VARIABLE ANNUITY LIFE INSURANCE CO SEPARATE ACCOUNT A
485APOS, 1995-05-26
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      AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MAY .., 1995

                                           REGISTRATION NOS. 33-75292/811-3240
==============================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM N-4
                                    --------
   
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
                 Pre-Effective Amendment No.              [ ]
                 Post-Effective Amendment No. 4           [X]
                                     and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT
  COMPANY ACT OF 1940
                 Amendment No. 44                         [X]
    
                                 --------------

                  THE VARIABLE ANNUITY LIFE INSURANCE COMPANY
                               SEPARATE ACCOUNT A
                           (EXACT NAME OF REGISTRANT)

                  THE VARIABLE ANNUITY LIFE INSURANCE COMPANY
                              (NAME OF DEPOSITOR)

                    2929 ALLEN PARKWAY, HOUSTON, TEXAS 77019
        (ADDRESS OF DEPOSITOR'S PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)

                                 (713) 526-5251
              (DEPOSITOR'S TELEPHONE NUMBER, INCLUDING AREA CODE)

                            ------------------------

                            DAVID H. DEN BOER, ESQ.
                    VARIABLE ANNUITY LIFE INSURANCE COMPANY
            2929 ALLEN PARKWAY, P.O. BOX 3206, HOUSTON, TEXAS 77019
                    (NAME AND ADDRESS OF AGENT FOR SERVICE)
                            ------------------------

     It is proposed that this filing will become effective:

       [ ] immediately upon filing pursuant to paragraph (b) of Rule 485
       [X] on July 11, 1995 pursuant to paragraph (a) of Rule 485
       [ ] 60 days after filing to paragraph (a) of Rule 485
       [ ] on July 11, 1995 pursuant to paragraph (b) of Rule 485

    PURSUANT TO RULE 24F-2(a)(1) UNDER THE INVESTMENT COMPANY ACT OF 1940, THE
REGISTRANT HAS REGISTERED AN INDEFINITE AMOUNT OF SECURITIES. THE REGISTRANT
FILED RULE 24f-2 NOTICES ON FEBRUARY 23, 1995 FOR ITS MOST RECENT FISCAL YEAR
ENDING DECEMBER 31, 1994.

==============================================================================
   
The purpose of this amendment is to correct an inadvertent error in Exhibit 27
of Post-Effective Amendment No. 3. It is proposed that this Registration
Statement become effective on July 11, 1995. This Amendment is not intended to
supersede disclosures contained in Post-Effective Amendment No. 3.
    
<PAGE>
                  THE VARIABLE ANNUITY LIFE INSURANCE COMPANY
                               SEPARATE ACCOUNT A
                       PORTFOLIO DIRECTOR CONTRACT SERIES

                                    FORM N-4
                                     UNDER
                         THE SECURITIES ACT OF 1933 AND
                       THE INVESTMENT COMPANY ACT OF 1940
                           --------------------------
                             CROSS REFERENCE SHEET
                           (PURSUANT TO RULE 481(a))
<TABLE>
<CAPTION>
ITEM NO.                                                                  PROSPECTUS CAPTION
- --------                                                                  ------------------
<S>                                                                       <C>
PART A
   1. Cover Page........................................................  Cover Page

      Profile...........................................................

   2. Definitions.......................................................  Definitions

   3. Synopsis..........................................................  Introduction

   4. Condensed Financial Information...................................  Selected Accumulation Unit
                                                                          Data

   5. General Description of Registrant, Depositor and
      Portfolio Companies...............................................  The Company and the Separate Account;
                                                                          The Funds

   6. Deductions and Expenses...........................................  Charges Under Variable Annuity
                                                                          Contracts; Surrender

   7. General Description of Variable Annuity Contracts.................  Transfers Among Investment
                                                                          Options; Accumulation Period;
                                                                          Annuity Period; Surrender; Other
                                                                          Contract Features

   8. Annuity Period....................................................  Annuity Period

   9. Death Benefit.....................................................  Accumulation Period; Annuity
                                                                          Period

  10. Purchase and Contract Value.......................................  Charges to the Separate Account;
                                                                          Accumulation Period

  11. Redemptions.......................................................  Surrender; Suspension of
                                                                          Purchase Payments

  12. Taxes.............................................................  Federal Tax Matters

  13. Legal Proceedings.................................................  Not Applicable

  14. Table of Contents of the Statement of Additional Information......  Contents of Statement of
                                                                          Additional Information
</TABLE>
<TABLE>
<CAPTION>
                                                                               STATEMENT OF ADDITIONAL
ITEM NO.                                                                         INFORMATION CAPTION
- --------                                                                       -----------------------
<S>                                                                       <C>
PART B
  15. Cover Page........................................................  Cover Page

  16. Table of Contents.................................................  Table of Contents

  17. General Information and History...................................  General Information

  18. Services..........................................................  Experts; Distribution of Variable
                                                                          Annuity Contracts

  19. Purchase of Securities Being Offered..............................  Calculation of Surrender
                                                                          Charge; Accumulation Unit
                                                                          Value; Exchange Offers

  20. Underwriters......................................................  Distribution of Variable
                                                                          Annuity Contracts

  21. Calculation of Performance Data...................................  Performance Calculations

  22. Annuity Payments..................................................  Annuity Payments

  23. Financial Statements..............................................  Financial Statements
</TABLE>

PART C

    Information required to be set forth in Part C is set forth under the
appropriate item, so numbered, in Part C of the Registration Statement.
<PAGE>
                                  EXHIBIT INDEX
                                                                 SEQUENTIALLY
                                                                   NUMBERED
         EXHIBIT NO.                                                PAGES*
        -----------                                             ------------
            27.      -- Financial Data Schedules.

- ---------
* Page numbers inserted in manually signed copy only
<PAGE>


<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 1
   <NAME> DIVISION 1
<PERIOD-TYPE>                                    2-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                        8,424,051
<INVESTMENTS-AT-VALUE>                       8,151,091
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               8,151,091
<PAYABLE-FOR-SECURITIES>                        55,833
<SENIOR-LONG-TERM-DEBT>                      8,095,258
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                          8,151,091
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                        2,860,986
<SHARES-COMMON-PRIOR>                        2,953,861
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                 8,095,258
<DIVIDEND-INCOME>                               98,241
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  13,024
<NET-INVESTMENT-INCOME>                         85,217
<REALIZED-GAINS-CURRENT>                       (4,721)
<APPREC-INCREASE-CURRENT>                      266,903
<NET-CHANGE-FROM-OPS>                          347,399
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         18,190
<NUMBER-OF-SHARES-REDEEMED>                    276,599
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                          88,990
<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>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 2
   <NAME> DIVISION 2
<PERIOD-TYPE>                                    2-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               FEB-28-1994
<INVESTMENTS-AT-COST>                        7,206,861
<INVESTMENTS-AT-VALUE>                       7,206,861
<RECEIVABLES>                                   12,644
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               7,219,505
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                      7,219,505
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                          7,219,505
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                        3,418,648
<SHARES-COMMON-PRIOR>                        3,442,237
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                 7,219,505
<DIVIDEND-INCOME>                               63,332
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  11,464
<NET-INVESTMENT-INCOME>                         51,868
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                           51,868
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         27,247
<NUMBER-OF-SHARES-REDEEMED>                     75,968
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                           3,147
<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>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 3
   <NAME> DIVISION 4
<PERIOD-TYPE>                                    2-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                      358,641,962
<INVESTMENTS-AT-VALUE>                     386,806,709
<RECEIVABLES>                                  204,916
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             387,011,625
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                    387,011,625
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                        387,011,625
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                      169,263,445
<SHARES-COMMON-PRIOR>                      171,442,018
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                               387,011,625
<DIVIDEND-INCOME>                            1,182,228
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 609,517
<NET-INVESTMENT-INCOME>                        572,711
<REALIZED-GAINS-CURRENT>                       676,761
<APPREC-INCREASE-CURRENT>                   21,408,615
<NET-CHANGE-FROM-OPS>                       22,658,087
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     17,229,057
<NUMBER-OF-SHARES-REDEEMED>                 23,191,608
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      16,695,536
<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>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 4
   <NAME> DIVISION 5
<PERIOD-TYPE>                                    2-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                      172,715,356
<INVESTMENTS-AT-VALUE>                     174,388,284
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             174,388,284
<PAYABLE-FOR-SECURITIES>                        85,549
<SENIOR-LONG-TERM-DEBT>                    174,302,735
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                        174,388,284
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                       85,973,909
<SHARES-COMMON-PRIOR>                       89,377,860
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                               174,302,735
<DIVIDEND-INCOME>                            1,190,400
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 281,992
<NET-INVESTMENT-INCOME>                        908,408
<REALIZED-GAINS-CURRENT>                     (665,838)
<APPREC-INCREASE-CURRENT>                    6,341,671
<NET-CHANGE-FROM-OPS>                        6,584,241
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      4,778,829
<NUMBER-OF-SHARES-REDEEMED>                 11,849,795
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       (486,725)
<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>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 5
   <NAME> DIVISION 6
<PERIOD-TYPE>                                    2-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                       66,796,711
<INVESTMENTS-AT-VALUE>                      66,796,711
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              66,796,711
<PAYABLE-FOR-SECURITIES>                     1,179,798
<SENIOR-LONG-TERM-DEBT>                     65,616,913
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                         66,796,711
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                       44,025,290
<SHARES-COMMON-PRIOR>                       75,765,781
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                65,616,913
<DIVIDEND-INCOME>                              641,589
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 116,008
<NET-INVESTMENT-INCOME>                        525,581
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                          525,581
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      2,653,205
<NUMBER-OF-SHARES-REDEEMED>                 49,980,631
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                    (46,801,845)
<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>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 6
   <NAME> DIVISION 7
<PERIOD-TYPE>                                    2-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                       44,853,295
<INVESTMENTS-AT-VALUE>                      41,962,906
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              41,962,906
<PAYABLE-FOR-SECURITIES>                        24,754
<SENIOR-LONG-TERM-DEBT>                     41,938,152
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                         41,962,906
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                       26,510,047
<SHARES-COMMON-PRIOR>                       26,859,219
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                41,938,152
<DIVIDEND-INCOME>                              503,371
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  66,556
<NET-INVESTMENT-INCOME>                        436,815
<REALIZED-GAINS-CURRENT>                      (69,535)
<APPREC-INCREASE-CURRENT>                    1,412,604
<NET-CHANGE-FROM-OPS>                        1,779,884
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,826,998
<NUMBER-OF-SHARES-REDEEMED>                  2,473,283
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       1,133,599
<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>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 7
   <NAME> DIVISION 8
<PERIOD-TYPE>                                    2-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                       46,933,647
<INVESTMENTS-AT-VALUE>                      44,128,065
<RECEIVABLES>                                  142,755
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              44,270,820
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                     44,270,820
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                         44,270,820
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                       27,602,396
<SHARES-COMMON-PRIOR>                       26,667,073
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                44,270,820
<DIVIDEND-INCOME>                              515,737
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  68,223
<NET-INVESTMENT-INCOME>                        447,514
<REALIZED-GAINS-CURRENT>                      (64,687)
<APPREC-INCREASE-CURRENT>                    1,150,295
<NET-CHANGE-FROM-OPS>                        1,533,122
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,862,308
<NUMBER-OF-SHARES-REDEEMED>                    491,560
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       2,903,870
<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>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 8
   <NAME> DIVISION 10A
<PERIOD-TYPE>                                    2-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                      262,528,766
<INVESTMENTS-AT-VALUE>                     291,620,890
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             291,620,890
<PAYABLE-FOR-SECURITIES>                       482,086
<SENIOR-LONG-TERM-DEBT>                    291,138,804
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                        291,620,890
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                       32,702,467
<SHARES-COMMON-PRIOR>                       33,814,520
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                               291,138,804
<DIVIDEND-INCOME>                            1,044,049
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 462,082
<NET-INVESTMENT-INCOME>                        581,967
<REALIZED-GAINS-CURRENT>                       124,319
<APPREC-INCREASE-CURRENT>                   17,161,517
<NET-CHANGE-FROM-OPS>                       17,867,803
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        766,577
<NUMBER-OF-SHARES-REDEEMED>                 10,086,956
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       8,547,424
<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>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 9
   <NAME> DIVISION 10B
<PERIOD-TYPE>                                    2-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                       22,771,984
<INVESTMENTS-AT-VALUE>                      25,247,792
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              25,247,792
<PAYABLE-FOR-SECURITIES>                        41,869
<SENIOR-LONG-TERM-DEBT>                     25,205,923
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                         25,247,792
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                        1,787,719
<SHARES-COMMON-PRIOR>                        1,836,094
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                25,205,923
<DIVIDEND-INCOME>                               90,478
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  12,796
<NET-INVESTMENT-INCOME>                         77,682
<REALIZED-GAINS-CURRENT>                        13,820
<APPREC-INCREASE-CURRENT>                    1,482,487
<NET-CHANGE-FROM-OPS>                        1,573,989
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        108,478
<NUMBER-OF-SHARES-REDEEMED>                    774,912
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         907,555
<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>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 10
   <NAME> DIVISION 10C
<PERIOD-TYPE>                                    2-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                      676,538,478
<INVESTMENTS-AT-VALUE>                     759,778,968
<RECEIVABLES>                                   35,246
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             759,814,214
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                    759,814,214
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                        759,814,214
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                      413,861,133
<SHARES-COMMON-PRIOR>                      416,234,288
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                               759,814,214
<DIVIDEND-INCOME>                            2,711,503
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               1,193,556
<NET-INVESTMENT-INCOME>                      1,517,947
<REALIZED-GAINS-CURRENT>                     3,538,795
<APPREC-INCREASE-CURRENT>                   41,104,910
<NET-CHANGE-FROM-OPS>                       46,161,652
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     26,479,598
<NUMBER-OF-SHARES-REDEEMED>                 32,572,123
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      40,069,127
<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>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 11
   <NAME> DIVISION 10D
<PERIOD-TYPE>                                    2-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                       35,697,201
<INVESTMENTS-AT-VALUE>                      38,418,803
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              38,418,803
<PAYABLE-FOR-SECURITIES>                        79,178
<SENIOR-LONG-TERM-DEBT>                     38,339,625
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                         38,418,803
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                       11,767,698
<SHARES-COMMON-PRIOR>                       12,207,684
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                38,339,625
<DIVIDEND-INCOME>                              138,062
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  61,428
<NET-INVESTMENT-INCOME>                         76,634
<REALIZED-GAINS-CURRENT>                        54,577
<APPREC-INCREASE-CURRENT>                    2,242,524
<NET-CHANGE-FROM-OPS>                        2,373,735
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        198,698
<NUMBER-OF-SHARES-REDEEMED>                  1,600,123
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         972,310
<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>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 12
   <NAME> DIVISION 11
<PERIOD-TYPE>                                    2-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                      186,325,313
<INVESTMENTS-AT-VALUE>                     187,688,062
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             187,688,062
<PAYABLE-FOR-SECURITIES>                       527,947
<SENIOR-LONG-TERM-DEBT>                    187,160,115
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                        187,688,062
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                      185,570,944
<SHARES-COMMON-PRIOR>                      187,749,916
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                               187,160,115
<DIVIDEND-INCOME>                               48,449
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 310,060
<NET-INVESTMENT-INCOME>                      (261,611)
<REALIZED-GAINS-CURRENT>                     2,112,446
<APPREC-INCREASE-CURRENT>                 (10,613,140)
<NET-CHANGE-FROM-OPS>                      (8,762,305)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     11,003,066
<NUMBER-OF-SHARES-REDEEMED>                 13,975,703
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                    (11,734,942)
<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>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 13
   <NAME> DIVISION 12
<PERIOD-TYPE>                                    2-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                       40,786,197
<INVESTMENTS-AT-VALUE>                      40,959,329
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              40,959,329
<PAYABLE-FOR-SECURITIES>                        27,348
<SENIOR-LONG-TERM-DEBT>                     40,931,981
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                         40,959,329
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                       28,609,098
<SHARES-COMMON-PRIOR>                       29,015,764
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                40,931,981
<DIVIDEND-INCOME>                              148,867
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  64,405
<NET-INVESTMENT-INCOME>                         84,462
<REALIZED-GAINS-CURRENT>                        76,000
<APPREC-INCREASE-CURRENT>                    2,632,020
<NET-CHANGE-FROM-OPS>                        2,792,482
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,810,671
<NUMBER-OF-SHARES-REDEEMED>                  2,494,261
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       2,108,892
<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>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 14
   <NAME> DIVISION 13
<PERIOD-TYPE>                                    2-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                       38,097,485
<INVESTMENTS-AT-VALUE>                      39,130,593
<RECEIVABLES>                                  126,290
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              39,256,883
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                     39,256,883
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                         39,256,883
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                       28,723,470
<SHARES-COMMON-PRIOR>                       25,691,713
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                39,256,883
<DIVIDEND-INCOME>                              291,266
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  57,622
<NET-INVESTMENT-INCOME>                        233,644
<REALIZED-GAINS-CURRENT>                        29,017
<APPREC-INCREASE-CURRENT>                    1,531,668
<NET-CHANGE-FROM-OPS>                        1,794,329
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      4,197,082
<NUMBER-OF-SHARES-REDEEMED>                    295,618
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       5,695,793
<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>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 15
   <NAME> DIVISION 14
<PERIOD-TYPE>                                    2-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                      122,187,129
<INVESTMENTS-AT-VALUE>                     122,952,493
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             122,952,493
<PAYABLE-FOR-SECURITIES>                       356,286
<SENIOR-LONG-TERM-DEBT>                    122,596,207
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                        122,952,493
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                       97,862,295
<SHARES-COMMON-PRIOR>                      100,383,839
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                               122,596,207
<DIVIDEND-INCOME>                              265,904
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 197,953
<NET-INVESTMENT-INCOME>                         67,951
<REALIZED-GAINS-CURRENT>                       291,200
<APPREC-INCREASE-CURRENT>                    2,646,961
<NET-CHANGE-FROM-OPS>                        3,006,112
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      8,311,787
<NUMBER-OF-SHARES-REDEEMED>                 12,007,513
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       (689,614)
<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>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 16
   <NAME> DIVISION 15
<PERIOD-TYPE>                                    2-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                       49,913,335
<INVESTMENTS-AT-VALUE>                      52,487,389
<RECEIVABLES>                                  488,917
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              52,976,306
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                     52,976,306
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                         52,976,306
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                       50,052,111
<SHARES-COMMON-PRIOR>                       32,633,370
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                52,976,306
<DIVIDEND-INCOME>                               22,439
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  67,931
<NET-INVESTMENT-INCOME>                       (45,492)
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                    2,243,651
<NET-CHANGE-FROM-OPS>                        2,198,159
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     17,915,925
<NUMBER-OF-SHARES-REDEEMED>                     47,800
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      20,066,284
<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>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 17
   <NAME> DIVISION 16
<PERIOD-TYPE>                                    2-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                       18,578,106
<INVESTMENTS-AT-VALUE>                      19,386,664
<RECEIVABLES>                                   63,474
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              19,450,138
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                     19,450,138
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                         19,450,138
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                       18,733,921
<SHARES-COMMON-PRIOR>                       12,386,602
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                19,450,138
<DIVIDEND-INCOME>                               29,389
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  25,197
<NET-INVESTMENT-INCOME>                          4,192
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                      722,925
<NET-CHANGE-FROM-OPS>                          727,117
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      6,389,186
<NUMBER-OF-SHARES-REDEEMED>                     44,677
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       7,071,626
<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>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 18
   <NAME> DIVISION 17
<PERIOD-TYPE>                                    2-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                       83,581,816
<INVESTMENTS-AT-VALUE>                      89,328,983
<RECEIVABLES>                                  772,160
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              90,101,143
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                     90,101,143
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                         90,101,143
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                       69,220,202
<SHARES-COMMON-PRIOR>                       42,726,137
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                90,101,143
<DIVIDEND-INCOME>                               38,736
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 112,679
<NET-INVESTMENT-INCOME>                       (73,943)
<REALIZED-GAINS-CURRENT>                       315,765
<APPREC-INCREASE-CURRENT>                    3,054,294
<NET-CHANGE-FROM-OPS>                        3,296,116
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     33,237,161
<NUMBER-OF-SHARES-REDEEMED>                    110,096
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      36,423,181
<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>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 19
   <NAME> DIVISION 18
<PERIOD-TYPE>                                    2-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                      128,387,413
<INVESTMENTS-AT-VALUE>                     131,963,907
<RECEIVABLES>                                  960,670
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             132,924,577
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                    132,924,577
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                        132,924,577
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                      124,105,308
<SHARES-COMMON-PRIOR>                       85,169,871
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                               132,924,577
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 217,960
<NET-INVESTMENT-INCOME>                      (217,960)
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                    3,678,513
<NET-CHANGE-FROM-OPS>                        3,460,553
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     40,316,498
<NUMBER-OF-SHARES-REDEEMED>                    256,082
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      43,520,969
<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>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 20
   <NAME> DIVISION 19
<PERIOD-TYPE>                                    2-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                       46,386,091
<INVESTMENTS-AT-VALUE>                      45,007,599
<RECEIVABLES>                                  179,798
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              45,187,397
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                     45,187,397
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                         45,187,397
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                       44,928,829
<SHARES-COMMON-PRIOR>                       32,807,602
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                45,187,397
<DIVIDEND-INCOME>                            1,162,767
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  78,135
<NET-INVESTMENT-INCOME>                      1,084,632
<REALIZED-GAINS-CURRENT>                          (63)
<APPREC-INCREASE-CURRENT>                    (649,398)
<NET-CHANGE-FROM-OPS>                          435,171
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     11,926,542
<NUMBER-OF-SHARES-REDEEMED>                     27,589
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      12,334,124
<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>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 21
   <NAME> DIVISION 20
<PERIOD-TYPE>                                    2-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                      105,936,790
<INVESTMENTS-AT-VALUE>                     101,558,571
<RECEIVABLES>                                  483,951
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             102,042,522
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                    102,042,522
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                        102,042,522
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                      103,727,915
<SHARES-COMMON-PRIOR>                       71,716,511
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                               102,042,522
<DIVIDEND-INCOME>                            1,168,235
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 173,763
<NET-INVESTMENT-INCOME>                        994,472
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                  (2,142,237)
<NET-CHANGE-FROM-OPS>                      (1,147,765)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     31,182,281
<NUMBER-OF-SHARES-REDEEMED>                     93,043
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      29,941,473
<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>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0

<PAGE>

</TABLE>


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