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<PAGE>
PAGE 21
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<PAGE>
PAGE 22
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<PAGE>
PAGE 23
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015 A000501 THE BANK OF NEW YORK
015 B000501 C
015 C010501 NEW YORK
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015 C030501 10826
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<PAGE>
PAGE 24
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<PAGE>
PAGE 25
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<PAGE>
PAGE 26
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<PAGE>
PAGE 27
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015 A000601 STATE STREET BANK AND TRUST COMPANY
015 B000601 C
015 C010601 BOSTON
015 C020601 MA
015 C030601 02110
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<PAGE>
PAGE 28
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<PAGE>
PAGE 29
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<PAGE>
PAGE 30
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<PAGE>
PAGE 31
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SIGNATURE WILLIAM P. LATIMER
TITLE SECRETARY
Conseco Fund Group
N-SAR for December 31, 1997
Exhibit in Response to Item 77I
Item 77I: Terms of new or amended securities
A Registration Statement filed with the Securities and Exchange
Commission on behalf of Conseco Fund Group and effective December 23, 1997,
established two additional classes of shares for the Asset Allocation Fund,
Equity Fund, and Fixed Income Fund: Class B and Class C. In addition, these
three funds have two existing classes: Class A and Class Y.
The primary difference between the classes lies in their sales charge
structure. In addition, Class B shares have an automatic conversion feature,
while Class C shares do not. Class B and C shares are discussed further below.
Class B
The offering price of Class B shares is net asset value without any
initial sales charge. A contingent deferred sales charge is imposed upon
redemptions of Class B shares within six years of their purchase. The contingent
deferred sales charge is a percentage of (1) the net asset value of the shares
at the time of purchase or (2) the net asset value of the shares at the time of
redemption, whichever is less. The contingent deferred sales charge is 5% if
redeemed within one year of purchase and continues to decrease until reaching 0%
after the sixth year after purchase.
The contingent deferred sales charge will not apply to shares acquired
by the reinvestment of dividends or capital gain distributions.
Class B shares will automatically convert to a number of Class A shares
of equal dollar value eight years after purchase. This conversion feature
benefits shareholders because Class A shares have lower ongoing expenses than
Class B shares. No initial sales charge or other charge is imposed at
conversion. When Class B shares convert, a pro rata amount of Class B shares
that were acquired by the reinvestment of dividends and capital gain
distributions will also convert to Class A shares.
Class C
The offering price of Class C shares is net asset value without any
initial sales charge. Class C shares never convert to any other class of shares.
Class C shares held for less than one year are subject to a contingent
deferred sales charge on redemptions in an amount equal to 1% of the lower of
(a) the net asset value of the shares at the time of purchase or (b) the net
asset value of the shares at the time of redemption. Class C shares held one
year or longer are not subject to this contingent deferred sales charge. The
contingent deferred sales charge also will not apply to shares acquired by the
reinvestment of dividends or capital gain distributions.
The contingent deferred sales charge, if any, upon redemption of Class
C shares acquired through an exchange and held less than one year will be
calculated based on the original purchase date of the Class C shares exchanged.
<PAGE>
Conseco Fund Group
N-SAR for December 31, 1997
Exhibit in Response to Item 77Q1
Item 77Q1
1) Registrant's Investment Advisory Contract for Conseco 20 Fund, Conseco
High Yield Fund and Conseco International Fund
Incorporated by reference from Post-Effective Amendment No. 4 to
Registrant's Registration Statement (SEC File No. 333-13185) dated 12/29/97.
Edgar Accession No. 0000898432-97-000545.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
INFORMATION EXTRACTED FROM THE AUDITED 12/31/97 FINANCIAL STATEMENTS OF THE
CONSECO FUND GROUP AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 001
<NAME> ASSET ALLOCATION CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 12,779,910
<INVESTMENTS-AT-VALUE> 13,351,015
<RECEIVABLES> 348,928
<ASSETS-OTHER> 370,695
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,070,638
<PAYABLE-FOR-SECURITIES> 93,637
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 864,346
<TOTAL-LIABILITIES> 957,983
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,395,023
<SHARES-COMMON-STOCK> 100,187
<SHARES-COMMON-PRIOR> 1,668
<ACCUMULATED-NII-CURRENT> 6,516
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 140,011
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 571,105
<NET-ASSETS> 13,112,655
<DIVIDEND-INCOME> 52,606
<INTEREST-INCOME> 383,995
<OTHER-INCOME> 0
<EXPENSES-NET> (117,547)
<NET-INVESTMENT-INCOME> 319,054
<REALIZED-GAINS-CURRENT> 994,075
<APPREC-INCREASE-CURRENT> 571,105
<NET-CHANGE-FROM-OPS> 1,884,234
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (312,538)
<DISTRIBUTIONS-OF-GAINS> (854,064)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 100,694
<NUMBER-OF-SHARES-REDEEMED> (2,468)
<SHARES-REINVESTED> 293
<NET-CHANGE-IN-ASSETS> 13,079,305
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 63,605
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 292,274
<AVERAGE-NET-ASSETS> 442,955
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> 1.43
<PER-SHARE-DIVIDEND> (.27)
<PER-SHARE-DISTRIBUTIONS> (.71)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.73
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
INFORMATION EXTRACTED FROM THE AUDITED 12/31/97 FINANCIAL STATEMENTS OF THE
CONSECO FUND GROUP AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 002
<NAME> ASSET ALLOCATION CLASS Y
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 12,779,910
<INVESTMENTS-AT-VALUE> 13,351,015
<RECEIVABLES> 348,928
<ASSETS-OTHER> 370,695
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,070,638
<PAYABLE-FOR-SECURITIES> 93,637
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 864,346
<TOTAL-LIABILITIES> 957,983
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,395,023
<SHARES-COMMON-STOCK> 1,116,698
<SHARES-COMMON-PRIOR> 1,667
<ACCUMULATED-NII-CURRENT> 6,516
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 140,011
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 571,105
<NET-ASSETS> 13,112,655
<DIVIDEND-INCOME> 52,606
<INTEREST-INCOME> 383,995
<OTHER-INCOME> 0
<EXPENSES-NET> (117,547)
<NET-INVESTMENT-INCOME> 319,054
<REALIZED-GAINS-CURRENT> 994,075
<APPREC-INCREASE-CURRENT> 571,105
<NET-CHANGE-FROM-OPS> 1,884,234
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (312,538)
<DISTRIBUTIONS-OF-GAINS> (854,064)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,115,405
<NUMBER-OF-SHARES-REDEEMED> (11,798)
<SHARES-REINVESTED> 11,424
<NET-CHANGE-IN-ASSETS> 13,079,305
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 63,605
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 292,274
<AVERAGE-NET-ASSETS> 10,559,396
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .19
<PER-SHARE-GAIN-APPREC> 1.58
<PER-SHARE-DIVIDEND> (.28)
<PER-SHARE-DISTRIBUTIONS> (.71)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.78
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
INFORMATION EXTRACTED FROM THE AUDITED 12/31/97 FINANCIAL STATEMENTS OF THE
CONSECO FUND GROUP AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> EQUITY FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 62,009,842
<INVESTMENTS-AT-VALUE> 66,838,014
<RECEIVABLES> 634,560
<ASSETS-OTHER> 770,008
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 68,242,582
<PAYABLE-FOR-SECURITIES> 761,513
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,270,440
<TOTAL-LIABILITIES> 3,031,953
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58,713,491
<SHARES-COMMON-STOCK> 440,528
<SHARES-COMMON-PRIOR> 1,668
<ACCUMULATED-NII-CURRENT> 4,831
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,664,135
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,828,172
<NET-ASSETS> 65,210,629
<DIVIDEND-INCOME> 409,988
<INTEREST-INCOME> 37,625
<OTHER-INCOME> 0
<EXPENSES-NET> (442,782)
<NET-INVESTMENT-INCOME> 4,831
<REALIZED-GAINS-CURRENT> 8,301,910
<APPREC-INCREASE-CURRENT> 4,828,172
<NET-CHANGE-FROM-OPS> 13,134,913
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (6,637,775)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 455,408
<NUMBER-OF-SHARES-REDEEMED> (16,547)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 65,177,279
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 286,410
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 605,660
<AVERAGE-NET-ASSETS> 2,024,306
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> 2.33
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.22)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.07
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
INFORMATION EXTRACTED FROM THE AUDITED 12/31/97 FINANCIAL STATEMENTS OF THE
CONSECO FUND GROUP AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 012
<NAME> EQUITY FUND CLASS Y
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 62,009,842
<INVESTMENTS-AT-VALUE> 66,838,014
<RECEIVABLES> 634,560
<ASSETS-OTHER> 770,008
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 68,242,582
<PAYABLE-FOR-SECURITIES> 761,513
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,270,440
<TOTAL-LIABILITIES> 3,031,953
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58,713,491
<SHARES-COMMON-STOCK> 5,418,986
<SHARES-COMMON-PRIOR> 1,667
<ACCUMULATED-NII-CURRENT> 4,831
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,664,135
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,828,172
<NET-ASSETS> 65,210,629
<DIVIDEND-INCOME> 409,988
<INTEREST-INCOME> 37,625
<OTHER-INCOME> 0
<EXPENSES-NET> (442,782)
<NET-INVESTMENT-INCOME> 4,831
<REALIZED-GAINS-CURRENT> 8,301,910
<APPREC-INCREASE-CURRENT> 4,828,172
<NET-CHANGE-FROM-OPS> 13,134,913
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (6,637,775)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,992,638
<NUMBER-OF-SHARES-REDEEMED> (575,320)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 65,177,279
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 286,410
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 605,660
<AVERAGE-NET-ASSETS> 39,947,615
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 2.35
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.22)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.13
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
INFORMATION EXTRACTED FROM THE AUDITED 12/31/97 FINANCIAL STATEMENTS OF THE
CONSECO FUND GROUP AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> FIXED INCOME CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 20,746,520
<INVESTMENTS-AT-VALUE> 21,042,531
<RECEIVABLES> 1,181,385
<ASSETS-OTHER> 836,576
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,060,492
<PAYABLE-FOR-SECURITIES> 736,200
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 295,066
<TOTAL-LIABILITIES> 1,031,266
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,685,963
<SHARES-COMMON-STOCK> 15,148
<SHARES-COMMON-PRIOR> 1,667
<ACCUMULATED-NII-CURRENT> 9,027
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 38,225
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 296,011
<NET-ASSETS> 22,029,226
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,173,009
<OTHER-INCOME> 0
<EXPENSES-NET> (104,504)
<NET-INVESTMENT-INCOME> 1,068,505
<REALIZED-GAINS-CURRENT> 317,897
<APPREC-INCREASE-CURRENT> 296,011
<NET-CHANGE-FROM-OPS> 1,682,413
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,059,478)
<DISTRIBUTIONS-OF-GAINS> (279,672)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,325
<NUMBER-OF-SHARES-REDEEMED> (989)
<SHARES-REINVESTED> 144
<NET-CHANGE-IN-ASSETS> 21,995,876
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 58,632
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 284,018
<AVERAGE-NET-ASSETS> 255,327
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .66
<PER-SHARE-GAIN-APPREC> .18
<PER-SHARE-DIVIDEND> (.58)
<PER-SHARE-DISTRIBUTIONS> (.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.13
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL. ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES. THIS SCHEDULE CONTAINS SUMMARY
INFORMATION EXTRACTED FROM THE AUDITED 12/31/97 FINANCIAL STATEMENTS OF THE
CONSECO FUND GROUP AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 022
<NAME> FIXED INCOME FUND CLASS Y
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 20,746,520
<INVESTMENTS-AT-VALUE> 21,042,531
<RECEIVABLES> 1,181,385
<ASSETS-OTHER> 836,576
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,060,492
<PAYABLE-FOR-SECURITIES> 736,200
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 295,066
<TOTAL-LIABILITIES> 1,031,266
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,685,963
<SHARES-COMMON-STOCK> 2,154,327
<SHARES-COMMON-PRIOR> 1,668
<ACCUMULATED-NII-CURRENT> 9,027
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 38,225
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 296,011
<NET-ASSETS> 22,029,226
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,173,009
<OTHER-INCOME> 0
<EXPENSES-NET> (104,504)
<NET-INVESTMENT-INCOME> 1,068,505
<REALIZED-GAINS-CURRENT> 317,897
<APPREC-INCREASE-CURRENT> 296,011
<NET-CHANGE-FROM-OPS> 1,682,413
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,059,478)
<DISTRIBUTIONS-OF-GAINS> (279,672)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,195,219
<NUMBER-OF-SHARES-REDEEMED> (85,930)
<SHARES-REINVESTED> 43,371
<NET-CHANGE-IN-ASSETS> 21,995,876
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 58,632
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 284,018
<AVERAGE-NET-ASSETS> 15,332,418
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .68
<PER-SHARE-GAIN-APPREC> .21
<PER-SHARE-DIVIDEND> (.61)
<PER-SHARE-DISTRIBUTIONS> (.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.15
<EXPENSE-RATIO> .60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
