<PAGE> PAGE 1
000 A000000 05/31/1999
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<PAGE> PAGE 2
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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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SIGNATURE WILLIAM J. GREILICH
TITLE VICE PRESIDENT
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<SERIES>
<NUMBER> 040
<NAME> IBJ BLENDED TOTAL RETURN PREMIUM CLASS
<S> <C>
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<PERIOD-END> MAY-31-1999
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<DIVIDEND-INCOME> 219,134
<INTEREST-INCOME> 802,701
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<EXPENSES-NET> 317,272
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<REALIZED-GAINS-CURRENT> (276,794)
<APPREC-INCREASE-CURRENT> 2,532,727
<NET-CHANGE-FROM-OPS> 2,960,496
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<DISTRIBUTIONS-OF-GAINS> 1,269
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<SHARES-REINVESTED> 1,454
<NET-CHANGE-IN-ASSETS> (8,659,968)
<ACCUMULATED-NII-PRIOR> 6,018
<ACCUMULATED-GAINS-PRIOR> 5,718,957
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 193,750
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 356,304
<AVERAGE-NET-ASSETS> 16,778
<PER-SHARE-NAV-BEGIN> 12.90
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> .37
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> (1.01)
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<PER-SHARE-NAV-END> 12.26
<EXPENSE-RATIO> .98
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> IBJ BLENDED TOTAL RETURN SERVICE CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 46,179,881
<INVESTMENTS-AT-VALUE> 56,613,056
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<OTHER-ITEMS-ASSETS> 4,182
<TOTAL-ASSETS> 57,717,335
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 99,591
<TOTAL-LIABILITIES> 99,591
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 46,926,544
<SHARES-COMMON-STOCK> 4,696,444
<SHARES-COMMON-PRIOR> 5,137,039
<ACCUMULATED-NII-CURRENT> 8,723
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 249,302
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,433,175
<NET-ASSETS> 57,617,744
<DIVIDEND-INCOME> 219,134
<INTEREST-INCOME> 802,701
<OTHER-INCOME> 0
<EXPENSES-NET> 317,272
<NET-INVESTMENT-INCOME> 704,563
<REALIZED-GAINS-CURRENT> (276,794)
<APPREC-INCREASE-CURRENT> 2,532,727
<NET-CHANGE-FROM-OPS> 2,960,496
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 701,672
<DISTRIBUTIONS-OF-GAINS> 5,191,592
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,353,244
<NUMBER-OF-SHARES-REDEEMED> 14,973,684
<SHARES-REINVESTED> 5,893,241
<NET-CHANGE-IN-ASSETS> (8,659,968)
<ACCUMULATED-NII-PRIOR> 6,018
<ACCUMULATED-GAINS-PRIOR> 5,718,957
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 193,750
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 356,304
<AVERAGE-NET-ASSETS> 64,743,992
<PER-SHARE-NAV-BEGIN> 12.90
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> .37
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> (1.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.26
<EXPENSE-RATIO> .98
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> IBJ CORE EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 69,504,137
<INVESTMENTS-AT-VALUE> 112,683,533
<RECEIVABLES> 286,386
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,003,654
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<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,180,362
<TOTAL-LIABILITIES> 1,180,362
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,580
<SHARES-COMMON-STOCK> 1,197
<SHARES-COMMON-PRIOR> 1,053
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 110,201
<ACCUMULATED-NET-GAINS> 10,743,297
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 43,179,396
<NET-ASSETS> 20,318
<DIVIDEND-INCOME> 494,792
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 604,993
<NET-INVESTMENT-INCOME> (110,201)
<REALIZED-GAINS-CURRENT> 10,799,657
<APPREC-INCREASE-CURRENT> 43,179,396
<NET-CHANGE-FROM-OPS> 21,123,045
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 2,055
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 144
<NET-CHANGE-IN-ASSETS> (11,709,562)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 14,640,682
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 388,569
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 683,313
<AVERAGE-NET-ASSETS> 19,756
<PER-SHARE-NAV-BEGIN> 16.52
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 2.41
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.95
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.97
<EXPENSE-RATIO> 0.93
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> IBJ CORE EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 69,504,137
<INVESTMENTS-AT-VALUE> 112,683,533
<RECEIVABLES> 286,386
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,003,654
<TOTAL-ASSETS> 113,973,573
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,180,362
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<PAID-IN-CAPITAL-COMMON> 58,969,139
<SHARES-COMMON-STOCK> 6,649,307
<SHARES-COMMON-PRIOR> 7,538,496
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 110,201
<ACCUMULATED-NET-GAINS> 10,743,297
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 43,179,396
<NET-ASSETS> 112,772,893
<DIVIDEND-INCOME> 494,792
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 604,993
<NET-INVESTMENT-INCOME> (110,201)
<REALIZED-GAINS-CURRENT> 10,799,657
<APPREC-INCREASE-CURRENT> 43,179,396
<NET-CHANGE-FROM-OPS> 21,123,045
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 14,694,987
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<NUMBER-OF-SHARES-SOLD> 517,951
<NUMBER-OF-SHARES-REDEEMED> 2,442,719
<SHARES-REINVESTED> 1,035,579
<NET-CHANGE-IN-ASSETS> (11,709,562)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 14,640,682
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 388,569
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 683,313
<AVERAGE-NET-ASSETS> 129,859,235
<PER-SHARE-NAV-BEGIN> 16.51
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 2.42
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.95
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<PER-SHARE-NAV-END> 16.96
<EXPENSE-RATIO> 0.93
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> CORE FIXED INCOME FUND - PREMIUM CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 35,449,542
<INVESTMENTS-AT-VALUE> 35,335,570
<RECEIVABLES> 601,091
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,782,918
<TOTAL-ASSETS> 37,719,579
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<OTHER-ITEMS-LIABILITIES> 1,916,721
<TOTAL-LIABILITIES> 1,916,721
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,371
<SHARES-COMMON-STOCK> 1,422
<SHARES-COMMON-PRIOR> 1,372
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (14,893)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (107,489)
<ACCUM-APPREC-OR-DEPREC> (113,972)
<NET-ASSETS> 14,320
<DIVIDEND-INCOME> 11,113
<INTEREST-INCOME> 1,199,597
<OTHER-INCOME> 0
<EXPENSES-NET> 186,596
<NET-INVESTMENT-INCOME> 1,024,114
<REALIZED-GAINS-CURRENT> (78,636)
<APPREC-INCREASE-CURRENT> (1,603,497)
<NET-CHANGE-FROM-OPS> (658,019)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (425)
<DISTRIBUTIONS-OF-GAINS> (95)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 50
<NET-CHANGE-IN-ASSETS> (3,014,750)
<ACCUMULATED-NII-PRIOR> 100,752
<ACCUMULATED-GAINS-PRIOR> 225,090
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 96,681
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 209,835
<AVERAGE-NET-ASSETS> 14,462
<PER-SHARE-NAV-BEGIN> 10.61
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> (0.44)
<PER-SHARE-DIVIDEND> (0.30)
<PER-SHARE-DISTRIBUTIONS> (0.07)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.07
<EXPENSE-RATIO> 0.97
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> CORE FIXED INCOME FUND - SERVICE CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 35,449,542
<INVESTMENTS-AT-VALUE> 35,335,570
<RECEIVABLES> 601,091
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,782,918
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,916,721
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<PAID-IN-CAPITAL-COMMON> 36,024,841
<SHARES-COMMON-STOCK> 3,554,306
<SHARES-COMMON-PRIOR> 3,655,513
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (14,893)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (107,489)
<ACCUM-APPREC-OR-DEPREC> (113,972)
<NET-ASSETS> 35,788,538
<DIVIDEND-INCOME> 11,113
<INTEREST-INCOME> 1,199,597
<OTHER-INCOME> 0
<EXPENSES-NET> 186,596
<NET-INVESTMENT-INCOME> 1,024,114
<REALIZED-GAINS-CURRENT> (78,636)
<APPREC-INCREASE-CURRENT> (1,603,497)
<NET-CHANGE-FROM-OPS> (658,019)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,139,334)
<DISTRIBUTIONS-OF-GAINS> (253,848)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 244,288
<NUMBER-OF-SHARES-REDEEMED> (480,128)
<SHARES-REINVESTED> 134,633
<NET-CHANGE-IN-ASSETS> (3,014,750)
<ACCUMULATED-NII-PRIOR> 100,752
<ACCUMULATED-GAINS-PRIOR> 225,090
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 96,681
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 209,835
<AVERAGE-NET-ASSETS> 38,764,278
<PER-SHARE-NAV-BEGIN> 10.61
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> (0.44)
<PER-SHARE-DIVIDEND> (0.30)
<PER-SHARE-DISTRIBUTIONS> (0.07)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.07
<EXPENSE-RATIO> 0.97
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> IBJ RESERVE MONEY MARKET FUND PREMIUM
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 23,719,179
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<OTHER-ITEMS-LIABILITIES> 29,221
<TOTAL-LIABILITIES> 29,221
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<PAID-IN-CAPITAL-COMMON> 13,970
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<SHARES-COMMON-PRIOR> 13,673
<ACCUMULATED-NII-CURRENT> 0
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<OVERDISTRIBUTION-GAINS> 9,083
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 13,966
<DIVIDEND-INCOME> 7,303
<INTEREST-INCOME> 429,823
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<EXPENSES-NET> 56,281
<NET-INVESTMENT-INCOME> 380,845
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<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 380,562
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<NUMBER-OF-SHARES-SOLD> 0
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<SHARES-REINVESTED> 297
<NET-CHANGE-IN-ASSETS> 5,210,365
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 8,800
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 102,047
<AVERAGE-NET-ASSETS> 13,795
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.02
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<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.64
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> IBJ RESERVE MONEY MARKET FUND SERVICE
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 23,719,179
<INVESTMENTS-AT-VALUE> 23,719,179
<RECEIVABLES> 14,220
<ASSETS-OTHER> 4,042
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,837,868
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29,221
<TOTAL-LIABILITIES> 29,221
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23,803,760
<SHARES-COMMON-STOCK> 23,803,841
<SHARES-COMMON-PRIOR> 18,593,490
<ACCUMULATED-NII-CURRENT> 0
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<OVERDISTRIBUTION-GAINS> 9,083
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 23,794,681
<DIVIDEND-INCOME> 7,303
<INTEREST-INCOME> 429,823
<OTHER-INCOME> 0
<EXPENSES-NET> 56,281
<NET-INVESTMENT-INCOME> 380,845
<REALIZED-GAINS-CURRENT> (283)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 380,562
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<NUMBER-OF-SHARES-SOLD> 21,932,545
<NUMBER-OF-SHARES-REDEEMED> 17,102,803
<SHARES-REINVESTED> 380,609
<NET-CHANGE-IN-ASSETS> 5,210,365
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<GROSS-EXPENSE> 102,047
<AVERAGE-NET-ASSETS> 17,670,423
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.64
</TABLE>
