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SIGNATURE JOSEPH REARDON
TITLE VICE PRESIDENT
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000945766
<NAME> TOMORROW FUNDS RETIREMENT TRUST
<SERIES>
<NUMBER> 52
<NAME> SHORT-TERM TOMORROW RETIREMENT FUND-INSTITITUTIONAL CLASS
<MULTIPLIER> 1000
<S> <C>
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<INVESTMENTS-AT-VALUE> 5543
<RECEIVABLES> 1001
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 74
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<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> .70
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<PER-SHARE-NAV-END> 9.21
<EXPENSE-RATIO> 1.50
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000945766
<NAME> TOMORROW FUNDS RETIREMENT TRUST
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<MULTIPLIER> 1000
<S> <C>
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<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 3958
<INVESTMENTS-AT-VALUE> 4030
<RECEIVABLES> 469
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<TOTAL-ASSETS> 4537
<PAYABLE-FOR-SECURITIES> 745
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 111
<TOTAL-LIABILITIES> 856
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3613
<SHARES-COMMON-STOCK> 423
<SHARES-COMMON-PRIOR> 0
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<ACCUMULATED-NET-GAINS> 0
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<ACCUM-APPREC-OR-DEPREC> 71
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<DIVIDEND-INCOME> 16
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<EXPENSES-NET> (15)
<NET-INVESTMENT-INCOME> 18
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12)
<DISTRIBUTIONS-OF-GAINS> (24)
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<NUMBER-OF-SHARES-SOLD> 3435
<NUMBER-OF-SHARES-REDEEMED> (118)
<SHARES-REINVESTED> 35
<NET-CHANGE-IN-ASSETS> 3681
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (7)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (138)
<AVERAGE-NET-ASSETS> 1533
<PER-SHARE-NAV-BEGIN> 7.50
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> .63
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> (.07)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.07
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
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<NAME> TOMORROW FUNDS RETIREMENT TRUST
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<NAME> TOMORROW MEDIUM-TERM RETIREMENT FUND-INSTITUTIONAL CLASS
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
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<PERIOD-START> APR-02-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 3958
<INVESTMENTS-AT-VALUE> 4030
<RECEIVABLES> 469
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<TOTAL-ASSETS> 4537
<PAYABLE-FOR-SECURITIES> 745
<SENIOR-LONG-TERM-DEBT> 0
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<PAID-IN-CAPITAL-COMMON> 3613
<SHARES-COMMON-STOCK> 34
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<ACCUM-APPREC-OR-DEPREC> 71
<NET-ASSETS> 3681
<DIVIDEND-INCOME> 16
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<APPREC-INCREASE-CURRENT> 71
<NET-CHANGE-FROM-OPS> 113
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8)
<DISTRIBUTIONS-OF-GAINS> (2)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 304
<NUMBER-OF-SHARES-REDEEMED> (53)
<SHARES-REINVESTED> 10
<NET-CHANGE-IN-ASSETS> 3681
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> (1)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (28)
<AVERAGE-NET-ASSETS> 1533
<PER-SHARE-NAV-BEGIN> 7.53
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> .55
<PER-SHARE-DIVIDEND> (.25)
<PER-SHARE-DISTRIBUTIONS> (.07)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.86
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000945766
<NAME> TOMORROW FUNDS RETIREMENT TRUST
<SERIES>
<NUMBER>31
<NAME> TOMORROW LONG-TERM RETIREMENT FUND - INSTITUTIONAL CL SHARES
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-02-1996
<PERIOD-END> DEC-31-1996
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<INVESTMENTS-AT-VALUE> 1313
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<PAYABLE-FOR-SECURITIES> 218
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<OTHER-ITEMS-LIABILITIES> 75
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<PAID-IN-CAPITAL-COMMON> 1229
<SHARES-COMMON-STOCK> 40
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33
<NET-ASSETS> 1260
<DIVIDEND-INCOME> 7
<INTEREST-INCOME> 4
<OTHER-INCOME> 0
<EXPENSES-NET> (1)
<NET-INVESTMENT-INCOME> 6
<REALIZED-GAINS-CURRENT> 8
<APPREC-INCREASE-CURRENT> 33
<NET-CHANGE-FROM-OPS> 46
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (2)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 278
<NUMBER-OF-SHARES-REDEEMED> (7)
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 1260
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (30)
<AVERAGE-NET-ASSETS> 476
<PER-SHARE-NAV-BEGIN> 6.51
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> .55
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.05)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.05
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000945766
<NAME> TOMORROW FUNDS RETIREMENT TRUST
<SERIES>
<NUMBER>31
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<MULTIPLIER> 1000
<S> <C>
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<PERIOD-END> DEC-31-1996
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<TOTAL-LIABILITIES> 293
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1229
<SHARES-COMMON-STOCK> 40
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33
<NET-ASSETS> 1260
<DIVIDEND-INCOME> 7
<INTEREST-INCOME> 4
<OTHER-INCOME> 0
<EXPENSES-NET> (5)
<NET-INVESTMENT-INCOME> 6
<REALIZED-GAINS-CURRENT> 8
<APPREC-INCREASE-CURRENT> 33
<NET-CHANGE-FROM-OPS> 46
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8)
<DISTRIBUTIONS-OF-GAINS> (6)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 978
<NUMBER-OF-SHARES-REDEEMED> (35)
<SHARES-REINVESTED> 14
<NET-CHANGE-IN-ASSETS> 1260
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (120)
<AVERAGE-NET-ASSETS> 476
<PER-SHARE-NAV-BEGIN> 6.50
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> .55
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> (.05)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.98
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
To the Shareholders and Board of Trustees of
Tomorrow Long-Term Retirement Fund:
In planning and performing our audit of the financial statements of
Tomorrow Long-Term Retirement Fund for the period March 7, 1996
(commencement of operations), we considered its 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 Tomorrow Long-Term Retirement Fund 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 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 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, 1996.
This report is intended solely for the information and use of the Board of
Trustees,
management and the Securities and Exchange Commission.
January 15, 1997
To the Shareholders and Board of Trustees of
Tomorrow Medium-Term Retirement Fund:
In planning and performing our audit of the financial statements of
Tomorrow Medium-Term Retirement Fund for the period March 7, 1996
(commencement of operations), we considered its 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 Tomorrow Medium-Term Retirement Fund 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 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 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, 1996.
This report is intended solely for the information and use of the Board of
Trustees,
management and the Securities and Exchange Commission.
January 15, 1997
To the Shareholders and Board of Trustees of
Tomorrow Short-Term Retirement Fund:
In planning and performing our audit of the financial statements of
Tomorrow Short-Term Retirement Fund for the period March 7, 1996
(commencement of operations), we considered its 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 Tomorrow Short-Term Retirement Fund 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 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 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, 1996.
This report is intended solely for the information and use of the Board of
Trustees,
management and the Securities and Exchange Commission.
January 15, 1997
To the Shareholders and Board of Trustees of
Core Small-Stock Fund:
In planning and performing our audit of the financial statements of
Core Small-Cap Stock Fund for the period February 6, 1996 (commencement of
operations), we considered its 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 Core Small-Cap Stock Fund 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 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 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, 1996.
This report is intended solely for the information and use of the Board of
Trustees,
management and the Securities and Exchange Commission.
January 15, 1997
To the Shareholders and Board of Trustees of
Core Large-Stock Fund:
In planning and performing our audit of the financial statements of
Core Large-Cap Stock Fund for the period February 6, 1996 (commencement of
operations), we considered its 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 Core Large-Cap Stock Fund 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 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 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, 1996.
This report is intended solely for the information and use of the Board of
Trustees,
management and the Securities and Exchange Commission.
January 15, 1997
