SCOUT
STOCK FUND
A no-load mutual fund
with primary emphasis
on long-term growth of
both capital and income.
Semiannual Report
December 31, 1996
TO THE SHAREHOLDERS
For the six months ended December 31, 1996, Scout Stock Fund earned a total
return (price change and reinvested distributions) of 4.76% in comparison with
the unmanaged Standard & Poor's 500 index and the Lipper Growth Fund index
which earned 11.68% and 8.82%, respectively for the same period.
Performance data contained in this report is for past periods only. Past
performance is not predictive of future performance. Investment return and
share value will fluctuate, and redemption value may be more or less than
original cost.
During the fourth quarter, the equity markets, as measured by the Dow Jones
Industrials and Standard & Poor's 500 index, continued to climb. In the middle
of October, the Dow Jones Industrial Average closed over 6000 in a dramatic
800 point rebound from its July low. The Index continued to surge in November
and December after the elections until mid-December when Greenspan's warning
that equities were overvalued caused the market to lose 4% in the ensuing
weeks.
The dramatic gains in the equity markets have been generated by a small number
of stocks with large market capitalizations which dominate the most widely
known indices. The narrowness of the market's advance is as pronounced as it
was in the early 1970s. The influence of these few large capitalization stocks
has distorted the view of the market since the summer correction which was far
more severe for middle and small capitalization stocks. Many analysts are
concerned because they know that a correction in these same stocks can drive
the indices down just as quickly and dramatically as they have pushed them up.
Scout Stock Fund uses its diversified and equal weighting approaches to avoid
the volatility risks associated with concentration and a narrow base. The
portfolio is underweighted in the consumer staple, technology and financial
sectors of the market where overvaluation appears to be most severe. Scout
Stock Fund is overweighted in utilities which are expected to benefit from the
merger activity associated with industry consolidation, and mean-
while provide high dividend income.
We believe that the conservative posture maintained by the Fund will be
rewarded in 1997 as profit margins narrow and the economy slows. The
significant cash reserves in the Fund will allow us to take advantage of any
major correction in the market. We appreciate your continued interest in Scout
Stock Fund as part of your overall financial plan.
Sincerely,
/s/David B. Anderson
David B. Anderson
UMB Investment Advisors
Shares of the Scout Funds are not deposits or obligations of, nor guaranteed
by, UMB Bank, n.a. or any other banking institution, nor are they insured by
the Federal Deposit Insurance Corporation or any applicable deposit insurance.
These shares involve investment risks, including the possible loss of the
principal amount invested.
FINANCIAL STATEMENTS
Statement of Net Assets
December 31, 1996 (unaudited)
Market
Shares Company Value
COMMON STOCKS - 75.86%
Basic Materials - 10.44%
85,000 Brush Wellman, Inc. 1,391,875
120,000 Calgon Carbon Corp. 1,470,000
25,000 Carpenter Technology Corp. 915,625
18,000 Corning Inc. 832,500
60,000 Cyprus Amax Minerals Co. 1,402,500
25,000 Eastman Chemical Co. 1,381,250
80,000 Engelhard Corp. 1,530,000
10,000 Georgia Pacific Corp. 720,000
35,000 International Paper Co. 1,413,125
48,000 Nalco Chemical Co. 1,734,000
17,000 Rohm & Haas Co. 1,387,625
30,000 Union Camp Corp. 1,432,500
35,000 Weyerhaeuser Co 1,658,125
75,000 Worthington Industries, Inc. 1,359,375
18,628,500
Capital Goods - 4.57%
50,000 Browning Ferris Industries, Inc. 1,312,500
33,000 Cooper Industries, Inc. 1,390,125
10,000 Deere & Co. 406,250
2,500 Fluor Corp. 156,875
60,000 Giddings & Lewis, Inc. 772,500
15,000 Grainger (W.W.), Inc. 1,203,750
40,000 Hillenbrand Industries, Inc. 1,450,000
40,000 TRINOVA Corp. 1,455,000
8,147,000
Consumer Cyclical - 13.76%
9,200 AC Nielson Corp. 139,150
50,000 American Greetings Corp. 1,418,750
65,000 Bassett Furniture Industries, Inc. 1,592,500
40,000 Block (H&R), Inc. 1,160,000
40,000 Brown Group, Inc. 735,000
28,000 Cognizant Corp. 924,000
40,000 Dillards Dept. Stores, Inc., Cl A 1,235,000
40,000 Donnelley (R.R.) & Sons Co. 1,255,000
28,000 Dun & Bradstreet 665,000
3,333 Echelon International Corp. 52,077
12,000 Gannett Co., Inc. 898,500
25,000 General Motors Corp. 1,393,750
25,000 Genuine Parts Co. 1,112,500
10,000 Kimberly Clark Corp. 952,500
27,195 Limited (The) Inc. 499,708
35,000 Mallinckrodt Group, Inc. 1,544,375
40,000 Masco Corp. 1,440,000
20,000 May Department Stores Co. 935,000
15,000 Media General Inc., Class A 453,750
25,000 Mercantile Stores Co., Inc. 1,234,375
25,000 Penney (J.C.) & Co., Inc. 1,218,750
10,000 Readers Digest Assc. `A' 402,500
8,000 Service Corp. International 224,000
40,000 Snap-On, Inc. 1,425,000
130,000 Stride Rite Corp. 1,300,000
7,500 TJX Companies, Inc. 355,313
24,566,499
Consumer Staples - 11.43%
15,000 Abbott Laboratories 761,250
60,000 Alza Corp. 1,552,500
12,000 American Home Products Corp. 703,500
92,000 Archer-Daniels-Midland Co. 2,024,000
45,000 Bard (C.R.), Inc. 1,260,000
20,000 Black & Decker Corp. 602,500
115,000 Bob Evans Farms, Inc. 1,552,500
17,000 Bristol-Myers Squibb Co. 1,848,750
60,000 Darden Restaurants, Inc. 525,000
2,500 Eastman Kodak Company 200,625
47,000 Heinz H.J. Co. 1,680,250
38,000 International Flavors & Fragrances, Inc. 1,710,000
90,000 Lance, Inc 1,620,000
20,000 Merck & Co., Inc. 1,585,000
60,000 Rubbermaid, Inc. 1,365,000
20,000 Toys `R' Us, Inc. 600,000
85,000 Transitional Hospitals Corp. 818,125
20,409,000
Energy - 8.94%
12,000 Amoco Corp. 966,000
10,000 Atlantic Richfield Co. 1,325,000
34,000 Baker Hughes, Inc. 1,173,000
40,000 Dresser Industries, Inc. 1,240,000
15,000 Halliburton Co. 903,750
25,000 Kerr-McGee Corp. 1,800,000
10,000 Louisiana Land & Exploration Co. 536,250
54,000 Mapco, Inc. 1,836,000
75,000 Mitchell Energy & Development 1,678,125
25,000 Phillips Petroleum Co. 1,106,250
8,000 Schlumberger, Ltd. 799,000
1,500 Texaco, Inc. 147,187
75,000 USX-Marathon Group 1,790,625
20,000 WMX Technologies Inc. 652,500
15,953,687
Financial - 2.48%
7,500 AON Corp. 465,937
20,000 First Chicago NBD Corp. 1,075,000
28,500 Liberty Corp. S.C. 1,118,625
65,000 Unicom Corporation 1,763,125
4,422,687
Technology - 9.00%
50,000 ADT, Ltd. 1,143,750
6,300 AMP, Inc. 241,763
50,000 Apple Computer, Inc. 1,043,750
100,000 Brinker International 1,600,000
35,000 Digital Equipment Corp. 1,273,125
12,500 International Business Machines Corp. 1,887,500
8,000 Lucent Technologies Inc. 370,000
30,000 Motorola, Inc. 1,841,250
65,000 Mylan Laboratories Inc. 1,088,750
60,000 Novell, Inc. 568,125
20,000 Perkin-Elmer Corp. 1,177,500
75,000 Sensormatic Electronics Corp. 1,256,250
100,000 Tandem Computers, Inc. 1,375,000
20,000 Telxon Corp. 245,000
15,000 Texas Instruments, Inc. 956,250
16,068,013
Transportation & Services - 2.92%
8,000 CSX Corp. 338,000
30,000 Caliber Systems, Inc. 577,500
25,000 Consolidated Freightways Corp. 221,875
50,000 Consolidated Freightways Inc. 1,112,500
8,000 Norfolk Southern Corp. 700,000
8,000 Roadway Express Inc. 155,000
35,000 Southwest Airlines Co. 774,375
10,000 Union Pacific Corp. 601,250
12,500 Union Pacific Resources Group Inc. 365,625
20,000 US West Media Group 370,000
5,216,125
Utilities - 12.32%
28,000 AT&T Corp. 1,218,000
20,000 Bell Atlantic Corp. 1,295,000
35,000 Bell South Corp. 1,413,125
50,000 Central & South West Corp. 1,281,250
70,000 Comsat Corp. 1,723,750
40,000 Dominion Resources Inc. VA 1,540,000
60,000 Entergy Corp. 1,665,000
50,000 Florida Progress Corp. 1,612,500
7,500 FPL Group Inc. 345,000
75,000 Niagara Mohawk Power Corp. 740,625
40,000 Pacific Telesis Group 1,470,000
18,000 Panenergy Corp. 810,000
15,000 SBC Communications Inc. 776,250
50,000 Scana Corp. 1,337,500
2,500 Sprint Corp. 99,688
40,000 Texas Utilities Co. 1,630,000
40,000 U. S. West Communication Group 1,290,000
45,000 Union Electric Co. 1,732,500
21,980,188
TOTAL COMMON STOCKS - 75.86% 135,391,699
CONVERTIBLE PREFERRED STOCK - 0.35%
18,000 Unisys Corp. ($3.75 Cm. Cv. A Pfd.) 621,000
Face Market
Amount Description Value
CONVERTIBLE CORPORATE BONDS - 1.59%
$ 300,000 Computervision Corp., Cv. Sub. Deb.,
8.00%, due December 1, 2009 250,500
1,000,000 Masco Corp., Cv. Sub. Deb.,
5.25%, due February 15, 2012 1,015,000
500,000 Telxon Corp., Cv. Sub. Deb.,
7.50%, due June 1, 2012 461,250
1,200,000 WMX Technologies, Inc., Cv. Sub. Notes,
2.00%, due Janury 24, 2005 1,119,000
TOTAL CONVERTIBLE CORPORATE BONDS - 1.59% 2,845,750
SHORT-TERM CORPORATE NOTES - 15.37%
1,000,000 AIG Funding Corp.,
5.32%, due January 15, 1997 997,783
1,500,000 Air Products & Chemicals Inc.,
5.45%, due January 14, 1997 1,496,821
1,500,000 American Greetings Corp.,
5.42%, due January 22, 1997 1,495,032
1,500,000 American Tel & Telegraph Co.,
5.20%, due January 10, 1997 1,497,833
1,000,000 American Tel & Telegraph Co.,
5.28%, due January 31, 1997 995,453
1,500,000 Bell Atlantic Network Fdg.,
5.33%, due January 23, 1997 1,494,892
1,500,000 Disney Walt Co.,
5.33%, due January 8, 1997 1,498,223
1,000,000 Dover Corp.,
5.54%, due January 17, 1997 997,384
1,500,000 du Pont (E.I.) de Nemours & Co.,
5.25%, due January 22, 1997 1,495,187
1,500,000 Duke Power Co.,
5.65%, due January 14, 1997 1,496,704
1,000,000 Flour Corp.,
5.39%, due January 21, 1997 996,856
1,000,000 Gannett Co. Inc.,
5.85%, due January 6, 1997 999,025
1,000,000 Heinz (H.J.) Co.,
5.38%, due January 13, 1997 998,057
1,500,000 International Business Machines Corp.,
5.30%, due February 14, 1997 1,490,063
1,500,000 Kellogg Co.,
5.33%, due January 3, 1997 1,499,334
1,000,000 Motorola Inc.,
5.24%, due January 7, 1997 998,981
1,000,000 Penny (J.C.) Funding Corp.,
5.34%, due January 21, 1997 996,885
1,500,000 Philip Morris Cos., Inc.,
5.25%, due January 7, 1997 1,498,469
1,500,000 Raytheon Co.,
5.34%, due January 9, 1997 1,497,998
1,500,000 Snap On Tools Corp.,
5.60%, due January 21, 1997 1,495,100
1,500,000 Xerox Corp.,
5.50%, due January 28, 1997 1,493,583
TOTAT SHORT-TERM CORPORATE NOTES - 15.37% 27,429,663
GOVERNMENT SPONSORED ENTERPRISES - 7.22%
2,000,000 Federal Home Loan Bank Discount Notes,
5.26%, due January 31, 1997 1,990,941
1,000,000 Federal Home Loan Mortgage Corp.
Discount Notes,
5.23%, due February 14, 1997 993,463
1,500,000 Federal Home Loan Mortgage Corp.
Discount Notes,
5.21%, due March 3, 1997 1,486,541
1,500,000 Federal National Mortgage Assn.
Discount Notes,
5.19%, due January 13, 1997 1,497,189
500,000 Federal National Mortgage Assn.
Discount Notes,
5.41%, due January 17, 1997 498,723
2,000,000 Federal National Mortgage Assn.
Discount Notes,
5.20%, due February 27, 1997 1,983,244
2,000,000 Federal National Mortgage Assn.
Discount Notes,
5.18%, due March 14, 1997 1,978,992
1,000,000 Federal National Mortgage Assn.
Discount Notes,
5.225%, due April 3, 1997 986,502
1,500,000 Federal National Mortgage Assn.
Discount Notes,
5.29%, due April 30, 1997 1,473,550
TOTAL GOVERNMENT SPONSORED ENTERPRISES - 7.22% 12,889,145
REPURCHASE AGREEMENT - 0.01%
25,000 Northern Trust Co.,
6.375%, due January 2, 1997,
(Collateralized by U.S. Treasury Notes,
6.50%, due May 15, 1997) 25,000
TOTAL INVESTMENTS - 100.40% $ 179,202,257
Other assets less liabilities - (0.40%) (723,308)
TOTAL NET ASSETS - 100.00%
(equivalent to $16.97 per share;
20,000,000 shares of $1.00 par value
capital shares authorized;
10,518,046 shares outstanding) $ 178,478,949
See accompanying Notes to Financial Statements.
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
December 31, 1996 (unaudited)
ASSETS:
Investment securities, at market value
(identified cost $156,768,753) $ 179,202,257
Cash (434,029)
Dividends receivable 308,454
Interest receivable 35,042
Total assets 179,111,724
LIABILITIES AND NET ASSETS:
Payable for investments purchased 632,775
Total liabilities 632,775
NET ASSETS $ 178,478,949
NET ASSETS CONSIST OF:
Capital (capital stock and paid-in surplus of capital) $ 154,704,359
Accumulated undistributed income:
Undistributed net investment income 229,293
Accumulated net realized gain on investment transactions 1,366,295
Net unrealized appreciation in value of investments 22,179,002
NET ASSETS APPLICABLE TO OUTSTANDING SHARES $ 178,478,949
Capital shares, $1.00 par value
Authorized 20,000,000
Outstanding 10,518,046
NET ASSET VALUE PER SHARE $ 16.97
See accompanying Notes to Financial Statements.
FINANCIAL STATEMENTS
Statement of Operations
Six months ended December 31, 1996 (unaudited)
INVESTMENT INCOME:
Income:
Dividends $ 1,764,139
Interest 1,266,102
3,030,241
Expenses:
Management fees (Note 3) 742,504
Registration fees and other expenses 18,848
761,352
Net investment income 2,268,889
REALIZED AND UNREALIZED GAIN ON INVESTMENTS (Note 1):
Realized gain from investment transactions
(excluding commercial paper and
repurchase agreements):
Proceeds from sales of investments 12,781,030
Cost of investments sold 8,281,392
Net realized gain from investment transactions 4,499,638
Unrealized appreciation on investments:
Beginning of period 20,561,725
End of period 22,179,001
Increase in net unrealized appreciation
on investments 1,617,276
Net gain on investments 6,116,914
Increase in net assets resulting
from operations $ 8,385,803
See accompanying Notes to Financial Statements.
FINANCIAL STATEMENTS
Statements of Changes in Net Assets
Six Months Ended
December 31, 1996 Year Ended
(unaudited) June 30, 1996
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income $ 2,268,889 $ 4,403,078
Net realized gain from investment activities 4,499,639 7,289,373
Increase (decrease) in net unrealized
appreciation on investments 1,617,276 5,197,756
Net increase in net assets resulting
from operations 8,385,804 16,890,207
Net equalization included in the price of
shares issued and redeemed (10,433) 150,405
DISTRIBUTIONS TO SHAREHOLDERS FROM:*
Net investment income (2,286,925) (4,411,002)
Net realized gain from investment transactions (3,038,841) (9,660,536)
Total distributions to shareholders (5,325,766) (14,071,538)
INCREASE FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from 890,833 and
1,956,422 shares sold 14,584,094 33,531,918
Net asset value of 231,072 and
650,791 shares issued for
reinvestment of distributions 3,934,985 9,808,239
18,519,079 43,340,157
Cost of 844,042 and 721,927 shares redeemed (13,986,819) (12,119,138)
Net increase from capital share transactions 4,532,260 31,221,019
Total increase in net assets 7,581,865 34,190,093
NET ASSETS:
Beginning of period 170,897,084 136,706,991
End of period (including undistributed
net investment income of $229,293 and
$257,761, respectively) $ 178,478,949 $ 170,897,084
*Distributions to shareholders:
Income dividends per share $ .222 $ .47
Capital gains per share $ .295 $ 1.04
See accompanying Notes to Financial Statements.
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - The Fund is
registered under the Investment Company Act of 1940, as amended, as a
diversified, open-end management investment company. The following is a
summary of significant accounting policies consistently followed by the Fund
in the preparation of its financial statements.
Investments - Securities traded on a national securities exchange are valued
at the last reported sales price on the last business day of the year or, if
no sale was reported on that date, at the average of the last reported bid and
asked prices. Securities traded over-the-counter are valued at the average of
the last reported bid and asked prices. Short-term obligations are valued at
amortized cost, which approximates market value. Investment transactions are
recorded on the trade date. Interest income is recorded daily. Dividend income
and distributions to shareholders are recorded on the ex-dividend dates.
Realized gains and losses from investment transactions and unrealized
appreciation and depreciation of investments are reported on the identified
cost basis.
Federal and State Taxes - The Fund's policy is to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of its taxable income to its shareholders.
Therefore, no provision for federal or state tax is required.
Equalization - The Fund uses the accounting practice known as equalization,
by which a portion of the proceeds from sales and costs of redemption of
capital shares, equivalent on a per share basis to the amount of undistributed
net investment income on the date of the transactions, is credited or charged
to undistributed income. As a result, undistributed net investment income per
share is unaffected by sales or redemptions of capital shares.
Amortization - Discounts and premiums on securities purchased are amortized
over the life of the respective securities.
Estimates - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amount of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the
reporting period. Actual results could differ from those estimates.
2. PURCHASES AND SALES OF SECURITIES - The aggregate amounts of security
transactions during the six months ended December 31, 1996 (excluding
commercial paper, repurchase agreements and short-term securities), were as
follows:
Other than
U.S. Government U.S. Government
Securities Securities
Purchases $ 15,888,206 $ 0,000,000
Proceeds from sales 12,781,030 0,000,000
3. MANAGEMENT FEES - UMB Bank, n.a. is the Fund's manager and investment
adviser and provides or pays the cost of all management, supervisory and
administrative services required in the normal operation of the Fund. This
includes investment management; fees of the custodian, independent public
accountants and legal counsel; remuneration of officers and directors; rent;
and shareholder services, including maintenance of the shareholders accounting
system and transfer agency. Not considered normal operating expenses and
therefore payable by the Fund are taxes, interest, fees and the other charges
of governments and their agencies for qualifying the Fund's shares for sale,
special accounting and legal fees and brokerage commissions. UMB Bank's
management fees are based on average daily net assets of the Fund at the
annual rate of .85 of one percent of net assets. Certain officers and/or
directors of the Fund are also officers and/or directors of Jones & Babson,
Inc., which serves as the Fund's underwriter and distributor.
4. REPURCHASE AGREEMENTS - Securities purchased under agreements to resell
are held by the Fund's custodian and investment counsel, UMB Bank, n.a. The
custodian monitors the market values of the underlying securities which they
have purchased on behalf of the Fund to ensure that they are sufficient to
protect the Fund in the event of default by the seller.
This report has been prepared for the information of the Shareholders of Scout
Stock Fund, Inc., and is not to be construed as an offering of the shares of
the Fund. Shares of this Fund and of the other Scout Funds are offered only by
the Prospectus, a copy of which may be obtained from Jones & Babson, Inc.
BOARD OF DIRECTORS
AND OFFICERS
Board of Directors
Larry D. Armel
William E. Hoffman, D.D.S.
Eric T. Jager
Stephen F. Rose
Stuart Wien
Officers
Larry D. Armel, President
P. Bradley Adams, Vice President & Treasurer
Elizabeth L. Allwood, Vice President
Michael A. Brummel, Vice President
Martin A. Cramer, Vice President & Secretary
John G. Dyer, Vice President
Constance E. Martin, Vice President
Investment Counsel
UMB Bank, n.a., Kansas City, Missouri
Auditors
Baird, Kurtz & Dobson, Kansas City, Missouri
Legal Counsel
Stradley, Ronon, Stevens & Young,
Philadelphia, Pennsylvania
John G. Dyer, Kansas City, Missouri
Custodian
UMB Bank, n.a., Kansas City, Missouri
JONES & BABSON
MUTUAL FUNDS
P.O. Box 410498
Kansas City, MO 64141-0498
TOLL-FREE 1-800-996-2862
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