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SIGNATURE HEIKO H. THIEME
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
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<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 13,165,842
<INVESTMENTS-AT-VALUE> 4,386,795
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<TOTAL-LIABILITIES> 85,775
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 61,463,182
<SHARES-COMMON-STOCK> 15,525,493
<SHARES-COMMON-PRIOR> 18,177,289
<ACCUMULATED-NII-CURRENT> (953,216)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (43,978,538)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8,779,046)
<NET-ASSETS> 4,348,413
<DIVIDEND-INCOME> 2,512
<INTEREST-INCOME> 15,344
<OTHER-INCOME> 0
<EXPENSES-NET> 729,835
<NET-INVESTMENT-INCOME> (711,979)
<REALIZED-GAINS-CURRENT> (953,216)
<APPREC-INCREASE-CURRENT> (9,400,650)
<NET-CHANGE-FROM-OPS> (11,065,845)
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-REDEEMED> 5,358,094
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (12,542,325)
<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> .93
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> (.61)
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</TABLE>
EXHIBIT 77(E)
The disclosure under the caption "Legal Proceedings" in the Registrant's
Prospectus dated November 6, 1998 filed pursuant to Rule 497 under the
Securities Act of 1933 is hereby incorporated by reference.
EXHIBIT K
(a) Not applicable
(b) On February 9, 1999, the Registrant engaged Mathieson Aitken
Jemison, LLP as the principal accountant to audit the Registrant's
financial statements.
