<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual
report dated July 31, 2000 for the Tax Exempt Bond Portfolio and is qualified
inits entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-END> JUL-31-2000
<INVESTMENTS-AT-COST> 779659
<INVESTMENTS-AT-VALUE> 794496
<RECEIVABLES> 9548
<ASSETS-OTHER> 97
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 804141
<PAYABLE-FOR-SECURITIES> 19883
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 335
<TOTAL-LIABILITIES> 20218
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 783923
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 40506
<OTHER-INCOME> 0
<EXPENSES-NET> 2821
<NET-INVESTMENT-INCOME> 37685
<REALIZED-GAINS-CURRENT> (13495)
<APPREC-INCREASE-CURRENT> 6100
<NET-CHANGE-FROM-OPS> 30290
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 318241
<NUMBER-OF-SHARES-REDEEMED> 386478
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (37947)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2344
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2821
<AVERAGE-NET-ASSETS> 788522
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> .36
</TABLE>
