<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ADJUSTAB
LE RATE SECURITIES PORTFOLIOS APRIL 30, 2000 SEMI-ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 01
<NAME> U.S. GOVERNMENT ADJUSTABLE RATE MORTGAGE PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-2000
<PERIOD-END> APR-30-2000
<INVESTMENTS-AT-COST> 240,269,700
<INVESTMENTS-AT-VALUE> 236,773,992
<RECEIVABLES> 11,086,487
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 247,860,479
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 124,905
<TOTAL-LIABILITIES> 124,905
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 388,414,380
<SHARES-COMMON-STOCK> 26,699,991
<SHARES-COMMON-PRIOR> 30,278,780
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (137,183,098)
<ACCUM-APPREC-OR-DEPREC> (3,495,708)
<NET-ASSETS> 247,735,574
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,092,708
<OTHER-INCOME> 0
<EXPENSES-NET> (569,238)
<NET-INVESTMENT-INCOME> 7,523,470
<REALIZED-GAINS-CURRENT> (187,208)
<APPREC-INCREASE-CURRENT> (809,014)
<NET-CHANGE-FROM-OPS> 6,527,248
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,523,470)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,762,314
<NUMBER-OF-SHARES-REDEEMED> (9,151,660)
<SHARES-REINVESTED> 810,556
<NET-CHANGE-IN-ASSETS> (34,238,367)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (136,995,890)
<GROSS-ADVISORY-FEES> (526,240)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (569,238)
<AVERAGE-NET-ASSETS> 262,866,634
<PER-SHARE-NAV-BEGIN> 9.310
<PER-SHARE-NII> .266
<PER-SHARE-GAIN-APPREC> (.030)
<PER-SHARE-DIVIDEND> (.266)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.280
<EXPENSE-RATIO> .440<F1>
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
