<PAGE> PAGE 1
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002 B000000 LITTLE ROCK
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002 D010000 72201
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 C020100 ASSET ALLOCATION FUND
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007 C020200 GROWTH AND INCOME FUND
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007 C010300 3
007 C020300 MONEY MARKET FUND
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007 C010400 4
007 C020400 U.S. GOVERNMENT ALLOCATION FUND
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007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
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011 A00AA01 STEPHENS INC.
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<PAGE> PAGE 2
012 B00AA01 84-00000
012 C01AA01 SAN FRANCISCO
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012 C03AA01 94105
013 A00AA01 KPMG PEAT MARWICK
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022 D000001 5622
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022 B000002 13-3082694
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022 D000002 3045
022 A000003 GOLDMAN SACHS & CO.
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<PAGE> PAGE 3
022 B000004 UNKNOWN
022 C000004 8605
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022 A000005 MERRILL LYNCH PF&S
022 B000005 13-2761776
022 C000005 7724
022 D000005 762
022 A000006 CS FIRST BOSTON CORP
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022 C000006 4936
022 D000006 2097
022 A000007 ESI SECURITIES COMPANY
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022 C000007 5045
022 D000007 801
022 A000008 LEHMAN BROTHERS
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022 C000008 3349
022 D000008 1888
022 A000009 HSBC SECURITIES INC
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022 C000009 3020
022 D000009 1334
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022 D000010 2292
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<PAGE> PAGE 4
038 00AA00 0
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<PAGE> PAGE 5
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
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054 L00AA00 N
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<PAGE> PAGE 6
025 D000107 0
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<PAGE> PAGE 7
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<PAGE> PAGE 8
070 R010100 N
070 R020100 N
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
070 A020200 Y
070 B010200 N
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070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 Y
070 K020200 N
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070 M010200 N
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<PAGE> PAGE 12
072 M000200 11
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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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SIGNATURE ANN BONSTEEL
TITLE ASST. SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> ASSET ALLOCATION FUND
<S> <C>
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<PERIOD-END> DEC-31-1995
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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