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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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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 A001801 ALLIANCE CAPITAL MANAGEMENT L.P
008 B001801 A
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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SIGNATURE STEVE YU
TITLE AVP
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<NAME> SHORT-TERM MULTI MARKET PORTFOLIO
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<TABLE> <S> <C>
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<SERIES>
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<NAME> GROWTH AND INCOME PORTFOLIO
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<ACCUM-APPREC-OR-DEPREC> 25,272,381
<NET-ASSETS> 184,936,613
<DIVIDEND-INCOME> 1,350,730
<INTEREST-INCOME> 197,066
<OTHER-INCOME> 0
<EXPENSES-NET> 563,344
<NET-INVESTMENT-INCOME> 984,452
<REALIZED-GAINS-CURRENT> 7,633,232
<APPREC-INCREASE-CURRENT> 12,541,076
<NET-CHANGE-FROM-OPS> 21,158,760
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,272,246)
<DISTRIBUTIONS-OF-GAINS> (9,150,387)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,325,876
<NUMBER-OF-SHARES-REDEEMED> (191,993)
<SHARES-REINVESTED> 585,541
<NET-CHANGE-IN-ASSETS> 58,207,208
<ACCUMULATED-NII-PRIOR> 1,269,248
<ACCUMULATED-GAINS-PRIOR> 9,149,428
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 563,344
<AVERAGE-NET-ASSETS> 154,169,543
<PER-SHARE-NAV-BEGIN> 16.40
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> 2.24
<PER-SHARE-DIVIDEND> (.13)
<PER-SHARE-DISTRIBUTIONS> (.94)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.70
<EXPENSE-RATIO> .74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> GLOBAL BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 18,954,027
<INVESTMENTS-AT-VALUE> 18,823,985
<RECEIVABLES> 450,841
<ASSETS-OTHER> 806
<OTHER-ITEMS-ASSETS> 16,949
<TOTAL-ASSETS> 19,292,581
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,244
<TOTAL-LIABILITIES> 26,244
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,380,268
<SHARES-COMMON-STOCK> 1,773,857
<SHARES-COMMON-PRIOR> 1,542,961
<ACCUMULATED-NII-CURRENT> 415,142
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (419,086)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (109,987)
<NET-ASSETS> 19,266,337
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 525,267
<OTHER-INCOME> 0
<EXPENSES-NET> 84,757
<NET-INVESTMENT-INCOME> 440,510
<REALIZED-GAINS-CURRENT> (398,362)
<APPREC-INCREASE-CURRENT> (306,214)
<NET-CHANGE-FROM-OPS> (264,066)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (945,935)
<DISTRIBUTIONS-OF-GAINS> (219,947)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 242,751
<NUMBER-OF-SHARES-REDEEMED> (118,915)
<SHARES-REINVESTED> 107,060
<NET-CHANGE-IN-ASSETS> 1,149,247
<ACCUMULATED-NII-PRIOR> 920,567
<ACCUMULATED-GAINS-PRIOR> 199,223
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 57,991
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 96,908
<AVERAGE-NET-ASSETS> 17,991,386
<PER-SHARE-NAV-BEGIN> 11.74
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> (.46)
<PER-SHARE-DIVIDEND> (.57)
<PER-SHARE-DISTRIBUTIONS> (.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.86
<EXPENSE-RATIO> .95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> PREMIER GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 223,840,838
<INVESTMENTS-AT-VALUE> 274,766,464
<RECEIVABLES> 519,947
<ASSETS-OTHER> 672
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 275,287,083
<PAYABLE-FOR-SECURITIES> 5,084,380
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 240,539
<TOTAL-LIABILITIES> 5,324,919
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 220,050,235
<SHARES-COMMON-STOCK> 14,390,859
<SHARES-COMMON-PRIOR> 6,143,896
<ACCUMULATED-NII-CURRENT> 338,023
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,351,720)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 50,925,626
<NET-ASSETS> 269,962,164
<DIVIDEND-INCOME> 941,385
<INTEREST-INCOME> 264,610
<OTHER-INCOME> 0
<EXPENSES-NET> 866,714
<NET-INVESTMENT-INCOME> 339,281
<REALIZED-GAINS-CURRENT> (404,323)
<APPREC-INCREASE-CURRENT> 33,482,134
<NET-CHANGE-FROM-OPS> 33,417,092
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (324,685)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,005,357
<NUMBER-OF-SHARES-REDEEMED> (775,738)
<SHARES-REINVESTED> 17,344
<NET-CHANGE-IN-ASSETS> 173,527,856
<ACCUMULATED-NII-PRIOR> 323,427
<ACCUMULATED-GAINS-PRIOR> (947,397)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 912,330
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 997,782
<AVERAGE-NET-ASSETS> 183,978,198
<PER-SHARE-NAV-BEGIN> 15.70
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 3.05
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.76
<EXPENSE-RATIO> .95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> US GOVERNMENT/HIGH GRADE SECURITIES PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 30,430,091
<INVESTMENTS-AT-VALUE> 30,424,349
<RECEIVABLES> 430,762
<ASSETS-OTHER> 610
<OTHER-ITEMS-ASSETS> 1,060
<TOTAL-ASSETS> 30,856,781
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,111
<TOTAL-LIABILITIES> 26,111
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,890,354
<SHARES-COMMON-STOCK> 2,728,984
<SHARES-COMMON-PRIOR> 2,531,426
<ACCUMULATED-NII-CURRENT> 873,676
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 72,382
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (5,742)
<NET-ASSETS> 30,830,670
<DIVIDEND-INCOME> 1,181
<INTEREST-INCOME> 1,032,386
<OTHER-INCOME> 0
<EXPENSES-NET> 121,391
<NET-INVESTMENT-INCOME> 912,176
<REALIZED-GAINS-CURRENT> 72,245
<APPREC-INCREASE-CURRENT> (108,568)
<NET-CHANGE-FROM-OPS> 875,853
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,409,036)
<DISTRIBUTIONS-OF-GAINS> (54,796)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 363,288
<NUMBER-OF-SHARES-REDEEMED> (294,816)
<SHARES-REINVESTED> 129,086
<NET-CHANGE-IN-ASSETS> 1,680,766
<ACCUMULATED-NII-PRIOR> 1,370,536
<ACCUMULATED-GAINS-PRIOR> 54,933
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 90,051
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 121,391
<AVERAGE-NET-ASSETS> 30,265,799
<PER-SHARE-NAV-BEGIN> 11.52
<PER-SHARE-NII> .35
<PER-SHARE-GAIN-APPREC> (.01)
<PER-SHARE-DIVIDEND> (.54)
<PER-SHARE-DISTRIBUTIONS> (.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.30
<EXPENSE-RATIO> .81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> TOTAL RETURN PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 30,166,310
<INVESTMENTS-AT-VALUE> 33,212,862
<RECEIVABLES> 227,199
<ASSETS-OTHER> 818
<OTHER-ITEMS-ASSETS> 2,410
<TOTAL-ASSETS> 33,443,289
<PAYABLE-FOR-SECURITIES> 131,670
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 41,563
<TOTAL-LIABILITIES> 173,233
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,723,636
<SHARES-COMMON-STOCK> 2,168,878
<SHARES-COMMON-PRIOR> 1,768,899
<ACCUMULATED-NII-CURRENT> 363,203
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,136,665
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,046,552
<NET-ASSETS> 33,270,056
<DIVIDEND-INCOME> 162,465
<INTEREST-INCOME> 335,061
<OTHER-INCOME> 0
<EXPENSES-NET> 134,540
<NET-INVESTMENT-INCOME> 362,986
<REALIZED-GAINS-CURRENT> 1,136,341
<APPREC-INCREASE-CURRENT> 1,292,049
<NET-CHANGE-FROM-OPS> 2,791,376
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (480,826)
<DISTRIBUTIONS-OF-GAINS> (1,019,433)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 386,308
<NUMBER-OF-SHARES-REDEEMED> (83,685)
<SHARES-REINVESTED> 97,356
<NET-CHANGE-IN-ASSETS> 7,394,706
<ACCUMULATED-NII-PRIOR> 481,043
<ACCUMULATED-GAINS-PRIOR> 1,019,757
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 90,030
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 134,930
<AVERAGE-NET-ASSETS> 29,048,297
<PER-SHARE-NAV-BEGIN> 14.63
<PER-SHARE-NII> .19
<PER-SHARE-GAIN-APPREC> 1.24
<PER-SHARE-DIVIDEND> (.23)
<PER-SHARE-DISTRIBUTIONS> (.49)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.34
<EXPENSE-RATIO> .93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> INTERNATIONAL PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 53,862,631
<INVESTMENTS-AT-VALUE> 59,842,011
<RECEIVABLES> 215,770
<ASSETS-OTHER> 848,127
<OTHER-ITEMS-ASSETS> 36,219
<TOTAL-ASSETS> 60,942,127
<PAYABLE-FOR-SECURITIES> 992,169
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 90,420
<TOTAL-LIABILITIES> 1,082,589
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53,101,090
<SHARES-COMMON-STOCK> 3,729,983
<SHARES-COMMON-PRIOR> 2,976,776
<ACCUMULATED-NII-CURRENT> 321,986
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 422,581
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,013,881
<NET-ASSETS> 59,859,538
<DIVIDEND-INCOME> 526,388
<INTEREST-INCOME> 90,503
<OTHER-INCOME> 0
<EXPENSES-NET> 233,404
<NET-INVESTMENT-INCOME> 383,487
<REALIZED-GAINS-CURRENT> 482,470
<APPREC-INCREASE-CURRENT> 4,589,646
<NET-CHANGE-FROM-OPS> 5,455,603
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (523,610)
<DISTRIBUTIONS-OF-GAINS> (836,370)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,241,205
<NUMBER-OF-SHARES-REDEEMED> (1,573,531)
<SHARES-REINVESTED> 85,533
<NET-CHANGE-IN-ASSETS> 15,535,442
<ACCUMULATED-NII-PRIOR> 462,109
<ACCUMULATED-GAINS-PRIOR> 776,481
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 245,688
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 370,015
<AVERAGE-NET-ASSETS> 49,051,066
<PER-SHARE-NAV-BEGIN> 14.89
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> 1.43
<PER-SHARE-DIVIDEND> (.15)
<PER-SHARE-DISTRIBUTIONS> (.24)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.05
<EXPENSE-RATIO> .95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 73,238,751
<INVESTMENTS-AT-VALUE> 73,238,751
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,493
<TOTAL-ASSETS> 73,241,244
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 421,700
<TOTAL-LIABILITIES> 421,700
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 72,819,107
<SHARES-COMMON-STOCK> 72,819,910
<SHARES-COMMON-PRIOR> 64,769,391
<ACCUMULATED-NII-CURRENT> 1,046
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (609)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 72,819,544
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,821,326
<OTHER-INCOME> 0
<EXPENSES-NET> 212,487
<NET-INVESTMENT-INCOME> 1,608,839
<REALIZED-GAINS-CURRENT> (266)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,608,573
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,608,839)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 106,969,959
<NUMBER-OF-SHARES-REDEEMED> (100,241,241)
<SHARES-REINVESTED> 1,321,801
<NET-CHANGE-IN-ASSETS> 8,050,253
<ACCUMULATED-NII-PRIOR> 1,046
<ACCUMULATED-GAINS-PRIOR> (343)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 163,230
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 212,487
<AVERAGE-NET-ASSETS> 65,853,121
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> .00
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> NORTH AMERICAN GOVERNMENT PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 22,728,796
<INVESTMENTS-AT-VALUE> 24,131,131
<RECEIVABLES> 220,775
<ASSETS-OTHER> 1,073,375
<OTHER-ITEMS-ASSETS> 9,412
<TOTAL-ASSETS> 25,434,693
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,481
<TOTAL-LIABILITIES> 24,481
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23,083,485
<SHARES-COMMON-STOCK> 2,029,675
<SHARES-COMMON-PRIOR> 1,349,031
<ACCUMULATED-NII-CURRENT> 880,389
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 42,490
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,403,848
<NET-ASSETS> 25,410,212
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,006,324
<OTHER-INCOME> 0
<EXPENSES-NET> 99,967
<NET-INVESTMENT-INCOME> 906,357
<REALIZED-GAINS-CURRENT> 44,780
<APPREC-INCREASE-CURRENT> 246,926
<NET-CHANGE-FROM-OPS> 1,198,063
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,103,754)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 762,306
<NUMBER-OF-SHARES-REDEEMED> (169,681)
<SHARES-REINVESTED> 88,019
<NET-CHANGE-IN-ASSETS> 8,714,562
<ACCUMULATED-NII-PRIOR> 1,077,786
<ACCUMULATED-GAINS-PRIOR> (2,290)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 68,399
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 109,157
<AVERAGE-NET-ASSETS> 21,220,163
<PER-SHARE-NAV-BEGIN> 12.38
<PER-SHARE-NII> .54
<PER-SHARE-GAIN-APPREC> .18
<PER-SHARE-DIVIDEND> (.58)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.52
<EXPENSE-RATIO> .95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> UTILITY INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 14,475,225
<INVESTMENTS-AT-VALUE> 16,249,530
<RECEIVABLES> 50,873
<ASSETS-OTHER> 102,752
<OTHER-ITEMS-ASSETS> 5,679
<TOTAL-ASSETS> 16,408,834
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 23,523
<TOTAL-LIABILITIES> 23,523
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,500,591
<SHARES-COMMON-STOCK> 1,245,409
<SHARES-COMMON-PRIOR> 1,170,361
<ACCUMULATED-NII-CURRENT> 240,995
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (130,580)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,774,305
<NET-ASSETS> 16,385,311
<DIVIDEND-INCOME> 274,478
<INTEREST-INCOME> 39,409
<OTHER-INCOME> 0
<EXPENSES-NET> 72,388
<NET-INVESTMENT-INCOME> 241,499
<REALIZED-GAINS-CURRENT> (84,172)
<APPREC-INCREASE-CURRENT> 675,082
<NET-CHANGE-FROM-OPS> 832,409
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (289,532)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 170,203
<NUMBER-OF-SHARES-REDEEMED> (117,290)
<SHARES-REINVESTED> 22,135
<NET-CHANGE-IN-ASSETS> 1,528,518
<ACCUMULATED-NII-PRIOR> 289,028
<ACCUMULATED-GAINS-PRIOR> (46,408)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 57,149
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 89,152
<AVERAGE-NET-ASSETS> 15,365,909
<PER-SHARE-NAV-BEGIN> 12.69
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> .51
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.16
<EXPENSE-RATIO> .95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> GLOBAL DOLLAR GOVERNMENT PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
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<OTHER-ITEMS-ASSETS> 6,134
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<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 1,336
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<EXPENSES-NET> 50,528
<NET-INVESTMENT-INCOME> 378,697
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<NET-CHANGE-FROM-OPS> 1,088,848
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (489,947)
<DISTRIBUTIONS-OF-GAINS> (742,126)
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<NUMBER-OF-SHARES-SOLD> 281,855
<NUMBER-OF-SHARES-REDEEMED> (86,686)
<SHARES-REINVESTED> 85,501
<NET-CHANGE-IN-ASSETS> 4,040,619
<ACCUMULATED-NII-PRIOR> 482,953
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<GROSS-EXPENSE> 73,051
<AVERAGE-NET-ASSETS> 10,724,958
<PER-SHARE-NAV-BEGIN> 14.32
<PER-SHARE-NII> .52
<PER-SHARE-GAIN-APPREC> 1.05
<PER-SHARE-DIVIDEND> (.61)
<PER-SHARE-DISTRIBUTIONS> (.93)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.35
<EXPENSE-RATIO> .95
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 143,946,871
<INVESTMENTS-AT-VALUE> 181,644,175
<RECEIVABLES> 595,776
<ASSETS-OTHER> 336,320
<OTHER-ITEMS-ASSETS> 4,410
<TOTAL-ASSETS> 182,580,681
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 188,599
<TOTAL-LIABILITIES> 188,599
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 145,653,631
<SHARES-COMMON-STOCK> 9,580,112
<SHARES-COMMON-PRIOR> 7,739,999
<ACCUMULATED-NII-CURRENT> 139,412
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,098,265)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 37,697,304
<NET-ASSETS> 182,392,082
<DIVIDEND-INCOME> 600,865
<INTEREST-INCOME> 209,738
<OTHER-INCOME> 0
<EXPENSES-NET> 667,836
<NET-INVESTMENT-INCOME> 142,767
<REALIZED-GAINS-CURRENT> (1,018,414)
<APPREC-INCREASE-CURRENT> 17,480,202
<NET-CHANGE-FROM-OPS> 16,604,555
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (265,892)
<DISTRIBUTIONS-OF-GAINS> (6,564,799)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,793,343
<NUMBER-OF-SHARES-REDEEMED> (312,930)
<SHARES-REINVESTED> 359,700
<NET-CHANGE-IN-ASSETS> 43,704,191
<ACCUMULATED-NII-PRIOR> 262,537
<ACCUMULATED-GAINS-PRIOR> 6,484,948
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 581,216
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 667,836
<AVERAGE-NET-ASSETS> 156,275,306
<PER-SHARE-NAV-BEGIN> 17.92
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 1.85
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> (.72)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.04
<EXPENSE-RATIO> .86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> WORLDWIDE PRIVATIZATION PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 29,397,225
<INVESTMENTS-AT-VALUE> 32,533,084
<RECEIVABLES> 650,613
<ASSETS-OTHER> 496,956
<OTHER-ITEMS-ASSETS> 4,454
<TOTAL-ASSETS> 33,685,107
<PAYABLE-FOR-SECURITIES> 84,807
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33,067
<TOTAL-LIABILITIES> 117,874
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,830,571
<SHARES-COMMON-STOCK> 2,299,194
<SHARES-COMMON-PRIOR> 1,432,879
<ACCUMULATED-NII-CURRENT> 353,492
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,251,624
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,131,546
<NET-ASSETS> 33,567,233
<DIVIDEND-INCOME> 445,647
<INTEREST-INCOME> 67,953
<OTHER-INCOME> 0
<EXPENSES-NET> 120,069
<NET-INVESTMENT-INCOME> 393,531
<REALIZED-GAINS-CURRENT> 1,257,516
<APPREC-INCREASE-CURRENT> 1,798,147
<NET-CHANGE-FROM-OPS> 3,449,194
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (348,486)
<DISTRIBUTIONS-OF-GAINS> (421,270)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 852,160
<NUMBER-OF-SHARES-REDEEMED> (38,859)
<SHARES-REINVESTED> 53,014
<NET-CHANGE-IN-ASSETS> 14,760,420
<ACCUMULATED-NII-PRIOR> 308,447
<ACCUMULATED-GAINS-PRIOR> 415,378
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 126,389
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 188,662
<AVERAGE-NET-ASSETS> 25,487,280
<PER-SHARE-NAV-BEGIN> 13.13
<PER-SHARE-NII> .21
<PER-SHARE-GAIN-APPREC> 1.61
<PER-SHARE-DIVIDEND> (.16)
<PER-SHARE-DISTRIBUTIONS> (.19)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.60
<EXPENSE-RATIO> .95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 14
<NAME> CONSERVATIVE INVESTORS PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 23,687,418
<INVESTMENTS-AT-VALUE> 25,275,551
<RECEIVABLES> 197,208
<ASSETS-OTHER> 64,760
<OTHER-ITEMS-ASSETS> 4,646
<TOTAL-ASSETS> 25,542,165
<PAYABLE-FOR-SECURITIES> 3,781
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30,250
<TOTAL-LIABILITIES> 34,031
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23,570,811
<SHARES-COMMON-STOCK> 2,055,144
<SHARES-COMMON-PRIOR> 1,800,117
<ACCUMULATED-NII-CURRENT> 458,865
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (109,806)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,588,264
<NET-ASSETS> 25,508,134
<DIVIDEND-INCOME> 44,310
<INTEREST-INCOME> 524,220
<OTHER-INCOME> 0
<EXPENSES-NET> 109,164
<NET-INVESTMENT-INCOME> 459,366
<REALIZED-GAINS-CURRENT> (57,133)
<APPREC-INCREASE-CURRENT> 865,169
<NET-CHANGE-FROM-OPS> 1,267,402
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<DISTRIBUTIONS-OF-INCOME> (608,411)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 339,803
<NUMBER-OF-SHARES-REDEEMED> (133,762)
<SHARES-REINVESTED> 48,986
<NET-CHANGE-IN-ASSETS> 3,778,941
<ACCUMULATED-NII-PRIOR> 607,910
<ACCUMULATED-GAINS-PRIOR> (52,673)
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 86,182
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<GROSS-EXPENSE> 139,254
<AVERAGE-NET-ASSETS> 23,172,288
<PER-SHARE-NAV-BEGIN> 12.07
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> .41
<PER-SHARE-DIVIDEND> (.31)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.41
<EXPENSE-RATIO> .95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 15
<NAME> GROWTH INVESTORS PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 37,774
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,651,238
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<NUMBER-OF-SHARES-SOLD> 179,968
<NUMBER-OF-SHARES-REDEEMED> (93,806)
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<NET-CHANGE-IN-ASSETS> 2,215,408
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<GROSS-EXPENSE> 87,751
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<PER-SHARE-NAV-BEGIN> 12.74
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> 1.10
<PER-SHARE-DIVIDEND> (.20)
<PER-SHARE-DISTRIBUTIONS> (.22)
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<EXPENSE-RATIO> .95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 16
<NAME> TECNOLOGY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 41,720,894
<INVESTMENTS-AT-VALUE> 48,521,404
<RECEIVABLES> 210,489
<ASSETS-OTHER> 182,025
<OTHER-ITEMS-ASSETS> 15,344
<TOTAL-ASSETS> 48,929,262
<PAYABLE-FOR-SECURITIES> 249,834
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 55,306
<TOTAL-LIABILITIES> 305,140
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,309,314
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<SHARES-COMMON-PRIOR> 2,543,479
<ACCUMULATED-NII-CURRENT> 109,512
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,595,214)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,800,510
<NET-ASSETS> 48,624,122
<DIVIDEND-INCOME> 17,967
<INTEREST-INCOME> 268,680
<OTHER-INCOME> 0
<EXPENSES-NET> 178,434
<NET-INVESTMENT-INCOME> 108,213
<REALIZED-GAINS-CURRENT> (2,240,054)
<APPREC-INCREASE-CURRENT> 4,740,716
<NET-CHANGE-FROM-OPS> 2,608,875
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<DISTRIBUTIONS-OF-INCOME> (141,660)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,902,576
<NUMBER-OF-SHARES-REDEEMED> (253,537)
<SHARES-REINVESTED> 12,275
<NET-CHANGE-IN-ASSETS> 20,540,691
<ACCUMULATED-NII-PRIOR> 142,959
<ACCUMULATED-GAINS-PRIOR> (355,160)
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 233,708
<AVERAGE-NET-ASSETS> 37,876,334
<PER-SHARE-NAV-BEGIN> 11.04
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> .52
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.56
<EXPENSE-RATIO> .95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 17
<NAME> QUASAR PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 30,622,817
<INVESTMENTS-AT-VALUE> 32,879,905
<RECEIVABLES> 1,002,225
<ASSETS-OTHER> 235,568
<OTHER-ITEMS-ASSETS> 21,397
<TOTAL-ASSETS> 34,139,095
<PAYABLE-FOR-SECURITIES> 739,888
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39,518
<TOTAL-LIABILITIES> 779,406
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,965,712
<SHARES-COMMON-STOCK> 2,882,120
<SHARES-COMMON-PRIOR> 830,749
<ACCUMULATED-NII-CURRENT> 16,130
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 120,759
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,257,088
<NET-ASSETS> 33,359,689
<DIVIDEND-INCOME> 31,120
<INTEREST-INCOME> 91,088
<OTHER-INCOME> 0
<EXPENSES-NET> 95,136
<NET-INVESTMENT-INCOME> 27,072
<REALIZED-GAINS-CURRENT> 95,429
<APPREC-INCREASE-CURRENT> 2,108,947
<NET-CHANGE-FROM-OPS> 2,231,448
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<DISTRIBUTIONS-OF-INCOME> (22,104)
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,101,596
<NUMBER-OF-SHARES-REDEEMED> (52,184)
<SHARES-REINVESTED> 1,959
<NET-CHANGE-IN-ASSETS> 24,517,872
<ACCUMULATED-NII-PRIOR> 11,162
<ACCUMULATED-GAINS-PRIOR> 25,330
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 100,143
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 155,074
<AVERAGE-NET-ASSETS> 20,194,593
<PER-SHARE-NAV-BEGIN> 10.64
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> .93
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.57
<EXPENSE-RATIO> .95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 18
<NAME> REAL ESTATE INVESTMENT PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 4,591,419
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<TOTAL-ASSETS> 4,835,877
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<ACCUMULATED-NII-CURRENT> 58,489
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,293)
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<ACCUM-APPREC-OR-DEPREC> 201,981
<NET-ASSETS> 4,733,132
<DIVIDEND-INCOME> 65,818
<INTEREST-INCOME> 3,450
<OTHER-INCOME> 0
<EXPENSES-NET> 10,779
<NET-INVESTMENT-INCOME> 58,489
<REALIZED-GAINS-CURRENT> (3,293)
<APPREC-INCREASE-CURRENT> 201,981
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 469,387
<NUMBER-OF-SHARES-REDEEMED> (25,113)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,733,132
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<GROSS-ADVISORY-FEES> 10,212
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 42,432
<AVERAGE-NET-ASSETS> 2,407,751
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .22
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<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.65
<EXPENSE-RATIO> .95
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>