Notes to Financial Statements unaudited 1 ORGANIZATION Technology Series the Fund is a no load non diversified series of Manning Napier Fund Inc the Corporation The Corporation

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Notes to Financial Statements unaudited 1 ORGANIZATION Technology Series the Fund is a no load non diversified series of Manning Napier Fund Inc the Corporation The Corporation Powered By Docstoc
					Notes to Financial Statements (unaudited)

1. ORGANIZATION

Technology Series (the "Fund") is a no-load non-diversified series of Manning & Napier Fund, Inc. (the
"Corporation"). The Corporation is organized as a Maryland Corporation and is registered under the Investment
Company Act of 1940, as amended, as an open-end management investment company.

Shares of the Fund are offered to clients and employees of Manning & Napier Advisors, Inc. (the Advisor) and
its affiliates. The investment practice of the Fund results in the active operation of the investment portfolio for
discrete periods. As of June 30, 1996, the Fund has been in active operation from November 4, 1988 to May
11, 1992 and from August 29, 1994 to June 30, 1996.

The total authorized capital stock of the Corporation consists of one billion shares of common stock each having
a par value of $0.01. As of June 30, 1996, 940 million shares have been designated in total among 19 series, of
which 50 million have been designated as Technology Series Class DCommon Stock.

2. SIGNIFICANT ACCOUNTING POLICIES SECURITY VALUATION Portfolio securities, including
domestic equities, foreign equities, options and corporate bonds, listed on an exchange are valued at the latest
quoted sales price of the exchange on which the security is traded most extensively. Securities not traded on
valuation date or securities not listed on an exchange are valued at the latest quoted bid price.

Debt securities, including government bonds and mortgage backed securities, will normally be valued on the basis
of evaluated bid prices.

Securities for which representative prices are not available from the Fund's pricing service are valued at fair value
as determined in good faith by the Fund's Board of Directors.

Short-term investments that mature in sixty (60) days or less are valued at amortized cost.

              SECURITY TRANSACTIONS, INVESTMENT INCOME AND EXPENSES

Security transactions are accounted for on the date the securities are purchased or sold. Dividend income is
recorded on the ex-dividend date. Interest income and expenses are recorded on an accrual basis.

Most expenses of the Corporation can be attributed to a specific fund. Expenses which cannot be directly
attributed are apportioned among the funds in the Corporation.

                                                          9
                                  Notes to Financial Statements (unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

                                         FEDERAL INCOME TAXES

The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated
investment companies. The Fund is not subject to federal income or excise tax to the extent the Fund distributes
to shareholders each year its taxable income, including any net realized gains on investments in accordance with
requirements of the Internal Revenue Code. Accordingly, no provision for federal income tax or excise tax has
been made in the financial statements.

The Fund uses the identified cost method for determining realized gain or loss on investments for both financial
statement and federal income tax reporting purposes.

                               DISTRIBUTION OF INCOME AND GAINS

Distributions to shareholders of net investment income are made annually. Distributions are recorded on the ex-
dividend date. Distributions of net realized gains are distributed annually. An additional distribution may be
necessary to avoid taxation of the Fund.

The timing and characterization of certain income and capital gains are determined in accordance with federal
income tax regulations which may differ from generally accepted accounting principles. The differences may be a
result of deferral of certain losses, foreign denominated investments or character reclassification between net
income and net gains. As a result, net investment income (loss) and net investment gain (loss) on investment
transactions for a reporting period may differ significantly from distributions to shareholders during such period.
As a result, the Fund may periodically make reclassification among its capital accounts without impacting the
Fund's net asset value.

                                 FOREIGN CURRENCY TRANSLATION

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into
U.S. dollars on the following basis: a) investment securities, other assets and liabilities are converted to U.S.
dollars based upon current exchange rates; and b) purchase and sales of securities and income and expenses are
converted into U.S. dollars based upon the currency exchange rates prevailing on the respective dates of such
transactions.

Gains and losses attributable to foreign currency exchange rates are recorded for financial statement purposes as
net realized gains and losses on investments. The portion of both realized and unrealized gains and losses on
investment that result from fluctuations in foreign currency exchange rates is not separately stated.

                                                        10
Notes to Financial Statements (unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

                   FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

The Fund may purchase or sell forward foreign currency contracts in order to hedge a portfolio position or
specific transaction. Risks may arise if the counterparties to a contract are unable to meet the terms of the
contract or if the value of the foreign currency moves unfavorably.

At June 30, 1996, the Fund had no open foreign currency exchange contracts.

3. TRANSACTIONS WITH AFFILIATES The Fund has an investment advisory agreement with Manning &
Napier Advisors, Inc. (the "Advisor"), for which the Fund pays the Advisor a fee, computed daily and payable
monthly, at an annual rate of 1% of the Fund's average daily net assets. The fee amounted to $428,350 for the six
months ended June 30, 1996.

Under the Fund's Investment Advisory Agreement (the "Agreement"), personnel of the Advisor provide the Fund
with advice and assistance in the choice of investments and the execution of securities transactions, and otherwise
maintain the Fund's organization. The Advisor also provides the Fund with necessary office space and portfolio
accounting and bookkeeping services. The salaries of all officers of the Fund and of all Directors who are
"affiliated persons" of the Fund or of the Advisor, and all personnel of the Fund or of the Advisor performing
services relating to research, statistical and investment activities are paid by the Advisor.

The Advisor has agreed that, in any fiscal year, if the expenses of the Fund (including the advisory fee but
excluding interest, taxes, brokerage commissions, and extraordinary expenses) exceed the limits set by applicable
regulation of state securities commissions, the Advisor will reduce its fee by the amount of such excess.

The Advisor also acts as the transfer, dividend paying and shareholder servicing agent for the Fund. These
services are provided at no additional cost to the Fund.

Manning & Napier Investor Services, Inc., a registered broker-dealer affiliate of the Advisor, acts as distributor
for the Fund's shares. The services of Manning & Napier Investor Services, Inc. are provided at no additional
cost to the Fund.

The compensation of the non-affiliated Directors totaled $3,426 for the six months ended June 30, 1996.

                                                        11
Notes to Financial Statements (unaudited) .
4. PURCHASES AND SALES OF SECURITIES Purchases and sales of securities, other than short-term
securities, were $71,662,833 and $30,236,481, respectively, for the six months ended June 30, 1996.

5. CAPITAL STOCK TRANSACTIONS

               Transactions in shares of Technology Series Class D Common Stock were:
                                             For the Six
                                               Months                             For the Year
                                            Ended 6/30/96                       Ended 12/31/95

                Shares                                              Amount            Shares            Amount

Sold                                              3,860,417     $40,540,418            1,415,392     $ 17,145,335
Reinvested                                          243,127       2,487,188            1,612,684       17,272,178
Repurchased                                        (251,399)     (2,653,952)          (2,641,988)     (34,978,808)
Total                                             3,852,145     $40,373,654              386,088     $   (561,295)




6. FOREIGN SECURITIES Investing in securities of foreign companies and foreign governments involves
special risks and considerations not typically associated with investing in securities of U.S. companies and the
United States government. These risks include revaluation of currencies and future adverse political and economic
developments. Moreover, securities of many foreign companies and foreign governments and their markets may
be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the United
States government.

7. TECHNOLOGY SECURITIES The Fund may focus its investments in certain related technology industries;
hence, the Fund may subject itself to a greater degree of risk than a fund that is more diversified.

8. SPECIAL MEETING OF SHAREHOLDERS On April 10, 1996, a special meeting of the Corporation was
held for the purpose of electing directors. The following directors have been elected:
Stephen B. Ashley, B. Reuben Auspitz, Martin F. Birmingham, Peter L. Faber, and Harris H. Rusitzky.

                                                       12
August 21, 1996

To Shareholders of the following series of the Manning & Napier Fund:

Small Cap Series
Technology Series
International Series
New York Tax Exempt Series
Ohio Tax Exempt Series
Diversified Tax Exempt Series

Dear Shareholder:

Enclosed are copies of the Semi-Annual Reports for each of the above Series of the Manning & Napier Fund in
which you were invested as of June 30, 1996. The reports include information about the Series performance as
well as portfolio listings as of that date.

Please contact our Fund Services department at 1-800-4MN-FUND (1-800-466-3863) or your Client
Consultant if you have any questions about the Fund.

Sincerely,

                                        /s/ Amy J. Williams

                                        Amy J. Williams
                                        Fund Services Coordinator
ARTICLE 6
RESTATED:
CIK: 0000751173
NAME: MANNING & NAPIER FUND, INC.
SERIES:
NAME: DIVERSIFIED TAX EXEMPT SERIES
NUMBER: 18



MULTIPLIER                                        1
CURRENCY                                          1
FISCAL YEAR END                       DEC 31 1996
PERIOD START                          JAN 01 1996
PERIOD END                            JUN 30 1996
PERIOD TYPE                                6 MOS
EXCHANGE RATE                                     1
INVESTMENTS AT COST                     14,835,570
INVESTMENTS AT VALUE                    14,971,945
RECEIVABLES                                275,963
ASSETS OTHER                               199,541
OTHER ITEMS ASSETS                                0
TOTAL ASSETS                            15,447,449
PAYABLE FOR SECURITIES                            0
SENIOR LONG TERM DEBT                             0
OTHER ITEMS LIABILITIES                      27,092
TOTAL LIABILITIES                            27,092
SENIOR EQUITY                                     0
PAID IN CAPITAL COMMON                  15,242,758
SHARES COMMON STOCK                      1,540,006
SHARES COMMON PRIOR                      1,207,105
ACCUMULATED NII CURRENT                      49,503
OVERDISTRIBUTION NII                              0
ACCUMULATED NET GAINS                       (8,279)
OVERDISTRIBUTION GAINS                            0
ACCUM APPREC OR DEPREC                     136,375
NET ASSETS                              15,420,357
DIVIDEND INCOME                                   0
INTEREST INCOME                            347,621
OTHER INCOME                                      0
EXPENSES NET                                 52,093
NET INVESTMENT INCOME                      295,528
REALIZED GAINS CURRENT                            0
APPREC INCREASE CURRENT                  (446,678)
NET CHANGE FROM OPS                      (151,150)
EQUALIZATION                                      0
DISTRIBUTIONS OF INCOME                    253,902
DISTRIBUTIONS OF GAINS                            0
DISTRIBUTIONS OTHER                               0
NUMBER OF SHARES SOLD                      351,855
NUMBER OF SHARES REDEEMED                    43,581
SHARES REINVESTED                            24,627
NET CHANGE IN ASSETS                     2,968,209
ACCUMULATED NII PRIOR                         7,877
ACCUMULATED GAINS PRIOR                     (8,279)
OVERDISTRIB NII PRIOR                             0
OVERDIST NET GAINS PRIOR                          0
GROSS ADVISORY FEES                          33,927
INTEREST EXPENSE                                  0
GROSS EXPENSE                                52,093
AVERAGE NET ASSETS                      13,767,892
PER SHARE NAV BEGIN                           10.32
PER SHARE NII                                 0.212
PER SHARE GAIN APPREC                       (0.342)
PER SHARE DIVIDEND                             0.18
PER SHARE DISTRIBUTIONS                           0
RETURNS OF CAPITAL                                0
PER SHARE NAV END                             10.01
EXPENSE RATIO                                  0.77
AVG DEBT OUTSTANDING                              0
AVG DEBT PER SHARE                                0
ARTICLE 6
RESTATED:
CIK: 0000751173
NAME: MANNING & NAPIER FUND, INC.
SERIES:
NAME: INTERNATIONAL SERIES
NUMBER: 7



MULTIPLIER                                      1
CURRENCY                                        1
FISCAL YEAR END                     DEC 31 1996
PERIOD START                        JAN 01 1996
PERIOD END                          JUN 30 1996
PERIOD TYPE                               6 MOS
EXCHANGE RATE                                   1
INVESTMENTS AT COST                  112,830,997
INVESTMENTS AT VALUE                 131,589,645
RECEIVABLES                            77,029,157
ASSETS OTHER                              754,951
OTHER ITEMS ASSETS                              0
TOTAL ASSETS                         209,373,753
PAYABLE FOR SECURITIES                 76,081,489
SENIOR LONG TERM DEBT                           0
OTHER ITEMS LIABILITIES                   208,172
TOTAL LIABILITIES                      76,289,661
SENIOR EQUITY                                   0
PAID IN CAPITAL COMMON               112,769,675
SHARES COMMON STOCK                    12,504,579
SHARES COMMON PRIOR                    13,406,285
ACCUMULATED NII CURRENT                 1,736,815
OVERDISTRIBUTION NII                            0
ACCUMULATED NET GAINS                   (159,524)
OVERDISTRIBUTION GAINS                          0
ACCUM APPREC OR DEPREC                 18,737,126
NET ASSETS                           133,084,092
DIVIDEND INCOME                         1,917,952
INTEREST INCOME                           592,603
OTHER INCOME                                    0
EXPENSES NET                              773,740
NET INVESTMENT INCOME                   1,936,815
REALIZED GAINS CURRENT                  3,831,852
APPREC INCREASE CURRENT                 8,764,363
NET CHANGE FROM OPS                    14,333,030
EQUALIZATION                                    0
DISTRIBUTIONS OF INCOME                         0
DISTRIBUTIONS OF GAINS                          0
DISTRIBUTIONS OTHER                             0
NUMBER OF SHARES SOLD                   1,066,075
NUMBER OF SHARES REDEEMED               1,967,781
SHARES REINVESTED                               0
NET CHANGE IN ASSETS                    4,790,235
ACCUMULATED NII PRIOR                           0
ACCUMULATED GAINS PRIOR               (3,991,376)
OVERDISTRIB NII PRIOR                           0
OVERDIST NET GAINS PRIOR                        0
GROSS ADVISORY FEES                       680,466
INTEREST EXPENSE                                0
GROSS EXPENSE                             773,740
AVERAGE NET ASSETS                   135,644,332
PER SHARE NAV BEGIN                          9.57
PER SHARE NII                               0.139
PER SHARE GAIN APPREC                       0.931
PER SHARE DIVIDEND                              0
PER SHARE DISTRIBUTIONS                         0
RETURNS OF CAPITAL                              0
PER SHARE NAV END                           10.64
EXPENSE RATIO                                1.14
AVG DEBT OUTSTANDING                            0
AVG DEBT PER SHARE                              0
ARTICLE 6
RESTATED:
CIK: 0000751173
NAME: MANNING & NAPIER FUND, INC.
SERIES:
NAME: NEW YORK TAX EXEMPT SERIES
NUMBER: 16



MULTIPLIER                                       1
CURRENCY                                         1
FISCAL YEAR END                     DEC 31 1996
PERIOD START                        JAN 01 1996
PERIOD END                          JUN 30 1996
PERIOD TYPE                               6 MOS
EXCHANGE RATE                                    1
INVESTMENTS AT COST                    33,127,619
INVESTMENTS AT VALUE                   32,707,273
RECEIVABLES                               530,623
ASSETS OTHER                                   295
OTHER ITEMS ASSETS                               0
TOTAL ASSETS                           33,238,191
PAYABLE FOR SECURITIES                    413,041
SENIOR LONG TERM DEBT                            0
OTHER ITEMS LIABILITIES                     41,064
TOTAL LIABILITIES                         454,105
SENIOR EQUITY                                    0
PAID IN CAPITAL COMMON                 33,120,409
SHARES COMMON STOCK                     3,363,298
SHARES COMMON PRIOR                     2,860,879
ACCUMULATED NII CURRENT                   104,466
OVERDISTRIBUTION NII                             0
ACCUMULATED NET GAINS                    (20,443)
OVERDISTRIBUTION GAINS                           0
ACCUM APPREC OR DEPREC                  (420,346)
NET ASSETS                             32,784,086
DIVIDEND INCOME                                  0
INTEREST INCOME                           737,818
OTHER INCOME                                     0
EXPENSES NET                                93,978
NET INVESTMENT INCOME                     643,840
REALIZED GAINS CURRENT                       (334)
APPREC INCREASE CURRENT               (1,026,212)
NET CHANGE FROM OPS                     (382,706)
EQUALIZATION                                     0
DISTRIBUTIONS OF INCOME                   552,153
DISTRIBUTIONS OF GAINS                           0
DISTRIBUTIONS OTHER                              0
NUMBER OF SHARES SOLD                     572,780
NUMBER OF SHARES REDEEMED                 126,615
SHARES REINVESTED                           56,254
NET CHANGE IN ASSETS                    3,967,263
ACCUMULATED NII PRIOR                       12,779
ACCUMULATED GAINS PRIOR                  (20,109)
OVERDISTRIB NII PRIOR                            0
OVERDIST NET GAINS PRIOR                         0
GROSS ADVISORY FEES                         74,140
INTEREST EXPENSE                                 0
GROSS EXPENSE                               93,978
AVERAGE NET ASSETS                     30,038,974
PER SHARE NAV BEGIN                          10.07
PER SHARE NII                                0.211
PER SHARE GAIN APPREC                      (0.351)
PER SHARE DIVIDEND                            0.18
PER SHARE DISTRIBUTIONS                          0
RETURNS OF CAPITAL                               0
PER SHARE NAV END                             9.75
EXPENSE RATIO                                 0.63
AVG DEBT OUTSTANDING                             0
AVG DEBT PER SHARE                               0
ARTICLE 6
RESTATED:
CIK: 0000751173
NAME: MANNING & NAPIER FUND, INC.
SERIES:
NAME: OHIO TAX EXEMPT SERIES
NUMBER: 17



MULTIPLIER                                      1
CURRENCY                                        1
FISCAL YEAR END                     DEC 31 1996
PERIOD START                        JAN 01 1996
PERIOD END                          JUN 30 1996
PERIOD TYPE                              6 MOS
EXCHANGE RATE                                   1
INVESTMENTS AT COST                   7,190,410
INVESTMENTS AT VALUE                  7,261,067
RECEIVABLES                                56,047
ASSETS OTHER                               83,842
OTHER ITEMS ASSETS                              0
TOTAL ASSETS                          7,400,956
PAYABLE FOR SECURITIES                   139,840
SENIOR LONG TERM DEBT                           0
OTHER ITEMS LIABILITIES                    30,616
TOTAL LIABILITIES                        170,456
SENIOR EQUITY                                   0
PAID IN CAPITAL COMMON                7,141,957
SHARES COMMON STOCK                      725,337
SHARES COMMON PRIOR                      595,943
ACCUMULATED NII CURRENT                    19,748
OVERDISTRIBUTION NII                            0
ACCUMULATED NET GAINS                     (1,862)
OVERDISTRIBUTION GAINS                          0
ACCUM APPREC OR DEPREC                     70,657
NET ASSETS                            7,230,500
DIVIDEND INCOME                                 0
INTEREST INCOME                          165,315
OTHER INCOME                                    0
EXPENSES NET                               26,938
NET INVESTMENT INCOME                    138,377
REALIZED GAINS CURRENT                          0
APPREC INCREASE CURRENT                (219,366)
NET CHANGE FROM OPS                     (80,989)
EQUALIZATION                                    0
DISTRIBUTIONS OF INCOME                  119,705
DISTRIBUTIONS OF GAINS                          0
DISTRIBUTIONS OTHER                             0
NUMBER OF SHARES SOLD                    155,620
NUMBER OF SHARES REDEEMED                  38,350
SHARES REINVESTED                          12,124
NET CHANGE IN ASSETS                  1,086,924
ACCUMULATED NII PRIOR                       1,076
ACCUMULATED GAINS PRIOR                   (1,862)
OVERDISTRIB NII PRIOR                           0
OVERDIST NET GAINS PRIOR                        0
GROSS ADVISORY FEES                        15,846
INTEREST EXPENSE                                0
GROSS EXPENSE                              30,493
AVERAGE NET ASSETS                    6,440,221
PER SHARE NAV BEGIN                         10.31
PER SHARE NII                               0.215
PER SHARE GAIN APPREC                     (0.365)
PER SHARE DIVIDEND                           0.19
PER SHARE DISTRIBUTIONS                         0
RETURNS OF CAPITAL                              0
PER SHARE NAV END                            9.97
EXPENSE RATIO                                0.85
AVG DEBT OUTSTANDING                            0
AVG DEBT PER SHARE                              0
ARTICLE 6
RESTATED:
CIK: 0000751173
NAME: MANNING & NAPIER FUND, INC.
SERIES:
NAME: SMALL CAP SERIES
NUMBER: 1



MULTIPLIER                                       1
CURRENCY                                         1
FISCAL YEAR END                     DEC 31 1996
PERIOD START                        JAN 01 1996
PERIOD END                          JUN 30 1996
PERIOD TYPE                                6 MOS
EXCHANGE RATE                                    1
INVESTMENTS AT COST                     82,440,694
INVESTMENTS AT VALUE                    96,899,804
RECEIVABLES                              2,535,708
ASSETS OTHER                               298,435
OTHER ITEMS ASSETS                               0
TOTAL ASSETS                            99,733,947
PAYABLE FOR SECURITIES                           0
SENIOR LONG TERM DEBT                            0
OTHER ITEMS LIABILITIES                    189,035
TOTAL LIABILITIES                          189,035
SENIOR EQUITY                                    0
PAID IN CAPITAL COMMON                  86,589,031
SHARES COMMON STOCK                      7,668,923
SHARES COMMON PRIOR                     11,966,048
ACCUMULATED NII CURRENT                    183,660
OVERDISTRIBUTION NII                             0
ACCUMULATED NET GAINS                  (1,686,874)
OVERDISTRIBUTION GAINS                           0
ACCUM APPREC OR DEPREC                  14,459,095
NET ASSETS                              99,544,912
DIVIDEND INCOME                            461,895
INTEREST INCOME                            500,699
OTHER INCOME                                     0
EXPENSES NET                               778,934
NET INVESTMENT INCOME                      183,660
REALIZED GAINS CURRENT                 (1,686,498)
APPREC INCREASE CURRENT                 16,611,693
NET CHANGE FROM OPS                     15,108,855
EQUALIZATION                                     0
DISTRIBUTIONS OF INCOME                          0
DISTRIBUTIONS OF GAINS                   2,633,631
DISTRIBUTIONS OTHER                              0
NUMBER OF SHARES SOLD                    1,051,464
NUMBER OF SHARES REDEEMED                5,569,880
SHARES REINVESTED                          221,291
NET CHANGE IN ASSETS                 (43,458,130)
ACCUMULATED NII PRIOR                            0
ACCUMULATED GAINS PRIOR                  2,633,255
OVERDISTRIB NII PRIOR                            0
OVERDIST NET GAINS PRIOR                         0
GROSS ADVISORY FEES                        727,292
INTEREST EXPENSE                                 0
GROSS EXPENSE                              778,934
AVERAGE NET ASSETS                    139,845,325
PER SHARE NAV BEGIN                          11.95
PER SHARE NII                                0.024
PER SHARE GAIN APPREC                        1.223
PER SHARE DIVIDEND                               0
PER SHARE DISTRIBUTIONS                      0.217
RETURNS OF CAPITAL                               0
PER SHARE NAV END                            12.98
EXPENSE RATIO                                 1.07
AVG DEBT OUTSTANDING                             0
AVG DEBT PER SHARE                               0
ARTICLE 6
RESTATED:
CIK: 0000751173
NAME: MANNING & NAPIER FUND, INC.
SERIES:
NAME: TECHNOLOGY SERIES
NUMBER: 4



MULTIPLIER                                      1
CURRENCY                                        1
FISCAL YEAR END                     DEC 31 1996
PERIOD START                        JAN 01 1996
PERIOD END                          JUN 30 1996
PERIOD TYPE                               6 MOS
EXCHANGE RATE                                   1
INVESTMENTS AT COST                    80,706,648
INVESTMENTS AT VALUE                   94,818,135
RECEIVABLES                             2,313,334
ASSETS OTHER                               73,683
OTHER ITEMS ASSETS                              0
TOTAL ASSETS                           97,205,152
PAYABLE FOR SECURITIES                  1,032,500
SENIOR LONG TERM DEBT                           0
OTHER ITEMS LIABILITIES                   121,994
TOTAL LIABILITIES                       1,154,494
SENIOR EQUITY                                   0
PAID IN CAPITAL COMMON                 85,797,962
SHARES COMMON STOCK                     8,815,458
SHARES COMMON PRIOR                     4,963,313
ACCUMULATED NII CURRENT                    59,770
OVERDISTRIBUTION NII                            0
ACCUMULATED NET GAINS                 (3,918,552)
OVERDISTRIBUTION GAINS                          0
ACCUM APPREC OR DEPREC                 14,111,478
NET ASSETS                             96,050,658
DIVIDEND INCOME                           159,868
INTEREST INCOME                           354,210
OTHER INCOME                                    0
EXPENSES NET                              453,935
NET INVESTMENT INCOME                      60,143
REALIZED GAINS CURRENT                (3,786,695)
APPREC INCREASE CURRENT                 8,760,166
NET CHANGE FROM OPS                     5,033,614
EQUALIZATION                                    0
DISTRIBUTIONS OF INCOME                    37,668
DISTRIBUTIONS OF GAINS                  2,465,985
DISTRIBUTIONS OTHER                             0
NUMBER OF SHARES SOLD                   3,860,417
NUMBER OF SHARES REDEEMED                 251,399
SHARES REINVESTED                         243,127
NET CHANGE IN ASSETS                   42,903,615
ACCUMULATED NII PRIOR                      37,295
ACCUMULATED GAINS PRIOR                 2,334,128
OVERDISTRIB NII PRIOR                           0
OVERDIST NET GAINS PRIOR                        0
GROSS ADVISORY FEES                       428,350
INTEREST EXPENSE                                0
GROSS EXPENSE                             453,935
AVERAGE NET ASSETS                     86,571,813
PER SHARE NAV BEGIN                         10.71
PER SHARE NII                               0.004
PER SHARE GAIN APPREC                       0.486
PER SHARE DIVIDEND                          0.005
PER SHARE DISTRIBUTIONS                     0.295
RETURNS OF CAPITAL                              0
PER SHARE NAV END                           10.90
EXPENSE RATIO                                1.06
AVG DEBT OUTSTANDING                            0
AVG DEBT PER SHARE                              0