<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 0000837910
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 THE PARK AVENUE PORTFOLIO
001 B000000 811-5641
001 C000000 2125981282
002 A000000 201 PARK AVENUE SOUTH
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10003
002 D020000 0000
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 8
007 C010100 1
007 C020100 THE GUARDIAN PARK AVENUE FUND
007 C030100 N
007 C010200 2
007 C020200 THE GUARDIAN PARK AVENUE SMALL CAP FUND
007 C030200 N
007 C010300 3
007 C020300 THE GUARDIAN ASSET ALLOCATION FUND
007 C030300 N
007 C010400 4
007 C020400 THE GUARDIAN BAILLIE GIFFORD INTL. FUND
007 C030400 N
007 C010500 5
007 C020500 THE GUARDIAN BAILLIE GIFFORD EMER. MKTS. FUND
007 C030500 N
007 C010600 6
007 C020600 THE GUARDIAN INVESTMENT QUALITY BOND FUND
007 C030600 N
007 C010700 7
007 C020700 THE GUARDIAN TAX-EXEMPT FUND
007 C030700 N
007 C010800 8
007 C020800 THE GUARDIAN CASH MANAGEMENT FUND
007 C030800 N
007 C010900 9
007 C011000 10
020 A000001 MERRILL LYNCH
020 B000001 13-5674085
<PAGE> PAGE 2
020 C000001 186
020 A000002 GOLDMAN SACHS
020 B000002 13-5108880
020 C000002 135
020 A000003 JEFFERIES & CO.
020 B000003 95-2622900
020 C000003 116
020 A000004 LEHMAN BROTHERS
020 B000004 13-2518460
020 C000004 94
020 A000005 CS FIRST BOSTON
020 B000005 13-5659485
020 C000005 79
020 A000006 MORGAN STANLEY
020 B000006 13-2655998
020 C000006 65
020 A000007 SMITH BARNEY
020 B000007 13-1912900
020 C000007 47
020 A000008 JP MORGAN
020 B000008 13-3224016
020 C000008 43
020 A000009 CJ LAWRENCE/DEUTSCHE BANK
020 C000009 41
020 A000010 DONALDSON LUFKIN JENRETTE
020 B000010 13-2741729
020 C000010 36
021 000000 1607
022 A000001 STATE STREET BANK & TRUST COMPANY
022 B000001 04-1867445
022 C000001 25139212
022 D000001 0
022 A000002 GOLDMAN SACHS
022 B000002 13-5108880
022 C000002 492557
022 D000002 27782
022 A000003 LEHMAN BROTHERS
022 B000003 13-2518460
022 C000003 92223
022 D000003 2890
022 A000004 SALOMON BROTHERS
022 B000004 13-3082694
022 C000004 36978
022 D000004 31890
022 A000005 WILLIAMS CAPITAL GROUP
022 C000005 67905
022 D000005 0
022 A000006 MERRILL LYNCH
022 B000006 13-5674085
022 C000006 42914
022 D000006 21635
<PAGE> PAGE 3
022 A000007 BEAR STEARNS
022 B000007 13-4946705
022 C000007 34259
022 D000007 29338
022 A000008 JP MORGAN COMMERCIAL PAPER
022 B000008 13-3224016
022 C000008 57827
022 D000008 0
022 A000009 CITICORP COMMERCIAL PAPER
022 B000009 13-5266470
022 C000009 30473
022 D000009 0
022 A000010 CS FIRST BOSTON
022 B000010 13-5659485
022 C000010 20036
022 D000010 9403
023 C000000 26014383
023 D000000 122938
024 00AA00 N
027 000000 Y
034 00AA00 N
035 00AA00 0
036 B00AA00 0
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
058 A00AA00 N
058 B00AA00 N
058 C00AA00 N
058 D00AA00 N
058 E00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078 000000 N
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
<PAGE> PAGE 4
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 83222
028 A020100 12
028 A030100 0
028 A040100 29564
028 B010100 84195
028 B020100 3
028 B030100 0
028 B040100 40214
028 C010100 77964
028 C020100 29
028 C030100 0
028 C040100 32973
028 D010100 111843
028 D020100 1
028 D030100 0
028 D040100 29764
028 E010100 85448
028 E020100 9
028 E030100 0
028 E040100 37569
028 F010100 95549
028 F020100 191151
028 F030100 0
028 F040100 62461
028 G010100 538221
028 G020100 191205
028 G030100 0
028 G040100 232545
028 H000100 252558
029 000100 Y
030 A000100 3612
030 B000100 4.00
030 C000100 0.00
031 A000100 299
031 B000100 0
032 000100 0
033 000100 3313
042 A000100 1
042 B000100 0
042 C000100 0
042 D000100 2
042 E000100 97
042 F000100 0
042 G000100 0
<PAGE> PAGE 5
042 H000100 0
043 000100 599
044 000100 0
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 D000100 Y
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 N
070 K020100 N
<PAGE> PAGE 6
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 1369684
071 B000100 901518
071 C000100 1815902
071 D000100 50
072 A000100 12
072 B000100 7343
072 C000100 26615
072 D000100 0
072 E000100 0
072 F000100 9792
072 G000100 3162
072 H000100 0
072 I000100 1845
072 J000100 322
072 K000100 0
072 L000100 262
072 M000100 19
072 N000100 135
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 21
072 S000100 13
072 T000100 854
072 U000100 0
072 V000100 0
072 W000100 10
072 X000100 16435
072 Y000100 0
072 Z000100 17524
072AA000100 250114
072BB000100 0
072CC010100 296292
072CC020100 0
072DD010100 17141
072DD020100 15
072EE000100 217300
<PAGE> PAGE 7
073 A010100 0.3907
073 A020100 0.0064
073 B000100 4.4147
073 C000100 0.0000
074 A000100 0
074 B000100 155301
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 2359515
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 19823
074 K000100 0
074 L000100 14410
074 M000100 0
074 N000100 2549049
074 O000100 24838
074 P000100 5123
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 4710
074 S000100 0
074 T000100 2514378
074 U010100 50145
074 U020100 4384
074 V010100 46.00
074 V020100 46.00
074 W000100 0.0000
074 X000100 83424
074 Y000100 0
075 A000100 0
075 B000100 1958430
076 000100 0.00
080 A000100 NATIONAL UNION INSURANCE CO. OF PITTSBURGH,PA
080 C000100 2100
081 A000100 Y
081 B000100 13
082 A000100 Y
082 B000100 100
029 000200 Y
030 A000200 750
030 B000200 4.50
030 C000200 0.00
031 A000200 129
031 B000200 0
032 000200 0
033 000200 621
<PAGE> PAGE 8
042 A000200 1
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 99
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 41
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.750
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
<PAGE> PAGE 9
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
066 A000200 Y
066 D000200 Y
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
<PAGE> PAGE 10
070 R020200 N
071 A000200 114072
071 B000200 15513
071 C000200 63065
071 D000200 25
072 A000200 8
072 B000200 229
072 C000200 415
072 D000200 0
072 E000200 0
072 F000200 349
072 G000200 116
072 H000200 0
072 I000200 62
072 J000200 57
072 K000200 0
072 L000200 10
072 M000200 14
072 N000200 8
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 18
072 S000200 0
072 T000200 44
072 U000200 7
072 V000200 0
072 W000200 0
072 X000200 685
072 Y000200 0
072 Z000200 -41
072AA000200 2422
072BB000200 0
072CC010200 10517
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 1200
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.1421
073 C000200 0.0000
074 A000200 1
074 B000200 7738
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 111498
074 G000200 0
074 H000200 0
074 I000200 0
<PAGE> PAGE 11
074 J000200 464
074 K000200 0
074 L000200 1319
074 M000200 39
074 N000200 121059
074 O000200 1298
074 P000200 409
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 88
074 S000200 0
074 T000200 119264
074 U010200 7336
074 U020200 1335
074 V010200 13.77
074 V020200 13.67
074 W000200 0.0000
074 X000200 6179
074 Y000200 0
075 A000200 0
075 B000200 63138
076 000200 0.00
080 A000200 NATIONAL UNION INSURANCE CO. OF PITTSBURGH,PA
080 C000200 600
081 A000200 Y
081 B000200 13
082 A000200 Y
082 B000200 100
015 A000301 CITIBANK, N.A.
015 B000301 S
015 C010301 BEUNOS AIRES
015 D010301 ARGENTINA
015 E040301 X
018 000300 Y
019 A000300 Y
019 B000300 13
019 C000300 GUARDIANFD
029 000300 Y
030 A000300 411
030 B000300 4.50
030 C000300 0.00
031 A000300 69
031 B000300 0
032 000300 0
033 000300 342
042 A000300 3
042 B000300 0
042 C000300 0
042 D000300 3
<PAGE> PAGE 12
042 E000300 94
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 44
044 000300 0
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
066 A000300 Y
066 D000300 Y
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 Y
070 C010300 N
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 Y
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 Y
070 H010300 Y
070 H020300 Y
070 I010300 N
070 I020300 N
070 J010300 Y
<PAGE> PAGE 13
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 75321
071 B000300 50976
071 C000300 88325
071 D000300 58
072 A000300 12
072 B000300 2193
072 C000300 4538
072 D000300 0
072 E000300 0
072 F000300 553
072 G000300 253
072 H000300 0
072 I000300 180
072 J000300 98
072 K000300 0
072 L000300 16
072 M000300 19
072 N000300 21
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 18
072 S000300 3
072 T000300 70
072 U000300 3
072 V000300 0
072 W000300 1
072 X000300 1235
072 Y000300 0
072 Z000300 5496
072AA000300 13650
072BB000300 0
072CC010300 6057
072CC020300 0
<PAGE> PAGE 14
072DD010300 2814
072DD020300 140
072EE000300 15811
073 A010300 0.3409
073 A020300 0.1751
073 B000300 1.6848
073 C000300 0.0000
074 A000300 1
074 B000300 13227
074 C000300 0
074 D000300 32101
074 E000300 0
074 F000300 105152
074 G000300 0
074 H000300 505
074 I000300 0
074 J000300 376
074 K000300 0
074 L000300 510
074 M000300 1
074 N000300 151873
074 O000300 436
074 P000300 306
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 116
074 S000300 0
074 T000300 151015
074 U010300 9744
074 U020300 1004
074 V010300 14.05
074 V020300 14.00
074 W000300 0.0000
074 X000300 6545
074 Y000300 0
075 A000300 0
075 B000300 120498
076 000300 0.00
080 A000300 NATIONAL UNION INSURANCE CO. OF PITTSBURGH,PA
080 C000300 600
081 A000300 Y
081 B000300 13
082 A000300 Y
082 B000300 100
015 A000401 CITIBANK,NA
015 B000401 S
015 C010401 BUENOS AIRES
015 D010401 ARGENTINA
015 E040401 X
<PAGE> PAGE 15
015 A000402 WESTPAC BANKING CORPORATION
015 B000402 S
015 C010402 SYDNEY
015 D010402 AUSTRALIA
015 E040402 X
015 A000403 GIROCREDIT BK.AKTIENGESELLSCHAFT DER SPARKA
015 B000403 S
015 C010403 NA
015 D010403 AUSTRALIA
015 E040403 X
015 A000404 GENERALE BANK
015 B000404 S
015 C010404 NA
015 D010404 BELGIUM
015 E040404 X
015 A000405 CITIBANK, N.A.
015 B000405 S
015 C010405 NA
015 D010405 BRAZIL
015 E040405 X
015 A000406 CITIBANK, N.A.
015 B000406 S
015 C010406 NA
015 D010406 CHILE
015 E040406 X
015 A000407 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000407 S
015 C010407 NA
015 D010407 CHINA
015 E040407 X
015 A000408 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000408 S
015 C010408 NA
015 D010408 COLOMBIA
015 E040408 X
015 A000409 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B000409 S
015 C010409 NA
015 D010409 CZECH REPUBLIC
015 E040409 X
015 A000410 DEN DANSKE BANK
015 B000410 S
015 C010410 NA
015 D010410 DENMARK
015 E040410 X
015 A000411 MERITA BANK LIMITED
015 B000411 S
015 C010411 NA
015 D010411 FINLAND
015 E040411 X
015 A000412 BANQUE PARIBAS
<PAGE> PAGE 16
015 B000412 S
015 C010412 NA
015 D010412 FRANCE
015 E040412 X
015 A000413 DRESDNER BANK AG
015 B000413 S
015 C010413 NA
015 D010413 GERMANY
015 E040413 X
015 A000414 NATIONAL BANK OF GREECE S.A.
015 B000414 S
015 C010414 NA
015 D010414 GREECE
015 E040414 X
015 A000415 STANDARD CHARTERED BANK
015 B000415 S
015 C010415 NA
015 D010415 HONGKONG
015 E040415 X
015 A000416 CITIBANK BUDAPEST RT.
015 B000416 S
015 C010416 NA
015 D010416 HUNGARY
015 E040416 X
015 A000417 THE HONGKONG AND SHANGHAI BANKING CORP LTD.
015 B000417 S
015 C010417 NA
015 D010417 INDIA
015 E040417 X
015 A000418 DEUTSCHE BANK AG
015 B000418 S
015 C010418 NA
015 D010418 INDIA
015 E040418 X
015 A000419 STANDARD CHARTERED BANK
015 B000419 S
015 C010419 NA
015 D010419 INDONESIA
015 E040419 X
015 A000420 BANK OF IRELAND
015 B000420 S
015 C010420 NA
015 D010420 IRELAND
015 E040420 X
015 A000421 BANK OF HAPOALIM B.M.
015 B000421 S
015 C010421 NA
015 D010421 ISRAEL
015 E040421 X
015 A000422 BANQUE PARIBAS
015 B000422 S
<PAGE> PAGE 17
015 C010422 NA
015 D010422 ITALY
015 E040422 X
015 A000423 SUMITOMO TRUST & BANKING CO., LTD.
015 B000423 S
015 C010423 NA
015 D010423 JAPAN
015 E040423 X
015 A000424 THE FUJI BANK, LIMITED
015 B000424 S
015 C010424 NA
015 D010424 JAPAN
015 E040424 X
015 A000425 SEOULBANK
015 B000425 S
015 C010425 NA
015 D010425 KOREA
015 E040425 X
015 A000426 STANDARD CHARTERED BANK MALAYSIA BERHAD
015 B000426 S
015 C010426 NA
015 D010426 MALAYSIA
015 E040426 X
015 A000427 CITIBANK MEXICO, S.A.
015 B000427 S
015 C010427 NA
015 D010427 MEXICO
015 E040427 X
015 A000428 MEESPIERSON N.V.
015 B000428 S
015 C010428 NA
015 D010428 NETHERLANDS
015 E040428 X
015 A000429 ANZ BANKING GROUP (NEW ZEALAND) LIMITED
015 B000429 S
015 C010429 NA
015 D010429 NEW ZEALAND
015 E040429 X
015 A000430 CHRISTIANIA BANK OG KREDITKASSE
015 B000430 S
015 C010430 NA
015 D010430 NORWAY
015 E040430 X
015 A000431 DEUTSCHE BANK AG
015 B000431 S
015 C010431 NA
015 D010431 PAKISTAN
015 E040431 X
015 A000432 CITIBANK, N.A.
015 B000432 S
015 C010432 NA
<PAGE> PAGE 18
015 D010432 PERU
015 E040432 X
015 A000433 STANDARD CHARTERED BANK
015 B000433 S
015 C010433 NA
015 D010433 PHILIPPINES
015 E040433 X
015 A000434 CITIBANK POLAND S.A.
015 B000434 S
015 C010434 NA
015 D010434 POLAND
015 E040434 X
015 A000435 BANCO COMERCIAL PORTUGUES
015 B000435 S
015 C010435 NA
015 D010435 PORTUGAL
015 E040435 X
015 A000436 THE DEVELOPMENT BANK OF SINGAPORE LTD.
015 B000436 S
015 C010436 NA
015 D010436 SINGAPORE
015 E040436 X
015 A000437 CESKOSLOVENSKA OBCHODNA BANKA A.S.
015 B000437 S
015 C010437 NA
015 D010437 SLOVAK REPUBLIC
015 E040437 X
015 A000438 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000438 S
015 C010438 NA
015 D010438 SOUTH AFRICA
015 E040438 X
015 A000439 BANCO SANTANDER, S.A.
015 B000439 S
015 C010439 NA
015 D010439 SPAIN
015 E040439 X
015 A000440 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000440 S
015 C010440 NA
015 D010440 SRI LANKA
015 E040440 X
015 A000441 SKANDINAVISKA ENSKILDA BANKEN
015 B000441 S
015 C010441 NA
015 D010441 SWEDEN
015 E040441 X
015 A000442 UNION BANK OF SWITZERLAND
015 B000442 S
015 C010442 NA
015 D010442 SWITZERLAND
<PAGE> PAGE 19
015 E040442 X
015 A000443 CENTRAL TRUST OF CHINA
015 B000443 S
015 C010443 NA
015 D010443 TAIWAN
015 E040443 X
015 A000444 STANDARD CHARTERED BANK
015 B000444 S
015 C010444 NA
015 D010444 THAILAND
015 E040444 X
015 A000445 CITIBANK, N.A.
015 B000445 S
015 C010445 NA
015 D010445 TURKEY
015 E040445 X
015 A000446 STATE STREET BANK AND TRUST CO.
015 B000446 S
015 C010446 NA
015 D010446 UNITED KINGDOM
015 E040446 X
015 A000447 STATE STREET LONDON LTD.
015 B000447 S
015 C010447 NA
015 D010447 UNITED KINGDOM
015 E040447 X
028 A010400 3600
028 A020400 0
028 A030400 0
028 A040400 639
028 B010400 2626
028 B020400 0
028 B030400 0
028 B040400 1665
028 C010400 1781
028 C020400 0
028 C030400 0
028 C040400 1009
028 D010400 1338
028 D020400 0
028 D030400 0
028 D040400 1443
028 E010400 987
028 E020400 0
028 E030400 0
028 E040400 2802
028 F010400 1293
028 F020400 3323
028 F030400 0
028 F040400 1169
028 G010400 11625
<PAGE> PAGE 20
028 G020400 3323
028 G030400 0
028 G040400 8727
028 H000400 6173
029 000400 Y
030 A000400 106
030 B000400 4.00
030 C000400 0.00
031 A000400 17
031 B000400 0
032 000400 0
033 000400 89
042 A000400 4
042 B000400 0
042 C000400 0
042 D000400 5
042 E000400 91
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 22
044 000400 0
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 0.0
066 A000400 Y
066 D000400 Y
067 000400 N
068 A000400 N
068 B000400 Y
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
<PAGE> PAGE 21
070 B020400 Y
070 C010400 N
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 Y
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 Y
070 H010400 Y
070 H020400 N
070 I010400 Y
070 I020400 Y
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 N
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 41042
071 B000400 36556
071 C000400 66310
071 D000400 55
072 A000400 12
072 B000400 115
072 C000400 1056
072 D000400 0
072 E000400 0
072 F000400 554
072 G000400 173
072 H000400 0
072 I000400 167
072 J000400 193
072 K000400 0
072 L000400 9
072 M000400 19
072 N000400 16
<PAGE> PAGE 22
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 21
072 S000400 4
072 T000400 37
072 U000400 3
072 V000400 0
072 W000400 1
072 X000400 1197
072 Y000400 0
072 Z000400 -26
072AA000400 4071
072BB000400 0
072CC010400 2446
072CC020400 0
072DD010400 631
072DD020400 0
072EE000400 2893
073 A010400 0.1588
073 A020400 0.0000
073 B000400 0.6622
073 C000400 0.0000
074 A000400 481
074 B000400 1077
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 71595
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 350
074 K000400 0
074 L000400 180
074 M000400 1
074 N000400 73686
074 O000400 0
074 P000400 338
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 81
074 S000400 0
074 T000400 73267
074 U010400 4166
074 U020400 395
074 V010400 16.08
074 V020400 15.87
074 W000400 0.0000
<PAGE> PAGE 23
074 X000400 5360
074 Y000400 0
075 A000400 0
075 B000400 69203
076 000400 0.00
080 A000400 NATIONAL UNION INSURANCE OF PITTSBURGH PA
080 C000400 525
081 A000400 Y
081 B000400 13
082 A000400 Y
082 B000400 100
015 A000501 CITIBANK NA
015 B000501 S
015 C010501 NA
015 D010501 ARGENTINA
015 E040501 X
015 A000502 WESTPAC BANKING CORP.
015 B000502 S
015 C010502 NA
015 D010502 AUSTRALIA
015 E040502 X
015 A000503 GIROCREDIT BANK AKTIENGESELLSCHAFT DER SPAR
015 B000503 S
015 C010503 NA
015 D010503 AUSTRIA
015 E040503 X
015 A000504 GENERALE BANK
015 B000504 S
015 C010504 NA
015 D010504 BELGIUM
015 E040504 X
015 A000505 CITIBANK, N.A.
015 B000505 S
015 C010505 NA
015 D010505 BRAZIL
015 E040505 X
015 A000506 CITIBANK, N.A.
015 B000506 S
015 C010506 NA
015 D010506 CHILE
015 E040506 X
015 A000507 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000507 S
015 C010507 NA
015 D010507 CHINA
015 E040507 X
015 A000508 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000508 S
015 C010508 NA
015 D010508 COLOMBIA
015 E040508 X
<PAGE> PAGE 24
015 A000509 CESKOSLOVENSKA OBCHOFNI BANKA A.S
015 B000509 S
015 C010509 NA
015 D010509 CZECH REPUBLIC
015 E040509 X
015 A000510 DEN DANSKE BANK
015 B000510 S
015 C010510 NA
015 D010510 DENMARK
015 E040510 X
015 A000511 MERITA BANK LIMITED
015 B000511 S
015 C010511 NA
015 D010511 FINLAND
015 E040511 X
015 A000512 BANQUE PARIBAS
015 B000512 S
015 C010512 NA
015 D010512 FRANCE
015 E040512 X
015 A000513 DRESDNER BANK AG
015 B000513 S
015 C010513 NA
015 D010513 GERMANY
015 E040513 X
015 A000514 NATIONAL BANK OF GREECE S.A.
015 B000514 S
015 C010514 NA
015 D010514 GREECE
015 E040514 X
015 A000515 STANDARD CHARTERED BANK
015 B000515 S
015 C010515 NA
015 D010515 HONGKONG
015 E040515 X
015 A000516 CITIBANK BUDAPEST RT.
015 B000516 S
015 C010516 NA
015 D010516 HUNGARY
015 E040516 X
015 A000517 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B000517 S
015 C010517 NA
015 D010517 INDIA
015 E040517 X
015 A000518 DEUTSCHE BANK AG
015 B000518 S
015 C010518 NA
015 D010518 INDIA
015 E040518 X
015 A000519 STANDARD CHARTERED BANK
<PAGE> PAGE 25
015 B000519 S
015 C010519 NA
015 D010519 INDONESIA
015 E040519 X
015 A000520 BANK OF IRELAND
015 B000520 S
015 C010520 NA
015 D010520 IRELAND
015 E040520 X
015 A000521 BANK HAPOALIM B.M.
015 B000521 S
015 C010521 NA
015 D010521 ISRAEL
015 E040521 X
015 A000522 BANQUE PARIBAS
015 B000522 S
015 C010522 NA
015 D010522 ITALY
015 E040522 X
015 A000523 SUMITOMO TRUST & BANKING CO., LTD.
015 B000523 S
015 C010523 NA
015 D010523 JAPAN
015 E040523 X
015 A000524 THE FUJI BANK, LTD.
015 B000524 S
015 C010524 NA
015 D010524 JAPAN
015 E040524 X
015 A000525 SEOULBANK
015 B000525 S
015 C010525 NA
015 D010525 KOREA
015 E040525 X
015 A000526 STANDARD CHARTERED BANK MALAYSIA BERHAD
015 B000526 S
015 C010526 NA
015 D010526 MALAYSIA
015 E040526 X
015 A000527 CITIBANK MEXICO, S.A.
015 B000527 S
015 C010527 NA
015 D010527 MEXICO
015 E040527 X
015 A000528 MEESPIERSON N.V.
015 B000528 S
015 C010528 NA
015 D010528 NETHERLANDS
015 E040528 X
015 A000529 ANZ BANKING GROUP (NEW ZEALAND) LIMITED
015 B000529 S
<PAGE> PAGE 26
015 C010529 NA
015 D010529 NEW ZEALAND
015 E040529 X
015 A000530 CHRISTIANIA BANK OG KREDITKASSE
015 B000530 S
015 C010530 NA
015 D010530 NORWAY
015 E040530 X
015 A000531 DEUTSCHE BANK AG
015 B000531 S
015 C010531 NA
015 D010531 PAKISTAN
015 E040531 X
015 A000532 CITIBANK, N.A.
015 B000532 S
015 C010532 NA
015 D010532 PERU
015 E040532 X
015 A000533 STANDARD CHARTERED BANK
015 B000533 S
015 C010533 NA
015 D010533 PHILIPPINES
015 E040533 X
015 A000534 CITIBANK POLAND S.A.
015 B000534 S
015 C010534 NA
015 D010534 POLAND
015 E040534 X
015 A000535 BANCO COMERCIAL PORTUGUES
015 B000535 S
015 C010535 NA
015 D010535 PORTUGAL
015 E040535 X
015 A000536 THE DEVELOPMENT BANK OF SINGAPORE LTD.
015 B000536 S
015 C010536 NA
015 D010536 SINGAPORE
015 E040536 X
015 A000537 CESKOSLOVENSKA OBCHODNA BANKA A.S.
015 B000537 S
015 C010537 NA
015 D010537 SLOVAK REPUBLIC
015 E040537 X
015 A000538 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000538 S
015 C010538 NA
015 D010538 SOUTH AFRICA
015 E040538 X
015 A000539 BANCO SANTANDER, S.A.
015 B000539 S
015 C010539 NA
<PAGE> PAGE 27
015 D010539 SPAIN
015 E040539 X
015 A000540 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B000540 S
015 C010540 NA
015 D010540 SRI LANKA
015 E040540 X
015 A000541 SKANDINAVISKA ENSKILDA BANKEN
015 B000541 S
015 C010541 NA
015 D010541 SWEDEN
015 E040541 X
015 A000542 UNION BANK OF SWITZERLAND
015 B000542 S
015 C010542 NA
015 D010542 SWITZERLAND
015 E040542 X
015 A000543 CENTRAL TRUST OF CHINA
015 B000543 S
015 C010543 NA
015 D010543 TAIWAN
015 E040543 X
015 A000544 STANDARD CHARTERED BANK
015 B000544 S
015 C010544 NA
015 D010544 THAILAND
015 E040544 X
015 A000545 CITIBANK, N.A.
015 B000545 S
015 C010545 NA
015 D010545 TURKEY
015 E040545 X
015 A000546 STATE STREET BANK AND TRUST CO.
015 B000546 S
015 C010546 NA
015 D010546 UNITED KINGDOM
015 E040546 X
015 A000547 STATE STREET LONDON LTD.
015 B000547 S
015 C010547 NA
015 D010547 UNITED KINGDOM
015 E040547 X
028 A010500 1190
028 A020500 0
028 A030500 0
028 A040500 9
028 B010500 844
028 B020500 0
028 B030500 0
028 B040500 365
028 C010500 431
<PAGE> PAGE 28
028 C020500 0
028 C030500 0
028 C040500 53
028 D010500 651
028 D020500 0
028 D030500 0
028 D040500 53
028 E010500 294
028 E020500 0
028 E030500 0
028 E040500 45
028 F010500 434
028 F020500 76
028 F030500 0
028 F040500 60
028 G010500 3844
028 G020500 76
028 G030500 0
028 G040500 585
028 H000500 1882
029 000500 Y
030 A000500 53
030 B000500 4.50
030 C000500 0.00
031 A000500 8
031 B000500 0
032 000500 0
033 000500 45
042 A000500 3
042 B000500 0
042 C000500 0
042 D000500 4
042 E000500 93
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 7
044 000500 0
045 000500 Y
046 000500 N
048 000500 1.000
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
<PAGE> PAGE 29
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 N
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
066 A000500 Y
066 D000500 Y
067 000500 N
068 A000500 N
068 B000500 Y
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 Y
070 C010500 N
070 C020500 N
070 D010500 Y
070 D020500 Y
<PAGE> PAGE 30
070 E010500 Y
070 E020500 Y
070 F010500 Y
070 F020500 Y
070 G010500 Y
070 G020500 Y
070 H010500 Y
070 H020500 Y
070 I010500 Y
070 I020500 Y
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 N
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 30707
071 B000500 7794
071 C000500 21678
071 D000500 36
072 A000500 8
072 B000500 116
072 C000500 403
072 D000500 0
072 E000500 0
072 F000500 179
072 G000500 45
072 H000500 0
072 I000500 35
072 J000500 128
072 K000500 0
072 L000500 2
072 M000500 14
072 N000500 4
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 18
072 S000500 0
<PAGE> PAGE 31
072 T000500 9
072 U000500 4
072 V000500 0
072 W000500 0
072 X000500 438
072 Y000500 0
072 Z000500 81
072AA000500 0
072BB000500 795
072CC010500 0
072CC020500 1038
072DD010500 77
072DD020500 0
072EE000500 0
073 A010500 0.0337
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 887
074 B000500 1567
074 C000500 0
074 D000500 180
074 E000500 0
074 F000500 20996
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 21
074 K000500 0
074 L000500 57
074 M000500 23
074 N000500 23731
074 O000500 27
074 P000500 169
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 54
074 S000500 0
074 T000500 23481
074 U010500 2289
074 U020500 216
074 V010500 9.38
074 V020500 9.30
074 W000500 0.0000
074 X000500 608
074 Y000500 0
075 A000500 0
075 B000500 24104
076 000500 0.00
<PAGE> PAGE 32
080 A000500 NATIONAL UNION INSURANCE OF PITTSBURGH PA
080 C000500 350
081 A000500 Y
081 B000500 13
082 A000500 Y
082 B000500 100
028 A010600 623
028 A020600 408
028 A030600 0
028 A040600 1186
028 B010600 1186
028 B020600 377
028 B030600 0
028 B040600 623
028 C010600 1326
028 C020600 429
028 C030600 0
028 C040600 1238
028 D010600 1285
028 D020600 404
028 D030600 0
028 D040600 987
028 E010600 11053
028 E020600 371
028 E030600 0
028 E040600 518
028 F010600 1257
028 F020600 481
028 F030600 0
028 F040600 857
028 G010600 16730
028 G020600 2470
028 G030600 0
028 G040600 5409
028 H000600 13657
029 000600 Y
030 A000600 82
030 B000600 4.50
030 C000600 0.00
031 A000600 14
031 B000600 0
032 000600 0
033 000600 68
042 A000600 0
042 B000600 0
042 C000600 0
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
<PAGE> PAGE 33
043 000600 0
044 000600 0
062 A000600 Y
062 B000600 0.0
062 C000600 0.0
062 D000600 2.7
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 54.0
062 N000600 0.0
062 O000600 0.0
062 P000600 15.0
062 Q000600 18.0
062 R000600 0.0
063 A000600 0
063 B000600 7.7
064 A000600 N
064 B000600 N
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 Y
070 K010600 Y
070 K020600 N
<PAGE> PAGE 34
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 N
070 N020600 N
070 O010600 Y
070 O020600 Y
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 263723
071 B000600 215138
071 C000600 68816
071 D000600 313
072 A000600 12
072 B000600 4749
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 355
072 G000600 178
072 H000600 0
072 I000600 72
072 J000600 70
072 K000600 0
072 L000600 9
072 M000600 19
072 N000600 8
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 18
072 S000600 3
072 T000600 0
072 U000600 3
072 V000600 0
072 W000600 1
072 X000600 736
072 Y000600 204
072 Z000600 4216
072AA000600 486
072BB000600 0
072CC010600 1433
072CC020600 0
072DD010600 4216
072DD020600 0
072EE000600 0
<PAGE> PAGE 35
073 A010600 0.5838
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 0
074 B000600 2718
074 C000600 0
074 D000600 95253
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 9324
074 K000600 0
074 L000600 1280
074 M000600 1
074 N000600 108576
074 O000600 9403
074 P000600 172
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 67
074 S000600 0
074 T000600 98934
074 U010600 9987
074 U020600 0
074 V010600 9.91
074 V020600 0.00
074 W000600 0.0000
074 X000600 2178
074 Y000600 0
075 A000600 0
075 B000600 71018
076 000600 0.00
080 A000600 NATIONAL UNION INSURANCE OF PITTSBURGH PA
080 C000600 525
081 A000600 Y
081 B000600 13
082 A000600 Y
082 B000600 100
028 A010700 1013
028 A020700 161
028 A030700 0
028 A040700 121
028 B010700 2020
028 B020700 154
028 B030700 0
028 B040700 67
<PAGE> PAGE 36
028 C010700 2
028 C020700 179
028 C030700 0
028 C040700 68
028 D010700 51
028 D020700 165
028 D030700 0
028 D040700 32
028 E010700 167
028 E020700 158
028 E030700 0
028 E040700 622
028 F010700 104
028 F020700 176
028 F030700 0
028 F040700 18
028 G010700 3357
028 G020700 993
028 G030700 0
028 G040700 928
028 H000700 3085
029 000700 Y
030 A000700 9
030 B000700 4.50
030 C000700 0.00
031 A000700 2
031 B000700 0
032 000700 0
033 000700 7
042 A000700 0
042 B000700 0
042 C000700 0
042 D000700 0
042 E000700 0
042 F000700 0
042 G000700 0
042 H000700 0
043 000700 0
044 000700 0
045 000700 Y
048 000700 0.000
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
<PAGE> PAGE 37
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
062 A000700 Y
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 98.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 12.0
064 A000700 N
064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 N
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
<PAGE> PAGE 38
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 N
070 J020700 N
070 K010700 N
070 K020700 N
070 L010700 N
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 N
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 91743
071 B000700 85450
071 C000700 42236
071 D000700 202
072 A000700 12
072 B000700 2228
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 212
072 G000700 106
072 H000700 0
072 I000700 35
072 J000700 36
072 K000700 0
072 L000700 6
072 M000700 19
072 N000700 9
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 17
072 S000700 2
072 T000700 0
072 U000700 3
072 V000700 0
072 W000700 1
<PAGE> PAGE 39
072 X000700 446
072 Y000700 129
072 Z000700 1911
072AA000700 784
072BB000700 0
072CC010700 955
072CC020700 0
072DD010700 1911
072DD020700 0
072EE000700 0
073 A010700 0.4376
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 290
074 B000700 0
074 C000700 0
074 D000700 46435
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 0
074 K000700 0
074 L000700 731
074 M000700 1
074 N000700 47456
074 O000700 0
074 P000700 87
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 9
074 S000700 0
074 T000700 47360
074 U010700 4742
074 U020700 0
074 V010700 9.99
074 V020700 0.00
074 W000700 0.0000
074 X000700 310
074 Y000700 0
075 A000700 0
075 B000700 42322
076 000700 0.00
080 A000700 NATIONAL UNION INSURANCE OF PITTSBURGH PA
080 C000700 400
081 A000700 Y
081 B000700 13
<PAGE> PAGE 40
082 A000700 Y
082 B000700 100
028 A010800 33899
028 A020800 425
028 A030800 0
028 A040800 35750
028 B010800 44534
028 B020800 403
028 B030800 0
028 B040800 35647
028 C010800 37951
028 C020800 448
028 C030800 0
028 C040800 35399
028 D010800 32055
028 D020800 464
028 D030800 0
028 D040800 28689
028 E010800 40697
028 E020800 440
028 E030800 0
028 E040800 35972
028 F010800 50928
028 F020800 557
028 F030800 0
028 F040800 40600
028 G010800 240064
028 G020800 2737
028 G030800 0
028 G040800 212057
028 H000800 0
029 000800 N
030 A000800 0
030 B000800 0.00
030 C000800 0.00
031 A000800 0
031 B000800 0
032 000800 0
033 000800 0
042 A000800 2
042 B000800 0
042 C000800 0
042 D000800 2
042 E000800 96
042 F000800 0
042 G000800 0
042 H000800 0
043 000800 28
044 000800 0
062 A000800 Y
062 B000800 0.0
<PAGE> PAGE 41
062 C000800 0.0
062 D000800 6.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 91.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 0.0
062 N000800 0.0
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
063 A000800 22
063 B000800 0.0
064 A000800 N
064 B000800 N
066 A000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 Y
070 B010800 N
070 B020800 N
070 C010800 N
070 C020800 N
070 D010800 N
070 D020800 N
070 E010800 N
070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 N
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 N
070 J020800 N
070 K010800 N
070 K020800 N
070 L010800 N
070 L020800 N
070 M010800 N
070 M020800 N
<PAGE> PAGE 42
070 N010800 N
070 N020800 N
070 O010800 N
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 0
071 B000800 0
071 C000800 0
071 D000800 0
072 A000800 12
072 B000800 6227
072 C000800 0
072 D000800 0
072 E000800 0
072 F000800 559
072 G000800 280
072 H000800 0
072 I000800 271
072 J000800 74
072 K000800 0
072 L000800 15
072 M000800 19
072 N000800 23
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 17
072 S000800 3
072 T000800 28
072 U000800 0
072 V000800 0
072 W000800 1
072 X000800 1290
072 Y000800 339
072 Z000800 5276
072AA000800 0
072BB000800 0
072CC010800 0
072CC020800 0
072DD010800 5095
072DD020800 181
072EE000800 0
073 A010800 0.0470
073 A020800 0.0471
073 B000800 0.0000
073 C000800 0.0000
<PAGE> PAGE 43
074 A000800 16
074 B000800 8465
074 C000800 126172
074 D000800 0
074 E000800 0
074 F000800 0
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 0
074 K000800 0
074 L000800 5085
074 M000800 0
074 N000800 139738
074 O000800 0
074 P000800 268
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 1082
074 S000800 0
074 T000800 138388
074 U010800 132523
074 U020800 5864
074 V010800 1.00
074 V020800 1.00
074 W000800 1.0000
074 X000800 6447
074 Y000800 0
075 A000800 111890
075 B000800 0
076 000800 0.00
080 A000800 NATIONAL UNION INSURANCE OF PITTSBURGH PA
080 C000800 600
081 A000800 Y
081 B000800 13
082 A000800 Y
082 B000800 100
SIGNATURE FRANK L. PEPE
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN PARK AVENUE FUND CLASS A
This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1997, and is qualified
in its entirety to such financial statements.
</LEGEND>
<SERIES>
<NAME> THE GUARDIAN PARK AVENUE FUND CLASS A
<NUMBER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 1,870,972
<INVESTMENTS-AT-VALUE> 2,514,816
<RECEIVABLES> 34,234
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,549,049
<PAYABLE-FOR-SECURITIES> 29,548
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,123
<TOTAL-LIABILITIES> 34,671
<SENIOR-EQUITY> 545
<PAID-IN-CAPITAL-COMMON> 1,808,487
<SHARES-COMMON-STOCK> 50,145<F1>
<SHARES-COMMON-PRIOR> 36,724<F1>
<ACCUMULATED-NII-CURRENT> 368
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 61,134
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 643,844
<NET-ASSETS> 2,312,632<F1>
<DIVIDEND-INCOME> 26,615
<INTEREST-INCOME> 7,343
<OTHER-INCOME> 0
<EXPENSES-NET> 16,435
<NET-INVESTMENT-INCOME> 17,523
<REALIZED-GAINS-CURRENT> 250,114
<APPREC-INCREASE-CURRENT> 296,292
<NET-CHANGE-FROM-OPS> 563,929
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17,141)<F1>
<DISTRIBUTIONS-OF-GAINS> (200,698)<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,883<F1>
<NUMBER-OF-SHARES-REDEEMED> (9,105)<F1>
<SHARES-REINVESTED> 4,642<F1>
<NET-CHANGE-IN-ASSETS> 1,086,187
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 28,321
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9,792
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 16,434
<AVERAGE-NET-ASSETS> 1,958,430
<PER-SHARE-NAV-BEGIN> 37.91<F1>
<PER-SHARE-NII> .40<F1>
<PER-SHARE-GAIN-APPREC> 12.61<F1>
<PER-SHARE-DIVIDEND> (.39)<F1>
<PER-SHARE-DISTRIBUTIONS> (4.41)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 46.12<F1>
<EXPENSE-RATIO> .79<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN PARK AVENUE FUND CLASS B
This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1997, and is qualified
in its entirety to such financial statements.
</LEGEND>
<SERIES>
<NAME> THE GUARDIAN PARK AVENUE FUND CLASS B
<NUMBER> 2
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 1,870,972
<INVESTMENTS-AT-VALUE> 2,514,816
<RECEIVABLES> 34,234
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,549,049
<PAYABLE-FOR-SECURITIES> 29,548
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,123
<TOTAL-LIABILITIES> 34,671
<SENIOR-EQUITY> 545
<PAID-IN-CAPITAL-COMMON> 1,808,487
<SHARES-COMMON-STOCK> 4,384<F1>
<SHARES-COMMON-PRIOR> 36,724<F1>
<ACCUMULATED-NII-CURRENT> 368
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 61,134
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 643,844
<NET-ASSETS> 201,746<F1>
<DIVIDEND-INCOME> 26,615
<INTEREST-INCOME> 7,343
<OTHER-INCOME> 0
<EXPENSES-NET> 16,435
<NET-INVESTMENT-INCOME> 17,523
<REALIZED-GAINS-CURRENT> 250,114
<APPREC-INCREASE-CURRENT> 296,292
<NET-CHANGE-FROM-OPS> 563,929
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15)<F1>
<DISTRIBUTIONS-OF-GAINS> (16,602)<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,237<F1>
<NUMBER-OF-SHARES-REDEEMED> (163)<F1>
<SHARES-REINVESTED> 359<F1>
<NET-CHANGE-IN-ASSETS> 1,086,187
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 28,321
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9,792
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 16,434
<AVERAGE-NET-ASSETS> 1,958,430
<PER-SHARE-NAV-BEGIN> 37.90<F1>
<PER-SHARE-NII> 0<F1>
<PER-SHARE-GAIN-APPREC> 12.54<F1>
<PER-SHARE-DIVIDEND> (.01)<F1>
<PER-SHARE-DISTRIBUTIONS> (4.41)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 46.02<F1>
<EXPENSE-RATIO> 1.73<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN PARK AVENUE SMALL CAP FUND CLASS A
This schedule contains financial information extracted from the "Annual
Report to Shareholders" dated December 31, 1997, and is qualified in its
entirety to such financial statements.
</LEGEND>
<SERIES>
<NAME> THE GUARDIAN PARK AVENUE SMALL CAP FUND CLASS A
<NUMBER> 3
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 108,719
<INVESTMENTS-AT-VALUE> 119,236
<RECEIVABLES> 1,822
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 121,059
<PAYABLE-FOR-SECURITIES> 1,345
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 450
<TOTAL-LIABILITIES> 1,795
<SENIOR-EQUITY> 87
<PAID-IN-CAPITAL-COMMON> 108,478
<SHARES-COMMON-STOCK> 7,336<F1>
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,181
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,517
<NET-ASSETS> 101,016<F1>
<DIVIDEND-INCOME> 415
<INTEREST-INCOME> 229
<OTHER-INCOME> 0
<EXPENSES-NET> 685
<NET-INVESTMENT-INCOME> (41)
<REALIZED-GAINS-CURRENT> 2,422
<APPREC-INCREASE-CURRENT> 10,517
<NET-CHANGE-FROM-OPS> 12,898
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> (1,016)<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 7,627<F1>
<NUMBER-OF-SHARES-REDEEMED> (366)<F1>
<SHARES-REINVESTED> 75<F1>
<NET-CHANGE-IN-ASSETS> 119,264
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 349
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 685
<AVERAGE-NET-ASSETS> 46,565
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> .01<F1>
<PER-SHARE-GAIN-APPREC> 3.91<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> (.14)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.77<F1>
<EXPENSE-RATIO> 1.36<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN PARK AVENUE SMALL CAP FUND CLASS B
This schedule contains financial information extracted from the "Annual
Report to Shareholders" dated December 31, 1997, and is qualified in its
entirety to such financial statements.
</LEGEND>
<SERIES>
<NAME> THE GUARDIAN PARK AVENUE SMALL CAP FUND CLASS B
<NUMBER> 4
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 108,719
<INVESTMENTS-AT-VALUE> 119,236
<RECEIVABLES> 1,822
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 121,059
<PAYABLE-FOR-SECURITIES> 1,345
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 450
<TOTAL-LIABILITIES> 1,795
<SENIOR-EQUITY> 87
<PAID-IN-CAPITAL-COMMON> 108,478
<SHARES-COMMON-STOCK> 1,335<F1>
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,181
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,517
<NET-ASSETS> 18,248<F1>
<DIVIDEND-INCOME> 415
<INTEREST-INCOME> 229
<OTHER-INCOME> 0
<EXPENSES-NET> 685
<NET-INVESTMENT-INCOME> (41)
<REALIZED-GAINS-CURRENT> 2,422
<APPREC-INCREASE-CURRENT> 10,517
<NET-CHANGE-FROM-OPS> 12,898
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> (184)<F1>
<NUMBER-OF-SHARES-SOLD> 1,359<F1>
<NUMBER-OF-SHARES-REDEEMED> (38)<F1>
<SHARES-REINVESTED> 14<F1>
<NET-CHANGE-IN-ASSETS> 119,264
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 349
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 685
<AVERAGE-NET-ASSETS> 46,565
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> (.04)<F1>
<PER-SHARE-GAIN-APPREC> 3.28<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> (.14)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.67<F1>
<EXPENSE-RATIO> 2.26<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN ASSET ALLOCATION FUND CLASS A
This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1997, and is qualified
in its entirety to such financial statements.
</LEGEND>
<SERIES>
<NAME> THE GUARDIAN ASSET ALLOCATION FUND CLASS A
<NUMBER> 5
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 131,628
<INVESTMENTS-AT-VALUE> 150,985
<RECEIVABLES> 888
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 151,873
<PAYABLE-FOR-SECURITIES> 552
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 306
<TOTAL-LIABILITIES> 858
<SENIOR-EQUITY> 107
<PAID-IN-CAPITAL-COMMON> 130,149
<SHARES-COMMON-STOCK> 9,744<F1>
<SHARES-COMMON-PRIOR> 6,805<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,401
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,357
<NET-ASSETS> 136,948<F1>
<DIVIDEND-INCOME> 1,956
<INTEREST-INCOME> 2,193
<OTHER-INCOME> 0
<EXPENSES-NET> 1,235
<NET-INVESTMENT-INCOME> 2,914
<REALIZED-GAINS-CURRENT> 16,232
<APPREC-INCREASE-CURRENT> 6,057
<NET-CHANGE-FROM-OPS> 25,203
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,814)<F1>
<DISTRIBUTIONS-OF-GAINS> (14,369)<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,726<F1>
<NUMBER-OF-SHARES-REDEEMED> (988)<F1>
<SHARES-REINVESTED> 1,201<F1>
<NET-CHANGE-IN-ASSETS> 57,748
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,011
<OVERDISTRIB-NII-PRIOR> 8
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 783
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,466
<AVERAGE-NET-ASSETS> 120,498
<PER-SHARE-NAV-BEGIN> 12.96<F1>
<PER-SHARE-NII> .34<F1>
<PER-SHARE-GAIN-APPREC> 2.77<F1>
<PER-SHARE-DIVIDEND> (.34)<F1>
<PER-SHARE-DISTRIBUTIONS> (1.68)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.05<F1>
<EXPENSE-RATIO> 1.14<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN ASSET ALLOCATION FUND CLASS B
This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1997, and is qualified
in its entirety to such financial statements.
</LEGEND>
<SERIES>
<NAME> THE GUARDIAN ASSET ALLOCATION FUND CLASS B
<NUMBER> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 131,628
<INVESTMENTS-AT-VALUE> 150,985
<RECEIVABLES> 888
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 151,873
<PAYABLE-FOR-SECURITIES> 552
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 306
<TOTAL-LIABILITIES> 858
<SENIOR-EQUITY> 107
<PAID-IN-CAPITAL-COMMON> 130,149
<SHARES-COMMON-STOCK> 1,004<F1>
<SHARES-COMMON-PRIOR> 393<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,401
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,357
<NET-ASSETS> 14,066<F1>
<DIVIDEND-INCOME> 1,956
<INTEREST-INCOME> 2,193
<OTHER-INCOME> 0
<EXPENSES-NET> 1,235
<NET-INVESTMENT-INCOME> 2,914
<REALIZED-GAINS-CURRENT> 16,232
<APPREC-INCREASE-CURRENT> 6,057
<NET-CHANGE-FROM-OPS> 25,203
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (140)<F1>
<DISTRIBUTIONS-OF-GAINS> (1,441)<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 550<F1>
<NUMBER-OF-SHARES-REDEEMED> (48)<F1>
<SHARES-REINVESTED> 110<F1>
<NET-CHANGE-IN-ASSETS> 57,748
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,011
<OVERDISTRIB-NII-PRIOR> 8
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 783
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,466
<AVERAGE-NET-ASSETS> 120,498
<PER-SHARE-NAV-BEGIN> 12.92<F1>
<PER-SHARE-NII> .17<F1>
<PER-SHARE-GAIN-APPREC> 2.77<F1>
<PER-SHARE-DIVIDEND> (.18)<F1>
<PER-SHARE-DISTRIBUTIONS> (1.68)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.00<F1>
<EXPENSE-RATIO> 2.23<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN BAILLIE GIFFORD INTERNATIONAL FUND CLASS A
This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1997, and is qualified
in its entirety to such financial statements.
</LEGEND>
<SERIES>
<NAME> THE GUARDIAN BAILLIE GIFFORD INTERNATIONAL FUND CLASS A
<NUMBER> 7
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 59,474
<INVESTMENTS-AT-VALUE> 72,672
<RECEIVABLES> 978
<ASSETS-OTHER> 35
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 73,686
<PAYABLE-FOR-SECURITIES> 80
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 338
<TOTAL-LIABILITIES> 418
<SENIOR-EQUITY> 46
<PAID-IN-CAPITAL-COMMON> 59,695
<SHARES-COMMON-STOCK> 4,166<F1>
<SHARES-COMMON-PRIOR> 3,784<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (597)
<ACCUMULATED-NET-GAINS> 969
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,155
<NET-ASSETS> 66,999<F1>
<DIVIDEND-INCOME> 1,056
<INTEREST-INCOME> 115
<OTHER-INCOME> 0
<EXPENSES-NET> 1,196
<NET-INVESTMENT-INCOME> (26)
<REALIZED-GAINS-CURRENT> 4,071
<APPREC-INCREASE-CURRENT> 2,446
<NET-CHANGE-FROM-OPS> 6,491
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (631)<F1>
<DISTRIBUTIONS-OF-GAINS> (2,642)<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,128<F1>
<NUMBER-OF-SHARES-REDEEMED> (946)<F1>
<SHARES-REINVESTED> 200<F1>
<NET-CHANGE-IN-ASSETS> 12,361
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (125)
<OVERDIST-NET-GAINS-PRIOR> (23)
<GROSS-ADVISORY-FEES> 554
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,196
<AVERAGE-NET-ASSETS> 69,203
<PER-SHARE-NAV-BEGIN> 15.22<F1>
<PER-SHARE-NII> .02<F1>
<PER-SHARE-GAIN-APPREC> 1.66<F1>
<PER-SHARE-DIVIDEND> (.16)<F1>
<PER-SHARE-DISTRIBUTIONS> (.66)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.08<F1>
<EXPENSE-RATIO> 1.62<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN BAILLIE GIFFORD INTERNATIONAL FUND CLASS B
This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1997, and is qualified
in its entirety to such financial statements.
</LEGEND>
<SERIES>
<NAME> THE GUARDIAN BAILLIE GIFFORD INTERNATIONAL FUND CLASS B
<NUMBER> 8
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 59,474
<INVESTMENTS-AT-VALUE> 72,672
<RECEIVABLES> 978
<ASSETS-OTHER> 35
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 73,686
<PAYABLE-FOR-SECURITIES> 80
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 338
<TOTAL-LIABILITIES> 418
<SENIOR-EQUITY> 46
<PAID-IN-CAPITAL-COMMON> 59,695
<SHARES-COMMON-STOCK> 395<F1>
<SHARES-COMMON-PRIOR> 219<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (597)
<ACCUMULATED-NET-GAINS> 969
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,155
<NET-ASSETS> 6,268<F1>
<DIVIDEND-INCOME> 1,056
<INTEREST-INCOME> 115
<OTHER-INCOME> 0
<EXPENSES-NET> 1,196
<NET-INVESTMENT-INCOME> (26)
<REALIZED-GAINS-CURRENT> 4,071
<APPREC-INCREASE-CURRENT> 2,446
<NET-CHANGE-FROM-OPS> 6,491
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> (251)<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 176<F1>
<NUMBER-OF-SHARES-REDEEMED> (16)<F1>
<SHARES-REINVESTED> 16<F1>
<NET-CHANGE-IN-ASSETS> 12,361
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (125)
<OVERDIST-NET-GAINS-PRIOR> (23)
<GROSS-ADVISORY-FEES> 554
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,196
<AVERAGE-NET-ASSETS> 69,203
<PER-SHARE-NAV-BEGIN> 15.12<F1>
<PER-SHARE-NII> (.11)<F1>
<PER-SHARE-GAIN-APPREC> 1.52<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> (.66)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.87<F1>
<EXPENSE-RATIO> 2.91<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
GUARDIAN BAILLIE GIFFORD EMERGING MARKETS FUND CLASS A
This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1997, and is qualified
in its entirety to such financial statements.
</LEGEND>
<SERIES>
<NAME> GUARDIAN BAILLIE GIFFORD EMERGING MARKETS FUND CLASS A
<NUMBER> 9
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 23,786
<INVESTMENTS-AT-VALUE> 22,744
<RECEIVABLES> 964
<ASSETS-OTHER> 23
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,731
<PAYABLE-FOR-SECURITIES> 81
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 169
<TOTAL-LIABILITIES> 250
<SENIOR-EQUITY> 25
<PAID-IN-CAPITAL-COMMON> 25,285
<SHARES-COMMON-STOCK> 2,289<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 6
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (797)
<ACCUM-APPREC-OR-DEPREC> (1,038)
<NET-ASSETS> 21,471<F1>
<DIVIDEND-INCOME> 403
<INTEREST-INCOME> 116
<OTHER-INCOME> 0
<EXPENSES-NET> 438
<NET-INVESTMENT-INCOME> 81
<REALIZED-GAINS-CURRENT> (795)
<APPREC-INCREASE-CURRENT> (1,038)
<NET-CHANGE-FROM-OPS> (1,752)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (77)<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,337<F1>
<NUMBER-OF-SHARES-REDEEMED> (56)<F1>
<SHARES-REINVESTED> 8<F1>
<NET-CHANGE-IN-ASSETS> (1,752)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 179
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 24,104
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> .04<F1>
<PER-SHARE-GAIN-APPREC> (.63)<F1>
<PER-SHARE-DIVIDEND> (.03)<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 9.38<F1>
<EXPENSE-RATIO> 2.31<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
GUARDIAN BAILLIE GIFFORD EMERGING MARKETS FUND CLASS B
This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1997, and is qualified
in its entirety to such financial statements.
</LEGEND>
<SERIES>
<NAME> GUARDIAN BAILLIE GIFFORD EMERGING MARKETS FUND CLASS B
<NUMBER> 10
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 23,786
<INVESTMENTS-AT-VALUE> 22,744
<RECEIVABLES> 964
<ASSETS-OTHER> 23
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,731
<PAYABLE-FOR-SECURITIES> 81
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 169
<TOTAL-LIABILITIES> 250
<SENIOR-EQUITY> 25
<PAID-IN-CAPITAL-COMMON> 25,285
<SHARES-COMMON-STOCK> 216<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 6
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (797)
<ACCUM-APPREC-OR-DEPREC> (1,038)
<NET-ASSETS> 2,009<F1>
<DIVIDEND-INCOME> 403
<INTEREST-INCOME> 116
<OTHER-INCOME> 0
<EXPENSES-NET> 438
<NET-INVESTMENT-INCOME> 81
<REALIZED-GAINS-CURRENT> (795)
<APPREC-INCREASE-CURRENT> (1,038)
<NET-CHANGE-FROM-OPS> (1,752)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 222<F1>
<NUMBER-OF-SHARES-REDEEMED> (6)<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> (1,752)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 179
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 24,104
<PER-SHARE-NAV-BEGIN> 10.28<F1>
<PER-SHARE-NII> (.09)<F1>
<PER-SHARE-GAIN-APPREC> (.89)<F1>
<PER-SHARE-DIVIDEND> (.03)<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 9.30<F1>
<EXPENSE-RATIO> 4.24<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN INVESTMENT QUALITY BOND FUND
This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1997, and is qualified
in its entirety to such financial statements.
</LEGEND>
<SERIES>
<NAME> THE GUARDIAN INVESTMENT QUALITY BOND FUND
<NUMBER> 11
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 97,171
<INVESTMENTS-AT-VALUE> 97,971
<RECEIVABLES> 10,605
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 108,576
<PAYABLE-FOR-SECURITIES> 9,467
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 175
<TOTAL-LIABILITIES> 9,641
<SENIOR-EQUITY> 100
<PAID-IN-CAPITAL-COMMON> 98,306
<SHARES-COMMON-STOCK> 9,987
<SHARES-COMMON-PRIOR> 5,235
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (272)
<ACCUM-APPREC-OR-DEPREC> 801
<NET-ASSETS> 98,935
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,749
<OTHER-INCOME> 0
<EXPENSES-NET> 533
<NET-INVESTMENT-INCOME> 4,216
<REALIZED-GAINS-CURRENT> 486
<APPREC-INCREASE-CURRENT> 1,433
<NET-CHANGE-FROM-OPS> 6,135
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,216)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,849
<NUMBER-OF-SHARES-REDEEMED> (1,484)
<SHARES-REINVESTED> 387
<NET-CHANGE-IN-ASSETS> 48,141
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (758)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 355
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 533
<AVERAGE-NET-ASSETS> 71,018
<PER-SHARE-NAV-BEGIN> 9.70
<PER-SHARE-NII> .58
<PER-SHARE-GAIN-APPREC> .21
<PER-SHARE-DIVIDEND> (.58)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.91
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN TAX-EXEMPT FUND
This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1997, and is qualified
in its entirety to such financial statements.
</LEGEND>
<SERIES>
<NAME> THE GUARDIAN TAX-EXEMPT FUND
<NUMBER> 12
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 44,847
<INVESTMENTS-AT-VALUE> 46,435
<RECEIVABLES> 731
<ASSETS-OTHER> 290
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 47,456
<PAYABLE-FOR-SECURITIES> 9
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 87
<TOTAL-LIABILITIES> 96
<SENIOR-EQUITY> 100
<PAID-IN-CAPITAL-COMMON> 98,306
<SHARES-COMMON-STOCK> 9,987
<SHARES-COMMON-PRIOR> 4,078
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (366)
<ACCUM-APPREC-OR-DEPREC> 1,588
<NET-ASSETS> 47,360
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,228
<OTHER-INCOME> 0
<EXPENSES-NET> 317
<NET-INVESTMENT-INCOME> 1,911
<REALIZED-GAINS-CURRENT> 784
<APPREC-INCREASE-CURRENT> 955
<NET-CHANGE-FROM-OPS> 3,650
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,911)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,849
<NUMBER-OF-SHARES-REDEEMED> (1,484)
<SHARES-REINVESTED> 387
<NET-CHANGE-IN-ASSETS> 8,175
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,150)
<GROSS-ADVISORY-FEES> 212
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 446
<AVERAGE-NET-ASSETS> 42,322
<PER-SHARE-NAV-BEGIN> 9.61
<PER-SHARE-NII> .44
<PER-SHARE-GAIN-APPREC> .38
<PER-SHARE-DIVIDEND> (.44)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.99
<EXPENSE-RATIO> 1.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN CASH MANAGEMENT FUND CLASS A
This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1997, and is qualified
in its entirety to such financial statements.
</LEGEND>
<SERIES>
<NAME> THE GUARDIAN CASH MANAGEMENT FUND CLASS A
<NUMBER> 13
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 134,637
<INVESTMENTS-AT-VALUE> 134,637
<RECEIVABLES> 5,085
<ASSETS-OTHER> 16
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 139,738
<PAYABLE-FOR-SECURITIES> 1,082
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 268
<TOTAL-LIABILITIES> 1,350
<SENIOR-EQUITY> 1,384
<PAID-IN-CAPITAL-COMMON> 137,004
<SHARES-COMMON-STOCK> 132,523<F1>
<SHARES-COMMON-PRIOR> 88,217<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 132,523<F1>
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,227
<OTHER-INCOME> 0
<EXPENSES-NET> 951
<NET-INVESTMENT-INCOME> 5,276
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,276
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,095)<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 435,510<F1>
<NUMBER-OF-SHARES-REDEEMED> (396,046)<F1>
<SHARES-REINVESTED> 4,842<F1>
<NET-CHANGE-IN-ASSETS> 47,588
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 559
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,290
<AVERAGE-NET-ASSETS> 111,890
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .47<F1>
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.47)<F1>
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> 1.13<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE GUARDIAN CASH MANAGEMENT FUND CLASS B
This schedule contains financial information extracted from the
"Annual Report to Shareholders" dated December 31, 1997, and is qualified
in its entirety to such financial statements.
</LEGEND>
<SERIES>
<NAME> THE GUARDIAN CASH MANAGEMENT FUND CLASS B
<NUMBER> 14
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 134,637
<INVESTMENTS-AT-VALUE> 134,637
<RECEIVABLES> 5,085
<ASSETS-OTHER> 16
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 139,738
<PAYABLE-FOR-SECURITIES> 1,082
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 268
<TOTAL-LIABILITIES> 1,350
<SENIOR-EQUITY> 1,384
<PAID-IN-CAPITAL-COMMON> 137,004
<SHARES-COMMON-STOCK> 5,864<F1>
<SHARES-COMMON-PRIOR> 2,582<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 5,864<F1>
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,227
<OTHER-INCOME> 0
<EXPENSES-NET> 951
<NET-INVESTMENT-INCOME> 5,276
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,276
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (181)<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,032<F1>
<NUMBER-OF-SHARES-REDEEMED> (5,916)<F1>
<SHARES-REINVESTED> 165<F1>
<NET-CHANGE-IN-ASSETS> 47,588
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 559
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,290
<AVERAGE-NET-ASSETS> 111,890
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .47<F1>
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.47)<F1>
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> 1.95<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
