<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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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 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 22
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<PAGE> PAGE 24
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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 36
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<PAGE> PAGE 39
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064 B000700 N
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070 F010700 N
070 F020700 N
070 G010700 N
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070 I010700 N
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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008 A000801 PB INVESTMENT ADVISORS, INC
008 B000801 A
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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008 A000901 PB INVESTMENT ADVISORS, INC.
008 B000901 A
008 C000901 801-35928
008 D010901 LOUISVILLE
008 D020901 KY
008 D030901 40202
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008 C000902 801-34611
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024 000900 N
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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SIGNATURE CHRISTINE SONG
TITLE MANAGER OF FUND ADMI
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 1026222000
<NAME> CAPITAL PRESERVATION PORTFOLIO
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 1026222000
<NAME> INCOME ORIENTED PORTFOLIO
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<ACCUM-APPREC-OR-DEPREC> (6)
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 1026222000
<NAME> GROWTH & INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 1026222000
<NAME> CAPITAL GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
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<ACCUMULATED-NET-GAINS> 0
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<GROSS-EXPENSE> 32,765
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<PER-SHARE-NAV-BEGIN> 11.04
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> 1.03
<PER-SHARE-DIVIDEND> (0.14)
<PER-SHARE-DISTRIBUTIONS> (0.53)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.54
<EXPENSE-RATIO> 0.00
<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> 1026222000
<NAME> MAXIMUM APPRECIATION PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 882,104
<INVESTMENTS-AT-VALUE> 899,069
<RECEIVABLES> 4,807
<ASSETS-OTHER> 2,835
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 906,711
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,642
<TOTAL-LIABILITIES> 7,642
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 883,279
<SHARES-COMMON-STOCK> 75,539
<SHARES-COMMON-PRIOR> 21,679
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,175)
<ACCUM-APPREC-OR-DEPREC> 16,965
<NET-ASSETS> 899,069
<DIVIDEND-INCOME> 3,973
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 3,973
<REALIZED-GAINS-CURRENT> 49,126
<APPREC-INCREASE-CURRENT> 11,306
<NET-CHANGE-FROM-OPS> 64,405
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,005)
<DISTRIBUTIONS-OF-GAINS> (50,254)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 59,275
<NUMBER-OF-SHARES-REDEEMED> (10,017)
<SHARES-REINVESTED> 4,602
<NET-CHANGE-IN-ASSETS> 654,331
<ACCUMULATED-NII-PRIOR> 32
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 47
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 32,765
<AVERAGE-NET-ASSETS> 465,150
<PER-SHARE-NAV-BEGIN> 11.29
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 1.32
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> (0.71)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.90
<EXPENSE-RATIO> 0.00
<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> 1026222000
<NAME> HIGH QUALITY STOCK FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 12,166,101
<INVESTMENTS-AT-VALUE> 14,314,851
<RECEIVABLES> 30,791
<ASSETS-OTHER> 3,811
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,349,453
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 41,106
<TOTAL-LIABILITIES> 41,106
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,171,803
<SHARES-COMMON-STOCK> 1,183,374
<SHARES-COMMON-PRIOR> 1,065,622
<ACCUMULATED-NII-CURRENT> 257
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 12,463
<ACCUM-APPREC-OR-DEPREC> 2,148,750
<NET-ASSETS> 14,308,347
<DIVIDEND-INCOME> 202,753
<INTEREST-INCOME> 10,564
<OTHER-INCOME> 0
<EXPENSES-NET> 114,874
<NET-INVESTMENT-INCOME> 98,443
<REALIZED-GAINS-CURRENT> 889,126
<APPREC-INCREASE-CURRENT> 478,771
<NET-CHANGE-FROM-OPS> 1,466,340
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (98,201)
<DISTRIBUTIONS-OF-GAINS> (989,068)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 113,975
<NUMBER-OF-SHARES-REDEEMED> (87,079)
<SHARES-REINVESTED> 90,856
<NET-CHANGE-IN-ASSETS> 1,793,283
<ACCUMULATED-NII-PRIOR> 15
<ACCUMULATED-GAINS-PRIOR> 87,479
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 82,964
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 226,791
<AVERAGE-NET-ASSETS> 12,767,700
<PER-SHARE-NAV-BEGIN> 11.74
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 1.29
<PER-SHARE-DIVIDEND> (0.09)
<PER-SHARE-DISTRIBUTIONS> (0.94)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.09
<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> 1026222000
<NAME> FIXED INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 5,971,897
<INVESTMENTS-AT-VALUE> 6,098,093
<RECEIVABLES> 94,139
<ASSETS-OTHER> 800
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,193,032
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33,367
<TOTAL-LIABILITIES> 33,367
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,033,309
<SHARES-COMMON-STOCK> 599,911
<SHARES-COMMON-PRIOR> 546,467
<ACCUMULATED-NII-CURRENT> 160
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 126,196
<NET-ASSETS> 6,159,665
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 327,438
<OTHER-INCOME> 0
<EXPENSES-NET> 50,551
<NET-INVESTMENT-INCOME> 276,887
<REALIZED-GAINS-CURRENT> 145,608
<APPREC-INCREASE-CURRENT> (1,829)
<NET-CHANGE-FROM-OPS> 420,666
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (276,727)
<DISTRIBUTIONS-OF-GAINS> (145,608)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 100,063
<NUMBER-OF-SHARES-REDEEMED> (87,806)
<SHARES-REINVESTED> 41,187
<NET-CHANGE-IN-ASSETS> 552,978
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 36,509
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 169,322
<AVERAGE-NET-ASSETS> 5,616,630
<PER-SHARE-NAV-BEGIN> 10.26
<PER-SHARE-NII> 0.52
<PER-SHARE-GAIN-APPREC> 0.28
<PER-SHARE-DIVIDEND> (0.52)
<PER-SHARE-DISTRIBUTIONS> (0.27)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.27
<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> 1026222000
<NAME> INTERNATIONAL ACTIVE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 10,063,070
<INVESTMENTS-AT-VALUE> 12,157,916
<RECEIVABLES> 38,089
<ASSETS-OTHER> 1,942
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,197,947
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 64,879
<TOTAL-LIABILITIES> 64,879
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,274,362
<SHARES-COMMON-STOCK> 1,028,728
<SHARES-COMMON-PRIOR> 1,021,010
<ACCUMULATED-NII-CURRENT> 1,490
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 232,253
<ACCUM-APPREC-OR-DEPREC> 2,089,469
<NET-ASSETS> 12,133,068
<DIVIDEND-INCOME> 199,102
<INTEREST-INCOME> 20,456
<OTHER-INCOME> (23,021)
<EXPENSES-NET> 128,535
<NET-INVESTMENT-INCOME> 68,002
<REALIZED-GAINS-CURRENT> 349,587
<APPREC-INCREASE-CURRENT> 1,803,118
<NET-CHANGE-FROM-OPS> 2,220,707
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 31,091
<NUMBER-OF-SHARES-REDEEMED> (23,373)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,328,803
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 12,039
<OVERDIST-NET-GAINS-PRIOR> 673,728
<GROSS-ADVISORY-FEES> 100,592
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 313,432
<AVERAGE-NET-ASSETS> 11,178,632
<PER-SHARE-NAV-BEGIN> 9.60
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 2.12
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.79
<EXPENSE-RATIO> 1.15
<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> 1026222000
<NAME> MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 2,242,000
<INVESTMENTS-AT-VALUE> 2,242,000
<RECEIVABLES> 18,649
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,260,649
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33,381
<TOTAL-LIABILITIES> 33,381
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,227,268
<SHARES-COMMON-STOCK> 2,227,268
<SHARES-COMMON-PRIOR> 2,361,341
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,227,268
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 117,068
<OTHER-INCOME> 0
<EXPENSES-NET> 13,698
<NET-INVESTMENT-INCOME> 103,370
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (103,370)
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (103,370)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 857,518
<NUMBER-OF-SHARES-REDEEMED> (1,094,961)
<SHARES-REINVESTED> 103,307
<NET-CHANGE-IN-ASSETS> (134,073)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,430
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 146,039
<AVERAGE-NET-ASSETS> 2,109,157
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<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
January 22, 1999
The Contractholders and Board of Trustees
PB Series Trust
In planning and performing our audit of the financial statements of PB Series
Trust (the Trust) for the year ended December 31, 1998, 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, and not to provide assurance on the internal control.
The management of the 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
entity's 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 internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or
more of the specified 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
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above at
December 31, 1998.
This report is intended solely for the information and use of the Board of
Directors and management of the Trust and the Securities and Exchange
Commission and is not intended to be, and should not be, used by anyone other
than these specified parties.
Ernst & Young LLP
Kansas City, Missouri
