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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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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<PAGE> PAGE 21
055 B000600 N
056 000600 N
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070 F010600 N
070 F020600 N
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070 I020600 N
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<PAGE> PAGE 22
070 L020600 Y
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070 M020600 N
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<PAGE> PAGE 23
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<PAGE> PAGE 24
028 D040700 2636
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<PAGE> PAGE 25
070 E010700 Y
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070 J020700 N
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<PAGE> PAGE 26
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<PAGE> PAGE 27
028 A010900 13
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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
060 B001000 N
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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
063 B001200 2.1
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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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<PAGE> PAGE 52
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<PAGE> PAGE 53
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008 A001701 PAYDEN & RYGEL
008 B001701 A
008 C001701 801-19762
008 D011701 LOS ANGELES
008 D021701 CA
008 D031701 90071
008 A001702 SCOTTISH WIDOWS INVESTMENT MANAGEMENT LIMITED
008 B001702 S
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008 D011702 EDINBURGH
008 D051702 SCOTLAND, U.K.
008 D061702 EH 165 BU
010 A001701 TREASURY PLUS, INC.
010 C011701 LOS ANGELES
010 C021701 CA
010 C031701 90071
011 A001701 PAYDEN & RYGEL DISTRIBUTORS
011 B001701 8-44622
011 C011701 LOS ANGELES
011 C021701 CA
011 C031701 90071
012 A001701 INVESTORS FIDUCIARY TRUST COMPANY
012 B001701 85-535
012 C011701 KANSAS CITY
012 C021701 MO
012 C031701 64105
013 A001701 DELOITTE & TOUCHE LLP
013 B011701 DAYTON
013 B021701 OH
013 B031701 45402
014 A001701 PAYDEN & RYGEL DISTRIBUTORS
014 B001701 8-44622
015 A001701 BOSTON SAFE DEPOSIT AND TRUST COMPANY
015 B001701 C
015 C011701 BOSTON
015 C021701 MA
015 C031701 02109
<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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SIGNATURE EDWARD GARLOCK
TITLE ATTORNEY
EXHIBIT 99.1
Board of Trustees
Payden & Rygel Investment Group:
In planning and performing our audits of the financial statements of Payden &
Rygel Investment Group (the "Group"), including Payden & Rygel Global Short
Bond Fund, Payden & Rygel Global Fixed Income Fund, Payden & Rygel
International Bond Fund, Payden & Rygel Global Balanced Fund, Payden & Rygel
International Equity Fund, Payden & Rygel European Growth & Income Fund,
Payden & Rygel Growth & Income Fund, Payden & Rygel Market Return Fund, Payden
& Rygel Limited Maturity Fund, Payden & Rygel Short Bond Fund, Payden & Rygel
U.S. Treasury Fund, Payden & Rygel Intermediate Bond Fund, Payden & Rygel
Investment Quality Bond Fund, Payden & Rygel Total Return Fund, Payden &
Rygel Short Duration Tax Exempt Fund and Payden & Rygel Tax Exempt Bond Fund
for the period ended October 31, 1997 (on which we issued our report dated
December 9, 1997), we considered its internal control structure, including
control activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR,
and not to provide assurance on the Group's internal control.
The management of the Group is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the Group's internal control would not necessarily
disclose all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving the Group's internal control and its operation, including
controls for safeguarding securities, that we consider to be material
weaknesses as defined above as of October 31, 1997.
This report is intended solely for the information and use of management, the
Board of Trustees and the Securities and Exchange Commission.
DELOITTE & TOUCHE LLP
Dayton, Ohio
December 9, 1997
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,263
<NET-ASSETS> 535,644
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 37,154
<OTHER-INCOME> 0
<EXPENSES-NET> 2,941
<NET-INVESTMENT-INCOME> 34,213
<REALIZED-GAINS-CURRENT> 30,450
<APPREC-INCREASE-CURRENT> (14,317)
<NET-CHANGE-FROM-OPS> 50,346
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 60,309
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,735
<NUMBER-OF-SHARES-REDEEMED> 18,516
<SHARES-REINVESTED> 2,606
<NET-CHANGE-IN-ASSETS> (115,520)
<ACCUMULATED-NII-PRIOR> 2,669
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,806
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,941
<AVERAGE-NET-ASSETS> 602,168
<PER-SHARE-NAV-BEGIN> 10.35
<PER-SHARE-NII> 1.03
<PER-SHARE-GAIN-APPREC> (0.16)
<PER-SHARE-DIVIDEND> 1.06
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.16
<EXPENSE-RATIO> 0.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> P&R TAX EXEMPT BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 55,124
<INVESTMENTS-AT-VALUE> 56,770
<RECEIVABLES> 812
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 342
<TOTAL-ASSETS> 57,924
<PAYABLE-FOR-SECURITIES> 6
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 339
<TOTAL-LIABILITIES> 345
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 57,243
<SHARES-COMMON-STOCK> 5,932
<SHARES-COMMON-PRIOR> 5,266
<ACCUMULATED-NII-CURRENT> 6
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,297)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,627
<NET-ASSETS> 57,579
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,541
<OTHER-INCOME> 0
<EXPENSES-NET> 228
<NET-INVESTMENT-INCOME> 2,313
<REALIZED-GAINS-CURRENT> 178
<APPREC-INCREASE-CURRENT> 1,118
<NET-CHANGE-FROM-OPS> 3,609
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,314
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,830
<NUMBER-OF-SHARES-REDEEMED> 1,365
<SHARES-REINVESTED> 201
<NET-CHANGE-IN-ASSETS> 7,716
<ACCUMULATED-NII-PRIOR> 6
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 162
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 298
<AVERAGE-NET-ASSETS> 50,740
<PER-SHARE-NAV-BEGIN> 9.47
<PER-SHARE-NII> 0.44
<PER-SHARE-GAIN-APPREC> 0.24
<PER-SHARE-DIVIDEND> 0.44
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.71
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> P&R SHORT BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 98,560
<INVESTMENTS-AT-VALUE> 98,754
<RECEIVABLES> 694
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 10,139
<TOTAL-ASSETS> 109,587
<PAYABLE-FOR-SECURITIES> 14,998
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 333
<TOTAL-LIABILITIES> 15,331
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 94,394
<SHARES-COMMON-STOCK> 9,500
<SHARES-COMMON-PRIOR> 9,829
<ACCUMULATED-NII-CURRENT> 22
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (355)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 194
<NET-ASSETS> 94,256
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,659
<OTHER-INCOME> 0
<EXPENSES-NET> 416
<NET-INVESTMENT-INCOME> 6,243
<REALIZED-GAINS-CURRENT> (224)
<APPREC-INCREASE-CURRENT> (426)
<NET-CHANGE-FROM-OPS> 5,593
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,018
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,426
<NUMBER-OF-SHARES-REDEEMED> 3,976
<SHARES-REINVESTED> 220
<NET-CHANGE-IN-ASSETS> (3,711)
<ACCUMULATED-NII-PRIOR> 22
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 291
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 514
<AVERAGE-NET-ASSETS> 103,096
<PER-SHARE-NAV-BEGIN> 9.97
<PER-SHARE-NII> 0.58
<PER-SHARE-GAIN-APPREC> (0.05)
<PER-SHARE-DIVIDEND> 0.58
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.92
<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> P&R INTERMEDIATE BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 87,723
<INVESTMENTS-AT-VALUE> 88,952
<RECEIVABLES> 738
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 395
<TOTAL-ASSETS> 90,085
<PAYABLE-FOR-SECURITIES> 9,083
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 237
<TOTAL-LIABILITIES> 9,320
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 79,026
<SHARES-COMMON-STOCK> 8,315
<SHARES-COMMON-PRIOR> 5,498
<ACCUMULATED-NII-CURRENT> 16
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 477
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,246
<NET-ASSETS> 80,766
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,475
<OTHER-INCOME> 0
<EXPENSES-NET> 246
<NET-INVESTMENT-INCOME> 3,229
<REALIZED-GAINS-CURRENT> 492
<APPREC-INCREASE-CURRENT> 795
<NET-CHANGE-FROM-OPS> 4,516
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,188
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,908
<NUMBER-OF-SHARES-REDEEMED> 4,354
<SHARES-REINVESTED> 262
<NET-CHANGE-IN-ASSETS> 27,999
<ACCUMULATED-NII-PRIOR> 12
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 153
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 297
<AVERAGE-NET-ASSETS> 55,840
<PER-SHARE-NAV-BEGIN> 9.60
<PER-SHARE-NII> 0.56
<PER-SHARE-GAIN-APPREC> 0.11
<PER-SHARE-DIVIDEND> 0.56
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.71
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> P&R INVESTMENT QUALITY BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 115,766
<INVESTMENTS-AT-VALUE> 117,101
<RECEIVABLES> 1,015
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 491
<TOTAL-ASSETS> 118,607
<PAYABLE-FOR-SECURITIES> 23,260
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 361
<TOTAL-LIABILITIES> 23,621
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 93,104
<SHARES-COMMON-STOCK> 9,489
<SHARES-COMMON-PRIOR> 3,294
<ACCUMULATED-NII-CURRENT> 23
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 520
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,339
<NET-ASSETS> 94,987
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,538
<OTHER-INCOME> 0
<EXPENSES-NET> 247
<NET-INVESTMENT-INCOME> 3,291
<REALIZED-GAINS-CURRENT> 776
<APPREC-INCREASE-CURRENT> 1,082
<NET-CHANGE-FROM-OPS> 5,149
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,322
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,782
<NUMBER-OF-SHARES-REDEEMED> 4,896
<SHARES-REINVESTED> 309
<NET-CHANGE-IN-ASSETS> 62,683
<ACCUMULATED-NII-PRIOR> 67
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 154
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 289
<AVERAGE-NET-ASSETS> 53,919
<PER-SHARE-NAV-BEGIN> 9.81
<PER-SHARE-NII> 0.58
<PER-SHARE-GAIN-APPREC> 0.22
<PER-SHARE-DIVIDEND> 0.60
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.01
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> P&R LIMITED MATURITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 153,878
<INVESTMENTS-AT-VALUE> 154,050
<RECEIVABLES> 959
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 543
<TOTAL-ASSETS> 155,552
<PAYABLE-FOR-SECURITIES> 2,615
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 508
<TOTAL-LIABILITIES> 3,123
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 152,343
<SHARES-COMMON-STOCK> 15,154
<SHARES-COMMON-PRIOR> 5,048
<ACCUMULATED-NII-CURRENT> 41
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (127)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 172
<NET-ASSETS> 152,429
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,367
<OTHER-INCOME> 0
<EXPENSES-NET> 328
<NET-INVESTMENT-INCOME> 6,039
<REALIZED-GAINS-CURRENT> (127)
<APPREC-INCREASE-CURRENT> 59
<NET-CHANGE-FROM-OPS> 5,971
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,949
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,330
<NUMBER-OF-SHARES-REDEEMED> 8,545
<SHARES-REINVESTED> 320
<NET-CHANGE-IN-ASSETS> 101,658
<ACCUMULATED-NII-PRIOR> 13
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 306
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 573
<AVERAGE-NET-ASSETS> 107,797
<PER-SHARE-NAV-BEGIN> 10.06
<PER-SHARE-NII> 0.54
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.54
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.06
<EXPENSE-RATIO> 0.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> P&R SHORT DURATION TAX EXEMPT FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 37,345
<INVESTMENTS-AT-VALUE> 37,573
<RECEIVABLES> 598
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 249
<TOTAL-ASSETS> 38,420
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 244
<TOTAL-LIABILITIES> 244
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,920
<SHARES-COMMON-STOCK> 3,789
<SHARES-COMMON-PRIOR> 3,631
<ACCUMULATED-NII-CURRENT> 3
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 25
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 228
<NET-ASSETS> 38,176
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,491
<OTHER-INCOME> 0
<EXPENSES-NET> 159
<NET-INVESTMENT-INCOME> 1,332
<REALIZED-GAINS-CURRENT> 68
<APPREC-INCREASE-CURRENT> 175
<NET-CHANGE-FROM-OPS> 1,575
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,331
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,567
<NUMBER-OF-SHARES-REDEEMED> 2,510
<SHARES-REINVESTED> 101
<NET-CHANGE-IN-ASSETS> 1,840
<ACCUMULATED-NII-PRIOR> 2
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 114
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 220
<AVERAGE-NET-ASSETS> 35,603
<PER-SHARE-NAV-BEGIN> 10.01
<PER-SHARE-NII> 0.38
<PER-SHARE-GAIN-APPREC> 0.07
<PER-SHARE-DIVIDEND> 0.38
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.08
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> P&R U.S. TREASURY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 15,084
<INVESTMENTS-AT-VALUE> 15,275
<RECEIVABLES> 206
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 173
<TOTAL-ASSETS> 15,654
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 175
<TOTAL-LIABILITIES> 175
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,437
<SHARES-COMMON-STOCK> 1,466
<SHARES-COMMON-PRIOR> 2,099
<ACCUMULATED-NII-CURRENT> 4
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (154)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 191
<NET-ASSETS> 15,479
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,263
<OTHER-INCOME> 0
<EXPENSES-NET> 96
<NET-INVESTMENT-INCOME> 1,167
<REALIZED-GAINS-CURRENT> (19)
<APPREC-INCREASE-CURRENT> (45)
<NET-CHANGE-FROM-OPS> 1,103
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,170
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,365
<NUMBER-OF-SHARES-REDEEMED> 2,056
<SHARES-REINVESTED> 57
<NET-CHANGE-IN-ASSETS> 6,635
<ACCUMULATED-NII-PRIOR> 7
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 60
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 135
<AVERAGE-NET-ASSETS> 20,959
<PER-SHARE-NAV-BEGIN> 10.54
<PER-SHARE-NII> 0.60
<PER-SHARE-GAIN-APPREC> 0.02
<PER-SHARE-DIVIDEND> 0.60
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.56
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> P&R INTERNATIONAL BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 23,264
<INVESTMENTS-AT-VALUE> 23,237
<RECEIVABLES> 689
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 270
<TOTAL-ASSETS> 24,196
<PAYABLE-FOR-SECURITIES> 371
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 127
<TOTAL-LIABILITIES> 498
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23,644
<SHARES-COMMON-STOCK> 2,329
<SHARES-COMMON-PRIOR> 1,767
<ACCUMULATED-NII-CURRENT> 219
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 82
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (247)
<NET-ASSETS> 23,698
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,323
<OTHER-INCOME> (6)
<EXPENSES-NET> 149
<NET-INVESTMENT-INCOME> 1,168
<REALIZED-GAINS-CURRENT> 234
<APPREC-INCREASE-CURRENT> (695)
<NET-CHANGE-FROM-OPS> 707
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 991
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 701
<NUMBER-OF-SHARES-REDEEMED> 233
<SHARES-REINVESTED> 95
<NET-CHANGE-IN-ASSETS> 5,333
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 64
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 157
<AVERAGE-NET-ASSETS> 21,120
<PER-SHARE-NAV-BEGIN> 10.39
<PER-SHARE-NII> 0.57
<PER-SHARE-GAIN-APPREC> (0.32)
<PER-SHARE-DIVIDEND> 0.47
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.17
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> P&R MARKET RETURN FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 19,575
<INVESTMENTS-AT-VALUE> 19,615
<RECEIVABLES> 68
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 714
<TOTAL-ASSETS> 20,397
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 202
<TOTAL-LIABILITIES> 202
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,409
<SHARES-COMMON-STOCK> 1,577
<SHARES-COMMON-PRIOR> 533
<ACCUMULATED-NII-CURRENT> 5
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,197
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (415)
<NET-ASSETS> 20,195
<DIVIDEND-INCOME> 651
<INTEREST-INCOME> 8
<OTHER-INCOME> 0
<EXPENSES-NET> 51
<NET-INVESTMENT-INCOME> 608
<REALIZED-GAINS-CURRENT> 2,693
<APPREC-INCREASE-CURRENT> (676)
<NET-CHANGE-FROM-OPS> 2,625
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 605
<DISTRIBUTIONS-OF-GAINS> 512
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,081
<NUMBER-OF-SHARES-REDEEMED> 119
<SHARES-REINVESTED> 83
<NET-CHANGE-IN-ASSETS> 14,406
<ACCUMULATED-NII-PRIOR> 2
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 32
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 109
<AVERAGE-NET-ASSETS> 11,227
<PER-SHARE-NAV-BEGIN> 10.86
<PER-SHARE-NII> 0.63
<PER-SHARE-GAIN-APPREC> 2.64
<PER-SHARE-DIVIDEND> 0.63
<PER-SHARE-DISTRIBUTIONS> 0.70
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.80
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> P&R GLOBAL SHORT BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 207,906
<INVESTMENTS-AT-VALUE> 210,862
<RECEIVABLES> 4,839
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 9,733
<TOTAL-ASSETS> 225,434
<PAYABLE-FOR-SECURITIES> 4,354
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 215
<TOTAL-LIABILITIES> 4,569
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 219,669
<SHARES-COMMON-STOCK> 21,727
<SHARES-COMMON-PRIOR> 2,871
<ACCUMULATED-NII-CURRENT> 49
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (48)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,195
<NET-ASSETS> 220,865
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,842
<OTHER-INCOME> 0
<EXPENSES-NET> 579
<NET-INVESTMENT-INCOME> 6,263
<REALIZED-GAINS-CURRENT> 1,386
<APPREC-INCREASE-CURRENT> 1,093
<NET-CHANGE-FROM-OPS> 8,742
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,673
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,965
<NUMBER-OF-SHARES-REDEEMED> 3,804
<SHARES-REINVESTED> 695
<NET-CHANGE-IN-ASSETS> 191,952
<ACCUMULATED-NII-PRIOR> 26
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 386
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 690
<AVERAGE-NET-ASSETS> 124,729
<PER-SHARE-NAV-BEGIN> 10.07
<PER-SHARE-NII> 0.58
<PER-SHARE-GAIN-APPREC> 0.11
<PER-SHARE-DIVIDEND> 0.59
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.17
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> P&R GROWTH & INCOME FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 138,583
<INVESTMENTS-AT-VALUE> 152,143
<RECEIVABLES> 59
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 463
<TOTAL-ASSETS> 152,665
<PAYABLE-FOR-SECURITIES> 1,598
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 123
<TOTAL-LIABILITIES> 1,721
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 136,970
<SHARES-COMMON-STOCK> 11,822
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 400
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,560
<NET-ASSETS> 150,944
<DIVIDEND-INCOME> 1,591
<INTEREST-INCOME> 92
<OTHER-INCOME> 0
<EXPENSES-NET> 422
<NET-INVESTMENT-INCOME> 1,261
<REALIZED-GAINS-CURRENT> 13
<APPREC-INCREASE-CURRENT> 13,560
<NET-CHANGE-FROM-OPS> 14,834
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 860
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,474
<NUMBER-OF-SHARES-REDEEMED> 694
<SHARES-REINVESTED> 43
<NET-CHANGE-IN-ASSETS> 150,944
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 391
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 541
<AVERAGE-NET-ASSETS> 77,125
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> 2.74
<PER-SHARE-DIVIDEND> 0.14
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.77
<EXPENSE-RATIO> 0.54
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> P&R TOTAL RETURN FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 125,432
<INVESTMENTS-AT-VALUE> 126,250
<RECEIVABLES> 1,094
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 437
<TOTAL-ASSETS> 127,781
<PAYABLE-FOR-SECURITIES> 28,823
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 95
<TOTAL-LIABILITIES> 28,918
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 97,143
<SHARES-COMMON-STOCK> 9,642
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 139
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 577
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,004
<NET-ASSETS> 98,863
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,374
<OTHER-INCOME> 0
<EXPENSES-NET> 161
<NET-INVESTMENT-INCOME> 2,213
<REALIZED-GAINS-CURRENT> 734
<APPREC-INCREASE-CURRENT> 1,004
<NET-CHANGE-FROM-OPS> 3,951
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,232
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,978
<NUMBER-OF-SHARES-REDEEMED> 532
<SHARES-REINVESTED> 196
<NET-CHANGE-IN-ASSETS> 98,863
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 100
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 247
<AVERAGE-NET-ASSETS> 42,690
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.46
<PER-SHARE-GAIN-APPREC> 0.23
<PER-SHARE-DIVIDEND> 0.44
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.25
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 14
<NAME> P&R GLOBAL BALANCED FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 9,725
<INVESTMENTS-AT-VALUE> 10,184
<RECEIVABLES> 120
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 301
<TOTAL-ASSETS> 10,605
<PAYABLE-FOR-SECURITIES> 209
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 84
<TOTAL-LIABILITIES> 293
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,457
<SHARES-COMMON-STOCK> 956
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 460
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 395
<NET-ASSETS> 10,312
<DIVIDEND-INCOME> 67
<INTEREST-INCOME> 285
<OTHER-INCOME> (7)
<EXPENSES-NET> 61
<NET-INVESTMENT-INCOME> 284
<REALIZED-GAINS-CURRENT> 324
<APPREC-INCREASE-CURRENT> 396
<NET-CHANGE-FROM-OPS> 1,004
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 42
<DISTRIBUTIONS-OF-GAINS> 107
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,050
<NUMBER-OF-SHARES-REDEEMED> 106
<SHARES-REINVESTED> 12
<NET-CHANGE-IN-ASSETS> 10,312
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 43
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 140
<AVERAGE-NET-ASSETS> 9,270
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.90
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 0.11
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.79
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 15
<NAME> P&R INTERNATIONAL EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 13,831
<INVESTMENTS-AT-VALUE> 14,289
<RECEIVABLES> 26
<ASSETS-OTHER> 386
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,701
<PAYABLE-FOR-SECURITIES> 234
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 64
<TOTAL-LIABILITIES> 298
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,945
<SHARES-COMMON-STOCK> 1,340
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 458
<NET-ASSETS> 14,403
<DIVIDEND-INCOME> 132
<INTEREST-INCOME> 46
<OTHER-INCOME> (14)
<EXPENSES-NET> 81
<NET-INVESTMENT-INCOME> 83
<REALIZED-GAINS-CURRENT> (262)
<APPREC-INCREASE-CURRENT> 457
<NET-CHANGE-FROM-OPS> 278
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 6
<NUMBER-OF-SHARES-SOLD> 1,344
<NUMBER-OF-SHARES-REDEEMED> 4
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 14,403
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 54
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 141
<AVERAGE-NET-ASSETS> 10,313
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.28)
<PER-SHARE-GAIN-APPREC> 1.04
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.75
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 16
<NAME> P&R EUROPEAN GROWTH & INCOME FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 13,931
<INVESTMENTS-AT-VALUE> 13,927
<RECEIVABLES> 18
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 118
<TOTAL-ASSETS> 14,063
<PAYABLE-FOR-SECURITIES> 399
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 56
<TOTAL-LIABILITIES> 455
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,623
<SHARES-COMMON-STOCK> 1,335
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8)
<NET-ASSETS> 13,608
<DIVIDEND-INCOME> 57
<INTEREST-INCOME> 25
<OTHER-INCOME> (10)
<EXPENSES-NET> 20
<NET-INVESTMENT-INCOME> 52
<REALIZED-GAINS-CURRENT> (107)
<APPREC-INCREASE-CURRENT> (8)
<NET-CHANGE-FROM-OPS> (63)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,382
<NUMBER-OF-SHARES-REDEEMED> 47
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 13,608
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 15
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 71
<AVERAGE-NET-ASSETS> 8,136
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 0.23
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.19
<EXPENSE-RATIO> 0.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<PAGE>
</TABLE>
