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013 A000601 COOPERS & LYBRAND L.L.P.
013 B010601 BOSTON
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<PAGE> PAGE 22
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028 F040600 1353
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070 A010600 Y
070 A020600 N
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070 B020600 N
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070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 Y
070 L020600 N
070 M010600 Y
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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076 000600 0.00
013 A000701 ERNST & YOUNG LLP
013 B010701 BOSTON
013 B020701 MA
013 B030701 02116
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070 A010700 Y
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<PAGE> PAGE 25
070 B020700 N
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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SIGNATURE RICK RUSSELL
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Neuberger&Berman Focus Fund Semi Annual Report and is qualified in its
entirety by reference to such document.
</LEGEND>
<CIK> 0000044402
<NAME> NEUBERGER&BERMAN EQUITY FUNDS
<SERIES>
<NUMBER> 04
<NAME> NEUBERGER&BERMAN FOCUS FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 1,513,744
<RECEIVABLES> 1,247
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,514,991
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,281
<TOTAL-LIABILITIES> 1,281
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 847,546
<SHARES-COMMON-STOCK> 41,281
<SHARES-COMMON-PRIOR> 36,307
<ACCUMULATED-NII-CURRENT> 1,233
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 28,527
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 636,404
<NET-ASSETS> 1,513,710
<DIVIDEND-INCOME> 6,946
<INTEREST-INCOME> 661
<OTHER-INCOME> 0
<EXPENSES-NET> (5,864)
<NET-INVESTMENT-INCOME> 1,743
<REALIZED-GAINS-CURRENT> 35,345
<APPREC-INCREASE-CURRENT> 87,005
<NET-CHANGE-FROM-OPS> 124,093
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,176)
<DISTRIBUTIONS-OF-GAINS> (178,818)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,957
<NUMBER-OF-SHARES-REDEEMED> (3,034)
<SHARES-REINVESTED> 5,051
<NET-CHANGE-IN-ASSETS> 101,800
<ACCUMULATED-NII-PRIOR> 1,666
<ACCUMULATED-GAINS-PRIOR> 172,000
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,864
<AVERAGE-NET-ASSETS> 1,425,399
<PER-SHARE-NAV-BEGIN> 38.89
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 2.73
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> (4.93)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 36.67
<EXPENSE-RATIO> .83<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Annualized.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Neuberger&Berman Guardian Fund Semi Annual Report and is qualified in its
entirety by reference to such document.
</LEGEND>
<CIK> 0000044402
<NAME> NEUBERGER&BERMAN EQUITY FUNDS
<SERIES>
<NUMBER> 01
<NAME> NEUBERGER&BERMAN GUARDIAN FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 6,267,758
<RECEIVABLES> 7,375
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,275,133
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,419
<TOTAL-LIABILITIES> 12,419
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,979,488
<SHARES-COMMON-STOCK> 219,670
<SHARES-COMMON-PRIOR> 206,153
<ACCUMULATED-NII-CURRENT> 5,972
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 87,968
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,189,286
<NET-ASSETS> 6,262,714
<DIVIDEND-INCOME> 34,262
<INTEREST-INCOME> 12,035
<OTHER-INCOME> 0
<EXPENSES-NET> (24,380)
<NET-INVESTMENT-INCOME> 21,917
<REALIZED-GAINS-CURRENT> 174,292
<APPREC-INCREASE-CURRENT> 123,320
<NET-CHANGE-FROM-OPS> 319,529
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (22,388)
<DISTRIBUTIONS-OF-GAINS> (809,963)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,663
<NUMBER-OF-SHARES-REDEEMED> (29,916)
<SHARES-REINVESTED> 30,770
<NET-CHANGE-IN-ASSETS> (212,422)
<ACCUMULATED-NII-PRIOR> 6,443
<ACCUMULATED-GAINS-PRIOR> 723,639
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 24,380
<AVERAGE-NET-ASSETS> 6,724,105
<PER-SHARE-NAV-BEGIN> 31.41
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> 1.10
<PER-SHARE-DIVIDEND> (.11)
<PER-SHARE-DISTRIBUTIONS> (4.00)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 28.51
<EXPENSE-RATIO> .78<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Annualized.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Neuberger&Berman Manhattan Fund Semi Annual Report and is qualified in
its entirety by reference to such document.
</LEGEND>
<CIK> 0000044402
<NAME> NEUBERGER&BERMAN EQUITY FUNDS
<SERIES>
<NUMBER> 02
<NAME> NEUBERGER&BERMAN MANHATTAN FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 605,637
<RECEIVABLES> 914
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 606,551
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 893
<TOTAL-LIABILITIES> 893
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 464,093
<SHARES-COMMON-STOCK> 51,794
<SHARES-COMMON-PRIOR> 39,315
<ACCUMULATED-NII-CURRENT> (1,080)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,562
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 124,083
<NET-ASSETS> 605,658
<DIVIDEND-INCOME> 830
<INTEREST-INCOME> 803
<OTHER-INCOME> 0
<EXPENSES-NET> (2,713)
<NET-INVESTMENT-INCOME> (1,080)
<REALIZED-GAINS-CURRENT> 20,649
<APPREC-INCREASE-CURRENT> 38,128
<NET-CHANGE-FROM-OPS> 57,697
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (148,170)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,007
<NUMBER-OF-SHARES-REDEEMED> (3,760)
<SHARES-REINVESTED> 13,232
<NET-CHANGE-IN-ASSETS> 35,209
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 146,083
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,713
<AVERAGE-NET-ASSETS> 576,862
<PER-SHARE-NAV-BEGIN> 14.51
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> 1.04
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (3.84)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.69
<EXPENSE-RATIO> .95<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Annualized.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Neuberger&Berman Partners Fund Semi Annual Report and is qualified in its
entirety by reference to such document.
</LEGEND>
<CIK> 0000044402
<NAME> NEUBERGER&BERMAN EQUITY FUNDS
<SERIES>
<NUMBER> 05
<NAME> NEUBERGER&BERMAN PARTNERS FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 3,528,754
<RECEIVABLES> 11,350
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,540,104
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,894
<TOTAL-LIABILITIES> 2,894
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,716,608
<SHARES-COMMON-STOCK> 126,117
<SHARES-COMMON-PRIOR> 98,204
<ACCUMULATED-NII-CURRENT> 4,079
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 167,504
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 649,019
<NET-ASSETS> 3,537,210
<DIVIDEND-INCOME> 20,199
<INTEREST-INCOME> 3,745
<OTHER-INCOME> 0
<EXPENSES-NET> (12,768)
<NET-INVESTMENT-INCOME> 11,176
<REALIZED-GAINS-CURRENT> 288,024
<APPREC-INCREASE-CURRENT> 11,390
<NET-CHANGE-FROM-OPS> 310,590
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (18,986)
<DISTRIBUTIONS-OF-GAINS> (583,567)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,198
<NUMBER-OF-SHARES-REDEEMED> (9,881)
<SHARES-REINVESTED> 22,596
<NET-CHANGE-IN-ASSETS> 433,482
<ACCUMULATED-NII-PRIOR> 11,889
<ACCUMULATED-GAINS-PRIOR> 463,047
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,768
<AVERAGE-NET-ASSETS> 3,250,868
<PER-SHARE-NAV-BEGIN> 31.60
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> 2.38
<PER-SHARE-DIVIDEND> (.19)
<PER-SHARE-DISTRIBUTIONS> (5.84)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 28.05
<EXPENSE-RATIO> .79<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Annualized.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Neuberger&Berman Genesis Fund Semi Annual Report and is qualified in its
entirety by reference to such document.
</LEGEND>
<CIK> 0000044402
<NAME> NEUBERGER&BERMAN EQUITY FUNDS
<SERIES>
<NUMBER> 03
<NAME> NEUBERGER&BERMAN GENESIS FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 1,546,114
<RECEIVABLES> 19,587
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,565,701
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,970
<TOTAL-LIABILITIES> 4,970
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,316,929
<SHARES-COMMON-STOCK> 96,135
<SHARES-COMMON-PRIOR> 46,180
<ACCUMULATED-NII-CURRENT> 2,995
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16,540
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 224,267
<NET-ASSETS> 1,560,731
<DIVIDEND-INCOME> 6,169
<INTEREST-INCOME> 2,979
<OTHER-INCOME> 0
<EXPENSES-NET> (6,153)
<NET-INVESTMENT-INCOME> 2,995
<REALIZED-GAINS-CURRENT> 17,299
<APPREC-INCREASE-CURRENT> 26,506
<NET-CHANGE-FROM-OPS> 46,800
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (14,284)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 68,965
<NUMBER-OF-SHARES-REDEEMED> (19,860)
<SHARES-REINVESTED> 850
<NET-CHANGE-IN-ASSETS> 842,623
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 13,525
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,153
<AVERAGE-NET-ASSETS> 1,161,612
<PER-SHARE-NAV-BEGIN> 15.55
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> .84
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.19)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.23
<EXPENSE-RATIO> 1.07<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Annualized.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Neuberger&Berman Socially Responsive Fund Semi Annual Report and is
qualified in its entirety by reference to such document.
</LEGEND>
<CIK> 0000044402
<NAME> NEUBERGER&BERMAN EQUITY FUNDS
<SERIES>
<NUMBER> 06
<NAME> NEUBERGER&BERMAN SOCIALLY RESPONSIVE FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 82,080
<RECEIVABLES> 1,012
<ASSETS-OTHER> 16
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 83,108
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 101
<TOTAL-LIABILITIES> 101
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 60,811
<SHARES-COMMON-STOCK> 4,210
<SHARES-COMMON-PRIOR> 3,358
<ACCUMULATED-NII-CURRENT> 67
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,768
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,361
<NET-ASSETS> 83,007
<DIVIDEND-INCOME> 443
<INTEREST-INCOME> 81
<OTHER-INCOME> 0
<EXPENSES-NET> (395)
<NET-INVESTMENT-INCOME> 129
<REALIZED-GAINS-CURRENT> 2,892
<APPREC-INCREASE-CURRENT> 6,129
<NET-CHANGE-FROM-OPS> 9,150
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (115)
<DISTRIBUTIONS-OF-GAINS> (1,532)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,051
<NUMBER-OF-SHARES-REDEEMED> (284)
<SHARES-REINVESTED> 85
<NET-CHANGE-IN-ASSETS> 23,267
<ACCUMULATED-NII-PRIOR> 53
<ACCUMULATED-GAINS-PRIOR> 1,408
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 395
<AVERAGE-NET-ASSETS> 68,771
<PER-SHARE-NAV-BEGIN> 17.79
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 2.33
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> (.40)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.72
<EXPENSE-RATIO> 1.16<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Annualized.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Neuberger&Berman International Fund Semi Annual Report and is qualified
in its entirety by reference to such document.
</LEGEND>
<CIK> 0000044402
<NAME> NEUBERGER&BERMAN EQUITY FUNDS
<SERIES>
<NUMBER> 07
<NAME> NEUBERGER&BERMAN INTERNATIONAL FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 131,542
<RECEIVABLES> 1,374
<ASSETS-OTHER> 26
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 132,942
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 894
<TOTAL-LIABILITIES> 894
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 97,996
<SHARES-COMMON-STOCK> 8,237
<SHARES-COMMON-PRIOR> 7,780
<ACCUMULATED-NII-CURRENT> (595)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,376)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38,023
<NET-ASSETS> 132,048
<DIVIDEND-INCOME> 277
<INTEREST-INCOME> 272
<OTHER-INCOME> 0
<EXPENSES-NET> (991)
<NET-INVESTMENT-INCOME> (442)
<REALIZED-GAINS-CURRENT> (4,123)
<APPREC-INCREASE-CURRENT> 15,165
<NET-CHANGE-FROM-OPS> 10,600
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,069)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,348
<NUMBER-OF-SHARES-REDEEMED> (2,961)
<SHARES-REINVESTED> 70
<NET-CHANGE-IN-ASSETS> 16,672
<ACCUMULATED-NII-PRIOR> (153)
<ACCUMULATED-GAINS-PRIOR> 1,816
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 991
<AVERAGE-NET-ASSETS> 117,652
<PER-SHARE-NAV-BEGIN> 14.83
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> 1.39
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.14)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.03
<EXPENSE-RATIO> 1.70<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Annualized.
</FN>
</TABLE>
