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<PAGE> PAGE 22
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<PAGE> PAGE 25
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SIGNATURE LUIS REY
TITLE ASST. VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> DIVERSIFIED PORTFOLIO
<S> <C>
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<PERIOD-END> JUN-30-1997
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> EQUITY GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1,675,718
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<SHARES-COMMON-PRIOR> 70,950
<ACCUMULATED-NII-CURRENT> 7,377
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 133,908
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 879,729
<NET-ASSETS> 2,632,225
<DIVIDEND-INCOME> 13,374
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<EXPENSES-NET> 11,541
<NET-INVESTMENT-INCOME> 7,377
<REALIZED-GAINS-CURRENT> 139,036
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<DISTRIBUTIONS-OF-GAINS> 133,214
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<NUMBER-OF-SHARES-SOLD> 3,989
<NUMBER-OF-SHARES-REDEEMED> 2,433
<SHARES-REINVESTED> 7,139
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<ACCUMULATED-NII-PRIOR> 12,501
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 11,541
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> EQUITY INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 12,935,020
<INVESTMENTS-AT-VALUE> 20,499,366
<RECEIVABLES> 153,279
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,744,086
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,888
<TOTAL-LIABILITIES> 53,385
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,618,737
<SHARES-COMMON-STOCK> 828,759
<SHARES-COMMON-PRIOR> 792,193
<ACCUMULATED-NII-CURRENT> 216,743
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,290,875
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,564,346
<NET-ASSETS> 20,690,701
<DIVIDEND-INCOME> 252,719
<INTEREST-INCOME> 13,919
<OTHER-INCOME> 0
<EXPENSES-NET> 49,895
<NET-INVESTMENT-INCOME> 216,743
<REALIZED-GAINS-CURRENT> 1,279,895
<APPREC-INCREASE-CURRENT> 2,205,133
<NET-CHANGE-FROM-OPS> 3,701,771
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<DISTRIBUTIONS-OF-GAINS> 1,471,218
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<NUMBER-OF-SHARES-SOLD> 5,986
<NUMBER-OF-SHARES-REDEEMED> 73,871
<SHARES-REINVESTED> 104,451
<NET-CHANGE-IN-ASSETS> 2,118,354
<ACCUMULATED-NII-PRIOR> 500,290
<ACCUMULATED-GAINS-PRIOR> 1,756,375
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 38,734
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 49,895
<AVERAGE-NET-ASSETS> 19,460,213
<PER-SHARE-NAV-BEGIN> 23.44
<PER-SHARE-NII> 0.63
<PER-SHARE-GAIN-APPREC> 3.81
<PER-SHARE-DIVIDEND> 1.00
<PER-SHARE-DISTRIBUTIONS> 1.91
<RETURNS-OF-CAPITAL> 0.00
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<EXPENSE-RATIO> 0.26
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> INTERMEDIATE TERM BOND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 40,490,005
<INVESTMENTS-AT-VALUE> 40,507,522
<RECEIVABLES> 525,204
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41,072,088
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 71,084
<TOTAL-LIABILITIES> 71,084
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,029,473
<SHARES-COMMON-STOCK> 3,866,690
<SHARES-COMMON-PRIOR> 3,655,407
<ACCUMULATED-NII-CURRENT> 1,210,875
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (256,861)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,517
<NET-ASSETS> 41,001,004
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,302,434
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<EXPENSES-NET> 91,559
<NET-INVESTMENT-INCOME> 1,210,875
<REALIZED-GAINS-CURRENT> (156,587)
<APPREC-INCREASE-CURRENT> 49,134
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<NUMBER-OF-SHARES-SOLD> 570,010
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<SHARES-REINVESTED> 221,552
<NET-CHANGE-IN-ASSETS> 955,751
<ACCUMULATED-NII-PRIOR> 2,284,209
<ACCUMULATED-GAINS-PRIOR> (100,274)
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<PER-SHARE-NAV-BEGIN> 10.96
<PER-SHARE-NII> 0.32
<PER-SHARE-GAIN-APPREC> (0.05)
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<PER-SHARE-NAV-END> 10.60
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> LONG TERM BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 82,379,438
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<ACCUMULATED-NII-CURRENT> 2,042,764
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<ACCUMULATED-NET-GAINS> (108,142)
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<NET-ASSETS> 64,129,584
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<NET-INVESTMENT-INCOME> 2,042,764
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<PER-SHARE-NAV-BEGIN> 12.84
<PER-SHARE-NII> 0.39
<PER-SHARE-GAIN-APPREC> (0.14)
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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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 157,526,878
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<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> GOVERNMENT SECURITIES
<S> <C>
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<ACCUMULATED-NII-PRIOR> 695,233
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