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<PAGE> PAGE 14
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 26
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SIGNATURE LUIS REY
TITLE ASST. VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> DIVERSIFIED PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 2,526,950
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<OVERDISTRIBUTION-GAINS> 0
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 108,512
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 24
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> EQUITY GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1,546,254
<INVESTMENTS-AT-VALUE> 2,139,517
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<TOTAL-LIABILITIES> 12,644
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,365,060
<SHARES-COMMON-STOCK> 70,950
<SHARES-COMMON-PRIOR> 74,621
<ACCUMULATED-NII-CURRENT> 12,501
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 183,845
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 593,263
<NET-ASSETS> 2,154,669
<DIVIDEND-INCOME> 27,521
<INTEREST-INCOME> 7,458
<OTHER-INCOME> 0
<EXPENSES-NET> 22,478
<NET-INVESTMENT-INCOME> 12,501
<REALIZED-GAINS-CURRENT> 186,510
<APPREC-INCREASE-CURRENT> 183,439
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 12,546
<NUMBER-OF-SHARES-REDEEMED> 16,217
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 281,100
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 2,665
<GROSS-ADVISORY-FEES> 8,064
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<GROSS-EXPENSE> 24,376
<AVERAGE-NET-ASSETS> 2,006,816
<PER-SHARE-NAV-BEGIN> 25.11
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> 5.08
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.37
<EXPENSE-RATIO> 1.22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> EQUITY INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 13,276,962
<INVESTMENTS-AT-VALUE> 18,636,175
<RECEIVABLES> 38,259
<ASSETS-OTHER> 54,075
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,728,509
<PAYABLE-FOR-SECURITIES> 114,125
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 42,037
<TOTAL-LIABILITIES> 156,162
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,956,469
<SHARES-COMMON-STOCK> 792,193
<SHARES-COMMON-PRIOR> 922,757
<ACCUMULATED-NII-CURRENT> 500,290
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,756,375
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,359,213
<NET-ASSETS> 18,572,347
<DIVIDEND-INCOME> 564,718
<INTEREST-INCOME> 39,555
<OTHER-INCOME> 0
<EXPENSES-NET> 97,627
<NET-INVESTMENT-INCOME> 506,646
<REALIZED-GAINS-CURRENT> 1,744,115
<APPREC-INCREASE-CURRENT> 1,057,847
<NET-CHANGE-FROM-OPS> 3,308,608
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 34,413
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20,290
<NUMBER-OF-SHARES-REDEEMED> 152,508
<SHARES-REINVESTED> 1,654
<NET-CHANGE-IN-ASSETS> 481,312
<ACCUMULATED-NII-PRIOR> 28,990
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 524
<GROSS-ADVISORY-FEES> 72,917
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 99,523
<AVERAGE-NET-ASSETS> 18,167,260
<PER-SHARE-NAV-BEGIN> 19.61
<PER-SHARE-NII> 0.64
<PER-SHARE-GAIN-APPREC> 3.23
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.44
<EXPENSE-RATIO> 0.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> INTERMEDIATE TERM BOND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 39,443,119
<INVESTMENTS-AT-VALUE> 39,411,502
<RECEIVABLES> 608,994
<ASSETS-OTHER> 68,678
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 40,089,174
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43,921
<TOTAL-LIABILITIES> 43,921
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,892,935
<SHARES-COMMON-STOCK> 3,655,407
<SHARES-COMMON-PRIOR> 3,548,486
<ACCUMULATED-NII-CURRENT> 2,284,209
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (100,274)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (31,617)
<NET-ASSETS> 40,045,253
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,466,764
<OTHER-INCOME> 0
<EXPENSES-NET> 182,555
<NET-INVESTMENT-INCOME> 2,284,209
<REALIZED-GAINS-CURRENT> (66,206)
<APPREC-INCREASE-CURRENT> (844,291)
<NET-CHANGE-FROM-OPS> 1,373,712
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,048,172
<NUMBER-OF-SHARES-REDEEMED> 941,251
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,525,420
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (34,068)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 155,967
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 184,923
<AVERAGE-NET-ASSETS> 38,866,113
<PER-SHARE-NAV-BEGIN> 10.57
<PER-SHARE-NII> 0.62
<PER-SHARE-GAIN-APPREC> (0.23)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.96
<EXPENSE-RATIO> 0.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> LONG TERM BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 59,410,820
<INVESTMENTS-AT-VALUE> 60,969,819
<RECEIVABLES> 1,120,886
<ASSETS-OTHER> 78,020
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<TOTAL-ASSETS> 62,168,725
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<OTHER-ITEMS-LIABILITIES> 69,908
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 56,963,989
<SHARES-COMMON-STOCK> 4,836,582
<SHARES-COMMON-PRIOR> 4,813,370
<ACCUMULATED-NII-CURRENT> 3,837,045
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (261,216)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,558,999
<NET-ASSETS> 62,098,817
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,112,161
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<EXPENSES-NET> 275,116
<NET-INVESTMENT-INCOME> 3,837,045
<REALIZED-GAINS-CURRENT> 605,958
<APPREC-INCREASE-CURRENT> (4,731,783)
<NET-CHANGE-FROM-OPS> (288,780)
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<NUMBER-OF-SHARES-SOLD> 1,693,456
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<GROSS-EXPENSE> 277,890
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<PER-SHARE-NAV-BEGIN> 12.88
<PER-SHARE-NII> 0.79
<PER-SHARE-GAIN-APPREC> (0.83)
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<EXPENSE-RATIO> 0.46
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 146,013,192
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 7
<NAME> GOVERNMENT SECURITIES
<S> <C>
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</TABLE>
