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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
052 000400 N
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<PAGE> PAGE 24
070 F020400 N
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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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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<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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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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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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SIGNATURE JEREMY O MAY
TITLE TREASURER
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.
<TABLE> <S> <C>
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<NAME> GROWTH & INCOME PORTFOLIO
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> GROWTH & INCOME PORTFOLIO
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> GROWTH & INCOME PORTFOLIO
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> CAPITAL APPRECIATION
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<NUMBER> 081
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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> CAPITAL APPRECIATION
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> CAPITAL APPRECIATION
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> BOND PORTFOLIO
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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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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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> INTERMEDIATE BOND PORTFOLIO
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> INTERMEDIATE BOND PORTFOLIO
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> INTERMEDIATE BOND PORTFOLIO
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<NAME> TENNESSEE TAX-FREE PORTFOLIO
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<NAME> TENNESSEE TAX-FREE PORTFOLIO
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<NAME> U.S. TREASURY MONEY MARKET PORTFOLIO
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<NAME> U.S. TREASURY MONEY MARKET PORTFOLIO
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<NAME> U.S. TREASURY MONEY MARKET PORTFOLIO
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<NAME> U.S. GOVERNMENT MONEY MARKET PORTFOLIO
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<OVERDISTRIBUTION-GAINS> (15914)
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<DISTRIBUTIONS-OF-INCOME> (91740)
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<NUMBER-OF-SHARES-SOLD> 49146296
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<SHARES-REINVESTED> 91228
<NET-CHANGE-IN-ASSETS> 17434541
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<GROSS-EXPENSE> 239513
<AVERAGE-NET-ASSETS> 96130704
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.023
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<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.64
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> MUNICIPAL MONEY MARKET PORTFOLIO
<SERIES>
<NUMBER> 031
<NAME> CLASS I
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<PERIOD-END> DEC-31-1999
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<DISTRIBUTIONS-OF-INCOME> (788146)
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<NUMBER-OF-SHARES-SOLD> 39199737
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<SHARES-REINVESTED> 15
<NET-CHANGE-IN-ASSETS> (4792065)
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<GROSS-EXPENSE> 129886
<AVERAGE-NET-ASSETS> 53648774
<PER-SHARE-NAV-BEGIN> 1.00
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> MUNICIPAL MONEY MARKET PORTFOLIO
<SERIES>
<NUMBER> 033
<NAME> CLASS III
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 56763824
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<SHARES-COMMON-STOCK> 5847717
<SHARES-COMMON-PRIOR> 5332958
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<DIVIDEND-INCOME> 0
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<EXPENSES-NET> (82419)
<NET-INVESTMENT-INCOME> 865378
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<DISTRIBUTIONS-OF-INCOME> (77589)
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<NUMBER-OF-SHARES-SOLD> 6759487
<NUMBER-OF-SHARES-REDEEMED> (6322000)
<SHARES-REINVESTED> 77272
<NET-CHANGE-IN-ASSETS> (4792065)
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<PER-SHARE-NAV-BEGIN> 1.00
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<PER-SHARE-DIVIDEND> (0.015)
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<EXPENSE-RATIO> 0.61
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> CASH RESERVE PORTFOLIO
<SERIES>
<NUMBER> 061
<NAME> CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 115124231
<INVESTMENTS-AT-VALUE> 115124231
<RECEIVABLES> 478979
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<PAID-IN-CAPITAL-COMMON> 115323387
<SHARES-COMMON-STOCK> 34039922
<SHARES-COMMON-PRIOR> 29350610
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<OVERDISTRIBUTION-NII> (1366)
<ACCUMULATED-NET-GAINS> 217
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 115322238
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2813070
<OTHER-INCOME> 0
<EXPENSES-NET> (254592)
<NET-INVESTMENT-INCOME> 2558478
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2558478
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (812295)
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<NUMBER-OF-SHARES-SOLD> 28384541
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<NET-CHANGE-IN-ASSETS> 23010415
<ACCUMULATED-NII-PRIOR> 22
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<GROSS-EXPENSE> 344139
<AVERAGE-NET-ASSETS> 102462053
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.026
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.026)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.32
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> CASH RESERVE PORTFOLIO
<SERIES>
<NUMBER> 063
<NAME> CLASS III
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 115124231
<INVESTMENTS-AT-VALUE> 115124231
<RECEIVABLES> 478979
<ASSETS-OTHER> 1541
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 115604751
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 282513
<TOTAL-LIABILITIES> 282513
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 115323387
<SHARES-COMMON-STOCK> 81283465
<SHARES-COMMON-PRIOR> 62960974
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1366)
<ACCUMULATED-NET-GAINS> 217
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 115322238
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2813070
<OTHER-INCOME> 0
<EXPENSES-NET> (254592)
<NET-INVESTMENT-INCOME> 2558478
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2558478
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1747571)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 66490323
<NUMBER-OF-SHARES-REDEEMED> (49903100)
<SHARES-REINVESTED> 1735268
<NET-CHANGE-IN-ASSETS> 23010415
<ACCUMULATED-NII-PRIOR> 22
<ACCUMULATED-GAINS-PRIOR> 217
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 127723
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 344139
<AVERAGE-NET-ASSETS> 102462053
<PER-SHARE-NAV-BEGIN> 1.00
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<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.025)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.57
</TABLE>
Sub-Item 77I: Terms of new or amended securities
Class IV of the Growth and Income, Capital Appreciation and
Tennessee Tax-Free Portfolios commenced operations on August 3, 1999.
Class IV shares are offered to investors without the imposition of any up-
front sales load; however, Class IV shares of the Growth and Income,
Capital Appreciation and Tennessee Tax-Free Portfolios are subject to a
CDSC of up to 5.00%, 5.00% and 3.00%, respectively. The CDSC is
phased out over a period of six years for the Growth and Income and
Capital Appreciation Portfolios and five years for the Tennessee Tax-Free
Portfolio. Class IV shares of the Growth and Income and Capital
Appreciation Portfolios automatically convert to Class II shares after eight
years from the date of purchase. Class IV shares of the Tennessee Tax-
Free Portfolio automatically convert to Class II shares after five years
from the date of purchase. Class IV shares also incur distribution fees.
Class IV of the U.S. Treasury Money Market Portfolio commenced
operations on December 2, 1999. These shares are offered to investors
with a higher distribution fee than the existing classes of shares of the U.S.
Treasury Money Market Portfolio.
