<PAGE>
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MARCH 1, 1995
REGISTRATION NO. 33-54047
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
<TABLE>
<S> <C>
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT /X/
OF 1933
PRE-EFFECTIVE AMENDMENT NO. / /
POST-EFFECTIVE AMENDMENT NO. 2 /X/
AND/OR
REGISTRATION STATEMENT UNDER THE INVESTMENT /X/
COMPANY ACT OF 1940
AMENDMENT NO. 3 /X/
(CHECK APPROPRIATE BOX OR BOXES)
</TABLE>
------------------------
DEAN WITTER SELECT DIMENSIONS INVESTMENT SERIES
(A MASSACHUSETTS BUSINESS TRUST)
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
TWO WORLD TRADE CENTER
NEW YORK, NEW YORK 10048
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (212) 392-1600
SHELDON CURTIS, ESQ.
TWO WORLD TRADE CENTER
NEW YORK, NEW YORK 10048
(NAME AND ADDRESS OF AGENT FOR SERVICE)
COPY TO:
DAVID M. BUTOWSKY, ESQ.
GORDON ALTMAN BUTOWSKY
WELTZEN SHALOV & WEIN
114 WEST 47TH STREET
NEW YORK, NEW YORK 10036
APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING:
As soon as practicable after this Post-Effective Amendment becomes effective.
IT IS PROPOSED THAT THIS FILING WILL BECOME EFFECTIVE (CHECK APPROPRIATE BOX)
___X immediately upon filing pursuant to paragraph (b)
____ on February 28, 1995 pursuant to paragraph (b)
____ 60 days after filing pursuant to paragraph (a)
____ on (date) pursuant to paragraph (a) of rule 485.
THE REGISTRANT HAS REGISTERED AN INDEFINITE NUMBER OF ITS SHARES UNDER THE
SECURITIES ACT OF 1933 PURSUANT TO SECTION (A)(1) OF RULE 24F-2 UNDER THE
INVESTMENT COMPANY ACT OF 1940. THE REGISTRANT HAS FILED THE RULE 24F-2 NOTICE
FOR ITS FISCAL YEAR ENDED DECEMBER 31, 1994 WITH THE SECURITIES AND EXCHANGE
COMMISSION ON FEBRUARY 6, 1995.
AMENDING THE PROSPECTUS AND UPDATING FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
DEAN WITTER SELECT DIMENSIONS INVESTMENT SERIES
CROSS-REFERENCE SHEET
FORM N-1A
<TABLE>
<CAPTION>
ITEM CAPTION
- ---------------------------------------------- ---------------------------------------------------------------------
<S> <C>
PART A PROSPECTUS
1. ......................................... Cover Page
2. ......................................... Prospectus Summary
3. ......................................... Not applicable
4. ......................................... Investment Objectives and Policies; The Fund and its Management;
Cover Page; Investment Restrictions; Prospectus Summary
5. ......................................... The Fund and Its Management; Investment Objectives and Policies
6. ......................................... Dividends, Distributions and Taxes; Additional Information
7. ......................................... Purchase of Fund Shares; Prospectus Summary
8. ......................................... Redemption of Fund Shares
9. ......................................... Not Applicable
PART B STATEMENT OF ADDITIONAL INFORMATION
10. ......................................... Cover Page
11. ......................................... Table of Contents
12. ......................................... The Fund and Its Management
13. ......................................... Investment Practices and Policies; Investment Restrictions; Portfolio
Transactions and Brokerage
14. ......................................... The Fund and Its Management; Trustees and Officers
15. ......................................... The Fund and Its Management; Trustees and Officers
16. ......................................... The Fund and Its Management; Custodian and Transfer Agent;
Independent Accountants
17. ......................................... Portfolio Transactions and Brokerage
18. ......................................... Description of Shares of the Fund
19. ......................................... Purchase and Redemption of Fund Shares; Financial Statements
20. ......................................... Dividends, Distributions and Taxes; Financial Statements
21. ......................................... Purchase and Redemption of Fund Shares
22. ......................................... Performance Information
23. ......................................... Experts; Financial Statements
</TABLE>
PART C
Information required to be included in Part C is set forth under the
appropriate item, so numbered, in Part C of this Registration Statement.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all of
the requirements for effectiveness of this Registration Statement pursuant to
Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-
Effective Amendment to the Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of New York and State of
New York on the 1st day of March, 1995.
DEAN WITTER SELECT DIMENSIONS INVESTMENT SERIES
By /s/ Sheldon Curtis
----------------------------------
Sheldon Curtis
Vice President and Secretary
Pursuant to the requirements of the Securities Act of 1933, this Post-
Effective Amendment No. 2 has been signed below by the following persons in the
capacities and on the dates indicated.
Signatures Title Date
---------- ----- ----
(1) Principal Executive Officer President, Chief
Executive Officer,
Trustee and Chairman
By /s/ Charles A. Fiumefreddo 03/01/95
----------------------------
Charles A. Fiumefreddo
(2) Principal Financial Officer Treasurer and Principal
Accounting Officer
By /s/ Thomas F. Caloia 03/01/95
----------------------------
Thomas F. Caloia
(3) Majority of the Trustees
Charles A. Fiumefreddo (Chairman)
Philip J. Purcell
By /s/ Sheldon Curtis 03/01/95
----------------------------
Sheldon Curtis
Attorney-in-Fact
Jack F. Bennett Manuel H. Johnson
Michael Bozic Paul Kolton
Edwin J. Garn Michael E. Nugent
John R. Haire John L. Schroeder
By /s/ David M. Butowsky 03/01/95
----------------------------
David M. Butowsky
Attorney-in-Fact
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 1,233,049
<INVESTMENTS-AT-VALUE> 1,233,049
<RECEIVABLES> 0
<ASSETS-OTHER> 9,313
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,242,362
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,415
<TOTAL-LIABILITIES> 8,415
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,233,947
<SHARES-COMMON-STOCK> 1,233,947
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,233,947
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,611
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 4,611
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,611
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,611)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,239,489
<NUMBER-OF-SHARES-REDEEMED> (10,252)
<SHARES-REINVESTED> 11,610
<NET-CHANGE-IN-ASSETS> 1,233,847
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 395
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,657
<AVERAGE-NET-ASSETS> 555,069
<PER-SHARE-NAV-BEGIN> 1.0
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> NORTH AMERICAN GOVERNMENT SECURITIES PORTFOLIO
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 114,789
<INVESTMENTS-AT-VALUE> 114,789
<RECEIVABLES> 0
<ASSETS-OTHER> 26,079
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 140,868
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18,375
<TOTAL-LIABILITIES> 18,375
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,998
<SHARES-COMMON-STOCK> 12,201
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 495
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 122,493
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 744
<OTHER-INCOME> 0
<EXPENSES-NET> 2872
<NET-INVESTMENT-INCOME> 744
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 744
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (249)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,576
<NUMBER-OF-SHARES-REDEEMED> (1,410)
<SHARES-REINVESTED> 25
<NET-CHANGE-IN-ASSETS> 122,393
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 45
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,872
<AVERAGE-NET-ASSETS> 119,583
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.04
<EXPENSE-RATIO> 2.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> DIVERSIFIED INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 395,369
<INVESTMENTS-AT-VALUE> 395,369
<RECEIVABLES> 5096
<ASSETS-OTHER> 10,168
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 410,633
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 8333
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 401,124
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1176
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 402,300
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1572
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 1572
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,572
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 396
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 39,986
<NUMBER-OF-SHARES-REDEEMED> 1
<SHARES-REINVESTED> 39
<NET-CHANGE-IN-ASSETS> 402,200
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 113
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6538
<AVERAGE-NET-ASSETS> 194,138
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> .00
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.05
<EXPENSE-RATIO> 0.02
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> BALANCED PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 763,574
<INVESTMENTS-AT-VALUE> 763,147
<RECEIVABLES> 14,882
<ASSETS-OTHER> 25,831
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 803,860
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,333
<TOTAL-LIABILITIES> 8,333
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 792,955
<SHARES-COMMON-STOCK> 79,245
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2,999
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (427)
<NET-ASSETS> 795,527
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,850
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 3,850
<REALIZED-GAINS-CURRENT> (427)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,423
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (851)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 80,552
<NUMBER-OF-SHARES-REDEEMED> (1,403)
<SHARES-REINVESTED> 85
<NET-CHANGE-IN-ASSETS> 795,427
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,388
<AVERAGE-NET-ASSETS> 490,638
<PER-SHARE-NAV-BEGIN> 10
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> (.02)
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.04
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> UTILITIES PORTFOLIO
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 579,081
<INVESTMENTS-AT-VALUE> 578,789
<RECEIVABLES> 2,904
<ASSETS-OTHER> 12,608
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 594,301
<PAYABLE-FOR-SECURITIES> 88,048
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,333
<TOTAL-LIABILITIES> 96,381
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 496,552
<SHARES-COMMON-STOCK> 49,584
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,660
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (292)
<NET-ASSETS> 497,920
<DIVIDEND-INCOME> 385
<INTEREST-INCOME> 1,877
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 2,262
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (292)
<NET-CHANGE-FROM-OPS> 1,970
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 602
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 51,746
<NUMBER-OF-SHARES-REDEEMED> (2,232)
<SHARES-REINVESTED> 60
<NET-CHANGE-IN-ASSETS> 497,920
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 278
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,195
<AVERAGE-NET-ASSETS> 299,936
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.04
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> DIVIDEND GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 1,365,157
<INVESTMENTS-AT-VALUE> 1,366,551
<RECEIVABLES> 10,244
<ASSETS-OTHER> 9,252
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,386,047
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,333
<TOTAL-LIABILITIES> 8,333
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,371,303
<SHARES-COMMON-STOCK> 138,136
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 5,017
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,394
<NET-ASSETS> 1,377,714
<DIVIDEND-INCOME> 3,056
<INTEREST-INCOME> 3,816
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 6,872
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 1,394
<NET-CHANGE-FROM-OPS> 8,266
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,855)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 140,397
<NUMBER-OF-SHARES-REDEEMED> (2,460)
<SHARES-REINVESTED> 189
<NET-CHANGE-IN-ASSETS> 1,377,614
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 743
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 21,216
<AVERAGE-NET-ASSETS> 818,282
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> (.09)
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.97
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> VALUE-ADDED MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 430,053
<INVESTMENTS-AT-VALUE> 432,189
<RECEIVABLES> 3,684
<ASSETS-OTHER> 9,476
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 445,349
<PAYABLE-FOR-SECURITIES> 88,321
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,333
<TOTAL-LIABILITIES> 96,654
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 345,767
<SHARES-COMMON-STOCK> 35,237
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 792
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,136
<NET-ASSETS> 348,695
<DIVIDEND-INCOME> 554
<INTEREST-INCOME> 584
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 1,138
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 2,136
<NET-CHANGE-FROM-OPS> 3,274
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (346)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 35,603
<NUMBER-OF-SHARES-REDEEMED> (412)
<SHARES-REINVESTED> 36
<NET-CHANGE-IN-ASSETS> 348,595
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,311
<AVERAGE-NET-ASSETS> 208,855
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> (.14)
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.90
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> CORE EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 289,288
<INVESTMENTS-AT-VALUE> 289,288
<RECEIVABLES> 26,908
<ASSETS-OTHER> 8,091
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 324,287
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,333
<TOTAL-LIABILITIES> 8,333
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 314,853
<SHARES-COMMON-STOCK> 31,445
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,101
<OVERDISTRIBUTION-NII> 0
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<TABLE> <S> <C>
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<NAME> AMERICAN VALUE PORTFOLIO
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
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<NAME> GLOBAL EQUITY PORTFOLIO
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
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<NAME> DEVELOPING GROWTH PORTFOLIO
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<FN>
</FN>
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<NAME> EMERGING MARKETS
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