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<PAGE> PAGE 12
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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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
070 R010900 Y
<PAGE> PAGE 42
070 R020900 N
071 A000900 479
071 B000900 879
071 C000900 2146
071 D000900 22
072 A000900 12
072 B000900 9
072 C000900 23
072 D000900 0
072 E000900 0
072 F000900 22
072 G000900 3
072 H000900 0
072 I000900 3
072 J000900 8
072 K000900 0
072 L000900 3
072 M000900 0
072 N000900 0
072 O000900 0
072 P000900 5
072 Q000900 0
072 R000900 14
072 S000900 3
072 T000900 7
072 U000900 5
072 V000900 0
072 W000900 5
072 X000900 78
072 Y000900 0
072 Z000900 -46
072AA000900 401
072BB000900 0
072CC010900 351
072CC020900 0
072DD010900 0
072DD020900 0
072EE000900 229
073 A010900 0.0000
073 A020900 0.0000
073 B000900 1.3800
073 C000900 0.0000
074 A000900 0
074 B000900 0
074 C000900 1404
074 D000900 0
074 E000900 0
074 F000900 2258
074 G000900 0
074 H000900 0
074 I000900 0
<PAGE> PAGE 43
074 J000900 0
074 K000900 0
074 L000900 155
074 M000900 14
074 N000900 3831
074 O000900 0
074 P000900 9
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 23
074 S000900 0
074 T000900 3799
074 U010900 282816
074 U020900 0
074 V010900 13.43
074 V020900 0.00
074 W000900 0.0000
074 X000900 59
074 Y000900 0
075 A000900 0
075 B000900 2146
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
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-START> Jan-01-1997
<PERIOD-END> Dec-31-1997
<INVESTMENTS-AT-COST> "1,292,163 "
<INVESTMENTS-AT-VALUE> "1,007,703 "
<RECEIVABLES> "248,553 "
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<NET-ASSETS> "824,213 "
<DIVIDEND-INCOME> "73,906 "
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<EXPENSES-NET> "49,569 "
<NET-INVESTMENT-INCOME> "28,537"
<REALIZED-GAINS-CURRENT> "(640,791)"
<APPREC-INCREASE-CURRENT> "(319,163)"
<NET-CHANGE-FROM-OPS> "(931,417)"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> "(3,857)"
<DISTRIBUTIONS-OF-GAINS> "(74,195)"
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<NUMBER-OF-SHARES-SOLD> "1,471,448 "
<NUMBER-OF-SHARES-REDEEMED> "(5,342,044)"
<SHARES-REINVESTED> "75,019 "
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<OVERDIST-NET-GAINS-PRIOR> "(23,991)"
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<GROSS-EXPENSE> "149,569 "
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<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> (3.48)
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<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 6.02
<EXPENSE-RATIO> 1.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
^^^^^^
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
^^^^^^
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-START> Jan-01-1997
<PERIOD-END> Dec-31-1997
<INVESTMENTS-AT-COST> "34,800,927 "
<INVESTMENTS-AT-VALUE> "28,725,067 "
<RECEIVABLES> "147,141 "
<ASSETS-OTHER> "2,300,586 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "31,172,794 "
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "301,020 "
<TOTAL-LIABILITIES> "301,020 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "39,943,356 "
<SHARES-COMMON-STOCK> "3,656,282 "
<SHARES-COMMON-PRIOR> "3,887,548 "
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> "(410,969)"
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(3,900,870)"
<ACCUM-APPREC-OR-DEPREC> "(4,759,743)"
<NET-ASSETS> "30,871,774 "
<DIVIDEND-INCOME> "146,961 "
<INTEREST-INCOME> "173,488 "
<OTHER-INCOME> 0
<EXPENSES-NET> "630,138 "
<NET-INVESTMENT-INCOME> "(309,689)"
<REALIZED-GAINS-CURRENT> "(526,629)"
<APPREC-INCREASE-CURRENT> "(1,717,822)"
<NET-CHANGE-FROM-OPS> "(2,554,140)"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> "(2,411,374)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "38,716,276 "
<NUMBER-OF-SHARES-REDEEMED> "(41,365,723)"
<SHARES-REINVESTED> "1,969,882 "
<NET-CHANGE-IN-ASSETS> "(5,645,079)"
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> "(464,007)"
<OVERDIST-NET-GAINS-PRIOR> "(600,140)"
<GROSS-ADVISORY-FEES> "293,314 "
<INTEREST-EXPENSE> "12,758 "
<GROSS-EXPENSE> "630,138 "
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<PER-SHARE-NAV-BEGIN> 9.39
<PER-SHARE-NII> (.10)
<PER-SHARE-GAIN-APPREC> (.11)
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<PER-SHARE-DISTRIBUTIONS> (0.74)
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<PER-SHARE-NAV-END> 8.44
<EXPENSE-RATIO> 2.15
<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> Year
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-START> Jan-01-1997
<PERIOD-END> Dec-31-1997
<INVESTMENTS-AT-COST> "7,718,276 "
<INVESTMENTS-AT-VALUE> "11,151,122 "
<RECEIVABLES> "41,444 "
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "11,192,566 "
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "66,045 "
<TOTAL-LIABILITIES> "226,393 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "7,238,788 "
<SHARES-COMMON-STOCK> "633,097 "
<SHARES-COMMON-PRIOR> "431,612 "
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> "294,541 "
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> "3,432,844 "
<NET-ASSETS> "10,966,173 "
<DIVIDEND-INCOME> "141,453 "
<INTEREST-INCOME> "23,880 "
<OTHER-INCOME> 0
<EXPENSES-NET> "165,279 "
<NET-INVESTMENT-INCOME> 54
<REALIZED-GAINS-CURRENT> "390,977 "
<APPREC-INCREASE-CURRENT> "1,513,490 "
<NET-CHANGE-FROM-OPS> "1,904,521 "
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (576)
<DISTRIBUTIONS-OF-GAINS> "(130,244)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "6,494,878 "
<NUMBER-OF-SHARES-REDEEMED> "(3,256,744)"
<SHARES-REINVESTED> "101,515 "
<NET-CHANGE-IN-ASSETS> "5,113,350 "
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> "34,330 "
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "85,196 "
<INTEREST-EXPENSE> 50
<GROSS-EXPENSE> "165,279 "
<AVERAGE-NET-ASSETS> "8,525,323 "
<PER-SHARE-NAV-BEGIN> 13.56
<PER-SHARE-NII> .00
<PER-SHARE-GAIN-APPREC> 3.99
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.23)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.32
<EXPENSE-RATIO> 1.94
<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> Year
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-START> Jan-1-1997
<PERIOD-END> Dec-31-1997
<INVESTMENTS-AT-COST> "58,607,870 "
<INVESTMENTS-AT-VALUE> "68,269,792 "
<RECEIVABLES> "1,145,683 "
<ASSETS-OTHER> "724,888 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "70,140,363 "
<PAYABLE-FOR-SECURITIES> "336,655 "
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "296,210 "
<TOTAL-LIABILITIES> "632,865 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "58,668,062 "
<SHARES-COMMON-STOCK> "3,513,547 "
<SHARES-COMMON-PRIOR> "1,364,575 "
<ACCUMULATED-NII-CURRENT> "(155,350)"
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> "608,107 "
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> "10,386,679 "
<NET-ASSETS> "69,507,498 "
<DIVIDEND-INCOME> "459,140 "
<INTEREST-INCOME> "140,838 "
<OTHER-INCOME> 0
<EXPENSES-NET> "699,224 "
<NET-INVESTMENT-INCOME> "(99,246)"
<REALIZED-GAINS-CURRENT> "2,745,392 "
<APPREC-INCREASE-CURRENT> "6,526,805 "
<NET-CHANGE-FROM-OPS> "9,172,951 "
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> "(41,404)"
<DISTRIBUTIONS-OF-GAINS> "(1,964,612)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "53,815,753 "
<NUMBER-OF-SHARES-REDEEMED> "(16,207,961)"
<SHARES-REINVESTED> "1,743,330 "
<NET-CHANGE-IN-ASSETS> "49,109,235 "
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> "19,717 "
<OVERDISTRIB-NII-PRIOR> "(90,362)"
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "379,486 "
<INTEREST-EXPENSE> "7,068 "
<GROSS-EXPENSE> "699,224 "
<AVERAGE-NET-ASSETS> "36,349,635 "
<PER-SHARE-NAV-BEGIN> 14.35
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> 5.04
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> (0.62)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 18.71
<EXPENSE-RATIO> 1.83
<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> Year
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-START> Jan-1-1997
<PERIOD-END> Dec-31-1997
<INVESTMENTS-AT-COST> "58,607,870 "
<INVESTMENTS-AT-VALUE> "68,269,792 "
<RECEIVABLES> "1,145,683 "
<ASSETS-OTHER> "724,888 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "70,140,363 "
<PAYABLE-FOR-SECURITIES> "336,655 "
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "296,210 "
<TOTAL-LIABILITIES> "632,865 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "58,668,062 "
<SHARES-COMMON-STOCK> "203,699 "
<SHARES-COMMON-PRIOR> "57,348 "
<ACCUMULATED-NII-CURRENT> "(155,350)"
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> "608,107 "
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> "10,386,679 "
<NET-ASSETS> "69,507,498 "
<DIVIDEND-INCOME> "459,140 "
<INTEREST-INCOME> "140,838 "
<OTHER-INCOME> 0
<EXPENSES-NET> "699,224 "
<NET-INVESTMENT-INCOME> "(99,246)"
<REALIZED-GAINS-CURRENT> "2,745,392 "
<APPREC-INCREASE-CURRENT> "6,526,805 "
<NET-CHANGE-FROM-OPS> "9,172,951 "
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> "(3,430)"
<DISTRIBUTIONS-OF-GAINS> "(113,298)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "3,018,076 "
<NUMBER-OF-SHARES-REDEEMED> "(412,681)"
<SHARES-REINVESTED> "102,511 "
<NET-CHANGE-IN-ASSETS> "49,109,235 "
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> "19,717 "
<OVERDISTRIB-NII-PRIOR> "(90,362)"
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "379,486 "
<INTEREST-EXPENSE> "7,068 "
<GROSS-EXPENSE> "699,224 "
<AVERAGE-NET-ASSETS> "24,814,454 "
<PER-SHARE-NAV-BEGIN> 14.22
<PER-SHARE-NII> (.09)
<PER-SHARE-GAIN-APPREC> 5.02
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> (0.62)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 18.50
<EXPENSE-RATIO> 2.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
^^^^^^
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
^^^^^^
</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> Year
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-START> Jan-1-1997
<PERIOD-END> Dec-31-1997
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<INVESTMENTS-AT-VALUE> "24,743,932 "
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "2,701,834 "
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "45,301,039 "
<SHARES-COMMON-STOCK> "2,379,009 "
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<ACCUM-APPREC-OR-DEPREC> "(14,656,220)"
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<EXPENSES-NET> "997,263 "
<NET-INVESTMENT-INCOME> "8,059 "
<REALIZED-GAINS-CURRENT> "(2,999,804)"
<APPREC-INCREASE-CURRENT> "(11,915,960)"
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<NUMBER-OF-SHARES-SOLD> "28,048,990 "
<NUMBER-OF-SHARES-REDEEMED> "(39,899,633)"
<SHARES-REINVESTED> "2,658,787 "
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<OVERDISTRIB-NII-PRIOR> "(264,594)"
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> "7,518 "
<GROSS-EXPENSE> "997,263 "
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<PER-SHARE-NII> .00
<PER-SHARE-GAIN-APPREC> (4.45)
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<PER-SHARE-NAV-END> 9.69
<EXPENSE-RATIO> 1.98
<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> Year
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-START> Jan-1-1997
<PERIOD-END> Dec-31-1997
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<INVESTMENTS-AT-VALUE> "24,743,932 "
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<TOTAL-ASSETS> "28,397,612 "
<PAYABLE-FOR-SECURITIES> "1,067,398 "
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "2,701,834 "
<TOTAL-LIABILITIES> "3,769,232 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "45,301,039 "
<SHARES-COMMON-STOCK> "164,585 "
<SHARES-COMMON-PRIOR> "123,601 "
<ACCUMULATED-NII-CURRENT> "(310,853)"
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> "(14,656,220)"
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<DIVIDEND-INCOME> "893,756 "
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<REALIZED-GAINS-CURRENT> "(2,999,804)"
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<SHARES-REINVESTED> "163,481 "
<NET-CHANGE-IN-ASSETS> "(27,057,473)"
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> "772,747 "
<OVERDISTRIB-NII-PRIOR> "(264,594)"
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "502,073 "
<INTEREST-EXPENSE> "7,518 "
<GROSS-EXPENSE> "997,263 "
<AVERAGE-NET-ASSETS> "2,002,920 "
<PER-SHARE-NAV-BEGIN> 15.20
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> (4.47)
<PER-SHARE-DIVIDEND> 0.00
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<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.62
<EXPENSE-RATIO> 2.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
