<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 914324
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 LIFE AND ANNUITY TRUST
001 B000000 811-8118
001 C000000 5013772521
002 A000000 111 CENTER STREET
002 B000000 LITTLE ROCK
002 C000000 AR
002 D010000 72201
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 ASSET ALLOCATION FUND
007 C030100 N
007 C010200 2
007 C020200 GROWTH AND INCOME FUND
007 C030200 N
007 C010300 3
007 C020300 MONEY MARKET FUND
007 C030300 N
007 C010400 4
007 C020400 U.S. GOVERNMENT ALLOCATION FUND
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 CAPITAL INSTITUTIONAL SVCS INC
020 B000001 75-1565705
020 C000001 12
020 A000002 SOLOMON BROTHERS
020 B000002 13-3082694
020 C000002 12
020 A000003 INTERSTATE JOHNSON LANE
020 B000003 56-0276690
<PAGE> PAGE 2
020 C000003 10
020 A000004 EXECUTION SERVICES
020 B000004 UNKNOWN
020 C000004 10
020 A000005 ALPHA MANAGEMENT
020 B000005 94-3105302
020 C000005 6
020 A000006 LEHMAN BROTHERS INC
020 B000006 13-2518466
020 C000006 5
020 A000007 ROCHDALE SECURITIES CORP
020 B000007 13-3360814
020 C000007 4
020 A000008 BEAR STEARNS SECURITIES
020 B000008 13-3299429
020 C000008 3
020 A000009 MONTGOMERY SECURITIES
020 B000009 94-1701676
020 C000009 3
020 A000010 ALLIED RESEARCH SERVICES
020 B000010 UNKNOWN
020 C000010 2
021 000000 88
022 A000001 JP MORGAN SEC INC
022 B000001 13-3224016
022 C000001 90271
022 D000001 15618
022 A000002 SOLOMON BROTHERS
022 B000002 13-3082694
022 C000002 67944
022 D000002 19338
022 A000003 GOLDMAN SACHS
022 B000003 13-5108880
022 C000003 39228
022 D000003 37097
022 A000004 CHASE SECURITIES
022 B000004 13-3112953
022 C000004 15486
022 D000004 24064
022 A000005 LEHMAN BROTHERS INC
022 B000005 13-2518466
022 C000005 25293
022 D000005 5031
022 A000006 MORGAN STANLEY & CO
022 B000006 13-2655998
022 C000006 25763
022 D000006 793
022 A000007 HSBC SECURITIES INC
022 B000007 13-2650272
022 C000007 10957
022 D000007 5055
<PAGE> PAGE 3
022 A000008 MERRILL LYNCH PIERCE FENNER
022 B000008 13-2761776
022 C000008 8407
022 D000008 7424
022 A000009 CS FIRST BOSTON
022 B000009 13-5659485
022 C000009 8710
022 D000009 2482
022 A000010 CAPITAL INSTITUTIONAL SVCS INC
022 B000010 75-1565705
022 C000010 3545
022 D000010 2327
023 C000000 327892
023 D000000 174168
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 Y
026 H000000 N
027 000000 Y
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
077 A000000 Y
077 B000000 Y
080 A00AA00 CHUBB INSURANCE GROUP OF COMPANIES
080 C00AA00 40000
081 A00AA00 Y
081 B00AA00 75
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 Y
086 A010000 0
086 A020000 0
086 B010000 0
<PAGE> PAGE 4
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000101 WELLS FARGO BANK NA
008 B000101 A
008 C000101 801-00000
008 D010101 SAN FRANCISCO
008 D020101 CA
008 D030101 94105
008 A000102 BZW BARLCLAYS GLOBAL FUND ADVISORS
008 B000102 S
008 C000102 801-0000
008 D010102 SAN FRANCISCO
008 D020102 CA
008 D030102 94105
024 000100 N
028 A010100 1752
028 A020100 510
028 A030100 0
028 A040100 68
028 B010100 1665
028 B020100 0
028 B030100 0
028 B040100 10
028 C010100 1708
028 C020100 0
028 C030100 0
028 C040100 94
028 D010100 1771
028 D020100 587
028 D030100 0
028 D040100 2297
028 E010100 1961
028 E020100 0
028 E030100 0
028 E040100 12
028 F010100 1474
028 F020100 2300
028 F030100 0
028 F040100 67
028 G010100 10331
028 G020100 3397
028 G030100 0
028 G040100 2548
028 H000100 0
<PAGE> PAGE 5
055 A000100 Y
055 B000100 N
056 000100 Y
057 000100 N
062 A000100 Y
062 B000100 44.2
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 55.7
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 13.8
064 A000100 Y
064 B000100 N
070 A010100 N
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 Y
070 F020100 Y
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
<PAGE> PAGE 6
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 26635
071 B000100 708
071 C000100 18433
071 D000100 4
072 A000100 12
072 B000100 2397
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 238
072 G000100 17
072 H000100 0
072 I000100 20
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 11
072 N000100 4
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 15
072 S000100 14
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 0
072 X000100 319
072 Y000100 44
072 Z000100 2122
072AA000100 2465
072BB000100 0
072CC010100 14
072CC020100 0
072DD010100 2122
072DD020100 0
072EE000100 2300
073 A010100 0.5630
073 A020100 0.0000
073 B000100 0.5443
<PAGE> PAGE 7
073 C000100 0.0000
074 A000100 1
074 B000100 0
074 C000100 22890
074 D000100 28833
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 1265
074 M000100 16
074 N000100 53005
074 O000100 0
074 P000100 45
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 1163
074 S000100 0
074 T000100 51797
074 U010100 4537
074 U020100 0
074 V010100 11.42
074 V020100 0.00
074 W000100 0.0000
074 X000100 2
074 Y000100 820
075 A000100 0
075 B000100 39739
076 000100 0.00
024 000200 N
025 A000201 DELETE
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 988
028 A020200 77
028 A030200 0
028 A040200 112
028 B010200 1299
028 B020200 0
028 B030200 0
<PAGE> PAGE 8
028 B040200 38
028 C010200 1227
028 C020200 0
028 C030200 0
028 C040200 39
028 D010200 2851
028 D020200 72
028 D030200 0
028 D040200 140
028 E010200 2011
028 E020200 0
028 E030200 0
028 E040200 5
028 F010200 1798
028 F020200 515
028 F030200 0
028 F040200 42
028 G010200 10174
028 G020200 664
028 G030200 0
028 G040200 376
028 H000200 0
055 A000200 Y
055 B000200 N
056 000200 Y
057 000200 N
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
<PAGE> PAGE 9
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 N
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 20750
071 B000200 9884
071 C000200 22903
071 D000200 95
072 A000200 12
072 B000200 158
072 C000200 291
072 D000200 0
072 E000200 0
072 F000200 128
072 G000200 6
072 H000200 0
072 I000200 10
072 J000200 13
072 K000200 0
072 L000200 0
072 M000200 11
072 N000200 1
072 O000200 0
072 P000200 0
<PAGE> PAGE 10
072 Q000200 0
072 R000200 14
072 S000200 10
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 43
072 X000200 236
072 Y000200 109
072 Z000200 322
072AA000200 671
072BB000200 0
072CC010200 3408
072CC020200 0
072DD010200 322
072DD020200 0
072EE000200 515
073 A010200 0.1951
073 A020200 0.0000
073 B000200 0.2487
073 C000200 0.0000
074 A000200 1
074 B000200 795
074 C000200 1979
074 D000200 171
074 E000200 555
074 F000200 29982
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 3
074 K000200 0
074 L000200 179
074 M000200 7
074 N000200 33672
074 O000200 0
074 P000200 0
074 Q000200 22
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 269
074 S000200 0
074 T000200 33381
074 U010200 2176
074 U020200 0
074 V010200 15.34
074 V020200 0.00
074 W000200 0.0000
074 X000200 2
074 Y000200 0
<PAGE> PAGE 11
075 A000200 0
075 B000200 21085
076 000200 0.00
024 000300 Y
025 A000301 GOLDMAN SACHS
025 B000301 13-5108880
025 C000301 D
025 D000301 1913
025 A000302 MORGAN STANLEY
025 B000302 13-2655998
025 C000302 D
025 D000302 2000
025 A000303 JP MORGAN
025 B000303 13-3224016
025 C000303 D
025 D000303 2002
025 A000304 HSBC SECURITIES
025 B000304 13-2650272
025 C000304 D
025 D000304 2029
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 1208
028 A020300 37
028 A030300 0
028 A040300 701
028 B010300 1616
028 B020300 40
028 B030300 0
028 B040300 1621
028 C010300 1136
028 C020300 41
028 C030300 0
028 C040300 564
028 D010300 1419
028 D020300 41
028 D030300 0
028 D040300 2129
028 E010300 1724
028 E020300 40
028 E030300 0
028 E040300 265
028 F010300 1666
028 F020300 42
028 F030300 0
028 F040300 1200
028 G010300 8769
028 G020300 241
028 G030300 0
<PAGE> PAGE 12
028 G040300 6480
028 H000300 0
055 A000300 Y
055 B000300 N
056 000300 Y
057 000300 N
062 A000300 Y
062 B000300 58.4
062 C000300 0.0
062 D000300 40.8
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 43
063 B000300 0.0
064 A000300 Y
064 B000300 N
070 A010300 Y
070 A020300 Y
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 N
070 K020300 N
070 L010300 N
<PAGE> PAGE 13
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 N
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 12
072 B000300 492
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 43
072 G000300 3
072 H000300 0
072 I000300 5
072 J000300 2
072 K000300 0
072 L000300 0
072 M000300 11
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 14
072 S000300 5
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 34
072 X000300 117
072 Y000300 67
072 Z000300 442
072AA000300 0
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 443
072DD020300 0
072EE000300 0
073 A010300 0.0461
<PAGE> PAGE 14
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 2
074 B000300 5164
074 C000300 7399
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 184
074 M000300 0
074 N000300 12749
074 O000300 0
074 P000300 4
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 78
074 S000300 0
074 T000300 12667
074 U010300 12667
074 U020300 0
074 V010300 1.00
074 V020300 0.00
074 W000300 0.9999
074 X000300 2
074 Y000300 0
075 A000300 9589
075 B000300 0
076 000300 0.00
024 000400 N
025 D000401 0
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 371
028 A020400 37
028 A030400 0
028 A040400 53
028 B010400 294
028 B020400 40
<PAGE> PAGE 15
028 B030400 0
028 B040400 14
028 C010400 439
028 C020400 40
028 C030400 0
028 C040400 25
028 D010400 3346
028 D020400 41
028 D030400 0
028 D040400 34
028 E010400 531
028 E020400 58
028 E030400 0
028 E040400 7
028 F010400 596
028 F020400 54
028 F030400 0
028 F040400 13
028 G010400 5577
028 G020400 270
028 G030400 0
028 G040400 146
028 H000400 0
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
062 A000400 Y
062 B000400 20.5
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 97.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 4.7
064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
<PAGE> PAGE 16
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 N
070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 N
070 J020400 N
070 K010400 N
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
071 A000400 30724
071 B000400 13060
071 C000400 5886
071 D000400 222
072 A000400 12
072 B000400 520
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 49
072 G000400 1
072 H000400 0
072 I000400 4
072 J000400 0
<PAGE> PAGE 17
072 K000400 0
072 L000400 0
072 M000400 11
072 N000400 1
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 15
072 S000400 10
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 5
072 X000400 96
072 Y000400 47
072 Z000400 471
072AA000400 0
072BB000400 4
072CC010400 0
072CC020400 32
072DD010400 471
072DD020400 0
072EE000400 0
073 A010400 0.5626
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 2780
074 D000400 10344
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 501
074 M000400 1
074 N000400 13626
074 O000400 0
074 P000400 6
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 93
074 S000400 0
074 T000400 13527
074 U010400 1335
<PAGE> PAGE 18
074 U020400 0
074 V010400 10.13
074 V020400 0.00
074 W000400 0.0000
074 X000400 2
074 Y000400 0
075 A000400 0
075 B000400 8193
076 000400 0.00
SIGNATURE ANN BONSTEEL
TITLE ASST. SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> ASSET ALLOCATION FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 51115231
<INVESTMENTS-AT-VALUE> 51723501
<RECEIVABLES> 1264818
<ASSETS-OTHER> 614
<OTHER-ITEMS-ASSETS> 15893
<TOTAL-ASSETS> 53004826
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1207885
<TOTAL-LIABILITIES> 1207885
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 50471742
<SHARES-COMMON-STOCK> 4537205
<SHARES-COMMON-PRIOR> 2259262
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 495304
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 829895
<NET-ASSETS> 51796941
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2396945
<OTHER-INCOME> 0
<EXPENSES-NET> (275104)
<NET-INVESTMENT-INCOME> 2121841
<REALIZED-GAINS-CURRENT> 2464924
<APPREC-INCREASE-CURRENT> 13719
<NET-CHANGE-FROM-OPS> 4600484
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2121841)
<DISTRIBUTIONS-OF-GAINS> (2300431)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2210668
<NUMBER-OF-SHARES-REDEEMED> 318474
<SHARES-REINVESTED> 385749
<NET-CHANGE-IN-ASSETS> 26330169
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 330811
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 238004
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 318980
<AVERAGE-NET-ASSETS> 39739000
<PER-SHARE-NAV-BEGIN> 11.27
<PER-SHARE-NII> 0.56
<PER-SHARE-GAIN-APPREC> 0.69
<PER-SHARE-DIVIDEND> (0.56)
<PER-SHARE-DISTRIBUTIONS> (0.54)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.42
<EXPENSE-RATIO> 0.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> GROWTH AND INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 29107975
<INVESTMENTS-AT-VALUE> 33482721
<RECEIVABLES> 181170
<ASSETS-OTHER> 1445
<OTHER-ITEMS-ASSETS> 6722
<TOTAL-ASSETS> 33672058
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 291420
<TOTAL-LIABILITIES> 291420
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28820399
<SHARES-COMMON-STOCK> 2176280
<SHARES-COMMON-PRIOR> 845941
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 185493
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4374746
<NET-ASSETS> 33380638
<DIVIDEND-INCOME> 290801
<INTEREST-INCOME> 157749
<OTHER-INCOME> 0
<EXPENSES-NET> (126924)
<NET-INVESTMENT-INCOME> 321626
<REALIZED-GAINS-CURRENT> 670537
<APPREC-INCREASE-CURRENT> 3407928
<NET-CHANGE-FROM-OPS> 4400091
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (321626)
<DISTRIBUTIONS-OF-GAINS> (514688)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1407558
<NUMBER-OF-SHARES-REDEEMED> 133606
<SHARES-REINVESTED> 56387
<NET-CHANGE-IN-ASSETS> 22461046
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 29644
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 127818
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 236405
<AVERAGE-NET-ASSETS> 21085000
<PER-SHARE-NAV-BEGIN> 12.91
<PER-SHARE-NII> 0.20
<PER-SHARE-GAIN-APPREC> 2.68
<PER-SHARE-DIVIDEND> (0.20)
<PER-SHARE-DISTRIBUTIONS> (0.25)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.34
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 12562361
<INVESTMENTS-AT-VALUE> 12562361
<RECEIVABLES> 184424
<ASSETS-OTHER> 1820
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12748605
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 81654
<TOTAL-LIABILITIES> 81654
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12666951
<SHARES-COMMON-STOCK> 12666954
<SHARES-COMMON-PRIOR> 5823351
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 12666951
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 492085
<OTHER-INCOME> 0
<EXPENSES-NET> (49163)
<NET-INVESTMENT-INCOME> 442922
<REALIZED-GAINS-CURRENT> 225
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 443147
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (442922)
<DISTRIBUTIONS-OF-GAINS> (225)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15213897
<NUMBER-OF-SHARES-REDEEMED> 8813439
<SHARES-REINVESTED> 443145
<NET-CHANGE-IN-ASSETS> 6843603
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 43071
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 116574
<AVERAGE-NET-ASSETS> 9589000
<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> 0.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> U.S. GOVERNMENT ALLOCATION FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 13101094
<INVESTMENTS-AT-VALUE> 13124280
<RECEIVABLES> 501197
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1139
<TOTAL-ASSETS> 13626616
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 99282
<TOTAL-LIABILITIES> 99282
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13507669
<SHARES-COMMON-STOCK> 1334979
<SHARES-COMMON-PRIOR> 471204
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3521)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23186
<NET-ASSETS> 13527334
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 520326
<OTHER-INCOME> 0
<EXPENSES-NET> (49478)
<NET-INVESTMENT-INCOME> 470850
<REALIZED-GAINS-CURRENT> (3569)
<APPREC-INCREASE-CURRENT> (32071)
<NET-CHANGE-FROM-OPS> 435210
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (470850)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 868061
<NUMBER-OF-SHARES-REDEEMED> 51054
<SHARES-REINVESTED> 46768
<NET-CHANGE-IN-ASSETS> 8672181
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 48
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 49164
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 96728
<AVERAGE-NET-ASSETS> 8193000
<PER-SHARE-NAV-BEGIN> 10.30
<PER-SHARE-NII> 0.56
<PER-SHARE-GAIN-APPREC> (0.17)
<PER-SHARE-DIVIDEND> (0.56)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.13
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
