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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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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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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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074 R041000 75
074 S001000 0
074 T001000 19585
074 U011000 1989
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074 V011000 9.85
074 V021000 0.00
074 W001000 0.0000
074 X001000 5
074 Y001000 150
075 A001000 0
075 B001000 19529
076 001000 0.00
028 A011100 0
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<PAGE> PAGE 42
028 E011100 557
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045 001100 Y
046 001100 N
047 001100 Y
048 001100 0.000
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048 J011100 0
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048 K011100 1000000
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054 A001100 N
054 B001100 N
054 C001100 N
054 D001100 N
054 E001100 N
054 F001100 N
054 G001100 N
054 H001100 N
054 I001100 N
054 J001100 N
054 K001100 N
054 L001100 N
<PAGE> PAGE 43
054 M001100 N
054 N001100 N
054 O001100 N
055 A001100 N
055 B001100 N
056 001100 Y
057 001100 N
058 A001100 N
059 001100 Y
060 A001100 Y
060 B001100 Y
061 001100 5000
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062 B001100 0.0
062 C001100 0.0
062 D001100 0.0
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
062 L001100 8.3
062 M001100 58.5
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062 O001100 0.0
062 P001100 16.3
062 Q001100 16.8
062 R001100 0.0
063 A001100 0
063 B001100 11.2
064 A001100 N
066 A001100 Y
066 B001100 N
066 C001100 N
066 D001100 N
066 E001100 Y
066 F001100 N
066 G001100 N
067 001100 N
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
070 A021100 N
070 B011100 Y
070 B021100 N
070 C011100 Y
070 C021100 N
070 D011100 Y
<PAGE> PAGE 44
070 D021100 N
070 E011100 Y
070 E021100 N
070 F011100 Y
070 F021100 Y
070 G011100 Y
070 G021100 N
070 H011100 Y
070 H021100 N
070 I011100 Y
070 I021100 N
070 J011100 Y
070 J021100 N
070 K011100 Y
070 K021100 Y
070 L011100 Y
070 L021100 N
070 M011100 N
070 M021100 N
070 N011100 N
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 N
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 4631
071 B001100 1536
071 C001100 1807
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072 A001100 6
072 B001100 38
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072 D001100 0
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<PAGE> PAGE 45
072 S001100 0
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<PAGE> PAGE 46
076 001100 0.00
SIGNATURE CHRISTOPHER N. ORNDORFF
TITLE VICE PRESIDENT
<TABLE> <S> <C>
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<SERIES>
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<NAME> GLOBAL FIXED INCOME FUND
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<TABLE> <S> <C>
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<SERIES>
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<NAME> INTERNATIONAL BOND FUND
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<INVESTMENTS-AT-COST> 19571200
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<REALIZED-GAINS-CURRENT> (339369)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> SHORT DURATION TAX EXEMPT FUND
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<PERIOD-END> APR-30-1996
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<INVESTMENTS-AT-VALUE> 26673699
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<TOTAL-ASSETS> 27224917
<PAYABLE-FOR-SECURITIES> 2011980
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<OTHER-ITEMS-LIABILITIES> 170176
<TOTAL-LIABILITIES> 2182156
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<PAID-IN-CAPITAL-COMMON> 25110229
<SHARES-COMMON-STOCK> 2506600
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<ACCUMULATED-NET-GAINS> (413)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (77506)
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<REALIZED-GAINS-CURRENT> (416)
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<GROSS-EXPENSE> 52214
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<PER-SHARE-NII> 0.20
<PER-SHARE-GAIN-APPREC> (0.08)
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<PER-SHARE-NAV-END> 9.99
<EXPENSE-RATIO> 0.45
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> TAX EXEMPT BOND FUND
<S> <C>
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<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 53223424
<INVESTMENTS-AT-VALUE> 53256391
<RECEIVABLES> 2341625
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<ACCUM-APPREC-OR-DEPREC> 33283
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> U.S. TREASURY FUND
<S> <C>
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<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 16928130
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</TABLE>
<TABLE> <S> <C>
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<NAME> LIMITED MATURITY FUND
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<PERIOD-END> APR-30-1996
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<TABLE> <S> <C>
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<SERIES>
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<NAME> SHORT BOND FUND
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
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<NAME> INTERMEDIATE BOND FUND
<S> <C>
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<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> APR-30-1996
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