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<PAGE> PAGE 12
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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SIGNATURE DIANA TARNOW
TITLE ASSISTANT TREASURER
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<NAME> UNDISCOVERED MGRS - ALL CAP VALUE FUND - INVESTOR
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<NAME> UNDISCOVERED MGRS - BEHAVIORAL GROWTH - INSTITUTIONAL
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<SERIES>
<NUMBER> 031
<NAME> UNDISCOVERED MGRS - CORE EQUITY - INSTITUTIONAL
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 1,299,373
<INVESTMENTS-AT-VALUE> 1,118,955
<RECEIVABLES> 12,363
<ASSETS-OTHER> 33,596
<OTHER-ITEMS-ASSETS> 205,606
<TOTAL-ASSETS> 1,370,520
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,027
<TOTAL-LIABILITIES> 32,027
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,513,773
<SHARES-COMMON-STOCK> 101,585
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 8,157
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3,019
<ACCUM-APPREC-OR-DEPREC> (180,418)
<NET-ASSETS> 1,338,493
<DIVIDEND-INCOME> 6,502
<INTEREST-INCOME> 2,812
<OTHER-INCOME> 0
<EXPENSES-NET> 4,246
<NET-INVESTMENT-INCOME> 5,068
<REALIZED-GAINS-CURRENT> (3,019)
<APPREC-INCREASE-CURRENT> (180,418)
<NET-CHANGE-FROM-OPS> (178,369)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,586,277
<NUMBER-OF-SHARES-REDEEMED> 119,415
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,338,493
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,175
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 78,953
<AVERAGE-NET-ASSETS> 635,507
<PER-SHARE-NAV-BEGIN> 12.50
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> .20
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.75
<EXPENSE-RATIO> .99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> UNDISCOVERED MGRS - CORE EQUITY FUND - INVESTOR
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 1,299,373
<INVESTMENTS-AT-VALUE> 1,118,955
<RECEIVABLES> 12,363
<ASSETS-OTHER> 33,596
<OTHER-ITEMS-ASSETS> 205,606
<TOTAL-ASSETS> 1,370,520
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,027
<TOTAL-LIABILITIES> 32,027
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,513,773
<SHARES-COMMON-STOCK> 3,390
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 8,157
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3,019
<ACCUM-APPREC-OR-DEPREC> (180,418)
<NET-ASSETS> 1,338,493
<DIVIDEND-INCOME> 6,502
<INTEREST-INCOME> 2,812
<OTHER-INCOME> 0
<EXPENSES-NET> 4,246
<NET-INVESTMENT-INCOME> 5,068
<REALIZED-GAINS-CURRENT> (3,019)
<APPREC-INCREASE-CURRENT> (180,418)
<NET-CHANGE-FROM-OPS> (178,369)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 50,000
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,338,493
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,175
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 78,953
<AVERAGE-NET-ASSETS> 47,795
<PER-SHARE-NAV-BEGIN> 14.75
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> (2.01)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.75
<EXPENSE-RATIO> .99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> UNDISCOVERED MGRS - HIDDEN VALUE - INSTITUTIONAL
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 1,327,457
<INVESTMENTS-AT-VALUE> 946,806
<RECEIVABLES> 11,186
<ASSETS-OTHER> 33,596
<OTHER-ITEMS-ASSETS> 5,696
<TOTAL-ASSETS> 997,284
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,305
<TOTAL-LIABILITIES> 32,305
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,333,477
<SHARES-COMMON-STOCK> 94,762
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 5,908
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,245
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (380,651)
<NET-ASSETS> 964,979
<DIVIDEND-INCOME> 7,434
<INTEREST-INCOME> 1,685
<OTHER-INCOME> 0
<EXPENSES-NET> 6,300
<NET-INVESTMENT-INCOME> 2,819
<REALIZED-GAINS-CURRENT> 6,245
<APPREC-INCREASE-CURRENT> (380,651)
<NET-CHANGE-FROM-OPS> (371,587)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,903,880
<NUMBER-OF-SHARES-REDEEMED> 617,314
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 964,979
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,606
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 82,612
<AVERAGE-NET-ASSETS> 719,122
<PER-SHARE-NAV-BEGIN> 12.50
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> (2.77)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.76
<EXPENSE-RATIO> 1.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 042
<NAME> UNDISCOVERED MGRS - HIDDEN VALUE FUND - INVESTOR
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 1,327,457
<INVESTMENTS-AT-VALUE> 946,806
<RECEIVABLES> 11,186
<ASSETS-OTHER> 33,596
<OTHER-ITEMS-ASSETS> 5,696
<TOTAL-ASSETS> 997,284
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,305
<TOTAL-LIABILITIES> 32,305
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,333,477
<SHARES-COMMON-STOCK> 4,136
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 5,908
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,245
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (380,651)
<NET-ASSETS> 964,979
<DIVIDEND-INCOME> 7,434
<INTEREST-INCOME> 1,685
<OTHER-INCOME> 0
<EXPENSES-NET> 6,300
<NET-INVESTMENT-INCOME> 2,819
<REALIZED-GAINS-CURRENT> 6,245
<APPREC-INCREASE-CURRENT> (380,651)
<NET-CHANGE-FROM-OPS> (371,587)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 50,000
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 964,979
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,606
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 82,612
<AVERAGE-NET-ASSETS> 47,033
<PER-SHARE-NAV-BEGIN> 12.09
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> (2.34)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.76
<EXPENSE-RATIO> 1.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> UNDISCOVERED MGRS - REIT FUND - INSTITUTIONAL
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 9,938,485
<INVESTMENTS-AT-VALUE> 8,621,778
<RECEIVABLES> 25,362
<ASSETS-OTHER> 33,663
<OTHER-ITEMS-ASSETS> 616,374
<TOTAL-ASSETS> 9,297,177
<PAYABLE-FOR-SECURITIES> 120,430
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 54,705
<TOTAL-LIABILITIES> 175,135
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,486,798
<SHARES-COMMON-STOCK> 857,636
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 130,644
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 178,693
<ACCUM-APPREC-OR-DEPREC> (1,316,707)
<NET-ASSETS> 9,122,042
<DIVIDEND-INCOME> 204,184
<INTEREST-INCOME> 13,076
<OTHER-INCOME> 0
<EXPENSES-NET> 48,683
<NET-INVESTMENT-INCOME> 168,577
<REALIZED-GAINS-CURRENT> (189,265)
<APPREC-INCREASE-CURRENT> (1,316,707)
<NET-CHANGE-FROM-OPS> (1,337,395)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,717,058
<NUMBER-OF-SHARES-REDEEMED> 257,621
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10,459,437
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 36,513
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 160,484
<AVERAGE-NET-ASSETS> 5,223,237
<PER-SHARE-NAV-BEGIN> 12.50
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> (2.06)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.64
<EXPENSE-RATIO> 1.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 061
<NAME> UNDISCOVERED MGRS - SMALL CAP VALUE - INSTITUTIONAL
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 16,363,161
<INVESTMENTS-AT-VALUE> 12,137,743
<RECEIVABLES> 130,340
<ASSETS-OTHER> 33,529
<OTHER-ITEMS-ASSETS> 1,636,038
<TOTAL-ASSETS> 13,937,650
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 57,901
<TOTAL-LIABILITIES> 57,901
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,026,436
<SHARES-COMMON-STOCK> 1,270,364
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 7,565
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 71,166
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4,225,418)
<NET-ASSETS> 13,879,749
<DIVIDEND-INCOME> 17,230
<INTEREST-INCOME> 29,663
<OTHER-INCOME> 0
<EXPENSES-NET> 42,435
<NET-INVESTMENT-INCOME> 4,458
<REALIZED-GAINS-CURRENT> 71,166
<APPREC-INCREASE-CURRENT> (4,225,418)
<NET-CHANGE-FROM-OPS> (4,149,794)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,068,590
<NUMBER-OF-SHARES-REDEEMED> 177,415
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 13,779,749
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 31,827
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 147,678
<AVERAGE-NET-ASSETS> 4,511,155
<PER-SHARE-NAV-BEGIN> 12.50
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> (1.60)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.90
<EXPENSE-RATIO> 1.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 062
<NAME> UNDISCOVERED MGRS - SMALL CAP VALUE - INVESTOR
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 16,363,161
<INVESTMENTS-AT-VALUE> 12,137,743
<RECEIVABLES> 130,340
<ASSETS-OTHER> 33,529
<OTHER-ITEMS-ASSETS> 1,636,038
<TOTAL-ASSETS> 13,937,650
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 57,901
<TOTAL-LIABILITIES> 57,901
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,026,436
<SHARES-COMMON-STOCK> 2,854
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 7,565
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 71,166
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4,255,418)
<NET-ASSETS> 13,879,749
<DIVIDEND-INCOME> 17,230
<INTEREST-INCOME> 29,663
<OTHER-INCOME> 0
<EXPENSES-NET> 42,435
<NET-INVESTMENT-INCOME> 4,458
<REALIZED-GAINS-CURRENT> 71,166
<APPREC-INCREASE-CURRENT> (4,225,418)
<NET-CHANGE-FROM-OPS> (4,149,794)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 38,368
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 13,779,749
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 31,827
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 147,678
<AVERAGE-NET-ASSETS> 35,172
<PER-SHARE-NAV-BEGIN> 13.45
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> (2.54)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.91
<EXPENSE-RATIO> 1.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> UNDISCOVERED MGRS - SPECIAL SMALL CAP - INSTITUTIONAL
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 13,914,654
<INVESTMENTS-AT-VALUE> 11,080,981
<RECEIVABLES> 69,187
<ASSETS-OTHER> 33,529
<OTHER-ITEMS-ASSETS> 165,442
<TOTAL-ASSETS> 11,349,139
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 62,750
<TOTAL-LIABILITIES> 62,750
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,514,346
<SHARES-COMMON-STOCK> 1,085,274
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 394,284
<ACCUM-APPREC-OR-DEPREC> (2,833,673)
<NET-ASSETS> 11,286,389
<DIVIDEND-INCOME> 47,286
<INTEREST-INCOME> 16,177
<OTHER-INCOME> 0
<EXPENSES-NET> 90,909
<NET-INVESTMENT-INCOME> (27,446)
<REALIZED-GAINS-CURRENT> (394,284)
<APPREC-INCREASE-CURRENT> (2,833,673)
<NET-CHANGE-FROM-OPS> (3,255,403)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,289,122
<NUMBER-OF-SHARES-REDEEMED> 747,330
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 14,541,792
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 61,497
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 230,786
<AVERAGE-NET-ASSETS> 7,966,764
<PER-SHARE-NAV-BEGIN> 12.50
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> (2.07)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.40
<EXPENSE-RATIO> 1.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
