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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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SIGNATURE MICHAEL STRATTON
TITLE ACCOUNTANT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000913362
<NAME> CAPT. APPREC. FUND
<MULTIPLIER> 1000
<S> <C>
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<SHARES-COMMON-STOCK> 7953
<SHARES-COMMON-PRIOR> 5211
<ACCUMULATED-NII-CURRENT> 0
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<NUMBER-OF-SHARES-SOLD> 2743
<NUMBER-OF-SHARES-REDEEMED> 36
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<AVERAGE-NET-ASSETS> 71466
<PER-SHARE-NAV-BEGIN> 10.152
<PER-SHARE-NII> .088
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<PER-SHARE-NAV-END> 11.327
<EXPENSE-RATIO> .54
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
