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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 11
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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 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
072 O001000 0
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<PAGE> PAGE 41
074 X001000 12
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015 A001101 CHEMICAL BANKING CORPORATION
015 B001101 C
015 C011101 NEW YORK
015 C021101 NY
015 C031101 10041
015 E011101 X
015 A001102 MORGAN GUARANTY TRUST COMPANY
015 B001102 C
015 C011102 NEW YORK
015 C021102 NY
015 C031102 10260
015 E011102 X
024 001100 Y
025 A001101 MORGAN STANLEY CORP.
025 C001101 E
025 D001101 6480
025 A001102 LEGG MASON INC.
025 C001102 E
025 D001102 2411
025 A001103 LEHMAN BROTHERS HOLDING, INC.
025 C001103 E
025 D001103 25574
025 A001104 BEAR STEARNS CO., INC.
025 C001104 E
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<PAGE> PAGE 42
028 D041100 3676
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062 P001100 0.0
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066 A001100 Y
066 B001100 N
066 C001100 N
066 D001100 N
066 E001100 Y
066 F001100 N
066 G001100 N
067 001100 N
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
070 A021100 Y
070 B011100 Y
070 B021100 N
070 C011100 N
070 C021100 N
<PAGE> PAGE 43
070 D011100 Y
070 D021100 N
070 E011100 N
070 E021100 N
070 F011100 Y
070 F021100 N
070 G011100 Y
070 G021100 N
070 H011100 Y
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 Y
070 J021100 Y
070 K011100 Y
070 K021100 N
070 L011100 Y
070 L021100 N
070 M011100 Y
070 M021100 N
070 N011100 Y
070 N021100 N
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070 O021100 N
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070 R021100 N
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<PAGE> PAGE 44
072 R001100 8
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<PAGE> PAGE 45
075 B001100 934115
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015 A001201 CHEMICAL BANKING CORPORATION
015 B001201 C
015 C011201 NEW YORK
015 C021201 NY
015 C031201 10041
015 E011201 X
015 A001202 MORGAN GUARANTY TRUST COMPANY
015 B001202 C
015 C011202 NEW YORK
015 C021202 NY
015 C031202 10260
015 E011202 X
024 001200 N
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<PAGE> PAGE 46
028 H001200 0
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066 E001200 N
066 F001200 N
066 G001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
070 A021200 Y
070 B011200 Y
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070 C011200 N
070 C021200 N
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070 D021200 N
070 E011200 N
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070 G021200 N
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070 I011200 N
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<PAGE> PAGE 47
070 J021200 Y
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070 L021200 N
070 M011200 Y
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070 N011200 Y
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070 O021200 N
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070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 Y
070 R021200 N
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<PAGE> PAGE 48
072DD011200 1165
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015 A001301 BROWN BROTHERS HARRIMAN & CO.
015 B001301 C
015 C011301 BOSTON
015 C021301 MA
015 C031301 02109
015 E011301 X
015 A001302 DEPOSITORY TRUST COMPANY
015 B001302 S
015 C011302 NEW YORK
015 C021302 NY
015 C031302 10004
<PAGE> PAGE 49
015 E011302 X
015 A001303 NATIONAL AUSTRALIA BANK LIMITED
015 B001303 S
015 C011303 MELBOURNE
015 D011303 AUSTRALIA
015 E041303 X
015 A001304 CREDITANSTALT BANKVEREIN
015 B001304 S
015 C011304 VIENNA
015 D011304 AUSTRIA
015 E041304 X
015 A001305 MORGAN GUARANTY BRUSSELS
015 B001305 S
015 C011305 BRUSSELS
015 D011305 BELGIUM
015 E041305 X
015 A001306 CANADIAN IMPERIAL BANK OF COMMERCE
015 B001306 S
015 C011306 TORONTO
015 D011306 CANADA
015 E041306 X
015 A001307 DEN DANSKE BANK
015 B001307 S
015 C011307 COPENHAGEN
015 D011307 DENMARK
015 E041307 X
015 A001308 UNION BANK OF FINLAND
015 B001308 S
015 C011308 HELSINKI
015 D011308 FINLAND
015 E041308 X
015 A001309 MORGAN GUARANTY TRUST OF NY
015 B001309 S
015 C011309 PARIS
015 D011309 FRANCE
015 E041309 X
015 A001310 J.P. MORGAN GMBH
015 B001310 S
015 C011310 FRANKFURT
015 D011310 GERMANY
015 E041310 X
015 A001311 CHASE MANHATTAN BANK
015 B001311 S
015 C011311 HONG KONG
015 D011311 HONG KONG
015 E041311 X
015 A001312 ALLIED IRISH BANK PLC
015 B001312 S
015 C011312 DUBLIN
015 D011312 IRELAND
015 E041312 X
<PAGE> PAGE 50
015 A001313 BANCA COMMERCIALE ITALIANA
015 B001313 S
015 C011313 MILAN
015 D011313 ITALY
015 E041313 X
015 A001314 CITIBANK N. A.
015 B001314 S
015 C011314 NEW YORK
015 C021314 NY
015 C031314 10041
015 E041314 X
015 A001315 CITIBANK MEXICO
015 B001315 S
015 C011315 MEXICO CITY
015 D011315 MEXICO
015 E041315 X
015 A001316 AMSTERDAM-ROTTERDAM BANK NV
015 B001316 S
015 C011316 AMSTERDAM
015 D011316 NETHERLANDS
015 E041316 X
015 A001317 DEN NORSKE CREDITBANK
015 B001317 S
015 C011317 OSLO
015 D011317 NORWAY
015 E041317 X
015 A001318 CITIBANK MANILA
015 B001318 S
015 C011318 MANILA
015 D011318 PHILIPPINES
015 E041318 X
015 A001319 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B001319 S
015 C011319 LISBON
015 D011319 PORTUGAL
015 E041319 X
015 A001320 CHASE MANHATTAN BANK
015 B001320 S
015 C011320 SINGAPORE
015 D011320 SINGAPORE
015 E041320 X
015 A001321 BANCO DE SANTANDER
015 B001321 S
015 C011321 MADRID
015 D011321 SPAIN
015 E041321 X
015 A001322 SKANDINAVISKA ENSKILDA BANKEN
015 B001322 S
015 C011322 STOCKHOLM
015 D011322 SWEDEN
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<PAGE> PAGE 51
015 A001323 SWISS BANK CORPORATION
015 B001323 S
015 C011323 ZURICH
015 D011323 SWITZERLAND
015 E041323 X
015 A001324 MORGAN GUARANTY TRUST COMPANY
015 B001324 S
015 C011324 LONDON
015 D011324 UNITED KINGDOM
015 E041324 X
015 A001325 CITIBANK ATHENS
015 B001325 S
015 C011325 ATHENS
015 D011325 GREECE
015 E041325 X
015 A001326 HONG KONG & SHANGHAI BANKING CORP.
015 B001326 S
015 C011326 BANGKOK
015 D011326 THAILAND
015 E041326 X
015 A001327 NATIONAL AUSTRALIA BANK LIMITED
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015 C011327 AUCKLAND
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015 E041327 X
015 A001328 CITIBANK JAKARTA
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015 C011328 JAKARTA
015 D011328 INDONESIA
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015 A001329 SUMITOMO TRUST & BANKING CO. LTD.
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015 D011329 JAPAN
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015 A001330 CHASE MANHATTAN BANK
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015 C011330 NEW YORK
015 C021330 NY
015 C031330 10036
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015 A001331 EURO-CLEAR
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015 C011332 OSLO
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<PAGE> PAGE 52
015 A001333 CITIBANK N. A. BUENOS AIRES
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015 C011333 BUENOS AIRES
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015 A001335 CITIBANK BUDAPEST
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015 B001337 S
015 C011337 SEOUL
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015 B001338 S
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015 C031341 10260
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<PAGE> PAGE 53
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<PAGE> PAGE 54
066 G001300 N
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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015 A001401 CHEMICAL BANKING CORPORATION
015 B001401 C
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015 C021401 NY
015 C031401 10041
015 E011401 X
015 A001402 MORGAN GUARANTY TRUST COMPANY
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015 C031402 10260
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<PAGE> PAGE 57
028 G021400 10450
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070 H011400 N
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 Y
070 J021400 N
<PAGE> PAGE 58
070 K011400 Y
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070 O011400 Y
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070 Q021400 N
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<PAGE> PAGE 59
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015 A001501 CHEMICAL BANKING CORPORATION
015 B001501 C
015 C011501 NEW YORK
015 C021501 NY
015 C031501 10004
015 C041501 2413
015 E011501 X
015 A001502 MORGAN GUARANTY TRUST COMPANY
015 B001502 C
015 C011502 NEW YORK
015 C021502 NY
015 C031502 10260
<PAGE> PAGE 60
015 E011502 X
024 001500 N
028 A011500 90
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062 A001500 Y
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<PAGE> PAGE 61
064 A001500 N
064 B001500 N
066 A001500 N
067 001500 N
068 A001500 N
068 B001500 N
069 001500 N
070 A011500 Y
070 A021500 Y
070 B011500 N
070 B021500 N
070 C011500 N
070 C021500 N
070 D011500 N
070 D021500 N
070 E011500 N
070 E021500 N
070 F011500 N
070 F021500 N
070 G011500 N
070 G021500 N
070 H011500 N
070 H021500 N
070 I011500 N
070 I021500 N
070 J011500 Y
070 J021500 N
070 K011500 Y
070 K021500 N
070 L011500 Y
070 L021500 N
070 M011500 N
070 M021500 N
070 N011500 Y
070 N021500 N
070 O011500 Y
070 O021500 N
070 P011500 N
070 P021500 N
070 Q011500 N
070 Q021500 N
070 R011500 N
070 R021500 N
071 A001500 12135
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<PAGE> PAGE 62
072 E001500 0
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<PAGE> PAGE 63
074 R021500 0
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015 A001601 CHEMICAL BANK
015 B001601 C
015 C011601 NEW YORK
015 C021601 NY
015 C031601 10041
015 E011601 X
015 A001602 MORGAN GUARANTY TRUST COMPANY
015 B001602 C
015 C011602 NEW YORK
015 C021602 NY
015 C031602 10260
015 E011602 X
018 001600 Y
019 A001600 N
019 B001600 0
024 001600 N
025 A001601 ALEX BROWN, INC.
025 C001601 E
025 D001601 42
025 A001602 LEGG MASON, INC.
025 C001602 E
025 D001602 22
025 A001603 PIPER JAFFRAY, INC.
025 B001603 41-0953246
025 C001603 E
025 D001603 18
025 D001604 0
025 D001605 0
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<PAGE> PAGE 64
028 B021600 0
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045 001600 Y
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048 K011600 0
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<PAGE> PAGE 65
050 001600 N
051 001600 N
052 001600 N
053 A001600 Y
053 B001600 Y
053 C001600 N
062 A001600 N
062 B001600 0.0
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066 A001600 Y
066 B001600 N
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066 D001600 N
066 E001600 N
066 F001600 N
066 G001600 N
067 001600 N
068 A001600 N
068 B001600 N
069 001600 Y
070 A011600 Y
070 A021600 N
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070 B021600 N
070 C011600 N
070 C021600 N
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<PAGE> PAGE 66
070 H011600 Y
070 H021600 N
070 I011600 N
070 I021600 N
070 J011600 N
070 J021600 N
070 K011600 N
070 K021600 N
070 L011600 Y
070 L021600 N
070 M011600 N
070 M021600 N
070 N011600 Y
070 N021600 N
070 O011600 N
070 O021600 N
070 P011600 N
070 P021600 N
070 Q011600 N
070 Q021600 N
070 R011600 N
070 R021600 N
071 A001600 17050
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<PAGE> PAGE 67
072 Z001600 26
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015 A001701 CHEMICAL BANK
015 B001701 C
015 C011701 NEW YORK
015 C021701 NY
015 C031701 10041
015 E011701 X
<PAGE> PAGE 68
015 A001702 MORGAN GUARANTY TRUST COMPANY
015 B001702 C
015 C011702 NEW YORK
015 C021702 NY
015 C031702 10260
015 E011702 X
018 001700 Y
019 A001700 N
019 B001700 0
024 001700 Y
025 A001701 MORGAN STANLEY GROUP INC.
025 B001701 13-2838811
025 C001701 E
025 D001701 162
025 D001702 0
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025 D001705 0
025 D001706 0
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028 G011700 15633
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045 001700 Y
<PAGE> PAGE 69
046 001700 N
047 001700 Y
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048 I011700 0
048 I021700 0.000
048 J011700 0
048 J021700 0.000
048 K011700 0
048 K021700 0.000
049 001700 N
050 001700 N
051 001700 N
052 001700 N
053 A001700 Y
053 B001700 Y
053 C001700 N
062 A001700 N
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062 C001700 0.0
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<PAGE> PAGE 70
063 B001700 0.0
066 A001700 Y
066 B001700 N
066 C001700 N
066 D001700 Y
066 E001700 N
066 F001700 N
066 G001700 N
067 001700 N
068 A001700 N
068 B001700 N
069 001700 N
070 A011700 Y
070 A021700 N
070 B011700 Y
070 B021700 N
070 C011700 N
070 C021700 N
070 D011700 Y
070 D021700 N
070 E011700 N
070 E021700 N
070 F011700 Y
070 F021700 N
070 G011700 Y
070 G021700 N
070 H011700 Y
070 H021700 N
070 I011700 N
070 I021700 N
070 J011700 N
070 J021700 N
070 K011700 N
070 K021700 N
070 L011700 Y
070 L021700 Y
070 M011700 Y
070 M021700 N
070 N011700 Y
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070 O011700 N
070 O021700 N
070 P011700 N
070 P021700 N
070 Q011700 N
070 Q021700 N
070 R011700 N
070 R021700 N
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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076 001700 0.00
SIGNATURE STEPHEN TOOLEY
TITLE COMPTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> $ 617,586,455
<INVESTMENTS-AT-VALUE> $ 617,586,455
<RECEIVABLES> $ 2,546,797
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> $ 81,762
<TOTAL-ASSETS> $ 620,215,014
<PAYABLE-FOR-SECURITIES> $ 12,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $ 769,928
<TOTAL-LIABILITIES> $ 12,769,928
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $ 606,837,641
<SHARES-COMMON-STOCK> 60,744,509
<SHARES-COMMON-PRIOR> 58,328,148
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> $ 607,445,086
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> $ 17,947,390
<OTHER-INCOME> 0
<EXPENSES-NET> $ 1,273,781
<NET-INVESTMENT-INCOME> $ 16,673,609
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> $ 16,673,609
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $ 16,673,609
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,721,600
<NUMBER-OF-SHARES-REDEEMED> 6,972,600
<SHARES-REINVESTED> 1,667,361
<NET-CHANGE-IN-ASSETS> $ 24,163,609
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> $ 1,155,515
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $ 1,273,781
<AVERAGE-NET-ASSETS> $ 586,562,655
<PER-SHARE-NAV-BEGIN> $ 10.000
<PER-SHARE-NII> $ .284
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> $ .284
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $ 10.000
<EXPENSE-RATIO> .22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> $ 568,846,782
<INVESTMENTS-AT-VALUE> $ 583,703,096
<RECEIVABLES> $ 26,320,739
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> $ 3,038
<TOTAL-ASSETS> $ 610,026,873
<PAYABLE-FOR-SECURITIES> $ 20,763,395
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $ 689,443
<TOTAL-LIABILITIES> $ 588,574,035
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $ 579,664,823
<SHARES-COMMON-STOCK> 53,530,051
<SHARES-COMMON-PRIOR> 53,957,906
<ACCUMULATED-NII-CURRENT> $ 7,043,034
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $ (13,525,437)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $ 14,856,314
<NET-ASSETS> $ 588,574,035
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> $ 21,299,117
<OTHER-INCOME> 0
<EXPENSES-NET> $ 1,240,736
<NET-INVESTMENT-INCOME> $ 20,058,381
<REALIZED-GAINS-CURRENT> $ (2,718,144)
<APPREC-INCREASE-CURRENT> $ 46,788,462
<NET-CHANGE-FROM-OPS> $ 64,128,699
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $ 13,396,357
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 863,885
<NUMBER-OF-SHARES-REDEEMED> 2,509,016
<SHARES-REINVESTED> 1,217,276
<NET-CHANGE-IN-ASSETS> $ 46,925,436
<ACCUMULATED-NII-PRIOR> $ 381,010
<ACCUMULATED-GAINS-PRIOR> $ (10,807,293)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> $ 1,112,208
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $ 1,240,736
<AVERAGE-NET-ASSETS> $ 560,921,378
<PER-SHARE-NAV-BEGIN> $ 10.038
<PER-SHARE-NII> $ .377
<PER-SHARE-GAIN-APPREC> $ .836
<PER-SHARE-DIVIDEND> $ .256
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $ 10.995
<EXPENSE-RATIO> .22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> COMMON STOCK PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> $ 2,639,342,095
<INVESTMENTS-AT-VALUE> $ 3,230,898,022
<RECEIVABLES> $ 16,593,537
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> $ 666
<TOTAL-ASSETS> $ 3,247,492,225
<PAYABLE-FOR-SECURITIES> $ 10,708,126
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $ 3,901,254
<TOTAL-LIABILITIES> $ 14,609,380
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $ 2,569,281,781
<SHARES-COMMON-STOCK> 135,379,969
<SHARES-COMMON-PRIOR> 126,692,657
<ACCUMULATED-NII-CURRENT> $ 9,497,826
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $ 61,193,511
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $ 591,555,927
<NET-ASSETS> $ 3,232,882,845
<DIVIDEND-INCOME> $ 30,243,299
<INTEREST-INCOME> $ 11,123,684
<OTHER-INCOME> 0
<EXPENSES-NET> $ 6,931,481
<NET-INVESTMENT-INCOME> $ 34,435,502
<REALIZED-GAINS-CURRENT> $ 66,586,888
<APPREC-INCREASE-CURRENT> $ 345,084,382
<NET-CHANGE-FROM-OPS> $ 446,106,772
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $ 19,218,827
<DISTRIBUTIONS-OF-GAINS> $ 8,727,841
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,501,255
<NUMBER-OF-SHARES-REDEEMED> 983,304
<SHARES-REINVESTED> 1,169,361
<NET-CHANGE-IN-ASSETS> $ 615,110,828
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> $ 3,334,464
<OVERDISTRIB-NII-PRIOR> $ 5,718,849
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> $ 6,536,397
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $ 6,931,481
<AVERAGE-NET-ASSETS> $ 2,923,845,578
<PER-SHARE-NAV-BEGIN> $ 20.662
<PER-SHARE-NII> $ .264
<PER-SHARE-GAIN-APPREC> $ 3.164
<PER-SHARE-DIVIDEND> $ .189
<PER-SHARE-DISTRIBUTIONS> $ .021
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $ 23.880
<EXPENSE-RATIO> .24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> AGGRESSIVELY MANAGED FLEXIBLE PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> $ 3,453,563,650
<INVESTMENTS-AT-VALUE> $ 3,838,279,662
<RECEIVABLES> $ 184,273,030
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> $ 4,998
<TOTAL-ASSETS> $ 4,022,557,690
<PAYABLE-FOR-SECURITIES> $ 188,433,210
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $ 6,239,918
<TOTAL-LIABILITIES> $ 194,673,128
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $ 3,372,809,156
<SHARES-COMMON-STOCK> 222,526,686
<SHARES-COMMON-PRIOR> 224,673,289
<ACCUMULATED-NII-CURRENT> $ 17,240,117
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $ 50,894,010
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $ 384,716,012
<NET-ASSETS> $ 3,827,884,562
<DIVIDEND-INCOME> $ 23,605,192
<INTEREST-INCOME> $ 52,031,461
<OTHER-INCOME> 0
<EXPENSES-NET> $ 11,394,152
<NET-INVESTMENT-INCOME> $ 64,242,501
<REALIZED-GAINS-CURRENT> $ 100,162,088
<APPREC-INCREASE-CURRENT> $ 254,023,769
<NET-CHANGE-FROM-OPS> $ 418,428,358
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $ 39,231,762
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,988,839
<NUMBER-OF-SHARES-REDEEMED> 7,420,508
<SHARES-REINVESTED> 2,285,065
<NET-CHANGE-IN-ASSETS> $ 346,344,263
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> $ 7,770,622
<OVERDIST-NET-GAINS-PRIOR> $ 49,268,078
<GROSS-ADVISORY-FEES> $ 10,774,708
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $ 11,394,152
<AVERAGE-NET-ASSETS> $ 3,625,122,510
<PER-SHARE-NAV-BEGIN> $ 15.496
<PER-SHARE-NII> $ .288
<PER-SHARE-GAIN-APPREC> $ 1.596
<PER-SHARE-DIVIDEND> $ .178
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $ 17.202
<EXPENSE-RATIO> .31
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> CONSERVATIVELY MANAGED FLEXIBLE PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> $ 3,516,904,743
<INVESTMENTS-AT-VALUE> $ 3,734,903,668
<RECEIVABLES> $ 88,177,199
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> $ 12,412
<TOTAL-ASSETS> $ 3,823,093,279
<PAYABLE-FOR-SECURITIES> $ 101,908,062
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $ 5,585,469
<TOTAL-LIABILITIES> $ 3,715,599,748
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $ 3,417,738,513
<SHARES-COMMON-STOCK> 243,389,851
<SHARES-COMMON-PRIOR> 248,394,018
<ACCUMULATED-NII-CURRENT> $ 24,833,383
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $ 52,595,028
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $ 217,998,925
<NET-ASSETS> $ 3,715,599,748
<DIVIDEND-INCOME> $ 11,701,176
<INTEREST-INCOME> $ 77,685,355
<OTHER-INCOME> 0
<EXPENSES-NET> $ 10,320,636
<NET-INVESTMENT-INCOME> $ 79,065,895
<REALIZED-GAINS-CURRENT> $ 65,206,605
<APPREC-INCREASE-CURRENT> $ 192,922,800
<NET-CHANGE-FROM-OPS> $ 337,195,300
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $ 51,639,099
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,829,445
<NUMBER-OF-SHARES-REDEEMED> 11,219,884
<SHARES-REINVESTED> 3,386,272
<NET-CHANGE-IN-ASSETS> $ 214,495,462
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> $ 2,593,413
<OVERDIST-NET-GAINS-PRIOR> $ 12,611,577
<GROSS-ADVISORY-FEES> $ 9,790,665
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $ 10,320,636
<AVERAGE-NET-ASSETS> $ 3,590,900,206
<PER-SHARE-NAV-BEGIN> $ 14.095
<PER-SHARE-NII> $ .324
<PER-SHARE-GAIN-APPREC> $ 1.062
<PER-SHARE-DIVIDEND> $ .215
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $ 15.266
<EXPENSE-RATIO> .29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> ZERO COUPON BOND 1995 PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> $ 10,933,290
<INVESTMENTS-AT-VALUE> $ 10,989,464
<RECEIVABLES> $ 2,355
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 412
<TOTAL-ASSETS> $ 10,992,231
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $ 29,523
<TOTAL-LIABILITIES> $ 29,523
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $ 10,693,282
<SHARES-COMMON-STOCK> 1,025,205
<SHARES-COMMON-PRIOR> 1,674,113
<ACCUMULATED-NII-CURRENT> $ 68,505
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $ 134,495
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $ 56,174
<NET-ASSETS> $ 10,962,708
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> $ 456,052
<OTHER-INCOME> 0
<EXPENSES-NET> $ 41,800
<NET-INVESTMENT-INCOME> $ 414,252
<REALIZED-GAINS-CURRENT> $ 134,917
<APPREC-INCREASE-CURRENT> $ 19,281
<NET-CHANGE-FROM-OPS> $ 568,450
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $ 330,231
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,399
<NUMBER-OF-SHARES-REDEEMED> 691,227
<SHARES-REINVESTED> 30,920
<NET-CHANGE-IN-ASSETS> $ (6,770,924)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> $ 15,516
<OVERDIST-NET-GAINS-PRIOR> $ 422
<GROSS-ADVISORY-FEES> $ 26,326
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $ 41,800
<AVERAGE-NET-ASSETS> $ 13,889,770
<PER-SHARE-NAV-BEGIN> $ 10.593
<PER-SHARE-NII> $ .321
<PER-SHARE-GAIN-APPREC> $ .111
<PER-SHARE-DIVIDEND> $ .332
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $ 10.693
<EXPENSE-RATIO> .30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> ZERO COUPON BOND 2000 PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> $ 21,587,221
<INVESTMENTS-AT-VALUE> $ 23,736,925
<RECEIVABLES> $8,158
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> $ 333
<TOTAL-ASSETS> $ 23,745,416
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $ 39,930
<TOTAL-LIABILITIES> $ 39,930
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $ 20,473,621
<SHARES-COMMON-STOCK> 1,775,218
<SHARES-COMMON-PRIOR> 1,739,587
<ACCUMULATED-NII-CURRENT> $ 118,370
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $ 946,039
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $ 2,149,704
<NET-ASSETS> $ 23,705,486
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> $ 566,517
<OTHER-INCOME> 0
<EXPENSES-NET> $ 58,896
<NET-INVESTMENT-INCOME> $ 507,621
<REALIZED-GAINS-CURRENT> $ 945,638
<APPREC-INCREASE-CURRENT> $ 1,484,654
<NET-CHANGE-FROM-OPS> $ 2,937,913
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $ 355,159
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 75,888
<NUMBER-OF-SHARES-REDEEMED> 66,751
<SHARES-REINVESTED> 26,494
<NET-CHANGE-IN-ASSETS> $ 3,070,490
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> $ 401
<OVERDISTRIB-NII-PRIOR> $ 34,092
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> $ 43,693
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $ 58,896
<AVERAGE-NET-ASSETS> $ 22,024,826
<PER-SHARE-NAV-BEGIN> $ 11.862
<PER-SHARE-NII> $ .292
<PER-SHARE-GAIN-APPREC> $ 1.404
<PER-SHARE-DIVIDEND> $ .204
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $ 13.354
<EXPENSE-RATIO> .27
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> HIGH YIELD BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> $ 341,157,480
<INVESTMENTS-AT-VALUE> $ 336,518,469
<RECEIVABLES> $ 15,766,729
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> $ 115,177
<TOTAL-ASSETS> $ 352,400,375
<PAYABLE-FOR-SECURITIES> $ 14,931,868
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $ 571,137
<TOTAL-LIABILITIES> $ 15,503,005
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $ 353,384,622
<SHARES-COMMON-STOCK> 43,198,847
<SHARES-COMMON-PRIOR> 41,575,673
<ACCUMULATED-NII-CURRENT> $ 3,303,806
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $ (15,584,035)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $ (4,639,011)
<NET-ASSETS> $ 336,897,370
<DIVIDEND-INCOME> $ 393,058
<INTEREST-INCOME> $ 16,662,491
<OTHER-INCOME> 0
<EXPENSES-NET> $ 996,679
<NET-INVESTMENT-INCOME> $ 16,058,870
<REALIZED-GAINS-CURRENT> $ (8,885,855)
<APPREC-INCREASE-CURRENT> $ 22,334,642
<NET-CHANGE-FROM-OPS> $ 29,507,657
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $ 11,344,718
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,754,909
<NUMBER-OF-SHARES-REDEEMED> 1,596,595
<SHARES-REINVESTED> 1,464,860
<NET-CHANGE-IN-ASSETS> $ 30,672,657
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> $ (6,698,180)
<OVERDISTRIB-NII-PRIOR> $ 1,410,346
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> $ 886,954
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $ 996,679
<AVERAGE-NET-ASSETS> $ 324,415,174
<PER-SHARE-NAV-BEGIN> $ 7.366
<PER-SHARE-NII> $ .382
<PER-SHARE-GAIN-APPREC> $ .323
<PER-SHARE-DIVIDEND> $ .272
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $7.799
<EXPENSE-RATIO> .31
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> STOCK INDEX PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> $ 631,457,411
<INVESTMENTS-AT-VALUE> $ 833,016,338
<RECEIVABLES> $ 1,949,067
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> $ 464
<TOTAL-ASSETS> $ 834,965,869
<PAYABLE-FOR-SECURITIES> $ 3,501,416
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $ 849,524
<TOTAL-LIABILITIES> $ 4,350,940
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $ 621,155,726
<SHARES-COMMON-STOCK> 46,575,103
<SHARES-COMMON-PRIOR> 44,429,452
<ACCUMULATED-NII-CURRENT> $ 3,398,313
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $ 3,550,987
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $ 202,044,152
<NET-ASSETS> $ 830,614,929
<DIVIDEND-INCOME> $ 9,528,189
<INTEREST-INCOME> $ 769,653
<OTHER-INCOME> 0
<EXPENSES-NET> $ 1,419,508
<NET-INVESTMENT-INCOME> $ 8,878,334
<REALIZED-GAINS-CURRENT> $ 4,854,702
<APPREC-INCREASE-CURRENT> $ 120,556,712
<NET-CHANGE-FROM-OPS> $ 134,289,748
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $ 5,031,539
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,677,708
<NUMBER-OF-SHARES-REDEEMED> 814,719
<SHARES-REINVESTED> 282,662
<NET-CHANGE-IN-ASSETS> $ 166,080,722
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> $ 448,482
<OVERDIST-NET-GAINS-PRIOR> $ 1,303,715
<GROSS-ADVISORY-FEES> $ 1,284,240
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $ 1,419,508
<AVERAGE-NET-ASSETS> $ 740,343,283
<PER-SHARE-NAV-BEGIN> $ 14.957
<PER-SHARE-NII> $ .197
<PER-SHARE-GAIN-APPREC> $ 2.789
<PER-SHARE-DIVIDEND> $ .109
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $ 17.834
<EXPENSE-RATIO> .19
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> HIGH DIVIDEND STOCK PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> $ 922,233,220
<INVESTMENTS-AT-VALUE> $ 1,009,086,462
<RECEIVABLES> $ 7,398,971
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> $ 439
<TOTAL-ASSETS> $ 1,016,485,872
<PAYABLE-FOR-SECURITIES> $ 1,459,163
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $ 1,118,879
<TOTAL-LIABILITIES> $ 2,578,042
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $ 914,678,260
<SHARES-COMMON-STOCK> 62,006,367
<SHARES-COMMON-PRIOR> 59,352,571
<ACCUMULATED-NII-CURRENT> $ 8,282,176
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $ 3,474,088
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $ 86,853,242
<NET-ASSETS> $ 1,013,907,830
<DIVIDEND-INCOME> $ 17,067,728
<INTEREST-INCOME> $ 3,904,119
<OTHER-INCOME> 0
<EXPENSES-NET> $ 2,002,966
<NET-INVESTMENT-INCOME> $ 18,968,881
<REALIZED-GAINS-CURRENT> $ 4,254,183
<APPREC-INCREASE-CURRENT> $ 100,469,514
<NET-CHANGE-FROM-OPS> $ 123,692,578
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $ 10,832,464
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,794,824
<NUMBER-OF-SHARES-REDEEMED> 801,297
<SHARES-REINVESTED> 660,269
<NET-CHANGE-IN-ASSETS> $ 154,236,578
<ACCUMULATED-NII-PRIOR> $ 145,759
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> $ 780,095
<GROSS-ADVISORY-FEES> $ 1,856,827
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $ 2,002,966
<AVERAGE-NET-ASSETS> $ 934,114,560
<PER-SHARE-NAV-BEGIN> $ 14.484
<PER-SHARE-NII> $ .313
<PER-SHARE-GAIN-APPREC> $ 1.732
<PER-SHARE-DIVIDEND> $ .177
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $ 16.352
<EXPENSE-RATIO> .21
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> NATURAL RESOURCES PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> $ 236,448,065
<INVESTMENTS-AT-VALUE> $ 268,798,958
<RECEIVABLES> $ 4,863,989
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> $ 465
<TOTAL-ASSETS> $ 273,663,412
<PAYABLE-FOR-SECURITIES> $ 3,524,025
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $ 350,039
<TOTAL-LIABILITIES> $ 3,892,064
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $ 230,676,082
<SHARES-COMMON-STOCK> 16,235,925
<SHARES-COMMON-PRIOR> 15,735,726
<ACCUMULATED-NII-CURRENT> $ 528,084
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $ 6,053,930
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $ 32,350,893
<NET-ASSETS> $ 269,771,348
<DIVIDEND-INCOME> $ 1,918,353
<INTEREST-INCOME> $ 344,244
<OTHER-INCOME> 0
<EXPENSES-NET> $ 606,495
<NET-INVESTMENT-INCOME> $ 1,656,102
<REALIZED-GAINS-CURRENT> $ 6,048,372
<APPREC-INCREASE-CURRENT> $ 29,276,945
<NET-CHANGE-FROM-OPS> $ 36,981,419
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $ 1,164,895
<DISTRIBUTIONS-OF-GAINS> $ 1,041,282
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 747,916
<NUMBER-OF-SHARES-REDEEMED> 379,709
<SHARES-REINVESTED> 131,992
<NET-CHANGE-IN-ASSETS> $ 42,497,419
<ACCUMULATED-NII-PRIOR> $ 36,877
<ACCUMULATED-GAINS-PRIOR> $ 1,046,840
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> $ 554,794
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $ 606,495
<AVERAGE-NET-ASSETS> $ 248,332,056
<PER-SHARE-NAV-BEGIN> $ 14.443
<PER-SHARE-NII> $ .103
<PER-SHARE-GAIN-APPREC> $ 2.207
<PER-SHARE-DIVIDEND> $ .072
<PER-SHARE-DISTRIBUTIONS> $ .065
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $ 16.616
<EXPENSE-RATIO> .24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> GLOBAL EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> $ 327,198,871
<INVESTMENTS-AT-VALUE> $ 369,122,509
<RECEIVABLES> $ 1,487,457
<ASSETS-OTHER> $ 170,132
<OTHER-ITEMS-ASSETS> $ 191,660
<TOTAL-ASSETS> $ 370,971,758
<PAYABLE-FOR-SECURITIES> $ 134,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $ 1,715,046
<TOTAL-LIABILITIES> $ 1,849,046
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $ 330,908,950
<SHARES-COMMON-STOCK> 24,336,367
<SHARES-COMMON-PRIOR> 24,910,615
<ACCUMULATED-NII-CURRENT> $ 463,951
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $ (4,491,771)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $ 41,998,218
<NET-ASSETS> $ 369,122,712
<DIVIDEND-INCOME> $ 2,943,188
<INTEREST-INCOME> $ 250,317
<OTHER-INCOME> 0
<EXPENSES-NET> $ 1,863,146
<NET-INVESTMENT-INCOME> $ 1,330,359
<REALIZED-GAINS-CURRENT> $ (3,661,405)
<APPREC-INCREASE-CURRENT> $ 35,110,383
<NET-CHANGE-FROM-OPS> $ 32,779,337
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $ 559,732
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,248,673
<NUMBER-OF-SHARES-REDEEMED> 1,859,895
<SHARES-REINVESTED> 36,974
<NET-CHANGE-IN-ASSETS> $ 23,388,734
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> $ (830,366)
<OVERDISTRIB-NII-PRIOR> $ 306,676
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> $ 1,317,798
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $ 1,863,146
<AVERAGE-NET-ASSETS> $ 350,574,629
<PER-SHARE-NAV-BEGIN> $ 13.879
<PER-SHARE-NII> $ .053
<PER-SHARE-GAIN-APPREC> $ 1.259
<PER-SHARE-DIVIDEND> $ .023
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $ 15.168
<EXPENSE-RATIO> .53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 14
<NAME> GOVERNMENT SECURITIES PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> $ 451,860,188
<INVESTMENTS-AT-VALUE> $ 475,207,360
<RECEIVABLES> $ 7,341,861
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> $ 880
<TOTAL-ASSETS> $ 482,550,101
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $ 536,983
<TOTAL-LIABILITIES> $ 536,983
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $ 477,564,780
<SHARES-COMMON-STOCK> 42,057,044
<SHARES-COMMON-PRIOR> 46,607,219
<ACCUMULATED-NII-CURRENT> $ 6,424,398
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $ (25,743,802)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23,347,172
<NET-ASSETS> $ 482,013,118
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> $ 16,992,837
<OTHER-INCOME> 0
<EXPENSES-NET> $ 1,049,649
<NET-INVESTMENT-INCOME> $ 15,943,188
<REALIZED-GAINS-CURRENT> $ (14,819,989)
<APPREC-INCREASE-CURRENT> $ 52,290,741
<NET-CHANGE-FROM-OPS> $ 53,413,940
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $ 10,450,285
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 282,892
<NUMBER-OF-SHARES-REDEEMED> 5,742,230
<SHARES-REINVESTED> 909,163
<NET-CHANGE-IN-ASSETS> $ (5,561,187)
<ACCUMULATED-NII-PRIOR> $ 931,495
<ACCUMULATED-GAINS-PRIOR> $ (10,923,813)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> $ 939,386
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $ 1,049,649
<AVERAGE-NET-ASSETS> $ 475,165,907
<PER-SHARE-NAV-BEGIN> $ 10.461
<PER-SHARE-NII> $ .370
<PER-SHARE-GAIN-APPREC> $ .884
<PER-SHARE-DIVIDEND> $ .254
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $ 11.461
<EXPENSE-RATIO> .22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 15
<NAME> ZERO COUPON BOND 2005 PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> $ 16,498,474
<INVESTMENTS-AT-VALUE> $ 18,640,990
<RECEIVABLES> $ 47
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> $ 959
<TOTAL-ASSETS> $ 18,641,996
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $ 36,193
<TOTAL-LIABILITIES> $ 36,193
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $ 15,809,857
<SHARES-COMMON-STOCK> 1,471,046
<SHARES-COMMON-PRIOR> 1,536,257
<ACCUMULATED-NII-CURRENT> $ 167,390
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $ 471,330
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $ 2,142,516
<NET-ASSETS> $ 18,605,803
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> $ 550,640
<OTHER-INCOME> 0
<EXPENSES-NET> $ 51,282
<NET-INVESTMENT-INCOME> $ 499,358
<REALIZED-GAINS-CURRENT> $ 471,330
<APPREC-INCREASE-CURRENT> $ 2,329,417
<NET-CHANGE-FROM-OPS> $ 3,300,105
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $ 355,166
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 37,750
<NUMBER-OF-SHARES-REDEEMED> 130,844
<SHARES-REINVESTED> 27,883
<NET-CHANGE-IN-ASSETS> $ 2,100,105
<ACCUMULATED-NII-PRIOR> $ 23,198
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> $ 35,561
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $ 51,282
<AVERAGE-NET-ASSETS> $ 17,825,683
<PER-SHARE-NAV-BEGIN> $10.744
<PER-SHARE-NII> $ .327
<PER-SHARE-GAIN-APPREC> $ 1.823
<PER-SHARE-DIVIDEND> $ .246
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $ 12.648
<EXPENSE-RATIO> .29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 17
<NAME> GROWTH STOCK PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> $ 17,284,396
<INVESTMENTS-AT-VALUE> $ 18,711,575
<RECEIVABLES> $ 658,169
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> $ 244
<TOTAL-ASSETS> $ 19,369,988
<PAYABLE-FOR-SECURITIES> $ 2,233,797
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $ 32,928
<TOTAL-LIABILITIES> $ 2,266,725
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $ 15,625,362
<SHARES-COMMON-STOCK> 1,517,583
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> $ 4,137
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $ 31,409
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $ 1,427,179
<NET-ASSETS> $ 17,103,263
<DIVIDEND-INCOME> $ 20,221
<INTEREST-INCOME> $ 24,650
<OTHER-INCOME> 0
<EXPENSES-NET> $ 33,196
<NET-INVESTMENT-INCOME> $ 11,675
<REALIZED-GAINS-CURRENT> $ 31,409
<APPREC-INCREASE-CURRENT> $ 1,427,179
<NET-CHANGE-FROM-OPS> $ 1,470,263
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $ 7,538
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,506,917
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 667
<NET-CHANGE-IN-ASSETS> $ 17,003,263
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> $ 13,738
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $ 33,196
<AVERAGE-NET-ASSETS> $ 12,278,040
<PER-SHARE-NAV-BEGIN> $ 10.000
<PER-SHARE-NII> $ .010
<PER-SHARE-GAIN-APPREC> $ 1.266
<PER-SHARE-DIVIDEND> $ .006
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $ 11.270
<EXPENSE-RATIO> .27
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 16
<NAME> SMALL CAPITALIZATION STOCK PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> $ 18,072,236
<INVESTMENTS-AT-VALUE> $ 18,812,622
<RECEIVABLES> $ 291,991
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> $ 12,416
<TOTAL-ASSETS> $ 19,117,029
<PAYABLE-FOR-SECURITIES> $ 1,634,878
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $ 29,092
<TOTAL-LIABILITIES> $ 1,663,970
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $ 16,639,611
<SHARES-COMMON-STOCK> 1,634,830
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> $ 18,226
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $ 33,063
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $ 745,811
<NET-ASSETS> $ 17,453,059
<DIVIDEND-INCOME> $ 25,619
<INTEREST-INCOME> $ 26,676
<OTHER-INCOME> 0
<EXPENSES-NET> $ 26,110
<NET-INVESTMENT-INCOME> $ 26,185
<REALIZED-GAINS-CURRENT> $ 33,063
<APPREC-INCREASE-CURRENT> $ 745,811
<NET-CHANGE-FROM-OPS> $ 805,059
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $ 7,959
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,624,083
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 746
<NET-CHANGE-IN-ASSETS> $ 17,353,059
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> $ 8,998
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $ 26,110
<AVERAGE-NET-ASSETS> $ 12,046,905
<PER-SHARE-NAV-BEGIN> $ 10.000
<PER-SHARE-NII> $ .022
<PER-SHARE-GAIN-APPREC> $ .659
<PER-SHARE-DIVIDEND> $ .005
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $ 10.676
<EXPENSE-RATIO> .22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
