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SIGNATURE A.S. FILEAN
TITLE V. PRES. & SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1994
<PERIOD-END> OCT-31-1994
<INVESTMENTS-AT-COST> 63,735,124
<INVESTMENTS-AT-VALUE> 56,521,801
<RECEIVABLES> 293,060
<ASSETS-OTHER> 248
<OTHER-ITEMS-ASSETS> 2,364
<TOTAL-ASSETS> 56,817,473
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 70,257
<TOTAL-LIABILITIES> 70,257
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 66,478,743
<SHARES-COMMON-STOCK> 6,133,281
<SHARES-COMMON-PRIOR> 4,398,110
<ACCUMULATED-NII-CURRENT> 330,235
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,848,439)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (7,213,323)
<NET-ASSETS> 56,747,216
<DIVIDEND-INCOME> 3,159,425
<INTEREST-INCOME> 178,593
<OTHER-INCOME> 0
<EXPENSES-NET> 566,956
<NET-INVESTMENT-INCOME> 2,771,062
<REALIZED-GAINS-CURRENT> (2,848,439)
<APPREC-INCREASE-CURRENT> (8,960,974)
<NET-CHANGE-FROM-OPS> (9,038,351)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,648,682)
<DISTRIBUTIONS-OF-GAINS> (96,182)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,178,133
<NUMBER-OF-SHARES-REDEEMED> (1,675,304)
<SHARES-REINVESTED> 232,342
<NET-CHANGE-IN-ASSETS> 6,374,944
<ACCUMULATED-NII-PRIOR> 201,678
<ACCUMULATED-GAINS-PRIOR> 100,160
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 340,121
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 851,792
<AVERAGE-NET-ASSETS> 56,704,134
<PER-SHARE-NAV-BEGIN> 11.45
<PER-SHARE-NII> .46
<PER-SHARE-GAIN-APPREC> (2.19)
<PER-SHARE-DIVIDEND> (.45)
<PER-SHARE-DISTRIBUTIONS> (.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.25
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>WITHOUT THE MANAGER'S VOLUNTEER WAIVER OF A PORTION OF CERTAIN EXPENSES
FOR THIS PERIOD, THIS FUND WOULD HAVE HAD PER SHARE NET INVESTMENT INCOME
OF $.41 AND A RATIO OF EXPENSES TO AVERAGE NET ASSETS OF 1.50%. THE AMOUNT
WAIVED WAS $284,836.
</FN>
</TABLE>
