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SIGNATURE RICK CLEMENS
TITLE MGR/FINANCL REPORTNG
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000868754
<NAME> ASM INDEX 30 FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> ASM INDEX 30 FUND
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<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
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<INVESTMENTS-AT-VALUE> 29582925
<RECEIVABLES> 113680
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<SENIOR-EQUITY> 0
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<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 1846825
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</TABLE>
Report of Independent
Accountants
December 30, 1998
To the Board of Directors and Shareholders of
ASM Index 30 Fund, Inc. (the "Fund")
In our opinion, the accompanying statement of
assets and liabilities, including the portfolio
of investments, and the related statements of
operations and changes in net assets and the financial
highlights present fairly, in all material respects, the
financial position of the Fund at October 31, 1998,
the results of its operations for the year then ended,
the changes in its net assets for each of the two years
then ended and the financial highlights for each of the
five years then ended, in conformity with generally
accepted accounting principles. These financial statements
and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Funds' management;
our responsibility is to express an opinion on these financial
statements based on our audits. The financial highlights
before restatement for the years ended October 31, 1995
and 1994 were audited by other auditors, whose report dated
December 27, 1995 expressed an unqualified opinion. We
also audited the adjustments described in Note 4 that were
applied to restate the expense ratios included in the financial
highlights for the years ended October 31, 1995 and 1994. In
our opinion such adjustments
are appropriate and have been properly applied. We conducted
our audits of these financial statements in accordance with
generally accepted auditing standards which require that we
plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining on a test basis,
evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used
and significant estimates made by management, and evaluating
the overall financial statement presentation. We believe that
our audits, which included confirmation of securities owned
at October 31, 1998 by correspondence with the custodian,
provide a reasonable basis for the opinion expressed above.
As disclosed in Note 5 to the financial statements, the Fund
terminated its present investment advisory agreement
and is considering alternative arrangements for managing the
Fund. These alternatives could include entering a new
investment advisory agreement, reorganizing the Fund
with another fund in a tax free reorganization, or in the
absence of such options, terminating the Fund and distributing
its assets to the shareholders. Any of these alternatives could
result in a material change in the Fund's future investment
objectives, operations, or expense ratios. No adjustments
have been made to the financial statements as a result of this
matter.
