<PAGE> PAGE 1
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002 C000000 IA
002 D010000 50309
003 000000 N
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005 000000 N
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007 C010100 1
007 C020100 MONEY MARKET PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 MORTGAGE-BACKED SECURITIES PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 INTERNATIONAL FIXED INCOME PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 GOVERNMENT SECURITIES PORTFOLIO
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007 C010500 5
007 C020500 INTERNATIONAL STOCK PORTFOLIO
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007 C010600 6
007 C020600 SHORT-TERM BOND PORTFOLIO
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<PAGE> PAGE 2
007 C031000 N
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010 C01AA01 DES MOINES
010 C02AA01 IA
010 C03AA01 50309
010 A00AA02 STATE STREET BANK AND TRUST COMPANY
010 B00AA02 85-05003
010 C01AA02 BOSTON
010 C02AA02 MA
010 C03AA02 02110
012 A00AA01 STATE STREET BANK AND TRUST COMPANY
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012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02110
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02116
014 A00AA01 MASSACHUSETTS FINANCIAL DISTRIBUTORS
014 B00AA01 8-01-17352
014 A00AA02 EQUITABLE OF IOWA SECURITIES NETWORK, INC.
014 B00AA02 8-47-277
014 A00AA03 LOCUST STREET SECURITIES, INC.
014 B00AA03 8-11-8522
014 A00AA04 STRONG FUNDS DISTRIBUTORS, INC.
014 B00AA04 8-107-24
014 A00AA05 CS FIRST BOSTON
014 B00AA05 8-01-19906
014 A00AA06 CREDIT SUISSE FINANCIAL PRODUCTS
014 B00AA06 8-01-40177
014 A00AA07 CS FIRST BOSTON LIMITED
014 B00AA07 8-XX-XXX
014 A00AA08 CS FIRST BOSTON EQUITIES (EUROPE) LIMITED
014 B00AA08 8-XX-XXX
014 A00AA09 CS FIRST BOSTON (SWITZERLAND) AG
014 B00AA09 8-XX-XXX
014 A00AA10 CS FIRST BOSTON FRANCE S.A.
014 B00AA10 8-XX-XXX
014 A00AA11 CS FIRST BOSTON ITALIA SPA
014 B00AA11 8-XX-XXX
014 A00AA12 CS FIRST BOSTON - EFFECTENBANK AKTIENGESELL.
014 B00AA12 8-XX-XXX
014 A00AA13 CS FIRST BOSTON GILTS LIMITED
014 B00AA13 8-XX-XXX
014 A00AA14 CS FIRST BOSTON (NEDERLAND) N.V.
014 B00AA14 8-XX-XXX
014 A00AA15 CS FIRST BOSTON BUDAPEST RT
014 B00AA15 8-XX-XXX
014 A00AA16 CS FIRST BOSTON (JAPAN) LIMITED
<PAGE> PAGE 3
014 B00AA16 8-XX-XXX
014 A00AA17 CS FIRST BOSTON (SINGAPORE) LIMITED REPUBLIC
014 B00AA17 8-XX-XXX
014 A00AA18 CS FIRST BOSTON (HONG KONG) LIMITED
014 B00AA18 8-XX-XXX
014 A00AA19 CS FIRST BOSTON NZ SECURITIES LIMITED
014 B00AA19 8-XX-XXX
014 A00AA20 CS FIRST BOSTON NZ FUTURES LIMITED
014 B00AA20 8-XX-XXX
014 A00AA21 CS FIRST BOSTON NZ LIMITED
014 B00AA21 8-XX-XXX
014 A00AA22 CS FIRST BOSTON AUSTRALIA LIMITED
014 B00AA22 8-XX-XXX
014 A00AA23 CS FIRST BOSTON AUSTRALIA SECURITIES LIMITED
014 B00AA23 8-XX-XXX
014 A00AA24 CS FIRST BOSTON AUSTRALIA EQUITIES LIMITED
014 B00AA24 8-XX-XXX
014 A00AA25 CS FIRST BOSTON AUSTRALIA DISCOUNT LIMITED
014 B00AA25 8-XX-XXX
014 A00AA26 CS FIRST BOSTON EQUITIES (US) LIMITED
014 B00AA26 8-XX-XXX
014 A00AA27 CS FIRST BOSTON GUERNSEY LIMITED
014 B00AA27 8-XX-XXX
014 A00AA28 CS FIRST BOSTON PRAHA
014 B00AA28 8-XX-XXX
014 A00AA29 SWISS AMERICAN SECURITIES, INC.
014 B00AA29 8-XX-XXX
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
015 A00AA02 CITIBANK, N.A.
015 B00AA02 S
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<PAGE> PAGE 4
015 D01AA05 BELGIUM
015 E04AA05 X
015 A00AA06 STANDARD CHARTERED BANK
015 B00AA06 S
015 C01AA06 DHAKA
015 D01AA06 BANGLADESH
015 E04AA06 X
015 A00AA07 BARCLAYS BANK OF BOTSWANA LTD
015 B00AA07 S
015 C01AA07 GABORONE
015 D01AA07 BOTSWANA
015 E04AA07 X
015 A00AA08 CITIBANK, N.A.
015 B00AA08 S
015 C01AA08 SAO PAULO
015 D01AA08 BRAZIL
015 E04AA08 X
015 A00AA09 CANADA TRUSTCO MORTGAGE COMPANY
015 B00AA09 S
015 C01AA09 TORONTO
015 D01AA09 CANADA
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.
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015 C01AA11 SHANGHAI
015 D01AA11 CHINA-SHANGHAI
015 E04AA11 X
015 A00AA12 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B00AA12 S
015 C01AA12 BOGOTA
015 D01AA12 COLOMBIA
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015 A00AA13 BARCLAYS BANK PLC
015 B00AA13 S
015 C01AA13 NICOSIA
015 D01AA13 CYPRUS
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
<PAGE> PAGE 5
015 E04AA15 X
015 A00AA16 NATIONAL BANK OF EGYPT
015 B00AA16 S
015 C01AA16 CAIRO
015 D01AA16 EGYPT
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 BHF - BANK AKTIENGESELLSCHAFT
015 B00AA19 S
015 C01AA19 FRANKFURT
015 D01AA19 GERMANY
015 E04AA19 X
015 A00AA20 BARCLAYS BANK OF GHANA LTD.
015 B00AA20 S
015 C01AA20 ACCRA
015 D01AA20 GHANA
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015 A00AA21 NATIONAL BANK OF GREECE, S.A.
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<PAGE> PAGE 6
015 A00AA26 BANK OF IRELAND
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015 A00AA27 BANK HAPOALIM B.M.
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015 D01AA27 ISRAEL
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015 C01AA28 MILAN
015 D01AA28 ITALY
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015 A00AA29 SUMITOMO TRUST & BANKING CO., LTD.
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015 D01AA29 JAPAN
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015 A00AA30 BRITISH BANK OF MIDDLE EAST, AMMAN
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015 D01AA30 JORDAN
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015 A00AA31 BARCLAYS BANK OF KENYA LTD.
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015 B00AA34 S
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<PAGE> PAGE 7
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015 D01AA36 NETHERLANDS
015 E04AA36 X
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
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015 C01AA38 OSLO
015 D01AA38 NORWAY
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015 E04AA39 X
015 A00AA40 CITIBANK N.A.
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015 D01AA40 PERU
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015 A00AA41 STANDARD CHARTERED BANK PLC
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015 E04AA41 X
015 A00AA42 CITIBANK POLAND S.A.
015 B00AA42 S
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015 A00AA43 BANCO COMERCIAL PORTUGUES
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015 C01AA43 LISBON
015 D01AA43 PORTUGAL
015 E04AA43 X
015 A00AA44 THE DEVELOPMENT BANK OF SINGAPORE LTD. (DBS)
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015 A00AA45 STANDARD BANK OF SOUTH AFRICA LIMITED
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<PAGE> PAGE 8
015 C01AA46 MADRID
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015 A00AA47 THE HONG KONG & SHANGHAI BANKING CORP. LTD.
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<PAGE> PAGE 9
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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 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 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 2946
071 B000600 2432
071 C000600 1170
071 D000600 208
072 A000600 12
072 B000600 119
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<PAGE> PAGE 38
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<PAGE> PAGE 39
074 Y000600 0
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075 B000600 1358
076 000600 0.00
008 A000701 EQUITABLE INVESTMENT SERVICES, INC.
008 B000701 A
008 C000701 801-46909
008 D010701 DES MOINES
008 D020701 IA
008 D030701 50309
008 A000702 MASSACHUSETTS FINANCIAL SERVICES COMPANY
008 B000702 S
008 C000702 801-17352
008 D010702 BOSTON
008 D020702 MA
008 D030702 02116
024 000700 N
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025 D000702 0
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028 G020700 0
<PAGE> PAGE 40
028 G030700 0
028 G040700 1656
028 H000700 0
045 000700 Y
046 000700 N
047 000700 Y
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048 I010700 0
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048 J020700 0.000
048 K010700 300000
048 K020700 0.550
058 A000700 N
058 B000700 N
058 C000700 N
058 D000700 N
058 E000700 N
059 000700 Y
060 A000700 N
060 B000700 N
061 000700 1200
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
<PAGE> PAGE 41
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
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066 B000700 N
066 C000700 N
066 D000700 Y
066 E000700 N
066 F000700 N
066 G000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 Y
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 Y
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 Y
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 Y
070 Q010700 N
<PAGE> PAGE 42
070 Q020700 N
070 R010700 N
070 R020700 N
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<PAGE> PAGE 43
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008 A000801 EQUITABLE INVESTMENT SERVICES, INC
008 B000801 A
008 C000801 801-46909
008 D010801 DES MOINES
008 D020801 IA
008 D030801 50309
008 A000802 MASSACHUSETTS FINANCIAL SERVICES COMPANY
008 B000802 S
008 C000802 801-17352
008 D010802 BOSTON
008 D020802 MA
008 D030802 02116
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<PAGE> PAGE 44
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<PAGE> PAGE 45
058 A000800 N
058 B000800 N
058 C000800 N
058 D000800 N
058 E000800 N
059 000800 Y
060 A000800 Y
060 B000800 Y
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062 A000800 N
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062 H000800 0.0
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062 Q000800 0.0
062 R000800 0.0
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063 B000800 0.0
066 A000800 Y
066 B000800 N
066 C000800 N
066 D000800 Y
066 E000800 N
066 F000800 N
066 G000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 Y
070 B010800 Y
070 B020800 N
070 C010800 N
070 C020800 N
070 D010800 Y
070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 Y
<PAGE> PAGE 46
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 Y
070 K010800 Y
070 K020800 N
070 L010800 Y
070 L020800 Y
070 M010800 Y
070 M020800 Y
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 Y
070 P020800 Y
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
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071 B000800 5435
071 C000800 6511
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<PAGE> PAGE 47
072 W000800 5
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075 B000800 6949
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008 A000901 EQUITABLE INVESTMENT SERVICES, INC.
008 B000901 A
008 C000901 801-46909
<PAGE> PAGE 48
008 D010901 DES MOINES
008 D020901 IA
008 D030901 50309
008 A000902 MASSACHUSETTS FINANCIAL SERVICES COMPANY
008 B000902 S
008 C000902 801-17352
008 D010902 BOSTON
008 D020902 MA
008 D030902 02116
024 000900 Y
025 A000901 GOLDMAN SACHS
025 B000901 13-5108880
025 C000901 D
025 D000901 20
025 A000902 LEHMAN BROTHERS, INC.
025 B000902 13-2518466
025 C000902 D
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028 G010900 9682
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<PAGE> PAGE 49
028 G040900 1201
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<PAGE> PAGE 50
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069 000900 N
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070 E020900 N
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070 F020900 N
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070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
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070 M020900 Y
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<PAGE> PAGE 51
070 R010900 N
070 R020900 N
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<PAGE> PAGE 52
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008 A001001 EQUITABLE INVESTMENT SERVICES, INC.
008 B001001 A
008 C001001 801-46909
008 D011001 DES MOINES
008 D021001 IA
008 D031001 50309
008 A001002 STRONG CAPITAL MANAGEMENT INC.
008 B001002 S
008 C001002 801-10724
008 D011002 MILWAUKEE
008 D021002 WI
008 D031002 53201
024 001000 Y
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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063 B001000 7.6
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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SIGNATURE MARY-ANN CLARK
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
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> MAY-9-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 26,964
<INVESTMENTS-AT-VALUE> 26,773
<RECEIVABLES> 303
<ASSETS-OTHER> 4,263
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31,339
<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> 26,963
<SHARES-COMMON-STOCK> 2,618
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (191)
<NET-ASSETS> 26,774
<DIVIDEND-INCOME> 425
<INTEREST-INCOME> 180
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 605
<REALIZED-GAINS-CURRENT> 73
<APPREC-INCREASE-CURRENT> (191)
<NET-CHANGE-FROM-OPS> 487
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (603)
<DISTRIBUTIONS-OF-GAINS> (73)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,897
<NUMBER-OF-SHARES-REDEEMED> (345)
<SHARES-REINVESTED> 66
<NET-CHANGE-IN-ASSETS> 26,774
<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> 11,210
<AVERAGE-NET-ASSETS> 10,719
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> 0.26
<PER-SHARE-DIVIDEND> (0.24)
<PER-SHARE-DISTRIBUTIONS> (0.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.23
<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> INCOME ORIENTED 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> 8,331
<INVESTMENTS-AT-VALUE> 8,256
<RECEIVABLES> 286
<ASSETS-OTHER> 4,257
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,799
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,543
<TOTAL-LIABILITIES> 4,543
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,331
<SHARES-COMMON-STOCK> 777
<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
<PER-SHARE-GAIN-APPREC> 0.68
<PER-SHARE-DIVIDEND> (0.20)
<PER-SHARE-DISTRIBUTIONS> (0.05)
<RETURNS-OF-CAPITAL> 0
<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
<ASSETS-OTHER> 4,431
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 185,559
<PAYABLE-FOR-SECURITIES> 0
<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
<NET-ASSETS> 180,830
<DIVIDEND-INCOME> 2,799
<INTEREST-INCOME> 193
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 2,992
<REALIZED-GAINS-CURRENT> 1,968
<APPREC-INCREASE-CURRENT> 912
<NET-CHANGE-FROM-OPS> 5,872
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,989)
<DISTRIBUTIONS-OF-GAINS> (2,026)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,738
<NUMBER-OF-SHARES-REDEEMED> (1,337)
<SHARES-REINVESTED> 468
<NET-CHANGE-IN-ASSETS> 180,830
<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> 11,417
<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
