<PAGE> PAGE 1
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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
073 A010700 0.2914
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<PAGE> PAGE 23
028 A040800 0
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<PAGE> PAGE 24
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066 A000800 Y
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067 000800 N
068 A000800 N
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069 000800 N
070 A010800 Y
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070 D020800 N
070 E010800 N
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070 H010800 N
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<PAGE> PAGE 25
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 Y
070 L020800 N
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<PAGE> PAGE 26
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<PAGE> PAGE 27
008 D010902 BERWYN
008 D020902 PA
008 D030902 19312
008 D040902 2412
008 A000903 PENN CAPITAL MANAGEMENT COMPANY INC
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008 D010903 CHERRY HILL
008 D020903 NJ
008 D030903 08034
008 A000904 CLOVER CAPITAL MANAGEMENT INC
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008 D030904 14534
024 000900 N
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<PAGE> PAGE 28
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<PAGE> PAGE 29
068 A000900 N
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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008 A001001 PENN CAPITAL MANAGEMENT COMPANY INC.
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<PAGE> PAGE 32
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<PAGE> PAGE 33
067 001000 N
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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SIGNATURE BOB DELLACROCE
TITLE CONTROLLER
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</TABLE>
<TABLE> <S> <C>
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<NAME> TIP FUNDS
<SERIES>
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<NUMBER-OF-SHARES-SOLD> 15255
<NUMBER-OF-SHARES-REDEEMED> (2181)
<SHARES-REINVESTED> 320
<NET-CHANGE-IN-ASSETS> 15390
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 358
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 46
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 114
<AVERAGE-NET-ASSETS> 12288
<PER-SHARE-NAV-BEGIN> 14.22
<PER-SHARE-NII> (.007)
<PER-SHARE-GAIN-APPREC> 2.01
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.499)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.72
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 040
<NAME> TURNER ULTRA LARGE CAP
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 1344
<INVESTMENTS-AT-VALUE> 1533
<RECEIVABLES> 31
<ASSETS-OTHER> 31
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1595
<PAYABLE-FOR-SECURITIES> 30
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 30
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1358
<SHARES-COMMON-STOCK> 116
<SHARES-COMMON-PRIOR> 57
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 189
<NET-ASSETS> 1565
<DIVIDEND-INCOME> 4
<INTEREST-INCOME> 1
<OTHER-INCOME> 0
<EXPENSES-NET> (5)
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 17
<APPREC-INCREASE-CURRENT> 175
<NET-CHANGE-FROM-OPS> 192
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1)
<DISTRIBUTIONS-OF-GAINS> (73)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 765
<NUMBER-OF-SHARES-REDEEMED> (92)
<SHARES-REINVESTED> 73
<NET-CHANGE-IN-ASSETS> 864
<ACCUMULATED-NII-PRIOR> 1
<ACCUMULATED-GAINS-PRIOR> 74
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 50
<AVERAGE-NET-ASSETS> 969
<PER-SHARE-NAV-BEGIN> 12.28
<PER-SHARE-NII> (.006)
<PER-SHARE-GAIN-APPREC> 2.22
<PER-SHARE-DIVIDEND> (.008)
<PER-SHARE-DISTRIBUTIONS> (1.021)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.47
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 050
<NAME> CLOVER EQUITY VALUE FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 101816
<INVESTMENTS-AT-VALUE> 124466
<RECEIVABLES> 5194
<ASSETS-OTHER> 12
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 129672
<PAYABLE-FOR-SECURITIES> 1157
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 486
<TOTAL-LIABILITIES> 1643
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 96044
<SHARES-COMMON-STOCK> 6726
<SHARES-COMMON-PRIOR> 6207
<ACCUMULATED-NII-CURRENT> 41
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9294
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22650
<NET-ASSETS> 128029
<DIVIDEND-INCOME> 733
<INTEREST-INCOME> 360
<OTHER-INCOME> 0
<EXPENSES-NET> (670)
<NET-INVESTMENT-INCOME> 423
<REALIZED-GAINS-CURRENT> 9256
<APPREC-INCREASE-CURRENT> 4980
<NET-CHANGE-FROM-OPS> 14659
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (420)
<DISTRIBUTIONS-OF-GAINS> (12612)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13518
<NUMBER-OF-SHARES-REDEEMED> (17721)
<SHARES-REINVESTED> 12746
<NET-CHANGE-IN-ASSETS> 10170
<ACCUMULATED-NII-PRIOR> 38
<ACCUMULATED-GAINS-PRIOR> 12650
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 451
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1072
<AVERAGE-NET-ASSETS> 122236
<PER-SHARE-NAV-BEGIN> 18.99
<PER-SHARE-NII> .063
<PER-SHARE-GAIN-APPREC> 2.072
<PER-SHARE-DIVIDEND> (.062)
<PER-SHARE-DISTRIBUTIONS> (2.022)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.04
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 060
<NAME> CLOVER SMALL CAP VALUE
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 15222
<INVESTMENTS-AT-VALUE> 17296
<RECEIVABLES> 18
<ASSETS-OTHER> 11
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17325
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16
<TOTAL-LIABILITIES> 16
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14571
<SHARES-COMMON-STOCK> 1190
<SHARES-COMMON-PRIOR> 958
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (53)
<ACCUMULATED-NET-GAINS> 717
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2074
<NET-ASSETS> 17309
<DIVIDEND-INCOME> 41
<INTEREST-INCOME> 13
<OTHER-INCOME> 0
<EXPENSES-NET> (107)
<NET-INVESTMENT-INCOME> (53)
<REALIZED-GAINS-CURRENT> 985
<APPREC-INCREASE-CURRENT> (892)
<NET-CHANGE-FROM-OPS> 40
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1235)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3645
<NUMBER-OF-SHARES-REDEEMED> (1639)
<SHARES-REINVESTED> 1219
<NET-CHANGE-IN-ASSETS> 2030
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 967
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 65
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 146
<AVERAGE-NET-ASSETS> 15359
<PER-SHARE-NAV-BEGIN> 15.94
<PER-SHARE-NII> (.034)
<PER-SHARE-GAIN-APPREC> (.196)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.17)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.54
<EXPENSE-RATIO> 1.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 070
<NAME> CLOVER FIXED INCOME FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 28928
<INVESTMENTS-AT-VALUE> 29696
<RECEIVABLES> 573
<ASSETS-OTHER> 12
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30281
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 157
<TOTAL-LIABILITIES> 157
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29355
<SHARES-COMMON-STOCK> 3008
<SHARES-COMMON-PRIOR> 2387
<ACCUMULATED-NII-CURRENT> 11
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (10)
<ACCUM-APPREC-OR-DEPREC> 768
<NET-ASSETS> 30124
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 873
<OTHER-INCOME> 0
<EXPENSES-NET> (100)
<NET-INVESTMENT-INCOME> 773
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 253
<NET-CHANGE-FROM-OPS> 1026
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (780)
<DISTRIBUTIONS-OF-GAINS> (52)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9949
<NUMBER-OF-SHARES-REDEEMED> (4484)
<SHARES-REINVESTED> 788
<NET-CHANGE-IN-ASSETS> 6447
<ACCUMULATED-NII-PRIOR> 18
<ACCUMULATED-GAINS-PRIOR> 42
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 60
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 137
<AVERAGE-NET-ASSETS> 26877
<PER-SHARE-NAV-BEGIN> 9.92
<PER-SHARE-NII> .289
<PER-SHARE-GAIN-APPREC> .118
<PER-SHARE-DIVIDEND> (.291)
<PER-SHARE-DISTRIBUTIONS> (.022)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.01
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 080
<NAME> CLOVER MAX CAP VALUE
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-31-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 1568
<INVESTMENTS-AT-VALUE> 1663
<RECEIVABLES> 9
<ASSETS-OTHER> 16
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1688
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31
<TOTAL-LIABILITIES> 31
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1533
<SHARES-COMMON-STOCK> 149
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 29
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 95
<NET-ASSETS> 1657
<DIVIDEND-INCOME> 9
<INTEREST-INCOME> 2
<OTHER-INCOME> 0
<EXPENSES-NET> (4)
<NET-INVESTMENT-INCOME> 7
<REALIZED-GAINS-CURRENT> 29
<APPREC-INCREASE-CURRENT> 95
<NET-CHANGE-FROM-OPS> 131
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1528
<NUMBER-OF-SHARES-REDEEMED> (2)
<SHARES-REINVESTED> 7
<NET-CHANGE-IN-ASSETS> 1657
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 65
<AVERAGE-NET-ASSETS> 894
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> 1.118
<PER-SHARE-DIVIDEND> (.07)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.12
<EXPENSE-RATIO> .95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 090
<NAME> TIP TARGET SELECT EQUITY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 804
<INVESTMENTS-AT-VALUE> 833
<RECEIVABLES> 127
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 960
<PAYABLE-FOR-SECURITIES> 208
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8
<TOTAL-LIABILITIES> 216
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 628
<SHARES-COMMON-STOCK> 63
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 87
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29
<NET-ASSETS> 744
<DIVIDEND-INCOME> 1
<INTEREST-INCOME> 1
<OTHER-INCOME> 0
<EXPENSES-NET> (2)
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 87
<APPREC-INCREASE-CURRENT> 29
<NET-CHANGE-FROM-OPS> 116
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 628
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 744
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 23
<AVERAGE-NET-ASSETS> 475
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .006
<PER-SHARE-GAIN-APPREC> 1.846
<PER-SHARE-DIVIDEND> (.002)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.85
<EXPENSE-RATIO> 1.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006783
<NAME> TIP FUNDS
<SERIES>
<NUMBER> 100
<NAME> PENN CAPITAL SELECT FINANCIAL SERVICES
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-19-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 862
<INVESTMENTS-AT-VALUE> 936
<RECEIVABLES> 0
<ASSETS-OTHER> 23
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 959
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 49
<OTHER-ITEMS-LIABILITIES> 42
<TOTAL-LIABILITIES> 91
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 763
<SHARES-COMMON-STOCK> 66
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 30
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 74
<NET-ASSETS> 868
<DIVIDEND-INCOME> 3
<INTEREST-INCOME> 1
<OTHER-INCOME> 0
<EXPENSES-NET> (3)
<NET-INVESTMENT-INCOME> 1
<REALIZED-GAINS-CURRENT> 36
<APPREC-INCREASE-CURRENT> 74
<NET-CHANGE-FROM-OPS> 111
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (6)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 767
<NUMBER-OF-SHARES-REDEEMED> (10)
<SHARES-REINVESTED> 6
<NET-CHANGE-IN-ASSETS> 868
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 61
<AVERAGE-NET-ASSETS> 463
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .025
<PER-SHARE-GAIN-APPREC> 3.355
<PER-SHARE-DIVIDEND> (.007)
<PER-SHARE-DISTRIBUTIONS> (.202)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.17
<EXPENSE-RATIO> 1.38
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>