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<PAGE> PAGE 2
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SIGNATURE A. S. FILEAN
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 19,091,298
<INVESTMENTS-AT-VALUE> 18,791,931
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<REALIZED-GAINS-CURRENT> (28,914)
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<FN>
<F1>Without the Manager's voluntary waiver of a portion of certain expenses for
this period, this fund would have had per share net investment income of $.29
and a ratio of expenses to average net assets of 1.21%. The amount waived was
$27,474.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 19,091,298
<INVESTMENTS-AT-VALUE> 18,791,931
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<FN>
<F1>Without the Manager's voluntary waiver of a portion of certain expenses for
this period, this fund would have had per share net investment income of $.17
and a ratio of expenses to average net assets of 4.36%. The amount waived was
$2,592.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
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<ACCUMULATED-NET-GAINS> (32,548)
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<FN>
<F1>Without the Manager's voluntary waiver of a portion of certain expenses for
this period, this fund would have had per share net investment income of $.23
and a ratio of expenses to average net assets of 2.75%. The amount waived was
$2,098.
</FN>
</TABLE>
