NEWPOINT FUNDS
NSAR-B, 1998-01-29
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<PAGE>      PAGE  1
000 B000000 11/30/97
000 C000000 0000869393
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 NEWPOINT FUNDS
001 B000000 811-6224
001 C000000 4122886331
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  2
007 C010100  1
007 C020100 NEWPOINT GOVERNMENT MONEY MARKET FUND
007 C030100 N
007 C010200  2
007 C020200 NEWPOINT EQUITY FUND
007 C030200 N
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 FIRSTMERIT BANK, N.A.
008 B00AA01 A
008 C00AA01 801-0000
008 D01AA01 AKRON
008 D02AA01 OH
008 D03AA01 44308
008 D04AA01 1440
010 A00AA01 FEDERATED ADMINISTRATIVE SERVICES
010 C01AA01 PITTSBURGH
010 C02AA01 PA
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
<PAGE>      PAGE  2
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 ARTHUR ANDERSEN LLP
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15222
018  00AA00 Y
019 A00AA00 N
019 B00AA00    0
020 A000001 OPPENHEIMER & CO., INC.
020 B000001 13-2798343
020 C000001     11
020 A000002 SHELBY CULLOM DAVIS & CO.
020 C000002      6
020 A000003 SMITH BARNEY, INC.
020 B000003 13-1912900
020 C000003      5
020 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000004 13-5674085
020 C000004      4
020 A000005 SOUNDVIEW FINANCIAL GROUP, INC.
020 B000005 13-2998183
020 C000005      4
020 A000006 COWEN & CO.
020 B000006 13-5616116
020 C000006      4
020 A000007 DLJ CAPITAL MARKETS
020 C000007      4
020 A000008 PAINEWEBBER, INC.
020 B000008 13-2638166
020 C000008      4
020 A000009 NATWEST SECURITIES CORP.
020 C000009      3
020 A000010 BEAR, STEARNS & CO., INC.
020 B000010 13-3299429
020 C000010      1
021  000000       45
022 A000001 DEAN WITTER REYNOLDS, INC.
022 B000001 94-1671384
022 C000001   4946919
022 D000001         0
022 A000002 HSBC SECURITIES, INC.
022 B000002 13-2650272
<PAGE>      PAGE  3
022 C000002   2216165
022 D000002         0
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000003 13-5674085
022 C000003   1050800
022 D000003         0
022 A000004 NATIONAL CITY INVESTMENT CORP.
022 C000004    869188
022 D000004         0
022 A000005 SMITH BARNEY, INC.
022 B000005 13-1912900
022 C000005    300000
022 D000005         0
022 A000006 NATIONAL CITY BANK, CLEVELAND
022 C000006    244768
022 D000006         0
022 A000007 CS FORST BOSTON CORP.
022 B000007 13-5659485
022 C000007     20873
022 D000007         0
022 A000008 BANC ONE CAPITAL CORP.
022 B000008 38-2528912
022 C000008     14755
022 D000008         0
022 A000009 MERRILL LYNCH GOVERNMENT SECURITIES
022 C000009      9979
022 D000009         0
022 A000010 SEVEN SEAS
022 C000010      1123
022 D000010       124
023 C000000    9675509
023 D000000        124
024  00AA00 N
025 D00AA01       0
025 D00AA02       0
025 D00AA03       0
025 D00AA04       0
025 D00AA05       0
025 D00AA06       0
025 D00AA07       0
025 D00AA08       0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 N
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027  000000 Y
<PAGE>      PAGE  4
034  00AA00 N
035  00AA00      0
036 B00AA00      0
042 A00AA00   0
042 B00AA00   0
042 C00AA00   0
042 D00AA00   0
042 E00AA00   0
042 F00AA00   0
042 G00AA00   0
042 H00AA00   0
043  00AA00      0
044  00AA00      0
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     1000
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
<PAGE>      PAGE  5
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078  000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 B00AA00 THE AETNA CASUALTY AND SURETY COMPANY
080 C00AA00    85000
081 A00AA00 Y
081 B00AA00 290
082 A00AA00 N
082 B00AA00        0
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
084 B00AA00        0
085 A00AA00 Y
085 B00AA00 N
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
015 A000101 STATE STREET BANK AND TRUST COMPANY
015 B000101 C
015 C010101 BOSTON
015 C020101 MA
015 C030101 02266
015 C040101 8600
015 E010101 X
015 A000102 BANKERS TRUST CO.
015 B000102 S
015 C010102 NEW YORK
015 C020102 NY
015 C030102 10015
015 E010102 X
015 A000103 BANK OF NEW YORK
015 B000103 S
015 C010103 NEW YORK
015 C020103 NY
<PAGE>      PAGE  6
015 C030103 10006
015 E010103 X
015 A000104 THE CHASE MANHATTAN CORP.
015 B000104 S
015 C010104 NEW YORK
015 C020104 NY
015 C030104 10006
015 E010104 X
015 A000105 MORGAN GUARANTY BANK & TRUST CO.
015 B000105 S
015 C010105 NEW YORK
015 C020105 NY
015 C030105 10015
015 E010105 X
015 A000106 NATIONSBANK OF NORTH CAROLINA
015 B000106 S
015 C010106 CHARLOTTE
015 C020106 NC
015 C030106 28255
015 E010106 X
015 A000107 PNC BANK, NA
015 B000107 S
015 C010107 PITTSBURGH
015 C020107 PA
015 C030107 15265
015 E010107 X
028 A010100     13236
028 A020100       143
028 A030100         0
028 A040100     11062
028 B010100     17759
028 B020100       145
028 B030100         0
028 B040100     18327
028 C010100     21142
028 C020100       154
028 C030100         0
028 C040100     26102
028 D010100    109158
028 D020100       168
028 D030100         0
028 D040100     68461
028 E010100     23137
028 E020100       300
028 E030100         0
028 E040100     28981
028 F010100     18132
028 F020100       570
028 F030100         0
028 F040100     20485
028 G010100    202564
<PAGE>      PAGE  7
028 G020100      1480
028 G030100         0
028 G040100    173418
028 H000100         0
029  000100 N
030 A000100      0
030 B000100  0.00
030 C000100  0.00
031 A000100      0
031 B000100      0
032  000100      0
033  000100      0
037  000100 N
038  000100      0
039  000100 N
040  000100 N
045  000100 Y
046  000100 N
047  000100 Y
048  000100  0.500
048 A010100        0
048 A020100 0.000
048 B010100        0
048 B020100 0.000
048 C010100        0
048 C020100 0.000
048 D010100        0
048 D020100 0.000
048 E010100        0
048 E020100 0.000
048 F010100        0
048 F020100 0.000
048 G010100        0
048 G020100 0.000
048 H010100        0
048 H020100 0.000
048 I010100        0
048 I020100 0.000
048 J010100        0
048 J020100 0.000
048 K010100        0
048 K020100 0.000
055 A000100 Y
055 B000100 N
056  000100 Y
057  000100 N
062 A000100 Y
062 B000100   4.1
062 C000100 116.2
062 D000100   0.0
062 E000100   0.0
<PAGE>      PAGE  8
062 F000100   0.0
062 G000100   0.0
062 H000100   0.0
062 I000100   0.0
062 J000100   0.0
062 K000100   0.0
062 L000100   0.0
062 M000100   0.0
062 N000100   0.0
062 O000100   0.0
062 P000100   0.0
062 Q000100   0.0
062 R000100   0.0
063 A000100  47
063 B000100  0.0
064 A000100 N
064 B000100 N
066 A000100 N
067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
<PAGE>      PAGE  9
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100         0
071 B000100         0
071 C000100         0
071 D000100    0
072 A000100 12
072 B000100     5388
072 C000100        0
072 D000100        0
072 E000100        0
072 F000100      495
072 G000100      148
072 H000100        0
072 I000100       53
072 J000100        4
072 K000100        0
072 L000100        8
072 M000100        7
072 N000100       15
072 O000100        0
072 P000100        0
072 Q000100       39
072 R000100       13
072 S000100        2
072 T000100        0
072 U000100        0
072 V000100        0
072 W000100        5
072 X000100      789
072 Y000100      198
072 Z000100     4797
072AA000100        0
072BB000100        0
072CC010100        0
072CC020100        0
072DD010100     4797
072DD020100        0
072EE000100        0
073 A010100   0.0500
073 A020100   0.0000
073 B000100   0.0000
073 C000100   0.0000
074 A000100       28
074 B000100        0
074 C000100   148210
<PAGE>      PAGE  10
074 D000100        0
074 E000100        0
074 F000100        0
074 G000100        0
074 H000100        0
074 I000100        0
074 J000100        0
074 K000100        0
074 L000100      333
074 M000100        2
074 N000100   148573
074 O000100    25000
074 P000100        0
074 Q000100        0
074 R010100        0
074 R020100        0
074 R030100        0
074 R040100      408
074 S000100        0
074 T000100   123165
074 U010100   123165
074 U020100        0
074 V010100     1.00
074 V020100     0.00
074 W000100   0.9998
074 X000100     1077
074 Y000100        0
075 A000100    99067
075 B000100        0
076  000100     0.00
015 A000201 STATE STREET BANK AND TRUST COMPANY
015 B000201 C
015 C010201 BOSTON
015 C020201 MA
015 C030201 02266
015 C040201 8600
015 E010201 X
015 A000202 BANKERS TRUST CO.
015 B000202 S
015 C010202 NEW YORK
015 C020202 NY
015 C030202 10015
015 E010202 X
015 A000203 BANK OF NEW YORK
015 B000203 S
015 C010203 NEW YORK
015 C020203 NY
015 C030203 10006
015 E010203 X
015 A000204 THE CHASE MANHATTAN CORP.
015 B000204 S
<PAGE>      PAGE  11
015 C010204 NEW YORK
015 C020204 NY
015 C030204 10006
015 E010204 X
015 A000205 MORGAN GUARANTY BANK & TRUST CO.
015 B000205 S
015 C010205 NEW YORK
015 C020205 NY
015 C030205 10015
015 E010205 X
015 A000206 NATIONSBANK OF NORTH CAROLINA
015 B000206 S
015 C010206 CHARLOTTE
015 C020206 NC
015 C030206 28255
015 E010206 X
015 A000207 PNC BANK, NA
015 B000207 S
015 C010207 PITTSBURGH
015 C020207 PA
015 C030207 15265
015 E010207 X
028 A010200       136
028 A020200         1
028 A030200         0
028 A040200      1492
028 B010200       160
028 B020200         1
028 B030200         0
028 B040200       385
028 C010200       396
028 C020200         1
028 C030200         0
028 C040200       322
028 D010200       264
028 D020200         0
028 D030200         0
028 D040200        95
028 E010200       588
028 E020200         0
028 E030200         0
028 E040200       244
028 F010200       181
028 F020200         0
028 F030200         0
028 F040200       442
028 G010200      1725
028 G020200         3
028 G030200         0
028 G040200      2980
028 H000200      1726
<PAGE>      PAGE  12
029  000200 Y
030 A000200      5
030 B000200  4.50
030 C000200  0.00
031 A000200      1
031 B000200      0
032  000200      4
033  000200      0
037  000200 N
038  000200      0
039  000200 N
040  000200 Y
041  000200 N
045  000200 Y
046  000200 N
047  000200 Y
048  000200  0.750
048 A010200        0
048 A020200 0.000
048 B010200        0
048 B020200 0.000
048 C010200        0
048 C020200 0.000
048 D010200        0
048 D020200 0.000
048 E010200        0
048 E020200 0.000
048 F010200        0
048 F020200 0.000
048 G010200        0
048 G020200 0.000
048 H010200        0
048 H020200 0.000
048 I010200        0
048 I020200 0.000
048 J010200        0
048 J020200 0.000
048 K010200        0
048 K020200 0.000
055 A000200 N
055 B000200 N
056  000200 Y
057  000200 N
062 A000200 N
062 B000200   0.0
062 C000200   0.0
062 D000200   0.0
062 E000200   0.0
062 F000200   0.0
062 G000200   0.0
062 H000200   0.0
<PAGE>      PAGE  13
062 I000200   0.0
062 J000200   0.0
062 K000200   0.0
062 L000200   0.0
062 M000200   0.0
062 N000200   0.0
062 O000200   0.0
062 P000200   0.0
062 Q000200   0.0
062 R000200   0.0
063 A000200   0
063 B000200  0.0
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 Y
066 F000200 N
066 G000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 N
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
<PAGE>      PAGE  14
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200     19873
071 B000200     19702
071 C000200     44328
071 D000200   44
072 A000200 12
072 B000200       65
072 C000200      555
072 D000200        0
072 E000200        0
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072 G000200      100
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072 I000200       34
072 J000200        5
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072 M000200        6
072 N000200       14
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072 P000200        0
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072 R000200       13
072 S000200        2
072 T000200        0
072 U000200        0
072 V000200        0
072 W000200        4
072 X000200      580
072 Y000200       69
072 Z000200      109
072AA000200     3650
072BB000200     1027
072CC010200     6465
072CC020200        0
072DD010200      104
072DD020200        0
072EE000200     1801
073 A010200   0.0400
073 A020200   0.0000
073 B000200   0.6400
073 C000200   0.0000
074 A000200        3
074 B000200        0
<PAGE>      PAGE  15
074 C000200        0
074 D000200        0
074 E000200        0
074 F000200    47891
074 G000200        0
074 H000200        0
074 I000200      998
074 J000200        0
074 K000200        0
074 L000200       47
074 M000200        7
074 N000200    48946
074 O000200        0
074 P000200        0
074 Q000200        0
074 R010200        0
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074 R030200        0
074 R040200       57
074 S000200        0
074 T000200    48889
074 U010200     2763
074 U020200        0
074 V010200    17.69
074 V020200     0.00
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074 Y000200        0
075 A000200        0
075 B000200    45719
076  000200     0.00
SIGNATURE   S. ELLIOTT COHAN                             
TITLE       ASST. GEN. COUNSEL  
 


<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   01                                             
     <NAME>                     Newpoint Funds                                 
                                Newpoint Government Money Market Fund          
                                                                               
<PERIOD-TYPE>                   12-mos                                         
<FISCAL-YEAR-END>               Nov-30-1997                                    
<PERIOD-END>                    Nov-30-1997                                    
<INVESTMENTS-AT-COST>           148,210,061                                    
<INVESTMENTS-AT-VALUE>          148,210,061                                    
<RECEIVABLES>                   333,455                                        
<ASSETS-OTHER>                  29,223                                         
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  148,572,739                                    
<PAYABLE-FOR-SECURITIES>        25,000,000                                     
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       407,440                                        
<TOTAL-LIABILITIES>             25,407,440                                     
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        123,165,299                                    
<SHARES-COMMON-STOCK>           123,165,299                                    
<SHARES-COMMON-PRIOR>           85,230,075                                     
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         0                                              
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        0                                              
<NET-ASSETS>                    123,165,299                                    
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               5,387,836                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  590,994                                        
<NET-INVESTMENT-INCOME>         4,796,842                                      
<REALIZED-GAINS-CURRENT>        0                                              
<APPREC-INCREASE-CURRENT>       0                                              
<NET-CHANGE-FROM-OPS>           4,796,842                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       4,796,842                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         300,466,050                                    
<NUMBER-OF-SHARES-REDEEMED>     264,629,137                                    
<SHARES-REINVESTED>             2,098,311                                      
<NET-CHANGE-IN-ASSETS>          37,935,224                                     
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       0                                              
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           495,323                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 789,124                                        
<AVERAGE-NET-ASSETS>            99,066,707                                     
<PER-SHARE-NAV-BEGIN>           1.000                                          
<PER-SHARE-NII>                 0.050                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            0.050                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             1.000                                          
<EXPENSE-RATIO>                 0.60                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   02                                             
     <NAME>                     Newpoint Funds                                 
                                Newpoint Equity Fund                           
                                                                               
<PERIOD-TYPE>                   12-mos                                         
<FISCAL-YEAR-END>               Nov-30-1997                                    
<PERIOD-END>                    Nov-30-1997                                    
<INVESTMENTS-AT-COST>           33,141,919                                     
<INVESTMENTS-AT-VALUE>          48,888,711                                     
<RECEIVABLES>                   47,341                                         
<ASSETS-OTHER>                  10,568                                         
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  48,946,620                                     
<PAYABLE-FOR-SECURITIES>        6,300                                          
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       50,949                                         
<TOTAL-LIABILITIES>             57,249                                         
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        30,510,081                                     
<SHARES-COMMON-STOCK>           2,763,265                                      
<SHARES-COMMON-PRIOR>           2,831,669                                      
<ACCUMULATED-NII-CURRENT>       9,690                                          
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         2,622,808                                      
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        15,746,792                                     
<NET-ASSETS>                    48,889,371                                     
<DIVIDEND-INCOME>               554,710                                        
<INTEREST-INCOME>               65,409                                         
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  511,415                                        
<NET-INVESTMENT-INCOME>         108,704                                        
<REALIZED-GAINS-CURRENT>        2,622,915                                      
<APPREC-INCREASE-CURRENT>       6,465,113                                      
<NET-CHANGE-FROM-OPS>           9,196,732                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       104,440                                        
<DISTRIBUTIONS-OF-GAINS>        1,800,823                                      
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         315,103                                        
<NUMBER-OF-SHARES-REDEEMED>     509,143                                        
<SHARES-REINVESTED>             125,636                                        
<NET-CHANGE-IN-ASSETS>          6,031,552                                      
<ACCUMULATED-NII-PRIOR>         5,426                                          
<ACCUMULATED-GAINS-PRIOR>       1,800,716                                      
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           345,408                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 580,497                                        
<AVERAGE-NET-ASSETS>            45,718,691                                     
<PER-SHARE-NAV-BEGIN>           15.140                                         
<PER-SHARE-NII>                 0.040                                          
<PER-SHARE-GAIN-APPREC>         3.190                                          
<PER-SHARE-DIVIDEND>            0.040                                          
<PER-SHARE-DISTRIBUTIONS>       0.640                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             17.690                                         
<EXPENSE-RATIO>                 1.11                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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