MERRILL LYNCH REAL ESTATE FUND INC
NSAR-A, 1998-07-29
Previous: BACK BAY FUNDS INC, N-30D, 1998-07-29
Next: GENE LOGIC INC, S-4, 1998-07-29



<PAGE>      PAGE  1
000 A000000 05/31/98
000 C000000 0001043433
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 MERRILL LYNCH REAL ESTATE FUND, INC.
001 B000000 811-08389
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 MERRILL LYNCH 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 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
014 B000001 8-7221
015 A000001 BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
015 E010001 X
015 A000002 BANKERS TRUST COMPANY
015 B000002 S
015 C010002 NEW YORK
015 C020002 NY
015 C030002 10006
015 E010002 X
015 A000003 THE CHASE MANHATTAN BANK
015 B000003 S
015 C010003 NEW YORK
015 C020003 NY
015 C030003 10017
015 E010003 X
015 A000004 CUSTODIAL TRUST CO.
015 B000004 S
015 C010004 NEW YORK
015 C020004 NY
015 C030004 10167
015 E010004 X
015 A000005 MORGAN GUARANTEE TRUST CO.
015 B000005 S
015 C010005 NEW YORK
015 C020005 NY
015 C030005 10260
015 E010005 X
015 A000006 ROYAL BANK OF CANADA
015 B000006 S
015 C010006 CANADA
015 D010006 CANADA
015 E040006 X
015 A000007 CDS
015 B000007 S
015 C010007 CANADA
<PAGE>      PAGE  3
015 D010007 CANADA
015 E040007 X
015 A000008 THE CANADIAN DEPOSITORY
015 B000008 S
015 C010008 CANADA
015 D010008 CANADA
015 E040008 X
015 A000009 BANQUE PARIBAS
015 B000009 S
015 C010009 FRANCE
015 D010009 FRANCE
015 E040009 X
015 A000010 CREDIT COMMERCIAL DE FRANCE
015 B000010 S
015 C010010 FRANCE
015 D010010 FRANCE
015 E040010 X
015 A000011 SICOVAM
015 B000011 S
015 C010011 FRANCE
015 D010011 FRANCE
015 E040011 X
015 A000012 BANQUE DE FRANCE
015 B000012 S
015 C010012 FRANCE
015 D010012 FRANCE
015 E040012 X
018  000000 Y
019 A000000 Y
019 B000000  207
019 C000000 MERRILLLYN
020 A000001 MORGAN (J.P.) SECURITIES INC.
020 B000001 13-3224016
020 C000001     42
020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000002 13-5674085
020 C000002     27
020 A000003 LEGG MASON WOOD WALKER, INC.
020 B000003 52-0902557
020 C000003     19
020 A000004 PAINEWEBBER INCORPORATED
020 B000004 13-2638166
020 C000004     15
020 A000005 EVEREN SECURITIES, INC.
020 B000005 34-1542819
020 C000005     15
020 A000006 SMITH BARNEY INC.
020 B000006 13-1912900
020 C000006     14
020 A000007 PRUDENTIAL SECURITIES INCORPORATED
020 B000007 22-2347336
<PAGE>      PAGE  4
020 C000007     12
020 A000008 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000008 13-2741729
020 C000008     12
020 A000009 GOLDMAN, SACHS & CO.
020 B000009 13-5108880
020 C000009     11
020 A000010 BT ALEX. BROWN INCORPORATED
020 B000010 52-1319768
020 C000010      8
021  000000      233
022 A000001 GENERAL MOTORS ACCEPTANCE CORP.
022 C000001    167896
022 D000001         0
022 A000002 HSBC SECURITIES, INC.
022 B000002 13-2650272
022 C000002     66024
022 D000002         0
022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
022 C000003     35592
022 D000003         0
022 A000004 PRUDENTIAL SECURITIES INCORPORATED
022 B000004 22-2347336
022 C000004     32189
022 D000004         0
022 A000005 MORGAN (J.P.) SECURITIES INC.
022 B000005 13-3224016
022 C000005     17979
022 D000005     10122
022 A000006 MORGAN STANLEY & CO. INCORPORATED
022 B000006 13-2655998
022 C000006     24189
022 D000006         0
022 A000007 CHASE SECURITIES INC.
022 B000007 13-3112953
022 C000007      7372
022 D000007      5185
022 A000008 GENERAL ELECTRIC CAPITAL CORP.
022 C000008     12197
022 D000008         0
022 A000009 ASSOCIATE CORP. OF NORTH AMERICA
022 C000009     10177
022 D000009         0
022 A000010 FORD MOTOR CREDIT CORP.
022 C000010      6898
022 D000010         0
023 C000000     400395
023 D000000      18594
024  000000 N
026 A000000 N
<PAGE>      PAGE  5
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     46793
028 A020000         0
028 A030000         0
028 A040000       109
028 B010000     16510
028 B020000         0
028 B030000         0
028 B040000       637
028 C010000      7827
028 C020000         0
028 C030000         0
028 C040000       506
028 D010000      5220
028 D020000         0
028 D030000         0
028 D040000       846
028 E010000      4322
028 E020000       368
028 E030000         0
028 E040000      1083
028 F010000      2832
028 F020000         0
028 F030000         0
028 F040000      1055
028 G010000     83504
028 G020000       368
028 G030000         0
028 G040000      4236
028 H000000      9576
029  000000 Y
030 A000000    220
030 B000000  5.25
030 C000000  0.00
031 A000000      3
031 B000000      0
032  000000      0
033  000000    217
034  000000 Y
035  000000     22
036 A000000 Y
036 B000000      0
037  000000 N
<PAGE>      PAGE  6
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    263
044  000000      0
045  000000 Y
046  000000 N
047  000000 Y
048  000000  0.850
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
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
<PAGE>      PAGE  7
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     1000
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
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 N
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 Y
067  000000 N
068 A000000 N
068 B000000 N
069  000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
<PAGE>      PAGE  8
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
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000    101896
071 B000000     22656
071 C000000     51832
071 D000000   44
072 A000000  5
072 B000000      204
072 C000000     1309
072 D000000        0
072 E000000        0
072 F000000      251
072 G000000       17
072 H000000        0
072 I000000       28
072 J000000        7
072 K000000        0
072 L000000       42
072 M000000       11
072 N000000       29
072 O000000        0
072 P000000        0
<PAGE>      PAGE  9
072 Q000000        0
072 R000000        0
072 S000000       12
072 T000000      263
072 U000000        6
072 V000000        0
072 W000000        4
072 X000000      670
072 Y000000        0
072 Z000000      843
072AA000000      747
072BB000000      204
072CC010000        0
072CC020000     2112
072DD010000       84
072DD020000      415
072EE000000        0
073 A010000   0.0000
073 A020000   0.0000
073 B000000   0.0000
073 C000000   0.0000
074 A000000      257
074 B000000        0
074 C000000      822
074 D000000        0
074 E000000        0
074 F000000    77676
074 G000000        0
074 H000000        0
074 I000000        0
074 J000000      673
074 K000000        0
074 L000000      207
074 M000000      152
074 N000000    79787
074 O000000     1007
074 P000000      110
074 Q000000        0
074 R010000        0
074 R020000        0
074 R030000        0
074 R040000      159
074 S000000        0
074 T000000    78511
074 U010000     1083
074 U020000     6854
074 V010000     0.00
074 V020000     0.00
074 W000000   0.0000
074 X000000     5170
074 Y000000        0
<PAGE>      PAGE  10
075 A000000        0
075 B000000    69509
076  000000     0.00
077 A000000 Y
077 O000000 Y
078  000000 N
SIGNATURE   GERALD M. RICHARD                            
TITLE       TREASURER           
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001043433
<NAME> MERRILL LYNCH REAL ESTATE FUND, INC.
<SERIES>
   <NUMBER> 001
   <NAME> CLASS A
       
<S>                             <C>
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          NOV-30-1998
<PERIOD-START>                             DEC-26-1997
<PERIOD-END>                               MAY-31-1998
<INVESTMENTS-AT-COST>                         80607829
<INVESTMENTS-AT-VALUE>                        78498057
<RECEIVABLES>                                   880820
<ASSETS-OTHER>                                  408748
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                79787625
<PAYABLE-FOR-SECURITIES>                       1007161
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       268989
<TOTAL-LIABILITIES>                            1276150
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      79736246
<SHARES-COMMON-STOCK>                           218817
<SHARES-COMMON-PRIOR>                             2500
<ACCUMULATED-NII-CURRENT>                       343852
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         543319
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     (2111942)
<NET-ASSETS>                                   2168467
<DIVIDEND-INCOME>                              1309056
<INTEREST-INCOME>                               204287
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                (670434)
<NET-INVESTMENT-INCOME>                         842909
<REALIZED-GAINS-CURRENT>                        543319
<APPREC-INCREASE-CURRENT>                    (2111942)
<NET-CHANGE-FROM-OPS>                         (725714)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (16546)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         224256
<NUMBER-OF-SHARES-REDEEMED>                     (9238)
<SHARES-REINVESTED>                               1299
<NET-CHANGE-IN-ASSETS>                        78411475
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           250899
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 670434
<AVERAGE-NET-ASSETS>                           1674848
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                    .21
<PER-SHARE-GAIN-APPREC>                          (.21)
<PER-SHARE-DIVIDEND>                             (.09)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.91
<EXPENSE-RATIO>                                   1.36
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001043433
<NAME> MERRILL LYNCH REAL ESTATE FUND, INC.
<SERIES>
   <NUMBER> 002
   <NAME> CLASS B
       
<S>                             <C>
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          NOV-30-1998
<PERIOD-START>                             DEC-26-1997
<PERIOD-END>                               MAY-31-1998
<INVESTMENTS-AT-COST>                         80607829
<INVESTMENTS-AT-VALUE>                        78498057
<RECEIVABLES>                                   880820
<ASSETS-OTHER>                                  408748
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                79787625
<PAYABLE-FOR-SECURITIES>                       1007161
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       268989
<TOTAL-LIABILITIES>                            1276150
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      79736246
<SHARES-COMMON-STOCK>                          5715876
<SHARES-COMMON-PRIOR>                             2500
<ACCUMULATED-NII-CURRENT>                       343852
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         543319
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     (2111942)
<NET-ASSETS>                                  56524968
<DIVIDEND-INCOME>                              1309056
<INTEREST-INCOME>                               204287
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                (670434)
<NET-INVESTMENT-INCOME>                         842909
<REALIZED-GAINS-CURRENT>                        543319
<APPREC-INCREASE-CURRENT>                    (2111942)
<NET-CHANGE-FROM-OPS>                         (725714)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (344521)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        5930301
<NUMBER-OF-SHARES-REDEEMED>                   (241539)
<SHARES-REINVESTED>                              24614
<NET-CHANGE-IN-ASSETS>                        78411475
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           250899
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 670434
<AVERAGE-NET-ASSETS>                          50455595
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                    .16
<PER-SHARE-GAIN-APPREC>                          (.21)
<PER-SHARE-DIVIDEND>                             (.06)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.89
<EXPENSE-RATIO>                                   2.38
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001043433
<NAME> MERRILL LYNCH REAL ESTATE FUND, INC.
<SERIES>
   <NUMBER> 003
   <NAME> CLASS C
       
<S>                             <C>
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          NOV-30-1998
<PERIOD-START>                             DEC-26-1997
<PERIOD-END>                               MAY-31-1998
<INVESTMENTS-AT-COST>                         80607829
<INVESTMENTS-AT-VALUE>                        78498057
<RECEIVABLES>                                   880820
<ASSETS-OTHER>                                  408748
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                79787625
<PAYABLE-FOR-SECURITIES>                       1007161
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       268989
<TOTAL-LIABILITIES>                            1276150
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      79736246
<SHARES-COMMON-STOCK>                          1138616
<SHARES-COMMON-PRIOR>                             2500
<ACCUMULATED-NII-CURRENT>                       343852
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         543319
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     (2111942)
<NET-ASSETS>                                  11257366
<DIVIDEND-INCOME>                              1309056
<INTEREST-INCOME>                               204287
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                (670434)
<NET-INVESTMENT-INCOME>                         842909
<REALIZED-GAINS-CURRENT>                        543319
<APPREC-INCREASE-CURRENT>                    (2111942)
<NET-CHANGE-FROM-OPS>                         (725714)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (70360)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        1242753
<NUMBER-OF-SHARES-REDEEMED>                   (112446)
<SHARES-REINVESTED>                               5809
<NET-CHANGE-IN-ASSETS>                        78411475
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           250899
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 670434
<AVERAGE-NET-ASSETS>                           9352214
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                    .17
<PER-SHARE-GAIN-APPREC>                          (.21)
<PER-SHARE-DIVIDEND>                             (.07)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.89
<EXPENSE-RATIO>                                   2.38
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001043433
<NAME> MERRILL LYNCH REAL ESTATE FUND, INC.
<SERIES>
   <NUMBER> 004
   <NAME> CLASS D
       
<S>                             <C>
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          NOV-30-1998
<PERIOD-START>                             DEC-26-1997
<PERIOD-END>                               MAY-31-1998
<INVESTMENTS-AT-COST>                         80607829
<INVESTMENTS-AT-VALUE>                        78498057
<RECEIVABLES>                                   880820
<ASSETS-OTHER>                                  408748
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                79787625
<PAYABLE-FOR-SECURITIES>                       1007161
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       268989
<TOTAL-LIABILITIES>                            1276150
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      79736246
<SHARES-COMMON-STOCK>                           864276
<SHARES-COMMON-PRIOR>                             2500
<ACCUMULATED-NII-CURRENT>                       343852
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         543319
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     (2111942)
<NET-ASSETS>                                   8560674
<DIVIDEND-INCOME>                              1309056
<INTEREST-INCOME>                               204287
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                (670434)
<NET-INVESTMENT-INCOME>                         842909
<REALIZED-GAINS-CURRENT>                        543319
<APPREC-INCREASE-CURRENT>                    (2111942)
<NET-CHANGE-FROM-OPS>                         (725714)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (67630)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         913008
<NUMBER-OF-SHARES-REDEEMED>                    (55324)
<SHARES-REINVESTED>                               4092
<NET-CHANGE-IN-ASSETS>                        78411475
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           250899
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 670434
<AVERAGE-NET-ASSETS>                           8026329
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                    .22
<PER-SHARE-GAIN-APPREC>                          (.23)
<PER-SHARE-DIVIDEND>                             (.08)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.91
<EXPENSE-RATIO>                                   1.62
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission