FBL SERIES FUND INC
NSAR-A, 1998-03-31
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<PAGE>      PAGE  1
000 A000000 01/31/98
000 C000000 0000034549
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 FBL SERIES FUND INC
001 B000000 811-2125
001 C000000 5152255400
002 A000000 5400 UNIVERSITY AVENUE
002 B000000 WEST DES MOINES
002 C000000 IA
002 D010000 50266
002 D020000 5997
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  6
007 C010100  1
007 C020100 VALUE GROWTH PORTFOLIO
007 C030100 N
007 C010200  2
007 C010300  3
007 C020300 HIGH GRADE BOND PORTFOLIO
007 C030300 N
007 C010400  4
007 C020400 HIGH YIELD BOND PORTFOLIO
007 C030400 N
007 C010500  5
007 C010600  6
007 C020600 MANAGED PORTFOLIO
007 C030600 N
007 C010700  7
007 C020700 BLUE CHIP PORTFOLIO
007 C030700 N
007 C010800  8
007 C020800 MONEY MARKET PORTFOLIO
007 C030800 N
007 C010900  9
007 C011000 10
008 A00AA01 FBL INVESTMENT ADVISORY SERVICES, INC.
008 B00AA01 A
008 C00AA01 801-7655
008 D01AA01 WEST DES MOINES
008 D02AA01 IA
008 D03AA01 50266
<PAGE>      PAGE  2
008 D04AA01 5997
010 A00AA01 FBL INVESTMENT ADVISORY SERVICES, INC.
010 B00AA01 84-00201
010 C01AA01 WEST DES MOINES
010 C02AA01 IA
010 C03AA01 50266
010 C04AA01 5997
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 DES MOINES
013 B02AA01 IA
013 B03AA01 50309
013 B04AA01 2764
014 A00AA01 FBL MARKETING SERVICES, INC.
014 B00AA01 8-15855
014 A00AA02 FBL INVESTMENT ADVISORY SERVICES, INC.
014 B00AA02 8-15854
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   13
019 C00AA00 FARMBUREAU
020 A000001 DM KELLY & CO.
020 B000001 42-1439008
020 C000001    106
020 A000002 MERRILL LYNCH CAPITAL MARKETS
020 B000002 13-2761776
020 C000002     36
020 A000003 R.W. BAIRD
020 B000003 39-6037917
020 C000003     16
020 A000004 SECURITIES CORP. OF IOWA
020 B000004 42-0668686
020 C000004     15
020 A000005 A.G. EDWARDS & CO.
020 B000005 43-0895447
020 C000005     11
020 A000006 DONALDSON, LUFKIN & JENRETTE
020 B000006 13-2741729
020 C000006     10
020 A000007 DOMINICK & DOMINICK
020 B000007 13-2869428
020 C000007      7
020 A000008 PRINCIPAL FINANCIAL SECURITIES
020 B000008 75-0839696
020 C000008      5
020 A000009 INTERSTATE GROUP
020 B000009 56-0276690
020 C000009      3
020 C000010      0
021  000000      210
022 A000001 HSBC SECURITIES, INC.
022 B000001 13-2650272
<PAGE>      PAGE  3
022 C000001    126417
022 D000001     27065
022 A000002 DREYFUS INSTITUTIONAL
022 B000002 13-2603136
022 C000002     45007
022 D000002     42980
022 A000003 CANTOR FITZGERALD SECURITIES CORP.
022 B000003 13-2698893
022 C000003     40013
022 D000003         0
022 A000004 AMERICAN GENERAL FINANCE CORP.
022 B000004 35-0416090
022 C000004     25130
022 D000004         0
022 A000005 NORWEST FINANCIAL, INC.
022 B000005 42-1186565
022 C000005     21725
022 D000005         0
022 A000006 GENERAL ELECTRIC CREDIT CORP.
022 B000006 13-1500700
022 C000006     20535
022 D000006         0
022 A000007 FORD MOTOR CREDIT CORP.
022 B000007 38-1612444
022 C000007     16710
022 D000007      3745
022 A000008 MORGAN STANLEY
022 B000008 13-2655998
022 C000008     15775
022 D000008         0
022 A000009 HUNTLEIGH SECURITIES
022 B000009 43-1106957
022 C000009      2808
022 D000009     12802
022 A000010 MERRILL LYNCH CAPITAL MARKETS
022 B000010 13-2761776
022 C000010     13453
022 D000010         0
023 C000000     369107
023 D000000      94013
077 A000000 N
078  000000 N
080 A00AA00 CHUBB GROUP OF INSURANCE COMPANIES
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081 A00AA00 Y
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<PAGE>      PAGE  4
084 B00AA00        0
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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  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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028 F040800       168
028 G010800       920
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034  000800 Y
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042 C000800 100
042 D000800   0
042 E000800   0
042 F000800   0
042 G000800   0
042 H000800   0
043  000800      6
044  000800      0
049  000800 N
050  000800 N
051  000800 N
052  000800 N
053 A000800 N
062 A000800 Y
062 B000800   0.0
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062 E000800   0.0
062 F000800   0.0
062 G000800   0.0
062 H000800   0.0
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<PAGE>      PAGE  21
062 K000800   0.0
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<PAGE>      PAGE  22
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076  000800     0.00
SIGNATURE   KRISTI ROJOHN                                
TITLE       ASSISTANT SECRETARY 
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 1
   <NAME> VALUE GROWTH CL A
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-END>                               JAN-31-1998
<INVESTMENTS-AT-COST>                        114671019
<INVESTMENTS-AT-VALUE>                       112989764
<RECEIVABLES>                                  1941374
<ASSETS-OTHER>                                     133
<OTHER-ITEMS-ASSETS>                              7909
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<SHARES-COMMON-STOCK>                          8789577
<SHARES-COMMON-PRIOR>                          7228206
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<OVERDISTRIBUTION-GAINS>                             0
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<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  930840
<NET-INVESTMENT-INCOME>                         793234
<REALIZED-GAINS-CURRENT>                       8896077
<APPREC-INCREASE-CURRENT>                   (11396980)
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<EQUALIZATION>                                       0
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<NUMBER-OF-SHARES-REDEEMED>                     511692
<SHARES-REINVESTED>                            1289825
<NET-CHANGE-IN-ASSETS>                         1792764
<ACCUMULATED-NII-PRIOR>                         589563
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<GROSS-EXPENSE>                                 930840
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<PER-SHARE-NII>                                   0.10
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<PER-SHARE-NAV-END>                              13.06
<EXPENSE-RATIO>                                   1.61
<AVG-DEBT-OUTSTANDING>                               0
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 1
   <NAME> VALUE GROWTH CL I
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-END>                               JAN-31-1998
<INVESTMENTS-AT-COST>                        114671019
<INVESTMENTS-AT-VALUE>                       112989764
<RECEIVABLES>                                  1941374
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<OTHER-ITEMS-ASSETS>                              7909
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<SHARES-COMMON-STOCK>                          8789577
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<APPREC-INCREASE-CURRENT>                   (11396980)
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<GROSS-EXPENSE>                                 930840
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<PER-SHARE-NII>                                   0.17
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<PER-SHARE-DISTRIBUTIONS>                         2.26
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              13.04
<EXPENSE-RATIO>                                   0.71
<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
<SERIES>
   <NUMBER> 3
   <NAME> HIGH GRADE BOND CL A
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-END>                               JAN-31-1998
<INVESTMENTS-AT-COST>                         10812518
<INVESTMENTS-AT-VALUE>                        11360518
<RECEIVABLES>                                   182126
<ASSETS-OTHER>                                      12
<OTHER-ITEMS-ASSETS>                             40237
<TOTAL-ASSETS>                                11582893
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        68252
<TOTAL-LIABILITIES>                              68252
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      10992026
<SHARES-COMMON-STOCK>                          1086121
<SHARES-COMMON-PRIOR>                           976365
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (26471)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        548000
<NET-ASSETS>                                  11514641
<DIVIDEND-INCOME>                                16088
<INTEREST-INCOME>                               376752
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   90579
<NET-INVESTMENT-INCOME>                         302261
<REALIZED-GAINS-CURRENT>                         13467
<APPREC-INCREASE-CURRENT>                        92947
<NET-CHANGE-FROM-OPS>                           408675
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       302261
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         176064
<NUMBER-OF-SHARES-REDEEMED>                      83568
<SHARES-REINVESTED>                              17260
<NET-CHANGE-IN-ASSETS>                         1264251
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      (39938)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            21213
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  90579
<AVERAGE-NET-ASSETS>                          10225653
<PER-SHARE-NAV-BEGIN>                            10.50
<PER-SHARE-NII>                                   0.30
<PER-SHARE-GAIN-APPREC>                           0.10
<PER-SHARE-DIVIDEND>                              0.30
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              10.60
<EXPENSE-RATIO>                                   1.73
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 3
   <NAME> HIGH GRADE BOND CL I
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-END>                               JAN-31-1998
<INVESTMENTS-AT-COST>                         10812518
<INVESTMENTS-AT-VALUE>                        11360518
<RECEIVABLES>                                   182126
<ASSETS-OTHER>                                      12
<OTHER-ITEMS-ASSETS>                             40237
<TOTAL-ASSETS>                                11582893
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        68252
<TOTAL-LIABILITIES>                              68252
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      10992026
<SHARES-COMMON-STOCK>                          1086121
<SHARES-COMMON-PRIOR>                           976365
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (26471)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        548000
<NET-ASSETS>                                  11514641
<DIVIDEND-INCOME>                                16088
<INTEREST-INCOME>                               376752
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   90579
<NET-INVESTMENT-INCOME>                         302261
<REALIZED-GAINS-CURRENT>                         13467
<APPREC-INCREASE-CURRENT>                        92947
<NET-CHANGE-FROM-OPS>                           408675
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       302261
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         176064
<NUMBER-OF-SHARES-REDEEMED>                      83568
<SHARES-REINVESTED>                              17260
<NET-CHANGE-IN-ASSETS>                         1264251
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      (39938)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            21213
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  90579
<AVERAGE-NET-ASSETS>                          10225653
<PER-SHARE-NAV-BEGIN>                            10.53
<PER-SHARE-NII>                                   0.11
<PER-SHARE-GAIN-APPREC>                           0.07
<PER-SHARE-DIVIDEND>                              0.11
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              10.60
<EXPENSE-RATIO>                                   1.03
<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
<SERIES>
   <NUMBER> 4
   <NAME> HIGH YIELD BOND CL A
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-END>                               JAN-31-1998
<INVESTMENTS-AT-COST>                         10010140
<INVESTMENTS-AT-VALUE>                        10386474
<RECEIVABLES>                                   242316
<ASSETS-OTHER>                                      11
<OTHER-ITEMS-ASSETS>                            283844
<TOTAL-ASSETS>                                10912645
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        72733
<TOTAL-LIABILITIES>                              72733
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      10435061
<SHARES-COMMON-STOCK>                          1030324
<SHARES-COMMON-PRIOR>                           874628
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          27487
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        376334
<NET-ASSETS>                                  10839912
<DIVIDEND-INCOME>                                24711
<INTEREST-INCOME>                               378749
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   94379
<NET-INVESTMENT-INCOME>                         309081
<REALIZED-GAINS-CURRENT>                         26741
<APPREC-INCREASE-CURRENT>                        87954
<NET-CHANGE-FROM-OPS>                           423776
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       309081
<DISTRIBUTIONS-OF-GAINS>                         72523
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         204107
<NUMBER-OF-SHARES-REDEEMED>                      69673
<SHARES-REINVESTED>                              21862
<NET-CHANGE-IN-ASSETS>                         1684251
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                        73269
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            26752
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  94379
<AVERAGE-NET-ASSETS>                           9343386
<PER-SHARE-NAV-BEGIN>                            10.48
<PER-SHARE-NII>                                   0.35
<PER-SHARE-GAIN-APPREC>                           0.11
<PER-SHARE-DIVIDEND>                              0.35
<PER-SHARE-DISTRIBUTIONS>                         0.07
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              10.52
<EXPENSE-RATIO>                                   1.97
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 4
   <NAME> HIGH YIELD BOND CL I
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-END>                               JAN-31-1998
<INVESTMENTS-AT-COST>                         10010140
<INVESTMENTS-AT-VALUE>                        10386474
<RECEIVABLES>                                   242316
<ASSETS-OTHER>                                      11
<OTHER-ITEMS-ASSETS>                            283844
<TOTAL-ASSETS>                                10912645
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        72733
<TOTAL-LIABILITIES>                              72733
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      10435061
<SHARES-COMMON-STOCK>                          1030324
<SHARES-COMMON-PRIOR>                           874028
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          27487
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        376334
<NET-ASSETS>                                  10839912
<DIVIDEND-INCOME>                                24711
<INTEREST-INCOME>                               378749
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   94379
<NET-INVESTMENT-INCOME>                         309081
<REALIZED-GAINS-CURRENT>                         26741
<APPREC-INCREASE-CURRENT>                        87954
<NET-CHANGE-FROM-OPS>                           423776
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       309081
<DISTRIBUTIONS-OF-GAINS>                         72523
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         204107
<NUMBER-OF-SHARES-REDEEMED>                      69673
<SHARES-REINVESTED>                              21862
<NET-CHANGE-IN-ASSETS>                         1684251
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                        73269
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            26752
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  94379
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<PER-SHARE-NAV-BEGIN>                            10.52
<PER-SHARE-NII>                                   0.12
<PER-SHARE-GAIN-APPREC>                           0.07
<PER-SHARE-DIVIDEND>                              0.12
<PER-SHARE-DISTRIBUTIONS>                         0.07
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              10.52
<EXPENSE-RATIO>                                   1.14
<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
<SERIES>
   <NUMBER> 6
   <NAME> MANAGED CL A
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-END>                               JAN-31-1998
<INVESTMENTS-AT-COST>                         42909519
<INVESTMENTS-AT-VALUE>                        45054120
<RECEIVABLES>                                   223496
<ASSETS-OTHER>                                      44
<OTHER-ITEMS-ASSETS>                             15164
<TOTAL-ASSETS>                                45292824
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        40396
<TOTAL-LIABILITIES>                              40396
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      43578364
<SHARES-COMMON-STOCK>                          3463680
<SHARES-COMMON-PRIOR>                          2918089
<ACCUMULATED-NII-CURRENT>                       108995
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (582997)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       2144601
<NET-ASSETS>                                  45252428
<DIVIDEND-INCOME>                               635851
<INTEREST-INCOME>                               519079
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  399304
<NET-INVESTMENT-INCOME>                         755626
<REALIZED-GAINS-CURRENT>                        165753
<APPREC-INCREASE-CURRENT>                     (623702)
<NET-CHANGE-FROM-OPS>                           297677
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       651020
<DISTRIBUTIONS-OF-GAINS>                       2874619
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         530204
<NUMBER-OF-SHARES-REDEEMED>                     227623
<SHARES-REINVESTED>                             243010
<NET-CHANGE-IN-ASSETS>                         4258405
<ACCUMULATED-NII-PRIOR>                           4390
<ACCUMULATED-GAINS-PRIOR>                      2125869
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           131402
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 399304
<AVERAGE-NET-ASSETS>                          43041133
<PER-SHARE-NAV-BEGIN>                            14.05
<PER-SHARE-NII>                                   0.44
<PER-SHARE-GAIN-APPREC>                           0.31
<PER-SHARE-DIVIDEND>                              0.21
<PER-SHARE-DISTRIBUTIONS>                         0.90
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              13.07
<EXPENSE-RATIO>                                   1.84
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 6
   <NAME> MANAGED CL I
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-END>                               JAN-31-1998
<INVESTMENTS-AT-COST>                         42909519
<INVESTMENTS-AT-VALUE>                        45054120
<RECEIVABLES>                                   223496
<ASSETS-OTHER>                                      44
<OTHER-ITEMS-ASSETS>                             15164
<TOTAL-ASSETS>                                45292824
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        40396
<TOTAL-LIABILITIES>                              40396
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      43578364
<SHARES-COMMON-STOCK>                          3463680
<SHARES-COMMON-PRIOR>                          2918089
<ACCUMULATED-NII-CURRENT>                       108995
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (582997)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       2144601
<NET-ASSETS>                                  45252428
<DIVIDEND-INCOME>                               635851
<INTEREST-INCOME>                               519079
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  399304
<NET-INVESTMENT-INCOME>                         755626
<REALIZED-GAINS-CURRENT>                        165753
<APPREC-INCREASE-CURRENT>                     (623702)
<NET-CHANGE-FROM-OPS>                           297677
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       651020
<DISTRIBUTIONS-OF-GAINS>                       2874619
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         530204
<NUMBER-OF-SHARES-REDEEMED>                     227623
<SHARES-REINVESTED>                             243010
<NET-CHANGE-IN-ASSETS>                         4258405
<ACCUMULATED-NII-PRIOR>                           4390
<ACCUMULATED-GAINS-PRIOR>                      2125869
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           131402
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 399304
<AVERAGE-NET-ASSETS>                          43041133
<PER-SHARE-NAV-BEGIN>                            14.21
<PER-SHARE-NII>                                   0.16
<PER-SHARE-GAIN-APPREC>                           0.31
<PER-SHARE-DIVIDEND>                              0.09
<PER-SHARE-DISTRIBUTIONS>                         0.90
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              13.07
<EXPENSE-RATIO>                                   1.37
<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
<SERIES>
   <NUMBER> 7
   <NAME> BLUE CHIP CL A
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-END>                               JAN-31-1998
<INVESTMENTS-AT-COST>                         22470444
<INVESTMENTS-AT-VALUE>                        34445492
<RECEIVABLES>                                    36128
<ASSETS-OTHER>                                      27
<OTHER-ITEMS-ASSETS>                             67808
<TOTAL-ASSETS>                                34549455
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        40893
<TOTAL-LIABILITIES>                              40893
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      22541031
<SHARES-COMMON-STOCK>                           945174
<SHARES-COMMON-PRIOR>                           802826
<ACCUMULATED-NII-CURRENT>                         6594
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (15056)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      11975048
<NET-ASSETS>                                  34508562
<DIVIDEND-INCOME>                               241780
<INTEREST-INCOME>                                77978
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  235543
<NET-INVESTMENT-INCOME>                          84221
<REALIZED-GAINS-CURRENT>                         25498
<APPREC-INCREASE-CURRENT>                     (456097)
<NET-CHANGE-FROM-OPS>                         (346378)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       144124
<DISTRIBUTIONS-OF-GAINS>                         22932
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         214481
<NUMBER-OF-SHARES-REDEEMED>                      76489
<SHARES-REINVESTED>                               4356
<NET-CHANGE-IN-ASSETS>                         4645156
<ACCUMULATED-NII-PRIOR>                          44847
<ACCUMULATED-GAINS-PRIOR>                         4028
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            39197
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 235543
<AVERAGE-NET-ASSETS>                          30737314
<PER-SHARE-NAV-BEGIN>                            37.20
<PER-SHARE-NII>                                   0.09
<PER-SHARE-GAIN-APPREC>                           0.60
<PER-SHARE-DIVIDEND>                              0.16
<PER-SHARE-DISTRIBUTIONS>                         0.03
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              36.51
<EXPENSE-RATIO>                                   1.51
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 7
   <NAME> BLUE CHIP CL I
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-END>                               JAN-31-1998
<INVESTMENTS-AT-COST>                         22470444
<INVESTMENTS-AT-VALUE>                        34445492
<RECEIVABLES>                                    36128
<ASSETS-OTHER>                                      27
<OTHER-ITEMS-ASSETS>                             67808
<TOTAL-ASSETS>                                34549455
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        40893
<TOTAL-LIABILITIES>                              40893
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      22541031
<SHARES-COMMON-STOCK>                           945174
<SHARES-COMMON-PRIOR>                           802826
<ACCUMULATED-NII-CURRENT>                         6594
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (15056)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      11975048
<NET-ASSETS>                                  34508562
<DIVIDEND-INCOME>                               241786
<INTEREST-INCOME>                                77978
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  235543
<NET-INVESTMENT-INCOME>                          84221
<REALIZED-GAINS-CURRENT>                         25498
<APPREC-INCREASE-CURRENT>                     (456097)
<NET-CHANGE-FROM-OPS>                         (346378)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       144124
<DISTRIBUTIONS-OF-GAINS>                         22932
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         214481
<NUMBER-OF-SHARES-REDEEMED>                      76489
<SHARES-REINVESTED>                               4356
<NET-CHANGE-IN-ASSETS>                         4645156
<ACCUMULATED-NII-PRIOR>                          44847
<ACCUMULATED-GAINS-PRIOR>                         4028
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            39197
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 235543
<AVERAGE-NET-ASSETS>                          30737314
<PER-SHARE-NAV-BEGIN>                            36.77
<PER-SHARE-NII>                                   0.13
<PER-SHARE-GAIN-APPREC>                           0.16
<PER-SHARE-DIVIDEND>                              0.18
<PER-SHARE-DISTRIBUTIONS>                         0.03
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              36.53
<EXPENSE-RATIO>                                   1.41
<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
<SERIES>
   <NUMBER> 8
   <NAME> MONEY MARKET CL A
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-END>                               JAN-31-1998
<INVESTMENTS-AT-COST>                          3088148
<INVESTMENTS-AT-VALUE>                         3088148
<RECEIVABLES>                                     4598
<ASSETS-OTHER>                                    4284
<OTHER-ITEMS-ASSETS>                             18675
<TOTAL-ASSETS>                                 3115705
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        19995
<TOTAL-LIABILITIES>                              19995
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       3092614
<SHARES-COMMON-STOCK>                          3095710
<SHARES-COMMON-PRIOR>                          2465716
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                   3095710
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                75448
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   23741
<NET-INVESTMENT-INCOME>                          51707
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                            51707
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        51707
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         919601
<NUMBER-OF-SHARES-REDEEMED>                     299051
<SHARES-REINVESTED>                               9444
<NET-CHANGE-IN-ASSETS>                          629994
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             3367
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  28022
<AVERAGE-NET-ASSETS>                           2503075
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                   0.02
<PER-SHARE-GAIN-APPREC>                           0.00
<PER-SHARE-DIVIDEND>                              0.02
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                   1.80
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 8
   <NAME> MONEY MARKET CL I
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-END>                               JAN-31-1998
<INVESTMENTS-AT-COST>                          3088148
<INVESTMENTS-AT-VALUE>                         3088148
<RECEIVABLES>                                     4598
<ASSETS-OTHER>                                    4284
<OTHER-ITEMS-ASSETS>                             18675
<TOTAL-ASSETS>                                 3115705
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        19995
<TOTAL-LIABILITIES>                              19995
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       3092614
<SHARES-COMMON-STOCK>                          3095710
<SHARES-COMMON-PRIOR>                          2465716
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                   3095710
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                75448
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   23741
<NET-INVESTMENT-INCOME>                          51707
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                            51707
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        51707
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         919601
<NUMBER-OF-SHARES-REDEEMED>                     299051
<SHARES-REINVESTED>                               9444
<NET-CHANGE-IN-ASSETS>                          629994
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             3367
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  28022
<AVERAGE-NET-ASSETS>                           2503075
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                   0.01
<PER-SHARE-GAIN-APPREC>                           0.00
<PER-SHARE-DIVIDEND>                              0.01
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                   1.12
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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