to a relatively low level the risk that errors or fraud
in amounts that would be material in relation to the financial
statements 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
and its operation, including controls for safeguarding securities, that
we consider to be material weaknesses as defined above at December 31,
1997.
This report is intended solely for the information and use of the Board
of Directors and management of PB Series Trust and the Securities and
Exchange Commission.
ERNST & YOUNG LLP
