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<PAGE> PAGE 12
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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 35
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SIGNATURE STEPHEN P. POLLAK
TITLE GENERAL COUNSEL
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF OPERATIONS
FOUND IN THE COMPANY'SEMI-ANNUAL REPORT, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
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<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 60.58
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF OPERATIONS
FOUND IN THE COMPANY'S SEMI-ANNUAL REPORT, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> EMERGING GROWTH EQUITY FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 66006410
<INVESTMENTS-AT-VALUE> 75895653
<RECEIVABLES> 163810
<ASSETS-OTHER> 5848
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 76065311
<PAYABLE-FOR-SECURITIES> 1168417
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 161045
<TOTAL-LIABILITIES> 1329462
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> (25235224)
<SHARES-COMMON-STOCK> 1219083
<SHARES-COMMON-PRIOR> 1373656
<ACCUMULATED-NII-CURRENT> 81832143
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8249687
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9889243
<NET-ASSETS> 74735849
<DIVIDEND-INCOME> 46432
<INTEREST-INCOME> 168366
<OTHER-INCOME> 0
<EXPENSES-NET> 847520
<NET-INVESTMENT-INCOME> (632722)
<REALIZED-GAINS-CURRENT> 8249687
<APPREC-INCREASE-CURRENT> (14265024)
<NET-CHANGE-FROM-OPS> (6648059)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 92567
<NUMBER-OF-SHARES-REDEEMED> 247141
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (17400065)
<ACCUMULATED-NII-PRIOR> (1781337)
<ACCUMULATED-GAINS-PRIOR> 84246203
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 504033
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 862780
<AVERAGE-NET-ASSETS> 87861484
<PER-SHARE-NAV-BEGIN> 67.07
<PER-SHARE-NII> (0.55)
<PER-SHARE-GAIN-APPREC> (5.22)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 61.30
<EXPENSE-RATIO> 0.97
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF OPERATIONS
FOUND IN THE COMPANY'S SEMI-ANNUAL REPORT, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> VALUE EQUITY FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 44243577
<INVESTMENTS-AT-VALUE> 51140430
<RECEIVABLES> 734265
<ASSETS-OTHER> 7128
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51881823
<PAYABLE-FOR-SECURITIES> 937347
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 84946
<TOTAL-LIABILITIES> 1022293
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> (28897470)
<SHARES-COMMON-STOCK> 1136370
<SHARES-COMMON-PRIOR> 1316681
<ACCUMULATED-NII-CURRENT> 63852731
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9007416
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6896853
<NET-ASSETS> 50859530
<DIVIDEND-INCOME> 646688
<INTEREST-INCOME> 78071
<OTHER-INCOME> 0
<EXPENSES-NET> 338416
<NET-INVESTMENT-INCOME> 386343
<REALIZED-GAINS-CURRENT> 9007416
<APPREC-INCREASE-CURRENT> (2539419)
<NET-CHANGE-FROM-OPS> 6854340
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 49357
<NUMBER-OF-SHARES-REDEEMED> 229668
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1371418)
<ACCUMULATED-NII-PRIOR> 17992762
<ACCUMULATED-GAINS-PRIOR> 45473627
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 117587
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 338416
<AVERAGE-NET-ASSETS> 55351246
<PER-SHARE-NAV-BEGIN> 39.67
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> 4.80
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 44.76
<EXPENSE-RATIO> 0.61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF OPERATIONS
FOUND IN THE COMPANY'S SEMI-ANNUAL REPORT, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> INTERNATIONAL EQUITY FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 28987671
<INVESTMENTS-AT-VALUE> 33610291
<RECEIVABLES> 1076120
<ASSETS-OTHER> 179693
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 34866104
<PAYABLE-FOR-SECURITIES> 163641
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 98649
<TOTAL-LIABILITIES> 262290
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> (2007084)
<SHARES-COMMON-STOCK> 750211
<SHARES-COMMON-PRIOR> 875253
<ACCUMULATED-NII-CURRENT> 30082853
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1905425
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4622620
<NET-ASSETS> 34603814
<DIVIDEND-INCOME> 188064
<INTEREST-INCOME> 40106
<OTHER-INCOME> 0
<EXPENSES-NET> 368642
<NET-INVESTMENT-INCOME> (140472)
<REALIZED-GAINS-CURRENT> 1851029
<APPREC-INCREASE-CURRENT> (1019873)
<NET-CHANGE-FROM-OPS> 690684
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 145037
<NUMBER-OF-SHARES-REDEEMED> 270079
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (4998139)
<ACCUMULATED-NII-PRIOR> (1553854)
<ACCUMULATED-GAINS-PRIOR> 31775452
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 153184
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 378982
<AVERAGE-NET-ASSETS> 38391539
<PER-SHARE-NAV-BEGIN> 45.25
<PER-SHARE-NII> (0.16)
<PER-SHARE-GAIN-APPREC> 1.04
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 46.13
<EXPENSE-RATIO> 0.94
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF OPERATIONS
FOUND IN THE COMPANY'S SEMI-ANNUAL REPORT, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 8
<NAME> ACTIVELY MANAGED BOND FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 132290289
<INVESTMENTS-AT-VALUE> 131387551
<RECEIVABLES> 2732237
<ASSETS-OTHER> 81810
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 134201598
<PAYABLE-FOR-SECURITIES> 1476537
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 583266
<TOTAL-LIABILITIES> 2059803
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> (52195011)
<SHARES-COMMON-STOCK> 4203911
<SHARES-COMMON-PRIOR> 4882232
<ACCUMULATED-NII-CURRENT> 184641690
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 597854
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (902738)
<NET-ASSETS> 132141795
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5131639
<OTHER-INCOME> 0
<EXPENSES-NET> 593799
<NET-INVESTMENT-INCOME> 4537840
<REALIZED-GAINS-CURRENT> 597854
<APPREC-INCREASE-CURRENT> (1776776)
<NET-CHANGE-FROM-OPS> 3358918
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 268043
<NUMBER-OF-SHARES-REDEEMED> 946363
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (18162483)
<ACCUMULATED-NII-PRIOR> 147350512
<ACCUMULATED-GAINS-PRIOR> 32753341
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 244611
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 593799
<AVERAGE-NET-ASSETS> 148069386
<PER-SHARE-NAV-BEGIN> 30.79
<PER-SHARE-NII> 0.88
<PER-SHARE-GAIN-APPREC> (0.24)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 31.43
<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF OPERATIONS
FOUND IN THE COMPANY'S SEMI-ANNUAL REPORT, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 7
<NAME> INTERMEDIATE TERM BOND FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 66430933
<INVESTMENTS-AT-VALUE> 66215359
<RECEIVABLES> 900517
<ASSETS-OTHER> 60241
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 67176117
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 298112
<TOTAL-LIABILITIES> 298112
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> (68703217)
<SHARES-COMMON-STOCK> 2228465
<SHARES-COMMON-PRIOR> 2550981
<ACCUMULATED-NII-CURRENT> 135156201
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 640595
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (215574)
<NET-ASSETS> 66878005
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2505995
<OTHER-INCOME> 0
<EXPENSES-NET> 380966
<NET-INVESTMENT-INCOME> 2125029
<REALIZED-GAINS-CURRENT> 640595
<APPREC-INCREASE-CURRENT> (946254)
<NET-CHANGE-FROM-OPS> 1819370
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 155455
<NUMBER-OF-SHARES-REDEEMED> 477971
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (7875955)
<ACCUMULATED-NII-PRIOR> 118583484
<ACCUMULATED-GAINS-PRIOR> 14447688
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 134659
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 380966
<AVERAGE-NET-ASSETS> 73479068
<PER-SHARE-NAV-BEGIN> 29.30
<PER-SHARE-NII> 0.84
<PER-SHARE-GAIN-APPREC> (0.13)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.01
<EXPENSE-RATIO> 0.52
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF OPERATIONS
FOUND IN THE COMPANY'S SEMI-ANNUAL REPORT, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> SHORT TERM INVESTMENT FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 25498378
<INVESTMENTS-AT-VALUE> 25482730
<RECEIVABLES> 84753
<ASSETS-OTHER> 76650
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25644133
<PAYABLE-FOR-SECURITIES> 74976
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 61175
<TOTAL-LIABILITIES> 136151
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> (16068065)
<SHARES-COMMON-STOCK> 1232149
<SHARES-COMMON-PRIOR> 1267898
<ACCUMULATED-NII-CURRENT> 41591695
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (15648)
<NET-ASSETS> 25507982
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 692025
<OTHER-INCOME> 0
<EXPENSES-NET> 103166
<NET-INVESTMENT-INCOME> 588859
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (10102)
<NET-CHANGE-FROM-OPS> 578757
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 552460
<NUMBER-OF-SHARES-REDEEMED> 588209
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (160105)
<ACCUMULATED-NII-PRIOR> 39672924
<ACCUMULATED-GAINS-PRIOR> 1329911
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 32239
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 162458
<AVERAGE-NET-ASSETS> 25894674
<PER-SHARE-NAV-BEGIN> 20.24
<PER-SHARE-NII> 0.48
<PER-SHARE-GAIN-APPREC> (0.02)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.70
<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
