PENN SERIES FUNDS INC
NSAR-B, 1995-02-24
Previous: MERRILL LYNCH RETIREMENT RESERVES MO FU OF MER LYN RE SER TR, 485BPOS, 1995-02-24
Next: WRIGHT MANAGED EQUITY TRUST, 24F-2NT, 1995-02-24



<PAGE>      PAGE  1
000 B000000 12/31/94
000 C000000 702340
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 PENN SERIES FUNDS,INC
001 B000000 811-3459
001 C000000 2159568104
002 A000000 600 DRESHER ROAD
002 B000000 HORSHAM
002 C000000 PA
002 D010000 19044
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  7
007 C010100  1
007 C020100 PENN SERIES GROWTH EQUITY FUND
007 C030100 N
007 C010200  2
007 C020200 PENN SERIES MONEY MARKET FUND
007 C030200 N
007 C010300  3
007 C020300 PENN SERIES FLEXIBLY MANAGED FUND
007 C030300 N
007 C010400  4
007 C020400 PENN SERIES HIGH YIELD BOND FUND
007 C030400 N
007 C010500  5
007 C020500 PENN SERIES QUALITY BOND FUND
007 C030500 N
007 C010600  6
007 C020600 PENN SERIES VALUE EQUITY FUND
007 C030600 N
007 C010700  7
007 C020700 PENN SERIES INTERNATIONAL EQUITY FUND
007 C030700 N
007 C010800  8
007 C010900  9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
<PAGE>      PAGE  2
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
010 A00AA01 PENN MUTUAL LIFE INSURANCE CO
010 C01AA01 HORSHAM
010 C02AA01 PA
010 C03AA01 19044
012 A00AA01 PFPC, INC.
012 A00AA01 85-1196
012 B00AA01 WILMINGTON
012 B00AA01 DE
012 C01AA01 19899
013 A00AA01 COOPERS AND LYBRAND L.L.P
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19103
014 A00AA01 HORNOR, TOWNSEND & KENT, INC.
014 B00AA01 8-14715
014 A00AA02 JANNEY MONTGOMERY SCOTT, INC
014 B00AA02 8-462
015 A00AA01 PNC BANK
015 B00AA01 C
015 C01AA01 PHILADELPHIA
015 C02AA01 PA
015 C03AA01 19101
015 E01AA01 X
015 A00AA02 BARCLAYS BANK, PLC
015 B00AA02 S
015 C01AA02 NEW YORK
015 C02AA02 NY
015 C03AA02 10265
015 E04AA02 X
018  00AA00 Y
019 A00AA00 N
019 B00AA00    0
020 A000001 CAPITAL INSTITUTIONAL SERVICES
020 B000001 75-1565705
020 C000001     97
020 A000002 PAINEWEBBER INC.
020 B000002 13-2638166
020 C000002     44
020 A000003 BRIDGE TRADING
020 B000003 43-1450530
020 C000003     37
020 A000004 NEWBRIDGE SECURITIES
020 B000004 13-3214963
020 C000004     35
020 A000005 FIRST BOSTON
020 B000005 13-5659485
<PAGE>      PAGE  3
020 C000005     26
020 A000006 GOLDMAN SACHS & CO.
020 B000006 13-5108880
020 C000006     24
020 A000007 LIPPER
020 B000007 13-2792478
020 C000007     20
020 A000008 KLEINWORT BENSON
020 B000008 13-2647786
020 C000008     20
020 A000009 SANFORD BERNSTEIN
020 B000009 13-2625874
020 C000009     16
020 A000010 PARIBAS CAPITAL MARKETS
020 B000010 13-3235334
020 C000010     13
021  000000      632
022 A000001 GOLDMAN SACHS & CO
022 B000001 13-5108880
022 C000001    537911
022 D000001     28512
022 A000002 FIRST CHICAGO CAPITAL MARKETS
022 B000002 36-3595942
022 C000002    247164
022 D000002     10987
022 A000003 CARROLL MCENTEE
022 B000003 13-2650272
022 C000003    197882
022 D000003     29149
022 A000004 FIRST BOSTON
022 B000004 13-5659485
022 C000004    112394
022 D000004     32708
022 A000005 LEHMAN BROTHERS SECURITIES
022 B000005 13-2518466
022 C000005    108590
022 D000005     25087
022 A000006 MERRILL LYNCH
022 B000006 13-5674085
022 C000006     86354
022 D000006      8535
022 A000007 MORGAN STANLEY
022 B000007 13-2655998
022 C000007     35229
022 D000007     24452
022 A000008 CAPITAL INSTITUTIONAL SERVICES
022 B000008 75-1565705
022 C000008     31300
022 D000008     21785
022 A000009 FNB CHICAGO DEALER
022 B000009 36-2549961
<PAGE>      PAGE  4
022 C000009     49430
022 D000009      1996
022 A000010 PRUDENTIAL SECURITIES INC.
022 B000010 22-2347336
022 C000010     34791
022 D000010     12172
023 C000000    1864015
023 D000000     380799
024  00AA00 N
025 D00AA01       0
025 D00AA02       0
025 D00AA03       0
025 D00AA04       0
025 D00AA05       0
025 D00AA06       0
025 D00AA07       0
025 D00AA08       0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
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
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
<PAGE>      PAGE  5
044  00AA00      0
049  00AA00 N
050  00AA00 N
051  00AA00 N
052  00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 Y
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 Y
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056  00AA00 Y
057  00AA00 N
058 A00AA00 N
059  00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061  00AA00        0
077 A000000 N
080 A00AA00 FEDERAL INSURANCE CO (CHUBB GROUP)
080 B00AA00 FEDERAL INSURANCE CO (CHUBB GROUP)
080 C00AA00     3100
081 A00AA00 N
081 B00AA00   0
082 A00AA00 N
082 B00AA00        0
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
084 B00AA00        0
085 A00AA00 Y
085 B00AA00 N
008 A000101 INDEPENDENCE CAPITAL MANAGEMENT, INC
008 B000101 A
008 C000101 801-35477
008 D010101 HORSHAM
008 D020101 PA
<PAGE>      PAGE  6
008 D030101 19044
028 A010100       583
028 A020100         0
028 A030100         0
028 A040100       923
028 B010100       878
028 B020100         0
028 B030100         0
028 B040100       501
028 C010100       646
028 C020100         0
028 C030100         0
028 C040100       538
028 D010100       391
028 D020100         0
028 D030100         0
028 D040100       738
028 E010100       427
028 E020100         0
028 E030100         0
028 E040100       769
028 F010100       363
028 F020100      2241
028 F030100         0
028 F040100       827
028 G010100      3288
028 G020100      2241
028 G030100         0
028 G040100      4296
028 H000100         0
045  000100 Y
046  000100 N
047  000100 Y
048  000100  0.000
048 A010100   100000
048 A020100 0.500
048 B010100 99999999
048 B020100 0.450
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
<PAGE>      PAGE  7
048 I020100 0.000
048 J010100        0
048 J020100 0.000
048 K010100        0
048 K020100 0.000
062 A000100 N
062 B000100   0.0
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 Y
066 E000100 N
066 F000100 N
066 G000100 N
067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
070 A010100 N
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 Y
<PAGE>      PAGE  8
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 N
070 M010100 Y
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 Y
070 R020100 N
071 A000100    106354
071 B000100    111734
071 C000100     68106
071 D000100  156
072 A000100 12
072 B000100      731
072 C000100      469
072 D000100        0
072 E000100       -1
072 F000100      403
072 G000100      121
072 H000100        0
072 I000100        2
072 J000100       36
072 K000100        0
072 L000100       18
072 M000100        7
072 N000100        6
072 O000100        4
072 P000100        0
072 Q000100       53
072 R000100       13
072 S000100        0
072 T000100        0
072 U000100        0
072 V000100        0
072 W000100       12
072 X000100      675
072 Y000100       40
072 Z000100      563
<PAGE>      PAGE  9
072AA000100    13772
072BB000100    12094
072CC010100        0
072CC020100     9255
072DD010100      563
072DD020100        0
072EE000100     1678
073 A010100   0.1322
073 A020100   0.0000
073 B000100   0.3944
073 C000100   0.0000
074 A000100        0
074 B000100        0
074 C000100    12488
074 D000100     3643
074 E000100        0
074 F000100    62703
074 G000100        0
074 H000100        0
074 I000100        0
074 J000100     1209
074 K000100       39
074 L000100      150
074 M000100        4
074 N000100    80236
074 O000100        0
074 P000100      138
074 Q000100        0
074 R010100        0
074 R020100        0
074 R030100        0
074 R040100       20
074 S000100        0
074 T000100    80078
074 U010100     4376
074 U020100        0
074 V010100    18.30
074 V020100     0.00
074 W000100   0.0000
074 X000100        6
074 Y000100        0
075 A000100        0
075 B000100    80659
076  000100     0.00
008 A000201 INDEPENDENCE CAPITAL MANAGEMENT, INC
008 B000201 A
008 C000201 801-35477
008 D010201 HORSHAM
008 D020201 PA
008 D030201 19044
028 A010200      1440
<PAGE>      PAGE  10
028 A020200        41
028 A030200         0
028 A040200      1017
028 B010200      1664
028 B020200        48
028 B030200         0
028 B040200      1099
028 C010200      2204
028 C020200        52
028 C030200         0
028 C040200      2801
028 D010200      7106
028 D020200        53
028 D030200         0
028 D040200      5678
028 E010200      1453
028 E020200        56
028 E030200         0
028 E040200      1160
028 F010200      1069
028 F020200        63
028 F030200         0
028 F040200      1559
028 G010200     14936
028 G020200       313
028 G030200         0
028 G040200     13314
028 H000200         0
045  000200 Y
046  000200 N
047  000200 Y
048  000200  0.000
048 A010200   100000
048 A020200 0.400
048 B010200 99999999
048 B020200 0.350
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
<PAGE>      PAGE  11
048 J020200 0.000
048 K010200        0
048 K020200 0.000
062 A000200 Y
062 B000200   2.9
062 C000200  20.9
062 D000200   0.0
062 E000200   0.0
062 F000200   0.0
062 G000200   0.0
062 H000200   0.0
062 I000200  39.1
062 J000200   0.0
062 K000200   0.0
062 L000200   1.1
062 M000200   0.0
062 N000200   0.0
062 O000200  21.2
062 P000200  15.1
062 Q000200   0.0
062 R000200   0.0
063 A000200  36
063 B000200  0.0
064 A000200 N
064 B000200 N
066 A000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
070 A010200 Y
070 A020200 N
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 N
070 J020200 N
070 K010200 Y
<PAGE>      PAGE  12
070 K020200 Y
070 L010200 Y
070 L020200 N
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         0
071 B000200         0
071 C000200         0
071 D000200    0
072 A000200 12
072 B000200      642
072 C000200        0
072 D000200        0
072 E000200        0
072 F000200       58
072 G000200       22
072 H000200        0
072 I000200        2
072 J000200       12
072 K000200        0
072 L000200        3
072 M000200        1
072 N000200        1
072 O000200        1
072 P000200        0
072 Q000200       10
072 R000200        2
072 S000200        1
072 T000200        0
072 U000200        0
072 V000200        0
072 W000200        1
072 X000200      114
072 Y000200       10
072 Z000200      537
072AA000200        0
072BB000200        0
072CC010200        0
072CC020200        0
072DD010200      537
072DD020200        0
<PAGE>      PAGE  13
072EE000200        0
073 A010200   0.0365
073 A020200   0.0000
073 B000200   0.0000
073 C000200   0.0000
074 A000200        0
074 B000200        0
074 C000200    10406
074 D000200     6000
074 E000200        0
074 F000200      175
074 G000200        0
074 H000200        0
074 I000200        0
074 J000200        0
074 K000200        0
074 L000200       40
074 M000200        0
074 N000200    16621
074 O000200        0
074 P000200       11
074 Q000200        0
074 R010200        0
074 R020200        0
074 R030200        0
074 R040200       79
074 S000200        0
074 T000200    16531
074 U010200    16532
074 U020200        0
074 V010200     1.00
074 V020200     0.00
074 W000200   0.9995
074 X000200        3
074 Y000200        0
075 A000200    14384
075 B000200        0
076  000200     0.00
008 A000301 T. ROWE PRICE ASSOCIATES, INC.
008 B000301 A
008 C000301 801-856
008 D010301 BALTIMORE
008 D020301 MD
008 D030301 21202
028 A010300      4686
028 A020300         0
028 A030300         0
028 A040300       201
028 B010300      4472
028 B020300         0
028 B030300         0
<PAGE>      PAGE  14
028 B040300       126
028 C010300      4502
028 C020300         0
028 C030300         0
028 C040300       875
028 D010300      5189
028 D020300         0
028 D030300         0
028 D040300       128
028 E010300      4691
028 E020300         0
028 E030300         0
028 E040300       509
028 F010300      4367
028 F020300     12038
028 F030300         0
028 F040300       606
028 G010300     27907
028 G020300     12038
028 G030300         0
028 G040300      2445
028 H000300         0
045  000300 Y
046  000300 N
047  000300 Y
048  000300  0.500
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
062 A000300 N
062 B000300   0.0
062 C000300   0.0
<PAGE>      PAGE  15
062 D000300   0.0
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   0
063 B000300  0.0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 Y
067  000300 N
068 A000300 N
068 B000300 N
069  000300 N
070 A010300 Y
070 A020300 N
070 B010300 Y
070 B020300 Y
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 Y
<PAGE>      PAGE  16
070 L020300 Y
070 M010300 Y
070 M020300 N
070 N010300 Y
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     93246
071 B000300     42582
071 C000300    114137
071 D000300   37
072 A000300 12
072 B000300     3105
072 C000300     2537
072 D000300        0
072 E000300       -4
072 F000300      709
072 G000300      213
072 H000300        0
072 I000300        1
072 J000300       52
072 K000300        0
072 L000300       24
072 M000300       11
072 N000300       17
072 O000300        8
072 P000300        0
072 Q000300       88
072 R000300       21
072 S000300        7
072 T000300        0
072 U000300        0
072 V000300        0
072 W000300       20
072 X000300     1171
072 Y000300        0
072 Z000300     4467
072AA000300     8890
072BB000300     1385
072CC010300        0
072CC020300     6338
072DD010300     4682
072DD020300        0
072EE000300     7356
073 A010300   0.4511
<PAGE>      PAGE  17
073 A020300   0.0000
073 B000300   0.7088
073 C000300   0.0000
074 A000300        0
074 B000300        0
074 C000300    34947
074 D000300    38245
074 E000300    12584
074 F000300    84260
074 G000300      794
074 H000300        0
074 I000300        0
074 J000300      301
074 K000300      189
074 L000300      996
074 M000300        0
074 N000300   172316
074 O000300     2297
074 P000300       62
074 Q000300        0
074 R010300        0
074 R020300        0
074 R030300        0
074 R040300      110
074 S000300        0
074 T000300   169847
074 U010300    11183
074 U020300        0
074 V010300    15.19
074 V020300     0.00
074 W000300   0.0000
074 X000300        5
074 Y000300        0
075 A000300        0
075 B000300   141948
076  000300     0.00
008 A000401 T. ROWE PRICE ASSOCIATES, INC.
008 B000401 A
008 C000401 801-856
008 D010401 BALTIMORE
008 D020401 MD
008 D030401 21202
028 A010400       882
028 A020400         0
028 A030400         0
028 A040400      1213
028 B010400       502
028 B020400         0
028 B030400         0
028 B040400      2088
028 C010400       470
<PAGE>      PAGE  18
028 C020400         0
028 C030400         0
028 C040400      1232
028 D010400       475
028 D020400         0
028 D030400         0
028 D040400       494
028 E010400       630
028 E020400         0
028 E030400         0
028 E040400       624
028 F010400       526
028 F020400      3302
028 F030400         0
028 F040400       656
028 G010400      3485
028 G020400      3302
028 G030400         0
028 G040400      6307
028 H000400         0
045  000400 Y
046  000400 N
047  000400 Y
048  000400  0.500
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
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
062 A000400 Y
062 B000400   0.0
062 C000400   0.0
062 D000400   0.0
062 E000400   0.0
<PAGE>      PAGE  19
062 F000400   0.0
062 G000400   0.0
062 H000400   0.0
062 I000400  16.2
062 J000400   0.0
062 K000400   0.0
062 L000400   0.0
062 M000400   0.0
062 N000400   0.0
062 O000400   0.0
062 P000400  77.8
062 Q000400   0.0
062 R000400   4.1
063 A000400   0
063 B000400  6.6
064 A000400 N
064 B000400 Y
065  000400 N
066 A000400 N
067  000400 N
068 A000400 N
068 B000400 N
069  000400 N
070 A010400 Y
070 A020400 N
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
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 Y
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
<PAGE>      PAGE  20
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     29653
071 B000400     36070
071 C000400     32685
071 D000400   91
072 A000400 12
072 B000400     3550
072 C000400       23
072 D000400        0
072 E000400        0
072 F000400      178
072 G000400       53
072 H000400        0
072 I000400        1
072 J000400       14
072 K000400        0
072 L000400        7
072 M000400        3
072 N000400        2
072 O000400        2
072 P000400        0
072 Q000400       25
072 R000400        6
072 S000400        0
072 T000400        0
072 U000400        0
072 V000400        0
072 W000400       14
072 X000400      305
072 Y000400        0
072 Z000400     3268
072AA000400     1211
072BB000400     2749
072CC010400        0
072CC020400     4449
072DD010400     3302
072DD020400        0
072EE000400        0
073 A010400   0.9100
073 A020400   0.0000
073 B000400   0.0000
073 C000400   0.0000
074 A000400        1
074 B000400        0
<PAGE>      PAGE  21
074 C000400     5181
074 D000400    24971
074 E000400      380
074 F000400      791
074 G000400      148
074 H000400        0
074 I000400        0
074 J000400        0
074 K000400        0
074 L000400      675
074 M000400        1
074 N000400    32148
074 O000400        0
074 P000400       46
074 Q000400        0
074 R010400        0
074 R020400        0
074 R030400        0
074 R040400       21
074 S000400        0
074 T000400    32081
074 U010400     4040
074 U020400        0
074 V010400     7.94
074 V020400     0.00
074 W000400   0.0000
074 X000400        5
074 Y000400        0
075 A000400        0
075 B000400    35498
076  000400     0.00
008 A000501 INDEPENDENCE CAPITAL MANAGEMENT, INC
008 B000501 A
008 C000501 801-35477
008 D010501 HORSHAM
008 D020501 PA
008 D030501 19044
028 A010500       245
028 A020500         0
028 A030500         0
028 A040500       606
028 B010500       515
028 B020500         0
028 B030500         0
028 B040500       553
028 C010500       363
028 C020500         0
028 C030500         0
028 C040500       542
028 D010500       220
028 D020500         0
<PAGE>      PAGE  22
028 D030500         0
028 D040500       380
028 E010500       524
028 E020500         0
028 E030500         0
028 E040500       340
028 F010500       289
028 F020500      1982
028 F030500         0
028 F040500       385
028 G010500      2156
028 G020500      1982
028 G030500         0
028 G040500      2806
028 H000500         0
045  000500 Y
046  000500 N
047  000500 Y
048  000500  0.000
048 A010500   100000
048 A020500 0.450
048 B010500 99999999
048 B020500 0.400
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
062 A000500 Y
062 B000500   0.4
062 C000500   4.8
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  23
062 K000500   0.0
062 L000500   1.0
062 M000500  30.4
062 N000500   1.7
062 O000500  21.1
062 P000500  36.0
062 Q000500   0.0
062 R000500   2.8
063 A000500   0
063 B000500 15.1
064 A000500 N
064 B000500 N
066 A000500 N
067  000500 N
068 A000500 N
068 B000500 N
069  000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 Y
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 Y
070 M010500 N
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
<PAGE>      PAGE  24
070 R010500 N
070 R020500 N
071 A000500    142447
071 B000500    119034
071 C000500     31249
071 D000500  381
072 A000500 12
072 B000500     2125
072 C000500      111
072 D000500        0
072 E000500        0
072 F000500      146
072 G000500       49
072 H000500        0
072 I000500        1
072 J000500       18
072 K000500        0
072 L000500        7
072 M000500        3
072 N000500        1
072 O000500        2
072 P000500        0
072 Q000500       24
072 R000500        5
072 S000500        2
072 T000500        0
072 U000500        0
072 V000500        0
072 W000500       10
072 X000500      268
072 Y000500       16
072 Z000500     1984
072AA000500      203
072BB000500     3305
072CC010500        0
072CC020500      802
072DD010500     1982
072DD020500        0
072EE000500        0
073 A010500   0.6109
073 A020500   0.0000
073 B000500   0.0000
073 C000500   0.0000
074 A000500        1
074 B000500        0
074 C000500     2172
074 D000500    27440
074 E000500      875
074 F000500      300
074 G000500        0
074 H000500        0
<PAGE>      PAGE  25
074 I000500        0
074 J000500        0
074 K000500        9
074 L000500      572
074 M000500        2
074 N000500    31371
074 O000500        0
074 P000500       22
074 Q000500        0
074 R010500        0
074 R020500        0
074 R030500        0
074 R040500       11
074 S000500        0
074 T000500    31338
074 U010500     3465
074 U020500        0
074 V010500     9.04
074 V020500     0.00
074 W000500   0.0000
074 X000500        4
074 Y000500        0
075 A000500        0
075 B000500    32360
076  000500     0.00
008 A000601 QUEST FOR VALUE
008 B000601 A
008 C000601 801-27180
008 D010601 NEW YORK
008 D020601 NY
008 D030601 10281
028 A010600       978
028 A020600         0
028 A030600         0
028 A040600       604
028 B010600      1121
028 B020600         0
028 B030600         0
028 B040600       352
028 C010600      1264
028 C020600         0
028 C030600         0
028 C040600       575
028 D010600      1083
028 D020600         0
028 D030600         0
028 D040600       548
028 E010600      1363
028 E020600         0
028 E030600         0
028 E040600       206
<PAGE>      PAGE  26
028 F010600       707
028 F020600      2313
028 F030600         0
028 F040600       505
028 G010600      6516
028 G020600      2313
028 G030600         0
028 G040600      2790
028 H000600         0
045  000600 Y
046  000600 N
047  000600 Y
048  000600  0.500
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
062 A000600 N
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
<PAGE>      PAGE  27
062 Q000600   0.0
062 R000600   0.0
063 A000600   0
063 B000600  0.0
066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 N
066 E000600 N
066 F000600 N
066 G000600 Y
067  000600 N
068 A000600 N
068 B000600 N
069  000600 N
070 A010600 Y
070 A020600 N
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 Y
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 Y
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
070 Q010600 Y
070 Q020600 N
070 R010600 N
070 R020600 N
<PAGE>      PAGE  28
071 A000600     28135
071 B000600     22517
071 C000600     73694
071 D000600   31
072 A000600 12
072 B000600      480
072 C000600     1335
072 D000600        0
072 E000600       -5
072 F000600      375
072 G000600      112
072 H000600        0
072 I000600        1
072 J000600       25
072 K000600        0
072 L000600       15
072 M000600        6
072 N000600        3
072 O000600        3
072 P000600        0
072 Q000600       50
072 R000600       11
072 S000600        4
072 T000600        0
072 U000600        0
072 V000600        0
072 W000600       13
072 X000600      618
072 Y000600        0
072 Z000600     1192
072AA000600     2656
072BB000600     1535
072CC010600        0
072CC020600      249
072DD010600     1192
072DD020600        0
072EE000600     1121
073 A010600   0.1968
073 A020600   0.0000
073 B000600   0.1800
073 C000600   0.0000
074 A000600        0
074 B000600        0
074 C000600    12466
074 D000600        0
074 E000600        0
074 F000600    66604
074 G000600        0
074 H000600        0
074 I000600        0
074 J000600        0
<PAGE>      PAGE  29
074 K000600        1
074 L000600      104
074 M000600        6
074 N000600    79181
074 O000600        0
074 P000600       97
074 Q000600        0
074 R010600        0
074 R020600        0
074 R030600        0
074 R040600       63
074 S000600        0
074 T000600    79021
074 U010600     6237
074 U020600        0
074 V010600    12.67
074 V020600     0.00
074 W000600   0.0000
074 X000600        5
074 Y000600        0
075 A000600        0
075 B000600    74891
076  000600     0.00
008 A000701 VONTOBEL  USA
008 B000701 A
008 C000701 801-21953
008 D010701 NEW YORK
008 D020701 NY
008 D030701 10022
028 A010700      3352
028 A020700         0
028 A030700         0
028 A040700      1517
028 B010700      2315
028 B020700         0
028 B030700         0
028 B040700      4652
028 C010700      3144
028 C020700         0
028 C030700         0
028 C040700       701
028 D010700      2380
028 D020700         0
028 D030700         0
028 D040700       188
028 E010700      2344
028 E020700         0
028 E030700         0
028 E040700       404
028 F010700      2225
028 F020700       230
<PAGE>      PAGE  30
028 F030700         0
028 F040700       428
028 G010700     15760
028 G020700       230
028 G030700         0
028 G040700      7890
028 H000700         0
045  000700 Y
046  000700 N
047  000700 Y
048  000700  0.750
048 A010700        0
048 A020700 0.000
048 B010700        0
048 B020700 0.000
048 C010700        0
048 C020700 0.000
048 D010700        0
048 D020700 0.000
048 E010700        0
048 E020700 0.000
048 F010700        0
048 F020700 0.000
048 G010700        0
048 G020700 0.000
048 H010700        0
048 H020700 0.000
048 I010700        0
048 I020700 0.000
048 J010700        0
048 J020700 0.000
048 K010700        0
048 K020700 0.000
062 A000700 N
062 B000700   0.0
062 C000700   0.0
062 D000700   0.0
062 E000700   0.0
062 F000700   0.0
062 G000700   0.0
062 H000700   0.0
062 I000700   0.0
062 J000700   0.0
062 K000700   0.0
062 L000700   0.0
062 M000700   0.0
062 N000700   0.0
062 O000700   0.0
062 P000700   0.0
062 Q000700   0.0
062 R000700   0.0
<PAGE>      PAGE  31
063 A000700   0
063 B000700  0.0
066 A000700 Y
066 B000700 N
066 C000700 Y
066 D000700 N
066 E000700 N
066 F000700 N
066 G000700 N
067  000700 N
068 A000700 N
068 B000700 Y
069  000700 N
070 A010700 Y
070 A020700 N
070 B010700 Y
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 Y
070 L020700 Y
070 M010700 Y
070 M020700 Y
070 N010700 Y
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700     22972
071 B000700      7238
<PAGE>      PAGE  32
071 C000700     46391
071 D000700   16
072 A000700 12
072 B000700      241
072 C000700      913
072 D000700        0
072 E000700      -68
072 F000700      400
072 G000700       80
072 H000700        0
072 I000700        2
072 J000700       62
072 K000700        0
072 L000700        8
072 M000700        5
072 N000700        6
072 O000700        4
072 P000700        0
072 Q000700       40
072 R000700        8
072 S000700        2
072 T000700        0
072 U000700        0
072 V000700        0
072 W000700       34
072 X000700      651
072 Y000700        0
072 Z000700      435
072AA000700      938
072BB000700     1545
072CC010700        0
072CC020700     3753
072DD010700      100
072DD020700        0
072EE000700        0
073 A010700   0.0200
073 A020700   0.0000
073 B000700   0.0000
073 C000700   0.0300
074 A000700      486
074 B000700        0
074 C000700     7710
074 D000700       74
074 E000700      971
074 F000700    49960
074 G000700        0
074 H000700        0
074 I000700        0
074 J000700       71
074 K000700       67
074 L000700      233
<PAGE>      PAGE  33
074 M000700        3
074 N000700    59575
074 O000700        0
074 P000700       22
074 Q000700        0
074 R010700        0
074 R020700        0
074 R030700        0
074 R040700      160
074 S000700        0
074 T000700    59393
074 U010700     4566
074 U020700        0
074 V010700    13.01
074 V020700     0.00
074 W000700   0.0000
074 X000700        5
074 Y000700        0
075 A000700        0
075 B000700    53308
076  000700     0.00
SIGNATURE   JAMES D. BENSON                              
TITLE       CONTROLLER          
 


<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 3
   <NAME> FLEXIBLY MANAGED FUND
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               DEC-31-1994
<INVESTMENTS-AT-COST>                        165947605
<INVESTMENTS-AT-VALUE>                       170829633
<RECEIVABLES>                                  1486680
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               172316313
<PAYABLE-FOR-SECURITIES>                       2296872
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       172272
<TOTAL-LIABILITIES>                            2469144
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     165030766
<SHARES-COMMON-STOCK>                         11183050
<SHARES-COMMON-PRIOR>                          7228822
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (65518)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       4881921
<NET-ASSETS>                                 169847169
<DIVIDEND-INCOME>                              2536701
<INTEREST-INCOME>                              3105167
<OTHER-INCOME>                                  (3921)
<EXPENSES-NET>                                 1170535
<NET-INVESTMENT-INCOME>                        4467412
<REALIZED-GAINS-CURRENT>                       7505065
<APPREC-INCREASE-CURRENT>                    (6337661)
<NET-CHANGE-FROM-OPS>                          5634816
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      4467412
<DISTRIBUTIONS-OF-GAINS>                       7356357
<DISTRIBUTIONS-OTHER>                           214225
<NUMBER-OF-SHARES-SOLD>                        3432665
<NUMBER-OF-SHARES-REDEEMED>                     270932
<SHARES-REINVESTED>                             792494
<NET-CHANGE-IN-ASSETS>                        56355565
<ACCUMULATED-NII-PRIOR>                           4550
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           708525
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                1170535
<AVERAGE-NET-ASSETS>                         142061073
<PER-SHARE-NAV-BEGIN>                             15.7
<PER-SHARE-NII>                                    .43
<PER-SHARE-GAIN-APPREC>                            .22
<PER-SHARE-DIVIDEND>                               .43
<PER-SHARE-DISTRIBUTIONS>                          .71
<RETURNS-OF-CAPITAL>                               .02
<PER-SHARE-NAV-END>                              15.19
<EXPENSE-RATIO>                                    .82
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 1
   <NAME> GROWTH EQUITY FUND
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               DEC-31-1994
<INVESTMENTS-AT-COST>                         74049797
<INVESTMENTS-AT-VALUE>                        78834224
<RECEIVABLES>                                  1397872
<ASSETS-OTHER>                                    3766
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                80235862
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       157957
<TOTAL-LIABILITIES>                             157957
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      75293478
<SHARES-COMMON-STOCK>                          4376419
<SHARES-COMMON-PRIOR>                          4097388
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       4784427
<NET-ASSETS>                                  80077905
<DIVIDEND-INCOME>                               469055
<INTEREST-INCOME>                               730624
<OTHER-INCOME>                                  (2338)
<EXPENSES-NET>                                  634466
<NET-INVESTMENT-INCOME>                         562875
<REALIZED-GAINS-CURRENT>                       1678399
<APPREC-INCREASE-CURRENT>                    (9254862)
<NET-CHANGE-FROM-OPS>                        (7013588)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       562875
<DISTRIBUTIONS-OF-GAINS>                       1678399
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         504163
<NUMBER-OF-SHARES-REDEEMED>                     347606
<SHARES-REINVESTED>                              91716
<NET-CHANGE-IN-ASSETS>                       (3860292)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           403183
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 634466
<AVERAGE-NET-ASSETS>                          80633598
<PER-SHARE-NAV-BEGIN>                            20.49
<PER-SHARE-NII>                                    .13
<PER-SHARE-GAIN-APPREC>                          (1.8)
<PER-SHARE-DIVIDEND>                               .13
<PER-SHARE-DISTRIBUTIONS>                          .39
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               18.3
<EXPENSE-RATIO>                                    .79
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 4
   <NAME> HIGH YIELD BOND FUND
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               DEC-31-1994
<INVESTMENTS-AT-COST>                         34604827
<INVESTMENTS-AT-VALUE>                        31470499
<RECEIVABLES>                                   674757
<ASSETS-OTHER>                                    1814
<OTHER-ITEMS-ASSETS>                               865
<TOTAL-ASSETS>                                32147935
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        66853
<TOTAL-LIABILITIES>                              66853
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      38143524
<SHARES-COMMON-STOCK>                          4040146
<SHARES-COMMON-PRIOR>                          3698344
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      (2928114)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     (3134328)
<NET-ASSETS>                                  32081082
<DIVIDEND-INCOME>                                23051
<INTEREST-INCOME>                              3549549
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  305124
<NET-INVESTMENT-INCOME>                        3267476
<REALIZED-GAINS-CURRENT>                     (1538281)
<APPREC-INCREASE-CURRENT>                    (4448669)
<NET-CHANGE-FROM-OPS>                        (2719474)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      3267476
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                            34447
<NUMBER-OF-SHARES-SOLD>                        1131826
<NUMBER-OF-SHARES-REDEEMED>                    1205884
<SHARES-REINVESTED>                             415895
<NET-CHANGE-IN-ASSETS>                       (3223971)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                    (1355866)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           177564
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 305124
<AVERAGE-NET-ASSETS>                          35584851
<PER-SHARE-NAV-BEGIN>                             9.55
<PER-SHARE-NII>                                     .9
<PER-SHARE-GAIN-APPREC>                          (1.6)
<PER-SHARE-DIVIDEND>                                .9
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                               .01
<PER-SHARE-NAV-END>                               7.94
<EXPENSE-RATIO>                                    .86
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 7
   <NAME> INTERNATIONAL EQUITY FUND
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               DEC-31-1994
<INVESTMENTS-AT-COST>                         54459861
<INVESTMENTS-AT-VALUE>                        58715765
<RECEIVABLES>                                   370622
<ASSETS-OTHER>                                    2905
<OTHER-ITEMS-ASSETS>                           6031606
<TOTAL-ASSETS>                                65120898
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      5728092
<TOTAL-LIABILITIES>                            5728092
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      55652990
<SHARES-COMMON-STOCK>                          4566334
<SHARES-COMMON-PRIOR>                          2926771
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (450697)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       4190783
<NET-ASSETS>                                  59392806
<DIVIDEND-INCOME>                               912529
<INTEREST-INCOME>                               241143
<OTHER-INCOME>                                 (68068)
<EXPENSES-NET>                                  650539
<NET-INVESTMENT-INCOME>                         435065
<REALIZED-GAINS-CURRENT>                      (607223)
<APPREC-INCREASE-CURRENT>                    (3753499)
<NET-CHANGE-FROM-OPS>                        (3925657)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        99627
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                           129984
<NUMBER-OF-SHARES-SOLD>                        2799905
<NUMBER-OF-SHARES-REDEEMED>                    1177992
<SHARES-REINVESTED>                              17649
<NET-CHANGE-IN-ASSETS>                        18594522
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                         179170
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           399983
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 650539
<AVERAGE-NET-ASSETS>                          53331143
<PER-SHARE-NAV-BEGIN>                            13.94
<PER-SHARE-NII>                                    .09
<PER-SHARE-GAIN-APPREC>                          (.97)
<PER-SHARE-DIVIDEND>                               .02
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                             (.03)
<PER-SHARE-NAV-END>                              13.01
<EXPENSE-RATIO>                                   1.22
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 2
   <NAME> MONEY MARKET FUND
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               DEC-31-1994
<INVESTMENTS-AT-COST>                         16580564
<INVESTMENTS-AT-VALUE>                        16580564
<RECEIVABLES>                                    40455
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                16621019
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        89927
<TOTAL-LIABILITIES>                              89927
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      16532515
<SHARES-COMMON-STOCK>                         16532208
<SHARES-COMMON-PRIOR>                         13007082
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                           1423
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                  16531092
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               642368
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  104879
<NET-INVESTMENT-INCOME>                         537489
<REALIZED-GAINS-CURRENT>                           138
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                           537627
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       537489
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                       24124114
<NUMBER-OF-SHARES-REDEEMED>                   21094065
<SHARES-REINVESTED>                             495077
<NET-CHANGE-IN-ASSETS>                         3525264
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                       (1254)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            57533
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 113674
<AVERAGE-NET-ASSETS>                          14384043
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                    .04
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                               .04
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                    .73
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 5
   <NAME> QUALITY BOND FUND
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               DEC-31-1994
<INVESTMENTS-AT-COST>                         31285166
<INVESTMENTS-AT-VALUE>                        30786494
<RECEIVABLES>                                   581802
<ASSETS-OTHER>                                    2100
<OTHER-ITEMS-ASSETS>                               708
<TOTAL-ASSETS>                                31371104
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        33474
<TOTAL-LIABILITIES>                              33474
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      34936756
<SHARES-COMMON-STOCK>                          3465498
<SHARES-COMMON-PRIOR>                          3239854
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      (3100454)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      (498672)
<NET-ASSETS>                                  31337630
<DIVIDEND-INCOME>                               110969
<INTEREST-INCOME>                              2124670
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  251370
<NET-INVESTMENT-INCOME>                        1984269
<REALIZED-GAINS-CURRENT>                     (3102230)
<APPREC-INCREASE-CURRENT>                     (802018)
<NET-CHANGE-FROM-OPS>                        (1919979)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      1982402
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         811401
<NUMBER-OF-SHARES-REDEEMED>                     805049
<SHARES-REINVESTED>                             219293
<NET-CHANGE-IN-ASSETS>                       (1689364)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                       38008
<GROSS-ADVISORY-FEES>                           145544
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 267542
<AVERAGE-NET-ASSETS>                          32343088
<PER-SHARE-NAV-BEGIN>                            10.19
<PER-SHARE-NII>                                    .61
<PER-SHARE-GAIN-APPREC>                         (1.15)
<PER-SHARE-DIVIDEND>                             (.61)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.04
<EXPENSE-RATIO>                                    .78
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 6
   <NAME> VALUE EQUITY FUND
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               DEC-31-1994
<INVESTMENTS-AT-COST>                         74872554
<INVESTMENTS-AT-VALUE>                        79070201
<RECEIVABLES>                                   105070
<ASSETS-OTHER>                                    5500
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                79180771
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       159897
<TOTAL-LIABILITIES>                             159897
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      74823227
<SHARES-COMMON-STOCK>                          6237075
<SHARES-COMMON-PRIOR>                          5518960
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       4197647
<NET-ASSETS>                                  79020874
<DIVIDEND-INCOME>                              1335272
<INTEREST-INCOME>                               479509
<OTHER-INCOME>                                  (5476)
<EXPENSES-NET>                                  616901
<NET-INVESTMENT-INCOME>                        1192404
<REALIZED-GAINS-CURRENT>                       1120950
<APPREC-INCREASE-CURRENT>                     (248954)
<NET-CHANGE-FROM-OPS>                          2064400
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      1192404
<DISTRIBUTIONS-OF-GAINS>                       1120950
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        1013563
<NUMBER-OF-SHARES-REDEEMED>                     478034
<SHARES-REINVESTED>                             182585
<NET-CHANGE-IN-ASSETS>                         9040695
<ACCUMULATED-NII-PRIOR>                             64
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           374544
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 616901
<AVERAGE-NET-ASSETS>                          74910130
<PER-SHARE-NAV-BEGIN>                            12.68
<PER-SHARE-NII>                                     .2
<PER-SHARE-GAIN-APPREC>                            .17
<PER-SHARE-DIVIDEND>                                .2
<PER-SHARE-DISTRIBUTIONS>                          .18
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.67
<EXPENSE-RATIO>                                    .82
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission