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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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SIGNATURE THEODORE G. BRADPIECE
TITLE ASSISTANT TREASURER
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<NET-INVESTMENT-INCOME> 69,192
<REALIZED-GAINS-CURRENT> (4,451,871)
<APPREC-INCREASE-CURRENT> (13,418,326)
<NET-CHANGE-FROM-OPS> (17,801,005)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (17,801,005)
<ACCUMULATED-NII-PRIOR> 210,587
<ACCUMULATED-GAINS-PRIOR> (2,366,771)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 267,594
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 510,251
<AVERAGE-NET-ASSETS> 79,432,066
<PER-SHARE-NAV-BEGIN> 13.69
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> (2.96)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.74
<EXPENSE-RATIO> 1.28
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Item 77c.
On June 27, 1998 the annual meeting of the shareholders of the Fund was held.
The shareholders voted on the following proposals with the following results:
1) To approve or disapprove amendments to the investment advisory
agreement between the Fund and Dessauer & McIntyre Asset
Management, Inc.:
For Against Abstain
5,552,332 76,488 47,440
2) To elect six (6) Trustees to hold off until the election and
qualification of their successors:
For Against Abstain
John P. Dessauer 5,645,949 0 30,311
Ingrid R. Hendershot 5,645,949 0 30,311
Thomas P. McIntyre 5,645,949 0 30,311
Kevin A. Melich 5,644,964 0 31,296
Max A. Fischer 5,644,964 0 31,296
J. Brooks Reece, Jr. 5,645,005 0 31,254
3) To ratify or reject the selection of Ernst & Young LLP as
independent auditors of the Fund:
For Against Abstain
5,616,734 29,844 29,681
