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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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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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074 K000500 0
074 L000500 107
074 M000500 0
074 N000500 54816
074 O000500 0
074 P000500 62
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 25
074 S000500 0
074 T000500 54729
074 U010500 4696
074 U020500 0
074 V010500 11.66
074 V020500 0.00
074 W000500 0.0000
074 X000500 121
074 Y000500 0
075 A000500 0
075 B000500 48355
076 000500 0.00
028 A010600 150
028 A020600 79
028 A030600 0
028 A040600 0
028 B010600 11602
028 B020600 0
028 B030600 0
028 B040600 0
028 C010600 694
028 C020600 54
028 C030600 0
028 C040600 0
028 D010600 290
028 D020600 0
028 D030600 0
028 D040600 0
028 E010600 356
028 E020600 0
<PAGE> PAGE 22
028 E030600 0
028 E040600 2203
028 F010600 660
028 F020600 0
028 F030600 0
028 F040600 200
028 G010600 13752
028 G020600 133
028 G030600 0
028 G040600 2403
028 H000600 0
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
066 A000600 Y
066 B000600 N
066 C000600 Y
066 D000600 N
066 E000600 N
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 Y
069 000600 N
070 A010600 Y
070 A020600 N
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
<PAGE> PAGE 23
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 Y
070 M010600 Y
070 M020600 Y
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 Y
070 R020600 N
071 A000600 17285
071 B000600 5470
071 C000600 32752
071 D000600 17
072 A000600 6
072 B000600 60
072 C000600 285
072 D000600 0
072 E000600 0
072 F000600 163
072 G000600 9
072 H000600 0
072 I000600 7
072 J000600 12
072 K000600 0
072 L000600 0
072 M000600 0
072 N000600 17
072 O000600 0
072 P000600 0
072 Q000600 26
072 R000600 3
072 S000600 1
072 T000600 2
072 U000600 0
072 V000600 0
<PAGE> PAGE 24
072 W000600 2
072 X000600 242
072 Y000600 0
072 Z000600 103
072AA000600 1537
072BB000600 328
072CC010600 848
072CC020600 0
072DD010600 52
072DD020600 2
072EE000600 0
073 A010600 0.0154
073 A020600 0.0110
073 B000600 0.0000
073 C000600 0.0000
074 A000600 367
074 B000600 0
074 C000600 1733
074 D000600 0
074 E000600 0
074 F000600 36834
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 290
074 M000600 0
074 N000600 39224
074 O000600 291
074 P000600 61
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 107
074 S000600 0
074 T000600 38765
074 U010600 3566
074 U020600 0
074 V010600 10.87
074 V020600 0.00
074 W000600 0.0000
074 X000600 100
074 Y000600 0
075 A000600 0
075 B000600 35092
076 000600 0.00
SIGNATURE BRIAN LAWRENCE
TITLE CONTROLLER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
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<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 633,488,585
<INVESTMENTS-AT-VALUE> 633,488,585
<RECEIVABLES> 71,234
<ASSETS-OTHER> 28
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 633,559,847
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,643,686
<TOTAL-LIABILITIES> 2,643,686
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 630,916,161
<SHARES-COMMON-STOCK> 630,916,161
<SHARES-COMMON-PRIOR> 395,104,254
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 630,916,161
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,348,936
<OTHER-INCOME> 0
<EXPENSES-NET> 631,839
<NET-INVESTMENT-INCOME> 11,717,097
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<NET-CHANGE-FROM-OPS> 11,717,097
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<DISTRIBUTIONS-OF-INCOME> 11,717,097
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<NUMBER-OF-SHARES-SOLD> 2,803,770,523
<NUMBER-OF-SHARES-REDEEMED> 2,571,792,557
<SHARES-REINVESTED> 3,833,941
<NET-CHANGE-IN-ASSETS> 235,811,907
<ACCUMULATED-NII-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 680,843
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 972,261
<AVERAGE-NET-ASSETS> 457,656,885
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .03
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<PER-SHARE-NAV-END> 1
<EXPENSE-RATIO> .28
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
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<INVESTMENTS-AT-VALUE> 71,440,169
<RECEIVABLES> 1,323,790
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 72,763,959
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 417,777
<TOTAL-LIABILITIES> 417,777
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 73,511,520
<SHARES-COMMON-STOCK> 7,223,384
<SHARES-COMMON-PRIOR> 3,965,800
<ACCUMULATED-NII-CURRENT> 11,374
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (349,161)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (827,551)
<NET-ASSETS> 72,346,182
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,206,809
<OTHER-INCOME> 0
<EXPENSES-NET> 230,799
<NET-INVESTMENT-INCOME> 1,976,010
<REALIZED-GAINS-CURRENT> (318,029)
<APPREC-INCREASE-CURRENT> (1,309,229)
<NET-CHANGE-FROM-OPS> 348,752
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,967,037)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,345,995
<NUMBER-OF-SHARES-REDEEMED> 264,520
<SHARES-REINVESTED> 176,109
<NET-CHANGE-IN-ASSETS> 72,346,182
<ACCUMULATED-NII-PRIOR> 2,401
<ACCUMULATED-GAINS-PRIOR> (31,132)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 153,665
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 230,799
<AVERAGE-NET-ASSETS> 69,206,845
<PER-SHARE-NAV-BEGIN> 10.21
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> (0.19)
<PER-SHARE-DIVIDEND> 0.28
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.02
<EXPENSE-RATIO> 0.67
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 113,828,392
<INVESTMENTS-AT-VALUE> 128,190,794
<RECEIVABLES> 447,050
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 128,637,844
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 249,076
<TOTAL-LIABILITIES> 249,076
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 111,874,450
<SHARES-COMMON-STOCK> 9,546,223
<SHARES-COMMON-PRIOR> 6,924,522
<ACCUMULATED-NII-CURRENT> 167,712
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,984,204
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14,362,402
<NET-ASSETS> 128,388,768
<DIVIDEND-INCOME> 607,508
<INTEREST-INCOME> 984,447
<OTHER-INCOME> 0
<EXPENSES-NET> 539,263
<NET-INVESTMENT-INCOME> 1,052,692
<REALIZED-GAINS-CURRENT> 2,136,328
<APPREC-INCREASE-CURRENT> 4,872,215
<NET-CHANGE-FROM-OPS> 8,061,235
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 889,541
<DISTRIBUTIONS-OF-GAINS> 290,501
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,138,238
<NUMBER-OF-SHARES-REDEEMED> 1,807,059
<SHARES-REINVESTED> 290,522
<NET-CHANGE-IN-ASSETS> 40,108,888
<ACCUMULATED-NII-PRIOR> 4,561
<ACCUMULATED-GAINS-PRIOR> 138,375
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 390,893
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 539,263
<AVERAGE-NET-ASSETS> 121,439,881
<PER-SHARE-NAV-BEGIN> 12.75
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 0.71
<PER-SHARE-DIVIDEND> 0.09
<PER-SHARE-DISTRIBUTIONS> 0.03
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.45
<EXPENSE-RATIO> .89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 98,390,455
<INVESTMENTS-AT-VALUE> 107,501,908
<RECEIVABLES> 135,396
<ASSETS-OTHER> 34,650
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 107,671,954
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 100,425
<TOTAL-LIABILITIES> 100,425
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 97,598,923
<SHARES-COMMON-STOCK> 8,738,639
<SHARES-COMMON-PRIOR> 2,400,153
<ACCUMULATED-NII-CURRENT> 514,523
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 285,340
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,172,743
<NET-ASSETS> 107,571,529
<DIVIDEND-INCOME> 743,031
<INTEREST-INCOME> 141,210
<OTHER-INCOME> 0
<EXPENSES-NET> 227,143
<NET-INVESTMENT-INCOME> 657,098
<REALIZED-GAINS-CURRENT> 285,371
<APPREC-INCREASE-CURRENT> 8,322,923
<NET-CHANGE-FROM-OPS> 9,265,392
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 144,531
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,018,332
<NUMBER-OF-SHARES-REDEEMED> 696,032
<SHARES-REINVESTED> 16,186
<NET-CHANGE-IN-ASSETS> 81,719,784
<ACCUMULATED-NII-PRIOR> 1,956
<ACCUMULATED-GAINS-PRIOR> (30)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 120,917
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 227,143
<AVERAGE-NET-ASSETS> 85,793,423
<PER-SHARE-NAV-BEGIN> 10.77
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 1.48
<PER-SHARE-DIVIDEND> 0.02
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.31
<EXPENSE-RATIO> 0.53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 37,465,848
<INVESTMENTS-AT-VALUE> 38,567,368
<RECEIVABLES> 290,010
<ASSETS-OTHER> 366,937
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 39,224,315
<PAYABLE-FOR-SECURITIES> 291,417
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 167,644
<TOTAL-LIABILITIES> 459,061
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36,482,961
<SHARES-COMMON-STOCK> 3,566,462
<SHARES-COMMON-PRIOR> 2,468,934
<ACCUMULATED-NII-CURRENT> 47,338
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,208,889
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,026,066
<NET-ASSETS> 38,765,254
<DIVIDEND-INCOME> 285,453
<INTEREST-INCOME> 59,583
<OTHER-INCOME> 0
<EXPENSES-NET> 242,016
<NET-INVESTMENT-INCOME> 103,020
<REALIZED-GAINS-CURRENT> 1,208,870
<APPREC-INCREASE-CURRENT> 847,861
<NET-CHANGE-FROM-OPS> 1,159,751
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 54,416
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,308,238
<NUMBER-OF-SHARES-REDEEMED> 223,613
<SHARES-REINVESTED> 12,903
<NET-CHANGE-IN-ASSETS> 13,588,296
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 19
<OVERDISTRIB-NII-PRIOR> (1,266)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 163,199
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 242,016
<AVERAGE-NET-ASSETS> 35,220,547
<PER-SHARE-NAV-BEGIN> 10.20
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> .66
<PER-SHARE-DIVIDEND> .02
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.87
<EXPENSE-RATIO> 1.38
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 51,311,292
<INVESTMENTS-AT-VALUE> 54,708,374
<RECEIVABLES> 107,125
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 54,815,499
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 86,839
<TOTAL-LIABILITIES> 86,839
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 50,064,594
<SHARES-COMMON-STOCK> 4,695,638
<SHARES-COMMON-PRIOR> 2,459,830
<ACCUMULATED-NII-CURRENT> 891,663
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 375,321
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,397,082
<NET-ASSETS> 54,728,660
<DIVIDEND-INCOME> 1,601,125
<INTEREST-INCOME> 15,016
<OTHER-INCOME> 0
<EXPENSES-NET> 217,262
<NET-INVESTMENT-INCOME> 1,398,879
<REALIZED-GAINS-CURRENT> 375,321
<APPREC-INCREASE-CURRENT> 2,942,746
<NET-CHANGE-FROM-OPS> 4,716,946
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 642,941
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,853,573
<NUMBER-OF-SHARES-REDEEMED> 671,204
<SHARES-REINVESTED> 53,439
<NET-CHANGE-IN-ASSETS> 29,038,599
<ACCUMULATED-NII-PRIOR> 135,725
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 147,550
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 217,262
<AVERAGE-NET-ASSETS> 49,738,940
<PER-SHARE-NAV-BEGIN> 10.44
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 1.06
<PER-SHARE-DIVIDEND> 0.15
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.66
<EXPENSE-RATIO> 0.87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
ITEM 77I
On February 5, 1997, the Board of Directors of Aon Funds (the "Trust") adopted
amendments to the Aon Funds Plan Pursuant to Rule 18f-3(d) Under Investment
Company Act of 1940 (the "Rule 18f-3 Plan") pursuant to which all Class C shares
of each of the Money Market Fund, the Asset Allocation Fund, the Government
Securities Fund, the S&P 500 Index Fund, the REIT Index Fund and the
International Equity Fund (collectively, the "Funds") of the Trust were
automatically converted into Class Y shares of each such respective Fund
effective February 28, 1997, and thereafter no additional Class C shares of any
Fund are to be offered or sold. The principal distinction between Class C shares
and Class Y shares of each Fund is that Class C shares were subject to Rule
12b-1 fees whereas Class Y shares are not.
ITEM 77Q1(D)
On February 5, 1997, the Board of Trustees of Aon Funds (the "Trust") adopted
resolutions amending the Aon Funds Plan Pursuant to Rule 18f-3(d) Under
Investment Company Act of 1940, as amended (the "Rule 18f-3 Plan"), as follows:
RESOLVED, that Section 1.b. of the Rule 18f-3 Plan
of the Trust is hereby amended to add at the end of such
Section the following:
"All Class C Shares of each Fund issued and outstanding as of
3:00 p.m., Central Time, on February 28, 1997, including all Class C
Shares of such Fund acquired by reinvestment of dividends or
distributions with respect to Class C Shares, shall automatically
convert into Class Y Shares of such Fund effective as of such date and
time, subject to the conditions set forth below, and thereafter no
additional Class C Shares shall be offered or issued by any Fund (and
any Class C Shares which would otherwise be issuable upon reinvestment
of dividends or distributions with respect to Class C Shares shall
instead be issued as Class Y Shares); provided, however, that such
conversion shall occur subject to the satisfaction of the following
conditions: (i) the expenses to which Class Y Shares of each Fund are
subject, including payments authorized under the Class Y 12b-1 plan, if
any, of such Fund are not as of such date higher than the expenses of
Class C Shares of such Fund, including payments authorized under such
Fund's Class C 12b-1 plan; (ii) there is available as of such date an
opinion of counsel or of an auditing firm serving as tax adviser to the
Trust to the effect that such conversion of Class C Shares into Class Y
Shares does not constitute a taxable event for the holders of such
Class C Shares; (iii) the amount of expenses to which Class Y Shares of
each Fund are subject, including payments authorized under the Class Y
12b-1 plan, if any, of such Fund is not increased materially on or
prior to such date without approval of the shareholders of Class C
Shares of that Fund and (iv) the conversion is effected on the basis of
the relative net asset values of the Class C Shares and Class Y Shares
as determined as of such date and time, without the imposition of any
sales load or other charge."
FURTHER RESOLVED, that Section 1.a. of the Rule 18f- 3 Plan of
the Trust is hereby amended to add at the end of such Section the
following:
"; provided, however, that effective as of and after 3:00 p.m., Central
Time, on February 28, 1997, Class Y Shares of any Fund may be offered
directly by any distributor(s) of that Fund to investors who are
eligible to purchase such Shares as described in the Prospectus and/or
Statement of Additional Information of each Fund as the same may be
amended from time to time; and provided, further, that effective as of
such date and time Class Y Shares shall henceforth be referred to as
"Shares.""
