<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 19
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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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
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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SIGNATURE CHAD L. NORTON
TITLE SECRETARY
January 9, 1998
To the Board of Trustees of
American Variable Insurance Series
In planning and performing our audit of the financial
statements of American Variable Insurance Series (the
"Series") for the year ended November 30, 1997, we
considered its internal control, including control
activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Series is responsible for establishing
and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs
of control activities. Generally, control activities that
are relevant to an audit pertain to the entity's objective
of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the
safeguarding of assets against unauthorized acquisition, use
or disposition.
Because of inherent limitations in internal control, errors
or irregularities may occur and not be detected. Also,
projection of any evaluation of internal control to future
periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness
of the design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be
material weaknesses under standards established by the
American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or
operation of any specific internal control components does
not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation
to the financial statements being audited may occur and not
be detected within a timely period by employees in the
normal course of performing their assigned functions.
However, we noted no matters involving internal control,
including control activities for safeguarding securities,
that we consider to be material weaknesses as defined above
as of November 30, 1997.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> THE GROWTH-INCOME FUND CLASS 1
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<INVESTMENTS-AT-COST> 4,867,544
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<ACCUMULATED-NET-GAINS> 631,524
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,702,754
<NET-ASSETS> 6,587,010
<DIVIDEND-INCOME> 96,848
<INTEREST-INCOME> 43,091
<OTHER-INCOME> 0
<EXPENSES-NET> 22,132
<NET-INVESTMENT-INCOME> 117,807
<REALIZED-GAINS-CURRENT> 631,933
<APPREC-INCREASE-CURRENT> 464,898
<NET-CHANGE-FROM-OPS> 1,214,638
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 112,850
<DISTRIBUTIONS-OF-GAINS> 373,625
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,261,018
<NUMBER-OF-SHARES-REDEEMED> 7,793,511
<SHARES-REINVESTED> 14,489,052
<NET-CHANGE-IN-ASSETS> 1,338,370
<ACCUMULATED-NII-PRIOR> 25,264
<ACCUMULATED-GAINS-PRIOR> 373,216
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21,263
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,132
<AVERAGE-NET-ASSETS> 5,877,743
<PER-SHARE-NAV-BEGIN> 35.73
<PER-SHARE-NII> .73
<PER-SHARE-GAIN-APPREC> 6.78
<PER-SHARE-DIVIDEND> .72
<PER-SHARE-DISTRIBUTIONS> 2.55
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 39.97
<EXPENSE-RATIO> .004
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 26
<NAME> THE GROWTH-INCOME FUND CLASS 2
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-1-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 4,867,544
<INVESTMENTS-AT-VALUE> 6,570,298
<RECEIVABLES> 25,192
<ASSETS-OTHER> 233
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,595,723
<PAYABLE-FOR-SECURITIES> 5,575
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,138
<TOTAL-LIABILITIES> 8,713
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,223,073
<SHARES-COMMON-STOCK> 3,935,910
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 29,653
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 631,524
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,702,754
<NET-ASSETS> 6,587,010
<DIVIDEND-INCOME> 96,848
<INTEREST-INCOME> 43,091
<OTHER-INCOME> 0
<EXPENSES-NET> 22,132
<NET-INVESTMENT-INCOME> 117,807
<REALIZED-GAINS-CURRENT> 631,933
<APPREC-INCREASE-CURRENT> 464,898
<NET-CHANGE-FROM-OPS> 1,214,638
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 568
<DISTRIBUTIONS-OF-GAINS> 373,625
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,921,601
<NUMBER-OF-SHARES-REDEEMED> 49
<SHARES-REINVESTED> 14,358
<NET-CHANGE-IN-ASSETS> 1,338,370
<ACCUMULATED-NII-PRIOR> 25,264
<ACCUMULATED-GAINS-PRIOR> 373,216
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21,263
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,132
<AVERAGE-NET-ASSETS> 5,877,743
<PER-SHARE-NAV-BEGIN> 34.1
<PER-SHARE-NII> .37
<PER-SHARE-GAIN-APPREC> 5.82
<PER-SHARE-DIVIDEND> .35
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 39.94
<EXPENSE-RATIO> .003
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 27
<NAME> THE GROWTH FUND CLASS 1
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-1-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 3,389,105
<INVESTMENTS-AT-VALUE> 4,716,994
<RECEIVABLES> 31,843
<ASSETS-OTHER> 114
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,748,951
<PAYABLE-FOR-SECURITIES> 1,264
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,304
<TOTAL-LIABILITIES> 3,568
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,851,872
<SHARES-COMMON-STOCK> 93,190,502
<SHARES-COMMON-PRIOR> 88,690,116
<ACCUMULATED-NII-CURRENT> 4,612
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 561,009
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,327,890
<NET-ASSETS> 4,745,383
<DIVIDEND-INCOME> 18,508
<INTEREST-INCOME> 24,088
<OTHER-INCOME> 0
<EXPENSES-NET> 17,775
<NET-INVESTMENT-INCOME> 24,821
<REALIZED-GAINS-CURRENT> 561,323
<APPREC-INCREASE-CURRENT> 342,407
<NET-CHANGE-FROM-OPS> 928,551
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 24,809
<DISTRIBUTIONS-OF-GAINS> 268,039
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,361,345
<NUMBER-OF-SHARES-REDEEMED> 8,120,252
<SHARES-REINVESTED> 7,259,293
<NET-CHANGE-IN-ASSETS> 885,034
<ACCUMULATED-NII-PRIOR> 4,638
<ACCUMULATED-GAINS-PRIOR> 267,737
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17,154
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,775
<AVERAGE-NET-ASSETS> 4,228,274
<PER-SHARE-NAV-BEGIN> 43.53
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> 9.61
<PER-SHARE-DIVIDEND> .27
<PER-SHARE-DISTRIBUTIONS> 3.02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 50.12
<EXPENSE-RATIO> .004
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 27
<NAME> THE GROWTH FUND CLASS 2
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-1-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 3,389,105
<INVESTMENTS-AT-VALUE> 4,716,994
<RECEIVABLES> 31,843
<ASSETS-OTHER> 114
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,748,951
<PAYABLE-FOR-SECURITIES> 1,264
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,304
<TOTAL-LIABILITIES> 3,568
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,851,872
<SHARES-COMMON-STOCK> 1,489,554
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 4,612
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 561,009
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,327,890
<NET-ASSETS> 4,745,383
<DIVIDEND-INCOME> 18,508
<INTEREST-INCOME> 24,088
<OTHER-INCOME> 0
<EXPENSES-NET> 17,775
<NET-INVESTMENT-INCOME> 24,821
<REALIZED-GAINS-CURRENT> 561,323
<APPREC-INCREASE-CURRENT> 342,407
<NET-CHANGE-FROM-OPS> 928,551
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 50
<DISTRIBUTIONS-OF-GAINS> 268,039
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,488,730
<NUMBER-OF-SHARES-REDEEMED> 216
<SHARES-REINVESTED> 1,040
<NET-CHANGE-IN-ASSETS> 885,034
<ACCUMULATED-NII-PRIOR> 4,638
<ACCUMULATED-GAINS-PRIOR> 267,737
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17,154
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,775
<AVERAGE-NET-ASSETS> 4,228,274
<PER-SHARE-NAV-BEGIN> 40.59
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> 9.51
<PER-SHARE-DIVIDEND> .12
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 50.09
<EXPENSE-RATIO> .004
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 28
<NAME> THE HIGH-YIELD BOND FUND CLASS 1
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-1-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 743,913
<INVESTMENTS-AT-VALUE> 771,134
<RECEIVABLES> 15,927
<ASSETS-OTHER> 929
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 787,990
<PAYABLE-FOR-SECURITIES> 1,434
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 498
<TOTAL-LIABILITIES> 1,932
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 733,570
<SHARES-COMMON-STOCK> 51,175,562
<SHARES-COMMON-PRIOR> 49,134,580
<ACCUMULATED-NII-CURRENT> 17,389
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,736
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,369
<NET-ASSETS> 786,058
<DIVIDEND-INCOME> 447
<INTEREST-INCOME> 68,229
<OTHER-INCOME> 0
<EXPENSES-NET> 3,758
<NET-INVESTMENT-INCOME> 64,918
<REALIZED-GAINS-CURRENT> 14,913
<APPREC-INCREASE-CURRENT> 5,122
<NET-CHANGE-FROM-OPS> 84,953
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 61,900
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,078,465
<NUMBER-OF-SHARES-REDEEMED> 3,792,325
<SHARES-REINVESTED> 4,250,842
<NET-CHANGE-IN-ASSETS> 123,873
<ACCUMULATED-NII-PRIOR> 14,357
<ACCUMULATED-GAINS-PRIOR> (7,163)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,624
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,758
<AVERAGE-NET-ASSETS> 728,008
<PER-SHARE-NAV-BEGIN> 14.51
<PER-SHARE-NII> 1.29
<PER-SHARE-GAIN-APPREC> .43
<PER-SHARE-DIVIDEND> 1.27
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.96
<EXPENSE-RATIO> .005
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 28
<NAME> THE HIGH-YIELD BOND FUND CLASS 2
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-1-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 743,913
<INVESTMENTS-AT-VALUE> 771,134
<RECEIVABLES> 15,927
<ASSETS-OTHER> 929
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 787,990
<PAYABLE-FOR-SECURITIES> 1,434
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 498
<TOTAL-LIABILITIES> 1,932
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 733,570
<SHARES-COMMON-STOCK> 1,381,229
<SHARES-COMMON-PRIOR> 69,248
<ACCUMULATED-NII-CURRENT> 17,389
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,736
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,369
<NET-ASSETS> 786,058
<DIVIDEND-INCOME> 447
<INTEREST-INCOME> 68,229
<OTHER-INCOME> 0
<EXPENSES-NET> 3,758
<NET-INVESTMENT-INCOME> 64,918
<REALIZED-GAINS-CURRENT> 14,913
<APPREC-INCREASE-CURRENT> 5,122
<NET-CHANGE-FROM-OPS> 84,953
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 61,900
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,355,310
<NUMBER-OF-SHARES-REDEEMED> 225
<SHARES-REINVESTED> 26,144
<NET-CHANGE-IN-ASSETS> 123,873
<ACCUMULATED-NII-PRIOR> 14,357
<ACCUMULATED-GAINS-PRIOR> (7,163)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,624
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,758
<AVERAGE-NET-ASSETS> 728,008
<PER-SHARE-NAV-BEGIN> 14.28
<PER-SHARE-NII> .69
<PER-SHARE-GAIN-APPREC> .61
<PER-SHARE-DIVIDEND> .63
<PER-SHARE-DISTRIBUTIONS> .0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.95
<EXPENSE-RATIO> .004
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 29
<NAME> THE CASH MANAGEMENT FUND CLASS 1
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-1-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 240,060
<INVESTMENTS-AT-VALUE> 240,060
<RECEIVABLES> 72
<ASSETS-OTHER> 39
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 240,171
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 296
<TOTAL-LIABILITIES> 296
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 236,534
<SHARES-COMMON-STOCK> 20,316,468
<SHARES-COMMON-PRIOR> 21,610,763
<ACCUMULATED-NII-CURRENT> 3,341
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 239,875
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,554
<OTHER-INCOME> 0
<EXPENSES-NET> 1,172
<NET-INVESTMENT-INCOME> 12,382
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 12,382
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11,948
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,809,829
<NUMBER-OF-SHARES-REDEEMED> 25,187,883
<SHARES-REINVESTED> 1,083,759
<NET-CHANGE-IN-ASSETS> (473)
<ACCUMULATED-NII-PRIOR> 3,089
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,113
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,172
<AVERAGE-NET-ASSETS> 248,601
<PER-SHARE-NAV-BEGIN> 11.12
<PER-SHARE-NII> .57
<PER-SHARE-GAIN-APPREC> (.01)
<PER-SHARE-DIVIDEND> .55
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.13
<EXPENSE-RATIO> .005
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 29
<NAME> THE CASH MANAGEMENT FUND CLASS 2
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-1-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 240,060
<INVESTMENTS-AT-VALUE> 240,060
<RECEIVABLES> 72
<ASSETS-OTHER> 39
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 240,171
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 296
<TOTAL-LIABILITIES> 296
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 236,534
<SHARES-COMMON-STOCK> 1,243,706
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3,341
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 239,875
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,554
<OTHER-INCOME> 0
<EXPENSES-NET> 1,172
<NET-INVESTMENT-INCOME> 12,382
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 12,382
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 182
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,763,820
<NUMBER-OF-SHARES-REDEEMED> 536,654
<SHARES-REINVESTED> 16,540
<NET-CHANGE-IN-ASSETS> (473)
<ACCUMULATED-NII-PRIOR> 3,089
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,113
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,172
<AVERAGE-NET-ASSETS> 248,601
<PER-SHARE-NAV-BEGIN> 11.07
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> .03
<PER-SHARE-DIVIDEND> .26
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.12
<EXPENSE-RATIO> .41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 30
<NAME> THE U.S. GOVERNMENT/AAA-RATED SECURITIES FUND CLASS 1
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-1-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 475,597
<INVESTMENTS-AT-VALUE> 485,379
<RECEIVABLES> 3,984
<ASSETS-OTHER> 26
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 489,389
<PAYABLE-FOR-SECURITIES> 11,447
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 293
<TOTAL-LIABILITIES> 11,740
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 480,811
<SHARES-COMMON-STOCK> 42,109,994
<SHARES-COMMON-PRIOR> 45,370,093
<ACCUMULATED-NII-CURRENT> 7,461
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (20,405)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,782
<NET-ASSETS> 477,649
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 35,077
<OTHER-INCOME> 0
<EXPENSES-NET> 2,531
<NET-INVESTMENT-INCOME> 32,546
<REALIZED-GAINS-CURRENT> (9,383)
<APPREC-INCREASE-CURRENT> 6,202
<NET-CHANGE-FROM-OPS> 29,365
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 34,740
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,087,594
<NUMBER-OF-SHARES-REDEEMED> 8,543,011
<SHARES-REINVESTED> 3,195,318
<NET-CHANGE-IN-ASSETS> (34,602)
<ACCUMULATED-NII-PRIOR> 9,778
<ACCUMULATED-GAINS-PRIOR> (11,022)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,444
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,531
<AVERAGE-NET-ASSETS> 483,889
<PER-SHARE-NAV-BEGIN> 11.29
<PER-SHARE-NII> .76
<PER-SHARE-GAIN-APPREC> (.07)
<PER-SHARE-DIVIDEND> .8
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.18
<EXPENSE-RATIO> .005
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 30
<NAME> THE U.S. GOVERNMENT/AAA-RATED SECURITIES FUND CLASS 2
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 70
<NAME> THE ASSET ALLOCATION FUND CLASS 1
<MULTIPLIER> 1000
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 70
<NAME> THE ASSET ALLOCATION FUND CLASS 2
<MULTIPLIER> 1000
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 71
<NAME> THE INTERNATIONAL FUND CLASS 1
<MULTIPLIER> 1000
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 71
<NAME> THE INTERNATIONAL FUND CLASS 2
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-1-1996
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 77
<NAME> THE GLOBAL GROWTH FUND CLASS 1
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> APR-30-1997
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 77
<NAME> THE GLOBAL GROWTH FUND CLASS 2
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-START> APR-30-1997
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 78
<NAME> THE BOND FUND CLASS 1
<MULTIPLIER> 1000
<S> <C>
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<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-1-1996
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 78
<NAME> THE BOND FUND CLASS 2
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<S> <C>
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<PER-SHARE-NAV-BEGIN> 10.11
<PER-SHARE-NII> .35
<PER-SHARE-GAIN-APPREC> .46
<PER-SHARE-DIVIDEND> .31
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.61
<EXPENSE-RATIO> .004
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
