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076 000800 0.00
063 A000900 0
063 B000900 0.0
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'S ANNUAL REPORT, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CORE EQUITY FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 74340801
<INVESTMENTS-AT-VALUE> 210362799
<RECEIVABLES> 2187891
<ASSETS-OTHER> 38741
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 212589431
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 316009
<TOTAL-LIABILITIES> 316009
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> (102190926)
<SHARES-COMMON-STOCK> 2788994
<SHARES-COMMON-PRIOR> 3842487
<ACCUMULATED-NII-CURRENT> 47245267
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 131197083
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 136021998
<NET-ASSETS> 212273422
<DIVIDEND-INCOME> 3761748
<INTEREST-INCOME> 262607
<OTHER-INCOME> 0
<EXPENSES-NET> 1994343
<NET-INVESTMENT-INCOME> 2030012
<REALIZED-GAINS-CURRENT> 45193447
<APPREC-INCREASE-CURRENT> 19327785
<NET-CHANGE-FROM-OPS> 66551244
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 396478
<NUMBER-OF-SHARES-REDEEMED> 1449971
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (71634154)
<ACCUMULATED-NII-PRIOR> 45215255
<ACCUMULATED-GAINS-PRIOR> 86003636
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1131713
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1994343
<AVERAGE-NET-ASSETS> 220632141
<PER-SHARE-NAV-BEGIN> 56.57
<PER-SHARE-NII> 0.60
<PER-SHARE-GAIN-APPREC> 18.94
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 76.11
<EXPENSE-RATIO> 0.90
<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 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> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 65018665
<INVESTMENTS-AT-VALUE> 90249019
<RECEIVABLES> 1966700
<ASSETS-OTHER> 16347
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 92232066
<PAYABLE-FOR-SECURITIES> 422223
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 211185
<TOTAL-LIABILITIES> 643408
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> (35266360)
<SHARES-COMMON-STOCK> 1084298
<SHARES-COMMON-PRIOR> 1373656
<ACCUMULATED-NII-CURRENT> (2961305)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 104585969
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 25230354
<NET-ASSETS> 91588658
<DIVIDEND-INCOME> 111303
<INTEREST-INCOME> 330192
<OTHER-INCOME> 0
<EXPENSES-NET> 1621463
<NET-INVESTMENT-INCOME> (1179968)
<REALIZED-GAINS-CURRENT> 20339766
<APPREC-INCREASE-CURRENT> 1076088
<NET-CHANGE-FROM-OPS> 20235886
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 227146
<NUMBER-OF-SHARES-REDEEMED> 516504
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (20783142)
<ACCUMULATED-NII-PRIOR> (1781337)
<ACCUMULATED-GAINS-PRIOR> 84246203
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 987520
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1676930
<AVERAGE-NET-ASSETS> 84683004
<PER-SHARE-NAV-BEGIN> 67.07
<PER-SHARE-NII> (0.95)
<PER-SHARE-GAIN-APPREC> 18.35
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 84.47
<EXPENSE-RATIO> 1.98
<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 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> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 45858311
<INVESTMENTS-AT-VALUE> 59507698
<RECEIVABLES> 1981128
<ASSETS-OTHER> 15575
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 61504401
<PAYABLE-FOR-SECURITIES> 953643
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 161686
<TOTAL-LIABILITIES> 1115329
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> (33421434)
<SHARES-COMMON-STOCK> 1052751
<SHARES-COMMON-PRIOR> 1316681
<ACCUMULATED-NII-CURRENT> 18707196
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 61483251
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13620059
<NET-ASSETS> 60389072
<DIVIDEND-INCOME> 1233339
<INTEREST-INCOME> 150452
<OTHER-INCOME> 0
<EXPENSES-NET> 669357
<NET-INVESTMENT-INCOME> 714434
<REALIZED-GAINS-CURRENT> 16009624
<APPREC-INCREASE-CURRENT> 4183788
<NET-CHANGE-FROM-OPS> 20907846
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 227658
<NUMBER-OF-SHARES-REDEEMED> 491588
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (12749722)
<ACCUMULATED-NII-PRIOR> 17992762
<ACCUMULATED-GAINS-PRIOR> 45473627
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 239747
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 678441
<AVERAGE-NET-ASSETS> 56633701
<PER-SHARE-NAV-BEGIN> 39.67
<PER-SHARE-NII> 0.60
<PER-SHARE-GAIN-APPREC> 17.09
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 57.36
<EXPENSE-RATIO> 1.20
<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 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> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 28167805
<INVESTMENTS-AT-VALUE> 34373122
<RECEIVABLES> 692822
<ASSETS-OTHER> 613486
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 35679430
<PAYABLE-FOR-SECURITIES> 299520
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 103615
<TOTAL-LIABILITIES> 403135
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> (5099675)
<SHARES-COMMON-STOCK> 690533
<SHARES-COMMON-PRIOR> 875253
<ACCUMULATED-NII-CURRENT> (1660921)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 35795148
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6241743
<NET-ASSETS> 35276295
<DIVIDEND-INCOME> 532874
<INTEREST-INCOME> 63206
<OTHER-INCOME> 0
<EXPENSES-NET> 703147
<NET-INVESTMENT-INCOME> (107067)
<REALIZED-GAINS-CURRENT> 4019696
<APPREC-INCREASE-CURRENT> 544854
<NET-CHANGE-FROM-OPS> 4457483
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 199932
<NUMBER-OF-SHARES-REDEEMED> 384652
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (8783141)
<ACCUMULATED-NII-PRIOR> (1553854)
<ACCUMULATED-GAINS-PRIOR> 31775452
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 295633
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 723487
<AVERAGE-NET-ASSETS> 36962145
<PER-SHARE-NAV-BEGIN> 45.25
<PER-SHARE-NII> (0.14)
<PER-SHARE-GAIN-APPREC> 5.98
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 51.09
<EXPENSE-RATIO> 1.97
<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 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> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 140358944
<INVESTMENTS-AT-VALUE> 144973967
<RECEIVABLES> 2329298
<ASSETS-OTHER> 96410
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 147399675
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 260869
<TOTAL-LIABILITIES> 260869
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> (48026722)
<SHARES-COMMON-STOCK> 4341073
<SHARES-COMMON-PRIOR> 4882232
<ACCUMULATED-NII-CURRENT> 156577524
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 33972981
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4615023
<NET-ASSETS> 147138806
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10403000
<OTHER-INCOME> 0
<EXPENSES-NET> 1175988
<NET-INVESTMENT-INCOME> 9227012
<REALIZED-GAINS-CURRENT> 1219640
<APPREC-INCREASE-CURRENT> 3740985
<NET-CHANGE-FROM-OPS> 14187637
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1111406
<NUMBER-OF-SHARES-REDEEMED> 1652565
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (17353109)
<ACCUMULATED-NII-PRIOR> 147350512
<ACCUMULATED-GAINS-PRIOR> 32753341
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 485096
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1175988
<AVERAGE-NET-ASSETS> 146024859
<PER-SHARE-NAV-BEGIN> 30.79
<PER-SHARE-NII> 2.04
<PER-SHARE-GAIN-APPREC> 1.06
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 33.89
<EXPENSE-RATIO> 0.81
<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 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> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 66316551
<INVESTMENTS-AT-VALUE> 67368382
<RECEIVABLES> 1277724
<ASSETS-OTHER> 19067
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 68665173
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 276405
<TOTAL-LIABILITIES> 276405
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> (70704269)
<SHARES-COMMON-STOCK> 2167435
<SHARES-COMMON-PRIOR> 2550981
<ACCUMULATED-NII-CURRENT> 122806652
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15234554
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1051831
<NET-ASSETS> 68388768
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4974200
<OTHER-INCOME> 0
<EXPENSES-NET> 751032
<NET-INVESTMENT-INCOME> 4223168
<REALIZED-GAINS-CURRENT> 786866
<APPREC-INCREASE-CURRENT> 321150
<NET-CHANGE-FROM-OPS> 5331184
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 559693
<NUMBER-OF-SHARES-REDEEMED> 943239
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (11696376)
<ACCUMULATED-NII-PRIOR> 118583484
<ACCUMULATED-GAINS-PRIOR> 14447688
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 265854
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 751032
<AVERAGE-NET-ASSETS> 72001189
<PER-SHARE-NAV-BEGIN> 29.30
<PER-SHARE-NII> 1.78
<PER-SHARE-GAIN-APPREC> 0.47
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 31.55
<EXPENSE-RATIO> 1.04
<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 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> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 27540541
<INVESTMENTS-AT-VALUE> 27557132
<RECEIVABLES> 333451
<ASSETS-OTHER> 105968
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27996551
<PAYABLE-FOR-SECURITIES> 512974
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 462542
<TOTAL-LIABILITIES> 975516
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> (15195318)
<SHARES-COMMON-STOCK> 1272760
<SHARES-COMMON-PRIOR> 1267898
<ACCUMULATED-NII-CURRENT> 40869851
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1329911
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16591
<NET-ASSETS> 27021035
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1402108
<OTHER-INCOME> 0
<EXPENSES-NET> 205181
<NET-INVESTMENT-INCOME> 1196927
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 22137
<NET-CHANGE-FROM-OPS> 1219064
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 943098
<NUMBER-OF-SHARES-REDEEMED> 938236
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 133884
<ACCUMULATED-NII-PRIOR> 39672924
<ACCUMULATED-GAINS-PRIOR> 1329911
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 64074
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 321756
<AVERAGE-NET-ASSETS> 25647934
<PER-SHARE-NAV-BEGIN> 20.24
<PER-SHARE-NII> 0.97
<PER-SHARE-GAIN-APPREC> 0.02
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.23
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Board of Trustees and Unitholders
RSI Retirement Trust
In planning and performing our audit of the financial statements of RSI
Retirement Trust, a series investment company consisting of the Core Equity
Fund, Emerging Growth Equity Fund, Value Equity Fund, International Equity Fund,
Short-Term Investment Fund, Intermediate-Term Bond Fund and Actively Managed
Bond Fund for the year ended September 30, 1997, we considered its internal
control structure, including procedures 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 the internal control structure.
The management of RSI Retirement Trust is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements 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 the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
September 30, 1997.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
New York, New York
November 29, 1997
