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025 B000401 5814725605
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025 A000402 HSBC SECURITIES
025 B000402 13-2650272
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<PAGE> PAGE 21
028 B020400 217
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038 000400 0
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042 E000400 0
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<PAGE> PAGE 22
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048 B010400 0
048 B020400 0.000
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048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
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050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
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062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
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<PAGE> PAGE 23
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063 B000400 0.0
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066 B000400 N
066 C000400 N
066 D000400 N
066 E000400 Y
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
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<PAGE> PAGE 24
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071 C000400 211961
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<PAGE> PAGE 25
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008 D010501 MEMPHIS
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<PAGE> PAGE 26
025 A000505 HSBC SECURITIES
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<PAGE> PAGE 27
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048 J020500 0.000
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050 000500 N
051 000500 N
052 000500 N
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<PAGE> PAGE 28
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064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
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070 A020500 Y
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070 C020500 N
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070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 Y
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 N
070 M020500 N
070 N010500 N
070 N020500 N
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<PAGE> PAGE 29
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
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072 B000500 3894
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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039 000600 N
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050 000600 N
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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SIGNATURE MARK A. POUGNET
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> GROWTH & INCOME PORTFOLIO
<SERIES>
<NUMBER> 41
<NAME> CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 177851674
<INVESTMENTS-AT-VALUE> 232255321
<RECEIVABLES> 441003
<ASSETS-OTHER> 10759
<OTHER-ITEMS-ASSETS> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> GROWTH & INCOME PORTFOLIO
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> GROWTH & INCOME PORTFOLIO
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> BOND PORTFOLIO
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> BOND PORTFOLIO
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<NAME> CLASS II
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> BOND PORTFOLIO
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<NAME> CLASS III
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> TENNESSEE TAX-FREE PORTFOLIO
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<NAME> CLASS I
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> TENNESSEE TAX-FREE PORTFOLIO
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> U.S. TREASURY MONEY MARKET PORTFOLIO
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> CASH RESERVE PORTFOLIO
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> MUNICIPAL MONEY MARKET PORTFOLIO
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> MUNICIPAL MONEY MARKET PORTFOLIO
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<NAME> U.S. GOVERNMENT MONEY MARKET PORTFOLIO
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<NAME> U.S. GOVERNMENT MONEY MARKET PORTFOLIO
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