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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 19
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<PAGE> PAGE 29
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<PAGE> PAGE 31
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SIGNATURE JAMES D. BENSON
TITLE CONTROLLER
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<NUMBER-OF-SHARES-REDEEMED> 15,647,418
<SHARES-REINVESTED> 683,369
<NET-CHANGE-IN-ASSETS> 5,596,179
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,532)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 53,187
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 95,838
<AVERAGE-NET-ASSETS> 28,133,978
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .025
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .025
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> FLEXIBLY MANAGED FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 283,825,429
<INVESTMENTS-AT-VALUE> 324,562,304
<RECEIVABLES> 2,521,749
<ASSETS-OTHER> 2,134
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 327,086,187
<PAYABLE-FOR-SECURITIES> 277,173
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 513,211
<TOTAL-LIABILITIES> 790,384
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 275,665,839
<SHARES-COMMON-STOCK> 17,524,097
<SHARES-COMMON-PRIOR> 15,316,544
<ACCUMULATED-NII-CURRENT> 6,973,766
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,919,323
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 37,736,875
<NET-ASSETS> 326,295,803
<DIVIDEND-INCOME> 4,615,140
<INTEREST-INCOME> 3,500,368
<OTHER-INCOME> 0
<EXPENSES-NET> 1,141,742
<NET-INVESTMENT-INCOME> 6,973,766
<REALIZED-GAINS-CURRENT> 5,757,624
<APPREC-INCREASE-CURRENT> 6,992,761
<NET-CHANGE-FROM-OPS> 19,724,151
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,586,671
<NUMBER-OF-SHARES-REDEEMED> 379,118
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 59,739,696
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (52,850)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 743,869
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,141,742
<AVERAGE-NET-ASSETS> 299,182,533
<PER-SHARE-NAV-BEGIN> 17.40
<PER-SHARE-NII> .40
<PER-SHARE-GAIN-APPREC> .82
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.62
<EXPENSE-RATIO> .77
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 37,914,896
<INVESTMENTS-AT-VALUE> 38,383,213
<RECEIVABLES> 1,172,903
<ASSETS-OTHER> 377
<OTHER-ITEMS-ASSETS> 533
<TOTAL-ASSETS> 39,557,026
<PAYABLE-FOR-SECURITIES> 951,790
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 79,552
<TOTAL-LIABILITIES> 1,031,342
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,900,078
<SHARES-COMMON-STOCK> 4,359,359
<SHARES-COMMON-PRIOR> 4,318,196
<ACCUMULATED-NII-CURRENT> 1,401,196
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,243,907)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 468,317
<NET-ASSETS> 38,525,684
<DIVIDEND-INCOME> 1,538,647
<INTEREST-INCOME> 18,049
<OTHER-INCOME> 0
<EXPENSES-NET> 155,500
<NET-INVESTMENT-INCOME> 1,401,196
<REALIZED-GAINS-CURRENT> (229,663)
<APPREC-INCREASE-CURRENT> 568,529
<NET-CHANGE-FROM-OPS> 1,740,062
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 481,776
<NUMBER-OF-SHARES-REDEEMED> 440,613
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,083,948
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,014,244)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 93,121
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 155,500
<AVERAGE-NET-ASSETS> 37,453,216
<PER-SHARE-NAV-BEGIN> 8.44
<PER-SHARE-NII> .32
<PER-SHARE-GAIN-APPREC> .08
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.84
<EXPENSE-RATIO> .98
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 39,038,250
<INVESTMENTS-AT-VALUE> 38,870,007
<RECEIVABLES> 672,839
<ASSETS-OTHER> 403
<OTHER-ITEMS-ASSETS> 270
<TOTAL-ASSETS> 39,543,519
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 36,688
<TOTAL-LIABILITIES> 36,688
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39,229,988
<SHARES-COMMON-STOCK> 3,875,847
<SHARES-COMMON-PRIOR> 3,715,985
<ACCUMULATED-NII-CURRENT> 1,210,234
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (765,148)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (168,243)
<NET-ASSETS> 39,506,831
<DIVIDEND-INCOME> 30,603
<INTEREST-INCOME> 1,323,038
<OTHER-INCOME> 0
<EXPENSES-NET> 143,407
<NET-INVESTMENT-INCOME> 1,210,234
<REALIZED-GAINS-CURRENT> 13,490
<APPREC-INCREASE-CURRENT> (1,422,246)
<NET-CHANGE-FROM-OPS> (198,522)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 576,400
<NUMBER-OF-SHARES-REDEEMED> 416,538
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,458,426
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (778,638)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 84,623
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 143,407
<AVERAGE-NET-ASSETS> 39,663,553
<PER-SHARE-NAV-BEGIN> 10.24
<PER-SHARE-NII> .31
<PER-SHARE-GAIN-APPREC> (.36)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.19
<EXPENSE-RATIO> .73
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> VALUEQ EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 120,867,560
<INVESTMENTS-AT-VALUE> 159,223,237
<RECEIVABLES> 223,078
<ASSETS-OTHER> 1,563
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 159,447,878
<PAYABLE-FOR-SECURITIES> 1,654,545
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 289,493
<TOTAL-LIABILITIES> 1,944,038
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 115,047,839
<SHARES-COMMON-STOCK> 8,718,656
<SHARES-COMMON-PRIOR> 7,818,065
<ACCUMULATED-NII-CURRENT> 956,492
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,143,832
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38,355,677
<NET-ASSETS> 157,503,840
<DIVIDEND-INCOME> 855,229
<INTEREST-INCOME> 660,401
<OTHER-INCOME> 0
<EXPENSES-NET> 559,138
<NET-INVESTMENT-INCOME> 956,492
<REALIZED-GAINS-CURRENT> 3,143,832
<APPREC-INCREASE-CURRENT> 10,475,311
<NET-CHANGE-FROM-OPS> 14,575,635
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,129,839
<NUMBER-OF-SHARES-REDEEMED> 229,248
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 30,243,990
<ACCUMULATED-NII-PRIOR> (63)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 357,655
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 559,138
<AVERAGE-NET-ASSETS> 143,848,132
<PER-SHARE-NAV-BEGIN> 16.28
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> 1.68
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.07
<EXPENSE-RATIO> .78
<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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 73,613,332
<INVESTMENTS-AT-VALUE> 87,038,828
<RECEIVABLES> 1,923,570
<ASSETS-OTHER> 987
<OTHER-ITEMS-ASSETS> 222,945
<TOTAL-ASSETS> 89,186,330
<PAYABLE-FOR-SECURITIES> 1,316,814
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 141,491
<TOTAL-LIABILITIES> 1,458,305
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70,095,635
<SHARES-COMMON-STOCK> 5,530,501
<SHARES-COMMON-PRIOR> 4,803,704
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (215,444)
<ACCUMULATED-NET-GAINS> 4,195,562
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,652,272
<NET-ASSETS> 87,728,025
<DIVIDEND-INCOME> 740,005
<INTEREST-INCOME> 131,483
<OTHER-INCOME> 0
<EXPENSES-NET> 459,866
<NET-INVESTMENT-INCOME> 411,622
<REALIZED-GAINS-CURRENT> 5,254,196
<APPREC-INCREASE-CURRENT> 1,485,939
<NET-CHANGE-FROM-OPS> 7,151,757
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 932,863
<NUMBER-OF-SHARES-REDEEMED> 206,066
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 18,197,290
<ACCUMULATED-NII-PRIOR> (627,066)
<ACCUMULATED-GAINS-PRIOR> (1,058,634)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 292,523
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 459,866
<AVERAGE-NET-ASSETS> 78,434,700
<PER-SHARE-NAV-BEGIN> 14.47
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> 1.43
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.86
<EXPENSE-RATIO> 1.18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> SMALL CAPITALIZATION FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 11,260,114
<INVESTMENTS-AT-VALUE> 11,814,914
<RECEIVABLES> 105,073
<ASSETS-OTHER> 65
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,920,052
<PAYABLE-FOR-SECURITIES> 314,457
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,998
<TOTAL-LIABILITIES> 335,455
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,739,387
<SHARES-COMMON-STOCK> 961,669
<SHARES-COMMON-PRIOR> 440,375
<ACCUMULATED-NII-CURRENT> 30,595
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 259,815
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 554,800
<NET-ASSETS> 11,584,597
<DIVIDEND-INCOME> 33,297
<INTEREST-INCOME> 35,753
<OTHER-INCOME> 0
<EXPENSES-NET> 38,455
<NET-INVESTMENT-INCOME> 30,595
<REALIZED-GAINS-CURRENT> 262,411
<APPREC-INCREASE-CURRENT> 388,614
<NET-CHANGE-FROM-OPS> 681,620
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 21,218
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 571,232
<NUMBER-OF-SHARES-REDEEMED> 51,829
<SHARES-REINVESTED> 1,891
<NET-CHANGE-IN-ASSETS> 6,756,690
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 18,622
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 25,326
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 44,539
<AVERAGE-NET-ASSETS> 7,738,906
<PER-SHARE-NAV-BEGIN> 10.96
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 1.10
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .04
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.05
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
