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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 14
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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SIGNATURE JAMES D. BENSON
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> FLEXIBLY MANAGED FUND
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<PERIOD-END> DEC-31-1996
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 1
<NAME> GROWTH EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 86,731,469
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (192,114)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,471,396
<NET-ASSETS> 106,039,460
<DIVIDEND-INCOME> 1,069,185
<INTEREST-INCOME> 202,281
<OTHER-INCOME> 0
<EXPENSES-NET> 795,851
<NET-INVESTMENT-INCOME> 475,615
<REALIZED-GAINS-CURRENT> 10,366,718
<APPREC-INCREASE-CURRENT> 7,073,178
<NET-CHANGE-FROM-OPS> 17,915,511
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 475,615
<DISTRIBUTIONS-OF-GAINS> 10,558,832
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,089,450
<NUMBER-OF-SHARES-REDEEMED> 14,558,795
<SHARES-REINVESTED> 11,034,447
<NET-CHANGE-IN-ASSETS> 10,446,166
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 504,809
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 806,024
<AVERAGE-NET-ASSETS> 99,342,749
<PER-SHARE-NAV-BEGIN> 20.00
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 3.85
<PER-SHARE-DIVIDEND> 0.11
<PER-SHARE-DISTRIBUTIONS> 2.39
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.46
<EXPENSE-RATIO> 0.80
<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-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 40,965,300
<INVESTMENTS-AT-VALUE> 43,366,750
<RECEIVABLES> 907,880
<ASSETS-OTHER> 766
<OTHER-ITEMS-ASSETS> 606
<TOTAL-ASSETS> 44,276,002
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 234,443
<TOTAL-LIABILITIES> 234,443
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 46,179,999
<SHARES-COMMON-STOCK> 4,941,766
<SHARES-COMMON-PRIOR> 4,318,196
<ACCUMULATED-NII-CURRENT> 3,194,439
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,539,890)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,401,450
<NET-ASSETS> 44,041,559
<DIVIDEND-INCOME> 33,479
<INTEREST-INCOME> 3,490,874
<OTHER-INCOME> 0
<EXPENSES-NET> 329,914
<NET-INVESTMENT-INCOME> 3,194,439
<REALIZED-GAINS-CURRENT> (499,838)
<APPREC-INCREASE-CURRENT> 2,501,662
<NET-CHANGE-FROM-OPS> 5,196,263
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,194,439
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 25,808
<NUMBER-OF-SHARES-SOLD> 9,465,000
<NUMBER-OF-SHARES-REDEEMED> 7,061,440
<SHARES-REINVESTED> 3,220,247
<NET-CHANGE-IN-ASSETS> 7,599,823
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,014,244)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 196,230
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 329,914
<AVERAGE-NET-ASSETS> 39,245,943
<PER-SHARE-NAV-BEGIN> 8.44
<PER-SHARE-NII> 0.70
<PER-SHARE-GAIN-APPREC> 0.47
<PER-SHARE-DIVIDEND> 0.70
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.91
<EXPENSE-RATIO> 0.84
<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-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 89,061,600
<INVESTMENTS-AT-VALUE> 105,293,697
<RECEIVABLES> 1,160,181
<ASSETS-OTHER> 2,034
<OTHER-ITEMS-ASSETS> 263,885
<TOTAL-ASSETS> 106,719,797
<PAYABLE-FOR-SECURITIES> 1,830,033
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 472,176
<TOTAL-LIABILITIES> 2,302,209
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 88,223,307
<SHARES-COMMON-STOCK> 6,688,564
<SHARES-COMMON-PRIOR> 4,803,704
<ACCUMULATED-NII-CURRENT> 567,625
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (198,893)
<OVERDISTRIBUTION-GAINS> (95,403)
<ACCUM-APPREC-OR-DEPREC> 16,488,577
<NET-ASSETS> 104,417,588
<DIVIDEND-INCOME> 1,199,751
<INTEREST-INCOME> 378,764
<OTHER-INCOME> 0
<EXPENSES-NET> 1,010,890
<NET-INVESTMENT-INCOME> 567,625
<REALIZED-GAINS-CURRENT> 8,859,101
<APPREC-INCREASE-CURRENT> 4,322,244
<NET-CHANGE-FROM-OPS> 13,748,970
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 567,625
<DISTRIBUTIONS-OF-GAINS> 4,589,862
<DISTRIBUTIONS-OTHER> 2,877,835
<NUMBER-OF-SHARES-SOLD> 28,060,006
<NUMBER-OF-SHARES-REDEEMED> 6,922,123
<SHARES-REINVESTED> 8,035,322
<NET-CHANGE-IN-ASSETS> 34,886,853
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,058,634)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 627,066
<GROSS-ADVISORY-FEES> 647,302
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,012,152
<AVERAGE-NET-ASSETS> 86,306,884
<PER-SHARE-NAV-BEGIN> 14.47
<PER-SHARE-NII> 0.75
<PER-SHARE-GAIN-APPREC> 1.69
<PER-SHARE-DIVIDEND> 0.56
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0.74
<PER-SHARE-NAV-END> 15.61
<EXPENSE-RATIO> 1.17
<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-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 34,369,651
<INVESTMENTS-AT-VALUE> 34,369,651
<RECEIVABLES> 298,287
<ASSETS-OTHER> 700
<OTHER-ITEMS-ASSETS> 1,861
<TOTAL-ASSETS> 34,670,499
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 169,880
<TOTAL-LIABILITIES> 169,880
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,502,151
<SHARES-COMMON-STOCK> 34,502,151
<SHARES-COMMON-PRIOR> 24,727,125
<ACCUMULATED-NII-CURRENT> 1,467,263
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,532)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 34,500,619
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,685,899
<OTHER-INCOME> 0
<EXPENSES-NET> 218,636
<NET-INVESTMENT-INCOME> 1,467,263
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,467,263
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,467,263
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 44,071,472
<NUMBER-OF-SHARES-REDEEMED> 35,737,395
<SHARES-REINVESTED> 1,440,949
<NET-CHANGE-IN-ASSETS> 9,775,026
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,532)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 122,620
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 221,414
<AVERAGE-NET-ASSETS> 30,073,696
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.73
<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-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 36,690,692
<INVESTMENTS-AT-VALUE> 37,251,725
<RECEIVABLES> 418,800
<ASSETS-OTHER> 767
<OTHER-ITEMS-ASSETS> 1,951
<TOTAL-ASSETS> 37,673,243
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 61,902
<TOTAL-LIABILITIES> 61,902
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,930,673
<SHARES-COMMON-STOCK> 3,760,294
<SHARES-COMMON-PRIOR> 3,715,985
<ACCUMULATED-NII-CURRENT> 2,357,782
<OVERDISTRIBUTION-NII> (15,306)
<ACCUMULATED-NET-GAINS> (895,671)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 561,033
<NET-ASSETS> 37,611,341
<DIVIDEND-INCOME> 51,203
<INTEREST-INCOME> 2,607,110
<OTHER-INCOME> 0
<EXPENSES-NET> 300,531
<NET-INVESTMENT-INCOME> 2,357,782
<REALIZED-GAINS-CURRENT> (117,033)
<APPREC-INCREASE-CURRENT> (692,970)
<NET-CHANGE-FROM-OPS> 1,547,779
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,342,476
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,374,183
<NUMBER-OF-SHARES-REDEEMED> 10,359,026
<SHARES-REINVESTED> 2,342,476
<NET-CHANGE-IN-ASSETS> (437,064)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (778,638)
<OVERDISTRIB-NII-PRIOR> 28,700
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 180,125
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 304,663
<AVERAGE-NET-ASSETS> 39,108,692
<PER-SHARE-NAV-BEGIN> 10.24
<PER-SHARE-NII> 0.66
<PER-SHARE-GAIN-APPREC> (0.24)
<PER-SHARE-DIVIDEND> 0.66
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.00
<EXPENSE-RATIO> 0.77
<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> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 14,699,561
<INVESTMENTS-AT-VALUE> 15,996,206
<RECEIVABLES> 188,505
<ASSETS-OTHER> 253
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16,184,964
<PAYABLE-FOR-SECURITIES> 33,543
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,389
<TOTAL-LIABILITIES> 50,932
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,838,538
<SHARES-COMMON-STOCK> 1,287,316
<SHARES-COMMON-PRIOR> 440,375
<ACCUMULATED-NII-CURRENT> 87,435
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,151)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,296,645
<NET-ASSETS> 16,134,032
<DIVIDEND-INCOME> 113,044
<INTEREST-INCOME> 75,838
<OTHER-INCOME> 0
<EXPENSES-NET> 101,447
<NET-INVESTMENT-INCOME> 87,435
<REALIZED-GAINS-CURRENT> 588,102
<APPREC-INCREASE-CURRENT> 1,130,459
<NET-CHANGE-FROM-OPS> 1,805,996
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 87,435
<DISTRIBUTIONS-OF-GAINS> 607,875
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,236,881
<NUMBER-OF-SHARES-REDEEMED> 3,736,752
<SHARES-REINVESTED> 695,310
<NET-CHANGE-IN-ASSETS> 11,306,125
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 18,622
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 51,982
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 109,411
<AVERAGE-NET-ASSETS> 10,291,299
<PER-SHARE-NAV-BEGIN> 10.96
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 2.09
<PER-SHARE-DIVIDEND> 0.07
<PER-SHARE-DISTRIBUTIONS> 0.52
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.53
<EXPENSE-RATIO> 0.99
<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-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 149,870,265
<INVESTMENTS-AT-VALUE> 203,440,852
<RECEIVABLES> 519,566
<ASSETS-OTHER> 3,633
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 203,964,051
<PAYABLE-FOR-SECURITIES> 2,534,755
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 755,403
<TOTAL-LIABILITIES> 3,290,158
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 147,103,306
<SHARES-COMMON-STOCK> 10,387,893
<SHARES-COMMON-PRIOR> 7,818,065
<ACCUMULATED-NII-CURRENT> 2,210,027
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 53,570,587
<NET-ASSETS> 200,673,893
<DIVIDEND-INCOME> 2,065,845
<INTEREST-INCOME> 1,385,703
<OTHER-INCOME> 0
<EXPENSES-NET> 1,241,521
<NET-INVESTMENT-INCOME> 2,210,027
<REALIZED-GAINS-CURRENT> 8,252,470
<APPREC-INCREASE-CURRENT> 25,690,221
<NET-CHANGE-FROM-OPS> 36,152,718
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,210,027
<DISTRIBUTIONS-OF-GAINS> 8,252,470
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 45,626,673
<NUMBER-OF-SHARES-REDEEMED> 8,365,348
<SHARES-REINVESTED> 10,462,497
<NET-CHANGE-IN-ASSETS> 73,414,043
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 63
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 800,404
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,241,521
<AVERAGE-NET-ASSETS> 160,080,821
<PER-SHARE-NAV-BEGIN> 16.28
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> 3.88
<PER-SHARE-DIVIDEND> 0.22
<PER-SHARE-DISTRIBUTIONS> 0.84
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.32
<EXPENSE-RATIO> 0.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
