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<PAGE> PAGE 2
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014 A000001 MORGAN STANLEY & CO., INC.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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SIGNATURE NICHOLAS DALMASO
TITLE ATTORNEY
PRICEWATERHOUSECOOPERS
PricewaterhouseCoopers LLP
200 East Randolph Drive
Chicago IL 60601
Telephone (312) 540 1500
To the Shareholders and
Board of Trustees of
the Van Kampen Emerging Growth Fund
In planning and performing our audit of the financial statements of Van Kampen
Emerging Growth Fund (the "Fund") for the year ended August 31, 1998, we
considered its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
control activities. Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control components does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of August 31, 1998.
This report is intended solely for the information and use of management and the
Board of Trustees of the Fund and the Securities and Exchange Commission.
PRICEWATERHOUSECOOPERS LLP
Chicago Illinois
October 2, 1998
<TABLE>
<CAPTION>
NSAR ITEM 77O
VK Emerging Growth Fund
10f-3 Transactions
Underwriting # Underwriting Purchased From Amount of shares % of Underwriting Date of Purchase
Purchased
<S> <C> <C> <C> <C> <C>
1 Applied Graphics Technologies Cowen & Co. 30,000 0.500% 09/03/97
2 Executive Risk Inc. Donaldson, Lufkin 20,000 2.000% 09/09/97
& Jenrette
3 Smart Modular Technologies Donaldson, Lufkin 20,000 0.966% 09/11/97
& Jenrette
4 Smart Modular Technologies Cowen & Co. 10,000 0.483% 09/11/97
5 Smart Modular Technologies Montgomery Securities 5,000 0.242% 09/11/97
6 NS Group Inc. Smith Barney 125,000 1.667% 09/18/97
7 Avis Rent A Car, Inc. Bear Stearns 145,000 0.744% 09/23/97
8 Allied Waste Industries, Inc. Goldman Sachs 50,000 0.309% 09/24/97
9 Nextlink Communications, Inc. Salomon Brothers 56,000 0.424% 09/26/97
10 Jones Apparel Group Merrill Lynch 8,500 0.189% 10/16/97
11 Jacor Communications, Inc. Donaldson, Lufkin 102,500 2.248% 02/03/98
& Jenrette
12 Univision Communications Inc. Donaldson, Lufkin 162,800 0.775% 02/10/98
& Jenrette
13 Steelcase, Inc. Wasserstein Perella 700 0.006% 02/17/98
14 Steelcase, Inc. Goldman Sachs 68,600 0.565% 02/17/98
15 DSET Corporation BT Alex Brown 20,000 0.571% 03/13/98
16 DSET Corporation Soundview 1,000 0.029% 03/13/98
17 Lexmark International Goldman Sachs 137,300 1.782% 03/18/98
18 Twinlab Corporation Bear Stearns 188,500 2.356% 04/07/98
19 SFX Entertainment, Inc. Goldman Sachs 106,500 1.521% 05/20/98
20 Capstar Broadcasting Corp. First Boston 509,500 1.644% 05/26/98
21 Republic Services, Inc. Merrill Lynch 315,300 0.618% 06/30/98
</TABLE>
<PAGE>
Other Firms participating in Underwriting:
Underwriting for #1
- -------------------
Cowen & Company
Bear, Stearns & Co. Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Montgomery Securities
Goldman, Sachs & Co.
Hambrecht & Quist LLC
Lehman Brothers Inc.
Morgan Stanley & Co. Incorporated
Oppenheimer & Co., Inc.
Prudential Securities Incorporated
Schroder & Co., Inc.
UBS Securities LLC
Wasserstein Perella Securities, Inc.
Arnhold and S. Bleichroeder, Inc.
J.C. Bradford & Co.
Crowell, Weedon & Co.
Janney Montgomery Scott Inc.
C.L. King & Associates, Inc.
McDonald & Company Securities, Inc.
Nesbitt Burns Securities Inc.
Neuberger & Berman
Piper Jaffray Inc.
Raymond James & Associates, Inc.
Muriel Siebort & Co., Inc.
Unterberg Harris
Williams Securities Group, Inc.
<PAGE>
Underwriting for #2
- -------------------
Donaldson, Lufkin & Jenrette Securities Corporation
Conning & Company
Oppenheimer & Co., Inc.
Chase Securities Inc.
J.P. Morgan Securities Inc.
Morgan Stanley & Co. Incorporated
Salomon Brothers Inc.
Sanford C. Bernstein & Co., Inc.
Dowling & Partners Securities, LLC
Fox-Pitt, Kelton Inc.
Underwriting for #3, 4 and 5
- ----------------------------
Donaldson, Lufkin & Jenrette Securities Corp.
Conning & Company
Oppenheimer & Co., Inc.
Chase Securities Inc.
J.P. Morgan Securities Inc.
Morgan Stanley & Co., Inc.
Salomon Brothers Inc.
Sanford C. Bernstein & Co., Inc.
Dowling & Partners Securities, Inc.
Dowling & Partners Securities, LLC
Fox-Pitt, Kelton Inc.
Underwriting for #6
- -------------------
Smith Barney Inc.
McDonald & Company Securities, Inc.
Raymond James & Associates, Inc.
ABN AMRO Chicago Corporation
Arnhold and S. Bleichroder, Inc.
George K. Baum & Company
Chase Securities Inc.
Credit Suisse First Boston Corporation
A.G. Edwards & Sons, Inc.
Fahnestock & Co. Inc.
J.J.B. Hilliard, W.L. Lyons, Inc.
<PAGE>
Morgan Stanley & Co., Incorporated
PaineWebber Incorporated
Ragen MacKenzie Incorporated
The Robinson-Humphrey Company, Inc.
Roney & Co.
Salomon Brothers Inc.
Sanders Morris Mundy Inc.
Stephens Inc.
Tucker Anthony Incorporated
Van Kasper & Company
Underwriting for #7
- -------------------
Bear, Stearns & Co., Inc.
Goldman, Sachs & Co.
Lehman Brothers Inc.
Montgomery Securities
Robertson, Stephens & Company LLC
Blaylock & Partners, L.P.
Chase Securities Inc.
ABN AMRO Chicago Corporation
BT Alex, Brown Inc.
Cowen & Company
Credit Suisse First Boston Corporation
Donaldson, Lufkin & Jenrette Securities Corporation
Furman Selz LLC
Lazard Freres & Co. LLC
Merrill Lynch, Inc.
J.P. Morgan Securities, Inc.
Morgan Stanley & Co., Inc.
Salomon Brothers Inc.
Smith Barney Inc.
Arnhold and S. Bleichroeder, Inc.
Gaines, Berland Inc.
McDonald & Company Securities, Inc.
Ormes Capital Markets, Inc.
Raymond James & Associates, Inc.
Sturdivant & Co., Inc.
<PAGE>
Underwriting for #8
- -------------------
Goldman, Sachs & Co.
Credit Suisse First Boston Corporation
Donaldson, Lufkin & Jenrette Securities Corporation
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
Robert W. Baird & Co. Incorporated
Bear, Stearns & Co. Inc.
Deutsche Morgan Grenfell Inc.
First Analysis Securities Corporation
Gruntal & Co., Incorporation
Edward D. Jones & Co.
Oppenheimer & Co., Inc.
Raymond James & Associates, Inc.
Salomon Brothers Inc.
Smith Barney Inc.
Wasserstein Perella Securities Inc.
Underwriting for #9
- -------------------
Salomon Brothers Inc.
Merrill Lynch Incorporated
Bear, Stearns & Co., Inc.
Lazard Freres & Co., LLC
BT Alex Brown Incorporated
Credit Suisse First Boston Corporation
Goldman, Sachs & Co.
Lehman Brothers Inc.
Montgomery Securities
Morgan Stanley & Co., Incorporated
Smith Barney Inc.
TD Securities Inc.
UBS Securities LLC
Dain Bosworth Incorporated
<PAGE>
Everen Securities, Inc.
Furman Selz LLC
McDonald & Company Securities, Inc.
Morgan Keegan, & Company, Inc.
Sutro & Co. Incorporated
Wheat First Butcher Singer
George K. Baum & Company
Hanifen, Imhoff Inc.
Pennsylvania Merchant Group Ltd
Ragen MacKenzie Incorporated
Underwriting #10
- ----------------
Merrill Lynch, Inc.
Bear, Stearns & Co., Inc.
Goldman, Sachs & Co.
BancAmerica Robertson Stephens
Dondaldson, Lufkin & Jenrette Securities Corp.
Lazard Freres & Co., LLC
J.P. Morgan Securities Inc.
Morgan Stanley & Co., Incorporated
Oppenheimer & Co., Inc.
SBC Warburg Dillon Read Inc.
The Buckingham Research Group Incorporated
Black & Company, Inc.
Morgan Keegan & Company, Inc.
Rodman & Reshaw, Inc.
Tucker Anthony Incorporated
Underwriting #11
- ----------------
Donaldson, Lufkin & Jenrette Securities Corporation
Goldman, Sachs & Co.
Morgan Stanley & Co. Incorporated
Salomon Smith Barney
Chase Securities Inc.
CIBC Oppenheimer Corp.
Dresdner Kleinwort Benson North America LLC
<PAGE>
NationsBanc Montgomery Securities LLC
Genesis Merchant Group Securities
TD Securities Inc.
Underwriting #12
- ----------------
Donaldson, Lufkin & Jenrette Securities Corporation
Goldman, Sachs & Co.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
BT Alex Brown Incorporated
NationsBanc Montgomery Securities LLC
Schroder & Co. Inc.
CIBC Oppenheimer Corp.
Deutsche Morgan Grenfell Inc.
Furman Selz LLC
Salomon Smith Barney
Arnhold and S. Bleichroeder, Inc.
Gabelli & Company, Inc.
Hoak Breedlove Wesneski & Co.
McDonald & Company Securities, Inc.
Tucker Anthony Incorporated
C.E. Unterberg, Towbin
Underwriting for #13 and 14
- ---------------------------
Goldman, Sachs & Co.
Bear, Stearns & Co., Inc.
Morgan Stanley & Co. Incorporated
Smith Barney Inc.
Robert W. Baird & Co. Incorporated
BT Alex Brown Incorporated
Credit Suisse First Boston Corporation
A.G. Edwards & Sons, Inc.
First of Michigan Corporation
Interstate/Johnson Lane Corporation
Edward D. Jones & Co., L.P.
McDonald & Company Securities, Inc.
<PAGE>
Merrill Lynch, Pierce, Fenner & Smith Incorporated
J.P. Morgan Securities Inc.
NationsBanc Montgomery Securities, Inc.
The Ohio Company
Raymond James & Associates, Inc.
Roney & Co., Inc.
Stifel, Nicolaus & Company, Incorporated
Tucker Anthony Incorporated
Wasserstein Perella Securities, Inc.
Wheat First Securities, Inc.
Underwriting for #15 and 16
- ---------------------------
BT Alex Brown Incorporated
BancAmerica Robertson Stephens
Soundview Financial Group, Inc.
CIBC Oppenheimer Corp.
Furman Selz LLC
Goldman, Sachs & Co.
Hambrecht & Quist LLC
Morgan Stanley & Co. Incorporated
NationsBanc Montgomery Securities, Inc.
SBC Warburg Dillon Read Inc.
UBS Securities LLC
Dominick & Dominick, Incorporated
Brad Peery Inc.
Loewenbaum & Company Incorporated
Pennsylvania Merchant Group
Tucker Anthony Incorporated
Volpe Brown Whelan & Company, LLC
Wessels, Arnold & Henderson, L.L.C.
Underwriting for #17
- --------------------
Goldman, Sachs & Co.
Lehman Brothers Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
Smith Barney Inc.
Underwriting for #18
- --------------------
Bear, Stearns & Co., Inc.
Donaldson, Lufkin & Jenrette Securities Corporation
Adams, Harkness & Hill, Inc.
Lehman Brothers Inc.
Smith Barney Inc.
BT Alex Brown Incorporated
Chase Securities Inc.
Cowen & Company
Credit Suisse First Boston Corporation
Dresdner Kleinwort Benson North America LLC
Furman Selz LLC
Hambrecht & Quist LLC
Merrill Lynch, Pierce Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
NationsBanc Montgomery Securities, Inc.
PaineWebber Incorporated
Commonwealth Associates
Gabelli & Company, Inc.
Gaines, Berland Inc.
Hanifen, Imhoff Inc.
<PAGE>
HSBC Securities, Inc.
J.W. Charles Securities, Inc.
Parker/Hunter Incorporated
Peper Jaffray Inc.
Raymond James & Associated, Inc.
Tucker Anthony Incorporated
Underwriting #19
- ----------------
Goldman, Sachs & Co.
Lehman Brothers Inc.
Bear, Stearns & Co., Inc.
Cowen & Company
Morgan Stanley & Co. Incorporated
Prudential Securities Incorporated
Underwriting #20
- ----------------
Credit Suisse First Boston Corporation
BT Alex Brown Incorporated
Morgan Stanley & Co. Incorporated
Bear, Stearns & Co., Inc.
Goldman, Sachs & Co.
NationsBanc Montgomery Securities, Inc.
Smith Barney Inc.
Underwriting #21
- ----------------
Merrill Lynch, Pierce Fenner & Smith Incorporated
Deutsche Bank Securities Inc.
Donaldson, Lufkin & Jenrette Securities Corporation
Allen & Company Incorporated
ABN AMRO Incorporated
<PAGE>
BT Alex Brown Incorporated
BancAmerica Robertson Stephens
Bear, Stearns & Co., Inc.
Stanford C. Bernstein & Co., Inc.
Blaylock & Partners, L.P.
Chatfield Dean & Company
CIBC Oppenheimer Corp.
Cleary Gull Reiland & McDevitt Inc.
First Analysis Securities Corporation
Fox-Pitt, Kelton Inc.
Furman Selz LLC
Gabelli &Company, Inc.
Goldman, Sachs & Co.
Morgan Stanley & Co. Incorporated
NationsBanc Montgomery Securities, Inc.
Neuberger & Berman, LLC
PaineWebber Incorporated
Raymond James & Associates, Inc.
Smith Barney Inc.
Utendahl Capital Partners, L.P.
Wheat First Securities, Inc.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> This item relates to the Fund on a composite
basis and not on a class basis
</LEGEND>
<SERIES>
<NUMBER> 11
<NAME> EMG GROWTH A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 2,963,566,935 <F1>
<INVESTMENTS-AT-VALUE> 3,532,896,052 <F1>
<RECEIVABLES> 43,312,972 <F1>
<ASSETS-OTHER> 78,594 <F1>
<OTHER-ITEMS-ASSETS> 5,702 <F1>
<TOTAL-ASSETS> 3,576,293,320 <F1>
<PAYABLE-FOR-SECURITIES> 34,955,286 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 28,248,947 <F1>
<TOTAL-LIABILITIES> 63,204,233 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,333,338,505
<SHARES-COMMON-STOCK> 5,102,606
<SHARES-COMMON-PRIOR> 48,248,427
<ACCUMULATED-NII-CURRENT> (190,102)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> 236,101,243 <F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 569,329,117 <F1>
<NET-ASSETS> 1,990,809,424
<DIVIDEND-INCOME> 7,760,392 <F1>
<INTEREST-INCOME> 11,628,014 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (51,836,171)<F1>
<NET-INVESTMENT-INCOME> (32,447,765)<F1>
<REALIZED-GAINS-CURRENT> 416,497,597 <F1>
<APPREC-INCREASE-CURRENT> (480,322,858)<F1>
<NET-CHANGE-FROM-OPS> (96,273,026)<F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (187,557,556)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 95,621,832
<NUMBER-OF-SHARES-REDEEMED> (93,766,322)
<SHARES-REINVESTED> 4,998,669
<NET-CHANGE-IN-ASSETS> (313,206,593)
<ACCUMULATED-NII-PRIOR> (124,673)<F1>
<ACCUMULATED-GAINS-PRIOR> 178,065,625 <F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 17,650,513 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 51,836,171 <F1>
<AVERAGE-NET-ASSETS> 2,273,779,271
<PER-SHARE-NAV-BEGIN> 40.844
<PER-SHARE-NII> (0.236)
<PER-SHARE-GAIN-APPREC> (0.726)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (3.753)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 36.129
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> This item relates to the Fund on a composite
basis and not on a class basis
</LEGEND>
<SERIES>
<NUMBER> 12
<NAME> EMG GROWTH B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 2,963,566,935 <F1>
<INVESTMENTS-AT-VALUE> 3,532,896,052 <F1>
<RECEIVABLES> 43,312,972 <F1>
<ASSETS-OTHER> 78,594 <F1>
<OTHER-ITEMS-ASSETS> 5,702 <F1>
<TOTAL-ASSETS> 3,576,293,320 <F1>
<PAYABLE-FOR-SECURITIES> 34,955,286 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 28,248,947 <F1>
<TOTAL-LIABILITIES> 63,204,233 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,221,172,216
<SHARES-COMMON-STOCK> 40,117,476
<SHARES-COMMON-PRIOR> 31,462,288
<ACCUMULATED-NII-CURRENT> (190,102)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> 236,101,243 <F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 569,329,117 <F1>
<NET-ASSETS> 1,357,592,499
<DIVIDEND-INCOME> 7,760,392 <F1>
<INTEREST-INCOME> 11,628,014 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (51,836,171)<F1>
<NET-INVESTMENT-INCOME> (32,447,765)<F1>
<REALIZED-GAINS-CURRENT> 416,497,597 <F1>
<APPREC-INCREASE-CURRENT> (480,322,858)<F1>
<NET-CHANGE-FROM-OPS> (96,273,026)<F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (124,329,647)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,867,712
<NUMBER-OF-SHARES-REDEEMED> (6,687,281)
<SHARES-REINVESTED> 3,474,757
<NET-CHANGE-IN-ASSETS> (106,573,977)
<ACCUMULATED-NII-PRIOR> (124,673)<F1>
<ACCUMULATED-GAINS-PRIOR> 178,065,625 <F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 17,650,513 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 51,836,171 <F1>
<AVERAGE-NET-ASSETS> 1,457,580,893
<PER-SHARE-NAV-BEGIN> 38.789
<PER-SHARE-NII> (0.399)
<PER-SHARE-GAIN-APPREC> (0.797)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (3.753)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 33.840
<EXPENSE-RATIO> 1.79
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> This item relates to the Fund on a composite
basis and not on a class basis
</LEGEND>
<SERIES>
<NUMBER> 13
<NAME> EMG GROWTH C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 2,963,566,935 <F1>
<INVESTMENTS-AT-VALUE> 3,532,896,052 <F1>
<RECEIVABLES> 43,312,972 <F1>
<ASSETS-OTHER> 78,594 <F1>
<OTHER-ITEMS-ASSETS> 5,702 <F1>
<TOTAL-ASSETS> 3,576,293,320 <F1>
<PAYABLE-FOR-SECURITIES> 34,955,286 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 28,248,947 <F1>
<TOTAL-LIABILITIES> 63,204,233 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 153,338,108
<SHARES-COMMON-STOCK> 4,788,731
<SHARES-COMMON-PRIOR> 3,556,170
<ACCUMULATED-NII-CURRENT> (190,102)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> 236,101,243 <F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 569,329,117 <F1>
<NET-ASSETS> 164,687,164
<DIVIDEND-INCOME> 7,760,392 <F1>
<INTEREST-INCOME> 11,628,014 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (51,836,171)<F1>
<NET-INVESTMENT-INCOME> (32,447,765)<F1>
<REALIZED-GAINS-CURRENT> 416,497,597 <F1>
<APPREC-INCREASE-CURRENT> (480,322,858)<F1>
<NET-CHANGE-FROM-OPS> (96,273,026)<F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (14,246,695)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,870,475
<NUMBER-OF-SHARES-REDEEMED> (1,991,360)
<SHARES-REINVESTED> 353,446
<NET-CHANGE-IN-ASSETS> (6,208,453)
<ACCUMULATED-NII-PRIOR> (124,673)<F1>
<ACCUMULATED-GAINS-PRIOR> 178,065,625 <F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 17,650,513 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 51,836,171 <F1>
<AVERAGE-NET-ASSETS> 171,876,613
<PER-SHARE-NAV-BEGIN> 39.351
<PER-SHARE-NII> (0.388)
<PER-SHARE-GAIN-APPREC> (0.819)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (3.753)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 34.391
<EXPENSE-RATIO> 1.79
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>
