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<PAGE> PAGE 2
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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 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 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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028 G020900 0
028 G030900 0
028 G040900 2806
028 H000900 0
045 000900 Y
046 000900 N
047 000900 Y
048 000900 0.000
048 A010900 200000
048 A020900 0.800
048 B010900 1100000
048 B020900 0.750
048 C010900 1300000
048 C020900 0.700
048 D010900 0
048 D020900 0.000
048 E010900 0
048 E020900 0.000
048 F010900 0
048 F020900 0.000
048 G010900 0
048 G020900 0.000
048 H010900 0
048 H020900 0.000
048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
055 A000900 N
055 B000900 N
056 000900 N
<PAGE> PAGE 42
057 000900 N
058 A000900 N
059 000900 Y
060 A000900 Y
060 B000900 Y
061 000900 0
062 A000900 N
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 0.0
062 M000900 0.0
062 N000900 0.0
062 O000900 0.0
062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
063 A000900 0
063 B000900 0.0
066 A000900 Y
066 B000900 N
066 C000900 Y
066 D000900 N
066 E000900 N
066 F000900 N
066 G000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 N
070 B010900 Y
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 Y
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
<PAGE> PAGE 43
070 H010900 Y
070 H020900 N
070 I010900 Y
070 I020900 N
070 J010900 Y
070 J020900 Y
070 K010900 Y
070 K020900 N
070 L010900 Y
070 L020900 Y
070 M010900 Y
070 M020900 Y
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 61000
071 B000900 45107
071 C000900 36717
071 D000900 123
072 A000900 12
072 B000900 88
072 C000900 61
072 D000900 0
072 E000900 0
072 F000900 310
072 G000900 0
072 H000900 0
072 I000900 0
072 J000900 35
072 K000900 0
072 L000900 14
072 M000900 2
072 N000900 0
072 O000900 0
072 P000900 0
072 Q000900 0
072 R000900 6
072 S000900 3
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072 W000900 13
072 X000900 383
072 Y000900 0
<PAGE> PAGE 44
072 Z000900 -234
072AA000900 3356
072BB000900 0
072CC010900 3521
072CC020900 0
072DD010900 0
072DD020900 0
072EE000900 2816
073 A010900 0.0000
073 A020900 0.0000
073 B000900 0.8761
073 C000900 0.0000
074 A000900 92
074 B000900 0
074 C000900 2600
074 D000900 0
074 E000900 1251
074 F000900 55305
074 G000900 0
074 H000900 0
074 I000900 0
074 J000900 3130
074 K000900 0
074 L000900 11
074 M000900 0
074 N000900 62389
074 O000900 3300
074 P000900 40
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 2820
074 S000900 0
074 T000900 56229
074 U010900 3219
074 U020900 0
074 V010900 17.47
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074 X000900 4
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076 000900 0.00
SIGNATURE DAVID LAFFERTY
TITLE SENIOR ANALYST
[ARTICLE] 6
[SERIES]
[NUMBER] 1
[NAME] WORLD GROWTH PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 97443710
[INVESTMENTS-AT-VALUE] 117002484
[RECEIVABLES] 423151
[ASSETS-OTHER] 2359338
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 119784973
[PAYABLE-FOR-SECURITIES] 207681
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 14009789
[TOTAL-LIABILITIES] 14217470
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 85542397
[SHARES-COMMON-STOCK] 4534236
[SHARES-COMMON-PRIOR] 3947054
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 458232
[ACCUMULATED-NET-GAINS] 931406
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 195519632
[NET-ASSETS] 105567503
[DIVIDEND-INCOME] 3460488
[INTEREST-INCOME] 440374
[OTHER-INCOME] (271945)
[EXPENSES-NET] 1021723
[NET-INVESTMENT-INCOME] 2607194
[REALIZED-GAINS-CURRENT] 12217581
[APPREC-INCREASE-CURRENT] 179772
[NET-CHANGE-FROM-OPS] 15004547
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 2503403
[DISTRIBUTIONS-OF-GAINS] 12496321
[DISTRIBUTIONS-OTHER] 930784
[NUMBER-OF-SHARES-SOLD] 506207
[NUMBER-OF-SHARES-REDEEMED] 310198
[SHARES-REINVESTED] 391173
[NET-CHANGE-IN-ASSETS] 13571869
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 2046667
[OVERDISTRIB-NII-PRIOR] 490907
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 843936
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1021723
[AVERAGE-NET-ASSETS] 111876388
[PER-SHARE-NAV-BEGIN] 23.31
[PER-SHARE-NII] .53
[PER-SHARE-GAIN-APPREC] 2.97
[PER-SHARE-DIVIDEND] .56
[PER-SHARE-DISTRIBUTIONS] 2.97
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 23.28
[EXPENSE-RATIO] .91
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[SERIES]
[NUMBER] 2
[NAME] MONEY MARKET PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 9600265
[INVESTMENTS-AT-VALUE] 9600265
[RECEIVABLES] 575535
[ASSETS-OTHER] 241630
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 10417430
[PAYABLE-FOR-SECURITIES] 498778
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 483198
[TOTAL-LIABILITIES] 981976
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 9436362
[SHARES-COMMON-STOCK] 922650
[SHARES-COMMON-PRIOR] 770648
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 908
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 9435454
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 538304
[OTHER-INCOME] 0
[EXPENSES-NET] 60871
[NET-INVESTMENT-INCOME] 477433
[REALIZED-GAINS-CURRENT] 200
[APPREC-INCREASE-CURRENT] 1235
[NET-CHANGE-FROM-OPS] 478868
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 477433
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1949895
[NUMBER-OF-SHARES-REDEEMED] 1835753
[SHARES-REINVESTED] 37860
[NET-CHANGE-IN-ASSETS] 1539197
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 1108
[GROSS-ADVISORY-FEES] 50381
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 60871
[AVERAGE-NET-ASSETS] 10076208
[PER-SHARE-NAV-BEGIN] 10.25
[PER-SHARE-NII] .52
[PER-SHARE-GAIN-APPREC] (.02)
[PER-SHARE-DIVIDEND] .52
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.23
[EXPENSE-RATIO] .60
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[SERIES]
[NUMBER] 3
[NAME] GOLD STOCK PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 8441714
[INVESTMENTS-AT-VALUE] 5082507
[RECEIVABLES] 451416
[ASSETS-OTHER] 246484
[OTHER-ITEMS-ASSETS] 4995
[TOTAL-ASSETS] 5785402
[PAYABLE-FOR-SECURITIES] 519825
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 60923
[TOTAL-LIABILITIES] 580748
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 8871169
[SHARES-COMMON-STOCK] 583765
[SHARES-COMMON-PRIOR] 454995
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 17094
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 290214
[ACCUM-APPREC-OR-DEPREC] (3359207)
[NET-ASSETS] 5204654
[DIVIDEND-INCOME] 87367
[INTEREST-INCOME] 31785
[OTHER-INCOME] (4466)
[EXPENSES-NET] 72315
[NET-INVESTMENT-INCOME] 42371
[REALIZED-GAINS-CURRENT] (83859)
[APPREC-INCREASE-CURRENT] (3627821)
[NET-CHANGE-FROM-OPS] (3669309)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 52180
[DISTRIBUTIONS-OF-GAINS] 154999
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 364373
[NUMBER-OF-SHARES-REDEEMED] 257709
[SHARES-REINVESTED] 22106
[NET-CHANGE-IN-ASSETS] (2349773)
[ACCUMULATED-NII-PRIOR] 105318
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 135784
[GROSS-ADVISORY-FEES] 50733
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 72315
[AVERAGE-NET-ASSETS] 6764303
[PER-SHARE-NAV-BEGIN] 16.60
[PER-SHARE-NII] .02
[PER-SHARE-GAIN-APPREC] (7.30)
[PER-SHARE-DIVIDEND] .09
[PER-SHARE-DISTRIBUTIONS] .31
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 8.92
[EXPENSE-RATIO] 1.07
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[SERIES]
[NUMBER] 4
[NAME] DOMESTIC GROWTH PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 69552238
[INVESTMENTS-AT-VALUE] 86605973
[RECEIVABLES] 97205
[ASSETS-OTHER] 2803383
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 89506561
[PAYABLE-FOR-SECURITIES] 230414
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 7771040
[TOTAL-LIABILITIES] 8001454
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 63450493
[SHARES-COMMON-STOCK] 3989371
[SHARES-COMMON-PRIOR] 3418546
[ACCUMULATED-NII-CURRENT] 23265
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 977614
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 17053735
[NET-ASSETS] 81505107
[DIVIDEND-INCOME] 884475
[INTEREST-INCOME] 165285
[OTHER-INCOME] 0
[EXPENSES-NET] 672199
[NET-INVESTMENT-INCOME] 377561
[REALIZED-GAINS-CURRENT] 8322941
[APPREC-INCREASE-CURRENT] 7988122
[NET-CHANGE-FROM-OPS] 16688624
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 377561
[DISTRIBUTIONS-OF-GAINS] 7681445
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 490812
[NUMBER-OF-SHARES-REDEEMED] 360301
[SHARES-REINVESTED] 440314
[NET-CHANGE-IN-ASSETS] 19338741
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 359383
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 604347
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 672199
[AVERAGE-NET-ASSETS] 80579541
[PER-SHARE-NAV-BEGIN] 18.19
[PER-SHARE-NII] .09
[PER-SHARE-GAIN-APPREC] 4.17
[PER-SHARE-DIVIDEND] .09
[PER-SHARE-DISTRIBUTIONS] 1.93
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 20.43
[EXPENSE-RATIO] .83
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[SERIES]
[NUMBER] 5
[NAME] BOND PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 13534772
[INVESTMENTS-AT-VALUE] 13845051
[RECEIVABLES] 201315
[ASSETS-OTHER] 185558
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 14231924
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 771428
[TOTAL-LIABILITIES] 771428
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 13148451
[SHARES-COMMON-STOCK] 1279737
[SHARES-COMMON-PRIOR] 1141490
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 1766
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 310279
[NET-ASSETS] 13460496
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 831556
[OTHER-INCOME] 0
[EXPENSES-NET] 77543
[NET-INVESTMENT-INCOME] 754013
[REALIZED-GAINS-CURRENT] 12931
[APPREC-INCREASE-CURRENT] 266347
[NET-CHANGE-FROM-OPS] 1033291
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 754013
[DISTRIBUTIONS-OF-GAINS] 12302
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 325519
[NUMBER-OF-SHARES-REDEEMED] 252612
[SHARES-REINVESTED] 65340
[NET-CHANGE-IN-ASSETS] 1742803
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 1137
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 64378
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 77543
[AVERAGE-NET-ASSETS] 12875543
[PER-SHARE-NAV-BEGIN] 10.27
[PER-SHARE-NII] .59
[PER-SHARE-GAIN-APPREC] .26
[PER-SHARE-DIVIDEND] .59
[PER-SHARE-DISTRIBUTIONS] .01
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.52
[EXPENSE-RATIO] .60
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[SERIES]
[NUMBER] 6
[NAME] GROWTH & INCOME PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 43019663
[INVESTMENTS-AT-VALUE] 45333613
[RECEIVABLES] 964151
[ASSETS-OTHER] 4788020
[OTHER-ITEMS-ASSETS] 42
[TOTAL-ASSETS] 51085826
[PAYABLE-FOR-SECURITIES] 1296222
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 10111528
[TOTAL-LIABILITIES] 11407750
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 37538206
[SHARES-COMMON-STOCK] 2319530
[SHARES-COMMON-PRIOR] 1402464
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 174080
[ACCUM-APPREC-OR-DEPREC] 2313950
[NET-ASSETS] 39678076
[DIVIDEND-INCOME] 539554
[INTEREST-INCOME] 96778
[OTHER-INCOME] (2676)
[EXPENSES-NET] 287121
[NET-INVESTMENT-INCOME] 346535
[REALIZED-GAINS-CURRENT] 9552050
[APPREC-INCREASE-CURRENT] (1869319)
[NET-CHANGE-FROM-OPS] 8029266
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 346535
[DISTRIBUTIONS-OF-GAINS] 9552050
[DISTRIBUTIONS-OTHER] 598314
[NUMBER-OF-SHARES-SOLD] 1041889
[NUMBER-OF-SHARES-REDEEMED] 216351
[SHARES-REINVESTED] 91528
[NET-CHANGE-IN-ASSETS] 15966380
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 424234
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 251630
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 287121
[AVERAGE-NET-ASSETS] 33789010
[PER-SHARE-NAV-BEGIN] 16.91
[PER-SHARE-NII] .15
[PER-SHARE-GAIN-APPREC] 4.67
[PER-SHARE-DIVIDEND] .15
[PER-SHARE-DISTRIBUTIONS] 4.47
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 17.11
[EXPENSE-RATIO] .85
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[SERIES]
[NUMBER] 7
[NAME] CAPITAL GROWTH PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 98828249
[INVESTMENTS-AT-VALUE] 126920923
[RECEIVABLES] 626953
[ASSETS-OTHER] 1077271
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 128625147
[PAYABLE-FOR-SECURITIES] 172052
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 4329100
[TOTAL-LIABILITIES] 4501152
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 95682366
[SHARES-COMMON-STOCK] 5846944
[SHARES-COMMON-PRIOR] 4103167
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 147
[ACCUMULATED-NET-GAINS] 349140
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 28092636
[NET-ASSETS] 124123995
[DIVIDEND-INCOME] 973129
[INTEREST-INCOME] 219129
[OTHER-INCOME] (10672)
[EXPENSES-NET] 1157744
[NET-INVESTMENT-INCOME] 23842
[REALIZED-GAINS-CURRENT] 4525489
[APPREC-INCREASE-CURRENT] 21641483
[NET-CHANGE-FROM-OPS] 26190814
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 21994
[DISTRIBUTIONS-OF-GAINS] 4529357
[DISTRIBUTIONS-OTHER] 1177521
[NUMBER-OF-SHARES-SOLD] 1194055
[NUMBER-OF-SHARES-REDEEMED] 237318
[SHARES-REINVESTED] 787041
[NET-CHANGE-IN-ASSETS] 53291833
[ACCUMULATED-NII-PRIOR] 1873
[ACCUMULATED-GAINS-PRIOR] 1526661
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1064671
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1157744
[AVERAGE-NET-ASSETS] 106467108
[PER-SHARE-NAV-BEGIN] 17.26
[PER-SHARE-NII] 0
[PER-SHARE-GAIN-APPREC] 4.99
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 1.02
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 21.23
[EXPENSE-RATIO] 1.09
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[SERIES]
[NUMBER] 8
[NAME] BALANCED PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 24859420
[INVESTMENTS-AT-VALUE] 25479808
[RECEIVABLES] 351953
[ASSETS-OTHER] 941852
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 26773613
[PAYABLE-FOR-SECURITIES] 575267
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 3560769
[TOTAL-LIABILITIES] 4136036
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 22060793
[SHARES-COMMON-STOCK] 1926775
[SHARES-COMMON-PRIOR] 1513162
[ACCUMULATED-NII-CURRENT] 778
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 44382
[ACCUM-APPREC-OR-DEPREC] 620388
[NET-ASSETS] 22637577
[DIVIDEND-INCOME] 158227
[INTEREST-INCOME] 635546
[OTHER-INCOME] (307)
[EXPENSES-NET] 216260
[NET-INVESTMENT-INCOME] 577206
[REALIZED-GAINS-CURRENT] 3064434
[APPREC-INCREASE-CURRENT] (330942)
[NET-CHANGE-FROM-OPS] 3310698
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 577375
[DISTRIBUTIONS-OF-GAINS] 3064434
[DISTRIBUTIONS-OTHER] 527439
[NUMBER-OF-SHARES-SOLD] 388779
[NUMBER-OF-SHARES-REDEEMED] 152011
[SHARES-REINVESTED] 176844
[NET-CHANGE-IN-ASSETS] 4381147
[ACCUMULATED-NII-PRIOR] 169
[ACCUMULATED-GAINS-PRIOR] 629848
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 166038
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 216260
[AVERAGE-NET-ASSETS] 22222435
[PER-SHARE-NAV-BEGIN] 12.07
[PER-SHARE-NII] .30
[PER-SHARE-GAIN-APPREC] 1.60
[PER-SHARE-DIVIDEND] .30
[PER-SHARE-DISTRIBUTIONS] 1.92
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.75
[EXPENSE-RATIO] .97
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[SERIES]
[NUMBER] 9
[NAME] EMERGING GROWTH PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 51868318
[INVESTMENTS-AT-VALUE] 59156233
[RECEIVABLES] 3141626
[ASSETS-OTHER] 91714
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 62389573
[PAYABLE-FOR-SECURITIES] 3300421
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 2859977
[TOTAL-LIABILITIES] 6160398
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 49138392
[SHARES-COMMON-STOCK] 3218595
[SHARES-COMMON-PRIOR] 2021917
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 197132
[ACCUM-APPREC-OR-DEPREC] 7287915
[NET-ASSETS] 56229175
[DIVIDEND-INCOME] 62528
[INTEREST-INCOME] 88301
[OTHER-INCOME] (1333)
[EXPENSES-NET] 383069
[NET-INVESTMENT-INCOME] (233573)
[REALIZED-GAINS-CURRENT] 3355964
[APPREC-INCREASE-CURRENT] 3520953
[NET-CHANGE-FROM-OPS] 6643344
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 2816095
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1772417
[NUMBER-OF-SHARES-REDEEMED] 637221
[SHARES-REINVESTED] 61482
[NET-CHANGE-IN-ASSETS] 25435145
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 166640
[GROSS-ADVISORY-FEES] 309563
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 383069
[AVERAGE-NET-ASSETS] 38440603
[PER-SHARE-NAV-BEGIN] 15.23
[PER-SHARE-NII] (.07)
[PER-SHARE-GAIN-APPREC] 3.19
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] .88
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 17.47
[EXPENSE-RATIO] 1.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Report of Independent Auditors
Board of Directors
Jefferson Pilot Variable Fund, Inc.
(formerly Chubb America Fund, Inc.)
In planning and performing our audit of the financial statements of
Jefferson Pilot Variable Fund, Inc. for the year ended December 31,
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, and not to provide assurance on the internal control.
The management of Jefferson Pilot Variable Fund, Inc. 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
controls. Generally, controls 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 controls include the
safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, errors or fraud
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 one or more of specific internal control
components does not reduce to a relatively low level the risk that
errors or fraud 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 and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses
as defined above at December 31, 1997.
This report is intended solely for the information and use of the
board of directors and management of Jefferson Pilot Variable Fund,
Inc. and the Securities and Exchange Commission.
February 13, 1998
Note H-Shareholder Meeting (unaudited)
A Special Meeting of Shareholders of JPVF was held on August
15, 1997 at which time the following proposals were
ratified: Election of Board of Directors (Proposal No.1);
Approval of a new Investment Management Agreement between
the Fund, on behalf of each of its Portfolios, and Jefferson
Pilot Investment Advisory (the "Advisor") (Proposal No. 2);
Approval of a new Investment Subadvisory Agreements between
the Advisor and (a) the current investment subadvisors to
the World Growth Stock Portfolio, Gold Stock Portfolio,
Domestic Growth Stock Portfolio, Bond Portfolio, Capital
Growth Stock Portfolio, and Emerging Growth Stock Portfolio,
and (b) the proposed investment subadvisors to the Money
Market Portfolio, Growth and Income Portfolio, and Balanced
Portfolio (Proposal No.3); and approval of an agreement
allowing the Adviser to replace or add subadvisors without
further shareholder approval (Proposal No.4). The following
is a summary of the votes cast:
Withheld/
Nominee/Proposal For Against Abstain
Total
Proposal No.1
Ronald Angarella 21,417,306 423,718
21,841,024
James J. Weisbart 21,351,713 489,311
21,841,024
Michael D. Coughlin 21,424,790 416,234
21,824,024
Elizabeth D. Hager 21,412,774 428,250
21,824,024
Proposal No. 2 20,224,450 428,294 1,188,280
21,841,024
Proposal No. 3 20,142,947 477,754 1,220,323
21,841,024
Proposal No. 4 19,069,699 1,311,156
1,460,169 21,841,024
