<PAGE> PAGE 1
000 B000000 12/31/98
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 6
007 C010100 1
007 C020100 ASSET ALLOCATION FUND
007 C030100 N
007 C010200 2
007 C020200 GROWTH 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 C020500 EQUITY VALUE
007 C030500 N
007 C010600 6
007 C020600 STRATEGIC GROWTH
007 C030600 N
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 WELLS FARGO BANK
010 B00AA01 8-0000
010 C01AA01 SAN FRANCISCO
010 C02AA01 CA
010 C03AA01 94105
010 A00AA02 STEPHENS INC
010 B00AA02 8-1927
<PAGE> PAGE 2
010 C01AA02 LITTLE ROCK
010 C02AA02 AR
010 C03AA02 72201
011 A00AA01 STEPHENS INC.
011 B00AA01 8-1927
011 C01AA01 LITTLE ROCK
011 C02AA01 AR
011 C03AA01 72201
012 A00AA01 AMERICAN SKANDIA LIFE INSURANCE COMPANY
012 B00AA01 84-00000
012 C01AA01 SHELTON
012 C02AA01 CT
012 C03AA01 06484
013 A00AA01 KPMG PEAT MARWICK
013 B01AA01 SAN FRANCISCO
013 B02AA01 CA
013 B03AA01 94111
014 A00AA01 WELLS FARGO SECURITIES INC.
014 B00AA01 8-35225
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 EXECUTION SERVICES INC
020 B000001 UNKNOWN
020 C000001 28
020 A000002 MORGAN STANLEY
020 B000002 13-2655998
020 C000002 25
020 A000003 INTERSTATE JOHNSON LANE
020 B000003 56-0276690
020 C000003 12
020 A000004 STANDARD & POORS SEC
020 B000004 13-2671951
020 C000004 6
020 A000005 LEHMAN BROTHERS INC
020 B000005 13-2518466
020 C000005 6
020 A000006 SMITH BARNEY SHEARSON
020 B000006 13-1912900
020 C000006 6
020 A000007 GOLDMAN SACHS
020 B000007 13-5108880
020 C000007 5
020 A000008 BEAR STEARNS SECURITIES CORP
020 B000008 13-3299429
020 C000008 5
020 A000009 CAPITAL INSTITUTIONAL SVCS
020 B000009 75-1565705
020 C000009 5
020 A000010 MERRILL LYNCH
020 B000010 13-2761776
<PAGE> PAGE 3
020 C000010 3
021 000000 130
022 A000001 GOLDMAN SACHS
022 B000001 13-5108880
022 C000001 236803
022 D000001 101398
022 A000002 MERRILL LYNCH PIERCE FENNER
022 B000002 13-2761776
022 C000002 98620
022 D000002 55780
022 A000003 LEHMAN BROTHERS INC
022 B000003 13-2518466
022 C000003 40235
022 D000003 42749
022 A000004 JP MORGAN SECURITIES
022 B000004 13-3224016
022 C000004 72294
022 D000004 3062
022 A000005 MORGAN STANLEY
022 B000005 13-2655998
022 C000005 53183
022 D000005 17546
022 A000006 BERNARD MADOFF INC SECS
022 B000006 13-1997126
022 C000006 61721
022 D000006 5633
022 A000007 SALOMON BROTHERS INC
022 B000007 13-3082694
022 C000007 33048
022 D000007 24281
022 A000008 EXECUTION SERVICES INC
022 B000008 UNKNOWN
022 C000008 20185
022 D000008 1099
022 A000009 DIRECT BROKERAGE
022 B000009 UNKNOWN
022 C000009 16126
022 D000009 0
022 A000010 SMITH BARNEY SHEARSON
022 B000010 13-1912900
022 C000010 8446
022 D000010 4024
023 C000000 849744
023 D000000 509474
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
<PAGE> PAGE 4
026 G020000 Y
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
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
078 000000 N
080 A00AA00 CHUBB INSURANCE GROUP OF COMPANIES
080 C00AA00 40000
081 A00AA00 Y
081 B00AA00 50
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
<PAGE> PAGE 5
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 BARLCLAYS GLOBAL FUND ADVISORS
008 B000102 S
008 C000102 801-0000
008 D010102 SAN FRANCISCO
008 D020102 CA
008 D030102 94105
015 A000101 BARCLAYS GLOBAL INVESTORS
015 B000101 C
015 C010101 SAN FRANCISCO
015 C020101 CA
015 C030101 94105
015 E010101 X
024 000100 Y
025 A000101 JP MORGAN
025 B000101 13-3224016
025 C000101 E
025 D000101 276
025 A000102 LEHMAN BROTHERS
025 B000102 13-2518466
025 C000102 E
025 D000102 292
025 A000103 MORGAN STANLEY
025 B000103 13-2655998
025 C000103 E
025 D000103 510
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 5575
028 A020100 921
028 A030100 0
028 A040100 261
028 B010100 4002
028 B020100 0
028 B030100 0
028 B040100 219
028 C010100 3434
028 C020100 0
<PAGE> PAGE 6
028 C030100 0
028 C040100 320
028 D010100 3655
028 D020100 549
028 D030100 0
028 D040100 140
028 E010100 3832
028 E020100 0
028 E030100 0
028 E040100 32
028 F010100 5890
028 F020100 11816
028 F030100 0
028 F040100 0
028 G010100 26388
028 G020100 13286
028 G030100 0
028 G040100 972
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.600
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
055 A000100 Y
055 B000100 N
056 000100 N
057 000100 N
062 A000100 N
062 B000100 0.0
<PAGE> PAGE 7
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 0.0
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 0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 Y
067 000100 N
068 A000100 N
068 B000100 N
069 000100 Y
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 Y
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
<PAGE> PAGE 8
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 135123
071 B000100 25023
071 C000100 86938
071 D000100 29
072 A000100 12
072 B000100 3150
072 C000100 915
072 D000100 0
072 E000100 0
072 F000100 688
072 G000100 77
072 H000100 0
072 I000100 369
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 15
072 N000100 3
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 19
072 S000100 19
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 80
072 X000100 1270
072 Y000100 214
072 Z000100 3009
072AA000100 9957
072BB000100 0
072CC010100 13842
072CC020100 0
072DD010100 3009
072DD020100 0
072EE000100 11817
<PAGE> PAGE 9
073 A010100 0.3418
073 A020100 0.0000
073 B000100 1.1408
073 C000100 0.0000
074 A000100 5
074 B000100 0
074 C000100 4077
074 D000100 28021
074 E000100 0
074 F000100 124729
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 153
074 K000100 0
074 L000100 1162
074 M000100 21
074 N000100 158168
074 O000100 1301
074 P000100 113
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 513
074 S000100 0
074 T000100 156241
074 U010100 11618
074 U020100 0
074 V010100 13.45
074 V020100 0.00
074 W000100 0.0000
074 X000100 3
074 Y000100 0
075 A000100 0
075 B000100 114743
076 000100 0.00
008 A000201 WELLS FARGO BANK, NA
008 B000201 A
008 C000201 801-00000
008 D010201 SAN FRANCISCO
008 D020201 CA
008 D030201 94105
015 A000201 WELLS FARGO BANK
015 B000201 C
015 C010201 SAN FRANCISCO
015 C020201 CA
015 C030201 94105
015 E010201 X
025 A000201 GOLDMAN SACHS
025 B000201 13-5108880
<PAGE> PAGE 10
025 C000201 D
025 D000201 5010
025 A000202 JP MORGAN
025 B000202 13-3224016
025 C000202 D
025 D000202 103
025 A000203 MORGAN STANLEY
025 B000203 13-2655998
025 C000203 D
025 D000203 38
025 A000204 DELETE
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 687
028 A020200 129
028 A030200 0
028 A040200 198
028 B010200 765
028 B020200 0
028 B030200 0
028 B040200 603
028 C010200 413
028 C020200 0
028 C030200 0
028 C040200 1001
028 D010200 3018
028 D020200 114
028 D030200 0
028 D040200 2226
028 E010200 435
028 E020200 0
028 E030200 0
028 E040200 329
028 F010200 434
028 F020200 6512
028 F030200 0
028 F040200 403
028 G010200 5752
028 G020200 6755
028 G030200 0
028 G040200 4760
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.600
048 A010200 0
048 A020200 0.000
<PAGE> PAGE 11
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
055 A000200 N
055 B000200 N
056 000200 N
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
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 Y
066 F000200 N
066 G000200 N
<PAGE> PAGE 12
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
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 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 65232
071 B000200 55308
071 C000200 79886
071 D000200 69
072 A000200 12
072 B000200 245
072 C000200 1084
072 D000200 0
072 E000200 0
072 F000200 512
072 G000200 57
<PAGE> PAGE 13
072 H000200 0
072 I000200 268
072 J000200 23
072 K000200 0
072 L000200 0
072 M000200 25
072 N000200 1
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 19
072 S000200 19
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 87
072 X000200 1011
072 Y000200 119
072 Z000200 437
072AA000200 3246
072BB000200 0
072CC010200 18355
072CC020200 0
072DD010200 437
072DD020200 0
072EE000200 6511
073 A010200 0.0950
073 A020200 0.0000
073 B000200 1.3919
073 C000200 0.0000
074 A000200 7
074 B000200 5222
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 95657
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 180
074 M000200 14
074 N000200 101080
074 O000200 0
074 P000200 85
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 68
<PAGE> PAGE 14
074 S000200 0
074 T000200 100927
074 U010200 5035
074 U020200 0
074 V010200 20.05
074 V020200 0.00
074 W000200 0.0000
074 X000200 2
074 Y000200 0
075 A000200 0
075 B000200 84789
076 000200 0.00
008 A000301 WELLS FARGO BANK, NA
008 B000301 A
008 C000301 801-00000
008 D010301 SAN FRANCISCO
008 D020301 CA
008 D030301 94105
015 A000301 WELLS FARGO BANK
015 B000301 C
015 C010301 SAN FRANCISCO
015 C020301 CA
015 C030301 94105
015 E010301 X
024 000300 Y
025 A000301 GOLDMAN SACHS
025 B000301 13-5108880
025 C000301 D
025 D000301 1161
025 A000302 MORGAN STANLEY
025 B000302 13-2655999
025 C000302 D
025 D000302 1960
025 A000303 JP MORGAN
025 B000303 13-3224016
025 C000303 D
025 D000303 149
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 1831
028 A020300 56
028 A030300 0
028 A040300 1622
028 B010300 2786
028 B020300 57
028 B030300 0
028 B040300 1435
028 C010300 5191
<PAGE> PAGE 15
028 C020300 62
028 C030300 0
028 C040300 743
028 D010300 5171
028 D020300 75
028 D030300 0
028 D040300 1520
028 E010300 1517
028 E020300 88
028 E030300 0
028 E040300 1290
028 F010300 2770
028 F020300 86
028 F030300 0
028 F040300 1368
028 G010300 19266
028 G020300 424
028 G030300 0
028 G040300 7978
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.450
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
055 A000300 N
055 B000300 N
056 000300 N
057 000300 N
062 A000300 Y
<PAGE> PAGE 16
062 B000300 6.3
062 C000300 17.6
062 D000300 14.3
062 E000300 0.0
062 F000300 6.5
062 G000300 0.0
062 H000300 0.0
062 I000300 44.5
062 J000300 0.0
062 K000300 0.0
062 L000300 10.4
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 69
063 B000300 0.0
064 A000300 Y
064 B000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 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 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 N
<PAGE> PAGE 17
070 M020300 N
070 N010300 N
070 N020300 N
070 O010300 Y
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 952
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 79
072 G000300 12
072 H000300 0
072 I000300 50
072 J000300 6
072 K000300 0
072 L000300 0
072 M000300 16
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 19
072 S000300 5
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 37
072 X000300 224
072 Y000300 80
072 Z000300 808
072AA000300 1
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 808
072DD020300 0
072EE000300 1
073 A010300 0.0467
073 A020300 0.0000
073 B000300 0.0000
<PAGE> PAGE 18
073 C000300 0.0000
074 A000300 11
074 B000300 3753
074 C000300 22469
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 226
074 M000300 1
074 N000300 26460
074 O000300 0
074 P000300 14
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 127
074 S000300 0
074 T000300 26319
074 U010300 26319
074 U020300 0
074 V010300 1.00
074 V020300 0.00
074 W000300 1.0001
074 X000300 2
074 Y000300 0
075 A000300 17492
075 B000300 0
076 000300 0.00
008 A000401 WELLS FARGO BANK,NA
008 B000401 A
008 C000401 801-00000
008 D010401 SAN FRANCISCO
008 D020401 CA
008 D030401 94105
008 A000402 BARCLAYS GLOBAL FUND ADVISORS
008 B000402 S
008 C000402 801-00000
008 D010402 SAN FRANCISCO
008 D020402 CA
008 D030402 94105
015 A000401 BARLCLAYS GLOBAL INVESTORS
015 B000401 C
015 C010401 SAN FRANCISCO
015 C020401 CA
015 C030401 94105
<PAGE> PAGE 19
015 E010401 X
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 1717
028 A020400 122
028 A030400 0
028 A040400 37
028 B010400 983
028 B020400 133
028 B030400 0
028 B040400 82
028 C010400 1828
028 C020400 138
028 C030400 0
028 C040400 54
028 D010400 10495
028 D020400 126
028 D030400 0
028 D040400 11072
028 E010400 748
028 E020400 129
028 E030400 0
028 E040400 544
028 F010400 894
028 F020400 678
028 F030400 0
028 F040400 1327
028 G010400 16665
028 G020400 1326
028 G030400 0
028 G040400 13116
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.600
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
<PAGE> PAGE 20
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
055 A000400 Y
055 B000400 N
056 000400 N
057 000400 N
062 A000400 Y
062 B000400 27.7
062 C000400 36.6
062 D000400 0.0
062 E000400 0.0
062 F000400 3.3
062 G000400 0.0
062 H000400 0.0
062 I000400 15.5
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 19.8
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 5.0
064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
<PAGE> PAGE 21
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 20011
071 B000400 24035
071 C000400 8697
071 D000400 230
072 A000400 12
072 B000400 1710
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 181
072 G000400 20
072 H000400 0
072 I000400 97
072 J000400 0
072 K000400 0
072 L000400 0
072 M000400 16
072 N000400 1
072 O000400 0
072 P000400 0
072 Q000400 0
<PAGE> PAGE 22
072 R000400 18
072 S000400 6
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 34
072 X000400 373
072 Y000400 86
072 Z000400 1423
072AA000400 508
072BB000400 0
072CC010400 0
072CC020400 208
072DD010400 1423
072DD020400 0
072EE000400 559
073 A010400 0.4846
073 A020400 0.0000
073 B000400 0.1640
073 C000400 0.0000
074 A000400 4
074 B000400 0
074 C000400 27704
074 D000400 6896
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 310
074 M000400 0
074 N000400 34914
074 O000400 0
074 P000400 25
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 158
074 S000400 0
074 T000400 34731
074 U010400 3401
074 U020400 0
074 V010400 10.21
074 V020400 0.00
074 W000400 0.0000
074 X000400 3
074 Y000400 0
075 A000400 0
<PAGE> PAGE 23
075 B000400 30181
076 000400 0.00
008 A000501 WELLS FARGO BANK
008 B000501 A
008 C000501 801-00000
008 D010501 SAN FRANCISCO
008 D020501 CA
008 D030501 94102
015 A000501 WELLS FARGO BANK
015 B000501 C
015 C010501 SAN FRANCISCO
015 C020501 CA
015 C030501 94105
015 E010501 X
024 000500 Y
025 A000501 GOLDMAN SACHS
025 B000501 13-5108880
025 C000501 D
025 D000501 67
025 A000502 JP MORGAN
025 B000502 13-3224016
025 C000502 D
025 D000502 58
025 A000503 MORGAN STANLEY
025 B000503 13-2655998
025 C000503 D
025 D000503 32
025 A000504 DELETE
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 2182
028 A020500 4
028 A030500 0
028 A040500 0
028 B010500 1906
028 B020500 0
028 B030500 0
028 B040500 0
028 C010500 1233
028 C020500 0
028 C030500 0
028 C040500 3
028 D010500 1189
028 D020500 23
028 D030500 0
028 D040500 58
028 E010500 2023
028 E020500 0
<PAGE> PAGE 24
028 E030500 0
028 E040500 574
028 F010500 894
028 F020500 0
028 F030500 0
028 F040500 120
028 G010500 9427
028 G020500 27
028 G030500 0
028 G040500 755
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.600
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
055 A000500 N
055 B000500 N
056 000500 N
057 000500 N
062 A000500 N
062 B000500 0.0
062 C000500 0.0
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
<PAGE> PAGE 25
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 N
070 N010500 Y
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 11894
071 B000500 1548
071 C000500 5664
071 D000500 27
072 A000500 8
<PAGE> PAGE 26
072 B000500 17
072 C000500 76
072 D000500 0
072 E000500 0
072 F000500 21
072 G000500 2
072 H000500 0
072 I000500 14
072 J000500 0
072 K000500 0
072 L000500 0
072 M000500 8
072 N000500 4
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 15
072 S000500 5
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 22
072 X000500 91
072 Y000500 51
072 Z000500 53
072AA000500 0
072BB000500 82
072CC010500 442
072CC020500 0
072DD010500 53
072DD020500 0
072EE000500 0
073 A010500 0.0712
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 4
074 B000500 368
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 10707
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 45
074 M000500 0
074 N000500 11124
074 O000500 0
<PAGE> PAGE 27
074 P000500 3
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 49
074 S000500 0
074 T000500 11072
074 U010500 1160
074 U020500 0
074 V010500 9.55
074 V020500 0.00
074 W000500 0.0000
074 X000500 2
074 Y000500 0
075 A000500 0
075 B000500 6022
076 000500 0.00
008 A000601 WELLS FARGO BANK
008 B000601 A
008 C000601 801-00000
008 D010601 SAN FRANCISCO
008 D020601 CA
008 D030601 94105
015 A000601 WELLS FARGO BANK
015 B000601 C
015 C010601 SAN FRANCISCO
015 C020601 CA
015 C030601 94015
015 E010601 X
024 000600 N
025 A000601 DELETE
025 D000601 0
025 D000602 0
025 A000603 DELETE
025 D000603 0
025 A000604 DELETE
025 D000604 0
025 D000605 0
025 D000606 0
025 D000607 0
025 D000608 0
028 A010600 202
028 A020600 0
028 A030600 0
028 A040600 151
028 B010600 301
028 B020600 0
028 B030600 0
028 B040600 63
028 C010600 134
<PAGE> PAGE 28
028 C020600 0
028 C030600 0
028 C040600 27
028 D010600 200
028 D020600 0
028 D030600 0
028 D040600 85
028 E010600 109
028 E020600 0
028 E030600 0
028 E040600 1
028 F010600 73
028 F020600 3
028 F030600 0
028 F040600 70
028 G010600 1019
028 G020600 3
028 G030600 0
028 G040600 397
028 H000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.600
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
055 A000600 Y
055 B000600 N
056 000600 N
057 000600 N
062 A000600 N
<PAGE> PAGE 29
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 0.0
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 Y
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 N
070 P020600 N
<PAGE> PAGE 30
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 2214
071 B000600 1244
071 C000600 622
071 D000600 200
072 A000600 8
072 B000600 0
072 C000600 1
072 D000600 0
072 E000600 0
072 F000600 2
072 G000600 0
072 H000600 0
072 I000600 2
072 J000600 0
072 K000600 0
072 L000600 0
072 M000600 8
072 N000600 3
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 14
072 S000600 5
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 17
072 X000600 51
072 Y000600 47
072 Z000600 -3
072AA000600 79
072BB000600 0
072CC010600 165
072CC020600 0
072DD010600 0
072DD020600 0
072EE000600 3
073 A010600 0.0000
073 A020600 0.0000
073 B000600 0.0296
073 C000600 0.0000
074 A000600 3
074 B000600 0
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 1214
<PAGE> PAGE 31
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 26
074 K000600 4
074 L000600 0
074 M000600 0
074 N000600 1247
074 O000600 26
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 17
074 S000600 0
074 T000600 1204
074 U010600 86
074 U020600 0
074 V010600 13.94
074 V020600 0.00
074 W000600 0.0000
074 X000600 2
074 Y000600 0
075 A000600 0
075 B000600 655
076 000600 0.00
SIGNATURE ANN BONSTEEL
TITLE ASST. SECRETARY
EXHIBIT 23
Independent Auditors' Report on Internal Accounting Controls
The Board of Trustees and Shareholders
Life & Annuity Trust:
In planning and performing our audit of the financial statements of Life &
Annuity Trust (comprised of the Asset Allocation Fund, Equity Value Fund, Growth
Fund, Money Market Fund, Strategic Growth Fund, and U.S. Government Allocation
Fund) for the year ended December 31, 1998, except for the Equity Value Fund and
the Strategic Growth Fund which are for the period from May 1, 1998
(commencement of operations) to December 31, 1998, we considered the internal
control structure, including procedures 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, not
to provide assurance on the internal control structure.
The management of Life & Annuity Trust is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure 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 internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements 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 internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.
February 5, 1999
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> ASSET ALLOCATION FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 140951985
<INVESTMENTS-AT-VALUE> 156826856
<RECEIVABLES> 1315120
<ASSETS-OTHER> 5065
<OTHER-ITEMS-ASSETS> 20492
<TOTAL-ASSETS> 158167533
<PAYABLE-FOR-SECURITIES> 1301159
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 625441
<TOTAL-LIABILITIES> 1926600
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 140362578
<SHARES-COMMON-STOCK> 11618103
<SHARES-COMMON-PRIOR> 7217104
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3484
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15874871
<NET-ASSETS> 156240933
<DIVIDEND-INCOME> 915366
<INTEREST-INCOME> 3149833
<OTHER-INCOME> 0
<EXPENSES-NET> (1055704)
<NET-INVESTMENT-INCOME> 3009495
<REALIZED-GAINS-CURRENT> 9238495
<APPREC-INCREASE-CURRENT> 14560276
<NET-CHANGE-FROM-OPS> 26808266
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3009495)
<DISTRIBUTIONS-OF-GAINS> (11816851)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3380397
<NUMBER-OF-SHARES-REDEEMED> 120729
<SHARES-REINVESTED> 1141331
<NET-CHANGE-IN-ASSETS> 69735077
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1863490
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 688313
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1269877
<AVERAGE-NET-ASSETS> 114743000
<PER-SHARE-NAV-BEGIN> 11.99
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 2.60
<PER-SHARE-DIVIDEND> (0.34)
<PER-SHARE-DISTRIBUTIONS> (1.14)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.45
<EXPENSE-RATIO> 0.92
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 78005864
<INVESTMENTS-AT-VALUE> 100878677
<RECEIVABLES> 180116
<ASSETS-OTHER> 6588
<OTHER-ITEMS-ASSETS> 14491
<TOTAL-ASSETS> 101079872
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 153150
<TOTAL-LIABILITIES> 153150
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 78114556
<SHARES-COMMON-STOCK> 5034720
<SHARES-COMMON-PRIOR> 4285400
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (60647)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22872813
<NET-ASSETS> 100926722
<DIVIDEND-INCOME> 1083836
<INTEREST-INCOME> 245351
<OTHER-INCOME> 0
<EXPENSES-NET> (891934)
<NET-INVESTMENT-INCOME> 437253
<REALIZED-GAINS-CURRENT> 3245542
<APPREC-INCREASE-CURRENT> 18355014
<NET-CHANGE-FROM-OPS> 22037809
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (437253)
<DISTRIBUTIONS-OF-GAINS> (6510869)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 729308
<NUMBER-OF-SHARES-REDEEMED> 348326
<SHARES-REINVESTED> 368338
<NET-CHANGE-IN-ASSETS> 28982854
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3204680
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 511578
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1010695
<AVERAGE-NET-ASSETS> 84789000
<PER-SHARE-NAV-BEGIN> 16.79
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 4.65
<PER-SHARE-DIVIDEND> (0.09)
<PER-SHARE-DISTRIBUTIONS> (1.39)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.05
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 26222439
<INVESTMENTS-AT-VALUE> 26222439
<RECEIVABLES> 226236
<ASSETS-OTHER> 11397
<OTHER-ITEMS-ASSETS> 376
<TOTAL-ASSETS> 26460448
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 141623
<TOTAL-LIABILITIES> 141623
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26318825
<SHARES-COMMON-STOCK> 26318830
<SHARES-COMMON-PRIOR> 14787632
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 26318825
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 951551
<OTHER-INCOME> 0
<EXPENSES-NET> (143701)
<NET-INVESTMENT-INCOME> 807850
<REALIZED-GAINS-CURRENT> 551
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 808401
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (807850)
<DISTRIBUTIONS-OF-GAINS> (551)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 29184121
<NUMBER-OF-SHARES-REDEEMED> 18461454
<SHARES-REINVESTED> 808531
<NET-CHANGE-IN-ASSETS> 11531197
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 78792
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 223904
<AVERAGE-NET-ASSETS> 17492000
<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> 0.82
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> U.S. GOVERNMENT ALLOCATION
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 34579754
<INVESTMENTS-AT-VALUE> 34599799
<RECEIVABLES> 309717
<ASSETS-OTHER> 4166
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 34913682
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 182473
<TOTAL-LIABILITIES> 182473
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34656519
<SHARES-COMMON-STOCK> 3401100
<SHARES-COMMON-PRIOR> 2327003
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 54645
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20045
<NET-ASSETS> 34731209
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1710082
<OTHER-INCOME> 0
<EXPENSES-NET> (286736)
<NET-INVESTMENT-INCOME> 1423346
<REALIZED-GAINS-CURRENT> 508242
<APPREC-INCREASE-CURRENT> (208102)
<NET-CHANGE-FROM-OPS> 1723486
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1423346)
<DISTRIBUTIONS-OF-GAINS> (559446)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2221098
<NUMBER-OF-SHARES-REDEEMED> 1339600
<SHARES-REINVESTED> 192599
<NET-CHANGE-IN-ASSETS> 10837430
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 105849
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 181407
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 373217
<AVERAGE-NET-ASSETS> 30181000
<PER-SHARE-NAV-BEGIN> 10.27
<PER-SHARE-NII> 0.48
<PER-SHARE-GAIN-APPREC> 0.10
<PER-SHARE-DIVIDEND> (0.48)
<PER-SHARE-DISTRIBUTIONS> (0.16)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.21
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> EQUITY VALUE FUND
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> MAY-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 10632813
<INVESTMENTS-AT-VALUE> 11074755
<RECEIVABLES> 44970
<ASSETS-OTHER> 4367
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11124092
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 52564
<TOTAL-LIABILITIES> 52564
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10711300
<SHARES-COMMON-STOCK> 1159543
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (81714)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 441942
<NET-ASSETS> 11071528
<DIVIDEND-INCOME> 75876
<INTEREST-INCOME> 16562
<OTHER-INCOME> 0
<EXPENSES-NET> (39072)
<NET-INVESTMENT-INCOME> 53366
<REALIZED-GAINS-CURRENT> (81714)
<APPREC-INCREASE-CURRENT> 441942
<NET-CHANGE-FROM-OPS> 413594
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (53366)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1234474
<NUMBER-OF-SHARES-REDEEMED> 80781
<SHARES-REINVESTED> 5850
<NET-CHANGE-IN-ASSETS> 11071528
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21312
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 90606
<AVERAGE-NET-ASSETS> 6022000
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> (0.45)
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.55
<EXPENSE-RATIO> 1.09
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> STRATEGIC GROWTH FUND
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> MAY-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 1048518
<INVESTMENTS-AT-VALUE> 1213540
<RECEIVABLES> 30724
<ASSETS-OTHER> 2730
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1247000
<PAYABLE-FOR-SECURITIES> 26159
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17012
<TOTAL-LIABILITIES> 43171
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 965224
<SHARES-COMMON-STOCK> 86345
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 73583
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 165022
<NET-ASSETS> 1203829
<DIVIDEND-INCOME> 36
<INTEREST-INCOME> 1372
<OTHER-INCOME> 0
<EXPENSES-NET> (4127)
<NET-INVESTMENT-INCOME> (2719)
<REALIZED-GAINS-CURRENT> 78925
<APPREC-INCREASE-CURRENT> 165022
<NET-CHANGE-FROM-OPS> 241228
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (2623)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 119988
<NUMBER-OF-SHARES-REDEEMED> 33857
<SHARES-REINVESTED> 214
<NET-CHANGE-IN-ASSETS> 1203829
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2251
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 51047
<AVERAGE-NET-ASSETS> 655000
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 4.00
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.94
<EXPENSE-RATIO> 1.09
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>