SCOUT
STOCK FUND
A no-load mutual fund
with primary emphasis
on long-term growth of
both capital and income.
Semiannual Report
December 31, 1997
TO THE SHAREHOLDERS
Scout Stock Fund earned a total return (price change and reinvested
dividends) of 1.23% for the quarter ended December 31, 1997. By
comparison, the unmanaged Standard & Poor's 500 Index earned 2.87% and
the Lipper Growth Funds Index earned 0.67% for the same period.
Performance data contained in this report is for past periods only. Past
performance is not indicative of future performance. Investment return
and share value will fluctuate, and redemption value may be more or less
than original cost.
On October 27, 1997, the U.S. equity markets - already nervous about
the 10th anniversary of the October 1987 crash - fell sharply in
response to major financial problems in Southeast Asia. The Dow Jones
Industrial Average fell 554 points, a record single-day point loss, for
a 7.2% decline. This was a smaller percentage than in 1987's crash and
the decline was less significant overall because of record high stock
values.
There was an initial sell-off, but the markets quickly recovered and
most of the loss was regained in November. Equities again dipped in
December and then finished the year with a strong rally in the final
week.
The stocks of small and mid-sized companies did not recover as well as
those of large companies. Market leadership narrowed again, after
broadening in the third quarter to favor the small and mid-sized
companies, as these well-known and very liquid stocks returned to the
forefront. This shift meant that most stock funds, including the highly
diversified, equally weighted Scout Stock Fund, had difficulty matching
the performance for the quarter of the market capitalization weighted
S&P 500.
Utilities and financial services were the best performing sectors during
the quarter. Utility stocks rose dramatically, pushed up by industry
restructuring, cheaper fossil fuels and low interest rates. The Fund is
heavily weighted in utilities and profited from this market move. It is
underweighted in financial services because of concerns about
overvaluation due to a lack of revenue growth.
The poorest performing sectors were technology and energy. The Fund is
dramatically underweighted in technology because of valuation concerns
due to demand problems in Southeast Asia, overstated earnings estimates
and intense competition.
The equity markets continued to benefit from mergers and acquisitions,
which increased almost 50% over 1996, then a record year. Stock
repurchase programs by major corporations also provided significant
support as corporations used excess funds to buy their own stock rather
than pay dividends.
This has helped drive the annual dividend yield of the S&P 500 down to
1.8%. Despite this, by pursuing value, the Fund has maintained a 2.4%
annual dividend rate.
Economic fundamentals still appear strong going into 1998. However,
valuations, especially of large company stocks, remain higher than
corporate earnings seem to justify. We can expect even higher market
volatility, which will test the self-discipline of investors whose
expectations are too high. We believe the Fund, with its
diversification, equal weighting and cash reserves, will perform well in
this situation.
For the six months ended December 31, 1997, shareholders received an
ordinary income dividend of $.22 per share, a short-term capital gain of
$.04 per share and a long-term capital gain of $.70 per share.
For corporate shareholders, 80.14% of ordinary income distributions
qualify for the corporate dividends received deduction.
We appreciate you as a valued shareholder of Scout Stock Fund and
continually welcome your questions or comments.
Sincerely,
/S/David B. Anderson
David B. Anderson
UMB Investment Advisors
TOP TEN EQUITY HOLDINGS
Market Percent
Value (000's) of Total
SBC Communications Inc. $ 3,077 1.55%
Mapco, Inc. 2,775 1.40%
International Business Machines Corp. 2,614 1.32%
Bob Evans Farms, Inc. 2,544 1.28%
Lance, Inc. 2,500 1.26%
Bristol-Myers Squibb Co. 2,271 1.15%
Mitchell Energy & Development 2,203 1.11%
Bassett Furniture Industries, Inc. 2,141 1.08%
Brush Wellman, Inc. 2,083 1.05%
Archer-Daniels-Midland Co. 2,060 1.04%
Top 10 Equity Holdings Total: $24,268 12.24%
NOTE: All market values based on 12/31/97 statement of assets.
PIE CHART - SECTOR DIVERSIFICATION
Basic Materials 13.0 %
Capital Goods 7.2 %
Consumer Cyclical 19.4%
Consumer Staples 17.8%
Energy 10.2%
Financial 1.6%
Technology 7.4%
Transporation
& Service 4.0%
Utilities 19.4%
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 ("FDIC").
These shares involve investment risks, including the possible loss of
the principal invested.
FINANCIAL STATEMENTS
Statement of Net Assets
December 31, 1997 (unaudited)
Market
Shares Company Value
COMMON STOCKS - 80.25%
Basic Materials - 10.42%
85,000 Brush Wellman, Inc. $ 2,082,500
20,000 Carpenter Technology Corp. 961,250
12,000 Corning, Inc. 445,500
65,000 Cyprus Amax Minerals Co. 999,375
10,000 duPont (E.I.) deNemours & Co. 600,625
25,000 Eastman Chemical Co. 1,489,063
100,000 Engelhard Corp. 1,737,500
7,000 Georgia Pacific Corp. 425,250
7,000 Georgia Pacific Corp., Timber Group 158,812
7,000 Hercules, Inc. 350,438
35,000 International Paper Co. 1,509,375
50,000 Mallinckrodt Group, Inc. 1,900,000
48,000 Nalco Chemical Co. 1,899,000
10,000 Rohm & Haas Co. 957,500
27,000 Union Camp Corp. 1,449,562
35,000 Weyerhaeuser Co. 1,717,187
100,000 Worthington Industries, Inc. 1,650,000
20,332,937
Capital Goods - 5.78%
40,000 Aeroquip-Vickers, Inc. 1,962,500
50,000 Browning Ferris Industries, Inc. 1,850,000
125,000 Calgon Carbon Corp. 1,343,750
33,000 Cooper Industries, Inc. 1,617,000
7,000 Deere & Co. 408,187
2,500 Fluor Corp. 93,438
15,000 Global Industries Technologies, Inc. 254,062
15,000 Grainger (W.W.), Inc. 1,457,813
53 Morrison Knudsen Warrants 152
40,000 Snap-On, Inc. 1,745,000
20,000 Waste Management International PLC 550,000
11,281,902
Consumer Cyclical - 15.57%
50,000 American Greetings Corp. 1,956,250
34,216 Ascent Entertainment Group 354,991
71,375 Bassett Furniture Industries, Inc. 2,141,250
20,000 Black & Decker Corp. 781,250
40,000 Block (H&R), Inc. 1,792,500
40,000 Brown Group, Inc. 532,500
20,000 Cognizant Corp. 891,250
50,000 Dillards Inc. 1,762,500
45,000 Donnelley (R.R.) & Sons Co. 1,676,250
28,000 Dun & Bradstreet 866,250
7,000 Ford Motor Co. 340,812
14,000 Gannett Co., Inc. 865,375
18,000 General Motors Corp. 1,091,250
40,000 Genuine Parts Co. 1,357,500
40,000 Hillenbrand Industries, Inc. 2,047,500
50,000 Limited, Inc. 1,275,000
22,000 Masco Corp. 1,119,250
10,000 May Department Stores Co. 526,875
15,000 Media General Inc., Class A 627,187
25,000 Mercantile Stores Co., Inc. 1,521,875
25,000 Penney (J.C.) & Co., Inc. 1,507,813
20,000 Pharmacia & Upjohn Inc. 732,500
25,000 Readers Digest Assc. `A' 590,625
90,000 Sensormatic Electronics Corp. 1,479,375
120,000 Stride Rite Corp. 1,440,000
20,000 Toys `R' Us, Inc. 628,750
16,000 US West Media Group 462,000
30,368,678
Consumer Staples - 14.27%
12,000 Abbott Laboratories 786,750
60,000 Alza Corp. 1,908,750
12,000 American Home Products, Corp. 918,000
10,000 Anheuser-Busch Companies, Inc. 440,000
95,000 Archer-Daniels-Midland Co. 2,060,312
50,000 Bard (C.R.), Inc. 1,565,625
115,000 Bob Evans Farms, Inc. 2,544,375
100,000 Brinker International 1,600,000
24,000 Bristol-Myers Squibb Co. 2,271,000
25,000 Covance Inc. 496,875
3,000 Crescendo Pharmaceuticals Class A 34,688
70,000 Darden Restaurants, Inc. 875,000
10,000 Eastman Kodak Co. 608,125
30,000 Heinz H.J. Co. 1,524,375
38,000 International Flavors & Fragrances, Inc. 1,957,000
15,000 Kimberly Clark Corp. 739,687
95,000 Lance, Inc. 2,499,688
18,000 Merck & Co., Inc. 1,912,500
70,000 Mylan Laboratories, Inc. 1,465,625
65,000 Rubbermaid, Inc. 1,625,000
27,833,375
Energy - 8.22%
12,000 Amoco Corp. 1,021,500
17,000 Atlantic Richfield Co. 1,362,125
32,000 Baker Hughes, Inc. 1,396,000
30,000 Dresser Industries, Inc. 1,258,125
30,000 Halliburton Co. 1,558,125
25,000 Kerr-McGee Corp. 1,582,813
75,000 Mitchell Energy & Development 2,203,125
25,000 Phillips Petroleum Co. 1,215,625
15,000 Schlumberger Limited 1,207,500
50,000 Union Pacific Resources Group, Inc. 1,212,500
60,000 USX-Marathon Group 2,025,000
16,042,438
Financial - 1.25%
7,500 AON Corp. 439,688
10,000 First Chicago NBD Corp. 835,000
25,000 Liberty Corp. S.C. 1,168,750
2,443,438
Technology - 5.91%
6,300 AMP, Inc. 264,600
50,000 Apple Computer, Inc. 656,250
15,000 Boeing Co. 734,062
35,000 Digital Equipment Corp. 1,295,000
15,000 Electronic Data Systems Corp. 659,063
25,000 International Business Machines Corp. 2,614,062
5,000 Lucent Technologies, Inc. 399,375
30,000 Motorola, Inc. 1,711,875
60,000 Novell, Inc. 450,000
20,000 Perkin-Elmer Corp. 1,421,250
1,148 Raytheon Co Class A 56,604
15,000 Telxon Corp. 358,125
20,000 Texas Instruments, Inc. 900,000
11,520,266
Transportation & Services - 3.20%
30,000 Caliber Systems, Inc. $ 1,460,625
40,000 CNF Transportation, Inc. 1,535,000
20,000 Consolidated Freightways Corp. 272,500
8,000 CSX Corp. 432,000
15,000 Norfolk Southern Corp. 462,187
7,500 Roadway Express Inc. 165,938
52,500 Southwest Airlines Co. 1,292,812
10,000 Union Pacific Corp. 624,375
6,245,437
Utilities - 15.63%
28,000 AT&T Corp. 1,715,000
18,000 Bell Atlantic Corp. 1,638,000
32,000 Bell South Corp. 1,802,000
50,000 Central & South West Corp. 1,353,125
70,000 Comsat Corp. 1,697,500
40,000 Dominion Resources Inc. VA 1,702,500
10,000 Duke Energy Corp. 553,750
60,000 Entergy Corp. 1,796,250
50,000 Florida Progress Corp. 1,962,500
15,000 GTE Corp. 783,750
60,000 Mapco, Inc. 2,775,000
75,000 Niagara Mohawk Power Corp. 787,500
42,000 SBC Communications, Inc. 3,076,500
50,000 Scana Corp. 1,496,875
40,000 Texas Utilities Co. 1,662,500
32,000 U.S. West Communication Group 1,444,000
65,000 Unicom Corp. 1,998,750
45,000 Union Electric Co. 1,946,250
10,000 Wisconsin Energy Corp. 287,500
30,479,250
TOTAL COMMON STOCKS - 80.25% 156,547,721
Face Market
Amount Description Value
CONVERTIBLE CORPORATE BONDS - 1.14%
$ 700,000 Masco Corp.,
Cv. Sub. Deb.,
5.25%, due February 15, 2012 842,625
500,000 Telxon Corp.,
Cv. Sub. Deb.,
7.50%, due June 1, 2012 530,000
1,000,000 WMX Technologies, Inc.,
Cv. Sub. Notes,
2.00%, due January 24, 2005 852,500
TOTAL CONVERTIBLE CORPORATE BONDS - 1.14% 2,225,125
SHORT-TERM CORPORATE NOTES - 14.81%
1,500,000 American Tel. & Telegraph,
5.54%, due January 5, 1998 1,498,846
1,500,000 American Tel. & Telegraph,
5.68%, due January 16, 1998 1,496,213
1,500,000 American Tel. & Telegraph,
5.72%, due January 28, 1998 1,493,327
1,500,000 Anheuser-Busch Cos. Inc.,
5.68%, due January 9, 1998 1,497,870
1,000,000 Bell Atlantic Network Funding,
5.85%, due January 13, 1998 997,887
1,000,000 BP America,
5.87%, due January 20, 1998 996,739
1,500,000 Disney Walt Co.,
5.65%, due February 13, 1998 1,489,642
1,500,000 duPont (E.I.) deNemours & Co.,
5.63%, due March 20, 1998 1,481,468
1,500,000 Dun & Bradstreet Corp.,
5.78%, due January 21, 1998 1,494,942
1,500,000 Emerson Electric Co.,
5.63%, due January 29, 1998 1,493,197
1,500,000 Emerson Electric Co.,
5.75%, due February 10, 1998 1,490,177
1,500,000 Engelhard Corp.,
5.72%, due February 3, 1998 1,491,897
1,500,000 General Mills Inc.,
5.77%, due January 5, 1998 1,498,798
1,500,000 Kimberly-Clark Corp.,
5.73%, due January 23, 1998 1,494,509
1,500,000 Monsanto Co.,
5.68%, due January 7, 1998 1,498,343
1,500,000 Monsanto Co.,
5.68%, due January 20, 1998 1,495,267
1,500,000 Nalco Chemical Co.,
6.00%, due January 12, 1998 1,497,000
1,500,000 Penney's (J.C.) Co.,
5.78%, due January 13, 1998 1,496,869
1,000,000 Proctor & Gamble Co.,
5.62%, due January 14, 1998 997,814
1,000,000 Progress Capital Co.,
5.74%, due January 6, 1998 999,043
1,000,000 Wisconsin Electric Power Co.,
5.77%, due January 16, 1998 997,436
TOTAL SHORT-TERM CORPORATE NOTES - 14.81% 28,897,284
GOVERNMENT SPONSORED ENTERPRISES - 4.57%
$ 1,000,000 Federal Home Loan Mortgage Corp.
Discount Notes, 5.48%, due February 11, 1998 993,607
2,000,000 Federal National Mortgage Assn.
Discount Notes, 5.41%, due January 15, 1998 1,995,492
2,000,000 Federal National Mortgage Assn.
Discount Notes, 5.38%, due January 30, 1998 1,991,033
2,000,000 Federal National Mortgage Assn.
Discount Notes, 5.60%, due March 13, 1998 1,977,600
2,000,000 Federal National Mortgage Assn.
Discount Notes, 5.43%, due April 29, 1998 1,964,102
TOTAL GOVERNMENT SPONSORED ENTERPRISES - 4.57% 8,921,834
REPURCHASE AGREEMENT - 0.89%
1,740,000 Northern Trust Co.,
6.40%, due January 2, 1998,
(Collateralized by U.S. Treasury Notes,
5.875%, due February 28, 1999) 1,740,000
TOTAL INVESTMENTS - 101.66% $ 198,331,964
Other assets less liabilities - (1.66%) (3,257,172)
TOTAL NET ASSETS - 100.00%
(equivalent to $19.01 per share;
20,000,000 shares of $1.00 par value
capital shares authorized;
10,260,208 shares outstanding) $ 195,074,792
See accompanying Notes to Financial Statements.
Statement of Assets and Liabilities
December 31, 1997 (unaudited)
ASSETS:
Investment securities, at market value
(identified cost $154,054,622) $ 198,331,964
Cash (3,550,482)
Dividends receivable 267,841
Interest receivable 25,469
Total assets 195,074,792
LIABILITIES AND NET ASSETS:
Payable for investments purchased -
Total liabilities -
NET ASSETS $ 195,074,792
NET ASSETS CONSIST OF:
Capital (capital stock and paid-in surplus of capital) $ 149,773,851
Accumulated undistributed income:
Undistributed net investment income 185,226
Accumulated net realized gain on investment transactions 838,373
Net unrealized appreciation in value of investments 44,277,342
NET ASSETS APPLICABLE TO OUTSTANDING SHARES $ 195,074,792
Capital shares, $1.00 par value
Authorized 20,000,000
Outstanding 10,260,208
NET ASSET VALUE PER SHARE $ 19.01
See accompanying Notes to Financial Statements.
Statement of Operations
Six months ended December 31, 1997 (unaudited)
INVESTMENT INCOME:
Income:
Dividends $ 1,837,132
Interest 1,096,119
2,933,251
Expenses:
Management fees (Note 3) 828,755
Registration fees and other expenses 9,967
838,722
Net investment income 2,094,529
REALIZED AND UNREALIZED GAIN ON INVESTMENTS (Note 1):
Realized gain from investment transactions
(excluding commercial paper and repurchase agreements):
Proceeds from sales of investments 12,064,952
Cost of investments sold 6,694,547
Net realized gain from investment transactions 5,370,405
Unrealized appreciation on investments:
Beginning of period 34,960,809
End of period 44,277,342
Increase in net unrealized appreciation on investments 9,316,533
Net gain on investments 14,686,938
Increase in net assets resulting from operations $ 16,781,467
See accompanying Notes to Financial Statements.
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months Ended
December 31, 1997 Year Ended
(unaudited) June 30, 1997
</CAPTION>
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income $ 2,094,529 $ 4,422,675
Net realized gain from investment activities 5,370,405 9,085,325
Increase (decrease) in net unrealized appreciation
on investments 9,316,533 14,399,084
Net increase in net assets resulting from operations 16,781,467 27,907,084
Net equalization included in the price of shares issued
and redeemed (11,244) (19,833)
DISTRIBUTIONS TO SHAREHOLDERS FROM:*
Net investment income (2,201,713) (4,357,197)
Net realized gain from investment transactions (7,378,576) (6,144,230)
Total distributions to shareholders (9,580,289) (10,501,427)
INCREASE FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from 946,074 and 1,686,751 shares sold 18,011,154 28,261,940
Net asset value of 100,485 and 453,543 shares
issued for reinvestment of distributions 1,865,003 8,013,036
19,876,157 36,274,976
Cost of 1,300,538 and 1,866,291 shares redeemed (24,670,645) (31,878,538)
Net increase from capital share transactions (4,794,488) 4,396,438
Total increase in net assets 2,395,446 21,782,262
NET ASSETS:
Beginning of period 192,679,346 170,897,084
End of period (including undistributed
net investment income of $63,616 and
$303,406, respectively) $ 195,074,792 $ 192,679,346
*Distributions to shareholders:
Income dividends per share $ .22 $ .42
Capital gains per share $ .739 $ .60
</TABLE>
See accompanying 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, 1997
(excluding commercial paper, repurchase agreements and short-term
securities), were as follows:
Other than
U.S. Government U.S. Government
Securities Securities
Purchases $ 6,220,065 $ -
Proceeds from sales 12,064,952 -
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
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
www.umb.com
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