<PAGE> PAGE 1
000 A000000 12/31/99
000 C000000 0000927380
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 JURIKA & VOYLES FUND GROUP
001 B000000 811-8646
001 C000000 8005846878
002 A000000 1999 HARRISON ST, SUITE 700
002 B000000 OAKLAND
002 C000000 CA
002 D010000 94612
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 SMALL CAP FUND
007 C030100 N
007 C010200 2
007 C020200 VALUE & GROWTH FUND
007 C030200 N
007 C010300 3
007 C020300 BALANCED FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 JURIKA & VOYLES, LP
008 B00AA01 A
008 C00AA01 801-19723
008 D01AA01 OAKLAND
008 D02AA01 CA
008 D03AA01 94612
008 D04AA01 3517
010 A00AA01 INVESTMENT COMPANY ADMINISTRATION, LLC
010 C01AA01 PHOENIX
010 C02AA01 AZ
010 C03AA01 85018
011 A00AA01 FIRST FUND DISTRIBUTORS, INC.
011 B00AA01 8-42809
<PAGE> PAGE 2
011 C01AA01 PHOENIX
011 C02AA01 AZ
011 C03AA01 85018
012 A00AA01 NVEST, INC.
012 B00AA01 84-0000000
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02171
013 A00AA01 PRICEWATERHOUSECOOPERS, LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10017
015 A00AA01 STATE STREET BANK & TRUST CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02171
015 E01AA01 X
020 A000001 JEFFERIES & CO
020 B000001 95-2622900
020 C000001 18
020 A000002 SANFORD BERNSTEIN
020 B000002 13-2625874
020 C000002 9
020 A000003 CANTOR FITZGERALD
020 B000003 13-3680184
020 C000003 7
020 A000004 LEHMAN BROTHERS
020 B000004 13-2518466
020 C000004 5
020 A000005 DONALDSON, LUFKIN & JENRETTE
020 B000005 13-2741729
020 C000005 5
020 A000006 BEAR STEARNS
020 B000006 13-3299429
020 C000006 5
020 A000007 MAXUS CORP
020 C000007 5
020 A000008 JONES & ASSOC
020 B000008 95-3583143
020 C000008 4
020 A000009 LEWCO SECURITIES
020 B000009 13-2765944
020 C000009 4
020 A000010 DAIN RAUSCHER
020 B000010 41-0212020
020 C000010 3
021 000000 109
022 A000001 STATE STREET BANK
022 C000001 172810
022 D000001 0
<PAGE> PAGE 3
022 A000002 CS FIRST BOSTON
022 C000002 2559
022 D000002 4189
022 A000003 MERRILL LYNCH
022 B000003 13-5674085
022 C000003 3595
022 D000003 2993
022 A000004 GOLDMAN SACHS
022 B000004 13-5108880
022 C000004 2872
022 D000004 3442
022 A000005 LEWCO SECURITIES
022 B000005 13-2765944
022 C000005 2062
022 D000005 3999
022 A000006 MORGAN STANLEY
022 B000006 13-2655998
022 C000006 1621
022 D000006 2980
022 A000007 BANK AMERICA SECURITIES
022 C000007 1941
022 D000007 2217
022 A000008 CE UNTERBURG TOWBIN
022 B000008 94-3094414
022 C000008 1777
022 D000008 1738
022 A000009 BANCBOSTON ROBERTSON STEPHENS
022 B000009 94-2524501
022 C000009 1934
022 D000009 1414
022 A000010 WARBURG DILLON READ
022 B000010 13-3340045
022 C000010 1511
022 D000010 1640
023 C000000 211763
023 D000000 48460
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
<PAGE> PAGE 4
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 Y
038 00AA00 0
039 00AA00 Y
040 00AA00 N
041 00AA00 N
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 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
<PAGE> PAGE 5
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 N
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 N
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 Y
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
<PAGE> PAGE 6
070 R02AA00 N
077 A000000 Y
077 Q010000 Y
078 000000 N
019 B000100 0
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 966
028 A020100 0
028 A030100 0
028 A040100 2001
028 B010100 491
028 B020100 0
028 B030100 0
028 B040100 1179
028 C010100 541
028 C020100 0
028 C030100 0
028 C040100 1074
028 D010100 673
028 D020100 0
028 D030100 0
028 D040100 1545
028 E010100 1022
028 E020100 0
028 E030100 0
028 E040100 1250
028 F010100 2497
028 F020100 0
028 F030100 0
028 F040100 2693
028 G010100 6190
028 G020100 0
028 G030100 0
028 G040100 9742
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 1.000
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
<PAGE> PAGE 7
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
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 10000
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
071 A000100 28315
071 B000100 41105
071 C000100 38315
071 D000100 128
072 A000100 6
072 B000100 3
072 C000100 47
072 D000100 0
072 E000100 0
072 F000100 150
072 G000100 20
072 H000100 0
072 I000100 55
072 J000100 35
072 K000100 0
072 L000100 11
072 M000100 8
<PAGE> PAGE 8
072 N000100 11
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 10
072 S000100 4
072 T000100 0
072 U000100 2
072 V000100 0
072 W000100 4
072 X000100 310
072 Y000100 86
072 Z000100 -174
072AA000100 5853
072BB000100 0
072CC010100 4891
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 38048
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 375
074 K000100 0
074 L000100 284
074 M000100 7
074 N000100 38714
074 O000100 743
074 P000100 2
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 367
074 S000100 0
074 T000100 37602
074 U010100 1675
074 U020100 0
074 V010100 22.24
074 V020100 0.00
<PAGE> PAGE 9
074 W000100 0.0000
074 X000100 458
074 Y000100 0
075 A000100 0
075 B000100 29843
076 000100 0.00
024 000200 N
028 A010200 128
028 A020200 0
028 A030200 0
028 A040200 537
028 B010200 128
028 B020200 0
028 B030200 0
028 B040200 498
028 C010200 265
028 C020200 0
028 C030200 0
028 C040200 672
028 D010200 285
028 D020200 0
028 D030200 0
028 D040200 580
028 E010200 73
028 E020200 0
028 E030200 0
028 E040200 3443
028 F010200 407
028 F020200 1056
028 F030200 0
028 F040200 5268
028 G010200 1286
028 G020200 1056
028 G030200 0
028 G040200 10998
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.850
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
<PAGE> PAGE 10
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
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 250000
066 A000200 Y
066 B000200 N
066 C000200 Y
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
071 A000200 13967
071 B000200 22481
071 C000200 33629
071 D000200 42
072 A000200 6
072 B000200 7
072 C000200 213
072 D000200 0
072 E000200 0
072 F000200 147
072 G000200 20
072 H000200 0
072 I000200 58
072 J000200 24
072 K000200 0
072 L000200 4
072 M000200 8
072 N000200 9
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 10
072 S000200 5
072 T000200 0
<PAGE> PAGE 11
072 U000200 2
072 V000200 0
072 W000200 7
072 X000200 294
072 Y000200 75
072 Z000200 1
072AA000200 3176
072BB000200 0
072CC010200 0
072CC020200 2239
072DD010200 85
072DD020200 0
072EE000200 975
073 A010200 0.0400
073 A020200 0.0000
073 B000200 0.4900
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 29094
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 3072
074 K000200 0
074 L000200 35
074 M000200 4
074 N000200 32205
074 O000200 352
074 P000200 1
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 2317
074 S000200 0
074 T000200 29535
074 U010200 1828
074 U020200 0
074 V010200 16.15
074 V020200 0.00
074 W000200 0.0000
074 X000200 152
074 Y000200 0
075 A000200 0
075 B000200 34511
076 000200 0.00
024 000300 N
<PAGE> PAGE 12
025 D000301 0
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 169
028 A020300 0
028 A030300 0
028 A040300 1483
028 B010300 214
028 B020300 4
028 B030300 0
028 B040300 2648
028 C010300 406
028 C020300 253
028 C030300 0
028 C040300 2809
028 D010300 63
028 D020300 0
028 D030300 0
028 D040300 697
028 E010300 61
028 E020300 0
028 E030300 0
028 E040300 1085
028 F010300 78
028 F020300 3940
028 F030300 0
028 F040300 1366
028 G010300 991
028 G020300 4197
028 G030300 0
028 G040300 10088
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.700
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
<PAGE> PAGE 13
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 10000
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 Y
066 F000300 N
066 G000300 N
067 000300 Y
068 A000300 N
068 B000300 N
069 000300 N
071 A000300 12912
071 B000300 25844
071 C000300 41970
071 D000300 31
072 A000300 6
072 B000300 584
072 C000300 155
072 D000300 0
072 E000300 0
072 F000300 147
072 G000300 18
072 H000300 0
072 I000300 30
072 J000300 27
072 K000300 0
072 L000300 5
072 M000300 8
072 N000300 12
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 10
072 S000300 6
<PAGE> PAGE 14
072 T000300 0
072 U000300 1
072 V000300 0
072 W000300 9
072 X000300 273
072 Y000300 71
072 Z000300 537
072AA000300 3524
072BB000300 0
072CC010300 0
072CC020300 321
072DD010300 542
072DD020300 0
072EE000300 3849
073 A010300 0.1800
073 A020300 0.0000
073 B000300 0.2000
073 C000300 0.0000
074 A000300 0
074 B000300 831
074 C000300 0
074 D000300 14711
074 E000300 0
074 F000300 23921
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 233
074 M000300 3
074 N000300 39699
074 O000300 0
074 P000300 1
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 430
074 S000300 0
074 T000300 39268
074 U010300 2898
074 U020300 0
074 V010300 13.55
074 V020300 0.00
074 W000300 0.0000
074 X000300 207
074 Y000300 0
075 A000300 0
075 B000300 41627
076 000300 0.00
<PAGE> PAGE 15
018 001000 Y
019 A001000 Y
019 B001000 3
019 C001000 J&VFUNDGRP
SIGNATURE TOM MARSCHEL
TITLE ASST TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 927380
<NAME> JURIKA & VOYLES FUND GROUP
<SERIES>
<NUMBER> 1
<NAME> JURIKA & VOYLES SMALL CAP FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-START> JUL-01-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 30,685,353
<INVESTMENTS-AT-VALUE> 38,048,353
<RECEIVABLES> 659,780
<ASSETS-OTHER> 5,822
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,713,955
<PAYABLE-FOR-SECURITIES> 743,444
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 368,117
<TOTAL-LIABILITIES> 1,111,561
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,233,011
<SHARES-COMMON-STOCK> 1,675,420
<SHARES-COMMON-PRIOR> 1,896,000
<ACCUMULATED-NII-CURRENT> (174,219)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,180,602
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,363,000
<NET-ASSETS> 37,602,394
<DIVIDEND-INCOME> 46,954
<INTEREST-INCOME> 3,335
<OTHER-INCOME> 0
<EXPENSES-NET> 224,508
<NET-INVESTMENT-INCOME> (174,219)
<REALIZED-GAINS-CURRENT> 5,853,282
<APPREC-INCREASE-CURRENT> 4,890,756
<NET-CHANGE-FROM-OPS> 10,569,819
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 344,705
<NUMBER-OF-SHARES-REDEEMED> 565,602
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7,018,238
<ACCUMULATED-NII-PRIOR> (275,000)
<ACCUMULATED-GAINS-PRIOR> (4,631,000)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 149,750
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 310,348
<AVERAGE-NET-ASSETS> 29,843,000
<PER-SHARE-NAV-BEGIN> 16.13
<PER-SHARE-NII> (0.10)
<PER-SHARE-GAIN-APPREC> 6.41
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.44
<EXPENSE-RATIO> 1.50
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 927380
<NAME> JURIKA & VOYLES FUND GROUP
<SERIES>
<NUMBER> 2
<NAME> JURIKA & VOYLES VALUE & GROWTH FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-START> JUL-01-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 26,534,371
<INVESTMENTS-AT-VALUE> 29,093,641
<RECEIVABLES> 3,107,266
<ASSETS-OTHER> 4,310
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,205,217
<PAYABLE-FOR-SECURITIES> 352,243
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,318,511
<TOTAL-LIABILITIES> 2,670,754
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24,295,058
<SHARES-COMMON-STOCK> 1,828,201
<SHARES-COMMON-PRIOR> 2,386,000
<ACCUMULATED-NII-CURRENT> (2,209)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,682,344
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,559,270
<NET-ASSETS> 29,534,463
<DIVIDEND-INCOME> 212,734
<INTEREST-INCOME> 6,599
<OTHER-INCOME> 0
<EXPENSES-NET> 218,649
<NET-INVESTMENT-INCOME> 684
<REALIZED-GAINS-CURRENT> 3,175,602
<APPREC-INCREASE-CURRENT> (2,238,566)
<NET-CHANGE-FROM-OPS> 937,720
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 84,879
<DISTRIBUTIONS-OF-GAINS> 974,775
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 85,233
<NUMBER-OF-SHARES-REDEEMED> 711,875
<SHARES-REINVESTED> 68,972
<NET-CHANGE-IN-ASSETS> (8,778,683)
<ACCUMULATED-NII-PRIOR> 82,000
<ACCUMULATED-GAINS-PRIOR> 481,000
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 147,479
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 294,029
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 16.06
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.61
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> 0.49
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.15
<EXPENSE-RATIO> 1.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 927380
<NAME> JURIKA & VOYLES FUND GROUP
<SERIES>
<NUMBER> 3
<NAME> JURIKA & VOYLES BALANCED FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-START> JUL-01-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 37,417,394
<INVESTMENTS-AT-VALUE> 39,462,335
<RECEIVABLES> 232,678
<ASSETS-OTHER> 2,832
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 39,698,238
<PAYABLE-FOR-SECURITIES> 360,173
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 70,716
<TOTAL-LIABILITIES> 430,889
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,061,000
<SHARES-COMMON-STOCK> 2,897,907
<SHARES-COMMON-PRIOR> 3,226,000
<ACCUMULATED-NII-CURRENT> 1,517
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,159,890
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,044,941
<NET-ASSETS> 39,267,349
<DIVIDEND-INCOME> 154,845
<INTEREST-INCOME> 583,925
<OTHER-INCOME> 0
<EXPENSES-NET> 201,442
<NET-INVESTMENT-INCOME> 1,654
<REALIZED-GAINS-CURRENT> 3,523,580
<APPREC-INCREASE-CURRENT> (3,216,361)
<NET-CHANGE-FROM-OPS> 844,547
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 542,127
<DISTRIBUTIONS-OF-GAINS> 3,849,150
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 68,848
<NUMBER-OF-SHARES-REDEEMED> 713,632
<SHARES-REINVESTED> 316,283
<NET-CHANGE-IN-ASSETS> (8,446,281)
<ACCUMULATED-NII-PRIOR> 6,000
<ACCUMULATED-GAINS-PRIOR> 2,486,000
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 146,533
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 272,553
<AVERAGE-NET-ASSETS> 41,672,000
<PER-SHARE-NAV-BEGIN> 14.79
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> 0.20
<PER-SHARE-DIVIDEND> 0.19
<PER-SHARE-DISTRIBUTIONS> 1.44
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.55
<EXPENSE-RATIO> 0.95
</TABLE>