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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 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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<PAGE> PAGE 30
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 41
070 B021000 N
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070 D011000 N
070 D021000 N
070 E011000 N
070 E021000 N
070 F011000 N
070 F021000 N
070 G011000 N
070 G021000 N
070 H011000 N
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 N
070 J021000 N
070 K011000 Y
070 K021000 Y
070 L011000 N
070 L021000 N
070 M011000 N
070 M021000 N
070 N011000 N
070 N021000 N
070 O011000 N
070 O021000 N
070 P011000 N
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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008 A001101 DIVERSIFIED INVESTMENT ADVISORS, INC.
008 B001101 A
008 C001101 801-42910
008 D011101 PURCHASE
008 D021101 NY
008 D031101 10577
012 A001101 DIVERSIFIED INVESTMENT ADVISORS, INC.
012 B001101 84-5484
012 C011101 PURCHASE
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<PAGE> PAGE 44
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070 A011100 N
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070 D011100 N
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070 E011100 N
070 E021100 N
070 F011100 N
070 F021100 N
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070 G021100 N
070 H011100 N
<PAGE> PAGE 45
070 H021100 N
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070 J021100 N
070 K011100 Y
070 K021100 Y
070 L011100 N
070 L021100 N
070 M011100 N
070 M021100 N
070 N011100 N
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070 O011100 N
070 O021100 N
070 P011100 N
070 P021100 N
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<PAGE> PAGE 46
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008 A001201 DIVERSIFIED INVESTMENT ADVISORS, INC.
008 B001201 A
008 C001201 801-42910
008 D011201 PURCHASE
008 D021201 NY
008 D031201 10577
012 A001201 DIVERSIFIED INVESTMENT ADVISORS, INC.
<PAGE> PAGE 47
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<PAGE> PAGE 48
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070 C021200 N
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070 E011200 N
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070 F011200 N
070 F021200 N
070 G011200 N
070 G021200 N
070 H011200 N
070 H021200 N
070 I011200 N
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070 J021200 N
070 K011200 Y
070 K021200 Y
070 L011200 N
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070 M011200 N
070 M021200 N
070 N011200 N
<PAGE> PAGE 49
070 N021200 N
070 O011200 N
070 O021200 N
070 P011200 N
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<PAGE> PAGE 50
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008 A001301 DIVERSIFIED INVESTMENT ADVISORS, INC.
008 B001301 A
008 C001301 801-42910
008 D011301 PURCHASE
008 D021301 NY
008 D031301 10577
012 A001301 DIVERSIFIED INVESTMENT ADVISORS, INC.
012 B001301 84-5484
012 C011301 PURCHASE
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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070 E011300 N
070 E021300 N
070 F011300 N
070 F021300 N
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070 G021300 N
070 H011300 N
070 H021300 N
070 I011300 N
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070 P011300 N
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070 R011300 N
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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008 A001401 DIVERSIFIED INVESTMENT ADVISORS, INC.
008 B001401 A
008 C001401 801-42910
008 D011401 PURCHASE
008 D021401 NY
008 D031401 10577
008 A001402 STEPHENS CAPITAL MANAGEMENT
008 B001402 S
008 C001402 801-0000
008 D011402 LITTLE ROCK
008 D021402 AR
008 D031402 72201
012 A001401 STEPHENS, INC.
012 B001401 84-0000
012 C011401 LITTLE ROCK
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012 C031401 72201
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<PAGE> PAGE 55
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054 B001400 N
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054 D001400 N
054 E001400 N
054 F001400 N
054 G001400 N
054 H001400 N
054 I001400 N
054 J001400 N
054 K001400 N
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<PAGE> PAGE 56
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070 A011400 N
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070 D011400 N
070 D021400 N
070 E011400 N
070 E021400 N
070 F011400 N
070 F021400 N
070 G011400 N
070 G021400 N
070 H011400 N
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 N
070 J021400 N
070 K011400 N
070 K021400 N
070 L011400 N
070 L021400 N
070 M011400 N
070 M021400 N
070 N011400 Y
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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008 A001501 DIVERSIFIED INVESTMENT ADVISORS, INC.
008 B001501 A
008 C001501 801-42910
008 D011501 PURCHASE
008 D021501 NY
008 D031501 10577
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008 D031502 72201
012 A001501 STEPHENS, INC.
012 B001501 84-0000
012 C011501 LITTLE ROCK
012 C021501 AR
012 C031501 72201
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<PAGE> PAGE 59
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054 A001500 N
054 B001500 N
054 C001500 N
054 D001500 N
054 E001500 N
054 F001500 N
054 G001500 N
054 H001500 N
054 I001500 N
054 J001500 N
054 K001500 N
054 L001500 N
054 M001500 N
054 N001500 N
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<PAGE> PAGE 60
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070 I021500 N
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070 K011500 N
070 K021500 N
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070 M021500 N
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070 R011500 N
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SIGNATURE ALFRED C. SYLVAIN
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> MONEY MARKET FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
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<EXPENSE-RATIO> .99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> HIGH QUALITY BOND FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
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<ACCUMULATED-NET-GAINS> 0
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<ACCUM-APPREC-OR-DEPREC> 60,549
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<PER-SHARE-NII> .30
<PER-SHARE-GAIN-APPREC> .02
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<PER-SHARE-NAV-END> 11.45
<EXPENSE-RATIO> 1.29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> INTERMEDIATE GOVERNMENT BOND FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
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<INVESTMENTS-AT-VALUE> 14,523,539
<RECEIVABLES> 2,984
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<ACCUMULATED-NII-CURRENT> 293,487
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<ACCUM-APPREC-OR-DEPREC> 99,127
<NET-ASSETS> 14,495,962
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<INTEREST-INCOME> 0
<OTHER-INCOME> 329,813
<EXPENSES-NET> 36,326
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5,980,074
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 51,000
<AVERAGE-NET-ASSETS> 11,972,802
<PER-SHARE-NAV-BEGIN> 10.67
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> .04
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.98
<EXPENSE-RATIO> 1.24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> GOVERNMENT CORPORATE BOND FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 38,965,715
<RECEIVABLES> 572
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,966,287
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 72,910
<TOTAL-LIABILITIES> 72,910
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,319,736
<SHARES-COMMON-STOCK> 3,045,450
<SHARES-COMMON-PRIOR> 1,753,315
<ACCUMULATED-NII-CURRENT> 853,660
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 132,135
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 587,846
<NET-ASSETS> 38,893,377
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 950,702
<EXPENSES-NET> 97,042
<NET-INVESTMENT-INCOME> 853,660
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<APPREC-INCREASE-CURRENT> 288,081
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,989,401
<NUMBER-OF-SHARES-REDEEMED> -2,874,727
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 17,388,550
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 113,503
<AVERAGE-NET-ASSETS> 31,231,226
<PER-SHARE-NAV-BEGIN> 12.27
<PER-SHARE-NII> .34
<PER-SHARE-GAIN-APPREC> .16
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.77
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> BALANCED FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
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<INVESTMENTS-AT-VALUE> 78,027,425
<RECEIVABLES> 825
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 78,028,250
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<OTHER-ITEMS-LIABILITIES> 132,856
<TOTAL-LIABILITIES> 132,856
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 71,486,905
<SHARES-COMMON-STOCK> 4,825,676
<SHARES-COMMON-PRIOR> 3,361,267
<ACCUMULATED-NII-CURRENT> 948,478
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,153,107
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,306,904
<NET-ASSETS> 77,895,394
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 1,149,933
<EXPENSES-NET> 201,455
<NET-INVESTMENT-INCOME> 948,478
<REALIZED-GAINS-CURRENT> 3,081,736
<APPREC-INCREASE-CURRENT> 2,261,462
<NET-CHANGE-FROM-OPS> 6,291,676
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 27,237,285
<NUMBER-OF-SHARES-REDEEMED> -4,647,886
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 28,881,075
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 71,371
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 210,879
<AVERAGE-NET-ASSETS> 65,982,525
<PER-SHARE-NAV-BEGIN> 14.58
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> 1.34
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.14
<EXPENSE-RATIO> 1.12
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> EQUITY INCOME FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
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<INVESTMENTS-AT-VALUE> 91,825,051
<RECEIVABLES> 6,084
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 91,831,135
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 162,830
<TOTAL-LIABILITIES> 162,830
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 81,875,740
<SHARES-COMMON-STOCK> 4,352,811
<SHARES-COMMON-PRIOR> 488,902
<ACCUMULATED-NII-CURRENT> 708,202
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,010,169
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,074,194
<NET-ASSETS> 91,668,305
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 834,671
<EXPENSES-NET> 208,631
<NET-INVESTMENT-INCOME> 626,040
<REALIZED-GAINS-CURRENT> 5,030,490
<APPREC-INCREASE-CURRENT> 586,379
<NET-CHANGE-FROM-OPS> 6,242,909
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 31,873,290
<NUMBER-OF-SHARES-REDEEMED> -9,384,517
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 28,731,682
<ACCUMULATED-NII-PRIOR> 82,162
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> -20,321
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 254,797
<AVERAGE-NET-ASSETS> 79,014,556
<PER-SHARE-NAV-BEGIN> 19.22
<PER-SHARE-NII> .16
<PER-SHARE-GAIN-APPREC> 1.68
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.06
<EXPENSE-RATIO> 1.12
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> EQUITY VALUE FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
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<INVESTMENTS-AT-VALUE> 51,498,658
<RECEIVABLES> 35,465
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51,534,123
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 117,037
<TOTAL-LIABILITIES> 117,037
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 47,489,902
<SHARES-COMMON-STOCK> 4,023,002
<SHARES-COMMON-PRIOR> 1,737,282
<ACCUMULATED-NII-CURRENT> 250,168
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,659,240
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,776
<NET-ASSETS> 51,417,086
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 303,658
<EXPENSES-NET> 113,103
<NET-INVESTMENT-INCOME> 190,555
<REALIZED-GAINS-CURRENT> 3,713,269
<APPREC-INCREASE-CURRENT> -30,993
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 39,536,883
<NUMBER-OF-SHARES-REDEEMED> -13,302,467
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 30,107,247
<ACCUMULATED-NII-PRIOR> 59,613
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> -54,029
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 184,616
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<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> 1.19
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<PER-SHARE-NAV-END> 13.52
<EXPENSE-RATIO> 1.28
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> GROWTH & INCOME FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 111,721,984
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<TOTAL-LIABILITIES> 182,344
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 89,664,729
<SHARES-COMMON-STOCK> 5,014,286
<SHARES-COMMON-PRIOR> 3,359,643
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> -53,610
<ACCUMULATED-NET-GAINS> 4,199,847
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,728,674
<NET-ASSETS> 111,539,640
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 149,148
<EXPENSES-NET> 229,143
<NET-INVESTMENT-INCOME> -79,995
<REALIZED-GAINS-CURRENT> 4,181,926
<APPREC-INCREASE-CURRENT> 13,344,136
<NET-CHANGE-FROM-OPS> 17,446,067
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 44,089,848
<NUMBER-OF-SHARES-REDEEMED> -11,017,059
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 50,518,856
<ACCUMULATED-NII-PRIOR> 26,385
<ACCUMULATED-GAINS-PRIOR> 17,921
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 282,581
<AVERAGE-NET-ASSETS> 87,327,884
<PER-SHARE-NAV-BEGIN> 18.16
<PER-SHARE-NII> -0.02
<PER-SHARE-GAIN-APPREC> 4.10
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.24
<EXPENSE-RATIO> 1.27
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> EQUITY GROWTH FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 91,370,133
<RECEIVABLES> 25,185
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 91,395,318
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 175,308
<TOTAL-LIABILITIES> 175,308
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 73,079,849
<SHARES-COMMON-STOCK> 4,514,883
<SHARES-COMMON-PRIOR> 3,224,919
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> -162,622
<ACCUMULATED-NET-GAINS> 7,656,599
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,646,184
<NET-ASSETS> 91,220,010
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 62,294
<EXPENSES-NET> 224,916
<NET-INVESTMENT-INCOME> -162,622
<REALIZED-GAINS-CURRENT> 7,657,397
<APPREC-INCREASE-CURRENT> 5,138,762
<NET-CHANGE-FROM-OPS> 12,633,537
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32,047,144
<NUMBER-OF-SHARES-REDEEMED> 10,647,360
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 34,033,321
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> -798
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 272,637
<AVERAGE-NET-ASSETS> 75,905,005
<PER-SHARE-NAV-BEGIN> 17.73
<PER-SHARE-NII> -0.04
<PER-SHARE-GAIN-APPREC> 3.26
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.95
<EXPENSE-RATIO> 1.29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> SPECIAL EQUITY FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 100,543,092
<RECEIVABLES> 29,597
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 100,572,689
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 183,823
<TOTAL-LIABILITIES> 183,823
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 90,663,802
<SHARES-COMMON-STOCK> 4,858,873
<SHARES-COMMON-PRIOR> 3,076,181
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> -208,097
<ACCUMULATED-NET-GAINS> 3,566,867
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,366,294
<NET-ASSETS> 100,388,866
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 48,164
<EXPENSES-NET> 256,261
<NET-INVESTMENT-INCOME> -208,097
<REALIZED-GAINS-CURRENT> 3,240,782
<APPREC-INCREASE-CURRENT> 1,776,911
<NET-CHANGE-FROM-OPS> 4,809,596
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 43,102,083
<NUMBER-OF-SHARES-REDEEMED> -10,760,776
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 37,150,903
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 326,085
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 300,336
<AVERAGE-NET-ASSETS> 83,148,291
<PER-SHARE-NAV-BEGIN> 20.56
<PER-SHARE-NII> -0.06
<PER-SHARE-GAIN-APPREC> 1.46
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.96
<EXPENSE-RATIO> 1.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> AGGRESSIVE EQUITY FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 19,307,215
<RECEIVABLES> 8,988
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19,316,203
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37,589
<TOTAL-LIABILITIES> 37,589
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,790,337
<SHARES-COMMON-STOCK> 1,629,167
<SHARES-COMMON-PRIOR> 885,774
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> -44,778
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> -992,788
<ACCUM-APPREC-OR-DEPREC> 2,525,843
<NET-ASSETS> 19,278,614
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> -9,865
<EXPENSES-NET> 34,913
<NET-INVESTMENT-INCOME> -44,778
<REALIZED-GAINS-CURRENT> -214,082
<APPREC-INCREASE-CURRENT> 2,482,445
<NET-CHANGE-FROM-OPS> 2,223,585
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,631,691
<NUMBER-OF-SHARES-REDEEMED> -2,432,381
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10,422,895
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> -778,706
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 57,539
<AVERAGE-NET-ASSETS> 78,773,312
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> -0.03
<PER-SHARE-GAIN-APPREC> 1.86
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.83
<EXPENSE-RATIO> 1.91
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> HIGH YIELD BOND FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 18,449,476
<RECEIVABLES> 34,981
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,484,457
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53,784
<TOTAL-LIABILITIES> 53,784
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,668,457
<SHARES-COMMON-STOCK> 1,559,780
<SHARES-COMMON-PRIOR> 740,563
<ACCUMULATED-NII-CURRENT> 602,997
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 172,830
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> -13,611
<NET-ASSETS> 18,430,673
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 619,016
<EXPENSES-NET> 35,984
<NET-INVESTMENT-INCOME> 583,032
<REALIZED-GAINS-CURRENT> 159,423
<APPREC-INCREASE-CURRENT> -129,813
<NET-CHANGE-FROM-OPS> 612,642
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,402,295
<NUMBER-OF-SHARES-REDEEMED> -2,015,068
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9,999,869
<ACCUMULATED-NII-PRIOR> 19,965
<ACCUMULATED-GAINS-PRIOR> 13,407
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 85,078
<AVERAGE-NET-ASSETS> 14,400,313
<PER-SHARE-NAV-BEGIN> 11.38
<PER-SHARE-NII> .48
<PER-SHARE-GAIN-APPREC> .11
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.97
<EXPENSE-RATIO> 1.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> INTERNATIONAL EQUITY FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 49,492,420
<RECEIVABLES> 32,016
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 49,524,436
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 112,238
<TOTAL-LIABILITIES> 112,238
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 46,103,076
<SHARES-COMMON-STOCK> 3,740,017
<SHARES-COMMON-PRIOR> 2,534,851
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> -52,348
<ACCUMULATED-NET-GAINS> 1,734,335
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,627,135
<NET-ASSETS> 49,412,198
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 365,406
<EXPENSES-NET> 114,830
<NET-INVESTMENT-INCOME> 250,576
<REALIZED-GAINS-CURRENT> 1,410,835
<APPREC-INCREASE-CURRENT> 2,604,172
<NET-CHANGE-FROM-OPS> 4,589,217
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,976,255
<NUMBER-OF-SHARES-REDEEMED> -8,216,816
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 19,348,656
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> -302,924
<OVERDIST-NET-GAINS-PRIOR> -134
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 171,099
<AVERAGE-NET-ASSETS> 42,058,027
<PER-SHARE-NAV-BEGIN> 11.86
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 1.55
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.49
<EXPENSE-RATIO> 1.53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 14
<NAME> STEPHENS INTERMEDIATE BOND FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 14,958,171
<RECEIVABLES> 348,161
<ASSETS-OTHER> 14,249
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,320,581
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 82,656
<TOTAL-LIABILITIES> 82,656
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,057,588
<SHARES-COMMON-STOCK> 1,504,629
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 185,975
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> -16,536
<ACCUM-APPREC-OR-DEPREC> 10,898
<NET-ASSETS> 15,237,925
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 218,261
<OTHER-INCOME> 0
<EXPENSES-NET> 32,286
<NET-INVESTMENT-INCOME> 185,975
<REALIZED-GAINS-CURRENT> -16,536
<APPREC-INCREASE-CURRENT> 10,898
<NET-CHANGE-FROM-OPS> 180,337
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,487,356
<NUMBER-OF-SHARES-REDEEMED> -429,768
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 15,237,925
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,874
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 92,215
<AVERAGE-NET-ASSETS> 7,896,042
<PER-SHARE-NAV-BEGIN> 10
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10
<EXPENSE-RATIO> 3
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 15
<NAME> STEPHENS SELECT EQUITY FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 55,418
<ASSETS-OTHER> 2,037
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57,455
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 55,418
<TOTAL-LIABILITIES> 55,418
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,000
<SHARES-COMMON-STOCK> 200
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 37
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,037
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 45
<OTHER-INCOME> 0
<EXPENSES-NET> 8
<NET-INVESTMENT-INCOME> 37
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 37
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1000
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,037
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 55,418
<AVERAGE-NET-ASSETS> 2,017
<PER-SHARE-NAV-BEGIN> 10
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10
<EXPENSE-RATIO> 5,815
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
