DELAWARE GROUP EQUITY FUNDS V INC
NSAR-A, 1997-07-29
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<PAGE>      PAGE  1
000 A000000 05/31/97
000 C000000 0000809821
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 DELAWARE GROUP EQUITY FUNDS V, INC.
001 B000000 811-4997
001 C000000 2152552926
002 A000000 2005 MARKET STREET
002 B000000 PHILADELPHIA
002 C000000 PA
002 D010000 19103
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
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007 C020100 VALUE FUND
007 C030100 N
007 C010200  2
007 C020200 RETIREMENT INCOME FUND
007 C030200 N
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
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<PAGE>      PAGE  2
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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
070 F020200 N
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070 H020200 N
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<PAGE>      PAGE  7
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SIGNATURE   ROSEMARY E. MILNER                           
TITLE       VICE PRESIDENT      
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000809821
<NAME> DELAWARE GROUP EQUITY FUNDS V, INC.
<SERIES>
   <NUMBER> 011
   <NAME> VALUE FUND A CLASS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          NOV-30-1996
<PERIOD-END>                               MAY-31-1997
<INVESTMENTS-AT-COST>                      202,223,532
<INVESTMENTS-AT-VALUE>                     259,351,336
<RECEIVABLES>                                1,475,814
<ASSETS-OTHER>                                     134
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<SENIOR-LONG-TERM-DEBT>                              0
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<SENIOR-EQUITY>                                101,579
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<OVERDISTRIBUTION-GAINS>                             0
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<NET-ASSETS>                               219,825,339
<DIVIDEND-INCOME>                            1,823,743
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<EQUALIZATION>                                       0
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<EXPENSE-RATIO>                                   1.43
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<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000809821
<NAME> DELAWARE GROUP EQUITY FUNDS V, INC.
<SERIES>
   <NUMBER> 012
   <NAME> VALUE FUND B CLASS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          NOV-30-1996
<PERIOD-END>                               MAY-31-1997
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<INVESTMENTS-AT-VALUE>                     259,351,336
<RECEIVABLES>                                1,475,814
<ASSETS-OTHER>                                     134
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<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      562,486
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<SENIOR-EQUITY>                                101,579
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<NET-CHANGE-FROM-OPS>                       36,743,408
<EQUALIZATION>                                       0
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<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
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<INTEREST-EXPENSE>                                   0
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<AVERAGE-NET-ASSETS>                        15,274,845 
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<PER-SHARE-NII>                                  0.523
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<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                        3.900
<RETURNS-OF-CAPITAL>                                 0
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<EXPENSE-RATIO>                                   2.13
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000809821
<NAME> DELAWARE GROUP EQUITY FUNDS V, INC.
<SERIES>
   <NUMBER> 013
   <NAME> VALUE FUND C CLASS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          NOV-30-1996
<PERIOD-END>                               MAY-31-1997
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<INVESTMENTS-AT-VALUE>                     259,351,336
<RECEIVABLES>                                1,475,814
<ASSETS-OTHER>                                     134
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<PAYABLE-FOR-SECURITIES>                     1,708,286
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<OTHER-ITEMS-LIABILITIES>                      562,486
<TOTAL-LIABILITIES>                          2,270,772
<SENIOR-EQUITY>                                101,579
<PAID-IN-CAPITAL-COMMON>                   189,622,299
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<REALIZED-GAINS-CURRENT>                    11,375,954
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<NET-CHANGE-FROM-OPS>                       36,743,408
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
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<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        103,482
<NUMBER-OF-SHARES-REDEEMED>                     28,667
<SHARES-REINVESTED>                             24,071
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<GROSS-ADVISORY-FEES>                          890,063
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              1,768,826
<AVERAGE-NET-ASSETS>                         4,739,413 
<PER-SHARE-NAV-BEGIN>                           25.550
<PER-SHARE-NII>                                  0.405
<PER-SHARE-GAIN-APPREC>                          3.205
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                        3.900
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                             25.260
<EXPENSE-RATIO>                                   2.13
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000809821
<NAME> DELAWARE GROUP EQUITY FUNDS V, INC.
<SERIES>
   <NUMBER> 014
   <NAME> VALUE FUND INSTITUTIONAL CLASS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          NOV-30-1996
<PERIOD-END>                               MAY-31-1997
<INVESTMENTS-AT-COST>                      202,223,532
<INVESTMENTS-AT-VALUE>                     259,351,336
<RECEIVABLES>                                1,475,814
<ASSETS-OTHER>                                     134
<OTHER-ITEMS-ASSETS>                             1,218
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<PAYABLE-FOR-SECURITIES>                     1,708,286
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      562,486
<TOTAL-LIABILITIES>                          2,270,772
<SENIOR-EQUITY>                                101,579
<PAID-IN-CAPITAL-COMMON>                   189,622,299
<SHARES-COMMON-STOCK>                          565,458
<SHARES-COMMON-PRIOR>                          631,999
<ACCUMULATED-NII-CURRENT>                      417,439
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     11,290,892
<OVERDISTRIBUTION-GAINS>                             0
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<NET-ASSETS>                                14,457,786
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<OTHER-INCOME>                                       0
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<NET-INVESTMENT-INCOME>                        504,219
<REALIZED-GAINS-CURRENT>                    11,375,954
<APPREC-INCREASE-CURRENT>                   24,863,235
<NET-CHANGE-FROM-OPS>                       36,743,408
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                     2,394,311
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        184,482
<NUMBER-OF-SHARES-REDEEMED>                    363,270
<SHARES-REINVESTED>                            112,195
<NET-CHANGE-IN-ASSETS>                      33,797,266
<ACCUMULATED-NII-PRIOR>                      1,047,212
<ACCUMULATED-GAINS-PRIOR>                   33,946,414
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          890,063
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              1,768,826
<AVERAGE-NET-ASSETS>                        13,312,336 
<PER-SHARE-NAV-BEGIN>                           25.910
<PER-SHARE-NII>                                  0.692
<PER-SHARE-GAIN-APPREC>                          3.073
<PER-SHARE-DIVIDEND>                             0.205
<PER-SHARE-DISTRIBUTIONS>                        3.900
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                             25.570
<EXPENSE-RATIO>                                   1.13
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000809821
<NAME> DELAWARE GROUP EQUITY FUNDS V, INC. 
<SERIES>
   <NUMBER> 021 
   <NAME> RETIREMENT INCOME FUND A CLASS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          NOV-30-1996
<PERIOD-END>                               MAY-31-1997
<INVESTMENTS-AT-COST>                        2,149,172
<INVESTMENTS-AT-VALUE>                       2,312,156
<RECEIVABLES>                                   94,358
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                               815
<TOTAL-ASSETS>                               2,407,329
<PAYABLE-FOR-SECURITIES>                        60,000
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       21,918
<TOTAL-LIABILITIES>                             81,918
<SENIOR-EQUITY>                              2,011,385
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                              132
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                       60,518
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        100,642
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       162,984
<NET-ASSETS>                                     1,294
<DIVIDEND-INCOME>                               28,532
<INTEREST-INCOME>                               40,166
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   8,180
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<APPREC-INCREASE-CURRENT>                      162,984
<NET-CHANGE-FROM-OPS>                          324,144
<EQUALIZATION>                                       0
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<DISTRIBUTIONS-OF-GAINS>                             0
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<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       2,325,411
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            7,449
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 21,800
<AVERAGE-NET-ASSETS>                               543
<PER-SHARE-NAV-BEGIN>                             8.50
<PER-SHARE-NII>                                   .256
<PER-SHARE-GAIN-APPREC>                          1.117
<PER-SHARE-DIVIDEND>                              .043
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.83
<EXPENSE-RATIO>                                   .750
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000809821
<NAME> DELAWARE GROUP EQUITY FUNDS V, INC. 
<SERIES>
   <NUMBER> 022
   <NAME> RETIREMENT INCOME FUND B CLASS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          NOV-30-1996
<PERIOD-END>                               MAY-31-1997
<INVESTMENTS-AT-COST>                        2,149,172
<INVESTMENTS-AT-VALUE>                       2,312,156
<RECEIVABLES>                                   94,358
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                               815
<TOTAL-ASSETS>                               2,407,329
<PAYABLE-FOR-SECURITIES>                        60,000
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       21,918
<TOTAL-LIABILITIES>                             81,918
<SENIOR-EQUITY>                              2,011,385
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                                0
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                       60,518
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        100,642
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       162,984
<NET-ASSETS>                                         0
<DIVIDEND-INCOME>                               28,532
<INTEREST-INCOME>                               40,166
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   8,180
<NET-INVESTMENT-INCOME>                         60,518
<REALIZED-GAINS-CURRENT>                       100,642
<APPREC-INCREASE-CURRENT>                      162,984
<NET-CHANGE-FROM-OPS>                          324,144
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       2,325,411
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            7,449
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 21,800
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000809821
<NAME> DELAWARE GROUP EQUITY FUNDS V, INC. 
<SERIES>
   <NUMBER> 023
   <NAME> RETIREMENT INCOME FUND C CLASS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          NOV-30-1996
<PERIOD-END>                               MAY-31-1997
<INVESTMENTS-AT-COST>                        2,149,172
<INVESTMENTS-AT-VALUE>                       2,312,156
<RECEIVABLES>                                   94,358
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                               815
<TOTAL-ASSETS>                               2,407,329
<PAYABLE-FOR-SECURITIES>                        60,000
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       21,918
<TOTAL-LIABILITIES>                             81,918
<SENIOR-EQUITY>                              2,011,385
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                                0
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                       60,518
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        100,642
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       162,984
<NET-ASSETS>                                         0
<DIVIDEND-INCOME>                               28,532
<INTEREST-INCOME>                               40,166
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   8,180
<NET-INVESTMENT-INCOME>                         60,518
<REALIZED-GAINS-CURRENT>                       100,642
<APPREC-INCREASE-CURRENT>                      162,984
<NET-CHANGE-FROM-OPS>                          324,144
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       2,325,411
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            7,449
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 21,800
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000809821
<NAME> DELAWARE GROUP EQUITY FUNDS V, INC.
<SERIES>
   <NUMBER> 024
   <NAME> RETIREMENT INCOME FUND INSTITUTIONAL CLASS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          NOV-30-1996
<PERIOD-END>                               MAY-31-1997
<INVESTMENTS-AT-COST>                        2,149,172
<INVESTMENTS-AT-VALUE>                       2,312,156
<RECEIVABLES>                                   94,358
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                               815
<TOTAL-ASSETS>                               2,407,329
<PAYABLE-FOR-SECURITIES>                        60,000
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       21,918
<TOTAL-LIABILITIES>                             81,918
<SENIOR-EQUITY>                              2,011,385
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                          236,432
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                       60,518
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        100,642
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       162,984
<NET-ASSETS>                                 2,324,114
<DIVIDEND-INCOME>                               28,532
<INTEREST-INCOME>                               40,166
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   8,180
<NET-INVESTMENT-INCOME>                         60,518
<REALIZED-GAINS-CURRENT>                       100,642
<APPREC-INCREASE-CURRENT>                      162,984
<NET-CHANGE-FROM-OPS>                          324,144
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       10,118
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        235,295
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                              1,137            
           
<NET-CHANGE-IN-ASSETS>                       2,325,411
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            7,449
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 21,800
<AVERAGE-NET-ASSETS>                         2,185,913
<PER-SHARE-NAV-BEGIN>                             8.50
<PER-SHARE-NII>                                  0.256
<PER-SHARE-GAIN-APPREC>                          1.117
<PER-SHARE-DIVIDEND>                             0.043
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.83
<EXPENSE-RATIO>                                   0.75
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>


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