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Previous: FEDERATED HIGH YIELD TRUST, 497, 1997-12-29 |
Next: PAINEWEBBER MANAGED INVESTMENTS TRUST, NSAR-B, 1997-12-29 |
<PAGE> PAGE 1
000 B000000 10/31/97
000 C000000 0000745968
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 FEDERATED EQUITY FUNDS
001 B000000 811-4017
001 C000000 4122888515
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 FEDERATED GROWTH STRATEGIES FUND
007 C030100 N
007 C010200 2
007 C020200 FEDERATED SMALL CAP STRATEGIES FUND
007 C030200 N
007 C010300 3
007 C020300 FEDERATED CAPITAL APPRECIATION FUND
007 C030300 N
007 C010400 4
007 C020400 FEDERATED AGGRESSIVE GROWTH FUND
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 FEDERATED MANAGEMENT
008 B00AA01 A
008 C00AA01 801-34610
008 D01AA01 PITTSBURGH
008 D02AA01 PA
008 D03AA01 15222
008 D04AA01 3779
010 A00AA01 FEDERATED SERVICES COMPANY
010 C01AA01 PITTSBURGH
010 C02AA01 PA
<PAGE> PAGE 2
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
011 C01AA01 PITTSBURGH
011 C02AA01 PA
011 C03AA01 15222
011 C04AA01 3779
012 A00AA01 FEDERATED SHAREHOLDER SERVICES COMPANY
012 B00AA01 84-1869
012 C01AA01 PITTSBURGH
012 C02AA01 PA
012 C03AA01 15222
012 C04AA01 3779
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15219
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 AUTRANET, INC.
020 B000001 13-2961507
020 C000001 253
020 A000002 INSTINET CORP.
020 B000002 13-3443395
020 C000002 159
020 A000003 LEHMAN BROTHERS, INC.
020 B000003 13-2518466
020 C000003 119
020 A000004 CS FIRST BOSTON CORP.
020 B000004 13-5659485
020 C000004 114
020 A000005 PRUDENTIAL SECURITIES CORP.
020 B000005 22-2347336
020 C000005 90
020 A000006 JEFFERIES & CO., INC.
020 B000006 95-2622900
020 C000006 87
020 A000007 MORGAN STANLEY & CO., INC.
020 B000007 13-2655998
020 C000007 83
020 A000008 BEAR, STEARNS & CO., INC.INC.
020 B000008 13-3299429
020 C000008 82
020 A000009 JANNEY MONTGOMERY SCOTT, INC.
020 B000009 23-0731260
020 C000009 80
020 A000010 BRIDGE TRADING CO., INC.
020 B000010 43-1450530
020 C000010 74
<PAGE> PAGE 3
021 000000 1901
022 A000001 BT SECURITIES CORP.
022 B000001 13-4941247
022 C000001 6769287
022 D000001 0
022 A000002 B.T. SECURITIES CORP.
022 B000002 13-4941247
022 C000002 2464590
022 D000002 0
022 A000003 C.J. LAWRENCE/DEUTSCHE BANK
022 C000003 49911
022 D000003 51823
022 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000004 13-5674085
022 C000004 50058
022 D000004 50522
022 A000005 JEFFERIES & CO., INC.
022 B000005 95-2622900
022 C000005 51453
022 D000005 15359
022 A000006 CANTOR, FITZGERALD SECURITIES CORP.
022 B000006 13-2698893
022 C000006 30717
022 D000006 31797
022 A000007 MORGAN STANLEY & CO., INC.
022 B000007 13-2655998
022 C000007 34899
022 D000007 18662
022 A000008 GOLDMAN, SACHS & CO.
022 B000008 13-5108880
022 C000008 27493
022 D000008 20397
022 A000009 HERZOG HEINE GEDULD, INC.
022 C000009 27340
022 D000009 17947
022 A000010 BEAR, STEARNS SECURITIES CORP.
022 C000010 23442
022 D000010 20608
023 C000000 9818242
023 D000000 338308
026 A000000 Y
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027 000000 Y
037 00AA00 N
<PAGE> PAGE 4
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 500
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<PAGE> PAGE 5
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 Y
066 D00AA00 N
066 E00AA00 N
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
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077 F000000 N
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077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 B00AA00 THE AETNA CASUALTY AND SURETY COMPANY
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<PAGE> PAGE 6
086 D020000 0
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086 F020000 0
015 A000101 STATE STREET BANK AND TRUST COMPANY
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<PAGE> PAGE 7
025 D000101 3940
025 A000102 BANK AMERICA
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025 A000103 CITICORP
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025 D000103 5501
025 A000104 FEDERAL NATIONAL MORTGAGE ASSOCIATION
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025 D000104 3600
025 A000105 MELLON BANK
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025 D000105 5565
025 A000106 MERRILL LYNCH
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025 D000106 2671
025 A000107 MORGAN STANLEY
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025 D000107 2830
025 A000108 NATIONSBANK
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<PAGE> PAGE 8
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<PAGE> PAGE 9
048 G020100 0.000
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056 000100 N
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070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 Y
070 Q020100 N
070 R010100 Y
070 R020100 N
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<PAGE> PAGE 10
071 C000100 433961
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<PAGE> PAGE 11
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015 A000205 THE CHASE MANHATTAN CORPORATION
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<PAGE> PAGE 12
015 E010205 X
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<PAGE> PAGE 13
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<PAGE> PAGE 14
057 000200 N
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<PAGE> PAGE 15
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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 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 23
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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Federated Growth Strategies Fund
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<NAME> Federated Equity Funds
Federated Growth Strategies Fund
Class C Shares
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Federated Small Cap Strategies Fund
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<SERIES>
<NUMBER> 031
<NAME> Federated Equity Funds
Federated Capital Appreciation Fund
Class A Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Oct-31-1997
<PERIOD-END> Oct-31-1997
<INVESTMENTS-AT-COST> 123,774,493
<INVESTMENTS-AT-VALUE> 169,688,486
<RECEIVABLES> 5,904,568
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 175,593,054
<PAYABLE-FOR-SECURITIES> 2,728,563
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 439,096
<TOTAL-LIABILITIES> 3,167,659
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 105,758,939
<SHARES-COMMON-STOCK> 7,378,301
<SHARES-COMMON-PRIOR> 1,121,562
<ACCUMULATED-NII-CURRENT> 439,979
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 20,312,484
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 45,913,993
<NET-ASSETS> 148,175,200
<DIVIDEND-INCOME> 2,336,634
<INTEREST-INCOME> 637,848
<OTHER-INCOME> 0
<EXPENSES-NET> 1,870,381
<NET-INVESTMENT-INCOME> 1,104,101
<REALIZED-GAINS-CURRENT> 20,317,712
<APPREC-INCREASE-CURRENT> 18,103,419
<NET-CHANGE-FROM-OPS> 39,525,232
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 745,779
<DISTRIBUTIONS-OF-GAINS> 6,319,819
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,341,131
<NUMBER-OF-SHARES-REDEEMED> 108,343
<SHARES-REINVESTED> 23,951
<NET-CHANGE-IN-ASSETS> 56,542,220
<ACCUMULATED-NII-PRIOR> 81,626
<ACCUMULATED-GAINS-PRIOR> 6,790,026
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,072,874
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,969,255
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<PER-SHARE-NAV-BEGIN> 16.170
<PER-SHARE-NII> 0.090
<PER-SHARE-GAIN-APPREC> 4.850
<PER-SHARE-DIVIDEND> 0.110
<PER-SHARE-DISTRIBUTIONS> 0.920
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 20.080
<EXPENSE-RATIO> 1.23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> Federated Equity Funds
Federated Capital Appreciation Fund
Class B Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Oct-31-1997
<PERIOD-END> Oct-31-1997
<INVESTMENTS-AT-COST> 123,774,493
<INVESTMENTS-AT-VALUE> 169,688,486
<RECEIVABLES> 5,904,568
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 175,593,054
<PAYABLE-FOR-SECURITIES> 2,728,563
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 439,096
<TOTAL-LIABILITIES> 3,167,659
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 105,758,939
<SHARES-COMMON-STOCK> 1,079,695
<SHARES-COMMON-PRIOR> 65,863
<ACCUMULATED-NII-CURRENT> 439,979
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 20,312,484
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 45,913,993
<NET-ASSETS> 21,635,776
<DIVIDEND-INCOME> 2,336,634
<INTEREST-INCOME> 637,848
<OTHER-INCOME> 0
<EXPENSES-NET> 1,870,381
<NET-INVESTMENT-INCOME> 1,104,101
<REALIZED-GAINS-CURRENT> 20,317,712
<APPREC-INCREASE-CURRENT> 18,103,419
<NET-CHANGE-FROM-OPS> 39,525,232
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 426,677
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,030,943
<NUMBER-OF-SHARES-REDEEMED> 21,597
<SHARES-REINVESTED> 4,486
<NET-CHANGE-IN-ASSETS> 56,542,220
<ACCUMULATED-NII-PRIOR> 81,626
<ACCUMULATED-GAINS-PRIOR> 6,790,026
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,072,874
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,969,255
<AVERAGE-NET-ASSETS> 142,310,769
<PER-SHARE-NAV-BEGIN> 16.120
<PER-SHARE-NII> 0.120
<PER-SHARE-GAIN-APPREC> 4.720
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.920
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 20.040
<EXPENSE-RATIO> 1.98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 033
<NAME> Federated Equity Funds
Federated Capital Appreciation Fund
Class C Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Oct-31-1997
<PERIOD-END> Oct-31-1997
<INVESTMENTS-AT-COST> 123,774,493
<INVESTMENTS-AT-VALUE> 169,688,486
<RECEIVABLES> 5,904,568
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 175,593,054
<PAYABLE-FOR-SECURITIES> 2,728,563
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 439,096
<TOTAL-LIABILITIES> 3,167,659
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 105,758,939
<SHARES-COMMON-STOCK> 131,016
<SHARES-COMMON-PRIOR> 7,334
<ACCUMULATED-NII-CURRENT> 439,979
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 20,312,484
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 45,913,993
<NET-ASSETS> 2,614,419
<DIVIDEND-INCOME> 2,336,634
<INTEREST-INCOME> 637,848
<OTHER-INCOME> 0
<EXPENSES-NET> 1,870,381
<NET-INVESTMENT-INCOME> 1,104,101
<REALIZED-GAINS-CURRENT> 20,317,712
<APPREC-INCREASE-CURRENT> 18,103,419
<NET-CHANGE-FROM-OPS> 39,525,232
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 48,727
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 126,956
<NUMBER-OF-SHARES-REDEEMED> 3,725
<SHARES-REINVESTED> 451
<NET-CHANGE-IN-ASSETS> 56,542,220
<ACCUMULATED-NII-PRIOR> 81,626
<ACCUMULATED-GAINS-PRIOR> 6,790,026
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,072,874
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,969,255
<AVERAGE-NET-ASSETS> 142,310,769
<PER-SHARE-NAV-BEGIN> 16.130
<PER-SHARE-NII> 0.130
<PER-SHARE-GAIN-APPREC> 4.610
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.920
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 19.950
<EXPENSE-RATIO> 1.98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> Federated Equity Funds
Federated Aggressive Growth Fund
Class A Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Oct-31-1997
<PERIOD-END> Oct-31-1997
<INVESTMENTS-AT-COST> 10,653,114
<INVESTMENTS-AT-VALUE> 11,997,603
<RECEIVABLES> 630,950
<ASSETS-OTHER> 63,283
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,691,836
<PAYABLE-FOR-SECURITIES> 376,370
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,744
<TOTAL-LIABILITIES> 403,114
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,940,913
<SHARES-COMMON-STOCK> 311,580
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (69,516)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 72,836
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,344,489
<NET-ASSETS> 4,147,931
<DIVIDEND-INCOME> 15,474
<INTEREST-INCOME> 12,326
<OTHER-INCOME> 0
<EXPENSES-NET> 95,386
<NET-INVESTMENT-INCOME> (67,586)
<REALIZED-GAINS-CURRENT> 72,836
<APPREC-INCREASE-CURRENT> 1,344,489
<NET-CHANGE-FROM-OPS> 1,349,739
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,722
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 656,969
<NUMBER-OF-SHARES-REDEEMED> 345,408
<SHARES-REINVESTED> 19
<NET-CHANGE-IN-ASSETS> 12,288,722
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 43,174
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 437,432
<AVERAGE-NET-ASSETS> 4,939,674
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (0.050)
<PER-SHARE-GAIN-APPREC> 3.370
<PER-SHARE-DIVIDEND> 0.010
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.310
<EXPENSE-RATIO> 1.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 042
<NAME> Federated Equity Funds
Federated Aggressive Growth Fund
Class B Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Oct-31-1997
<PERIOD-END> Oct-31-1997
<INVESTMENTS-AT-COST> 10,653,114
<INVESTMENTS-AT-VALUE> 11,997,603
<RECEIVABLES> 630,950
<ASSETS-OTHER> 63,283
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,691,836
<PAYABLE-FOR-SECURITIES> 376,370
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,744
<TOTAL-LIABILITIES> 403,114
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,940,913
<SHARES-COMMON-STOCK> 541,240
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (69,516)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 72,836
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,344,489
<NET-ASSETS> 7,183,598
<DIVIDEND-INCOME> 15,474
<INTEREST-INCOME> 12,326
<OTHER-INCOME> 0
<EXPENSES-NET> 95,386
<NET-INVESTMENT-INCOME> (67,586)
<REALIZED-GAINS-CURRENT> 72,836
<APPREC-INCREASE-CURRENT> 1,344,489
<NET-CHANGE-FROM-OPS> 1,349,739
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 165
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 582,846
<NUMBER-OF-SHARES-REDEEMED> 41,623
<SHARES-REINVESTED> 17
<NET-CHANGE-IN-ASSETS> 12,288,722
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 43,174
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 437,432
<AVERAGE-NET-ASSETS> 4,939,674
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (0.080)
<PER-SHARE-GAIN-APPREC> 3.350
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.270
<EXPENSE-RATIO> 2.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 043
<NAME> Federated Equity Funds
Federated Aggressive Growth Fund
Class C Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Oct-31-1997
<PERIOD-END> Oct-31-1997
<INVESTMENTS-AT-COST> 10,653,114
<INVESTMENTS-AT-VALUE> 11,997,603
<RECEIVABLES> 630,950
<ASSETS-OTHER> 63,283
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,691,836
<PAYABLE-FOR-SECURITIES> 376,370
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,744
<TOTAL-LIABILITIES> 403,114
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,940,913
<SHARES-COMMON-STOCK> 72,511
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (69,516)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 72,836
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,344,489
<NET-ASSETS> 957,193
<DIVIDEND-INCOME> 15,474
<INTEREST-INCOME> 12,326
<OTHER-INCOME> 0
<EXPENSES-NET> 95,386
<NET-INVESTMENT-INCOME> (67,586)
<REALIZED-GAINS-CURRENT> 72,836
<APPREC-INCREASE-CURRENT> 1,344,489
<NET-CHANGE-FROM-OPS> 1,349,739
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 43
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 89,902
<NUMBER-OF-SHARES-REDEEMED> 17,395
<SHARES-REINVESTED> 4
<NET-CHANGE-IN-ASSETS> 12,288,722
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 43,174
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 437,432
<AVERAGE-NET-ASSETS> 4,939,674
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (0.060)
<PER-SHARE-GAIN-APPREC> 3.260
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.200
<EXPENSE-RATIO> 2.53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
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