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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 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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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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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 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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070 L020800 N
070 M010800 Y
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 Y
070 P020800 Y
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 7567
071 B000800 22444
071 C000800 0
071 D000800 12
072 A000800 6
072 B000800 2013
072 C000800 0
072 D000800 0
072 E000800 0
072 F000800 153
072 G000800 0
072 H000800 0
072 I000800 0
072 J000800 48
072 K000800 0
072 L000800 5
072 M000800 2
072 N000800 1
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 17
072 S000800 0
<PAGE> PAGE 42
072 T000800 68
072 U000800 0
072 V000800 0
072 W000800 3
072 X000800 297
072 Y000800 0
072 Z000800 1716
072AA000800 0
072BB000800 539
072CC010800 2246
072CC020800 0
072DD010800 1706
072DD020800 0
072EE000800 0
073 A010800 0.2800
073 A020800 0.0000
073 B000800 0.0000
073 C000800 0.0000
074 A000800 28
074 B000800 0
074 C000800 1000
074 D000800 58035
074 E000800 0
074 F000800 0
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 892
074 K000800 0
074 L000800 894
074 M000800 0
074 N000800 60849
074 O000800 1177
074 P000800 0
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 402
074 S000800 0
074 T000800 59270
074 U010800 5614
074 U020800 0
074 V010800 10.56
074 V020800 0.00
074 W000800 0.0000
074 X000800 1919
074 Y000800 6895
075 A000800 0
075 B000800 61391
076 000800 0.00
<PAGE> PAGE 43
024 000900 N
028 A010900 297
028 A020900 643
028 A030900 0
028 A040900 10812
028 B010900 1982
028 B020900 551
028 B030900 0
028 B040900 4848
028 C010900 1177
028 C020900 544
028 C030900 0
028 C040900 10090
028 D010900 3044
028 D020900 4
028 D030900 0
028 D040900 4360
028 E010900 610
028 E020900 676
028 E030900 0
028 E040900 2044
028 F010900 285
028 F020900 673
028 F030900 0
028 F040900 2134
028 G010900 7395
028 G020900 3091
028 G030900 0
028 G040900 34288
028 H000900 850
029 000900 Y
030 A000900 35
030 B000900 4.00
030 C000900 0.00
031 A000900 20
031 B000900 0
032 000900 0
033 000900 15
034 000900 Y
035 000900 0
036 A000900 N
036 B000900 0
042 A000900 0
042 B000900 7
042 C000900 93
042 D000900 0
042 E000900 0
042 F000900 0
042 G000900 0
042 H000900 0
043 000900 159
<PAGE> PAGE 44
044 000900 0
045 000900 Y
046 000900 N
047 000900 Y
048 000900 0.000
048 A010900 250000
048 A020900 0.500
048 B010900 250000
048 B020900 0.450
048 C010900 0
048 C020900 0.000
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 500000
048 K020900 0.400
049 000900 N
050 000900 N
051 000900 N
052 000900 N
053 A000900 N
055 A000900 N
055 B000900 N
056 000900 Y
057 000900 N
058 A000900 N
059 000900 Y
060 A000900 N
060 B000900 N
061 000900 250
062 A000900 Y
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
062 E000900 0.2
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
<PAGE> PAGE 45
062 K000900 0.0
062 L000900 0.0
062 M000900 0.0
062 N000900 0.0
062 O000900 98.7
062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
063 A000900 0
063 B000900 10.2
064 A000900 Y
064 B000900 Y
065 000900 Y
066 A000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 N
070 B010900 N
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 N
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 N
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 Y
070 K010900 Y
070 K020900 Y
070 L010900 Y
070 L020900 N
070 M010900 Y
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 Y
070 P020900 Y
070 Q010900 N
<PAGE> PAGE 46
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 16530
071 B000900 38859
071 C000900 0
071 D000900 12
072 A000900 6
072 B000900 5001
072 C000900 0
072 D000900 0
072 E000900 0
072 F000900 361
072 G000900 0
072 H000900 0
072 I000900 0
072 J000900 108
072 K000900 0
072 L000900 10
072 M000900 2
072 N000900 2
072 O000900 0
072 P000900 0
072 Q000900 0
072 R000900 31
072 S000900 0
072 T000900 159
072 U000900 0
072 V000900 0
072 W000900 12
072 X000900 685
072 Y000900 0
072 Z000900 4316
072AA000900 0
072BB000900 191
072CC010900 4301
072CC020900 0
072DD010900 4292
072DD020900 0
072EE000900 0
073 A010900 0.3000
073 A020900 0.0000
073 B000900 0.0000
073 C000900 0.0000
074 A000900 29
074 B000900 0
074 C000900 300
074 D000900 140883
074 E000900 0
074 F000900 0
074 G000900 0
<PAGE> PAGE 47
074 H000900 0
074 I000900 0
074 J000900 1571
074 K000900 0
074 L000900 2449
074 M000900 0
074 N000900 145232
074 O000900 1506
074 P000900 0
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 926
074 S000900 0
074 T000900 142800
074 U010900 13434
074 U020900 0
074 V010900 10.63
074 V020900 0.00
074 W000900 0.0000
074 X000900 3338
074 Y000900 7852
075 A000900 0
075 B000900 144498
076 000900 0.00
024 001000 N
028 A011000 1542
028 A021000 3209
028 A031000 0
028 A041000 62187
028 B011000 1267
028 B021000 2932
028 B031000 0
028 B041000 57363
028 C011000 4826
028 C021000 2675
028 C031000 0
028 C041000 41281
028 D011000 5622
028 D021000 343
028 D031000 0
028 D041000 19697
028 E011000 3352
028 E021000 4183
028 E031000 0
028 E041000 13353
028 F011000 1551
028 F021000 4141
028 F031000 0
028 F041000 11321
<PAGE> PAGE 48
028 G011000 18160
028 G021000 17483
028 G031000 0
028 G041000 205202
028 H001000 1603
029 001000 Y
030 A001000 30
030 B001000 1.50
030 C001000 0.00
031 A001000 17
031 B001000 0
032 001000 0
033 001000 13
034 001000 Y
035 001000 6
036 A001000 N
036 B001000 0
042 A001000 0
042 B001000 11
042 C001000 89
042 D001000 0
042 E001000 0
042 F001000 0
042 G001000 0
042 H001000 0
043 001000 419
044 001000 0
045 001000 Y
046 001000 N
047 001000 Y
048 001000 0.000
048 A011000 100000
048 A021000 0.300
048 B011000 150000
048 B021000 0.250
048 C011000 0
048 C021000 0.000
048 D011000 0
048 D021000 0.000
048 E011000 0
048 E021000 0.000
048 F011000 0
048 F021000 0.000
048 G011000 0
048 G021000 0.000
048 H011000 0
048 H021000 0.000
048 I011000 0
048 I021000 0.000
048 J011000 0
048 J021000 0.000
<PAGE> PAGE 49
048 K011000 250000
048 K021000 0.200
049 001000 N
050 001000 N
051 001000 N
052 001000 N
053 A001000 N
055 A001000 N
055 B001000 N
056 001000 Y
057 001000 N
058 A001000 N
059 001000 Y
060 A001000 Y
060 B001000 Y
061 001000 25000
062 A001000 Y
062 B001000 0.0
062 C001000 0.0
062 D001000 2.1
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 18.0
062 N001000 81.6
062 O001000 0.0
062 P001000 0.0
062 Q001000 0.0
062 R001000 0.0
063 A001000 0
063 B001000 14.5
064 A001000 N
064 B001000 N
066 A001000 N
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 Y
070 A021000 Y
070 B011000 N
070 B021000 N
070 C011000 N
070 C021000 N
070 D011000 N
070 D021000 N
<PAGE> PAGE 50
070 E011000 N
070 E021000 N
070 F011000 N
070 F021000 N
070 G011000 N
070 G021000 N
070 H011000 N
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 N
070 J021000 N
070 K011000 N
070 K021000 N
070 L011000 N
070 L021000 N
070 M011000 N
070 M021000 N
070 N011000 N
070 N021000 N
070 O011000 N
070 O021000 N
070 P011000 Y
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
071 A001000 200422
071 B001000 415904
071 C001000 387296
071 D001000 52
072 A001000 6
072 B001000 18654
072 C001000 0
072 D001000 0
072 E001000 858
072 F001000 508
072 G001000 0
072 H001000 0
072 I001000 0
072 J001000 167
072 K001000 0
072 L001000 18
072 M001000 3
072 N001000 0
072 O001000 1438
072 P001000 0
072 Q001000 0
072 R001000 23
072 S001000 0
<PAGE> PAGE 51
072 T001000 419
072 U001000 0
072 V001000 0
072 W001000 0
072 X001000 2576
072 Y001000 0
072 Z001000 16936
072AA001000 0
072BB001000 104863
072CC011000 92555
072CC021000 0
072DD011000 26954
072DD021000 0
072EE001000 0
073 A011000 0.4900
073 A021000 0.0000
073 B001000 0.0000
073 C001000 0.0000
074 A001000 101
074 B001000 7884
074 C001000 0
074 D001000 371591
074 E001000 0
074 F001000 0
074 G001000 0
074 H001000 0
074 I001000 0
074 J001000 11873
074 K001000 0
074 L001000 3786
074 M001000 0
074 N001000 395235
074 O001000 16996
074 P001000 0
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 4889
074 S001000 0
074 T001000 373350
074 U011000 48551
074 U021000 0
074 V011000 7.69
074 V021000 0.00
074 W001000 0.0000
074 X001000 6263
074 Y001000 74467
075 A001000 0
075 B001000 421179
076 001000 0.00
<PAGE> PAGE 52
024 001100 Y
025 A001101 EDWARDS, A.G.
025 C001101 E
025 D001101 3630
025 D001102 0
025 D001103 0
025 D001104 0
025 D001105 0
025 D001106 0
025 D001107 0
025 D001108 0
028 A011100 2774
028 A021100 0
028 A031100 0
028 A041100 5010
028 B011100 1771
028 B021100 0
028 B031100 0
028 B041100 5100
028 C011100 3035
028 C021100 0
028 C031100 0
028 C041100 9564
028 D011100 3418
028 D021100 0
028 D031100 0
028 D041100 7994
028 E011100 1878
028 E021100 0
028 E031100 0
028 E041100 5949
028 F011100 1909
028 F021100 0
028 F031100 0
028 F041100 7537
028 G011100 14785
028 G021100 0
028 G031100 0
028 G041100 41154
028 H001100 2052
029 001100 Y
030 A001100 103
030 B001100 4.00
030 C001100 0.00
031 A001100 60
031 B001100 0
032 001100 0
033 001100 43
034 001100 Y
035 001100 0
036 A001100 N
<PAGE> PAGE 53
036 B001100 0
042 A001100 0
042 B001100 0
042 C001100 100
042 D001100 0
042 E001100 0
042 F001100 0
042 G001100 0
042 H001100 0
043 001100 340
044 001100 0
045 001100 Y
046 001100 N
047 001100 Y
048 001100 0.000
048 A011100 100000
048 A021100 0.750
048 B011100 200000
048 B021100 0.650
048 C011100 200000
048 C021100 0.550
048 D011100 0
048 D021100 0.000
048 E011100 0
048 E021100 0.000
048 F011100 0
048 F021100 0.000
048 G011100 0
048 G021100 0.000
048 H011100 0
048 H021100 0.000
048 I011100 0
048 I021100 0.000
048 J011100 0
048 J021100 0.000
048 K011100 500000
048 K021100 0.500
049 001100 N
050 001100 N
051 001100 N
052 001100 N
053 A001100 N
055 A001100 N
055 B001100 N
056 001100 Y
057 001100 N
058 A001100 N
059 001100 Y
060 A001100 Y
060 B001100 Y
061 001100 250
<PAGE> PAGE 54
062 A001100 N
062 B001100 0.0
062 C001100 0.0
062 D001100 0.0
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
062 L001100 0.0
062 M001100 0.0
062 N001100 0.0
062 O001100 0.0
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
066 A001100 Y
066 B001100 N
066 C001100 N
066 D001100 Y
066 E001100 N
066 F001100 N
066 G001100 N
067 001100 N
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
070 A021100 Y
070 B011100 Y
070 B021100 N
070 C011100 N
070 C021100 N
070 D011100 Y
070 D021100 N
070 E011100 Y
070 E021100 N
070 F011100 Y
070 F021100 N
070 G011100 N
070 G021100 N
070 H011100 Y
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 Y
070 J021100 N
070 K011100 N
070 K021100 N
<PAGE> PAGE 55
070 L011100 Y
070 L021100 Y
070 M011100 N
070 M021100 N
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 Y
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 39124
071 B001100 65155
071 C001100 202011
071 D001100 19
072 A001100 6
072 B001100 289
072 C001100 576
072 D001100 0
072 E001100 0
072 F001100 733
072 G001100 0
072 H001100 0
072 I001100 0
072 J001100 196
072 K001100 0
072 L001100 22
072 M001100 2
072 N001100 11
072 O001100 0
072 P001100 0
072 Q001100 0
072 R001100 23
072 S001100 0
072 T001100 340
072 U001100 4
072 V001100 0
072 W001100 24
072 X001100 1355
072 Y001100 0
072 Z001100 -490
072AA001100 7427
072BB001100 0
072CC011100 5448
072CC021100 0
072DD011100 0
072DD021100 0
072EE001100 0
<PAGE> PAGE 56
073 A011100 0.0000
073 A021100 0.0000
073 B001100 0.0000
073 C001100 0.0000
074 A001100 121
074 B001100 4061
074 C001100 0
074 D001100 0
074 E001100 0
074 F001100 207644
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 1507
074 K001100 0
074 L001100 336
074 M001100 1
074 N001100 213670
074 O001100 2085
074 P001100 0
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 1381
074 S001100 0
074 T001100 210204
074 U011100 10263
074 U021100 0
074 V011100 20.48
074 V021100 0.00
074 W001100 0.0000
074 X001100 20714
074 Y001100 0
075 A001100 0
075 B001100 210635
076 001100 0.00
024 001200 Y
025 A001201 AMERICAN EXPRESS
025 C001201 E
025 D001201 942
025 A001202 BANKERS TRUST
025 B001202 13-4941247
025 C001202 E
025 D001202 314
025 A001203 MORGAN, J.P.
025 B001203 13-3224016
025 C001203 E
025 D001203 1043
025 A001204 NORWEST CORP
025 B001204 41-1508325
<PAGE> PAGE 57
025 C001204 E
025 D001204 888
025 A001205 FEDERAL NATIONAL MORTGAGE ASSOCIATION
025 C001205 E
025 D001205 814
025 D001206 0
025 D001207 0
025 D001208 0
028 A011200 175
028 A021200 0
028 A031200 0
028 A041200 2964
028 B011200 141
028 B021200 0
028 B031200 0
028 B041200 2791
028 C011200 203
028 C021200 743
028 C031200 0
028 C041200 2819
028 D011200 223
028 D021200 0
028 D031200 0
028 D041200 1950
028 E011200 168
028 E021200 0
028 E031200 0
028 E041200 1691
028 F011200 299
028 F021200 303
028 F031200 0
028 F041200 1687
028 G011200 1209
028 G021200 1046
028 G031200 0
028 G041200 13902
028 H001200 270
029 001200 Y
030 A001200 19
030 B001200 4.00
030 C001200 0.00
031 A001200 11
031 B001200 0
032 001200 0
033 001200 8
034 001200 Y
035 001200 0
036 A001200 N
036 B001200 0
042 A001200 0
042 B001200 5
<PAGE> PAGE 58
042 C001200 95
042 D001200 0
042 E001200 0
042 F001200 0
042 G001200 0
042 H001200 0
043 001200 107
044 001200 0
045 001200 Y
046 001200 N
047 001200 Y
048 001200 0.000
048 A011200 100000
048 A021200 0.750
048 B011200 200000
048 B021200 0.650
048 C011200 200000
048 C021200 0.550
048 D011200 0
048 D021200 0.000
048 E011200 0
048 E021200 0.000
048 F011200 0
048 F021200 0.000
048 G011200 0
048 G021200 0.000
048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 500000
048 K021200 0.500
049 001200 N
050 001200 N
051 001200 N
052 001200 N
053 A001200 Y
053 B001200 Y
053 C001200 N
055 A001200 Y
055 B001200 N
056 001200 Y
057 001200 N
058 A001200 N
059 001200 Y
060 A001200 Y
060 B001200 Y
061 001200 250
062 A001200 N
<PAGE> PAGE 59
062 B001200 0.0
062 C001200 0.0
062 D001200 0.0
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 0.0
062 M001200 0.0
062 N001200 0.0
062 O001200 0.0
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
066 A001200 Y
066 B001200 N
066 C001200 N
066 D001200 N
066 E001200 Y
066 F001200 N
066 G001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
070 A021200 Y
070 B011200 Y
070 B021200 Y
070 C011200 N
070 C021200 N
070 D011200 Y
070 D021200 N
070 E011200 Y
070 E021200 N
070 F011200 Y
070 F021200 N
070 G011200 N
070 G021200 N
070 H011200 Y
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 N
070 K011200 N
070 K021200 N
070 L011200 Y
<PAGE> PAGE 60
070 L021200 Y
070 M011200 N
070 M021200 N
070 N011200 Y
070 N021200 N
070 O011200 Y
070 O021200 N
070 P011200 Y
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 4469
071 B001200 16468
071 C001200 67017
071 D001200 7
072 A001200 6
072 B001200 107
072 C001200 1043
072 D001200 0
072 E001200 0
072 F001200 251
072 G001200 0
072 H001200 0
072 I001200 0
072 J001200 52
072 K001200 0
072 L001200 4
072 M001200 1
072 N001200 2
072 O001200 3
072 P001200 0
072 Q001200 0
072 R001200 14
072 S001200 0
072 T001200 107
072 U001200 8
072 V001200 0
072 W001200 2
072 X001200 444
072 Y001200 0
072 Z001200 706
072AA001200 298
072BB001200 0
072CC011200 5250
072CC021200 0
072DD011200 804
072DD021200 0
072EE001200 238
073 A011200 0.2400
<PAGE> PAGE 61
073 A021200 0.0000
073 B001200 0.1200
073 C001200 0.0000
074 A001200 16
074 B001200 50
074 C001200 0
074 D001200 2246
074 E001200 1386
074 F001200 61940
074 G001200 0
074 H001200 0
074 I001200 0
074 J001200 824
074 K001200 0
074 L001200 246
074 M001200 37
074 N001200 66745
074 O001200 0
074 P001200 0
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 65
074 R041200 294
074 S001200 0
074 T001200 66386
074 U011200 5967
074 U021200 0
074 V011200 11.13
074 V021200 0.00
074 W001200 0.0000
074 X001200 7464
074 Y001200 0
075 A001200 0
075 B001200 66935
076 001200 0.00
SIGNATURE MARY BANIAK
TITLE ACCOUNTING ASSOCIATE
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> VALUE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 128566758
<INVESTMENTS-AT-VALUE> 160532800
<RECEIVABLES> 9793796
<ASSETS-OTHER> 15281
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 170341877
<PAYABLE-FOR-SECURITIES> 0
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<NUMBER-OF-SHARES-SOLD> 399930
<NUMBER-OF-SHARES-REDEEMED> (2229760)
<SHARES-REINVESTED> 72174
<NET-CHANGE-IN-ASSETS> (25741161)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> EQUITY STRATEGY FUND
<S> <C>
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<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 58802840
<INVESTMENTS-AT-VALUE> 63688338
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<TOTAL-ASSETS> 68465579
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<PAID-IN-CAPITAL-COMMON> 58364879
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<ACCUMULATED-NET-GAINS> (294417)
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<ACCUM-APPREC-OR-DEPREC> 4888972
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<APPREC-INCREASE-CURRENT> (448501)
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<NUMBER-OF-SHARES-SOLD> 152582
<NUMBER-OF-SHARES-REDEEMED> (1067992)
<SHARES-REINVESTED> 22474
<NET-CHANGE-IN-ASSETS> (15309335)
<ACCUMULATED-NII-PRIOR> 228136
<ACCUMULATED-GAINS-PRIOR> (499905)
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<GROSS-EXPENSE> 464485
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<PER-SHARE-NAV-BEGIN> 17.17
<PER-SHARE-NII> 0.07
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<PER-SHARE-DIVIDEND> (0.09)
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<PER-SHARE-NAV-END> 17.18
<EXPENSE-RATIO> 1.32
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 37456567
<INVESTMENTS-AT-VALUE> 41440094
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<TOTAL-ASSETS> 42056557
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 736339
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<PAID-IN-CAPITAL-COMMON> 36989521
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<ACCUMULATED-NET-GAINS> 170708
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<ACCUM-APPREC-OR-DEPREC> 3983527
<NET-ASSETS> 41320218
<DIVIDEND-INCOME> 256409
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<DISTRIBUTIONS-OF-INCOME> (837600)
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<NUMBER-OF-SHARES-SOLD> 295131
<NUMBER-OF-SHARES-REDEEMED> (958691)
<SHARES-REINVESTED> 109576
<NET-CHANGE-IN-ASSETS> (4459951)
<ACCUMULATED-NII-PRIOR> 229338
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<GROSS-EXPENSE> 283494
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<PER-SHARE-NAV-BEGIN> 11.81
<PER-SHARE-NII> 0.23
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<PER-SHARE-DIVIDEND> (0.24)
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<PER-SHARE-NAV-END> 12.43
<EXPENSE-RATIO> 1.32
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> GOVERNMENT INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 156764903
<INVESTMENTS-AT-VALUE> 154387999
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 156606674
<PAYABLE-FOR-SECURITIES> 38343281
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<OTHER-ITEMS-LIABILITIES> 1663631
<TOTAL-LIABILITIES> 40006912
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 136347374
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<SHARES-COMMON-PRIOR> 14968898
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<OVERDISTRIBUTION-NII> (61557)
<ACCUMULATED-NET-GAINS> (17102901)
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<ACCUM-APPREC-OR-DEPREC> (2583154)
<NET-ASSETS> 116599762
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<REALIZED-GAINS-CURRENT> (2895762)
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<NUMBER-OF-SHARES-SOLD> 1276595
<NUMBER-OF-SHARES-REDEEMED> (3049822)
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<NET-CHANGE-IN-ASSETS> (9372894)
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<GROSS-EXPENSE> 602615
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<PER-SHARE-NAV-BEGIN> 8.42
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 0.20
<PER-SHARE-DIVIDEND> (0.34)
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<PER-SHARE-NAV-END> 8.59
<EXPENSE-RATIO> 1.03
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 1326737394
<INVESTMENTS-AT-VALUE> 1326737394
<RECEIVABLES> 2885246
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<TOTAL-ASSETS> 1329648266
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3119446
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<PAID-IN-CAPITAL-COMMON> 1326528820
<SHARES-COMMON-STOCK> 1326528820
<SHARES-COMMON-PRIOR> 1185339289
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<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1326528820
<DIVIDEND-INCOME> 0
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<EXPENSES-NET> 5763471
<NET-INVESTMENT-INCOME> 30091453
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<DISTRIBUTIONS-OF-INCOME> (30091453)
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<NUMBER-OF-SHARES-SOLD> 644307242
<NUMBER-OF-SHARES-REDEEMED> (531379524)
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<GROSS-EXPENSE> 5763471
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<PER-SHARE-NAV-BEGIN> 1.00
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<PER-SHARE-DIVIDEND> (0.02)
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.91
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> U.S. GOVERNMENT MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 220251219
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<PAID-IN-CAPITAL-COMMON> 220518983
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<SHARES-COMMON-PRIOR> 184673231
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<DISTRIBUTIONS-OF-INCOME> (4792822)
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<NUMBER-OF-SHARES-SOLD> 178111881
<NUMBER-OF-SHARES-REDEEMED> (146773430)
<SHARES-REINVESTED> 4507301
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<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 915385
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<PER-SHARE-NAV-BEGIN> 1.00
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<PER-SHARE-DIVIDEND> (0.02)
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.90
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> TAX-EXEMPT MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 199434789
<INVESTMENTS-AT-VALUE> 199434789
<RECEIVABLES> 3416865
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 194035747
<SHARES-COMMON-STOCK> 194035747
<SHARES-COMMON-PRIOR> 177957539
<ACCUMULATED-NII-CURRENT> 0
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<DIVIDEND-INCOME> 0
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<DISTRIBUTIONS-OF-INCOME> (2704845)
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<NUMBER-OF-SHARES-SOLD> 146630377
<NUMBER-OF-SHARES-REDEEMED> (133101221)
<SHARES-REINVESTED> 2549052
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<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 864310
<AVERAGE-NET-ASSETS> 192520171
<PER-SHARE-NAV-BEGIN> 1.00
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<PER-SHARE-DIVIDEND> (0.01)
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> NATIONAL TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 57447036
<INVESTMENTS-AT-VALUE> 59035283
<RECEIVABLES> 1786159
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 60849399
<PAYABLE-FOR-SECURITIES> 1177464
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<OTHER-ITEMS-LIABILITIES> 402384
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<PAID-IN-CAPITAL-COMMON> 59155485
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<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (1474181)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1588247
<NET-ASSETS> 59269551
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2013464
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<NET-INVESTMENT-INCOME> 1716178
<REALIZED-GAINS-CURRENT> (538780)
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<DISTRIBUTIONS-OF-INCOME> (1706014)
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<NUMBER-OF-SHARES-SOLD> 402403
<NUMBER-OF-SHARES-REDEEMED> (1553262)
<SHARES-REINVESTED> 112787
<NET-CHANGE-IN-ASSETS> (8679905)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (935401)
<OVERDISTRIB-NII-PRIOR> (10164)
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 297286
<AVERAGE-NET-ASSETS> 117462149
<PER-SHARE-NAV-BEGIN> 10.22
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> 0.34
<PER-SHARE-DIVIDEND> (0.28)
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<PER-SHARE-NAV-END> 10.56
<EXPENSE-RATIO> 0.97
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> MINNESOTA TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 137693426
<INVESTMENTS-AT-VALUE> 141183388
<RECEIVABLES> 4019544
<ASSETS-OTHER> 29414
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 145232346
<PAYABLE-FOR-SECURITIES> 1505854
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 926870
<TOTAL-LIABILITIES> 2432724
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<PAID-IN-CAPITAL-COMMON> 141752009
<SHARES-COMMON-STOCK> 13433605
<SHARES-COMMON-PRIOR> 15800861
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (2442349)
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<ACCUM-APPREC-OR-DEPREC> 3489962
<NET-ASSETS> 142799622
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<EXPENSES-NET> 685200
<NET-INVESTMENT-INCOME> 4316333
<REALIZED-GAINS-CURRENT> (191053)
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<DISTRIBUTIONS-OF-INCOME> (4291790)
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<NUMBER-OF-SHARES-SOLD> 739656
<NUMBER-OF-SHARES-REDEEMED> (3409673)
<SHARES-REINVESTED> 302761
<NET-CHANGE-IN-ASSETS> (19667944)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2251296)
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<GROSS-EXPENSE> 685200
<AVERAGE-NET-ASSETS> 144497900
<PER-SHARE-NAV-BEGIN> 10.28
<PER-SHARE-NII> 0.30
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<PER-SHARE-DIVIDEND> (0.30)
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<PER-SHARE-NAV-END> 10.63
<EXPENSE-RATIO> 0.95
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> INSTITUTIONAL GOVERNMENT INCOME PORTFOLIO FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 451720825
<INVESTMENTS-AT-VALUE> 379474779
<RECEIVABLES> 15659550
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 395235295
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