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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 20
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029 000900 Y
030 A000900 6
030 B000900 5.75
030 C000900 0.00
031 A000900 1
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032 000900 5
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042 D000900 0
042 E000900 0
042 F000900 0
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042 H000900 0
043 000900 2
044 000900 7
045 000900 Y
046 000900 N
047 000900 Y
048 000900 0.000
048 A010900 50000
048 A020900 1.000
048 B010900 50000
048 B020900 0.900
048 C010900 100000
048 C020900 0.800
048 D010900 0
048 D020900 0.000
048 E010900 0
048 E020900 0.000
<PAGE> PAGE 21
048 F010900 0
048 F020900 0.000
048 G010900 0
048 G020900 0.000
048 H010900 0
048 H020900 0.000
048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 200000
048 K020900 0.750
049 000900 N
050 000900 N
051 000900 N
052 000900 N
053 A000900 Y
053 B000900 Y
053 C000900 N
055 A000900 Y
055 B000900 Y
056 000900 Y
057 000900 N
066 A000900 Y
066 B000900 Y
066 C000900 N
066 D000900 N
066 E000900 N
066 F000900 N
066 G000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 N
070 B010900 Y
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 Y
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 N
<PAGE> PAGE 22
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 N
070 L010900 Y
070 L020900 Y
070 M010900 N
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 Y
070 P010900 Y
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 822
071 B000900 2592
071 C000900 9773
071 D000900 8
072 A000900 6
072 B000900 1
072 C000900 3
072 D000900 0
072 E000900 0
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072 H000900 0
072 I000900 6
072 J000900 18
072 K000900 4
072 L000900 2
072 M000900 6
072 N000900 8
072 O000900 0
072 P000900 20
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072 R000900 2
072 S000900 6
072 T000900 2
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<PAGE> PAGE 23
072CC010900 1366
072CC020900 0
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072EE000900 0
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073 C000900 0.0000
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074 C000900 0
074 D000900 0
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074 H000900 0
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074 N000900 10816
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074 R020900 0
074 R030900 0
074 R040900 118
074 S000900 0
074 T000900 10692
074 U010900 593
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074 V010900 18.02
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SIGNATURE TINA D. HOSKING
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000711080
<NAME> COUNTRYWIDE STRATEGIC TRUST
<SERIES>
<NUMBER> 51
<NAME> UTILITY FUND CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 27,318,226
<INVESTMENTS-AT-VALUE> 44,887,567
<RECEIVABLES> 136,296
<ASSETS-OTHER> 595
<OTHER-ITEMS-ASSETS> 12,620
<TOTAL-ASSETS> 45,037,078
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 170,458
<TOTAL-LIABILITIES> 170,458
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,152,105
<SHARES-COMMON-STOCK> 2,437,345
<SHARES-COMMON-PRIOR> 2,488,896
<ACCUMULATED-NII-CURRENT> (81)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,145,255
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,569,341
<NET-ASSETS> 41,518,330
<DIVIDEND-INCOME> 708,679
<INTEREST-INCOME> 81,067
<OTHER-INCOME> 0
<EXPENSES-NET> 326,111
<NET-INVESTMENT-INCOME> 463,635
<REALIZED-GAINS-CURRENT> 614,475
<APPREC-INCREASE-CURRENT> 3,798,882
<NET-CHANGE-FROM-OPS> 4,876,992
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 448,395
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 144,235
<NUMBER-OF-SHARES-REDEEMED> 218,645
<SHARES-REINVESTED> 22,859
<NET-CHANGE-IN-ASSETS> 3,127,394
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,530,780
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 172,305
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 326,111
<AVERAGE-NET-ASSETS> 42,335,336
<PER-SHARE-NAV-BEGIN> 15.42
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> 1.61
<PER-SHARE-DIVIDEND> (.18)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.03
<EXPENSE-RATIO> 1.33
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000711080
<NAME> COUNTRYWIDE STRATEGIC TRUST
<SERIES>
<NUMBER> 53
<NAME> UTILITY FUND CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 27,318,226
<INVESTMENTS-AT-VALUE> 44,887,567
<RECEIVABLES> 136,296
<ASSETS-OTHER> 595
<OTHER-ITEMS-ASSETS> 12,620
<TOTAL-ASSETS> 45,037,078
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 170,458
<TOTAL-LIABILITIES> 170,458
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,152,105
<SHARES-COMMON-STOCK> 196,782
<SHARES-COMMON-PRIOR> 208,694
<ACCUMULATED-NII-CURRENT> (81)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,145,255
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,569,341
<NET-ASSETS> 3,348,290
<DIVIDEND-INCOME> 708,679
<INTEREST-INCOME> 81,067
<OTHER-INCOME> 0
<EXPENSES-NET> 326,111
<NET-INVESTMENT-INCOME> 463,635
<REALIZED-GAINS-CURRENT> 614,475
<APPREC-INCREASE-CURRENT> 3,798,882
<NET-CHANGE-FROM-OPS> 4,876,992
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 15,321
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,446
<NUMBER-OF-SHARES-REDEEMED> 28,173
<SHARES-REINVESTED> 815
<NET-CHANGE-IN-ASSETS> 133,400
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,530,780
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 172,305
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 326,111
<AVERAGE-NET-ASSETS> 3,505,032
<PER-SHARE-NAV-BEGIN> 15.40
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 1.62
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.02
<EXPENSE-RATIO> 2.50
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000711080
<NAME> COUNTRYWIDE STRATEGIC TRUST
<SERIES>
<NUMBER> 71
<NAME> EQUITY FUND CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 46,468,129
<INVESTMENTS-AT-VALUE> 63,767,991
<RECEIVABLES> 43,072
<ASSETS-OTHER> 3,865
<OTHER-ITEMS-ASSETS> 27,559
<TOTAL-ASSETS> 63,842,487
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 81,100
<TOTAL-LIABILITIES> 81,100
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,948,938
<SHARES-COMMON-STOCK> 2,803,188
<SHARES-COMMON-PRIOR> 2,511,439
<ACCUMULATED-NII-CURRENT> (63,724)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 576,311
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,299,862
<NET-ASSETS> 60,517,010
<DIVIDEND-INCOME> 263,973
<INTEREST-INCOME> 88,700
<OTHER-INCOME> 0
<EXPENSES-NET> 416,397
<NET-INVESTMENT-INCOME> (63,724)
<REALIZED-GAINS-CURRENT> 503,530
<APPREC-INCREASE-CURRENT> (1,995,892)
<NET-CHANGE-FROM-OPS> (1,556,086)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 411,221
<NUMBER-OF-SHARES-REDEEMED> 119,472
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,956,307
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 72,781
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 230,827
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 416,397
<AVERAGE-NET-ASSETS> 58,107,732
<PER-SHARE-NAV-BEGIN> 22.12
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> (.51)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.59
<EXPENSE-RATIO> 1.29
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000711080
<NAME> COUNTRYWIDE STRATEGIC TRUST
<SERIES>
<NUMBER> 73
<NAME> EQUITY FUND CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 46,468,129
<INVESTMENTS-AT-VALUE> 63,767,991
<RECEIVABLES> 43,072
<ASSETS-OTHER> 3,865
<OTHER-ITEMS-ASSETS> 27,559
<TOTAL-ASSETS> 63,842,487
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 81,100
<TOTAL-LIABILITIES> 81,100
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,948,938
<SHARES-COMMON-STOCK> 152,951
<SHARES-COMMON-PRIOR> 143,890
<ACCUMULATED-NII-CURRENT> (63,724)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 576,311
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,299,862
<NET-ASSETS> 3,244,377
<DIVIDEND-INCOME> 263,973
<INTEREST-INCOME> 88,700
<OTHER-INCOME> 0
<EXPENSES-NET> 416,397
<NET-INVESTMENT-INCOME> (63,724)
<REALIZED-GAINS-CURRENT> 503,530
<APPREC-INCREASE-CURRENT> (1,995,892)
<NET-CHANGE-FROM-OPS> (1,556,086)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,754
<NUMBER-OF-SHARES-REDEEMED> 4,693
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 98,841
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 72,781
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 230,827
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 416,397
<AVERAGE-NET-ASSETS> 3,305,727
<PER-SHARE-NAV-BEGIN> 21.86
<PER-SHARE-NII> (.14)
<PER-SHARE-GAIN-APPREC> (.51)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.21
<EXPENSE-RATIO> 2.39
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000711080
<NAME> COUNTRYWIDE STRATEGIC TRUST
<SERIES>
<NUMBER> 81
<NAME> GROWTH/VALUE FUND - CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 14,741,332
<INVESTMENTS-AT-VALUE> 25,240,766
<RECEIVABLES> 133,398
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 13,939
<TOTAL-ASSETS> 25,388,103
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 253,115
<TOTAL-LIABILITIES> 253,115
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,503,718
<SHARES-COMMON-STOCK> 1,291,242
<SHARES-COMMON-PRIOR> 1,409,641
<ACCUMULATED-NII-CURRENT> (128,832)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,260,668
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,499,434
<NET-ASSETS> 24,692,097
<DIVIDEND-INCOME> 43,421
<INTEREST-INCOME> 19,589
<OTHER-INCOME> 0
<EXPENSES-NET> 191,842
<NET-INVESTMENT-INCOME> (128,832)
<REALIZED-GAINS-CURRENT> 1,260,668
<APPREC-INCREASE-CURRENT> 949,198
<NET-CHANGE-FROM-OPS> 2,081,034
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 296,634
<NUMBER-OF-SHARES-REDEEMED> 415,033
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 28,370
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 115,445
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 191,842
<AVERAGE-NET-ASSETS> 22,970,086
<PER-SHARE-NAV-BEGIN> 17.50
<PER-SHARE-NII> (.10)
<PER-SHARE-GAIN-APPREC> 1.72
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.12
<EXPENSE-RATIO> 1.66
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000711080
<NAME> COUNTRYWIDE STRATEGIC TRUST
<SERIES>
<NUMBER> 83
<NAME> GROWTH/VALUE FUND - CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 14,741,332
<INVESTMENTS-AT-VALUE> 25,240,766
<RECEIVABLES> 133,398
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 13,939
<TOTAL-ASSETS> 25,388,103
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 253,115
<TOTAL-LIABILITIES> 253,115
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,503,718
<SHARES-COMMON-STOCK> 23,176
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (128,832)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,260,668
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,499,434
<NET-ASSETS> 442,891
<DIVIDEND-INCOME> 43,421
<INTEREST-INCOME> 19,589
<OTHER-INCOME> 0
<EXPENSES-NET> 191,842
<NET-INVESTMENT-INCOME> (128,832)
<REALIZED-GAINS-CURRENT> 1,260,668
<APPREC-INCREASE-CURRENT> 949,198
<NET-CHANGE-FROM-OPS> 2,081,034
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23,601
<NUMBER-OF-SHARES-REDEEMED> 425
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 442,891
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 115,445
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 191,842
<AVERAGE-NET-ASSETS> 178,342
<PER-SHARE-NAV-BEGIN> 18.65
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> .49
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.11
<EXPENSE-RATIO> 2.41
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000711080
<NAME> COUNTRYWIDE STRATEGIC TRUST
<SERIES>
<NUMBER> 9
<NAME> AGGRESSIVE GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 6,107,585
<INVESTMENTS-AT-VALUE> 10,792,825
<RECEIVABLES> 9,638
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 14,305
<TOTAL-ASSETS> 10,816,768
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 124,362
<TOTAL-LIABILITIES> 124,362
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,028,564
<SHARES-COMMON-STOCK> 593,265
<SHARES-COMMON-PRIOR> 724,665
<ACCUMULATED-NII-CURRENT> (90,590)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 69,192
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,685,240
<NET-ASSETS> 10,692,406
<DIVIDEND-INCOME> 3,212
<INTEREST-INCOME> 860
<OTHER-INCOME> 0
<EXPENSES-NET> 94,662
<NET-INVESTMENT-INCOME> (90,590)
<REALIZED-GAINS-CURRENT> 69,192
<APPREC-INCREASE-CURRENT> 1,366,508
<NET-CHANGE-FROM-OPS> 1,345,110
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 112,343
<NUMBER-OF-SHARES-REDEEMED> 243,743
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (709,704)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 48,493
<INTEREST-EXPENSE> 19,835
<GROSS-EXPENSE> 138,651
<AVERAGE-NET-ASSETS> 9,668,132
<PER-SHARE-NAV-BEGIN> 15.73
<PER-SHARE-NII> (.14)
<PER-SHARE-GAIN-APPREC> 2.43
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.02
<EXPENSE-RATIO> 1.95
</TABLE>
77D. Policies With Respect to Security Investments
Effective on August 1, 1999, the Utility Fund changed its investment objective
in order for the Fund to more appropriately convey its investment approach. The
Fund's previous objective was to seek a high level of current income by
investing in securities of public utilities, with capital appreciation being a
secondary objective. Effective on August 1, 1999, the Fund's objective is to
seek current income and capital appreciation by investing primarily in
securities of public utilities.
77I. Terms of New or Amended Securities
Effective on August 1, 1999, the Growth/Value Fund offered a new class of
shares, designated Class C shares. Class C shares are sold with a maximum 1.25%
front-end sales load and are subject to a 1.00% contingent deferred sales load
(if they are redeemed within a year of their purchase) and 12b-1 fees of up to
1.00% of average net assets.
<PAGE>