<PAGE> PAGE 1
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001 C000000 2123922550
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002 C000000 NY
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004 000000 N
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006 000000 N
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007 C030200 N
007 C010300 3
007 C020300 THE U.S. GOVERNMENT SECURITIES SERIES
007 C030300 N
007 C010400 4
007 C020400 THE INTERMEDIATE INCOME SECURITIES SERIES
007 C030400 N
007 C010500 5
007 C020500 THE AMERICAN VALUE SERIES
007 C030500 N
007 C010600 6
007 C020600 THE CAPITAL GROWTH SERIES
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007 C010700 7
007 C020700 THE DIVIDEND GROWTH SERIES
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007 C010800 8
007 C020800 THE STRATEGIST SERIES
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007 C010900 9
007 C020900 THE UTILITIES SERIES
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<PAGE> PAGE 2
007 C031000 N
007 C011100 11
007 C021100 THE GLOBAL EQUITY SERIES
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007 C011300 13
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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
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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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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028 F020900 41
028 F030900 0
028 F040900 205
028 G010900 2166
028 G020900 79
028 G030900 0
028 G040900 721
028 H000900 0
045 000900 Y
046 000900 N
047 000900 Y
048 000900 0.750
048 A010900 0
048 A020900 0.000
048 B010900 0
048 B020900 0.000
048 C010900 0
048 C020900 0.000
048 D010900 0
048 D020900 0.000
048 E010900 0
048 E020900 0.000
048 F010900 0
048 F020900 0.000
<PAGE> PAGE 42
048 G010900 0
048 G020900 0.000
048 H010900 0
048 H020900 0.000
048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
055 A000900 N
055 B000900 N
056 000900 Y
057 000900 N
058 A000900 N
059 000900 Y
060 A000900 Y
060 B000900 Y
061 000900 0
062 A000900 N
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 0.0
062 M000900 0.0
062 N000900 0.0
062 O000900 0.0
062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
063 A000900 0
063 B000900 0.0
066 A000900 Y
066 B000900 N
066 C000900 N
066 D000900 N
066 E000900 Y
066 F000900 N
066 G000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
<PAGE> PAGE 43
070 A020900 Y
070 B010900 Y
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 Y
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 Y
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 N
070 K020900 N
070 L010900 Y
070 L020900 Y
070 M010900 Y
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 Y
070 P020900 Y
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 2460
071 B000900 980
071 C000900 5862
071 D000900 17
072 A000900 12
072 B000900 31
072 C000900 214
072 D000900 0
072 E000900 0
072 F000900 48
072 G000900 0
072 H000900 0
072 I000900 15
072 J000900 0
072 K000900 0
072 L000900 6
<PAGE> PAGE 44
072 M000900 0
072 N000900 6
072 O000900 0
072 P000900 0
072 Q000900 0
072 R000900 17
072 S000900 1
072 T000900 0
072 U000900 3
072 V000900 0
072 W000900 1
072 X000900 97
072 Y000900 57
072 Z000900 205
072AA000900 0
072BB000900 14
072CC010900 257
072CC020900 0
072DD010900 231
072DD020900 0
072EE000900 0
073 A010900 0.4480
073 A020900 0.0000
073 B000900 0.0000
073 C000900 0.0000
074 A000900 79
074 B000900 0
074 C000900 1100
074 D000900 72
074 E000900 133
074 F000900 6206
074 G000900 0
074 H000900 0
074 I000900 0
074 J000900 0
074 K000900 6
074 L000900 37
074 M000900 6
074 N000900 7639
074 O000900 0
074 P000900 3
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 43
074 S000900 0
074 T000900 7593
074 U010900 644
074 U020900 0
074 V010900 11.79
<PAGE> PAGE 45
074 V020900 0.00
074 W000900 0.0000
074 X000900 1397
074 Y000900 0
075 A000900 0
075 B000900 6408
076 000900 0.00
024 001000 Y
025 A001001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
025 B001001 13-5674085
025 C001001 E
025 D001001 39
025 A001002 MORGAN STANLEY GROUP
025 B001002 13-2655998
025 C001002 E
025 D001002 44
025 D001003 0
025 D001004 0
025 D001005 0
025 D001006 0
025 D001007 0
025 D001008 0
028 A011000 902
028 A021000 0
028 A031000 0
028 A041000 80
028 B011000 311
028 B021000 0
028 B031000 0
028 B041000 88
028 C011000 476
028 C021000 0
028 C031000 0
028 C041000 209
028 D011000 834
028 D021000 0
028 D031000 0
028 D041000 100
028 E011000 860
028 E021000 0
028 E031000 0
028 E041000 70
028 F011000 347
028 F021000 0
028 F031000 0
028 F041000 198
028 G011000 3730
028 G021000 0
028 G031000 0
028 G041000 745
028 H001000 3730
<PAGE> PAGE 46
045 001000 Y
046 001000 N
047 001000 Y
048 001000 0.500
048 A011000 0
048 A021000 0.000
048 B011000 0
048 B021000 0.000
048 C011000 0
048 C021000 0.000
048 D011000 0
048 D021000 0.000
048 E011000 0
048 E021000 0.000
048 F011000 0
048 F021000 0.000
048 G011000 0
048 G021000 0.000
048 H011000 0
048 H021000 0.000
048 I011000 0
048 I021000 0.000
048 J011000 0
048 J021000 0.000
048 K011000 0
048 K021000 0.000
055 A001000 Y
055 B001000 N
056 001000 Y
057 001000 N
058 A001000 N
059 001000 Y
060 A001000 Y
060 B001000 Y
061 001000 0
062 A001000 N
062 B001000 0.0
062 C001000 0.0
062 D001000 0.0
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 0.0
062 N001000 0.0
062 O001000 0.0
062 P001000 0.0
<PAGE> PAGE 47
062 Q001000 0.0
062 R001000 0.0
063 A001000 0
063 B001000 0.0
066 A001000 Y
066 B001000 N
066 C001000 N
066 D001000 N
066 E001000 N
066 F001000 N
066 G001000 Y
067 001000 N
068 A001000 N
068 B001000 N
069 001000 Y
070 A011000 Y
070 A021000 Y
070 B011000 N
070 B021000 N
070 C011000 N
070 C021000 N
070 D011000 N
070 D021000 N
070 E011000 N
070 E021000 N
070 F011000 Y
070 F021000 N
070 G011000 N
070 G021000 N
070 H011000 N
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 Y
070 J021000 N
070 K011000 N
070 K021000 N
070 L011000 Y
070 L021000 Y
070 M011000 N
070 M021000 N
070 N011000 Y
070 N021000 N
070 O011000 Y
070 O021000 N
070 P011000 Y
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
<PAGE> PAGE 48
071 A001000 6461
071 B001000 1318
071 C001000 16691
071 D001000 8
072 A001000 12
072 B001000 52
072 C001000 361
072 D001000 0
072 E001000 0
072 F001000 88
072 G001000 0
072 H001000 0
072 I001000 12
072 J001000 1
072 K001000 0
072 L001000 10
072 M001000 0
072 N001000 4
072 O001000 0
072 P001000 0
072 Q001000 0
072 R001000 15
072 S001000 2
072 T001000 0
072 U001000 3
072 V001000 0
072 W001000 1
072 X001000 136
072 Y001000 54
072 Z001000 331
072AA001000 298
072BB001000 111
072CC011000 2166
072CC021000 0
072DD011000 258
072DD021000 0
072EE001000 78
073 A011000 0.2220
073 A021000 0.0000
073 B001000 0.0676
073 C001000 0.0000
074 A001000 0
074 B001000 862
074 C001000 399
074 D001000 0
074 E001000 0
074 F001000 19837
074 G001000 0
074 H001000 0
074 I001000 0
074 J001000 130
<PAGE> PAGE 49
074 K001000 32
074 L001000 21
074 M001000 9
074 N001000 21290
074 O001000 874
074 P001000 10
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 27
074 S001000 0
074 T001000 20379
074 U011000 1463
074 U021000 0
074 V011000 13.93
074 V021000 0.00
074 W001000 0.0000
074 X001000 1096
074 Y001000 0
075 A001000 0
075 B001000 17502
076 001000 0.00
024 001100 Y
025 A001101 MERRILL LYNCH, PIERCE, FENNER & SMITH
025 B001101 13-5674085
025 C001101 E
025 D001101 105
025 D001102 0
025 D001103 0
025 D001104 0
025 D001105 0
025 D001106 0
025 D001107 0
025 D001108 0
028 A011100 847
028 A021100 0
028 A031100 0
028 A041100 232
028 B011100 598
028 B021100 0
028 B031100 0
028 B041100 244
028 C011100 580
028 C021100 0
028 C031100 0
028 C041100 417
028 D011100 581
028 D021100 0
028 D031100 0
028 D041100 290
<PAGE> PAGE 50
028 E011100 564
028 E021100 0
028 E031100 0
028 E041100 139
028 F011100 713
028 F021100 0
028 F031100 0
028 F041100 133
028 G011100 3883
028 G021100 0
028 G031100 0
028 G041100 1455
028 H001100 0
045 001100 Y
046 001100 N
047 001100 Y
048 001100 1.000
048 A011100 0
048 A021100 0.000
048 B011100 0
048 B021100 0.000
048 C011100 0
048 C021100 0.000
048 D011100 0
048 D021100 0.000
048 E011100 0
048 E021100 0.000
048 F011100 0
048 F021100 0.000
048 G011100 0
048 G021100 0.000
048 H011100 0
048 H021100 0.000
048 I011100 0
048 I021100 0.000
048 J011100 0
048 J021100 0.000
048 K011100 0
048 K021100 0.000
055 A001100 Y
055 B001100 N
056 001100 Y
057 001100 N
058 A001100 N
059 001100 Y
060 A001100 Y
060 B001100 Y
061 001100 0
062 A001100 N
062 B001100 0.0
062 C001100 0.0
<PAGE> PAGE 51
062 D001100 0.0
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
062 L001100 0.0
062 M001100 0.0
062 N001100 0.0
062 O001100 0.0
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
063 A001100 0
063 B001100 0.0
066 A001100 Y
066 B001100 N
066 C001100 N
066 D001100 N
066 E001100 N
066 F001100 N
066 G001100 Y
067 001100 N
068 A001100 N
068 B001100 Y
069 001100 N
070 A011100 Y
070 A021100 Y
070 B011100 Y
070 B021100 N
070 C011100 Y
070 C021100 N
070 D011100 Y
070 D021100 N
070 E011100 Y
070 E021100 N
070 F011100 Y
070 F021100 N
070 G011100 Y
070 G021100 N
070 H011100 Y
070 H021100 N
070 I011100 Y
070 I021100 N
070 J011100 Y
070 J021100 Y
070 K011100 N
070 K021100 N
070 L011100 Y
<PAGE> PAGE 52
070 L021100 Y
070 M011100 Y
070 M021100 Y
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 Y
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 12892
071 B001100 8362
071 C001100 8827
071 D001100 95
072 A001100 12
072 B001100 22
072 C001100 123
072 D001100 0
072 E001100 0
072 F001100 92
072 G001100 0
072 H001100 0
072 I001100 31
072 J001100 1
072 K001100 0
072 L001100 7
072 M001100 0
072 N001100 2
072 O001100 1
072 P001100 0
072 Q001100 0
072 R001100 15
072 S001100 1
072 T001100 0
072 U001100 3
072 V001100 0
072 W001100 6
072 X001100 159
072 Y001100 99
072 Z001100 85
072AA001100 435
072BB001100 0
072CC011100 47
072CC021100 0
072DD011100 127
072DD021100 0
072EE001100 0
073 A011100 0.1820
<PAGE> PAGE 53
073 A021100 0.0000
073 B001100 0.0000
073 C001100 0.0000
074 A001100 0
074 B001100 161
074 C001100 499
074 D001100 0
074 E001100 43
074 F001100 11036
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 31
074 K001100 14
074 L001100 35
074 M001100 7
074 N001100 11826
074 O001100 68
074 P001100 29
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 44
074 S001100 0
074 T001100 11685
074 U011100 991
074 U021100 0
074 V011100 11.79
074 V021100 0.00
074 W001100 0.0000
074 X001100 2778
074 Y001100 0
075 A001100 0
075 B001100 9194
076 001100 0.00
025 D001301 0
025 D001302 0
025 D001303 0
025 D001304 0
025 D001305 0
025 D001306 0
025 D001307 0
025 D001308 0
074 A001700 0
074 B001700 0
074 C001700 0
074 D001700 0
074 E001700 0
074 F001700 0
074 G001700 0
<PAGE> PAGE 54
074 H001700 0
074 I001700 0
074 J001700 0
074 K001700 0
074 L001700 0
074 M001700 0
074 N001700 0
066 A003100 N
072 I003200 0
072 J003200 0
072 K003200 0
072 L003200 0
072 M003200 0
072 N003200 0
072 O003200 0
072 P003200 0
072 Q003200 0
072 R003200 0
072 S003200 0
072 T003200 0
072 U003200 0
072 V003200 0
072 W003200 0
072 X003200 0
072 I003300 0
072 J003300 0
072 K003300 0
072 L003300 0
072 M003300 0
072 N003300 0
072 O003300 0
072 P003300 0
072 Q003300 0
072 R003300 0
072 S003300 0
072 T003300 0
072 U003300 0
072 V003300 0
072 W003300 0
072 X003300 0
074 A003500 0
074 B003500 0
074 C003500 0
074 D003500 0
074 E003500 0
074 F003500 0
074 G003500 0
074 H003500 0
074 I003500 0
074 J003500 0
074 K003500 0
<PAGE> PAGE 55
074 L003500 0
074 M003500 0
074 N003500 0
074 O003500 0
074 P003500 0
074 Q003500 0
074 R013500 0
074 R023500 0
074 R033500 0
074 R043500 0
074 S003500 0
074 T003500 0
074 U013500 0
074 U023500 0
074 V013500 0.00
074 V023500 0.00
074 W003500 0.0000
074 X003500 0
074 Y003500 0
SIGNATURE SHELDON CURTIS
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
RETIREMENT SERIES - LIQUID ASSET
SERIES ONE
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> LIQUID ASSET
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 43,750,285
<INVESTMENTS-AT-VALUE> 43,750,285
<RECEIVABLES> 96,594
<ASSETS-OTHER> 19,710
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 43,866,589
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,113,951
<TOTAL-LIABILITIES> 1,113,951
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,752,596
<SHARES-COMMON-STOCK> 42,752,596
<SHARES-COMMON-PRIOR> 35,631,144
<ACCUMULATED-NII-CURRENT> 42
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 42,752,638
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,628,008
<OTHER-INCOME> 0
<EXPENSES-NET> 211,952
<NET-INVESTMENT-INCOME> 3,416,056
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,416,056
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,416,043)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 177,956,895
<NUMBER-OF-SHARES-REDEEMED> (174,251,486)
<SHARES-REINVESTED> 3,416,043
<NET-CHANGE-IN-ASSETS> 7,121,465
<ACCUMULATED-NII-PRIOR> 29
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 318,178
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 410,861
<AVERAGE-NET-ASSETS> 63,635,656
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
RETIREMENT SERIES - U.S. GOVERNMENT MONEY MARKET
SERIES TWO
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> U.S. GOVERNMENT MONEY MARKET SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 6,628,215
<INVESTMENTS-AT-VALUE> 6,628,215
<RECEIVABLES> 23,516
<ASSETS-OTHER> 4,889
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,656,620
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,843
<TOTAL-LIABILITIES> 28,843
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,627,775
<SHARES-COMMON-STOCK> 6,627,774
<SHARES-COMMON-PRIOR> 10,694,809
<ACCUMULATED-NII-CURRENT> 2
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 6,627,777
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 778,612
<OTHER-INCOME> 0
<EXPENSES-NET> 51,490
<NET-INVESTMENT-INCOME> 727,122
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 727,122
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (727,125)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 27,880,399
<NUMBER-OF-SHARES-REDEEMED> (32,674,558)
<SHARES-REINVESTED> 727,125
<NET-CHANGE-IN-ASSETS> (4,067,037)
<ACCUMULATED-NII-PRIOR> 5
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 69,837
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 114,702
<AVERAGE-NET-ASSETS> 13,966,902
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .037
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
RETIREMENT SERIES - U.S. GOVERNMENT SECURITIES TRUST
SERIES 3
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> U.S. GOVERNMENT SECURITIES TRUST
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 8,842,593
<INVESTMENTS-AT-VALUE> 8,614,965
<RECEIVABLES> 590,488
<ASSETS-OTHER> 68,222
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,273,675
<PAYABLE-FOR-SECURITIES> 499,790
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 123,072
<TOTAL-LIABILITIES> 622,862
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,862,015
<SHARES-COMMON-STOCK> 901,751
<SHARES-COMMON-PRIOR> 433,478
<ACCUMULATED-NII-CURRENT> 24
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16,401
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (227,628)
<NET-ASSETS> 8,650,813
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 484,486
<OTHER-INCOME> 0
<EXPENSES-NET> 49,549
<NET-INVESTMENT-INCOME> 434,937
<REALIZED-GAINS-CURRENT> 18,226
<APPREC-INCREASE-CURRENT> (149,772)
<NET-CHANGE-FROM-OPS> 303,391
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (434,913)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 971,490
<NUMBER-OF-SHARES-REDEEMED> (547,637)
<SHARES-REINVESTED> 44,420
<NET-CHANGE-IN-ASSETS> 468,273
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,824)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 50,913
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 116,315
<AVERAGE-NET-ASSETS> 7,832,711
<PER-SHARE-NAV-BEGIN> 9.71
<PER-SHARE-NII> .55
<PER-SHARE-GAIN-APPREC> (.12)
<PER-SHARE-DIVIDEND> (.55)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.59
<EXPENSE-RATIO> 1.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
RETIREMENT SERIES - INTERMEDIATE INCOME SECURITIES
SERIES FOUR
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> INTERMEDIATE INCOME SECURITIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 4,169,804
<INVESTMENTS-AT-VALUE> 4,050,764
<RECEIVABLES> 105,971
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 43,203
<TOTAL-ASSETS> 4,199,938
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,222
<TOTAL-LIABILITIES> 28,222
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,319,568
<SHARES-COMMON-STOCK> 443,442
<SHARES-COMMON-PRIOR> 103,235
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (28,812)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (119,040)
<NET-ASSETS> 4,171,716
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 245,172
<OTHER-INCOME> 0
<EXPENSES-NET> 26,680
<NET-INVESTMENT-INCOME> 218,492
<REALIZED-GAINS-CURRENT> (27,045)
<APPREC-INCREASE-CURRENT> (116,038)
<NET-CHANGE-FROM-OPS> 75,409
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (218,918)
<DISTRIBUTIONS-OF-GAINS> (4,854)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 499,259
<NUMBER-OF-SHARES-REDEEMED> (181,670)
<SHARES-REINVESTED> 22,618
<NET-CHANGE-IN-ASSETS> 3,177,937
<ACCUMULATED-NII-PRIOR> 426
<ACCUMULATED-GAINS-PRIOR> 3,087
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 24,158
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 26,680
<AVERAGE-NET-ASSETS> 4,172
<PER-SHARE-NAV-BEGIN> 9.63
<PER-SHARE-NII> .59
<PER-SHARE-GAIN-APPREC> (.21)
<PER-SHARE-DIVIDEND> (.59)
<PER-SHARE-DISTRIBUTIONS> .01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.41
<EXPENSE-RATIO> 1.58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
RETIREMENT SERIES - AMERICAN VALUE
SERIES FIVE
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> AMERICAN VALUE
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 40,271,697
<INVESTMENTS-AT-VALUE> 41,348,703
<RECEIVABLES> 1,274,624
<ASSETS-OTHER> 37,642
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 42,660,969
<PAYABLE-FOR-SECURITIES> 2,241,377
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 98,228
<TOTAL-LIABILITIES> 2,339,605
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36,475,819
<SHARES-COMMON-STOCK> 3,082,783
<SHARES-COMMON-PRIOR> 1,723,154
<ACCUMULATED-NII-CURRENT> 93,984
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,674,518
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,077,043
<NET-ASSETS> 40,321,364
<DIVIDEND-INCOME> 251,988
<INTEREST-INCOME> 203,082
<OTHER-INCOME> 0
<EXPENSES-NET> 210,466
<NET-INVESTMENT-INCOME> 244,604
<REALIZED-GAINS-CURRENT> 4,355,860
<APPREC-INCREASE-CURRENT> (2,487,467)
<NET-CHANGE-FROM-OPS> 2,112,997
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 299,827
<DISTRIBUTIONS-OF-GAINS> 2,309,181
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,603,955
<NUMBER-OF-SHARES-REDEEMED> 447,666
<SHARES-REINVESTED> 203,340
<NET-CHANGE-IN-ASSETS> 17,739,877
<ACCUMULATED-NII-PRIOR> 149,207
<ACCUMULATED-GAINS-PRIOR> 627,839
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 273,275
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 379,970
<AVERAGE-NET-ASSETS> 32,150,049
<PER-SHARE-NAV-BEGIN> 13.10
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> 1.17
<PER-SHARE-DIVIDEND> (.15)
<PER-SHARE-DISTRIBUTIONS> (1.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.08
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
RETIREMENT SERIES - CAPITAL GROWTH SECURITIES
SERIES SIX
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> CAPITAL GROWTH SECURITIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 1,973,590
<INVESTMENTS-AT-VALUE> 2,081,754
<RECEIVABLES> 15,774
<ASSETS-OTHER> 7,401
<OTHER-ITEMS-ASSETS> 2,111
<TOTAL-ASSETS> 2,107,040
<PAYABLE-FOR-SECURITIES> 37,443
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 81,744
<TOTAL-LIABILITIES> 119,187
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,852,813
<SHARES-COMMON-STOCK> 157,685
<SHARES-COMMON-PRIOR> 60,665
<ACCUMULATED-NII-CURRENT> 2,549
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 24,327
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 108,164
<NET-ASSETS> 1,987,853
<DIVIDEND-INCOME> 15,856
<INTEREST-INCOME> 1,783
<OTHER-INCOME> 0
<EXPENSES-NET> 10,640
<NET-INVESTMENT-INCOME> 6,999
<REALIZED-GAINS-CURRENT> 31,476
<APPREC-INCREASE-CURRENT> 45,817
<NET-CHANGE-FROM-OPS> 84,292
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,123)
<DISTRIBUTIONS-OF-GAINS> (5,303)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 119,028
<NUMBER-OF-SHARES-REDEEMED> (23,095)
<SHARES-REINVESTED> 1,087
<NET-CHANGE-IN-ASSETS> 1,310,347
<ACCUMULATED-NII-PRIOR> 3,673
<ACCUMULATED-GAINS-PRIOR> (1,846)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,858
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 39,573
<AVERAGE-NET-ASSETS> 1,395,008
<PER-SHARE-NAV-BEGIN> 11.17
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> 1.55
<PER-SHARE-DIVIDEND> (.11)
<PER-SHARE-DISTRIBUTIONS> (.07)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.61
<EXPENSE-RATIO> 2.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
RETIREMENT SERIES - DIVIDEND GROWTH
SERIES 7
</LEGEND>
<SERIES>
<NUMBER> 7
<NAME> DIVIDEND GROWTH
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 62,843,388
<INVESTMENTS-AT-VALUE> 70,144,312
<RECEIVABLES> 279,258
<ASSETS-OTHER> 34,941
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 70,458,511
<PAYABLE-FOR-SECURITIES> 500,879
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 195,020
<TOTAL-LIABILITIES> 695,899
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 60,289,273
<SHARES-COMMON-STOCK> 4,773,848
<SHARES-COMMON-PRIOR> 2,706,023
<ACCUMULATED-NII-CURRENT> 350,190
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,822,225
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,300,924
<NET-ASSETS> 69,762,612
<DIVIDEND-INCOME> 1,520,953
<INTEREST-INCOME> 44,648
<OTHER-INCOME> 0
<EXPENSES-NET> 320,612
<NET-INVESTMENT-INCOME> 1,244,989
<REALIZED-GAINS-CURRENT> 2,317,010
<APPREC-INCREASE-CURRENT> 2,701,826
<NET-CHANGE-FROM-OPS> 6,263,825
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,199,564
<DISTRIBUTIONS-OF-GAINS> 590,466
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,524,798
<NUMBER-OF-SHARES-REDEEMED> 583,926
<SHARES-REINVESTED> 126,953
<NET-CHANGE-IN-ASSETS> 34,358,591
<ACCUMULATED-NII-PRIOR> 304,765
<ACCUMULATED-GAINS-PRIOR> 95,681
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 382,200
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 512,003
<AVERAGE-NET-ASSETS> 50,960,011
<PER-SHARE-NAV-BEGIN> 13.08
<PER-SHARE-NII> .32
<PER-SHARE-GAIN-APPREC> 1.76
<PER-SHARE-DIVIDEND> (0.36)
<PER-SHARE-DISTRIBUTIONS> (0.19)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.61
<EXPENSE-RATIO> 0.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
RETIREMENT SERIES - STRATEGIST
SERIES EIGHT
</LEGEND>
<SERIES>
<NUMBER> 8
<NAME> STRATEGIST
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 18,950,012
<INVESTMENTS-AT-VALUE> 19,844,349
<RECEIVABLES> 565,744
<ASSETS-OTHER> 1,482
<OTHER-ITEMS-ASSETS> 7,073
<TOTAL-ASSETS> 20,418,648
<PAYABLE-FOR-SECURITIES> 2,888,797
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 34,145
<TOTAL-LIABILITIES> 2,922,942
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,790,823
<SHARES-COMMON-STOCK> 1,388,256
<SHARES-COMMON-PRIOR> 599,295
<ACCUMULATED-NII-CURRENT> 174,703
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 635,843
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 894,337
<NET-ASSETS> 17,495,706
<DIVIDEND-INCOME> 101,344
<INTEREST-INCOME> 253,093
<OTHER-INCOME> 0
<EXPENSES-NET> 66,767
<NET-INVESTMENT-INCOME> 287,670
<REALIZED-GAINS-CURRENT> 730,868
<APPREC-INCREASE-CURRENT> 291,438
<NET-CHANGE-FROM-OPS> 1,309,976
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 244,742
<DISTRIBUTIONS-OF-GAINS> 159,285
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 972,731
<NUMBER-OF-SHARES-REDEEMED> 218,134
<SHARES-REINVESTED> 34,364
<NET-CHANGE-IN-ASSETS> 10,737,014
<ACCUMULATED-NII-PRIOR> 131,775
<ACCUMULATED-GAINS-PRIOR> 64,260
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 85,382
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 161,571
<AVERAGE-NET-ASSETS> 10,044,910
<PER-SHARE-NAV-BEGIN> 11.28
<PER-SHARE-NII> .25
<PER-SHARE-GAIN-APPREC> 1.63
<PER-SHARE-DIVIDEND> (.34)
<PER-SHARE-DISTRIBUTIONS> (.22)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.60
<EXPENSE-RATIO> .66
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
RETIREMENT SERIES - UTILITIES
SERIES NINE
</LEGEND>
<SERIES>
<NUMBER> 9
<NAME> UTILITIES SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 6,907,507
<INVESTMENTS-AT-VALUE> 7,511,813
<RECEIVABLES> 43,117
<ASSETS-OTHER> 84,500
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,639,430
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46,133
<TOTAL-LIABILITIES> 46,133
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,087,008
<SHARES-COMMON-STOCK> 643,891
<SHARES-COMMON-PRIOR> 478,123
<ACCUMULATED-NII-CURRENT> 33,362
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (131,379)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 604,306
<NET-ASSETS> 7,593,297
<DIVIDEND-INCOME> 213,902
<INTEREST-INCOME> 31,187
<OTHER-INCOME> 0
<EXPENSES-NET> 39,979
<NET-INVESTMENT-INCOME> 205,110
<REALIZED-GAINS-CURRENT> (13,965)
<APPREC-INCREASE-CURRENT> 257,350
<NET-CHANGE-FROM-OPS> 448,495
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (230,987)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 288,411
<NUMBER-OF-SHARES-REDEEMED> (141,590)
<SHARES-REINVESTED> 18,947
<NET-CHANGE-IN-ASSETS> 2,213,477
<ACCUMULATED-NII-PRIOR> 59,239
<ACCUMULATED-GAINS-PRIOR> (117,414)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 48,060
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 97,180
<AVERAGE-NET-ASSETS> 6,408,027
<PER-SHARE-NAV-BEGIN> 11.25
<PER-SHARE-NII> .38
<PER-SHARE-GAIN-APPREC> .61
<PER-SHARE-DIVIDEND> (.45)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.79
<EXPENSE-RATIO> .62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
RETIREMENT SERIES - VALUE-ADDED MARKET SERIES
SERIES TEN
</LEGEND>
<SERIES>
<NUMBER> 10
<NAME> VALUE-ADDED MARKET SERIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 18,932,514
<INVESTMENTS-AT-VALUE> 21,098,236
<RECEIVABLES> 183,106
<ASSETS-OTHER> 9,133
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21,290,475
<PAYABLE-FOR-SECURITIES> 874,348
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 36,892
<TOTAL-LIABILITIES> 911,240
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,893,631
<SHARES-COMMON-STOCK> 1,463,322
<SHARES-COMMON-PRIOR> 1,100,080
<ACCUMULATED-NII-CURRENT> 172,103
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 147,779
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,165,722
<NET-ASSETS> 20,379,235
<DIVIDEND-INCOME> 361,402
<INTEREST-INCOME> 52,053
<OTHER-INCOME> 0
<EXPENSES-NET> 82,083
<NET-INVESTMENT-INCOME> 331,372
<REALIZED-GAINS-CURRENT> 186,832
<APPREC-INCREASE-CURRENT> 1,044,025
<NET-CHANGE-FROM-OPS> 1,562,229
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (257,479)
<DISTRIBUTIONS-OF-GAINS> (78,439)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 468,279
<NUMBER-OF-SHARES-REDEEMED> (129,743)
<SHARES-REINVESTED> 24,706
<NET-CHANGE-IN-ASSETS> 6,229,246
<ACCUMULATED-NII-PRIOR> 98,210
<ACCUMULATED-GAINS-PRIOR> 39,386
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 87,508
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 135,691
<AVERAGE-NET-ASSETS> 17,501,593
<PER-SHARE-NAV-BEGIN> 12.80
<PER-SHARE-NII> .25
<PER-SHARE-GAIN-APPREC> 1.17
<PER-SHARE-DIVIDEND> (.22)
<PER-SHARE-DISTRIBUTIONS> (.07)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.93
<EXPENSE-RATIO> .78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
RETIREMENT SERIES - GLOBAL EQUITY
SERIES 11
</LEGEND>
<SERIES>
<NUMBER> 11
<NAME> GLOBAL EQUITY
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 11,167,596
<INVESTMENTS-AT-VALUE> 11,738,880
<RECEIVABLES> 79,071
<ASSETS-OTHER> 8,353
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,826,304
<PAYABLE-FOR-SECURITIES> 90,260
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 50,801
<TOTAL-LIABILITIES> 141,061
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,700,702
<SHARES-COMMON-STOCK> 990,721
<SHARES-COMMON-PRIOR> 652,573
<ACCUMULATED-NII-CURRENT> 49,495
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 363,465
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 571,581
<NET-ASSETS> 11,685,243
<DIVIDEND-INCOME> 122,604
<INTEREST-INCOME> 22,357
<OTHER-INCOME> 0
<EXPENSES-NET> 60,430
<NET-INVESTMENT-INCOME> 84,531
<REALIZED-GAINS-CURRENT> 434,795
<APPREC-INCREASE-CURRENT> 47,491
<NET-CHANGE-FROM-OPS> 566,817
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 126,784
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 542,027
<NUMBER-OF-SHARES-REDEEMED> 214,741
<SHARES-REINVESTED> 10,862
<NET-CHANGE-IN-ASSETS> 4,398,938
<ACCUMULATED-NII-PRIOR> 91,401
<ACCUMULATED-GAINS-PRIOR> (70,983)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 91,939
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 159,187
<AVERAGE-NET-ASSETS> 9,193,866
<PER-SHARE-NAV-BEGIN> 11.17
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> .71
<PER-SHARE-DIVIDEND> (.18)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.79
<EXPENSE-RATIO> .66
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
