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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 15
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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074 E000400 0
074 F000400 45602
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 213
074 M000400 0
074 N000400 45815
074 O000400 0
074 P000400 16
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
<PAGE> PAGE 21
074 R040400 217
074 S000400 0
074 T000400 45582
074 U010400 3991
074 U020400 0
074 V010400 11.42
074 V020400 0.00
074 W000400 0.0000
074 X000400 5134
074 Y000400 0
075 A000400 0
075 B000400 51447
076 000400 0.00
028 A010500 147
028 A020500 0
028 A030500 0
028 A040500 399
028 B010500 126
028 B020500 64
028 B030500 0
028 B040500 2481
028 C010500 41
028 C020500 62
028 C030500 0
028 C040500 465
028 D010500 2096
028 D020500 62
028 D030500 0
028 D040500 567
028 E010500 390
028 E020500 62
028 E030500 0
028 E040500 308
028 F010500 142
028 F020500 129
028 F030500 0
028 F040500 322
028 G010500 2942
028 G020500 379
028 G030500 0
028 G040500 4542
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.250
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
<PAGE> PAGE 22
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
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
055 A000500 Y
055 B000500 N
056 000500 N
057 000500 N
062 A000500 Y
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 0.7
062 M000500 0.0
062 N000500 0.0
062 O000500 100.4
062 P000500 0.0
062 Q000500 0.0
062 R000500 -1.1
063 A000500 0
063 B000500 7.7
064 A000500 Y
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 N
<PAGE> PAGE 23
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 1505
071 B000500 4160
071 C000500 20484
071 D000500 7
072 A000500 12
072 B000500 1066
072 C000500 2
072 D000500 0
072 E000500 0
072 F000500 52
072 G000500 72
072 H000500 0
072 I000500 0
072 J000500 0
072 K000500 0
072 L000500 0
072 M000500 1
072 N000500 0
<PAGE> PAGE 24
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 0
072 S000500 0
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 0
072 X000500 125
072 Y000500 1
072 Z000500 944
072AA000500 117
072BB000500 0
072CC010500 0
072CC020500 228
072DD010500 943
072DD020500 0
072EE000500 0
073 A010500 0.4700
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 135
074 D000500 19999
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 314
074 M000500 0
074 N000500 20448
074 O000500 496
074 P000500 10
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 21
074 S000500 0
074 T000500 19921
074 U010500 1962
074 U020500 0
074 V010500 10.15
074 V020500 0.00
074 W000500 0.0000
<PAGE> PAGE 25
074 X000500 1048
074 Y000500 0
075 A000500 0
075 B000500 20652
076 000500 0.00
SIGNATURE JYLANNE DUNNE
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> GALAXY II LARGE COMPANY INDEX
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 328,835,005
<INVESTMENTS-AT-VALUE> 425,234,327
<RECEIVABLES> 1,607,069
<ASSETS-OTHER> 2,168,957
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 429,010,353
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,358,481
<TOTAL-LIABILITIES> 7,358,481
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 305,554,894
<SHARES-COMMON-STOCK> 18,258,594
<SHARES-COMMON-PRIOR> 11,998,707
<ACCUMULATED-NII-CURRENT> 2,289,515
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 23,064,041
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 90,743,422
<NET-ASSETS> 421,651,872
<DIVIDEND-INCOME> 5,847,208
<INTEREST-INCOME> 2,553,793
<OTHER-INCOME> 0
<EXPENSES-NET> 1,299,430
<NET-INVESTMENT-INCOME> 7,101,571
<REALIZED-GAINS-CURRENT> 26,707,295
<APPREC-INCREASE-CURRENT> 20,512,222
<NET-CHANGE-FROM-OPS> 54,321,088
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,762,133)
<DISTRIBUTIONS-OF-GAINS> (6,412,382)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 196,028,098
<NUMBER-OF-SHARES-REDEEMED> 67,780,439
<SHARES-REINVESTED> 10,568,314
<NET-CHANGE-IN-ASSETS> 180,962,546
<ACCUMULATED-NII-PRIOR> 950,077
<ACCUMULATED-GAINS-PRIOR> 2,769,128
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 324,858
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,313,118
<AVERAGE-NET-ASSETS> 324,857,477
<PER-SHARE-NAV-BEGIN> 20.06
<PER-SHARE-NII> .43
<PER-SHARE-GAIN-APPREC> 3.41
<PER-SHARE-DIVIDEND> (0.38)
<PER-SHARE-DISTRIBUTIONS> (0.43)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.09
<EXPENSE-RATIO> .40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> SMALL COMPANY INDEX
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 223853459
<INVESTMENTS-AT-VALUE> 311579366
<RECEIVABLES> 1074978
<ASSETS-OTHER> 747917
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 313402261
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3928590
<TOTAL-LIABILITIES> 3928590
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 210115497
<SHARES-COMMON-STOCK> 13670431
<SHARES-COMMON-PRIOR> 13083419
<ACCUMULATED-NII-CURRENT> 842015
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13984652
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 84531507
<NET-ASSETS> 309473671
<DIVIDEND-INCOME> 4355040
<INTEREST-INCOME> 1848969
<OTHER-INCOME> 0
<EXPENSES-NET> 1246740
<NET-INVESTMENT-INCOME> 4957269
<REALIZED-GAINS-CURRENT> 21136021
<APPREC-INCREASE-CURRENT> 1822970
<NET-CHANGE-FROM-OPS> 27916260
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4406973)
<DISTRIBUTIONS-OF-GAINS> (18978395)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 38027651
<NUMBER-OF-SHARES-REDEEMED> 47392281
<SHARES-REINVESTED> 22583158
<NET-CHANGE-IN-ASSETS> 17749420
<ACCUMULATED-NII-PRIOR> 291719
<ACCUMULATED-GAINS-PRIOR> 11827026
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 311685
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1259874
<AVERAGE-NET-ASSETS> 311685188
<PER-SHARE-NAV-BEGIN> 22.3
<PER-SHARE-NII> 0.38
<PER-SHARE-GAIN-APPREC> 1.76
<PER-SHARE-DIVIDEND> (0.34)
<PER-SHARE-DISTRIBUTIONS> (1.46)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.64
<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> US TREASURY INDEX
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 110906719
<INVESTMENTS-AT-VALUE> 109253159
<RECEIVABLES> 2423346
<ASSETS-OTHER> 2207
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 111678712
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 366035
<TOTAL-LIABILITIES> 366035
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 118023457
<SHARES-COMMON-STOCK> 11147791
<SHARES-COMMON-PRIOR> 12198618
<ACCUMULATED-NII-CURRENT> 137973
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 5195193
<ACCUM-APPREC-OR-DEPREC> (1653560)
<NET-ASSETS> 111312677
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7852462
<OTHER-INCOME> 0
<EXPENSES-NET> 467775
<NET-INVESTMENT-INCOME> 7384687
<REALIZED-GAINS-CURRENT> 186629
<APPREC-INCREASE-CURRENT> (3069827)
<NET-CHANGE-FROM-OPS> 4501489
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7380371)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16091716
<NUMBER-OF-SHARES-REDEEMED> 32657054
<SHARES-REINVESTED> 5812718
<NET-CHANGE-IN-ASSETS> (13631502)
<ACCUMULATED-NII-PRIOR> 23099
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (5271264)
<GROSS-ADVISORY-FEES> 116944
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 472703
<AVERAGE-NET-ASSETS> 116943765
<PER-SHARE-NAV-BEGIN> 10.24
<PER-SHARE-NII> 0.64
<PER-SHARE-GAIN-APPREC> (0.25)
<PER-SHARE-DIVIDEND> (0.64)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.99
<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> GALAXY II UTILITY INDEX
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 45,047,104
<INVESTMENTS-AT-VALUE> 45,601,928
<RECEIVABLES> 213,252
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45,815,180
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 232,761
<TOTAL-LIABILITIES> 232,761
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,993,649
<SHARES-COMMON-STOCK> 3,990,722
<SHARES-COMMON-PRIOR> 4,686,392
<ACCUMULATED-NII-CURRENT> 188,804
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (154,858)
<ACCUM-APPREC-OR-DEPREC> 554,824
<NET-ASSETS> 45,582,419
<DIVIDEND-INCOME> 2,203,157
<INTEREST-INCOME> 39,470
<OTHER-INCOME> 0
<EXPENSES-NET> 205,788
<NET-INVESTMENT-INCOME> 2,036,839
<REALIZED-GAINS-CURRENT> 3,706,859
<APPREC-INCREASE-CURRENT> (3,930,293)
<NET-CHANGE-FROM-OPS> 1,813,405
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,928,333)
<DISTRIBUTIONS-OF-GAINS> (2,272,644)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,858,430
<NUMBER-OF-SHARES-REDEEMED> 15,208,160
<SHARES-REINVESTED> 3,936,226
<NET-CHANGE-IN-ASSETS> (10,801,076)
<ACCUMULATED-NII-PRIOR> 80,298
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 15,891,073
<GROSS-ADVISORY-FEES> 51,447
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 207,956
<AVERAGE-NET-ASSETS> 51,447,005
<PER-SHARE-NAV-BEGIN> 12.03
<PER-SHARE-NII> 0.49
<PER-SHARE-GAIN-APPREC> (0.09)
<PER-SHARE-DIVIDEND> (0.46)
<PER-SHARE-DISTRIBUTIONS> (0.55)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.42
<EXPENSE-RATIO> .40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> MUNICIPAL BOND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 19794902
<INVESTMENTS-AT-VALUE> 20134273
<RECEIVABLES> 313951
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20448224
<PAYABLE-FOR-SECURITIES> 496017
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31004
<TOTAL-LIABILITIES> 527021
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20552549
<SHARES-COMMON-STOCK> 1961952
<SHARES-COMMON-PRIOR> 2202864
<ACCUMULATED-NII-CURRENT> 22217
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 992934
<ACCUM-APPREC-OR-DEPREC> 339371
<NET-ASSETS> 19921203
<DIVIDEND-INCOME> 2283
<INTEREST-INCOME> 1065530
<OTHER-INCOME> 0
<EXPENSES-NET> 123913
<NET-INVESTMENT-INCOME> 943900
<REALIZED-GAINS-CURRENT> 117357
<APPREC-INCREASE-CURRENT> (228249)
<NET-CHANGE-FROM-OPS> 833008
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (943276)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4660657
<NUMBER-OF-SHARES-REDEEMED> 7929582
<SHARES-REINVESTED> 822158
<NET-CHANGE-IN-ASSETS> (2557035)
<ACCUMULATED-NII-PRIOR> 21593
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1110291
<GROSS-ADVISORY-FEES> 51631
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 124783
<AVERAGE-NET-ASSETS> 20652103
<PER-SHARE-NAV-BEGIN> 10.2
<PER-SHARE-NII> 0.47
<PER-SHARE-GAIN-APPREC> (0.05)
<PER-SHARE-DIVIDEND> (0.47)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.15
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
