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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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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 20
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028 D030500 0
028 D040500 1334
028 E010500 1000
028 E020500 219
028 E030500 0
028 E040500 361
028 F010500 2009
028 F020500 230
028 F030500 0
028 F040500 6921
028 G010500 30157
028 G020500 1167
028 G030500 0
028 G040500 12230
028 H000500 0
037 000500 N
038 000500 0
039 000500 N
<PAGE> PAGE 21
040 000500 N
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 N
055 A000500 Y
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 N
060 B000500 N
061 000500 2500
062 A000500 Y
062 B000500 0.0
062 C000500 6.2
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 1.0
062 M000500 21.8
062 N000500 40.4
062 O000500 0.0
062 P000500 21.8
062 Q000500 31.5
062 R000500 0.0
063 A000500 0
063 B000500 15.8
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 Y
070 E020500 Y
070 F010500 N
<PAGE> PAGE 22
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 Y
070 M010500 N
070 M020500 N
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 120561
071 B000500 90428
071 C000500 45721
071 D000500 198
072 A000500 6
072 B000500 1408
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<PAGE> PAGE 23
072 W000500 -23
072 X000500 100
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072DD010500 1359
072DD020500 0
072EE000500 0
073 A010500 0.2950
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074 A000500 0
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074 C000500 3410
074 D000500 55594
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074 M000500 348
074 N000500 65590
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075 B000500 43937
076 000500 0.00
008 A000601 PAYDEN & RYGEL
008 B000601 A
008 C000601 801-19762
<PAGE> PAGE 24
008 D010601 LOS ANGELES
008 D020601 CA
008 D030601 90071
028 A010600 6589
028 A020600 216
028 A030600 0
028 A040600 7396
028 B010600 14316
028 B020600 284
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028 B040600 94
028 C010600 38929
028 C020600 349
028 C030600 0
028 C040600 8865
028 D010600 9528
028 D020600 356
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028 D040600 4498
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028 E020600 391
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028 F010600 35171
028 F020600 562
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028 F040600 10778
028 G010600 113713
028 G020600 2158
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028 G040600 34281
028 H000600 0
037 000600 N
038 000600 0
039 000600 Y
040 000600 N
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 N
055 A000600 N
055 B000600 N
056 000600 Y
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 N
060 B000600 N
061 000600 2500
062 A000600 Y
<PAGE> PAGE 25
062 B000600 7.0
062 C000600 21.0
062 D000600 0.0
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062 H000600 0.0
062 I000600 35.6
062 J000600 0.0
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062 L000600 1.0
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062 N000600 8.6
062 O000600 0.0
062 P000600 19.0
062 Q000600 13.6
062 R000600 0.0
063 A000600 281
063 B000600 0.0
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 Y
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 Y
070 L020600 Y
070 M010600 N
070 M020600 N
070 N010600 N
<PAGE> PAGE 26
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
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071 B000600 51516
071 C000600 32404
071 D000600 159
072 A000600 6
072 B000600 2294
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<PAGE> PAGE 27
074 B000600 0
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076 000600 0.00
008 A000701 PAYDEN & RYGEL
008 B000701 A
008 C000701 801-19762
008 D010701 LOS ANGELES
008 D020701 CA
008 D030701 90071
028 A010700 44
028 A020700 73
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028 B030700 0
028 B040700 4906
028 C010700 1216
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028 C030700 0
028 C040700 3847
028 D010700 4527
<PAGE> PAGE 28
028 D020700 68
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028 E020700 83
028 E030700 0
028 E040700 552
028 F010700 2006
028 F020700 86
028 F030700 0
028 F040700 2745
028 G010700 9158
028 G020700 471
028 G030700 0
028 G040700 13978
028 H000700 0
037 000700 N
038 000700 0
039 000700 N
040 000700 N
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 N
055 A000700 Y
055 B000700 N
056 000700 Y
057 000700 N
058 A000700 N
059 000700 Y
060 A000700 N
060 B000700 N
061 000700 2500
062 A000700 Y
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062 C000700 0.0
062 D000700 0.0
062 E000700 6.8
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062 L000700 1.3
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062 O000700 90.2
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<PAGE> PAGE 29
062 R000700 0.0
063 A000700 0
063 B000700 4.7
064 A000700 Y
064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 N
070 B010700 N
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 Y
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 N
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 N
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 4610
071 B000700 9633
071 C000700 30786
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072 A000700 6
<PAGE> PAGE 30
072 B000700 687
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073 A010700 0.1912
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<PAGE> PAGE 31
074 P000700 197
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074 Y000700 0
075 A000700 0
075 B000700 32842
076 000700 0.00
028 A010800 0
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008 A000901 PAYDEN & RYGEL
008 B000901 A
008 C000901 801-19762
008 D010901 LOS ANGELES
<PAGE> PAGE 32
008 D020901 CA
008 D030901 90071
028 A010900 11254
028 A020900 72
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028 G020900 378
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037 000900 N
038 000900 0
039 000900 N
040 000900 N
049 000900 N
050 000900 N
051 000900 N
052 000900 N
053 A000900 N
055 A000900 N
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056 000900 Y
057 000900 N
058 A000900 N
059 000900 Y
060 A000900 N
060 B000900 N
061 000900 2500
062 A000900 Y
062 B000900 0.0
<PAGE> PAGE 33
062 C000900 0.0
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062 M000900 97.5
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063 B000900 2.8
066 A000900 N
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068 A000900 N
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070 A010900 Y
070 A020900 N
070 B010900 N
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070 E020900 N
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070 H010900 N
070 H020900 N
070 I010900 Y
070 I020900 N
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070 J020900 N
070 K010900 Y
070 K020900 Y
070 L010900 N
070 L020900 N
070 M010900 N
070 M020900 N
070 N010900 N
070 N020900 N
<PAGE> PAGE 34
070 O010900 N
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
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<PAGE> PAGE 35
074 C000900 307
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008 A001001 PAYDEN & RYGEL
008 B001001 A
008 C001001 801-19762
008 D011001 LOS ANGELES
008 D021001 CA
008 D031001 90071
028 A011000 0
028 A021000 0
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028 B021000 290
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<PAGE> PAGE 36
028 D031000 0
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028 G021000 290
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028 H001000 0
037 001000 N
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040 001000 N
049 001000 N
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060 A001000 N
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061 001000 2500
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<PAGE> PAGE 37
063 A001000 0
063 B001000 5.7
066 A001000 N
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069 001000 N
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070 H011000 N
070 H021000 N
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070 I021000 N
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070 L011000 Y
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<PAGE> PAGE 38
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<PAGE> PAGE 39
074 R021000 0
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008 A001101 PAYDEN & RYGEL
008 B001101 A
008 C001101 801-19762
008 D011101 LOS ANGELES
008 D021101 CA
008 D031101 90071
028 A011100 371
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037 001100 N
<PAGE> PAGE 40
038 001100 0
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040 001100 N
049 001100 N
050 001100 N
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064 A001100 N
066 A001100 N
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070 A021100 N
070 B011100 Y
070 B021100 N
070 C011100 Y
070 C021100 N
070 D011100 Y
070 D021100 N
<PAGE> PAGE 41
070 E011100 Y
070 E021100 N
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070 I021100 N
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070 M011100 N
070 M021100 N
070 N011100 N
070 N021100 N
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070 P011100 N
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 7808
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<PAGE> PAGE 42
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<PAGE> PAGE 43
008 A001201 PAYDEN & RYGEL
008 B001201 A
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<PAGE> PAGE 44
060 B001200 Y
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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
049 001300 N
050 001300 N
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
076 001300 0.00
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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SIGNATURE CHRISTOPHER N. ORNDORFF
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> GLOBAL FIXED INCOME FUND
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<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<SERIES> 2
<NAME> TAX EXEMPT BOND FUND
<MULTIPLIER> 1000
<S> <C>
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<TABLE> <S> <C>
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<SERIES>
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<NAME> SHORT BOND FUND
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<S> <C>
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<TABLE> <S> <C>
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<SERIES>
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<NAME> INTERMEDIATE BOND FUND
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<TABLE> <S> <C>
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<SERIES>
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<NAME> INVESTMENT QUALITY BOND FUND
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<PERIOD-START> NOV-01-1996
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<TABLE> <S> <C>
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<NAME> LIMITED MATURITY FUND
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
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<NAME> SHORT DURATION TAX EXEMPT FUND
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</TABLE>
<TABLE> <S> <C>
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<NAME> U.S. TREASURY FUND
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> INTERNATIONAL BOND FUND
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<S> <C>
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<ACCUMULATED-NET-GAINS> (277)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (681)
<NET-ASSETS> 22432
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 624
<OTHER-INCOME> 0
<EXPENSES-NET> 67
<NET-INVESTMENT-INCOME> 557
<REALIZED-GAINS-CURRENT> (46)
<APPREC-INCREASE-CURRENT> (1128)
<NET-CHANGE-FROM-OPS> (617)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 184
<DISTRIBUTIONS-OF-GAINS> 127
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 501
<NUMBER-OF-SHARES-REDEEMED> 27
<SHARES-REINVESTED> 27
<NET-CHANGE-IN-ASSETS> 4067
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 110
<GROSS-ADVISORY-FEES> 29
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 75
<AVERAGE-NET-ASSETS> 19413
<PER-SHARE-NAV-BEGIN> 10.39
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> (0.58)
<PER-SHARE-DIVIDEND> 0.10
<PER-SHARE-DISTRIBUTIONS> 0.07
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.89
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> MARKET RETURN FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 10718
<INVESTMENTS-AT-VALUE> 10729
<RECEIVABLES> 39
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 228
<TOTAL-ASSETS> 10996
<PAYABLE-FOR-SECURITIES> 136
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46
<TOTAL-LIABILITIES> 182
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10031
<SHARES-COMMON-STOCK> 937
<SHARES-COMMON-PRIOR> 533
<ACCUMULATED-NII-CURRENT> 3
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 762
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17
<NET-ASSETS> 10814
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 215
<OTHER-INCOME> 0
<EXPENSES-NET> 16
<NET-INVESTMENT-INCOME> 199
<REALIZED-GAINS-CURRENT> 988
<APPREC-INCREASE-CURRENT> (243)
<NET-CHANGE-FROM-OPS> 944
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 198
<DISTRIBUTIONS-OF-GAINS> 242
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 429
<NUMBER-OF-SHARES-REDEEMED> 60
<SHARES-REINVESTED> 35
<NET-CHANGE-IN-ASSETS> 5025
<ACCUMULATED-NII-PRIOR> 2
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45
<AVERAGE-NET-ASSETS> 7201
<PER-SHARE-NAV-BEGIN> 10.86
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 1.13
<PER-SHARE-DIVIDEND> 0.30
<PER-SHARE-DISTRIBUTIONS> 0.45
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.54
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> GLOBAL SHORT BOND FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 151150
<INVESTMENTS-AT-VALUE> 147885
<RECEIVABLES> 4087
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2008
<TOTAL-ASSETS> 153980
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 103
<TOTAL-LIABILITIES> 103
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 153697
<SHARES-COMMON-STOCK> 15230
<SHARES-COMMON-PRIOR> 2871
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 568
<ACCUMULATED-NET-GAINS> 2210
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1462)
<NET-ASSETS> 153877
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1968
<OTHER-INCOME> 0
<EXPENSES-NET> 163
<NET-INVESTMENT-INCOME> 1805
<REALIZED-GAINS-CURRENT> 2210
<APPREC-INCREASE-CURRENT> (1564)
<NET-CHANGE-FROM-OPS> 2451
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2399
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12345
<NUMBER-OF-SHARES-REDEEMED> 207
<SHARES-REINVESTED> 221
<NET-CHANGE-IN-ASSETS> 124964
<ACCUMULATED-NII-PRIOR> 25
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 108
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 198
<AVERAGE-NET-ASSETS> 72138
<PER-SHARE-NAV-BEGIN> 10.07
<PER-SHARE-NII> 0.50
<PER-SHARE-GAIN-APPREC> (0.18)
<PER-SHARE-DIVIDEND> 0.29
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.10
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> GROWTH & INCOME FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 80832
<INVESTMENTS-AT-VALUE> 83339
<RECEIVABLES> 25
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 263
<TOTAL-ASSETS> 83627
<PAYABLE-FOR-SECURITIES> 2020
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39
<TOTAL-LIABILITIES> 2059
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 79081
<SHARES-COMMON-STOCK> 7225
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 20
<ACCUMULATED-NET-GAINS> 1
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2507
<NET-ASSETS> 81567
<DIVIDEND-INCOME> 287
<INTEREST-INCOME> 50
<OTHER-INCOME> 0
<EXPENSES-NET> 82
<NET-INVESTMENT-INCOME> 256
<REALIZED-GAINS-CURRENT> (1)
<APPREC-INCREASE-CURRENT> 2507
<NET-CHANGE-FROM-OPS> 2762
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 275
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7499
<NUMBER-OF-SHARES-REDEEMED> 297
<SHARES-REINVESTED> 23
<NET-CHANGE-IN-ASSETS> 81567
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 76
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 139
<AVERAGE-NET-ASSETS> 31980
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 1.29
<PER-SHARE-DIVIDEND> 0.08
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.29
<EXPENSE-RATIO> 0.53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 14
<NAME> TOTAL RETURN FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> DEC-09-1996
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 14829
<INVESTMENTS-AT-VALUE> 14808
<RECEIVABLES> 114
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 360
<TOTAL-ASSETS> 15283
<PAYABLE-FOR-SECURITIES> 2674
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26
<TOTAL-LIABILITIES> 2700
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12649
<SHARES-COMMON-STOCK> 1274
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 42
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (104)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4)
<NET-ASSETS> 12583
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 210
<OTHER-INCOME> 0
<EXPENSES-NET> 14
<NET-INVESTMENT-INCOME> 196
<REALIZED-GAINS-CURRENT> (104)
<APPREC-INCREASE-CURRENT> (4)
<NET-CHANGE-FROM-OPS> 88
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 154
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1265
<NUMBER-OF-SHARES-REDEEMED> 2
<SHARES-REINVESTED> 11
<NET-CHANGE-IN-ASSETS> 12583
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 47
<AVERAGE-NET-ASSETS> 8548
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.20
<PER-SHARE-GAIN-APPREC> (0.17)
<PER-SHARE-DIVIDEND> 0.16
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.87
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 15
<NAME> GLOBAL BALANCED FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> DEC-09-1996
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 10231
<INVESTMENTS-AT-VALUE> 10264
<RECEIVABLES> 136
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 46
<TOTAL-ASSETS> 10446
<PAYABLE-FOR-SECURITIES> 14
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40
<TOTAL-LIABILITIES> 54
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10388
<SHARES-COMMON-STOCK> 1038
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 110
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (192)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 87
<NET-ASSETS> 10392
<DIVIDEND-INCOME> 29
<INTEREST-INCOME> 111
<OTHER-INCOME> 0
<EXPENSES-NET> 22
<NET-INVESTMENT-INCOME> 118
<REALIZED-GAINS-CURRENT> (192)
<APPREC-INCREASE-CURRENT> 86
<NET-CHANGE-FROM-OPS> 12
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1040
<NUMBER-OF-SHARES-REDEEMED> 3
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 10393
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 60
<AVERAGE-NET-ASSETS> 8276
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> (0.03)
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.01
<EXPENSE-RATIO> 0.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 16
<NAME> INTERNATIONAL EQUITY FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> DEC-09-1996
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 8434
<INVESTMENTS-AT-VALUE> 8665
<RECEIVABLES> 40
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 136
<TOTAL-ASSETS> 8841
<PAYABLE-FOR-SECURITIES> 12
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29
<TOTAL-LIABILITIES> 41
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8635
<SHARES-COMMON-STOCK> 862
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 33
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (96)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 228
<NET-ASSETS> 8800
<DIVIDEND-INCOME> 50
<INTEREST-INCOME> 15
<OTHER-INCOME> 0
<EXPENSES-NET> 26
<NET-INVESTMENT-INCOME> 39
<REALIZED-GAINS-CURRENT> (96)
<APPREC-INCREASE-CURRENT> 228
<NET-CHANGE-FROM-OPS> 171
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 863
<NUMBER-OF-SHARES-REDEEMED> 2
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 8800
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 61
<AVERAGE-NET-ASSETS> 7651
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.17
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.21
<EXPENSE-RATIO> 0.89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
