GAM FUNDS INC
NSAR-A, 1997-08-27
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<PAGE>      PAGE  1
000 A000000 06/30/97
000 C000000 0000749155
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 GAM FUNDS, INC.
001 B000000 811-4062
001 C000000 2124074766
002 A000000 135 E. 57TH STREET
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10022
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  8
007 C010100  1
007 C020100 GAM INTERNATIONAL FUND
007 C030100 N
007 C010200  2
007 C020200 GAM GLOBAL FUND
007 C030200 N
007 C010300  3
007 C010400  4
007 C020400 GAM PACIFIC BASIN FUND
007 C030400 N
007 C010500  5
007 C020500 GAM EUROPE FUND
007 C030500 N
007 C010600  6
007 C020600 GAM NORTH AMERICA FUND
007 C030600 N
007 C010700  7
007 C020700 GAM JAPAN CAPITAL FUND
007 C030700 N
007 C010800  8
007 C020800 GAM ASIAN CAPITAL FUND
007 C030800 N
007 C010900  9
007 C020900 GAMERICA CAPITAL FUND
007 C030900 N
007 C011000 10
011 A00AA01 GAM SERVICES INC.
011 B00AA01 8-025631
011 C01AA01 NEW YORK
<PAGE>      PAGE  2
011 C02AA01 NY
011 C03AA01 10022
012 A00AA01 CHASE GLOBAL FUNDS SERVICE COMPANY INC.
012 B00AA01 84-1234
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02108
012 C04AA01 3913
013 A00AA01 COOPERS & LYBRAND
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10019
014 A00AA01 GAM SERVICES INC.
014 B00AA01 8-025631
015 A00AA01 BROWN BROTHERS HARRIMAN & CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02109
015 E04AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00    8
019 C00AA00 GAMFUNDSIN
020 A000001 HSBC JAMES CAPEL
020 B000001 52-1348224
020 C000001    419
020 A000002 SALOMON BROTHERS, INC.
020 B000002 13-3082694
020 C000002    237
020 A000003 COMMERZBANK
020 B000003 00-0000000
020 C000003    228
020 A000004 SCHROEDER SECURITIES
020 B000004 00-0000000
020 C000004    203
020 A000005 KIM ENG SECURITIES LTD
020 B000005 13-2572209
020 C000005    158
020 A000006 NATWEST INTERNATIONAL SECURITIES
020 B000006 00-0000000
020 C000006    158
020 A000007 EXANE
020 B000007 00-0000000
020 C000007    132
020 A000008 MERRILL LYNCH PIERCE FENNER & SMITH, INC.
020 B000008 13-5674085
020 C000008    127
020 A000009 HOARE GOVETT
020 B000009 00-0000000
020 C000009     93
<PAGE>      PAGE  3
020 A000010 YAMAICHI INTL.
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022 A000003 DEUTSCHE BANK
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022 A000004 DONALDSON LUFKIN & JENRETTE SECURITIES CORP.
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022 A000005 DEUTSCHE GENOSSENSCHAFTS BANK
022 B000005 00-0000000
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022 A000008 SOCIETE GENERALE
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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080 A00AA00 VIGILANT INSURANCE COMPANY
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010 A000101 BROWN BROTHERS HARRIMAN & CO.
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025 B000101 13-2741729
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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008 A000201 GAM INTERNATIONAL MANAGEMENT LIMITED
008 B000201 A
008 C000201 801-22307
008 D010201 LONDON
<PAGE>      PAGE  10
008 D050201 ENGLAND
010 A000201 BROWN BROTHERS HARRIMAN & CO.
010 C010201 BOSTON
010 C020201 MA
010 C030201 02108
024  000200 Y
025 A000201 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
025 B000201 13-2741729
025 C000201 E
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025 A000202 MERRILL LYNCH PIERCE FENNER & SMITH, INC.
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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008 A000401 GAM INTERNATIONAL MANAGEMENT LIMITED
008 B000401 A
008 C000401 801-22307
008 D010401 LONDON
008 D050401 ENGLAND
010 A000401 BROWN BROTHERS HARRIMAN & CO.
010 C010401 BOSTON
010 C020401 MA
010 C030401 02108
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025 A000401 KIM ENG HOLDINGS
025 B000401 13-2572209
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<PAGE>      PAGE  18
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<PAGE>      PAGE  20
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<PAGE>      PAGE  37
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072 P000800        9
072 Q000800        0
072 R000800        8
072 S000800        2
072 T000800        6
072 U000800        2
072 V000800        0
072 W000800        6
072 X000800       89
072 Y000800        0
072 Z000800      -35
072AA000800        0
072BB000800      226
072CC010800       93
072CC020800        0
072DD010800        0
072DD020800        0
072EE000800        0
073 A010800   0.0000
073 A020800   0.0000
073 B000800   0.0000
073 C000800   0.0000
074 A000800       42
074 B000800        0
074 C000800        0
074 D000800        0
074 E000800        0
074 F000800     1850
074 G000800        0
074 H000800        0
074 I000800        8
074 J000800       72
074 K000800        0
074 L000800       25
074 M000800        0
074 N000800     1997
074 O000800       77
074 P000800        0
074 Q000800        0
074 R010800        0
074 R020800        0
074 R030800        0
074 R040800       61
074 S000800        0
074 T000800     1859
074 U010800   188572
074 U020800        0
074 V010800     9.86
<PAGE>      PAGE  39
074 V020800     0.00
074 W000800   0.0000
074 X000800      164
074 Y000800        0
075 A000800        0
075 B000800     3832
076  000800     0.00
008 A000901 GAM INTERNATIONAL MANAGMENT LIMITED
008 B000901 A
008 C000901 801-22307
008 D010901 LONDON
008 D050901 ENGLAND
010 A000901 BROWN BROTHERS HARRIMAN & CO.
010 C010901 BOSTON
010 C020901 MA
010 C030901 02108
024  000900 N
025 D000901       0
025 D000902       0
025 D000903       0
025 D000904       0
025 D000905       0
025 D000906       0
025 D000907       0
025 D000908       0
028 A010900        33
028 A020900         0
028 A030900         0
028 A040900         0
028 B010900        68
028 B020900         0
028 B030900         0
028 B040900        14
028 C010900        23
028 C020900         0
028 C030900         0
028 C040900        80
028 D010900       102
028 D020900         0
028 D030900         0
028 D040900       140
028 E010900         1
028 E020900         0
028 E030900         0
028 E040900        84
028 F010900         1
028 F020900         0
028 F030900         0
028 F040900        52
028 G010900       228
028 G020900         0
<PAGE>      PAGE  40
028 G030900         0
028 G040900       370
028 H000900       228
029  000900 Y
030 A000900      4
030 B000900  5.00
030 C000900  0.00
031 A000900      4
031 B000900      0
032  000900      0
033  000900      0
037  000900 N
038  000900      0
039  000900 Y
040  000900 Y
041  000900 Y
042 A000900   0
042 B000900   0
042 C000900  17
042 D000900  83
042 E000900   0
042 F000900   0
042 G000900   0
042 H000900   0
043  000900      3
044  000900      4
045  000900 Y
046  000900 N
047  000900 Y
048  000900  1.000
048 A010900        0
048 A020900 0.000
048 B010900        0
048 B020900 0.000
048 C010900        0
048 C020900 0.000
048 D010900        0
048 D020900 0.000
048 E010900        0
048 E020900 0.000
048 F010900        0
048 F020900 0.000
048 G010900        0
048 G020900 0.000
048 H010900        0
048 H020900 0.000
048 I010900        0
048 I020900 0.000
048 J010900        0
048 J020900 0.000
048 K010900        0
<PAGE>      PAGE  41
048 K020900 0.000
049  000900 N
050  000900 N
051  000900 N
052  000900 N
053 A000900 Y
053 B000900 Y
055 A000900 Y
055 B000900 N
056  000900 Y
057  000900 N
066 A000900 Y
066 B000900 Y
067  000900 N
068 A000900 N
068 B000900 N
069  000900 N
070 A010900 Y
070 A020900 N
070 B010900 Y
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 Y
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 Y
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 N
070 L010900 Y
070 L020900 N
070 M010900 Y
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 Y
070 Q020900 N
<PAGE>      PAGE  42
070 R010900 Y
070 R020900 N
071 A000900         0
071 B000900         0
071 C000900      1937
071 D000900    0
072 A000900  6
072 B000900        1
072 C000900       10
072 D000900        0
072 E000900        0
072 F000900       10
072 G000900        1
072 H000900        0
072 I000900        2
072 J000900        6
072 K000900        0
072 L000900        4
072 M000900        0
072 N000900        0
072 O000900        0
072 P000900        2
072 Q000900        0
072 R000900        7
072 S000900        2
072 T000900        3
072 U000900        2
072 V000900        0
072 W000900        6
072 X000900       45
072 Y000900        0
072 Z000900      -35
072AA000900        0
072BB000900        0
072CC010900        0
072CC020900      271
072DD010900        0
072DD020900        0
072EE000900        0
073 A010900   0.0000
073 A020900   0.0000
073 B000900   0.0000
073 C000900   0.0000
074 A000900        0
074 B000900        0
074 C000900        0
074 D000900        0
074 E000900        0
074 F000900     2177
074 G000900        0
074 H000900        0
<PAGE>      PAGE  43
074 I000900        0
074 J000900        0
074 K000900        0
074 L000900       17
074 M000900        0
074 N000900     2194
074 O000900        0
074 P000900       22
074 Q000900        0
074 R010900        0
074 R020900        0
074 R030900        0
074 R040900      154
074 S000900        0
074 T000900     2018
074 U010900   164172
074 U020900        0
074 V010900    12.29
074 V020900     0.00
074 W000900   0.0000
074 X000900       63
074 Y000900        0
075 A000900        0
075 B000900     1906
076  000900     0.00
030 A001000      0
030 B001000  0.00
030 C001000  0.00
SIGNATURE   CATHERINE VACCA                              
TITLE       DEPUTY MANAGER      
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

		
		
<ARTICLE>	6	
     <SERIES>		
     <NUMBER>	001	
     <NAME>	Class A	
<MULTIPLIER>	1	
       		
<S>	<C>	
<PERIOD-TYPE>	6-mos	
<FISCAL-YEAR-END>		Dec-31-1997
<PERIOD-START>		Jan-01-1997
<PERIOD-END>		Jun-30-1997
<INVESTMENTS-AT-COST>		"1,146,460,053"
<INVESTMENTS-AT-VALUE>		"1,438,605,001 "
<RECEIVABLES>		"107,118,306 "
<ASSETS-OTHER>		"55,045,878 "
<OTHER-ITEMS-ASSETS>		0 
<TOTAL-ASSETS>		"1,600,769,185 "
<PAYABLE-FOR-SECURITIES>		"114,415,130 "
<SENIOR-LONG-TERM-DEBT>		0 
<OTHER-ITEMS-LIABILITIES>		"5,362,402 "
<TOTAL-LIABILITIES>		"119,777,532 "
<SENIOR-EQUITY>		0 
<PAID-IN-CAPITAL-COMMON>		"1,129,863,492 "
<SHARES-COMMON-STOCK>		"51,212,732 "
<SHARES-COMMON-PRIOR>		"43,624,803 "
<ACCUMULATED-NII-CURRENT>		"14,793,133 "
<OVERDISTRIBUTION-NII>		0 
<ACCUMULATED-NET-GAINS>		"15,213,280 "
<OVERDISTRIBUTION-GAINS>		0 
<ACCUM-APPREC-OR-DEPREC>		"321,121,748 "
<NET-ASSETS>		"1,480,991,653 "
<DIVIDEND-INCOME>		"14,889,244 "
<INTEREST-INCOME>		"2,296,369 "
<OTHER-INCOME>		0 
<EXPENSES-NET>		"10,240,834 "
<NET-INVESTMENT-INCOME>		"6,994,779 "
<REALIZED-GAINS-CURRENT>		"19,764,356 "
<APPREC-INCREASE-CURRENT>		"194,429,148 "
<NET-CHANGE-FROM-OPS>		"221,138,283 "
<EQUALIZATION>		0 
<DISTRIBUTIONS-OF-INCOME>		0 
<DISTRIBUTIONS-OF-GAINS>		0 
<DISTRIBUTIONS-OTHER>		0 
<NUMBER-OF-SHARES-SOLD>		"346,241,103 "
<NUMBER-OF-SHARES-REDEEMED>		"(150,800,008)"
<SHARES-REINVESTED>		0 
<NET-CHANGE-IN-ASSETS>		"211,318,038 "
<ACCUMULATED-NII-PRIOR>		"7,848,354 "
<ACCUMULATED-GAINS-PRIOR>		0 
<OVERDISTRIB-NII-PRIOR>		0 
<OVERDIST-NET-GAINS-PRIOR>		"(4,551,076)"
<GROSS-ADVISORY-FEES>		"6,038,043 "
<INTEREST-EXPENSE>		"18,611 "
<GROSS-EXPENSE>		"10,240,834 "
<AVERAGE-NET-ASSETS>		"1,208,178,077 "
<PER-SHARE-NAV-BEGIN>		23.15 
<PER-SHARE-NII>		.14 
<PER-SHARE-GAIN-APPREC>		4.39 
<PER-SHARE-DIVIDEND>		0 
<PER-SHARE-DISTRIBUTIONS>		0 
<RETURNS-OF-CAPITAL>		0 
<PER-SHARE-NAV-END>		27.68 
<EXPENSE-RATIO>		1.70 
<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	
     <SERIES>		
     <NUMBER>	001	
     <NAME>	Class D	
<MULTIPLIER>	1	
       		
<S>	<C>	
<PERIOD-TYPE>	6-mos	
<FISCAL-YEAR-END>		Dec-31-1997
<PERIOD-START>		Jan-01-1997
<PERIOD-END>		Jun-30-1997
<INVESTMENTS-AT-COST>		"1,146,460,053"
<INVESTMENTS-AT-VALUE>		"1,438,605,001 "
<RECEIVABLES>		"107,118,306 "
<ASSETS-OTHER>		"55,045,878 "
<OTHER-ITEMS-ASSETS>		0 
<TOTAL-ASSETS>		"1,600,769,185 "
<PAYABLE-FOR-SECURITIES>		"114,415,130 "
<SENIOR-LONG-TERM-DEBT>		0 
<OTHER-ITEMS-LIABILITIES>		"5,362,402 "
<TOTAL-LIABILITIES>		"119,777,532 "
<SENIOR-EQUITY>		0 
<PAID-IN-CAPITAL-COMMON>		"1,129,863,492 "
<SHARES-COMMON-STOCK>		"2,295,458 "
<SHARES-COMMON-PRIOR>		"1,677,964 "
<ACCUMULATED-NII-CURRENT>		"14,793,133 "
<OVERDISTRIBUTION-NII>		0 
<ACCUMULATED-NET-GAINS>		"15,213,280 "
<OVERDISTRIBUTION-GAINS>		0 
<ACCUM-APPREC-OR-DEPREC>		"321,121,748 "
<NET-ASSETS>		"1,480,991,653 "
<DIVIDEND-INCOME>		"14,889,244 "
<INTEREST-INCOME>		"2,296,369 "
<OTHER-INCOME>		0 
<EXPENSES-NET>		"10,240,834 "
<NET-INVESTMENT-INCOME>		"6,994,779 "
<REALIZED-GAINS-CURRENT>		"19,764,356 "
<APPREC-INCREASE-CURRENT>		"194,429,148 "
<NET-CHANGE-FROM-OPS>		"221,138,283 "
<EQUALIZATION>		0 
<DISTRIBUTIONS-OF-INCOME>		0 
<DISTRIBUTIONS-OF-GAINS>		0 
<DISTRIBUTIONS-OTHER>		0 
<NUMBER-OF-SHARES-SOLD>		"21,072,547 "
<NUMBER-OF-SHARES-REDEEMED>		"(5,195,604)"
<SHARES-REINVESTED>		0 
<NET-CHANGE-IN-ASSETS>		"211,318,038 "
<ACCUMULATED-NII-PRIOR>		"7,848,354 "
<ACCUMULATED-GAINS-PRIOR>		0 
<OVERDISTRIB-NII-PRIOR>		0 
<OVERDIST-NET-GAINS-PRIOR>		"(4,551,076)"
<GROSS-ADVISORY-FEES>		"6,038,043 "
<INTEREST-EXPENSE>		"18,611 "
<GROSS-EXPENSE>		"10,240,834 "
<AVERAGE-NET-ASSETS>		"1,208,178,077 "
<PER-SHARE-NAV-BEGIN>		23.07 
<PER-SHARE-NII>		.13 
<PER-SHARE-GAIN-APPREC>		4.38 
<PER-SHARE-DIVIDEND>		0 
<PER-SHARE-DISTRIBUTIONS>		0 
<RETURNS-OF-CAPITAL>		0 
<PER-SHARE-NAV-END>		27.58 
<EXPENSE-RATIO>		1.84 
<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	
     <SERIES>		
     <NUMBER>	001	
     <NAME>	Class A	
<MULTIPLIER>	1	
       		
<S>	<C>	
<PERIOD-TYPE>	6-mos	
<FISCAL-YEAR-END>		Dec-31-1997
<PERIOD-START>		Jan-1-1997
<PERIOD-END>		Jun-30-1997
<INVESTMENTS-AT-COST>		"24,315,552 "
<INVESTMENTS-AT-VALUE>		"31,696,774 "
<RECEIVABLES>		"770,104 "
<ASSETS-OTHER>		"2,140,568 "
<OTHER-ITEMS-ASSETS>		0 
<TOTAL-ASSETS>		"34,607,446 "
<PAYABLE-FOR-SECURITIES>		"1,486,694 "
<SENIOR-LONG-TERM-DEBT>		0 
<OTHER-ITEMS-LIABILITIES>		"116,262 "
<TOTAL-LIABILITIES>		"1,602,956 "
<SENIOR-EQUITY>		0 
<PAID-IN-CAPITAL-COMMON>		"24,500,255 "
<SHARES-COMMON-STOCK>		"1,833,548 "
<SHARES-COMMON-PRIOR>		"1,364,575 "
<ACCUMULATED-NII-CURRENT>		0 
<OVERDISTRIBUTION-NII>		"(56,821)"
<ACCUMULATED-NET-GAINS>		"950,188 "
<OVERDISTRIBUTION-GAINS>		0 
<ACCUM-APPREC-OR-DEPREC>		"7,610,868 "
<NET-ASSETS>		"33,004,490 "
<DIVIDEND-INCOME>		"243,453 "
<INTEREST-INCOME>		"46,674 "
<OTHER-INCOME>		0 
<EXPENSES-NET>		"256,586 "
<NET-INVESTMENT-INCOME>		"33,541 "
<REALIZED-GAINS-CURRENT>		"930,471 "
<APPREC-INCREASE-CURRENT>		"3,750,994 "
<NET-CHANGE-FROM-OPS>		"4,715,006 "
<EQUALIZATION>		0 
<DISTRIBUTIONS-OF-INCOME>		0 
<DISTRIBUTIONS-OF-GAINS>		0 
<DISTRIBUTIONS-OTHER>		0 
<NUMBER-OF-SHARES-SOLD>		"19,052,693 "
<NUMBER-OF-SHARES-REDEEMED>		"11,415,473 "
<SHARES-REINVESTED>		0 
<NET-CHANGE-IN-ASSETS>		"7,891,221 "
<ACCUMULATED-NII-PRIOR>		0 
<ACCUMULATED-GAINS-PRIOR>		"19,717 "
<OVERDISTRIB-NII-PRIOR>		"(90,362)"
<OVERDIST-NET-GAINS-PRIOR>		0 
<GROSS-ADVISORY-FEES>		"123,978 "
<INTEREST-EXPENSE>		"7,068 "
<GROSS-EXPENSE>		"256,586 "
<AVERAGE-NET-ASSETS>		"24,814,454 "
<PER-SHARE-NAV-BEGIN>		14.35 
<PER-SHARE-NII>		.02 
<PER-SHARE-GAIN-APPREC>		2.95 
<PER-SHARE-DIVIDEND>		0 
<PER-SHARE-DISTRIBUTIONS>		0 
<RETURNS-OF-CAPITAL>		0 
<PER-SHARE-NAV-END>		17.32 
<EXPENSE-RATIO>		2.08 
<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	
     <SERIES>		
     <NUMBER>	001	
     <NAME>	Class D	
<MULTIPLIER>	1	
       		
<S>	<C>	
<PERIOD-TYPE>	6-mos	
<FISCAL-YEAR-END>		Dec-31-1997
<PERIOD-START>		Jan-1-1997
<PERIOD-END>		Jun-30-1997
<INVESTMENTS-AT-COST>		"24,315,552 "
<INVESTMENTS-AT-VALUE>		"31,696,774 "
<RECEIVABLES>		"770,104 "
<ASSETS-OTHER>		"2,140,568 "
<OTHER-ITEMS-ASSETS>		0 
<TOTAL-ASSETS>		"34,607,446 "
<PAYABLE-FOR-SECURITIES>		"1,486,694 "
<SENIOR-LONG-TERM-DEBT>		0 
<OTHER-ITEMS-LIABILITIES>		"116,262 "
<TOTAL-LIABILITIES>		"1,602,956 "
<SENIOR-EQUITY>		0 
<PAID-IN-CAPITAL-COMMON>		"24,500,255 "
<SHARES-COMMON-STOCK>		"72,577 "
<SHARES-COMMON-PRIOR>		"57,348 "
<ACCUMULATED-NII-CURRENT>		0 
<OVERDISTRIBUTION-NII>		"(56,821)"
<ACCUMULATED-NET-GAINS>		"950,188 "
<OVERDISTRIBUTION-GAINS>		0 
<ACCUM-APPREC-OR-DEPREC>		"7,610,868 "
<NET-ASSETS>		"33,004,490 "
<DIVIDEND-INCOME>		"243,453 "
<INTEREST-INCOME>		"46,674 "
<OTHER-INCOME>		0 
<EXPENSES-NET>		"256,586 "
<NET-INVESTMENT-INCOME>		"33,541 "
<REALIZED-GAINS-CURRENT>		"930,471 "
<APPREC-INCREASE-CURRENT>		"3,750,994 "
<NET-CHANGE-FROM-OPS>		"4,715,006 "
<EQUALIZATION>		0 
<DISTRIBUTIONS-OF-INCOME>		0 
<DISTRIBUTIONS-OF-GAINS>		0 
<DISTRIBUTIONS-OTHER>		0 
<NUMBER-OF-SHARES-SOLD>		"377,143 "
<NUMBER-OF-SHARES-REDEEMED>		"123,142 "
<SHARES-REINVESTED>		0 
<NET-CHANGE-IN-ASSETS>		"7,891,221 "
<ACCUMULATED-NII-PRIOR>		0 
<ACCUMULATED-GAINS-PRIOR>		"19,717 "
<OVERDISTRIB-NII-PRIOR>		"(90,362)"
<OVERDIST-NET-GAINS-PRIOR>		0 
<GROSS-ADVISORY-FEES>		"123,978 "
<INTEREST-EXPENSE>		"7,068 "
<GROSS-EXPENSE>		"256,586 "
<AVERAGE-NET-ASSETS>		"24,814,454 "
<PER-SHARE-NAV-BEGIN>		14.22 
<PER-SHARE-NII>		.01 
<PER-SHARE-GAIN-APPREC>		2.93 
<PER-SHARE-DIVIDEND>		0 
<PER-SHARE-DISTRIBUTIONS>		0 
<RETURNS-OF-CAPITAL>		0 
<PER-SHARE-NAV-END>		17.16 
<EXPENSE-RATIO>		2.25 
<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	
     <SERIES>		
     <NUMBER>	001	
     <NAME>	Class A	
<MULTIPLIER>	1	
       		
<S>	<C>	
<PERIOD-TYPE>	6-mos	
<FISCAL-YEAR-END>		Dec-31-1997
<PERIOD-START>		Jan-1-1997
<PERIOD-END>		Jun-30-1997
<INVESTMENTS-AT-COST>		"56,726,746 "
<INVESTMENTS-AT-VALUE>		"57,572,464 "
<RECEIVABLES>		"651,593 "
<ASSETS-OTHER>		"5,050,511 "
<OTHER-ITEMS-ASSETS>		0 
<TOTAL-ASSETS>		"63,274,568 "
<PAYABLE-FOR-SECURITIES>		"418,678 "
<SENIOR-LONG-TERM-DEBT>		0 
<OTHER-ITEMS-LIABILITIES>		"1,070,251 "
<TOTAL-LIABILITIES>		"1,488,929 "
<SENIOR-EQUITY>		0 
<PAID-IN-CAPITAL-COMMON>		"58,629,320 "
<SHARES-COMMON-STOCK>		"3,532,968 "
<SHARES-COMMON-PRIOR>		"3,263,162 "
<ACCUMULATED-NII-CURRENT>		0 
<OVERDISTRIBUTION-NII>		"(236,901)"
<ACCUMULATED-NET-GAINS>		"3,269,267 "
<OVERDISTRIBUTION-GAINS>		0 
<ACCUM-APPREC-OR-DEPREC>		"123,953 "
<NET-ASSETS>		"61,785,639 "
<DIVIDEND-INCOME>		"520,585 "
<INTEREST-INCOME>		"40,288 "
<OTHER-INCOME>		0 
<EXPENSES-NET>		"533,180 "
<NET-INVESTMENT-INCOME>		"27,693 "
<REALIZED-GAINS-CURRENT>		"2,496,520 "
<APPREC-INCREASE-CURRENT>		"2,864,213"
<NET-CHANGE-FROM-OPS>		"5,388,426"
<EQUALIZATION>		0 
<DISTRIBUTIONS-OF-INCOME>		0 
<DISTRIBUTIONS-OF-GAINS>		0 
<DISTRIBUTIONS-OTHER>		0 
<NUMBER-OF-SHARES-SOLD>		"15,669,446 "
<NUMBER-OF-SHARES-REDEEMED>		"(11,383,604)"
<SHARES-REINVESTED>		0 
<NET-CHANGE-IN-ASSETS>		"4,711,400 "
<ACCUMULATED-NII-PRIOR>		0 
<ACCUMULATED-GAINS-PRIOR>		"772,747 "
<OVERDISTRIB-NII-PRIOR>		"(264,594)"
<OVERDIST-NET-GAINS-PRIOR>		0 
<GROSS-ADVISORY-FEES>		"265,389 "
<INTEREST-EXPENSE>		"6,905 "
<GROSS-EXPENSE>		"533,180 "
<AVERAGE-NET-ASSETS>		"53,075,164 "
<PER-SHARE-NAV-BEGIN>		15.26 
<PER-SHARE-NII>		.01 
<PER-SHARE-GAIN-APPREC>		1.51 
<PER-SHARE-DIVIDEND>		0 
<PER-SHARE-DISTRIBUTIONS>		0 
<RETURNS-OF-CAPITAL>		0 
<PER-SHARE-NAV-END>		16.78 
<EXPENSE-RATIO>		2.02 
<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	
     <SERIES>		
     <NUMBER>	001	
     <NAME>	Class D	
<MULTIPLIER>	1	
       		
<S>	<C>	
<PERIOD-TYPE>	6-mos	
<FISCAL-YEAR-END>		Dec-31-1997
<PERIOD-START>		Jan-1-1997
<PERIOD-END>		Jun-30-1997
<INVESTMENTS-AT-COST>		"56,726,746 "
<INVESTMENTS-AT-VALUE>		"57,572,464 "
<RECEIVABLES>		"651,593 "
<ASSETS-OTHER>		"5,050,511 "
<OTHER-ITEMS-ASSETS>		0 
<TOTAL-ASSETS>		"63,274,568 "
<PAYABLE-FOR-SECURITIES>		"418,678 "
<SENIOR-LONG-TERM-DEBT>		0 
<OTHER-ITEMS-LIABILITIES>		"1,070,251 "
<TOTAL-LIABILITIES>		"1,488,929 "
<SENIOR-EQUITY>		0 
<PAID-IN-CAPITAL-COMMON>		"58,629,320 "
<SHARES-COMMON-STOCK>		"150,071 "
<SHARES-COMMON-PRIOR>		"123,601 "
<ACCUMULATED-NII-CURRENT>		0 
<OVERDISTRIBUTION-NII>		"(236,901)"
<ACCUMULATED-NET-GAINS>		"3,269,267 "
<OVERDISTRIBUTION-GAINS>		0 
<ACCUM-APPREC-OR-DEPREC>		"123,953 "
<NET-ASSETS>		"61,785,639 "
<DIVIDEND-INCOME>		"520,585 "
<INTEREST-INCOME>		"40,288 "
<OTHER-INCOME>		0 
<EXPENSES-NET>		"533,180 "
<NET-INVESTMENT-INCOME>		"27,693 "
<REALIZED-GAINS-CURRENT>		"2,496,520 "
<APPREC-INCREASE-CURRENT>		"2,864,213"
<NET-CHANGE-FROM-OPS>		"5,388,426"
<EQUALIZATION>		0 
<DISTRIBUTIONS-OF-INCOME>		0 
<DISTRIBUTIONS-OF-GAINS>		0 
<DISTRIBUTIONS-OTHER>		0 
<NUMBER-OF-SHARES-SOLD>		"465,309 "
<NUMBER-OF-SHARES-REDEEMED>		"(39,751)"
<SHARES-REINVESTED>		0 
<NET-CHANGE-IN-ASSETS>		"4,711,400 "
<ACCUMULATED-NII-PRIOR>		0 
<ACCUMULATED-GAINS-PRIOR>		"772,747 "
<OVERDISTRIB-NII-PRIOR>		"(264,594)"
<OVERDIST-NET-GAINS-PRIOR>		0 
<GROSS-ADVISORY-FEES>		"265,389 "
<INTEREST-EXPENSE>		"6,905 "
<GROSS-EXPENSE>		"533,180 "
<AVERAGE-NET-ASSETS>		"53,075,164 "
<PER-SHARE-NAV-BEGIN>		15.20 
<PER-SHARE-NII>		0 
<PER-SHARE-GAIN-APPREC>		1.49 
<PER-SHARE-DIVIDEND>		0 
<PER-SHARE-DISTRIBUTIONS>		0 
<RETURNS-OF-CAPITAL>		0 
<PER-SHARE-NAV-END>		16.69 
<EXPENSE-RATIO>		2.14 
<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	
<MULTIPLIER>	1	
       		
<S>	<C>	
<PERIOD-TYPE>	6-mos	
<FISCAL-YEAR-END>		Dec-31-1997
<PERIOD-START>		Jan-01-1997
<PERIOD-END>		Jun-30-1997
<INVESTMENTS-AT-COST>		"32,748,129 "
<INVESTMENTS-AT-VALUE>		"38,426,394 "
<RECEIVABLES>		"2,271,425 "
<ASSETS-OTHER>		"1,452,078 "
<OTHER-ITEMS-ASSETS>		0 
<TOTAL-ASSETS>		"42,149,897 "
<PAYABLE-FOR-SECURITIES>		"952,226 "
<SENIOR-LONG-TERM-DEBT>		0 
<OTHER-ITEMS-LIABILITIES>		"154,088 "
<TOTAL-LIABILITIES>		"1,106,314 "
<SENIOR-EQUITY>		0 
<PAID-IN-CAPITAL-COMMON>		"31,103,388 "
<SHARES-COMMON-STOCK>		"2,949,538 "
<SHARES-COMMON-PRIOR>		"2,119,727 "
<ACCUMULATED-NII-CURRENT>		"470,512 "
<OVERDISTRIBUTION-NII>		0 
<ACCUMULATED-NET-GAINS>		"3,550,736 "
<OVERDISTRIBUTION-GAINS>		0 
<ACCUM-APPREC-OR-DEPREC>		"5,918,947 "
<NET-ASSETS>		"41,043,583 "
<DIVIDEND-INCOME>		"527,706 "
<INTEREST-INCOME>		"36,567 "
<OTHER-INCOME>		0 
<EXPENSES-NET>		"302,253 "
<NET-INVESTMENT-INCOME>		"262,020 "
<REALIZED-GAINS-CURRENT>		"3,138,133 "
<APPREC-INCREASE-CURRENT>		"1,845,387 "
<NET-CHANGE-FROM-OPS>		"5,245,540 "
<EQUALIZATION>		0 
<DISTRIBUTIONS-OF-INCOME>		0 
<DISTRIBUTIONS-OF-GAINS>		0 
<DISTRIBUTIONS-OTHER>		0 
<NUMBER-OF-SHARES-SOLD>		"18,572,890 "
<NUMBER-OF-SHARES-REDEEMED>		"(7,902,252)"
<SHARES-REINVESTED>		0 
<NET-CHANGE-IN-ASSETS>		"10,670,638"
<ACCUMULATED-NII-PRIOR>		"208,492 "
<ACCUMULATED-GAINS-PRIOR>		"412,603 "
<OVERDISTRIB-NII-PRIOR>		0 
<OVERDIST-NET-GAINS-PRIOR>		0 
<GROSS-ADVISORY-FEES>		"155,348 "
<INTEREST-EXPENSE>		0 
<GROSS-EXPENSE>		"302,253 "
<AVERAGE-NET-ASSETS>		"31,092,180 "
<PER-SHARE-NAV-BEGIN>		11.85 
<PER-SHARE-NII>		.11 
<PER-SHARE-GAIN-APPREC>		1.96 
<PER-SHARE-DIVIDEND>		0 
<PER-SHARE-DISTRIBUTIONS>		0 
<RETURNS-OF-CAPITAL>		0 
<PER-SHARE-NAV-END>		13.92 
<EXPENSE-RATIO>		1.96 
<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	
<MULTIPLIER>	1	
       		
<S>	<C>	
<PERIOD-TYPE>	6-mos	
<FISCAL-YEAR-END>		Dec-31-1997
<PERIOD-START>		Jan-01-1997
<PERIOD-END>		Jun-30-1997
<INVESTMENTS-AT-COST>		"4,953,762 "
<INVESTMENTS-AT-VALUE>		"8,102,825 "
<RECEIVABLES>		"59,738 "
<ASSETS-OTHER>		"733,749 "
<OTHER-ITEMS-ASSETS>		0 
<TOTAL-ASSETS>		"8,896,312 "
<PAYABLE-FOR-SECURITIES>		0 
<SENIOR-LONG-TERM-DEBT>		0 
<OTHER-ITEMS-LIABILITIES>		"53,146 "
<TOTAL-LIABILITIES>		"53,146 "
<SENIOR-EQUITY>		0 
<PAID-IN-CAPITAL-COMMON>		"5,573,651 "
<SHARES-COMMON-STOCK>		"536,323 "
<SHARES-COMMON-PRIOR>		"431,612 "
<ACCUMULATED-NII-CURRENT>		0 
<OVERDISTRIBUTION-NII>		"(8,141)"
<ACCUMULATED-NET-GAINS>		"128,595 "
<OVERDISTRIBUTION-GAINS>		0 
<ACCUM-APPREC-OR-DEPREC>		"3,149,061 "
<NET-ASSETS>		"8,843,166 "
<DIVIDEND-INCOME>		"59,192 "
<INTEREST-INCOME>		"7,994 "
<OTHER-INCOME>		0 
<EXPENSES-NET>		"75,327 "
<NET-INVESTMENT-INCOME>		"(8,141)"
<REALIZED-GAINS-CURRENT>		"94,265 "
<APPREC-INCREASE-CURRENT>		"1,229,707 "
<NET-CHANGE-FROM-OPS>		"1,315,831 "
<EQUALIZATION>		0 
<DISTRIBUTIONS-OF-INCOME>		0 
<DISTRIBUTIONS-OF-GAINS>		0 
<DISTRIBUTIONS-OTHER>		0 
<NUMBER-OF-SHARES-SOLD>		"2,347,795 "
<NUMBER-OF-SHARES-REDEEMED>		"(673,283)"
<SHARES-REINVESTED>		0 
<NET-CHANGE-IN-ASSETS>		"1,674,512 "
<ACCUMULATED-NII-PRIOR>		0 
<ACCUMULATED-GAINS-PRIOR>		"34,330 "
<OVERDISTRIB-NII-PRIOR>		0 
<OVERDIST-NET-GAINS-PRIOR>		0 
<GROSS-ADVISORY-FEES>		"34,087 "
<INTEREST-EXPENSE>		16 
<GROSS-EXPENSE>		"75,327 "
<AVERAGE-NET-ASSETS>		"6,784,323 "
<PER-SHARE-NAV-BEGIN>		13.56 
<PER-SHARE-NII>		(.02)
<PER-SHARE-GAIN-APPREC>		2.95 
<PER-SHARE-DIVIDEND>		0 
<PER-SHARE-DISTRIBUTIONS>		0 
<RETURNS-OF-CAPITAL>		0 
<PER-SHARE-NAV-END>		16.49 
<EXPENSE-RATIO>		2.24 
<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	
<MULTIPLIER>	1	
       		
<S>	<C>	
<PERIOD-TYPE>	6-mos	
<FISCAL-YEAR-END>		Dec-31-1997
<PERIOD-START>		Jan-01-1997
<PERIOD-END>		Jun-30-1997
<INVESTMENTS-AT-COST>		"25,233,919 "
<INVESTMENTS-AT-VALUE>		"27,231,674 "
<RECEIVABLES>		"327,829 "
<ASSETS-OTHER>		"4,581,806 "
<OTHER-ITEMS-ASSETS>		0 
<TOTAL-ASSETS>		"32,141,309 "
<PAYABLE-FOR-SECURITIES>		"103,735 "
<SENIOR-LONG-TERM-DEBT>		0 
<OTHER-ITEMS-LIABILITIES>		"1,701,294 "
<TOTAL-LIABILITIES>		"1,805,029 "
<SENIOR-EQUITY>		0 
<PAID-IN-CAPITAL-COMMON>		"30,833,825 "
<SHARES-COMMON-STOCK>		"2,744,381 "
<SHARES-COMMON-PRIOR>		"3,887,548 "
<ACCUMULATED-NII-CURRENT>		0 
<OVERDISTRIBUTION-NII>		"(635,873)"
<ACCUMULATED-NET-GAINS>		0 
<OVERDISTRIBUTION-GAINS>		"(273,255)"
<ACCUM-APPREC-OR-DEPREC>		"411,583"
<NET-ASSETS>		"30,336,280 "
<DIVIDEND-INCOME>		"95,915 "
<INTEREST-INCOME>		"40,850 "
<OTHER-INCOME>		0 
<EXPENSES-NET>		"308,631 "
<NET-INVESTMENT-INCOME>		"(171,866)"
<REALIZED-GAINS-CURRENT>		"326,885 "
<APPREC-INCREASE-CURRENT>		"3,453,504"
<NET-CHANGE-FROM-OPS>		"3,608,523"
<EQUALIZATION>		0 
<DISTRIBUTIONS-OF-INCOME>		0 
<DISTRIBUTIONS-OF-GAINS>		0 
<DISTRIBUTIONS-OTHER>		0 
<NUMBER-OF-SHARES-SOLD>		"15,690,237 "
<NUMBER-OF-SHARES-REDEEMED>		"(25,479,333)"
<SHARES-REINVESTED>		0 
<NET-CHANGE-IN-ASSETS>		"(9,789,096)"
<ACCUMULATED-NII-PRIOR>		0 
<ACCUMULATED-GAINS-PRIOR>		0 
<OVERDISTRIB-NII-PRIOR>		"(464,007)"
<OVERDIST-NET-GAINS-PRIOR>		"(600,140)"
<GROSS-ADVISORY-FEES>		"135,848 "
<INTEREST-EXPENSE>		"12,758 "
<GROSS-EXPENSE>		"308,631 "
<AVERAGE-NET-ASSETS>		"27,160,018 "
<PER-SHARE-NAV-BEGIN>		9.39 
<PER-SHARE-NII>		(.05)
<PER-SHARE-GAIN-APPREC>		1.71 
<PER-SHARE-DIVIDEND>		0 
<PER-SHARE-DISTRIBUTIONS>		0 
<RETURNS-OF-CAPITAL>		0 
<PER-SHARE-NAV-END>		11.05 
<EXPENSE-RATIO>		2.20 
<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	
<MULTIPLIER>	1	
       		
<S>	<C>	
<PERIOD-TYPE>	6-mos	
<FISCAL-YEAR-END>		Dec-31-1997
<PERIOD-START>		Jan-01-1997
<PERIOD-END>		Jun-30-1997
<INVESTMENTS-AT-COST>		"1,730,837 "
<INVESTMENTS-AT-VALUE>		"1,857,700 "
<RECEIVABLES>		"97,097 "
<ASSETS-OTHER>		"42,377 "
<OTHER-ITEMS-ASSETS>		0 
<TOTAL-ASSETS>		"1,997,174 "
<PAYABLE-FOR-SECURITIES>		"76,952 "
<SENIOR-LONG-TERM-DEBT>		0 
<OTHER-ITEMS-LIABILITIES>		"61,022 "
<TOTAL-LIABILITIES>		"137,974 "
<SENIOR-EQUITY>		0 
<PAID-IN-CAPITAL-COMMON>		"2,146,484 "
<SHARES-COMMON-STOCK>		"188,572 "
<SHARES-COMMON-PRIOR>		"572,668 "
<ACCUMULATED-NII-CURRENT>		0 
<OVERDISTRIBUTION-NII>		"(164,009)"
<ACCUMULATED-NET-GAINS>		0 
<OVERDISTRIBUTION-GAINS>		"(250,116)"
<ACCUM-APPREC-OR-DEPREC>		"126,841 "
<NET-ASSETS>		"1,859,200 "
<DIVIDEND-INCOME>		"53,413 "
<INTEREST-INCOME>		353 
<OTHER-INCOME>		0 
<EXPENSES-NET>		"88,524 "
<NET-INVESTMENT-INCOME>		"(34,758)"
<REALIZED-GAINS-CURRENT>		"(226,125)"
<APPREC-INCREASE-CURRENT>		"92,614 "
<NET-CHANGE-FROM-OPS>		"(168,269)"
<EQUALIZATION>		0 
<DISTRIBUTIONS-OF-INCOME>		0 
<DISTRIBUTIONS-OF-GAINS>		0 
<DISTRIBUTIONS-OTHER>		0 
<NUMBER-OF-SHARES-SOLD>		"474,340 "
<NUMBER-OF-SHARES-REDEEMED>		"(4,076,130)"
<SHARES-REINVESTED>		0 
<NET-CHANGE-IN-ASSETS>		"(3,601,790)"
<ACCUMULATED-NII-PRIOR>		0 
<ACCUMULATED-GAINS-PRIOR>		0 
<OVERDISTRIB-NII-PRIOR>		"(129,251)"
<OVERDIST-NET-GAINS-PRIOR>		"(23,991)"
<GROSS-ADVISORY-FEES>		"19,209 "
<INTEREST-EXPENSE>		"8,736 "
<GROSS-EXPENSE>		"88,524 "
<AVERAGE-NET-ASSETS>		"3,832,205 "
<PER-SHARE-NAV-BEGIN>		9.83 
<PER-SHARE-NII>		(.09)
<PER-SHARE-GAIN-APPREC>		.12 
<PER-SHARE-DIVIDEND>		0 
<PER-SHARE-DISTRIBUTIONS>		0 
<RETURNS-OF-CAPITAL>		0 
<PER-SHARE-NAV-END>		9.86 
<EXPENSE-RATIO>		4.66 
<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	
<MULTIPLIER>	1	
       		
<S>	<C>	
<PERIOD-TYPE>	6-mos	
<FISCAL-YEAR-END>		Dec-31-1997
<PERIOD-START>		Jan-01-1997
<PERIOD-END>		Jun-30-1997
<INVESTMENTS-AT-COST>		"1,730,616 "
<INVESTMENTS-AT-VALUE>		"2,177,068 "
<RECEIVABLES>		"16,575 "
<ASSETS-OTHER>		0 
<OTHER-ITEMS-ASSETS>		0 
<TOTAL-ASSETS>		"2,193,643 "
<PAYABLE-FOR-SECURITIES>		0 
<SENIOR-LONG-TERM-DEBT>		0 
<OTHER-ITEMS-LIABILITIES>		"175,427 "
<TOTAL-LIABILITIES>		"175,427 "
<SENIOR-EQUITY>		0 
<PAID-IN-CAPITAL-COMMON>		"1,571,052 "
<SHARES-COMMON-STOCK>		"164,172 "
<SHARES-COMMON-PRIOR>		"177,778 "
<ACCUMULATED-NII-CURRENT>		0 
<OVERDISTRIBUTION-NII>		"(35,096)"
<ACCUMULATED-NET-GAINS>		"35,810 "
<OVERDISTRIBUTION-GAINS>		0 
<ACCUM-APPREC-OR-DEPREC>		"446,450 "
<NET-ASSETS>		"2,018,216 "
<DIVIDEND-INCOME>		"9,535 "
<INTEREST-INCOME>		641 
<OTHER-INCOME>		0 
<EXPENSES-NET>		"45,272 "
<NET-INVESTMENT-INCOME>		"(35,096)"
<REALIZED-GAINS-CURRENT>		0 
<APPREC-INCREASE-CURRENT>		"270,697 "
<NET-CHANGE-FROM-OPS>		"235,601 "
<EQUALIZATION>		0 
<DISTRIBUTIONS-OF-INCOME>		0 
<DISTRIBUTIONS-OF-GAINS>		0 
<DISTRIBUTIONS-OTHER>		0 
<NUMBER-OF-SHARES-SOLD>		"228,489 "
<NUMBER-OF-SHARES-REDEEMED>		"(369,884)"
<SHARES-REINVESTED>		0 
<NET-CHANGE-IN-ASSETS>		"(141,395)"
<ACCUMULATED-NII-PRIOR>		0 
<ACCUMULATED-GAINS-PRIOR>		"35,810 "
<OVERDISTRIB-NII-PRIOR>		0 
<OVERDIST-NET-GAINS-PRIOR>		0 
<GROSS-ADVISORY-FEES>		"9,522 "
<INTEREST-EXPENSE>		"1,976 "
<GROSS-EXPENSE>		"45,272 "
<AVERAGE-NET-ASSETS>		"1,905,852 "
<PER-SHARE-NAV-BEGIN>		10.82 
<PER-SHARE-NII>		(.20)
<PER-SHARE-GAIN-APPREC>		1.67 
<PER-SHARE-DIVIDEND>		0 
<PER-SHARE-DISTRIBUTIONS>		0 
<RETURNS-OF-CAPITAL>		0 
<PER-SHARE-NAV-END>		12.29 
<EXPENSE-RATIO>		4.79 
<AVG-DEBT-OUTSTANDING>		0 
<AVG-DEBT-PER-SHARE>		0 
		
		
		
		
		
		
		
		
		
		
		
		
		
		
		
		
		
		
		
		
		
		
		


</TABLE>


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