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<PAGE> PAGE 1
000 A000000 05/31/98
000 C000000 0000880934
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<PAGE> PAGE 2
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010 C01AA01 PITTSBURGH
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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
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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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 14
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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 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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<SERIES>
<NUMBER> 031
<NAME> Regions Funds
Regions Growth Fund
Trust Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> May-31-1998
<INVESTMENTS-AT-COST> 231,886,588
<INVESTMENTS-AT-VALUE> 318,594,512
<RECEIVABLES> 347,431
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 318,941,943
<PAYABLE-FOR-SECURITIES> 848,155
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<OTHER-ITEMS-LIABILITIES> 408,804
<TOTAL-LIABILITIES> 1,256,959
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 209,042,456
<SHARES-COMMON-STOCK> 12,361,509
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2,425
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 21,932,179
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 86,707,924
<NET-ASSETS> 215,416,617
<DIVIDEND-INCOME> 1,694,211
<INTEREST-INCOME> 104,134
<OTHER-INCOME> 0
<EXPENSES-NET> 1,482,327
<NET-INVESTMENT-INCOME> 316,018
<REALIZED-GAINS-CURRENT> 22,022,138
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<NET-CHANGE-FROM-OPS> 41,530,842
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,389,346
<NUMBER-OF-SHARES-REDEEMED> 27,837
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 42,678,516
<ACCUMULATED-NII-PRIOR> 108,032
<ACCUMULATED-GAINS-PRIOR> 29,068,101
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,173,387
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,482,327
<AVERAGE-NET-ASSETS> 295,548,082
<PER-SHARE-NAV-BEGIN> 17.970
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> (0.540)
<PER-SHARE-DIVIDEND> 0.000
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<PER-SHARE-NAV-END> 17.430
<EXPENSE-RATIO> 1.18
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> Regions Funds
Regions Growth Fund
Investment Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> May-31-1998
<INVESTMENTS-AT-COST> 231,886,588
<INVESTMENTS-AT-VALUE> 318,594,512
<RECEIVABLES> 347,431
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 318,941,943
<PAYABLE-FOR-SECURITIES> 848,155
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 408,804
<TOTAL-LIABILITIES> 1,256,959
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 209,042,456
<SHARES-COMMON-STOCK> 5,868,745
<SHARES-COMMON-PRIOR> 16,285,602
<ACCUMULATED-NII-CURRENT> 2,425
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 21,932,179
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 86,707,924
<NET-ASSETS> 102,268,367
<DIVIDEND-INCOME> 1,694,211
<INTEREST-INCOME> 104,134
<OTHER-INCOME> 0
<EXPENSES-NET> 1,482,327
<NET-INVESTMENT-INCOME> 316,018
<REALIZED-GAINS-CURRENT> 22,022,138
<APPREC-INCREASE-CURRENT> 19,192,686
<NET-CHANGE-FROM-OPS> 41,530,842
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 421,625
<DISTRIBUTIONS-OF-GAINS> 29,158,060
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,197,923
<NUMBER-OF-SHARES-REDEEMED> 14,126,884
<SHARES-REINVESTED> 512,104
<NET-CHANGE-IN-ASSETS> 42,678,516
<ACCUMULATED-NII-PRIOR> 108,032
<ACCUMULATED-GAINS-PRIOR> 29,068,101
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,173,387
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,482,327
<AVERAGE-NET-ASSETS> 295,548,082
<PER-SHARE-NAV-BEGIN> 16.890
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 2.340
<PER-SHARE-DIVIDEND> 0.030
<PER-SHARE-DISTRIBUTIONS> 1.800
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 17.430
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> Regions Funds
Regions Limited Maturity Government Fund
Trust Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> May-31-1998
<INVESTMENTS-AT-COST> 87,954,277
<INVESTMENTS-AT-VALUE> 88,335,288
<RECEIVABLES> 1,080,539
<ASSETS-OTHER> 4,222
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 89,420,049
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 379,566
<TOTAL-LIABILITIES> 379,566
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 88,876,166
<SHARES-COMMON-STOCK> 5,775,163
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 18,946
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (235,640)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 381,011
<NET-ASSETS> 57,555,627
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,483,921
<OTHER-INCOME> 0
<EXPENSES-NET> 381,561
<NET-INVESTMENT-INCOME> 2,102,360
<REALIZED-GAINS-CURRENT> 102,055
<APPREC-INCREASE-CURRENT> 74,960
<NET-CHANGE-FROM-OPS> 2,279,375
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 89,722
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,790,917
<NUMBER-OF-SHARES-REDEEMED> 15,754
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9,419,212
<ACCUMULATED-NII-PRIOR> 18,946
<ACCUMULATED-GAINS-PRIOR> (337,695)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 300,799
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 381,561
<AVERAGE-NET-ASSETS> 85,477,119
<PER-SHARE-NAV-BEGIN> 9.960
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 0.010
<PER-SHARE-DIVIDEND> 0.020
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.970
<EXPENSE-RATIO> 0.96
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 042
<NAME> Regions Funds
Regions Limited Maturity Government Fund
Investment Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> May-31-1998
<INVESTMENTS-AT-COST> 87,954,277
<INVESTMENTS-AT-VALUE> 88,335,288
<RECEIVABLES> 1,080,539
<ASSETS-OTHER> 4,222
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 89,420,049
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 379,566
<TOTAL-LIABILITIES> 379,566
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 88,876,166
<SHARES-COMMON-STOCK> 3,159,296
<SHARES-COMMON-PRIOR> 8,011,911
<ACCUMULATED-NII-CURRENT> 18,946
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (235,640)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 381,011
<NET-ASSETS> 31,484,856
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,483,921
<OTHER-INCOME> 0
<EXPENSES-NET> 381,561
<NET-INVESTMENT-INCOME> 2,102,360
<REALIZED-GAINS-CURRENT> 102,055
<APPREC-INCREASE-CURRENT> 74,960
<NET-CHANGE-FROM-OPS> 2,279,375
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,012,638
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,235,006
<NUMBER-OF-SHARES-REDEEMED> 7,146,618
<SHARES-REINVESTED> 58,997
<NET-CHANGE-IN-ASSETS> 9,419,212
<ACCUMULATED-NII-PRIOR> 18,946
<ACCUMULATED-GAINS-PRIOR> (337,695)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 300,799
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 381,561
<AVERAGE-NET-ASSETS> 85,477,119
<PER-SHARE-NAV-BEGIN> 9.940
<PER-SHARE-NII> 0.240
<PER-SHARE-GAIN-APPREC> 0.030
<PER-SHARE-DIVIDEND> 0.240
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.970
<EXPENSE-RATIO> 0.89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 051
<NAME> Regions Funds
Regions Value Fund
Trust Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> May-31-1998
<INVESTMENTS-AT-COST> 165,708,736
<INVESTMENTS-AT-VALUE> 191,301,204
<RECEIVABLES> 583,031
<ASSETS-OTHER> 84,082
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 191,968,317
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 216,912
<TOTAL-LIABILITIES> 216,912
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 147,317,083
<SHARES-COMMON-STOCK> 9,014,929
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 351,974
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,489,880
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 25,592,468
<NET-ASSETS> 154,480,159
<DIVIDEND-INCOME> 1,862,220
<INTEREST-INCOME> 187,203
<OTHER-INCOME> 0
<EXPENSES-NET> 880,467
<NET-INVESTMENT-INCOME> 1,168,956
<REALIZED-GAINS-CURRENT> 18,489,475
<APPREC-INCREASE-CURRENT> (4,036,018)
<NET-CHANGE-FROM-OPS> 15,622,413
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,029,376
<NUMBER-OF-SHARES-REDEEMED> 14,447
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 39,220,116
<ACCUMULATED-NII-PRIOR> 299,491
<ACCUMULATED-GAINS-PRIOR> 3,981,254
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 697,921
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 880,467
<AVERAGE-NET-ASSETS> 174,429,477
<PER-SHARE-NAV-BEGIN> 17.470
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> (0.330)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 17.140
<EXPENSE-RATIO> 1.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 052
<NAME> Regions Funds
Regions Value Fund
Investment Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> May-31-1998
<INVESTMENTS-AT-COST> 165,708,736
<INVESTMENTS-AT-VALUE> 191,301,204
<RECEIVABLES> 583,031
<ASSETS-OTHER> 84,082
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 191,968,317
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 216,912
<TOTAL-LIABILITIES> 216,912
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 147,317,083
<SHARES-COMMON-STOCK> 2,175,021
<SHARES-COMMON-PRIOR> 9,429,868
<ACCUMULATED-NII-CURRENT> 351,974
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,489,880
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 25,592,468
<NET-ASSETS> 37,271,246
<DIVIDEND-INCOME> 1,862,220
<INTEREST-INCOME> 187,203
<OTHER-INCOME> 0
<EXPENSES-NET> 880,467
<NET-INVESTMENT-INCOME> 1,168,956
<REALIZED-GAINS-CURRENT> 18,489,475
<APPREC-INCREASE-CURRENT> (4,036,018)
<NET-CHANGE-FROM-OPS> 15,622,413
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,116,473
<DISTRIBUTIONS-OF-GAINS> 3,980,849
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 264,594
<NUMBER-OF-SHARES-REDEEMED> 9,945,633
<SHARES-REINVESTED> 44,842
<NET-CHANGE-IN-ASSETS> 39,220,116
<ACCUMULATED-NII-PRIOR> 299,491
<ACCUMULATED-GAINS-PRIOR> 3,981,254
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 697,921
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 880,467
<AVERAGE-NET-ASSETS> 174,429,477
<PER-SHARE-NAV-BEGIN> 16.180
<PER-SHARE-NII> 0.240
<PER-SHARE-GAIN-APPREC> 1.250
<PER-SHARE-DIVIDEND> 0.110
<PER-SHARE-DISTRIBUTIONS> 0.420
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 17.140
<EXPENSE-RATIO> 0.98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 061
<NAME> Regions Funds
Regions Balanced Fund
Trust Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> May-31-1998
<INVESTMENTS-AT-COST> 79,403,171
<INVESTMENTS-AT-VALUE> 100,324,318
<RECEIVABLES> 866,348
<ASSETS-OTHER> 5,012
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 101,195,678
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 78,687
<TOTAL-LIABILITIES> 78,687
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77,842,047
<SHARES-COMMON-STOCK> 555,621
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 349,880
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,003,917
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20,921,147
<NET-ASSETS> 8,018,569
<DIVIDEND-INCOME> 363,452
<INTEREST-INCOME> 1,368,356
<OTHER-INCOME> 0
<EXPENSES-NET> 477,201
<NET-INVESTMENT-INCOME> 1,254,607
<REALIZED-GAINS-CURRENT> 2,003,858
<APPREC-INCREASE-CURRENT> 4,822,895
<NET-CHANGE-FROM-OPS> 8,081,360
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 555,956
<NUMBER-OF-SHARES-REDEEMED> 335
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 18,043,777
<ACCUMULATED-NII-PRIOR> 314,333
<ACCUMULATED-GAINS-PRIOR> 2,449,937
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 369,586
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 477,201
<AVERAGE-NET-ASSETS> 92,635,170
<PER-SHARE-NAV-BEGIN> 14.590
<PER-SHARE-NII> 0.010
<PER-SHARE-GAIN-APPREC> (0.170)
<PER-SHARE-DIVIDEND> 0.000
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.430
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 062
<NAME> Regions Funds
Regions Balanced Fund
Investment Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> May-31-1998
<INVESTMENTS-AT-COST> 79,403,171
<INVESTMENTS-AT-VALUE> 100,324,318
<RECEIVABLES> 866,348
<ASSETS-OTHER> 5,012
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 101,195,678
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 78,687
<TOTAL-LIABILITIES> 78,687
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77,842,047
<SHARES-COMMON-STOCK> 6,451,151
<SHARES-COMMON-PRIOR> 6,023,878
<ACCUMULATED-NII-CURRENT> 349,880
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,003,917
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20,921,147
<NET-ASSETS> 93,098,422
<DIVIDEND-INCOME> 363,452
<INTEREST-INCOME> 1,368,356
<OTHER-INCOME> 0
<EXPENSES-NET> 477,201
<NET-INVESTMENT-INCOME> 1,254,607
<REALIZED-GAINS-CURRENT> 2,003,858
<APPREC-INCREASE-CURRENT> 4,822,895
<NET-CHANGE-FROM-OPS> 8,081,360
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,219,060
<DISTRIBUTIONS-OF-GAINS> 2,449,878
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,159,300
<NUMBER-OF-SHARES-REDEEMED> 977,644
<SHARES-REINVESTED> 245,617
<NET-CHANGE-IN-ASSETS> 18,043,777
<ACCUMULATED-NII-PRIOR> 314,333
<ACCUMULATED-GAINS-PRIOR> 2,449,937
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 369,586
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 477,201
<AVERAGE-NET-ASSETS> 92,635,170
<PER-SHARE-NAV-BEGIN> 13.790
<PER-SHARE-NII> 0.190
<PER-SHARE-GAIN-APPREC> 1.050
<PER-SHARE-DIVIDEND> 0.190
<PER-SHARE-DISTRIBUTIONS> 0.410
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.430
<EXPENSE-RATIO> 1.03
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
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