<PAGE> PAGE 1
000 A000000 06/30/99
000 C000000 0001007483
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 MERRILL LYNCH GLOBAL VALUE FUND, INC.
001 B000000 811-6180
001 C000000 6092822800
002 A000000 P.O. BOX 9011
002 B000000 PRINCETON
002 C000000 NJ
002 D010000 08543
002 D020000 9011
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 MERRILL LYNCH ASSET MANAGEMENT, L.P.
008 B000001 A
008 C000001 801-11583
008 D010001 PRINCETON
008 D020001 NJ
008 D030001 08543
008 D040001 9011
008 A000002 MERRILL LYNCH ASSET MANAGEMENT U.K., LTD.
008 B000002 S
008 C000002 801-31780
008 D010002 LONDON
008 D050002 ENGLAND
008 D060002 EC24 9LY
011 A000001 MERRILL LYNCH FUNDS DISTRIBUTOR, INC.
011 B000001 8-14663
011 C010001 PRINCETON
011 C020001 NJ
011 C030001 08543
<PAGE> PAGE 2
011 C040001 9011
012 A000001 FINANCIAL DATA SERVICES, INC.
012 B000001 84-01339
012 C010001 JACKSONVILLE
012 C020001 FL
012 C030001 32246
012 C040001 6484
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 PRINCETON
013 B020001 NJ
013 B030001 08540
014 A000001 MLPF&S AND OTHER ML BROKER/DEALER AFFILIATES
014 B000001 8-7221
015 A000001 BROWN BROTHERS HARRIMAN & CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02109
015 E010001 X
015 A000002 THE BANK OF NEW YORK
015 B000002 S
015 C010002 NEW YORK
015 C020002 NY
015 C030002 10286
015 E010002 X
015 A000003 BANKERS TRUST COMPANY
015 B000003 S
015 C010003 NEW YORK
015 C020003 NY
015 C030003 10006
015 E010003 X
015 A000004 THE CHASE MANHATTAN BANK
015 B000004 S
015 C010004 NEW YORK
015 C020004 NY
015 C030004 10017
015 E010004 X
015 A000005 CUSTODIAL TRUST CO.
015 B000005 S
015 C010005 NEW YORK
015 C020005 NY
015 C030005 10167
015 E010005 X
015 A000006 MORGAN GUARANTY TRUST CO. OF NEW YORK
015 B000006 S
015 C010006 NEW YORK
015 C020006 NY
015 C030006 10260
015 E010006 X
015 A000007 NATIONAL AUSTRALIA BANK LTD.
015 B000007 S
<PAGE> PAGE 3
015 C010007 MELBOURNE
015 D010007 AUSTRALIA
015 E040007 X
015 A000008 AUSTRACLEAR
015 B000008 S
015 C010008 AUSTRALIA
015 D010008 AUSTRALIA
015 E040008 X
015 A000009 RESERVE BANK OF AUSTRALIA
015 B000009 S
015 C010009 AUSTRALIA
015 D010009 AUSTRALIA
015 E040009 X
015 A000010 DEN DANSKE BANK
015 B000010 S
015 C010010 DENMARK
015 D010010 DENMARK
015 E040010 X
015 A000011 VP
015 B000011 S
015 C010011 DENMARK
015 D010011 DENMARK
015 E040011 X
015 A000012 THE SUMITOMO BANK, LTD.
015 B000012 S
015 C010012 JAPAN
015 D010012 JAPAN
015 E040012 X
015 A000013 BANK OF JAPAN
015 B000013 S
015 C010013 JAPAN
015 D010013 JAPAN
015 E040013 X
015 A000014 JASDEC
015 B000014 S
015 C010014 JAPAN
015 D010014 JAPAN
015 E040014 X
015 A000015 DRESDNER BANK
015 B000015 S
015 C010015 GERMANY
015 D010015 GERMANY
015 E040015 X
015 A000016 DBC
015 B000016 S
015 C010016 GERMANY
015 D010016 GERMANY
015 E040016 X
015 A000017 UBS AG
015 B000017 S
015 C010017 SWITZERLAND
<PAGE> PAGE 4
015 D010017 SWITZERLAND
015 E040017 X
015 A000018 SEGA
015 B000018 S
015 C010018 SWITZERLAND
015 D010018 SWITZERLAND
015 E040018 X
015 A000019 ALLIED IRISH BANKS, PLC.
015 B000019 S
015 C010019 IRELAND
015 D010019 IRELAND
015 E040019 X
015 A000020 CRESTCO.
015 B000020 S
015 C010020 IRELAND
015 D010020 IRELAND
015 E040020 X
015 A000021 GSO
015 B000021 S
015 C010021 IRELAND
015 D010021 IRELAND
015 E040021 X
015 A000022 ROYAL BANK OF SCOTLAND TRUST BANK
015 B000022 S
015 C010022 UNITED KINGDOM
015 D010022 UNITED KINGDOM
015 E040022 X
015 A000023 CGO
015 B000023 S
015 C010023 UNITED KINGDOM
015 D010023 UNITED KINGDOM
015 E040023 X
015 A000024 CMO
015 B000024 S
015 C010024 UNITED KINGDOM
015 D010024 UNITED KINGDOM
015 E040024 X
015 A000025 CRESTCO
015 B000025 S
015 C010025 UNITED KINGDOM
015 D010025 UNITED KINGDOM
015 E040025 X
018 000000 Y
019 A000000 Y
019 B000000 219
019 C000000 MERRILLLYN
020 A000001 SCHRODER & CO. INC.
020 B000001 13-2697272
020 C000001 615
020 A000002 SG COWEN SECURITIES CORPORATION
020 B000002 13-5616116
<PAGE> PAGE 5
020 C000002 277
020 A000003 BERNSTEIN (SANFORD C.) & CO., INC.
020 B000003 13-2625874
020 C000003 264
020 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000004 13-5674085
020 C000004 259
020 A000005 DEUTSCHE BANK SECURITIES INC.
020 B000005 13-2730828
020 C000005 201
020 A000006 MORGAN STANLEY & CO. INCORPORATED
020 B000006 13-2655998
020 C000006 197
020 A000007 PAINEWEBBER INCORPORATED
020 B000007 13-2638166
020 C000007 189
020 A000008 LEHMAN BROTHERS INC.
020 B000008 13-2518466
020 C000008 170
020 A000009 GOLDMAN, SACHS & CO.
020 B000009 13-5108880
020 C000009 125
020 A000010 CREDIT SUISSE FIRST BOSTON CORPORATION
020 B000010 13-5659485
020 C000010 115
021 000000 2897
022 A000001 GENERAL ELECTRIC CAPITAL CORP.
022 C000001 6728590
022 D000001 0
022 A000002 GENERAL MOTORS ACCEPTANCE CORP.
022 C000002 5066406
022 D000002 0
022 A000003 FORD MOTOR CREDIT CORP.
022 C000003 2101385
022 D000003 0
022 A000004 ASSOCIATED CORP. OF NORTH AMERICA
022 C000004 358566
022 D000004 0
022 A000005 MORGAN STANLEY & CO. INCORPORATED
022 B000005 13-2655998
022 C000005 0
022 D000005 175643
022 A000006 CHASE SECURITIES INC.
022 B000006 13-3112953
022 C000006 46942
022 D000006 0
022 A000007 BEAR, STEARNS & CO. INC.
022 B000007 13-3299429
022 C000007 0
022 D000007 18312
022 A000008 MORGAN (J.P.) SECURITIES INC.
<PAGE> PAGE 6
022 B000008 13-3224016
022 C000008 0
022 D000008 11825
022 A000009 GOLDMAN, SACHS & CO.
022 B000009 13-5108880
022 C000009 11125
022 D000009 0
022 A000010 SCHRODER & CO. INC.
022 B000010 13-2697272
022 C000010 0
022 D000010 9435
023 C000000 14313078
023 D000000 224002
024 000000 Y
025 A000001 THE GOLDMAN SACHS GROUP, INC.
025 C000001 E
025 D000001 15165
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
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
028 A010000 136159
028 A020000 0
028 A030000 0
028 A040000 52186
028 B010000 96636
028 B020000 0
028 B030000 0
028 B040000 59790
028 C010000 70088
028 C020000 2
028 C030000 0
028 C040000 81120
028 D010000 46436
028 D020000 0
028 D030000 0
028 D040000 101467
028 E010000 44616
<PAGE> PAGE 7
028 E020000 0
028 E030000 0
028 E040000 64080
028 F010000 24880
028 F020000 0
028 F030000 0
028 F040000 74135
028 G010000 418815
028 G020000 2
028 G030000 0
028 G040000 432778
028 H000000 54065
029 000000 Y
030 A000000 250
030 B000000 5.25
030 C000000 0.00
031 A000000 19
031 B000000 0
032 000000 0
033 000000 231
034 000000 Y
035 000000 2371
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 12132
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.750
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
<PAGE> PAGE 8
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
<PAGE> PAGE 9
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 Y
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
<PAGE> PAGE 10
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 960471
071 B000000 1003217
071 C000000 2801547
071 D000000 34
072 A000000 6
072 B000000 2741
072 C000000 19938
072 D000000 0
072 E000000 0
072 F000000 11055
072 G000000 88
072 H000000 0
072 I000000 1482
072 J000000 444
072 K000000 0
072 L000000 117
072 M000000 21
072 N000000 183
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 26
072 S000000 28
072 T000000 12132
072 U000000 9
072 V000000 0
072 W000000 18
072 X000000 25603
072 Y000000 0
072 Z000000 -2924
072AA000000 197503
072BB000000 196419
072CC010000 0
072CC020000 82241
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 7538
074 B000000 0
074 C000000 114668
074 D000000 0
074 E000000 31692
<PAGE> PAGE 11
074 F000000 2704423
074 G000000 0
074 H000000 0
074 I000000 12579
074 J000000 0
074 K000000 0
074 L000000 6129
074 M000000 27487
074 N000000 2904516
074 O000000 0
074 P000000 4108
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 6825
074 R040000 9818
074 S000000 0
074 T000000 2883765
074 U010000 45853
074 U020000 172000
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 20227
074 Y000000 0
075 A000000 0
075 B000000 2972373
076 000000 0.00
077 A000000 Y
077 O000000 Y
078 000000 N
SIGNATURE DONALD C. BURKE
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001007483
<NAME> MERRILL LYNCH GLOBAL VALUE FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 2576163240
<INVESTMENTS-AT-VALUE> 2856537075
<RECEIVABLES> 6128957
<ASSETS-OTHER> 35024717
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2897690749
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13925578
<TOTAL-LIABILITIES> 13925578
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2489353212
<SHARES-COMMON-STOCK> 14304377
<SHARES-COMMON-PRIOR> 14849041
<ACCUMULATED-NII-CURRENT> 8836013
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 66484499
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 319091447
<NET-ASSETS> 190827747
<DIVIDEND-INCOME> 19937549
<INTEREST-INCOME> 2741598
<OTHER-INCOME> 0
<EXPENSES-NET> (25603310)
<NET-INVESTMENT-INCOME> (2924163)
<REALIZED-GAINS-CURRENT> 1084030
<APPREC-INCREASE-CURRENT> (82240986)
<NET-CHANGE-FROM-OPS> (84081119)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4358728
<NUMBER-OF-SHARES-REDEEMED> (4903392)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (98042125)
<ACCUMULATED-NII-PRIOR> 11760176
<ACCUMULATED-GAINS-PRIOR> 65400469
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11054785
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 25603310
<AVERAGE-NET-ASSETS> 205815719
<PER-SHARE-NAV-BEGIN> 13.67
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> (.37)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 13.34
<PER-SHARE-NAV-END> .90
<EXPENSE-RATIO> 0
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001007483
<NAME> MERRILL LYNCH GLOBAL VALUE FUND, INC.
<SERIES>
<NUMBER> 002
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 2576163240
<INVESTMENTS-AT-VALUE> 2856537075
<RECEIVABLES> 6128957
<ASSETS-OTHER> 35024717
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2897690749
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13925578
<TOTAL-LIABILITIES> 13925578
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2489353212
<SHARES-COMMON-STOCK> 146087792
<SHARES-COMMON-PRIOR> 146115764
<ACCUMULATED-NII-CURRENT> 8836013
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 66484499
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 319091447
<NET-ASSETS> 1930588754
<DIVIDEND-INCOME> 19937549
<INTEREST-INCOME> 2741598
<OTHER-INCOME> 0
<EXPENSES-NET> (25603310)
<NET-INVESTMENT-INCOME> (2924163)
<REALIZED-GAINS-CURRENT> 1084030
<APPREC-INCREASE-CURRENT> (82240986)
<NET-CHANGE-FROM-OPS> (84081119)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20011992
<NUMBER-OF-SHARES-REDEEMED> (20039964)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (98042125)
<ACCUMULATED-NII-PRIOR> 11760176
<ACCUMULATED-GAINS-PRIOR> 65400469
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11054785
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 25603310
<AVERAGE-NET-ASSETS> 1987046570
<PER-SHARE-NAV-BEGIN> 13.61
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> (.37)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 13.22
<PER-SHARE-NAV-END> 1.92
<EXPENSE-RATIO> 0
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001007483
<NAME> MERRILL LYNCH GLOBAL VALUE FUND, INC.
<SERIES>
<NUMBER> 003
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 2576163240
<INVESTMENTS-AT-VALUE> 2856537075
<RECEIVABLES> 6128957
<ASSETS-OTHER> 35024717
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2897690749
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13925578
<TOTAL-LIABILITIES> 13925578
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2489353212
<SHARES-COMMON-STOCK> 25911717
<SHARES-COMMON-PRIOR> 26680958
<ACCUMULATED-NII-CURRENT> 8836013
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 66484499
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 319091447
<NET-ASSETS> 342437594
<DIVIDEND-INCOME> 19937549
<INTEREST-INCOME> 2741598
<OTHER-INCOME> 0
<EXPENSES-NET> (25603310)
<NET-INVESTMENT-INCOME> (2924163)
<REALIZED-GAINS-CURRENT> 1084030
<APPREC-INCREASE-CURRENT> (82240986)
<NET-CHANGE-FROM-OPS> (84081119)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3256821
<NUMBER-OF-SHARES-REDEEMED> (4026062)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (98042125)
<ACCUMULATED-NII-PRIOR> 11760176
<ACCUMULATED-GAINS-PRIOR> 65400469
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11054785
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 25603310
<AVERAGE-NET-ASSETS> 352912261
<PER-SHARE-NAV-BEGIN> 13.61
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> (.36)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 13.22
<PER-SHARE-NAV-END> 1.92
<EXPENSE-RATIO> 0
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001007483
<NAME> MERRILL LYNCH GLOBAL VALUE FUND, INC.
<SERIES>
<NUMBER> 004
<NAME> CLASS D
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 2576163240
<INVESTMENTS-AT-VALUE> 2856537075
<RECEIVABLES> 6128957
<ASSETS-OTHER> 35024717
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2897690749
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13925578
<TOTAL-LIABILITIES> 13925578
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2489353212
<SHARES-COMMON-STOCK> 31548505
<SHARES-COMMON-PRIOR> 31279014
<ACCUMULATED-NII-CURRENT> 8836013
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 66484499
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 319091447
<NET-ASSETS> 419911076
<DIVIDEND-INCOME> 19937549
<INTEREST-INCOME> 2741598
<OTHER-INCOME> 0
<EXPENSES-NET> (25603310)
<NET-INVESTMENT-INCOME> (2924163)
<REALIZED-GAINS-CURRENT> 1084030
<APPREC-INCREASE-CURRENT> (82240986)
<NET-CHANGE-FROM-OPS> (84081119)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5072662
<NUMBER-OF-SHARES-REDEEMED> (4803171)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (98042125)
<ACCUMULATED-NII-PRIOR> 11760176
<ACCUMULATED-GAINS-PRIOR> 65400469
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11054785
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 25603310
<AVERAGE-NET-ASSETS> 426598511
<PER-SHARE-NAV-BEGIN> 13.65
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> (.34)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 13.31
<PER-SHARE-NAV-END> 1.15
<EXPENSE-RATIO> 0
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>