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<PAGE> PAGE 2
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<PAGE> PAGE 11
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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025 A000501 HANG SENG BANK
025 C000501 E
025 D000501 40
025 A000502 CREDIT SUISSE
025 C000502 E
025 D000502 174
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 52
028 A020500 0
028 A030500 0
028 A040500 41
028 B010500 10
028 B020500 0
028 B030500 0
028 B040500 34
028 C010500 206
028 C020500 0
028 C030500 0
028 C040500 62
028 D010500 57
028 D020500 0
028 D030500 0
028 D040500 142
028 E010500 48
028 E020500 0
028 E030500 0
028 E040500 26
028 F010500 56
028 F020500 0
028 F030500 0
028 F040500 281
028 G010500 429
028 G020500 0
028 G030500 0
028 G040500 586
028 H000500 62
029 000500 Y
030 A000500 3
<PAGE> PAGE 22
030 B000500 5.75
030 C000500 0.00
031 A000500 0
031 B000500 0
032 000500 3
033 000500 0
034 000500 N
035 000500 0
036 B000500 0
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 100
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 7
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 1.000
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
<PAGE> PAGE 23
053 C000500 N
054 A000500 Y
054 B000500 N
054 C000500 N
054 D000500 N
054 E000500 N
054 F000500 N
054 G000500 Y
054 H000500 N
054 I000500 N
054 J000500 Y
054 K000500 N
054 L000500 N
054 M000500 N
054 N000500 N
054 O000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 2500
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 Y
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 Y
069 000500 N
070 A010500 Y
<PAGE> PAGE 24
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 6587
071 B000500 5908
071 C000500 18400
071 D000500 32
072 A000500 6
072 B000500 3
072 C000500 234
072 D000500 0
072 E000500 0
072 F000500 91
072 G000500 5
072 H000500 0
072 I000500 9
072 J000500 54
072 K000500 0
072 L000500 1
<PAGE> PAGE 25
072 M000500 3
072 N000500 5
072 O000500 0
072 P000500 0
072 Q000500 15
072 R000500 4
072 S000500 1
072 T000500 21
072 U000500 3
072 V000500 0
072 W000500 2
072 X000500 214
072 Y000500 32
072 Z000500 55
072AA000500 886
072BB000500 0
072CC010500 0
072CC020500 427
072DD010500 0
072DD020500 0
072EE000500 0
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 526
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 18294
074 G000500 0
074 H000500 0
074 I000500 7
074 J000500 403
074 K000500 0
074 L000500 144
074 M000500 24
074 N000500 19398
074 O000500 699
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 68
074 S000500 0
074 T000500 18631
074 U010500 1253
074 U020500 0
074 V010500 14.86
<PAGE> PAGE 26
074 V020500 0.00
074 W000500 0.0000
074 X000500 335
074 Y000500 0
075 A000500 0
075 B000500 18393
076 000500 0.00
SIGNATURE BRUCE MCKIBBEN
TITLE MGR/FINANCIAL REPTG
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000889170
<NAME> THE FLEX PARTNERS
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<NAME> TACTICAL ASSETS ALLOCATION FUND
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1> CLASS A
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889170
<NAME> THE FLEX PARTNERS
<SERIES>
<NUMBER> 0022
<NAME> TACTICAL ASSET ALLOCATION FUND
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1> CLASS C
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889170
<NAME> THE FLEX PARTNERS
<SERIES>
<NUMBER> 0031
<NAME> UTILITY GROWTH FUND
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1> CLASS A
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889170
<NAME> THE FLEX PARTNERS
<SERIES>
<NUMBER> 0032
<NAME> UTILITY GROWTH FUND
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[AVG-DEBT-OUTSTANDING] 0
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<FN>
<F1> CLASS C
</FN>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889170
<NAME> THE FLEX PARTNERS
<SERIES>
<NUMBER> 0041
<NAME> CORE EQUITY FUND
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889170
<NAME> THE FLEX PARTNERS
<SERIES>
<NUMBER> 0042
<NAME> CORE EQUITY FUND
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<FN>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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