DELAWARE GROUP TAX FREE FUND INC
NSAR-A, 1999-04-30
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<PAGE>      PAGE  1
000 A000000 02/28/1999
000 C000000 0000728352
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 U
001 A000000 DELAWARE GROUP TAX-FREE FUND, INC.
001 B000000 811-3850
001 C000000 2152552923
002 A000000 2005 MARKET STREET
002 B000000 PHILADLEPHIA
002 C000000 PA
002 D010000 19103
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  3
007 C010100  1
007 C020100 TAX-FREE USA FUND
007 C030100 N
007 C010200  2
007 C020200 TAX-FREE INSURED FUND
007 C030200 N
007 C010300  3
007 C020300 TAX-FREE USA INTERMEDIATE FUND
007 C030300 N
022 A000001 MORGAN GUARANTY
022 C000001     37608
022 D000001     27682
022 A000002 GOLDMAN SACHS AND CO.
022 B000002 13-5108880
022 C000002     24371
022 D000002     17948
022 A000003 MORGAN STANLEY & CO., INC.
022 B000003 13-2655998
022 C000003     23694
022 D000003      9263
022 A000004 PITTSBURGH NATIONAL BANK
022 C000004      7700
022 D000004     19750
022 A000005 MERRILL LYNCH PIERCE
022 B000005 13-5674085
022 C000005      9783
022 D000005     14799
022 A000006 LEHMAN BROTHERS, INC.
022 B000006 13-2518466
<PAGE>      PAGE  2
022 C000006     10829
022 D000006     12054
022 A000007 A.G. EDWARDS AND SONS
022 C000007      8827
022 D000007     10718
022 A000008 PAINE WEBBER, INC.
022 B000008 13-2836188
022 C000008      4953
022 D000008     14038
022 A000009 SAMUEL A. RAMIREZ
022 C000009      8744
022 D000009      8387
022 A000010 ADVEST CO.
022 C000010       973
022 D000010     12832
023 C000000     220705
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<PAGE>      PAGE  3
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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070 A010300 Y
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<PAGE>      PAGE  11
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SIGNATURE   GEORGE M. CHAMBERLAIN, JR.                   
TITLE       SR. VP/SECRETARY    
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000728352
<NAME> DELAWARE GROUP TAX FREE FUND, INC.
<SERIES>
   <NUMBER> 011
   <NAME> TAX-FREE USA FUND A CLASS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1999
<PERIOD-END>                               FEB-28-1999
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<EXPENSE-RATIO>                                   1.03
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000728352
<NAME> DELAWARE GROUP TAX FREE FUND, INC.
<SERIES>
   <NUMBER> 012
   <NAME> TAX-FREE USA FUND B CLASS
       
<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000728352
<NAME> DELAWARE GROUP TAX FREE FUND, INC.
<SERIES>
   <NUMBER> 013
   <NAME> TAX-FREE USA FUND C CLASS
       
<S>                             <C>
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<EQUALIZATION>                                       0
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<DISTRIBUTIONS-OF-GAINS>                     1,168,704
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        111,324
<NUMBER-OF-SHARES-REDEEMED>                     26,520
<SHARES-REINVESTED>                              3,721
<NET-CHANGE-IN-ASSETS>                    (26,201,308)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                    (675,706)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,817,547
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              3,275,343
<AVERAGE-NET-ASSETS>                         2,795,918
<PER-SHARE-NAV-BEGIN>                           11.830
<PER-SHARE-NII>                                  0.250
<PER-SHARE-GAIN-APPREC>                        (0.117)
<PER-SHARE-DIVIDEND>                             0.249
<PER-SHARE-DISTRIBUTIONS>                        0.024
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                             11.690
<EXPENSE-RATIO>                                   1.83
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000728352
<NAME> DELAWARE GROUP TAX-FREE FUND, INC. 
<SERIES>
   <NUMBER> 021
   <NAME>  TAX-FREE INSURED FUND A CLASS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1999
<PERIOD-END>                               FEB-28-1999
<INVESTMENTS-AT-COST>                       72,946,527
<INVESTMENTS-AT-VALUE>                      78,968,796
<RECEIVABLES>                                1,063,096
<ASSETS-OTHER>                                  36,504
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              80,068,396
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      363,877
<TOTAL-LIABILITIES>                            363,877
<SENIOR-EQUITY>                                 72,519
<PAID-IN-CAPITAL-COMMON>                    75,625,836
<SHARES-COMMON-STOCK>                        6,674,886
<SHARES-COMMON-PRIOR>                        6,901,585
<ACCUMULATED-NII-CURRENT>                        8,068
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                    (1,889,959)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     5,888,056
<NET-ASSETS>                                73,362,191
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            2,224,435
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 416,716
<NET-INVESTMENT-INCOME>                      1,807,719
<REALIZED-GAINS-CURRENT>                   (1,763,356)
<APPREC-INCREASE-CURRENT>                    1,453,399
<NET-CHANGE-FROM-OPS>                        1,497,762
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    1,695,221
<DISTRIBUTIONS-OF-GAINS>                       816,386
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        244,843
<NUMBER-OF-SHARES-REDEEMED>                    359,860
<SHARES-REINVESTED>                            133,585
<NET-CHANGE-IN-ASSETS>                         869,757
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      748,475
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          236,357
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                416,716
<AVERAGE-NET-ASSETS>                        73,833,051
<PER-SHARE-NAV-BEGIN>                            11.15
<PER-SHARE-NII>                                   .254
<PER-SHARE-GAIN-APPREC>                         (.037)
<PER-SHARE-DIVIDEND>                              .254
<PER-SHARE-DISTRIBUTIONS>                         .123
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.99
<EXPENSE-RATIO>                                   1.00
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000728352
<NAME> DELAWARE GROUP TAX-FREE FUND, INC. 
<SERIES>
   <NUMBER> 022
   <NAME>  TAX-FREE INSURED FUND B CLASS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1999
<PERIOD-END>                               FEB-28-1999
<INVESTMENTS-AT-COST>                       72,946,527
<INVESTMENTS-AT-VALUE>                      78,968,796
<RECEIVABLES>                                1,063,096
<ASSETS-OTHER>                                  36,504
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              80,068,396
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      363,877
<TOTAL-LIABILITIES>                            363,877
<SENIOR-EQUITY>                                 72,519
<PAID-IN-CAPITAL-COMMON>                    75,625,836
<SHARES-COMMON-STOCK>                          455,721
<SHARES-COMMON-PRIOR>                          299,877
<ACCUMULATED-NII-CURRENT>                        8,068
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                    (1,889,959)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     5,888,056
<NET-ASSETS>                                 5,008,699
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            2,224,435
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 416,716
<NET-INVESTMENT-INCOME>                      1,807,719
<REALIZED-GAINS-CURRENT>                   (1,763,356)
<APPREC-INCREASE-CURRENT>                    1,453,399
<NET-CHANGE-FROM-OPS>                        1,497,762
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       87,969
<DISTRIBUTIONS-OF-GAINS>                        50,900
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         77,021
<NUMBER-OF-SHARES-REDEEMED>                     11,539
<SHARES-REINVESTED>                              7,646
<NET-CHANGE-IN-ASSETS>                         869,757
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      748,475
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          236,357
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                416,716
<AVERAGE-NET-ASSETS>                         4,640,836
<PER-SHARE-NAV-BEGIN>                            11.15
<PER-SHARE-NII>                                   .210
<PER-SHARE-GAIN-APPREC>                         (.037)
<PER-SHARE-DIVIDEND>                              .210
<PER-SHARE-DISTRIBUTIONS>                         .123
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.99
<EXPENSE-RATIO>                                   1.00
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000728352
<NAME> DELAWARE GROUP TAX-FREE FUND, INC.
<SERIES>
   <NUMBER> 023
   <NAME> TAX-FREE INSURED FUND C CLASS 
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1999
<PERIOD-END>                               FEB-28-1999
<INVESTMENTS-AT-COST>                       72,946,527
<INVESTMENTS-AT-VALUE>                      78,968,796
<RECEIVABLES>                                1,063,096
<ASSETS-OTHER>                                  36,504
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              80,068,396
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      363,877
<TOTAL-LIABILITIES>                            363,877
<SENIOR-EQUITY>                                 72,519
<PAID-IN-CAPITAL-COMMON>                    75,625,836
<SHARES-COMMON-STOCK>                          121,341
<SHARES-COMMON-PRIOR>                           11,760
<ACCUMULATED-NII-CURRENT>                        8,068
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                    (1,889,959)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     5,888,056
<NET-ASSETS>                                 1,333,630
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            2,224,435
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 416,716
<NET-INVESTMENT-INCOME>                      1,807,719
<REALIZED-GAINS-CURRENT>                   (1,763,356)
<APPREC-INCREASE-CURRENT>                    1,453,399
<NET-CHANGE-FROM-OPS>                        1,497,762
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       16,461
<DISTRIBUTIONS-OF-GAINS>                         7,792
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         94,941
<NUMBER-OF-SHARES-REDEEMED>                      4,302
<SHARES-REINVESTED>                              1,960
<NET-CHANGE-IN-ASSETS>                         869,757
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      748,475
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          236,357
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                416,716
<AVERAGE-NET-ASSETS>                           878,124
<PER-SHARE-NAV-BEGIN>                            11.15
<PER-SHARE-NII>                                   .210
<PER-SHARE-GAIN-APPREC>                         (.037)
<PER-SHARE-DIVIDEND>                              .210
<PER-SHARE-DISTRIBUTIONS>                         .123
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.99
<EXPENSE-RATIO>                                   1.00
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000728352
<NAME> DELAWARE GROUP TAX-FREE FUND, INC.
<SERIES>
   <NUMBER> 031
   <NAME> TAX-FREE USA INTERMEDIATE FUND A CLASS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1999
<PERIOD-END>                               FEB-28-1999
<INVESTMENTS-AT-COST>                       27,066,723
<INVESTMENTS-AT-VALUE>                      28,318,857
<RECEIVABLES>                                  377,678
<ASSETS-OTHER>                               2,629,083
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              31,325,618
<PAYABLE-FOR-SECURITIES>                     1,562,943
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      247,769
<TOTAL-LIABILITIES>                          1,810,712
<SENIOR-EQUITY>                                 27,523
<PAID-IN-CAPITAL-COMMON>                    29,048,753
<SHARES-COMMON-STOCK>                        2,243,893
<SHARES-COMMON-PRIOR>                        2,119,300
<ACCUMULATED-NII-CURRENT>                      (1,241)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      (583,614)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     1,023,485
<NET-ASSETS>                                24,063,001
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              718,759
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 115,943
<NET-INVESTMENT-INCOME>                        602,816
<REALIZED-GAINS-CURRENT>                       137,634
<APPREC-INCREASE-CURRENT>                     (97,494)
<NET-CHANGE-FROM-OPS>                          642,956
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      521,116
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        343,361
<NUMBER-OF-SHARES-REDEEMED>                    237,552
<SHARES-REINVESTED>                             31,065
<NET-CHANGE-IN-ASSETS>                       3,023,393
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                  (1,022,853)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           68,261
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                144,294
<AVERAGE-NET-ASSETS>                        23,232,951
<PER-SHARE-NAV-BEGIN>                            10.71
<PER-SHARE-NII>                                  0.241
<PER-SHARE-GAIN-APPREC>                           0.01
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                        0.241
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.72
<EXPENSE-RATIO>                                  0.700
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000728352
<NAME> DELAWARE GROUP TAX-FREE FUND, INC. 
<SERIES>
   <NUMBER> 032
   <NAME> TAX-FREE USA INTERMEDIATE FUND B CLASS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1999
<PERIOD-END>                               FEB-28-1999
<INVESTMENTS-AT-COST>                       27,066,723
<INVESTMENTS-AT-VALUE>                      28,318,857
<RECEIVABLES>                                  377,678
<ASSETS-OTHER>                               2,629,083
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              31,325,618
<PAYABLE-FOR-SECURITIES>                     1,562,943
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      247,769
<TOTAL-LIABILITIES>                          1,810,712
<SENIOR-EQUITY>                                 27,523
<PAID-IN-CAPITAL-COMMON>                    29,048,753
<SHARES-COMMON-STOCK>                          226,478
<SHARES-COMMON-PRIOR>                          172,891
<ACCUMULATED-NII-CURRENT>                      (1,241)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      (583,614)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     1,023,485
<NET-ASSETS>                                 2,428,757
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              718,759
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 115,943
<NET-INVESTMENT-INCOME>                        602,816
<REALIZED-GAINS-CURRENT>                       137,634
<APPREC-INCREASE-CURRENT>                     (97,494)
<NET-CHANGE-FROM-OPS>                          642,956
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       36,302
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         47,302
<NUMBER-OF-SHARES-REDEEMED>                      3,830
<SHARES-REINVESTED>                              2,479
<NET-CHANGE-IN-ASSETS>                       3,023,393
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                  (1,022,853)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           68,261
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                144,294
<AVERAGE-NET-ASSETS>                         1,992,618
<PER-SHARE-NAV-BEGIN>                            10.71
<PER-SHARE-NII>                                  0.196
<PER-SHARE-GAIN-APPREC>                           0.01
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                        0.196
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.72
<EXPENSE-RATIO>                                  1.550
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000728352
<NAME> DELAWARE GROUP TAX-FREE FUND, INC. 
<SERIES>
   <NUMBER> 033
   <NAME> TAX-FREE USA INTERMEDIATE FUND C CLASS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1999
<PERIOD-END>                               FEB-28-1999
<INVESTMENTS-AT-COST>                       27,066,723
<INVESTMENTS-AT-VALUE>                      28,318,857
<RECEIVABLES>                                  377,678
<ASSETS-OTHER>                               2,629,083
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              31,325,618
<PAYABLE-FOR-SECURITIES>                     1,562,943
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      247,769
<TOTAL-LIABILITIES>                          1,810,712
<SENIOR-EQUITY>                                 27,523
<PAID-IN-CAPITAL-COMMON>                    29,048,753
<SHARES-COMMON-STOCK>                          281,912
<SHARES-COMMON-PRIOR>                          165,198
<ACCUMULATED-NII-CURRENT>                      (1,241)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      (583,614)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     1,023,485
<NET-ASSETS>                                 3,023,148
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              718,759
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 115,943
<NET-INVESTMENT-INCOME>                        602,816
<REALIZED-GAINS-CURRENT>                       137,634
<APPREC-INCREASE-CURRENT>                     (97,494)
<NET-CHANGE-FROM-OPS>                          642,956
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       46,639
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        123,946
<NUMBER-OF-SHARES-REDEEMED>                     31,664
<SHARES-REINVESTED>                              3,215
<NET-CHANGE-IN-ASSETS>                       3,023,393
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                  (1,022,853)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           68,261
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                144,294
<AVERAGE-NET-ASSETS>                         2,570,989
<PER-SHARE-NAV-BEGIN>                            10.71
<PER-SHARE-NII>                                  0.196
<PER-SHARE-GAIN-APPREC>                           0.01
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                        0.196
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.72
<EXPENSE-RATIO>                                  1.550
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>


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