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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 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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008 D030402 01653
008 D040402 1959
015 A000401 BANKERS TRUST COMPANY
015 B000401 C
015 C010401 NEW YORK
015 C020401 NY
015 C030401 10005
015 E010401 X
024 000400 Y
025 A000401 MORGAN STANLEY GROUP, INC.
025 B000401 13-2655998
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025 A000402 MERRILL LYNCH, PIERCE, FENNER, SMITH
025 B000402 13-5674085
025 C000402 E
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025 A000403 MORGAN (J.P.) & CO., INC.
025 B000403 13-3224016
025 C000403 E
025 D000403 637
025 A000404 MELLON BANK
025 B000404 25-0659306
025 C000404 E
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025 A000405 DELETE
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<PAGE> PAGE 21
028 B040400 70
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<PAGE> PAGE 22
052 000400 N
053 A000400 N
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056 000400 Y
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066 D000400 N
066 E000400 Y
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
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069 000400 Y
070 A010400 Y
070 A020400 N
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070 B020400 N
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070 C020400 N
070 D010400 Y
070 D020400 N
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070 E020400 N
070 F010400 Y
070 F020400 Y
070 G010400 Y
070 G020400 N
<PAGE> PAGE 23
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 N
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
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<PAGE> PAGE 24
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008 A000501 ALLMERICA INVESTMENT MANAGEMENT CO., INC.
008 B000501 A
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008 D010501 WORCESTER
008 D020501 MA
008 D030501 01653
<PAGE> PAGE 25
008 D040501 1959
008 A000502 ALLMERICA ASSET MANAGEMENT, INC.
008 B000502 S
008 C000502 801-44189
008 D010502 WORCESTER
008 D020502 MA
008 D030502 01653
008 D040502 1959
015 A000501 BANKERS TRUST COMPANY
015 B000501 C
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015 C030501 10005
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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064 A000500 N
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068 B000500 N
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070 A020500 N
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070 E010500 Y
070 E020500 N
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070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
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070 J020500 N
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070 K020500 Y
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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008 A000601 ALLMERICA INVESTMENT MANAGEMENT CO., INC.
008 B000601 A
008 C000601 801-44189
008 D010601 WORCESTER
008 D020601 MA
008 D030601 01653
008 D040601 1959
008 A000602 JOHN A. LEVIN & CO., INC.
008 B000602 S
008 C000602 801-18010
008 D010602 NEW YORK
008 D020602 NY
008 D030602 10020
015 A000601 BANKERS TRUST COMPANY
015 B000601 C
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015 C030601 10005
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024 000600 Y
025 A000601 MORGAN STANLEY
025 B000601 13-2655998
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025 C000602 D
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
068 B000600 N
069 000600 N
070 A010600 Y
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070 B020600 N
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070 G020600 N
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070 H020600 N
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070 I020600 N
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070 J020600 N
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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008 A000701 ALLMERICA INVESTMENT MANAGEMENT CO., INC.
008 B000701 A
008 C000701 801-44189
008 D010701 WORCESTER
008 D020701 MA
008 D030701 01653
008 D040701 1959
008 A000702 PUTNAM INVESTMENT MANAGEMENT, INC.
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008 D030702 02109
015 A000701 BANKERS TRUST COMPANY
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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070 E020700 N
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070 F020700 N
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<PAGE> PAGE 37
070 M010700 Y
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<PAGE> PAGE 38
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008 A000801 ALLMERICA INVESTMENT MANAGEMENT CO., INC.
008 B000801 A
008 C000801 801-44189
008 D010801 WORCESTER
008 D020801 MA
008 D030801 01653
008 D040801 1959
008 A000802 NICHOLAS-APPLEGATE CAPITAL MANAGEMENT
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008 D030802 92101
015 A000801 BANKERS TRUST COMPANY
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<PAGE> PAGE 39
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015 C030801 10005
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024 000800 Y
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<PAGE> PAGE 40
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<PAGE> PAGE 41
066 A000800 Y
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
025 A000904 BEAR STEARNS
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<PAGE> PAGE 45
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<PAGE> PAGE 46
070 B010900 N
070 B020900 N
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070 F020900 N
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070 H010900 N
070 H020900 N
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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008 A001101 ALLMERICA INVESTMENT MANAGEMENT CO., INC
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008 D031101 01653
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008 A001102 BANK OF IRELAND ASSET MANAGEMENT (U.S) LTD.
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015 A001101 BANKERS TRUST COMPANY
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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070 A021100 N
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<PAGE> PAGE 55
070 D011100 Y
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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008 A001201 ALLMERICA INVESTMENT MANAGEMENT CO., INC.
008 B001201 A
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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SIGNATURE THOMAS P. CUNNINGHAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> SELECT AGGRESSIVE GROWTH
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 380,568,995
<INVESTMENTS-AT-VALUE> 491,794,226
<RECEIVABLES> 1,067,793
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 492,862,019
<PAYABLE-FOR-SECURITIES> 1,874,997
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 487,137
<TOTAL-LIABILITIES> 2,362,134
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 380,461,501
<SHARES-COMMON-STOCK> 228,820,840
<SHARES-COMMON-PRIOR> 200,053,471
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1,234,267
<ACCUMULATED-NET-GAINS> 47,240
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 111,225,231
<NET-ASSETS> 490,499,885
<DIVIDEND-INCOME> 823,454
<INTEREST-INCOME> 267,189
<OTHER-INCOME> 0
<EXPENSES-NET> 2,234,910
<NET-INVESTMENT-INCOME> (1,234,267)
<REALIZED-GAINS-CURRENT> 68,995
<APPREC-INCREASE-CURRENT> 33,058,945
<NET-CHANGE-FROM-OPS> 31,893,673
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 6,808,097
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 59,913,564
<NUMBER-OF-SHARES-REDEEMED> (8,749,385)
<SHARES-REINVESTED> 6,808,097
<NET-CHANGE-IN-ASSETS> 83,057,852
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 6,786,522
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,117,634
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,234,910
<AVERAGE-NET-ASSETS> 427,036,702
<PER-SHARE-NAV-BEGIN> 2.037
<PER-SHARE-NII> (0.005)
<PER-SHARE-GAIN-APPREC> 0.142
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.030)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.144
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> SELECT GROWTH
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 285,737,350
<INVESTMENTS-AT-VALUE> 347,077,339
<RECEIVABLES> 1,085,962
<ASSETS-OTHER> 682,567
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 348,845,868
<PAYABLE-FOR-SECURITIES> 3,251,031
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 284,294
<TOTAL-LIABILITIES> 3,535,325
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 270,686,168
<SHARES-COMMON-STOCK> 204,874,845
<SHARES-COMMON-PRIOR> 159,809,982
<ACCUMULATED-NII-CURRENT> 809,637
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,474,749
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 61,339,989
<NET-ASSETS> 345,310,543
<DIVIDEND-INCOME> 1,763,469
<INTEREST-INCOME> 351,535
<OTHER-INCOME> 0
<EXPENSES-NET> 1,305,367
<NET-INVESTMENT-INCOME> 809,637
<REALIZED-GAINS-CURRENT> 12,551,663
<APPREC-INCREASE-CURRENT> 36,419,775
<NET-CHANGE-FROM-OPS> 49,781,075
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 2,196,148
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 69,818,261
<NUMBER-OF-SHARES-REDEEMED> (2,840,044)
<SHARES-REINVESTED> 2,196,148
<NET-CHANGE-IN-ASSETS> 116,759,292
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,119,234
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,194,813
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,337,927
<AVERAGE-NET-ASSETS> 283,465,690
<PER-SHARE-NAV-BEGIN> 1.430
<PER-SHARE-NII> 0.004
<PER-SHARE-GAIN-APPREC> 0.262
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.011)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.685
<EXPENSE-RATIO> 0.93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> SELECT GROWTH & INCOME
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 313,566,527
<INVESTMENTS-AT-VALUE> 387,695,686
<RECEIVABLES> 4,235,962
<ASSETS-OTHER> 466,438
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 392,398,086
<PAYABLE-FOR-SECURITIES> 2,713,260
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 295,408
<TOTAL-LIABILITIES> 3,008,668
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 302,646,387
<SHARES-COMMON-STOCK> 248,168,215
<SHARES-COMMON-PRIOR> 210,471,303
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 10,480
<ACCUMULATED-NET-GAINS> 12,624,352
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 74,129,159
<NET-ASSETS> 389,389,418
<DIVIDEND-INCOME> 2,941,291
<INTEREST-INCOME> 682,449
<OTHER-INCOME> 0
<EXPENSES-NET> 1,335,555
<NET-INVESTMENT-INCOME> 2,288,185
<REALIZED-GAINS-CURRENT> 12,703,699
<APPREC-INCREASE-CURRENT> 29,858,541
<NET-CHANGE-FROM-OPS> 44,850,425
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,298,665
<DISTRIBUTIONS-OF-GAINS> 4,662,402
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 51,358,456
<NUMBER-OF-SHARES-REDEEMED> (2,457,450)
<SHARES-REINVESTED> 6,961,067
<NET-CHANGE-IN-ASSETS> 93,751,431
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4,583,055
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,247,523
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,377,610
<AVERAGE-NET-ASSETS> 335,428,839
<PER-SHARE-NAV-BEGIN> 1.405
<PER-SHARE-NII> 0.010
<PER-SHARE-GAIN-APPREC> 0.183
<PER-SHARE-DIVIDEND> (0.010)
<PER-SHARE-DISTRIBUTIONS> (0.019)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.569
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> SELECT INCOME
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 86,498,975
<INVESTMENTS-AT-VALUE> 86,952,378
<RECEIVABLES> 3,584,081
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 90,536,459
<PAYABLE-FOR-SECURITIES> 2,521,465
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,016,842
<TOTAL-LIABILITIES> 3,538,307
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 88,129,221
<SHARES-COMMON-STOCK> 87,814,680
<SHARES-COMMON-PRIOR> 77,869,624
<ACCUMULATED-NII-CURRENT> 7,010
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1,591,482
<ACCUM-APPREC-OR-DEPREC> 453,403
<NET-ASSETS> 86,998,152
<DIVIDEND-INCOME> 40,490
<INTEREST-INCOME> 2,802,970
<OTHER-INCOME> 0
<EXPENSES-NET> 299,378
<NET-INVESTMENT-INCOME> 2,544,082
<REALIZED-GAINS-CURRENT> (147,077)
<APPREC-INCREASE-CURRENT> (160,767)
<NET-CHANGE-FROM-OPS> 2,236,238
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,587,252
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,458,423
<NUMBER-OF-SHARES-REDEEMED> (2,194,852)
<SHARES-REINVESTED> 2,587,252
<NET-CHANGE-IN-ASSETS> 9,499,809
<ACCUMULATED-NII-PRIOR> 50,180
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1,445,405
<GROSS-ADVISORY-FEES> 241,424
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 299,378
<AVERAGE-NET-ASSETS> 81,141,470
<PER-SHARE-NAV-BEGIN> 0.995
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> (0.003)
<PER-SHARE-DIVIDEND> (0.031)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.991
<EXPENSE-RATIO> .74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> SMALL MID-CAP VALUE
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 140,739,888
<INVESTMENTS-AT-VALUE> 158,103,838
<RECEIVABLES> 2,682,371
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 160,786,209
<PAYABLE-FOR-SECURITIES> 4,994,640
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 143,072
<TOTAL-LIABILITIES> 5,137,712
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 118,213,556
<SHARES-COMMON-STOCK> 91,597,533
<SHARES-COMMON-PRIOR> 75,448,638
<ACCUMULATED-NII-CURRENT> 428,739
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19,642,252
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,363,950
<NET-ASSETS> 155,648,497
<DIVIDEND-INCOME> 887,334
<INTEREST-INCOME> 166,327
<OTHER-INCOME> 0
<EXPENSES-NET> 624,922
<NET-INVESTMENT-INCOME> 428,739
<REALIZED-GAINS-CURRENT> 19,644,759
<APPREC-INCREASE-CURRENT> (2,907,080)
<NET-CHANGE-FROM-OPS> 17,166,418
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 746,935
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25,259,618
<NUMBER-OF-SHARES-REDEEMED> (746,116)
<SHARES-REINVESTED> 746,935
<NET-CHANGE-IN-ASSETS> 41,679,920
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 744,428
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 608,835
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 701,263
<AVERAGE-NET-ASSETS> 130,808,385
<PER-SHARE-NAV-BEGIN> 1.511
<PER-SHARE-NII> 0.005
<PER-SHARE-GAIN-APPREC> 0.191
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.008)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.699
<EXPENSE-RATIO> 0.96
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> EQUITY INDEX
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 159,039,112
<INVESTMENTS-AT-VALUE> 229,239,981
<RECEIVABLES> 433,265
<ASSETS-OTHER> 96,610
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 229,769,856
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 115,178
<TOTAL-LIABILITIES> 115,178
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 155,079,991
<SHARES-COMMON-STOCK> 89,103,832
<SHARES-COMMON-PRIOR> 69,794,201
<ACCUMULATED-NII-CURRENT> 2,495
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,378,648
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 70,193,544
<NET-ASSETS> 229,654,678
<DIVIDEND-INCOME> 1,797,206
<INTEREST-INCOME> 13,715
<OTHER-INCOME> 0
<EXPENSES-NET> 439,472
<NET-INVESTMENT-INCOME> 1,371,449
<REALIZED-GAINS-CURRENT> 4,431,618
<APPREC-INCREASE-CURRENT> 29,485,317
<NET-CHANGE-FROM-OPS> 35,288,384
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,371,768
<DISTRIBUTIONS-OF-GAINS> 354,491
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 45,271,804
<NUMBER-OF-SHARES-REDEEMED> (2,035,171)
<SHARES-REINVESTED> 1,726,259
<NET-CHANGE-IN-ASSETS> 78,525,017
<ACCUMULATED-NII-PRIOR> 2,814
<ACCUMULATED-GAINS-PRIOR> 301,521
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 294,960
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 439,472
<AVERAGE-NET-ASSETS> 189,936,170
<PER-SHARE-NAV-BEGIN> 2.165
<PER-SHARE-NII> 0.016
<PER-SHARE-GAIN-APPREC> 0.416
<PER-SHARE-DIVIDEND> (0.016)
<PER-SHARE-DISTRIBUTIONS> (0.004)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.577
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 542,427,274
<INVESTMENTS-AT-VALUE> 673,208,831
<RECEIVABLES> 5,590,064
<ASSETS-OTHER> 9,330
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 678,808,225
<PAYABLE-FOR-SECURITIES> 10,032,666
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 564,161
<TOTAL-LIABILITIES> 10,596,827
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 473,575,873
<SHARES-COMMON-STOCK> 252,680,861
<SHARES-COMMON-PRIOR> 238,679,339
<ACCUMULATED-NII-CURRENT> 12,537
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 63,841,431
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 130,781,557
<NET-ASSETS> 668,211,398
<DIVIDEND-INCOME> 4,655,628
<INTEREST-INCOME> 1,085,433
<OTHER-INCOME> 0
<EXPENSES-NET> 1,360,588
<NET-INVESTMENT-INCOME> 4,380,473
<REALIZED-GAINS-CURRENT> 64,299,413
<APPREC-INCREASE-CURRENT> 28,291,982
<NET-CHANGE-FROM-OPS> 96,971,868
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,367,936
<DISTRIBUTIONS-OF-GAINS> 17,201,911
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,739,453
<NUMBER-OF-SHARES-REDEEMED> (7,250,528)
<SHARES-REINVESTED> 21,569,847
<NET-CHANGE-IN-ASSETS> 111,460,793
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 16,743,929
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,263,033
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,448,532
<AVERAGE-NET-ASSETS> 606,285,751
<PER-SHARE-NAV-BEGIN> 2.333
<PER-SHARE-NII> 0.018
<PER-SHARE-GAIN-APPREC> 0.381
<PER-SHARE-DIVIDEND> (0.018)
<PER-SHARE-DISTRIBUTIONS> (0.070)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.644
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> INVESTMENT GRADE INCOME
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 166,804,583
<INVESTMENTS-AT-VALUE> 167,211,097
<RECEIVABLES> 2,243,735
<ASSETS-OTHER> 2,948,690
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 172,403,522
<PAYABLE-FOR-SECURITIES> 2,851,841
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 113,353
<TOTAL-LIABILITIES> 2,965,194
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 156,644,399
<SHARES-COMMON-PRIOR> 145,193,179
<ACCUMULATED-NII-CURRENT> 16,124
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1,522,169
<ACCUM-APPREC-OR-DEPREC> 406,514
<NET-ASSETS> 169,438,328
<DIVIDEND-INCOME> 122,100
<INTEREST-INCOME> 5,779,412
<OTHER-INCOME> 0
<EXPENSES-NET> 422,559
<NET-INVESTMENT-INCOME> 5,478,953
<REALIZED-GAINS-CURRENT> 72,974
<APPREC-INCREASE-CURRENT> (247,198)
<NET-CHANGE-FROM-OPS> 5,304,729
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,506,992
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,679,460
<NUMBER-OF-SHARES-REDEEMED> 7,873,091
<SHARES-REINVESTED> 5,506,992
<NET-CHANGE-IN-ASSETS> 12,111,098
<ACCUMULATED-NII-PRIOR> 44,163
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1,595,143
<GROSS-ADVISORY-FEES> 325,479
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 422,559
<AVERAGE-NET-ASSETS> 166,100,930
<PER-SHARE-NAV-BEGIN> 1.08
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.08
<EXPENSE-RATIO> 0.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> MONEY MARKET
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 252,166,899
<INVESTMENTS-AT-VALUE> 252,166,899
<RECEIVABLES> 2,519,304
<ASSETS-OTHER> 78,855
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 254,765,058
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 253,597
<TOTAL-LIABILITIES> 253,597
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 254,554,165
<SHARES-COMMON-PRIOR> 217,292,369
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 42,704
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 254,511,461
<DIVIDEND-INCOME> 145,021
<INTEREST-INCOME> 6,342,349
<OTHER-INCOME> 0
<EXPENSES-NET> 432,896
<NET-INVESTMENT-INCOME> 6,054,474
<REALIZED-GAINS-CURRENT> (6,067)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,048,407
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,054,474
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 105,829,327
<NUMBER-OF-SHARES-REDEEMED> 74,622,005
<SHARES-REINVESTED> 6,054,474
<NET-CHANGE-IN-ASSETS> 37,255,729
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 36,637
<GROSS-ADVISORY-FEES> 313,851
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 432,896
<AVERAGE-NET-ASSETS> 233,164,410
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.37
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> GOVERNMENT BOND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 46,418,917
<INVESTMENTS-AT-VALUE> 46,347,167
<RECEIVABLES> 939,849
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,100,297
<TOTAL-ASSETS> 48,387,313
<PAYABLE-FOR-SECURITIES> 997,050
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45,648
<TOTAL-LIABILITIES> 1,042,698
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 45,922,898
<SHARES-COMMON-PRIOR> 44,802,426
<ACCUMULATED-NII-CURRENT> 8,532
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 2,642,219
<ACCUM-APPREC-OR-DEPREC> (71,750)
<NET-ASSETS> 47,344,615
<DIVIDEND-INCOME> 21,838
<INTEREST-INCOME> 1,523,854
<OTHER-INCOME> 0
<EXPENSES-NET> 166,718
<NET-INVESTMENT-INCOME> 1,378,974
<REALIZED-GAINS-CURRENT> (64,026)
<APPREC-INCREASE-CURRENT> (147,009)
<NET-CHANGE-FROM-OPS> 1,167,939
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,376,440
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,070,274
<NUMBER-OF-SHARES-REDEEMED> 5,289,529
<SHARES-REINVESTED> 1,376,440
<NET-CHANGE-IN-ASSETS> 948,684
<ACCUMULATED-NII-PRIOR> 5,998
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 2,578,193
<GROSS-ADVISORY-FEES> 115,519
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 166,718
<AVERAGE-NET-ASSETS> 46,590,687
<PER-SHARE-NAV-BEGIN> 1.04
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> (0.01)
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.03
<EXPENSE-RATIO> 0.72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> SELECT INTERNATIONAL EQUITY
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 297,084,239
<INVESTMENTS-AT-VALUE> 351,689,534
<RECEIVABLES> 9,879,416
<ASSETS-OTHER> 27
<OTHER-ITEMS-ASSETS> 413,944
<TOTAL-ASSETS> 361,982,921
<PAYABLE-FOR-SECURITIES> 9,257,603
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 426,718
<TOTAL-LIABILITIES> 9,684,321
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 288,656,613
<SHARES-COMMON-STOCK> 241,468,195
<SHARES-COMMON-PRIOR> 182,088,352
<ACCUMULATED-NII-CURRENT> 1,519,238
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,093,747
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 55,029,002
<NET-ASSETS> 352,298,600
<DIVIDEND-INCOME> 4,333,417
<INTEREST-INCOME> 53,611
<OTHER-INCOME> 0
<EXPENSES-NET> 1,760,204
<NET-INVESTMENT-INCOME> 2,262,824
<REALIZED-GAINS-CURRENT> 7,112,791
<APPREC-INCREASE-CURRENT> 16,094,612
<NET-CHANGE-FROM-OPS> 25,834,227
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,288,027
<DISTRIBUTIONS-OF-GAINS> 1,407,289
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 85,705,479
<NUMBER-OF-SHARES-REDEEMED> (6,118,042)
<SHARES-REINVESTED> 2,695,316
<NET-CHANGE-IN-ASSETS> 105,421,664
<ACCUMULATED-NII-PRIOR> 180,441
<ACCUMULATED-GAINS-PRIOR> 1,388,245
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,463,905
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,779,749
<AVERAGE-NET-ASSETS> 295,207,365
<PER-SHARE-NAV-BEGIN> 1.356
<PER-SHARE-NII> 0.010
<PER-SHARE-GAIN-APPREC> 0.104
<PER-SHARE-DIVIDEND> (0.005)
<PER-SHARE-DISTRIBUTIONS> (0.006)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.459
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> SELECT CAPITAL APPRECIATION
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 165,384,753
<INVESTMENTS-AT-VALUE> 193,079,670
<RECEIVABLES> 6,072,160
<ASSETS-OTHER> 3,619
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 199,155,449
<PAYABLE-FOR-SECURITIES> 7,607,564
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,001,123
<TOTAL-LIABILITIES> 8,608,687
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 173,438,158
<SHARES-COMMON-STOCK> 123,656,178
<SHARES-COMMON-PRIOR> 96,106,648
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 155,573
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 10,204,283
<ACCUM-APPREC-OR-DEPREC> 27,468,460
<NET-ASSETS> 190,546,762
<DIVIDEND-INCOME> 525,939
<INTEREST-INCOME> 141,083
<OTHER-INCOME> 0
<EXPENSES-NET> 889,944
<NET-INVESTMENT-INCOME> (222,922)
<REALIZED-GAINS-CURRENT> (7,464,393)
<APPREC-INCREASE-CURRENT> 16,520,980
<NET-CHANGE-FROM-OPS> 8,833,665
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 40,762,590
<NUMBER-OF-SHARES-REDEEMED> (1,729,733)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 47,866,522
<ACCUMULATED-NII-PRIOR> 67,349
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 2,739,890
<GROSS-ADVISORY-FEES> 774,339
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 889,944
<AVERAGE-NET-ASSETS> 156,151,217
<PER-SHARE-NAV-BEGIN> 1.485
<PER-SHARE-NII> (0.002)
<PER-SHARE-GAIN-APPREC> 0.058
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.541
<EXPENSE-RATIO> 1.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
