<PAGE> PAGE 1
000 B000000 12/31/98
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 Y
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 PRICEWATERHOUSECOOPERS LLP
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
020 B000001 00-0000000
020 C000001 1159
020 A000002 MERRILL LYNCH
020 B000002 13-5674085
020 C000002 1154
020 A000003 SALOMON BROTHERS INC
020 B000003 13-3082694
020 C000003 669
020 A000004 SCHRODER SECURITIES
020 B000004 00-0000000
020 C000004 448
020 A000005 ABN AMRO
020 B000005 13-3227945
020 C000005 428
020 A000006 DAIWA SECURITIES
020 B000006 00-0000000
020 C000006 399
020 A000007 NOMURA INTERNATIONAL
020 B000007 00-0000000
020 C000007 331
020 A000008 EXANE
020 B000008 00-0000000
020 C000008 304
020 A000009 BANKERS TRUST CO
020 B000009 13-4946705
020 C000009 284
<PAGE> PAGE 3
020 A000010 ROTHSCHILD BANK
020 B000010 00-0000000
020 C000010 240
021 000000 7152
022 A000001 BROWN BROTHERS HARRIMAN & CO.
022 B000001 13-4973745
022 C000001 3719947
022 D000001 2930430
022 A000002 DONALDSON LUFKIN & JENRETTE
022 B000002 13-2741729
022 C000002 487228
022 D000002 393428
022 A000003 CAZENOVE & CO
022 B000003 00-0000000
022 C000003 598120
022 D000003 117290
022 A000004 SALOMON BROTHERS
022 B000004 13-3082694
022 C000004 108836
022 D000004 227154
022 A000005 GOLDMAN SACHS
022 B000005 13-5108880
022 C000005 233396
022 D000005 89379
022 A000006 NOMURA INTERNATIONAL
022 B000006 00-0000000
022 C000006 34334
022 D000006 0
022 A000007 JEFFRIES & CO INC.
022 B000007 00-0000000
022 C000007 13843
022 D000007 5464
022 A000008 MERRILL LYNCH
022 B000008 00-0000000
022 C000008 2571
022 D000008 17580
022 A000009 SCHRODER SECURITIES
022 B000009 00-0000000
022 C000009 6664
022 D000009 146
022 A000010 KIM ENG
022 B000010 00-0000000
022 C000010 0
022 D000010 3881
023 C000000 5329468
023 D000000 3797212
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
<PAGE> PAGE 4
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
034 00AA00 Y
035 00AA00 0
036 A00AA00 N
036 B00AA00 0
054 A00AA00 Y
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 5000
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
077 A000000 Y
077 B000000 Y
<PAGE> PAGE 5
077 Q010000 Y
078 000000 N
080 A00AA00 VIGILANT INSURANCE COMPANY
080 C00AA00 1900
081 A00AA00 Y
081 B00AA00 8
082 A00AA00 Y
082 B00AA00 10
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000101 GAM INTERNATIONAL MANAGEMENT LIMITED
008 B000101 A
008 C000101 801-22307
008 D010101 LONDON
008 D050101 ENGLAND
010 A000101 BROWN BROTHERS HARRIMAN & CO.
010 C010101 BOSTON
010 C020101 MA
010 C030101 02109
024 000100 N
025 A000101 DELETE
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 182933
028 A020100 0
028 A030100 0
028 A040100 42944
028 B010100 125769
028 B020100 38157
<PAGE> PAGE 6
028 B030100 0
028 B040100 67275
028 C010100 121999
028 C020100 0
028 C030100 0
028 C040100 70784
028 D010100 181676
028 D020100 0
028 D030100 0
028 D040100 94284
028 E010100 111114
028 E020100 0
028 E030100 0
028 E040100 54799
028 F010100 116169
028 F020100 0
028 F030100 0
028 F040100 100013
028 G010100 839660
028 G020100 38157
028 G030100 0
028 G040100 430099
028 H000100 331563
029 000100 Y
030 A000100 13326
030 B000100 5.00
030 C000100 0.00
031 A000100 3584
031 B000100 0
032 000100 9742
033 000100 0
037 000100 N
038 000100 0
039 000100 Y
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 15
042 D000100 85
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 8491
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 1.000
048 A010100 0
<PAGE> PAGE 7
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
066 A000100 Y
066 C000100 Y
067 000100 N
068 A000100 N
068 B000100 Y
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 Y
070 C010100 Y
070 C020100 Y
070 D010100 Y
070 D020100 Y
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 Y
070 G010100 Y
070 G020100 N
070 H010100 Y
<PAGE> PAGE 8
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 Y
070 Q020100 Y
070 R010100 Y
070 R020100 N
071 A000100 2666338
071 B000100 1825728
071 C000100 2518135
071 D000100 73
072 A000100 12
072 B000100 15213
072 C000100 35104
072 D000100 0
072 E000100 0
072 F000100 26355
072 G000100 1883
072 H000100 0
072 I000100 3307
072 J000100 2867
072 K000100 0
072 L000100 460
072 M000100 8
072 N000100 41
072 O000100 0
072 P000100 408
072 Q000100 0
072 R000100 51
072 S000100 35
072 T000100 8486
072 U000100 0
072 V000100 0
072 W000100 266
072 X000100 44167
072 Y000100 0
072 Z000100 6149
<PAGE> PAGE 9
072AA000100 7477
072BB000100 0
072CC010100 87496
072CC020100 0
072DD010100 3802
072DD020100 162
072EE000100 37602
073 A010100 0.0500
073 A020100 0.0300
073 B000100 0.4600
073 C000100 0.0000
074 A000100 10391
074 B000100 0
074 C000100 3711
074 D000100 563710
074 E000100 62780
074 F000100 2245812
074 G000100 47996
074 H000100 0
074 I000100 56797
074 J000100 47088
074 K000100 0
074 L000100 69078
074 M000100 46
074 N000100 3107409
074 O000100 12634
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 106574
074 S000100 0
074 T000100 2988201
074 U010100 89339
074 U020100 2145
074 V010100 30.06
074 V020100 30.41
074 W000100 0.0000
074 X000100 163869
074 Y000100 1683561
075 A000100 0
075 B000100 2653320
076 000100 0.00
008 A000201 GAM INTERNATIONAL MANAGEMENT LIMITED
008 B000201 A
008 C000201 801-22307
008 D010201 LONDON
008 D050201 ENGLAND
010 A000201 BROWN BROTHERS HARRIMAN & CO.
010 C010201 BOSTON
<PAGE> PAGE 10
010 C020201 MA
010 C030201 02109
024 000200 N
025 A000201 DELETE
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 18433
028 A020200 0
028 A030200 0
028 A040200 1539
028 B010200 14823
028 B020200 972
028 B030200 0
028 B040200 4529
028 C010200 8114
028 C020200 0
028 C030200 0
028 C040200 4554
028 D010200 15779
028 D020200 0
028 D030200 0
028 D040200 7530
028 E010200 8199
028 E020200 0
028 E030200 0
028 E040200 2994
028 F010200 10917
028 F020200 0
028 F030200 0
028 F040200 7637
028 G010200 76266
028 G020200 972
028 G030200 0
028 G040200 28781
028 H000200 33466
029 000200 Y
030 A000200 1861
030 B000200 5.00
030 C000200 0.00
031 A000200 488
031 B000200 0
032 000200 1373
033 000200 0
037 000200 N
038 000200 0
<PAGE> PAGE 11
039 000200 Y
040 000200 Y
041 000200 Y
042 A000200 0
042 B000200 0
042 C000200 15
042 D000200 85
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 455
044 000200 166
045 000200 Y
046 000200 N
047 000200 Y
048 000200 1.000
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
066 A000200 Y
066 C000200 Y
067 000200 N
<PAGE> PAGE 12
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 Y
070 C010200 Y
070 C020200 Y
070 D010200 Y
070 D020200 Y
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 Y
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 Y
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 Y
070 Q020200 Y
070 R010200 Y
070 R020200 N
071 A000200 236334
071 B000200 146662
071 C000200 119018
071 D000200 123
072 A000200 12
072 B000200 781
072 C000200 1118
072 D000200 0
072 E000200 0
072 F000200 1287
072 G000200 98
072 H000200 0
<PAGE> PAGE 13
072 I000200 66
072 J000200 149
072 K000200 0
072 L000200 30
072 M000200 8
072 N000200 33
072 O000200 0
072 P000200 36
072 Q000200 0
072 R000200 31
072 S000200 9
072 T000200 454
072 U000200 0
072 V000200 0
072 W000200 107
072 X000200 2308
072 Y000200 0
072 Z000200 -409
072AA000200 0
072BB000200 15250
072CC010200 11132
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 1094
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.1700
073 C000200 0.0000
074 A000200 4475
074 B000200 0
074 C000200 2551
074 D000200 18759
074 E000200 2548
074 F000200 137286
074 G000200 4495
074 H000200 0
074 I000200 770
074 J000200 1368
074 K000200 0
074 L000200 2095
074 M000200 82
074 N000200 174429
074 O000200 1298
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 3359
074 S000200 0
<PAGE> PAGE 14
074 T000200 169772
074 U010200 7367
074 U020200 544
074 V010200 19.04
074 V020200 19.01
074 W000200 0.0000
074 X000200 13032
074 Y000200 10831
075 A000200 0
075 B000200 134431
076 000200 0.00
025 D000301 0
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 0
028 A020300 0
028 A030300 0
028 A040300 0
028 B010300 0
028 B020300 0
028 B030300 0
028 B040300 0
028 C010300 0
028 C020300 0
028 C030300 0
028 C040300 0
028 D010300 0
028 D020300 0
028 D030300 0
028 D040300 0
028 E010300 0
028 E020300 0
028 E030300 0
028 E040300 0
028 F010300 0
028 F020300 0
028 F030300 0
028 F040300 0
028 G010300 0
028 G020300 0
028 G030300 0
028 G040300 0
028 H000300 0
030 A000300 0
030 B000300 0.00
030 C000300 0.00
<PAGE> PAGE 15
031 A000300 0
031 B000300 0
032 000300 0
033 000300 0
038 000300 0
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 0
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 1.000
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 0
072 B000300 0
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 0
<PAGE> PAGE 16
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 0
072 K000300 0
072 L000300 0
072 M000300 0
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 0
072 S000300 0
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 0
072 X000300 0
072 Y000300 0
072 Z000300 0
072AA000300 0
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 0
074 M000300 0
074 N000300 0
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
<PAGE> PAGE 17
074 R040300 0
074 S000300 0
074 T000300 0
074 U010300 0
074 U020300 0
074 V010300 0.00
074 V020300 0.00
074 W000300 0.0000
074 X000300 0
074 Y000300 0
075 A000300 0
075 B000300 0
076 000300 0.00
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 02109
024 000400 Y
025 A000401 HSBC INVESTMENT BANK
025 B000401 00-0000000
025 C000401 E
025 D000401 389
025 A000402 NOMURA
025 B000402 00-0000000
025 C000402 E
025 D000402 140
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 1572
028 A020400 0
028 A030400 0
028 A040400 3389
028 B010400 1166
028 B020400 1298
028 B030400 0
028 B040400 1468
028 C010400 47
028 C020400 0
028 C030400 0
028 C040400 1058
028 D010400 541
028 D020400 0
<PAGE> PAGE 18
028 D030400 0
028 D040400 1183
028 E010400 729
028 E020400 0
028 E030400 0
028 E040400 1733
028 F010400 1148
028 F020400 665
028 F030400 0
028 F040400 861
028 G010400 5203
028 G020400 1963
028 G030400 0
028 G040400 9692
028 H000400 -2885
029 000400 Y
030 A000400 95
030 B000400 5.00
030 C000400 0.00
031 A000400 25
031 B000400 0
032 000400 70
033 000400 0
037 000400 N
038 000400 0
039 000400 Y
040 000400 Y
041 000400 Y
042 A000400 0
042 B000400 0
042 C000400 16
042 D000400 84
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 64
044 000400 60
045 000400 Y
046 000400 N
047 000400 Y
048 000400 1.000
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
<PAGE> PAGE 19
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 N
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
066 A000400 Y
066 C000400 Y
067 000400 N
068 A000400 N
068 B000400 Y
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
<PAGE> PAGE 20
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 Y
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 10596
071 B000400 17176
071 C000400 19409
071 D000400 55
072 A000400 12
072 B000400 54
072 C000400 430
072 D000400 0
072 E000400 0
072 F000400 208
072 G000400 5
072 H000400 0
072 I000400 20
072 J000400 105
072 K000400 0
072 L000400 12
072 M000400 8
072 N000400 27
072 O000400 0
072 P000400 2
072 Q000400 0
072 R000400 25
072 S000400 13
072 T000400 67
072 U000400 0
072 V000400 0
072 W000400 26
072 X000400 518
072 Y000400 0
072 Z000400 -34
072AA000400 0
072BB000400 11701
072CC010400 9927
072CC020400 0
072DD010400 432
072DD020400 1
072EE000400 1566
073 A010400 0.0200
<PAGE> PAGE 21
073 A020400 0.0400
073 B000400 0.7200
073 C000400 0.0000
074 A000400 568
074 B000400 0
074 C000400 665
074 D000400 0
074 E000400 0
074 F000400 16978
074 G000400 0
074 H000400 0
074 I000400 6
074 J000400 296
074 K000400 0
074 L000400 186
074 M000400 66
074 N000400 18765
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 307
074 S000400 0
074 T000400 18458
074 U010400 2061
074 U020400 30
074 V010400 8.23
074 V020400 8.96
074 W000400 0.0000
074 X000400 1575
074 Y000400 6957
075 A000400 0
075 B000400 20993
076 000400 0.00
008 A000501 GAM INTERNATIONAL MANAGMENT LIMITED
008 B000501 A
008 C000501 801-22307
008 D010501 LONDON
008 D050501 ENGLAND
010 A000501 BROWN BROTHERS HARRIMAN & CO.
010 C010501 BOSTON
010 C020501 MA
010 C030501 02109
024 000500 N
025 A000501 DELETE
025 D000501 0
025 A000502 DELETE
025 D000502 0
025 D000503 0
<PAGE> PAGE 22
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 4514
028 A020500 0
028 A030500 0
028 A040500 3085
028 B010500 3455
028 B020500 783
028 B030500 0
028 B040500 2076
028 C010500 3484
028 C020500 0
028 C030500 0
028 C040500 2459
028 D010500 3294
028 D020500 0
028 D030500 0
028 D040500 2575
028 E010500 798
028 E020500 0
028 E030500 0
028 E040500 2440
028 F010500 1717
028 F020500 2940
028 F030500 0
028 F040500 4794
028 G010500 17262
028 G020500 3723
028 G030500 0
028 G040500 17429
028 H000500 1314
029 000500 Y
030 A000500 239
030 B000500 5.00
030 C000500 0.00
031 A000500 64
031 B000500 0
032 000500 175
033 000500 0
037 000500 N
038 000500 0
039 000500 Y
040 000500 Y
041 000500 Y
042 A000500 0
042 B000500 0
042 C000500 17
042 D000500 83
<PAGE> PAGE 23
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 162
044 000500 21
045 000500 Y
046 000500 N
047 000500 Y
048 000500 1.000
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 N
055 A000500 N
055 B000500 Y
056 000500 Y
057 000500 N
066 A000500 Y
066 C000500 Y
067 000500 N
068 A000500 N
068 B000500 Y
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 N
<PAGE> PAGE 24
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 Y
070 P010500 N
070 P020500 N
070 Q010500 Y
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 91171
071 B000500 81591
071 C000500 48619
071 D000500 168
072 A000500 12
072 B000500 139
072 C000500 1047
072 D000500 0
072 E000500 0
072 F000500 514
072 G000500 63
072 H000500 0
072 I000500 60
072 J000500 120
072 K000500 0
072 L000500 6
072 M000500 8
072 N000500 27
072 O000500 0
<PAGE> PAGE 25
072 P000500 64
072 Q000500 0
072 R000500 28
072 S000500 10
072 T000500 158
072 U000500 0
072 V000500 0
072 W000500 30
072 X000500 1088
072 Y000500 0
072 Z000500 98
072AA000500 2939
072BB000500 0
072CC010500 137
072CC020500 0
072DD010500 58
072DD020500 0
072EE000500 4572
073 A010500 0.0200
073 A020500 0.0000
073 B000500 1.2300
073 C000500 0.0000
074 A000500 458
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 53134
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 895
074 K000500 0
074 L000500 276
074 M000500 26
074 N000500 54789
074 O000500 47
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 2510
074 S000500 0
074 T000500 52232
074 U010500 3929
074 U020500 139
074 V010500 12.63
074 V020500 12.82
074 W000500 0.0000
074 X000500 1570
<PAGE> PAGE 26
074 Y000500 42898
075 A000500 0
075 B000500 52444
076 000500 0.00
008 A000601 GAM INTERNATIONAL MANAGEMENT LIMITED
008 B000601 A
008 C000601 801-22307
008 D010601 LONDON
008 D050601 ENGLAND
008 A000602 FAYEZ SAROFIM & CO.
008 B000602 A
008 C000602 801-1234
008 D010602 HOUSTON
008 D020602 TX
008 D030602 77010
010 A000601 BROWN BROTHERS HARRIMAN & CO.
010 C010601 BOSTON
010 C020601 MA
010 C030601 02109
024 000600 N
025 D000601 0
025 D000602 0
025 D000603 0
025 D000604 0
025 D000605 0
025 D000606 0
025 D000607 0
025 D000608 0
025 D000609 0
025 D000610 0
025 D000611 0
025 D000612 0
025 D000613 0
025 D000614 0
025 D000615 0
025 D000616 0
028 A010600 1520
028 A020600 0
028 A030600 0
028 A040600 4415
028 B010600 1044
028 B020600 218
028 B030600 0
028 B040600 76
028 C010600 993
028 C020600 0
028 C030600 0
028 C040600 167
028 D010600 1726
028 D020600 0
028 D030600 0
<PAGE> PAGE 27
028 D040600 665
028 E010600 1178
028 E020600 0
028 E030600 0
028 E040600 120
028 F010600 2925
028 F020600 2918
028 F030600 0
028 F040600 698
028 G010600 9386
028 G020600 3136
028 G030600 0
028 G040600 6141
028 H000600 4067
029 000600 Y
030 A000600 44
030 B000600 5.00
030 C000600 0.00
031 A000600 15
031 B000600 0
032 000600 29
033 000600 0
037 000600 N
038 000600 0
039 000600 Y
040 000600 Y
041 000600 Y
042 A000600 0
042 B000600 0
042 C000600 20
042 D000600 80
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 51
044 000600 40
045 000600 Y
046 000600 Y
047 000600 Y
048 000600 1.000
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
<PAGE> PAGE 28
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 N
055 A000600 Y
055 B000600 Y
056 000600 Y
057 000600 N
066 A000600 Y
066 C000600 Y
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 N
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 Y
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 N
<PAGE> PAGE 29
070 M010600 Y
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 Y
070 P010600 N
070 P020600 N
070 Q010600 Y
070 Q020600 N
070 R010600 Y
070 R020600 N
071 A000600 14046
071 B000600 11062
071 C000600 15846
071 D000600 70
072 A000600 12
072 B000600 49
072 C000600 236
072 D000600 0
072 E000600 0
072 F000600 160
072 G000600 13
072 H000600 0
072 I000600 14
072 J000600 35
072 K000600 0
072 L000600 3
072 M000600 8
072 N000600 23
072 O000600 0
072 P000600 11
072 Q000600 0
072 R000600 15
072 S000600 10
072 T000600 51
072 U000600 0
072 V000600 0
072 W000600 14
072 X000600 357
072 Y000600 0
072 Z000600 -72
072AA000600 4184
072BB000600 0
072CC010600 571
072CC020600 0
072DD010600 0
072DD020600 0
072EE000600 4058
073 A010600 0.0000
073 A020600 0.0000
<PAGE> PAGE 30
073 B000600 5.2700
073 C000600 0.0000
074 A000600 0
074 B000600 0
074 C000600 875
074 D000600 0
074 E000600 44
074 F000600 18069
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 554
074 M000600 25
074 N000600 19567
074 O000600 0
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 89
074 S000600 0
074 T000600 19478
074 U010600 1038
074 U020600 57
074 V010600 16.74
074 V020600 16.87
074 W000600 0.0000
074 X000600 640
074 Y000600 0
075 A000600 0
075 B000600 16409
076 000600 0.00
008 A000701 GAM INTERNATIONAL MANAGEMENT LIMITED
008 B000701 A
008 C000701 801-22307
008 D010701 LONDON
008 D050701 ENGLAND
010 A000701 BROWN BROTHERS HARRIMAN & CO.
010 C010701 BOSTON
010 C020701 MA
010 C030701 02109
024 000700 N
025 A000701 DELETE
025 D000701 0
025 D000702 0
025 D000703 0
025 D000704 0
025 D000705 0
<PAGE> PAGE 31
025 D000706 0
025 D000707 0
025 D000708 0
028 A010700 3665
028 A020700 0
028 A030700 0
028 A040700 2949
028 B010700 2154
028 B020700 1470
028 B030700 0
028 B040700 1823
028 C010700 706
028 C020700 0
028 C030700 0
028 C040700 1596
028 D010700 1318
028 D020700 0
028 D030700 0
028 D040700 3029
028 E010700 1996
028 E020700 0
028 E030700 0
028 E040700 1140
028 F010700 833
028 F020700 0
028 F030700 0
028 F040700 1606
028 G010700 10672
028 G020700 1470
028 G030700 0
028 G040700 12143
028 H000700 -923
029 000700 Y
030 A000700 160
030 B000700 5.00
030 C000700 0.00
031 A000700 39
031 B000700 0
032 000700 121
033 000700 0
037 000700 N
038 000700 0
039 000700 Y
040 000700 Y
041 000700 Y
042 A000700 0
042 B000700 0
042 C000700 17
042 D000700 83
042 E000700 0
042 F000700 0
<PAGE> PAGE 32
042 G000700 0
042 H000700 0
043 000700 89
044 000700 42
045 000700 Y
046 000700 N
047 000700 Y
048 000700 1.000
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 N
055 A000700 N
055 B000700 N
056 000700 Y
057 000700 N
066 A000700 Y
066 C000700 Y
067 000700 N
068 A000700 N
068 B000700 Y
069 000700 N
070 A010700 Y
070 A020700 N
070 B010700 Y
070 B020700 N
070 C010700 Y
070 C020700 N
<PAGE> PAGE 33
070 D010700 Y
070 D020700 Y
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 Y
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 Y
070 M020700 Y
070 N010700 N
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 Y
070 Q020700 N
070 R010700 Y
070 R020700 N
071 A000700 12484
071 B000700 156701
071 C000700 21141
071 D000700 59
072 A000700 12
072 B000700 241
072 C000700 146
072 D000700 0
072 E000700 0
072 F000700 280
072 G000700 24
072 H000700 0
072 I000700 30
072 J000700 112
072 K000700 0
072 L000700 8
072 M000700 8
072 N000700 17
072 O000700 0
072 P000700 0
072 Q000700 0
<PAGE> PAGE 34
072 R000700 18
072 S000700 6
072 T000700 89
072 U000700 6
072 V000700 0
072 W000700 25
072 X000700 623
072 Y000700 0
072 Z000700 -236
072AA000700 0
072BB000700 4760
072CC010700 4105
072CC020700 0
072DD010700 0
072DD020700 0
072EE000700 1797
073 A010700 0.0000
073 A020700 0.0000
073 B000700 0.5700
073 C000700 0.0000
074 A000700 75
074 B000700 0
074 C000700 4987
074 D000700 0
074 E000700 249
074 F000700 19333
074 G000700 50
074 H000700 0
074 I000700 0
074 J000700 0
074 K000700 0
074 L000700 87
074 M000700 34
074 N000700 24815
074 O000700 0
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 542
074 S000700 0
074 T000700 24273
074 U010700 2963
074 U020700 82
074 V010700 7.65
074 V020700 8.11
074 W000700 0.0000
074 X000700 1532
074 Y000700 20776
075 A000700 0
<PAGE> PAGE 35
075 B000700 28632
076 000700 0.00
008 A000801 GAM INTERNATIONAL MANAGEMENT LIMITED
008 B000801 A
008 C000801 801-22307
008 D010801 LONDON
008 D050801 ENGLAND
010 A000801 BROWN BROTHERS HARRIMAN & CO.
010 C010801 BOSTON
010 C020801 MA
010 C030801 02108
024 000800 N
025 A000801 DELETE
025 D000801 0
025 D000802 0
025 D000803 0
025 D000804 0
025 D000805 0
025 D000806 0
025 D000807 0
025 D000808 0
028 A010800 10
028 A020800 0
028 A030800 0
028 A040800 1
028 B010800 38
028 B020800 0
028 B030800 0
028 B040800 81
028 C010800 0
028 C020800 0
028 C030800 0
028 C040800 155
028 D010800 0
028 D020800 0
028 D030800 0
028 D040800 131
028 E010800 0
028 E020800 0
028 E030800 0
028 E040800 34
028 F010800 0
028 F020800 0
028 F030800 0
028 F040800 52
028 G010800 48
028 G020800 0
028 G030800 0
028 G040800 454
028 H000800 48
029 000800 Y
<PAGE> PAGE 36
030 A000800 3
030 B000800 5.00
030 C000800 0.00
031 A000800 1
031 B000800 0
032 000800 3
033 000800 0
037 000800 N
038 000800 0
039 000800 Y
040 000800 Y
041 000800 Y
042 A000800 0
042 B000800 0
042 C000800 18
042 D000800 82
042 E000800 0
042 F000800 0
042 G000800 0
042 H000800 0
043 000800 1
044 000800 8
045 000800 Y
046 000800 N
047 000800 Y
048 000800 1.000
048 A010800 0
048 A020800 0.000
048 B010800 0
048 B020800 0.000
048 C010800 0
048 C020800 0.000
048 D010800 0
048 D020800 0.000
048 E010800 0
048 E020800 0.000
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 0
048 K020800 0.000
049 000800 N
050 000800 N
051 000800 N
<PAGE> PAGE 37
052 000800 N
053 A000800 Y
053 B000800 Y
055 A000800 N
055 B000800 N
056 000800 Y
057 000800 N
066 A000800 Y
066 C000800 Y
067 000800 N
068 A000800 N
068 B000800 Y
069 000800 N
070 A010800 Y
070 A020800 N
070 B010800 Y
070 B020800 N
070 C010800 Y
070 C020800 N
070 D010800 Y
070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 Y
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 Y
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 Y
070 L020800 Y
070 M010800 Y
070 M020800 Y
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 Y
070 Q020800 N
070 R010800 Y
070 R020800 N
071 A000800 493
071 B000800 1118
<PAGE> PAGE 38
071 C000800 319
071 D000800 154
072 A000800 12
072 B000800 4
072 C000800 14
072 D000800 0
072 E000800 0
072 F000800 4
072 G000800 1
072 H000800 0
072 I000800 0
072 J000800 11
072 K000800 0
072 L000800 -4
072 M000800 8
072 N000800 18
072 O000800 1
072 P000800 0
072 Q000800 0
072 R000800 13
072 S000800 5
072 T000800 1
072 U000800 13
072 V000800 0
072 W000800 5
072 X000800 75
072 Y000800 64
072 Z000800 6
072AA000800 0
072BB000800 509
072CC010800 285
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 0
074 B000800 0
074 C000800 0
074 D000800 0
074 E000800 0
074 F000800 0
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 0
074 K000800 0
074 L000800 0
<PAGE> PAGE 39
074 M000800 0
074 N000800 0
074 O000800 0
074 P000800 0
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 0
074 S000800 0
074 T000800 0
074 U010800 0
074 U020800 0
074 V010800 0.00
074 V020800 0.00
074 W000800 0.0000
074 X000800 0
074 Y000800 0
075 A000800 0
075 B000800 359
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 02109
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 968
028 A020900 0
028 A030900 0
028 A040900 188
028 B010900 621
028 B020900 99
028 B030900 0
028 B040900 405
028 C010900 564
028 C020900 0
028 C030900 0
028 C040900 586
<PAGE> PAGE 40
028 D010900 773
028 D020900 0
028 D030900 0
028 D040900 798
028 E010900 755
028 E020900 0
028 E030900 0
028 E040900 61
028 F010900 1870
028 F020900 75
028 F030900 0
028 F040900 330
028 G010900 5551
028 G020900 174
028 G030900 0
028 G040900 2368
028 H000900 1933
029 000900 Y
030 A000900 113
030 B000900 5.00
030 C000900 0.00
031 A000900 32
031 B000900 0
032 000900 81
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 13
042 D000900 87
042 E000900 0
042 F000900 0
042 G000900 0
042 H000900 0
043 000900 28
044 000900 35
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
<PAGE> PAGE 41
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
048 K020900 0.000
049 000900 N
050 000900 N
051 000900 N
052 000900 N
053 A000900 N
055 A000900 N
055 B000900 N
056 000900 Y
057 000900 N
066 A000900 Y
066 C000900 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
<PAGE> PAGE 42
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
070 R020900 N
071 A000900 7124
071 B000900 1519
071 C000900 5178
071 D000900 29
072 A000900 12
072 B000900 170
072 C000900 38
072 D000900 0
072 E000900 0
072 F000900 85
072 G000900 10
072 H000900 0
072 I000900 5
072 J000900 22
072 K000900 0
072 L000900 0
072 M000900 8
072 N000900 33
072 O000900 0
072 P000900 0
072 Q000900 0
072 R000900 14
072 S000900 7
072 T000900 29
072 U000900 5
072 V000900 0
072 W000900 9
072 X000900 227
072 Y000900 0
072 Z000900 -19
072AA000900 880
072BB000900 0
072CC010900 902
072CC020900 0
072DD010900 0
072DD020900 0
<PAGE> PAGE 43
072EE000900 254
073 A010900 0.0000
073 A020900 0.0000
073 B000900 0.4200
073 C000900 0.0000
074 A000900 0
074 B000900 0
074 C000900 5893
074 D000900 0
074 E000900 0
074 F000900 9646
074 G000900 0
074 H000900 0
074 I000900 0
074 J000900 0
074 K000900 0
074 L000900 188
074 M000900 31
074 N000900 15758
074 O000900 0
074 P000900 0
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 2113
074 S000900 0
074 T000900 13645
074 U010900 671
074 U020900 58
074 V010900 17.08
074 V020900 17.26
074 W000900 0.0000
074 X000900 727
074 Y000900 0
075 A000900 0
075 B000900 8884
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> 1 year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-01-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "47,246,123 "
<INVESTMENTS-AT-VALUE> "53,134,057 "
<RECEIVABLES> "1,171,191 "
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> "483,274 "
<TOTAL-ASSETS> "54,788,522 "
<PAYABLE-FOR-SECURITIES> "47,104 "
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "2,509,527 "
<TOTAL-LIABILITIES> "2,556,631 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "46,078,620 "
<SHARES-COMMON-STOCK> "3,928,719 "
<SHARES-COMMON-PRIOR> "3,110,245 "
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> "(580,951)"
<ACCUMULATED-NET-GAINS> "842,614 "
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> "5,891,608 "
<NET-ASSETS> "52,231,891 "
<DIVIDEND-INCOME> "1,046,544 "
<INTEREST-INCOME> "138,635 "
<OTHER-INCOME> 0
<EXPENSES-NET> "1,087,672 "
<NET-INVESTMENT-INCOME> "97,507 "
<REALIZED-GAINS-CURRENT> "2,939,106 "
<APPREC-INCREASE-CURRENT> "(136,956)"
<NET-CHANGE-FROM-OPS> "2,899,657 "
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> "(57,979)"
<DISTRIBUTIONS-OF-GAINS> "(4,571,876)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "39,135,869 "
<NUMBER-OF-SHARES-REDEEMED> "(30,614,504)"
<SHARES-REINVESTED> "3,590,914 "
<NET-CHANGE-IN-ASSETS> "13,131,303"
<ACCUMULATED-NII-PRIOR> "89,676 "
<ACCUMULATED-GAINS-PRIOR> "461,339 "
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "513,908 "
<INTEREST-EXPENSE> "63,667 "
<GROSS-EXPENSE> "1,087,672 "
<AVERAGE-NET-ASSETS> "50,882,607 "
<PER-SHARE-NAV-BEGIN> 12.57
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 1.28
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> (1.23)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.63
<EXPENSE-RATIO> 2.06
<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 B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 1 year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-01-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "47,246,123 "
<INVESTMENTS-AT-VALUE> "53,134,057 "
<RECEIVABLES> "1,171,191 "
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> "483,274 "
<TOTAL-ASSETS> "54,788,522 "
<PAYABLE-FOR-SECURITIES> "47,104 "
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "2,509,527 "
<TOTAL-LIABILITIES> "2,556,631 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "46,078,620 "
<SHARES-COMMON-STOCK> "139,436 "
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> "(580,951)"
<ACCUMULATED-NET-GAINS> "842,614 "
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> "5,891,608 "
<NET-ASSETS> "52,231,891 "
<DIVIDEND-INCOME> "1,046,544 "
<INTEREST-INCOME> "138,635 "
<OTHER-INCOME> 0
<EXPENSES-NET> "1,087,672 "
<NET-INVESTMENT-INCOME> "97,507 "
<REALIZED-GAINS-CURRENT> "2,939,106 "
<APPREC-INCREASE-CURRENT> "(136,956)"
<NET-CHANGE-FROM-OPS> "2,899,657 "
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> "(114,513)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "1,912,188 "
<NUMBER-OF-SHARES-REDEEMED> "(1,427)"
<SHARES-REINVESTED> "89,985 "
<NET-CHANGE-IN-ASSETS> "13,131,303"
<ACCUMULATED-NII-PRIOR> "89,676 "
<ACCUMULATED-GAINS-PRIOR> "461,339 "
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "513,908 "
<INTEREST-EXPENSE> "63,667 "
<GROSS-EXPENSE> "1,087,672 "
<AVERAGE-NET-ASSETS> "1,032,393 "
<PER-SHARE-NAV-BEGIN> 15.38
<PER-SHARE-NII> (.20)
<PER-SHARE-GAIN-APPREC> (1.37)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.99)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.82
<EXPENSE-RATIO> 3.93
<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 C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 1 year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-01-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "47,246,123 "
<INVESTMENTS-AT-VALUE> "53,134,057 "
<RECEIVABLES> "1,171,191 "
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> "483,274 "
<TOTAL-ASSETS> "54,788,522 "
<PAYABLE-FOR-SECURITIES> "47,104 "
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "2,509,527 "
<TOTAL-LIABILITIES> "2,556,631 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "46,078,620 "
<SHARES-COMMON-STOCK> "64,078 "
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> "(580,951)"
<ACCUMULATED-NET-GAINS> "842,614 "
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> "5,891,608 "
<NET-ASSETS> "52,231,891 "
<DIVIDEND-INCOME> "1,046,544 "
<INTEREST-INCOME> "138,635 "
<OTHER-INCOME> 0
<EXPENSES-NET> "1,087,672 "
<NET-INVESTMENT-INCOME> "97,507 "
<REALIZED-GAINS-CURRENT> "2,939,106 "
<APPREC-INCREASE-CURRENT> "(136,956)"
<NET-CHANGE-FROM-OPS> "2,899,657 "
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> "(59,514)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "988,167 "
<NUMBER-OF-SHARES-REDEEMED> "(107,286)"
<SHARES-REINVESTED> "41,622 "
<NET-CHANGE-IN-ASSETS> "13,131,303"
<ACCUMULATED-NII-PRIOR> "89,676 "
<ACCUMULATED-GAINS-PRIOR> "461,339 "
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "513,908 "
<INTEREST-EXPENSE> "63,667 "
<GROSS-EXPENSE> "1,087,672 "
<AVERAGE-NET-ASSETS> "529,388 "
<PER-SHARE-NAV-BEGIN> 15.16
<PER-SHARE-NII> (.28)
<PER-SHARE-GAIN-APPREC> (1.19)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.99)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.70
<EXPENSE-RATIO> 4.93
<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
<SERIES> <C>
<PERIOD-TYPE> 1 Year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-01-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 80
<ASSETS-OTHER> "31,716 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "31,796 "
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "4,525 "
<TOTAL-LIABILITIES> "4,525 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "1,385,886 "
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> "137,015 "
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> "24,384 "
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(1,410,270)"
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> "13,719 "
<INTEREST-INCOME> "3,620 "
<OTHER-INCOME> 0
<EXPENSES-NET> "11,368 "
<NET-INVESTMENT-INCOME> "5,971"
<REALIZED-GAINS-CURRENT> "(557,577)"
<APPREC-INCREASE-CURRENT> "384,936 "
<NET-CHANGE-FROM-OPS> "(266,670)"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> "24,758 "
<DISTRIBUTIONS-OF-GAINS> "14,742 "
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "134,097 "
<NUMBER-OF-SHARES-REDEEMED> "(691,640)"
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> "(824,213)"
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> "(5,597)"
<OVERDIST-NET-GAINS-PRIOR> "(837,951)"
<GROSS-ADVISORY-FEES> "4,407 "
<INTEREST-EXPENSE> 86
<GROSS-EXPENSE> "61,974 "
<AVERAGE-NET-ASSETS> "442,516 "
<PER-SHARE-NAV-BEGIN> 6.02
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> (6.11)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> .00
<EXPENSE-RATIO> 2.00
<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
<SERIES>
<NUMBER> 001
<NAME> Class A
<S> <C>
<PERIOD-TYPE> 1 Year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-01-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "14,108,958 "
<INVESTMENTS-AT-VALUE> "15,538,542 "
<RECEIVABLES> "188,508 "
<ASSETS-OTHER> "30,462 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "15,757,512 "
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "2,112,668 "
<TOTAL-LIABILITIES> "2,112,668 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "11,462,481 "
<SHARES-COMMON-STOCK> "671,457 "
<SHARES-COMMON-PRIOR> "282,816 "
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> "752,779 "
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> "1,429,584 "
<NET-ASSETS> "13,644,844 "
<DIVIDEND-INCOME> "37,455 "
<INTEREST-INCOME> "170,275 "
<OTHER-INCOME> 0
<EXPENSES-NET> "227,311 "
<NET-INVESTMENT-INCOME> "(19,581)"
<REALIZED-GAINS-CURRENT> "880,209 "
<APPREC-INCREASE-CURRENT> "902,365 "
<NET-CHANGE-FROM-OPS> "1,762,993 "
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> "(253,783)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "8,088,698 "
<NUMBER-OF-SHARES-REDEEMED> "(1,925,319)"
<SHARES-REINVESTED> "160,863 "
<NET-CHANGE-IN-ASSETS> "9,845,787"
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> "161,861 "
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "84,838 "
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> "227,311 "
<AVERAGE-NET-ASSETS> "8,064,250 "
<PER-SHARE-NAV-BEGIN> 13.43
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> 4.08
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.42)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.08
<EXPENSE-RATIO> 2.46
<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
<SERIES>
<NUMBER> 001
<NAME> Class B
<S> <C>
<PERIOD-TYPE> 1 Year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-01-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "14,108,958 "
<INVESTMENTS-AT-VALUE> "15,538,542 "
<RECEIVABLES> "188,508 "
<ASSETS-OTHER> "30,462 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "15,757,512 "
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "2,112,668 "
<TOTAL-LIABILITIES> "2,112,668 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "11,462,481 "
<SHARES-COMMON-STOCK> "57,651 "
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> "752,779 "
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> "1,429,584 "
<NET-ASSETS> "13,644,844 "
<DIVIDEND-INCOME> "37,455 "
<INTEREST-INCOME> "170,275 "
<OTHER-INCOME> 0
<EXPENSES-NET> "227,311 "
<NET-INVESTMENT-INCOME> "(19,581)"
<REALIZED-GAINS-CURRENT> "880,209 "
<APPREC-INCREASE-CURRENT> "902,365 "
<NET-CHANGE-FROM-OPS> "1,762,993 "
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> "(8,302)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "1,076,014 "
<NUMBER-OF-SHARES-REDEEMED> "(175,102)"
<SHARES-REINVESTED> "8,214 "
<NET-CHANGE-IN-ASSETS> "9,845,787"
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> "161,861 "
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "84,838 "
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> "227,311 "
<AVERAGE-NET-ASSETS> "539,055 "
<PER-SHARE-NAV-BEGIN> 16.57
<PER-SHARE-NII> (.26)
<PER-SHARE-GAIN-APPREC> 1.10
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.15)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.26
<EXPENSE-RATIO> 5.19
<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
<SERIES>
<NUMBER> 001
<NAME> Class C
<S> <C>
<PERIOD-TYPE> 1 Year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-01-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "14,108,958 "
<INVESTMENTS-AT-VALUE> "15,538,542 "
<RECEIVABLES> "188,508 "
<ASSETS-OTHER> "30,462 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "15,757,512 "
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "2,112,668 "
<TOTAL-LIABILITIES> "2,112,668 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "11,462,481 "
<SHARES-COMMON-STOCK> "68,908 "
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> "752,779 "
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> "1,429,584 "
<NET-ASSETS> "13,644,844 "
<DIVIDEND-INCOME> "37,455 "
<INTEREST-INCOME> "170,275 "
<OTHER-INCOME> 0
<EXPENSES-NET> "227,311 "
<NET-INVESTMENT-INCOME> "(19,581)"
<REALIZED-GAINS-CURRENT> "880,209 "
<APPREC-INCREASE-CURRENT> "902,365 "
<NET-CHANGE-FROM-OPS> "1,762,993 "
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> "(7,626)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "1,125,809 "
<NUMBER-OF-SHARES-REDEEMED> "(11,622)"
<SHARES-REINVESTED> "4,950 "
<NET-CHANGE-IN-ASSETS> "9,845,787"
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> "161,861 "
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "84,838 "
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> "227,311 "
<AVERAGE-NET-ASSETS> "280,680 "
<PER-SHARE-NAV-BEGIN> 16.57
<PER-SHARE-NII> (.37)
<PER-SHARE-GAIN-APPREC> 1.08
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.15)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.13
<EXPENSE-RATIO> 7.15
<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
<SERIES>
<NUMBER> 001
<NAME> Class A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 1 year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-1-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "143,882,276 "
<INVESTMENTS-AT-VALUE> "166,408,441 "
<RECEIVABLES> "3,463,757 "
<ASSETS-OTHER> "4,556,626 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "174,428,824 "
<PAYABLE-FOR-SECURITIES> "1,298,373 "
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "3,358,245 "
<TOTAL-LIABILITIES> "4,656,618 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "163,925,186 "
<SHARES-COMMON-STOCK> "7,366,611 "
<SHARES-COMMON-PRIOR> "3,513,547 "
<ACCUMULATED-NII-CURRENT> "231,030 "
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(15,903,022)"
<ACCUM-APPREC-OR-DEPREC> "21,519,012 "
<NET-ASSETS> "169,772,206 "
<DIVIDEND-INCOME> "1,118,213 "
<INTEREST-INCOME> "780,790 "
<OTHER-INCOME> 0
<EXPENSES-NET> "2,307,753 "
<NET-INVESTMENT-INCOME> "(408,750)"
<REALIZED-GAINS-CURRENT> "(15,250,153)"
<APPREC-INCREASE-CURRENT> "11,132,333 "
<NET-CHANGE-FROM-OPS> "(4,526,570)"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> "(1,094,319)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "114,235,277 "
<NUMBER-OF-SHARES-REDEEMED> "(36,700,992)"
<SHARES-REINVESTED> "913,190 "
<NET-CHANGE-IN-ASSETS> "100,264,708 "
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> "608,107 "
<OVERDISTRIB-NII-PRIOR> "(155,350)"
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "1,287,387 "
<INTEREST-EXPENSE> "36,126 "
<GROSS-EXPENSE> "2,307,753 "
<AVERAGE-NET-ASSETS> "114,810,738 "
<PER-SHARE-NAV-BEGIN> 18.71
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> .55
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.17)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.04
<EXPENSE-RATIO> 1.71
<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 B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 1 year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-1-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "143,882,276 "
<INVESTMENTS-AT-VALUE> "166,408,441 "
<RECEIVABLES> "3,463,757 "
<ASSETS-OTHER> "4,556,626 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "174,428,824 "
<PAYABLE-FOR-SECURITIES> "1,298,373 "
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "3,358,245 "
<TOTAL-LIABILITIES> "4,656,618 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "163,925,186 "
<SHARES-COMMON-STOCK> "544,380 "
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> "231,030 "
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(15,903,022)"
<ACCUM-APPREC-OR-DEPREC> "21,519,012 "
<NET-ASSETS> "169,772,206 "
<DIVIDEND-INCOME> "1,118,213 "
<INTEREST-INCOME> "780,790 "
<OTHER-INCOME> 0
<EXPENSES-NET> "2,307,753 "
<NET-INVESTMENT-INCOME> "(408,750)"
<REALIZED-GAINS-CURRENT> "(15,250,153)"
<APPREC-INCREASE-CURRENT> "11,132,333 "
<NET-CHANGE-FROM-OPS> "(4,526,570)"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "11,824,991 "
<NUMBER-OF-SHARES-REDEEMED> "(547,356)"
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> "100,264,708 "
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> "608,107 "
<OVERDISTRIB-NII-PRIOR> "(155,350)"
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "1,287,387 "
<INTEREST-EXPENSE> "36,126 "
<GROSS-EXPENSE> "2,307,753 "
<AVERAGE-NET-ASSETS> "6,759,487 "
<PER-SHARE-NAV-BEGIN> 20.99
<PER-SHARE-NII> (.13)
<PER-SHARE-GAIN-APPREC> (1.75)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.11
<EXPENSE-RATIO> 2.70
<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 C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 1 year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-1-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "143,882,276 "
<INVESTMENTS-AT-VALUE> "166,408,441 "
<RECEIVABLES> "3,463,757 "
<ASSETS-OTHER> "4,556,626 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "174,428,824 "
<PAYABLE-FOR-SECURITIES> "1,298,373 "
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "3,358,245 "
<TOTAL-LIABILITIES> "4,656,618 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "163,925,186 "
<SHARES-COMMON-STOCK> "471,924 "
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> "231,030 "
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(15,903,022)"
<ACCUM-APPREC-OR-DEPREC> "21,519,012 "
<NET-ASSETS> "169,772,206 "
<DIVIDEND-INCOME> "1,118,213 "
<INTEREST-INCOME> "780,790 "
<OTHER-INCOME> 0
<EXPENSES-NET> "2,307,753 "
<NET-INVESTMENT-INCOME> "(408,750)"
<REALIZED-GAINS-CURRENT> "(15,250,153)"
<APPREC-INCREASE-CURRENT> "11,132,333 "
<NET-CHANGE-FROM-OPS> "(4,526,570)"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "10,044,918 "
<NUMBER-OF-SHARES-REDEEMED> "(469,047)"
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> "100,264,708 "
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> "608,107 "
<OVERDISTRIB-NII-PRIOR> "(155,350)"
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "1,287,387 "
<INTEREST-EXPENSE> "36,126 "
<GROSS-EXPENSE> "2,307,753 "
<AVERAGE-NET-ASSETS> "4,856,439 "
<PER-SHARE-NAV-BEGIN> 21.06
<PER-SHARE-NII> (.14)
<PER-SHARE-GAIN-APPREC> (1.82)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.10
<EXPENSE-RATIO> 2.83
<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> 1 year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-1-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "143,882,276 "
<INVESTMENTS-AT-VALUE> "166,408,441 "
<RECEIVABLES> "3,463,757 "
<ASSETS-OTHER> "4,556,626 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "174,428,824 "
<PAYABLE-FOR-SECURITIES> "1,298,373 "
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "3,358,245 "
<TOTAL-LIABILITIES> "4,656,618 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "163,925,186 "
<SHARES-COMMON-STOCK> "536,674 "
<SHARES-COMMON-PRIOR> "203,699 "
<ACCUMULATED-NII-CURRENT> "231,030 "
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(15,903,022)"
<ACCUM-APPREC-OR-DEPREC> "21,519,012 "
<NET-ASSETS> "169,772,206 "
<DIVIDEND-INCOME> "1,118,213 "
<INTEREST-INCOME> "780,790 "
<OTHER-INCOME> 0
<EXPENSES-NET> "2,307,753 "
<NET-INVESTMENT-INCOME> "(408,750)"
<REALIZED-GAINS-CURRENT> "(15,250,153)"
<APPREC-INCREASE-CURRENT> "11,132,333 "
<NET-CHANGE-FROM-OPS> "(4,526,570)"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> "(78,435)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "8,783,427 "
<NUMBER-OF-SHARES-REDEEMED> "(2,179,574)"
<SHARES-REINVESTED> "59,198 "
<NET-CHANGE-IN-ASSETS> "100,264,708 "
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> "608,107 "
<OVERDISTRIB-NII-PRIOR> "(155,350)"
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "1,287,387 "
<INTEREST-EXPENSE> "36,126 "
<GROSS-EXPENSE> "2,307,753 "
<AVERAGE-NET-ASSETS> "8,004,067 "
<PER-SHARE-NAV-BEGIN> 18.50
<PER-SHARE-NII> (.08)
<PER-SHARE-GAIN-APPREC> .54
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.17)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 18.79
<EXPENSE-RATIO> 1.87
<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> 1 year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-01-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "2,411,355,971 "
<INVESTMENTS-AT-VALUE> "2,980,805,931 "
<RECEIVABLES> "116,166,588 "
<ASSETS-OTHER> "10,436,096 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "3,107,408,615 "
<PAYABLE-FOR-SECURITIES> "12,633,642 "
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "106,573,734 "
<TOTAL-LIABILITIES> "119,207,376 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "2,542,204,538 "
<SHARES-COMMON-STOCK> "89,339,098 "
<SHARES-COMMON-PRIOR> "63,022,600 "
<ACCUMULATED-NII-CURRENT> "48,844,853 "
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(114,049,288)"
<ACCUM-APPREC-OR-DEPREC> "511,201,136 "
<NET-ASSETS> "2,988,201,239 "
<DIVIDEND-INCOME> "35,103,529 "
<INTEREST-INCOME> "15,212,644 "
<OTHER-INCOME> 0
<EXPENSES-NET> "44,167,056 "
<NET-INVESTMENT-INCOME> "6,149,117 "
<REALIZED-GAINS-CURRENT> "7,476,566 "
<APPREC-INCREASE-CURRENT> "87,495,823 "
<NET-CHANGE-FROM-OPS> "101,121,506 "
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> "(3,801,544)"
<DISTRIBUTIONS-OF-GAINS> "(37,602,228)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "1,410,892,506 "
<NUMBER-OF-SHARES-REDEEMED> "(616,480,333)"
<SHARES-REINVESTED> "36,118,910 "
<NET-CHANGE-IN-ASSETS> "1,095,253,227 "
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> "(8,350,974)"
<OVERDIST-NET-GAINS-PRIOR> "(26,603,436)"
<GROSS-ADVISORY-FEES> "26,355,350 "
<INTEREST-EXPENSE> "408,179 "
<GROSS-EXPENSE> "44,167,056 "
<AVERAGE-NET-ASSETS> "2,431,283,931 "
<PER-SHARE-NAV-BEGIN> 28.46
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 2.03
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> (0.46)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 30.06
<EXPENSE-RATIO> 1.66
<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
<SERIES>
<NUMBER> 001
<NAME> Class B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 1 year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-01-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "2,411,355,971"
<INVESTMENTS-AT-VALUE> "2,980,805,931 "
<RECEIVABLES> "116,166,588 "
<ASSETS-OTHER> "10,436,096 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "3,107,408,615 "
<PAYABLE-FOR-SECURITIES> "12,633,642 "
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "106,573,734 "
<TOTAL-LIABILITIES> "119,207,376 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "2,542,204,538 "
<SHARES-COMMON-STOCK> "2,145,228 "
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> "48,844,853 "
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(114,049,288)"
<ACCUM-APPREC-OR-DEPREC> "511,201,136 "
<NET-ASSETS> "2,988,201,239 "
<DIVIDEND-INCOME> "35,103,529 "
<INTEREST-INCOME> "15,212,644 "
<OTHER-INCOME> 0
<EXPENSES-NET> "44,167,056 "
<NET-INVESTMENT-INCOME> "6,149,117 "
<REALIZED-GAINS-CURRENT> "7,476,566 "
<APPREC-INCREASE-CURRENT> "87,495,823 "
<NET-CHANGE-FROM-OPS> "101,121,506 "
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "69,950,241 "
<NUMBER-OF-SHARES-REDEEMED> "(1,862,050)"
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> "1,095,253,227 "
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> "(8,350,974)"
<OVERDIST-NET-GAINS-PRIOR> "(26,603,436)"
<GROSS-ADVISORY-FEES> "26,355,350 "
<INTEREST-EXPENSE> "408,179 "
<GROSS-EXPENSE> "44,167,056 "
<AVERAGE-NET-ASSETS> "36,113,079 "
<PER-SHARE-NAV-BEGIN> 33.39
<PER-SHARE-NII> (.20)
<PER-SHARE-GAIN-APPREC> (2.78)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 30.41
<EXPENSE-RATIO> 2.54
<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 C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 1 year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-01-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "2,411,355,971"
<INVESTMENTS-AT-VALUE> "2,980,805,931 "
<RECEIVABLES> "116,166,588 "
<ASSETS-OTHER> "10,436,096 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "3,107,408,615 "
<PAYABLE-FOR-SECURITIES> "12,633,642 "
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "106,573,734 "
<TOTAL-LIABILITIES> "119,207,376 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "2,542,204,538 "
<SHARES-COMMON-STOCK> "2,583,074 "
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> "48,844,853 "
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(114,049,288)"
<ACCUM-APPREC-OR-DEPREC> "511,201,136 "
<NET-ASSETS> "2,988,201,239 "
<DIVIDEND-INCOME> "35,103,529 "
<INTEREST-INCOME> "15,212,644 "
<OTHER-INCOME> 0
<EXPENSES-NET> "44,167,056 "
<NET-INVESTMENT-INCOME> "6,149,117 "
<REALIZED-GAINS-CURRENT> "7,476,566 "
<APPREC-INCREASE-CURRENT> "87,495,823 "
<NET-CHANGE-FROM-OPS> "101,121,506 "
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "85,010,147 "
<NUMBER-OF-SHARES-REDEEMED> "(3,552,764)"
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> "1,095,253,227 "
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> "(8,350,974)"
<OVERDIST-NET-GAINS-PRIOR> "(26,603,436)"
<GROSS-ADVISORY-FEES> "26,355,350 "
<INTEREST-EXPENSE> "408,179 "
<GROSS-EXPENSE> "44,167,056 "
<AVERAGE-NET-ASSETS> "41,211,792 "
<PER-SHARE-NAV-BEGIN> 32.61
<PER-SHARE-NII> (.20)
<PER-SHARE-GAIN-APPREC> (2.04)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 30.37
<EXPENSE-RATIO> 2.52
<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> 1 year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-01-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "2,411,355,971"
<INVESTMENTS-AT-VALUE> "2,980,805,931 "
<RECEIVABLES> "116,166,588 "
<ASSETS-OTHER> "10,436,096 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "3,107,408,615 "
<PAYABLE-FOR-SECURITIES> "12,633,642 "
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "106,573,734 "
<TOTAL-LIABILITIES> "119,207,376 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "2,542,204,538 "
<SHARES-COMMON-STOCK> "5,308,001 "
<SHARES-COMMON-PRIOR> "3,502,721 "
<ACCUMULATED-NII-CURRENT> "48,844,853 "
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(114,049,288)"
<ACCUM-APPREC-OR-DEPREC> "511,201,136 "
<NET-ASSETS> "2,988,201,239 "
<DIVIDEND-INCOME> "35,103,529 "
<INTEREST-INCOME> "15,212,644 "
<OTHER-INCOME> 0
<EXPENSES-NET> "44,167,056 "
<NET-INVESTMENT-INCOME> "6,149,117 "
<REALIZED-GAINS-CURRENT> "7,476,566 "
<APPREC-INCREASE-CURRENT> "87,495,823 "
<NET-CHANGE-FROM-OPS> "101,121,506 "
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> "(162,472)"
<DISTRIBUTIONS-OF-GAINS> "(2,310,145)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "81,219,579 "
<NUMBER-OF-SHARES-REDEEMED> "(25,326,628)"
<SHARES-REINVESTED> "2,038,502 "
<NET-CHANGE-IN-ASSETS> "1,095,253,227 "
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> "(8,350,974)"
<OVERDIST-NET-GAINS-PRIOR> "(26,603,436)"
<GROSS-ADVISORY-FEES> "26,355,350 "
<INTEREST-EXPENSE> "408,179 "
<GROSS-EXPENSE> "44,167,056 "
<AVERAGE-NET-ASSETS> "41,211,792 "
<PER-SHARE-NAV-BEGIN> 28.34
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 2.03
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> (0.46)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 29.92
<EXPENSE-RATIO> 1.80
<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
<SERIES>
<NUMBER> 001
<NAME> Class A
<S> <C>
<PERIOD-TYPE> 1 Year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-01-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "25,075,515 "
<INVESTMENTS-AT-VALUE> "24,618,276 "
<RECEIVABLES> "87,150 "
<ASSETS-OTHER> "109,629 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "24,815,055 "
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "542,204 "
<TOTAL-LIABILITIES> "542,204 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "35,524,373 "
<SHARES-COMMON-STOCK> "2,963,123 "
<SHARES-COMMON-PRIOR> "3,656,282 "
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> "(564,454)"
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(10,032,285)"
<ACCUM-APPREC-OR-DEPREC> "(654,783)"
<NET-ASSETS> "24,272,851 "
<DIVIDEND-INCOME> "146,489 "
<INTEREST-INCOME> "240,742 "
<OTHER-INCOME> 0
<EXPENSES-NET> "622,659 "
<NET-INVESTMENT-INCOME> "(235,428)"
<REALIZED-GAINS-CURRENT> "(4,760,514)"
<APPREC-INCREASE-CURRENT> "4,104,960"
<NET-CHANGE-FROM-OPS> "(890,982)"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> "(1,796,842)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "22,104,590 "
<NUMBER-OF-SHARES-REDEEMED> "(29,092,373)"
<SHARES-REINVESTED> "1,469,516 "
<NET-CHANGE-IN-ASSETS> "(6,598,923)"
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> "(410,969)"
<OVERDIST-NET-GAINS-PRIOR> "(3,900,870)"
<GROSS-ADVISORY-FEES> "280,165 "
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> "622,659 "
<AVERAGE-NET-ASSETS> "27,647,561 "
<PER-SHARE-NAV-BEGIN> 8.44
<PER-SHARE-NII> (.06)
<PER-SHARE-GAIN-APPREC> (.16)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.57)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 7.65
<EXPENSE-RATIO> 2.16
<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
<SERIES>
<NUMBER> 001
<NAME> Class B
<S> <C>
<PERIOD-TYPE> 1 Year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-01-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "25,075,515 "
<INVESTMENTS-AT-VALUE> "24,618,276 "
<RECEIVABLES> "87,150 "
<ASSETS-OTHER> "109,629 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "24,815,055 "
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "542,204 "
<TOTAL-LIABILITIES> "542,204 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "35,524,373 "
<SHARES-COMMON-STOCK> "82,029 "
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> "(564,454)"
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(10,032,285)"
<ACCUM-APPREC-OR-DEPREC> "(654,783)"
<NET-ASSETS> "24,272,851 "
<DIVIDEND-INCOME> "146,489 "
<INTEREST-INCOME> "240,742 "
<OTHER-INCOME> 0
<EXPENSES-NET> "622,659 "
<NET-INVESTMENT-INCOME> "(235,428)"
<REALIZED-GAINS-CURRENT> "(4,760,514)"
<APPREC-INCREASE-CURRENT> "4,104,960"
<NET-CHANGE-FROM-OPS> "(890,982)"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "686,362 "
<NUMBER-OF-SHARES-REDEEMED> "(19,815)"
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> "(6,598,923)"
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> "(410,969)"
<OVERDIST-NET-GAINS-PRIOR> "(3,900,870)"
<GROSS-ADVISORY-FEES> "280,165 "
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> "622,659 "
<AVERAGE-NET-ASSETS> "261,454 "
<PER-SHARE-NAV-BEGIN> 8.49
<PER-SHARE-NII> (.19)
<PER-SHARE-GAIN-APPREC> (.19)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.11
<EXPENSE-RATIO> 5.31
<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
<SERIES>
<NUMBER> 001
<NAME> Class C
<S> <C>
<PERIOD-TYPE> 1 Year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-01-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "25,075,515 "
<INVESTMENTS-AT-VALUE> "24,618,276 "
<RECEIVABLES> "87,150 "
<ASSETS-OTHER> "109,629 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "24,815,055 "
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "542,204 "
<TOTAL-LIABILITIES> "542,204 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "35,524,373 "
<SHARES-COMMON-STOCK> "117,546 "
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> "(564,454)"
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(10,032,285)"
<ACCUM-APPREC-OR-DEPREC> "(654,783)"
<NET-ASSETS> "24,272,851 "
<DIVIDEND-INCOME> "146,489 "
<INTEREST-INCOME> "240,742 "
<OTHER-INCOME> 0
<EXPENSES-NET> "622,659 "
<NET-INVESTMENT-INCOME> "(235,428)"
<REALIZED-GAINS-CURRENT> "(4,760,514)"
<APPREC-INCREASE-CURRENT> "4,104,960"
<NET-CHANGE-FROM-OPS> "(890,982)"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> "(1,796,842)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "1,680,813 "
<NUMBER-OF-SHARES-REDEEMED> "(740,192)"
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> "(6,598,923)"
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> "(410,969)"
<OVERDIST-NET-GAINS-PRIOR> "(3,900,870)"
<GROSS-ADVISORY-FEES> "280,165 "
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> "622,659 "
<AVERAGE-NET-ASSETS> "290,042 "
<PER-SHARE-NAV-BEGIN> 8.56
<PER-SHARE-NII> (.15)
<PER-SHARE-GAIN-APPREC> (.29)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.12
<EXPENSE-RATIO> 3.99
<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> 1 Year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-01-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "14,984,764 "
<INVESTMENTS-AT-VALUE> "18,988,467 "
<RECEIVABLES> "554,001 "
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> "25,004 "
<TOTAL-ASSETS> "19,567,472 "
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "89,194 "
<TOTAL-LIABILITIES> "89,194 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "15,479,094 "
<SHARES-COMMON-STOCK> "1,037,790 "
<SHARES-COMMON-PRIOR> "633,097 "
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(4,519)"
<ACCUM-APPREC-OR-DEPREC> "4,003,703 "
<NET-ASSETS> "19,478,278 "
<DIVIDEND-INCOME> "235,555 "
<INTEREST-INCOME> "49,355 "
<OTHER-INCOME> 0
<EXPENSES-NET> "356,929 "
<NET-INVESTMENT-INCOME> "(72,019)"
<REALIZED-GAINS-CURRENT> "4,184,527 "
<APPREC-INCREASE-CURRENT> "570,859 "
<NET-CHANGE-FROM-OPS> "4,683,367 "
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> "(4,058,087)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "20,630,033 "
<NUMBER-OF-SHARES-REDEEMED> "(17,552,935)"
<SHARES-REINVESTED> "2,853,737 "
<NET-CHANGE-IN-ASSETS> "8,512,105 "
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> "294,541 "
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "160,274 "
<INTEREST-EXPENSE> "11,357 "
<GROSS-EXPENSE> "356,929 "
<AVERAGE-NET-ASSETS> "15,857,571 "
<PER-SHARE-NAV-BEGIN> 17.32
<PER-SHARE-NII> (.07)
<PER-SHARE-GAIN-APPREC> 4.76
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (5.27)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 16.74
<EXPENSE-RATIO> 2.10
<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 B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 1 Year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-01-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "14,984,764 "
<INVESTMENTS-AT-VALUE> "18,988,467 "
<RECEIVABLES> "554,001 "
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> "25,004 "
<TOTAL-ASSETS> "19,567,472 "
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "89,194 "
<TOTAL-LIABILITIES> "89,194 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "15,479,094 "
<SHARES-COMMON-STOCK> "57,457 "
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(4,519)"
<ACCUM-APPREC-OR-DEPREC> "4,003,703 "
<NET-ASSETS> "19,478,278 "
<DIVIDEND-INCOME> "235,555 "
<INTEREST-INCOME> "49,355 "
<OTHER-INCOME> 0
<EXPENSES-NET> "356,929 "
<NET-INVESTMENT-INCOME> "(72,019)"
<REALIZED-GAINS-CURRENT> "4,184,527 "
<APPREC-INCREASE-CURRENT> "570,859 "
<NET-CHANGE-FROM-OPS> "4,683,367 "
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> "(169,676)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "953,797 "
<NUMBER-OF-SHARES-REDEEMED> "(9,536)"
<SHARES-REINVESTED> "120,349 "
<NET-CHANGE-IN-ASSETS> "8,512,105 "
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> "294,541 "
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "160,274 "
<INTEREST-EXPENSE> "11,357 "
<GROSS-EXPENSE> "356,929 "
<AVERAGE-NET-ASSETS> "261,454 "
<PER-SHARE-NAV-BEGIN> 20.08
<PER-SHARE-NII> (.57)
<PER-SHARE-GAIN-APPREC> 2.17
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (4.81)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 16.87
<EXPENSE-RATIO> 7.56
<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 C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 1 Year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-01-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "14,984,764 "
<INVESTMENTS-AT-VALUE> "18,988,467 "
<RECEIVABLES> "554,001 "
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> "25,004 "
<TOTAL-ASSETS> "19,567,472 "
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "89,194 "
<TOTAL-LIABILITIES> "89,194 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "15,479,094 "
<SHARES-COMMON-STOCK> "68,860 "
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(4,519)"
<ACCUM-APPREC-OR-DEPREC> "4,003,703 "
<NET-ASSETS> "19,478,278 "
<DIVIDEND-INCOME> "235,555 "
<INTEREST-INCOME> "49,355 "
<OTHER-INCOME> 0
<EXPENSES-NET> "356,929 "
<NET-INVESTMENT-INCOME> "(72,019)"
<REALIZED-GAINS-CURRENT> "4,184,527 "
<APPREC-INCREASE-CURRENT> "570,859 "
<NET-CHANGE-FROM-OPS> "4,683,367 "
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> "(196,849)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "1,126,114 "
<NUMBER-OF-SHARES-REDEEMED> "(30,256)"
<SHARES-REINVESTED> "162,047 "
<NET-CHANGE-IN-ASSETS> "8,512,105 "
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> "294,541 "
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "160,274 "
<INTEREST-EXPENSE> "11,357 "
<GROSS-EXPENSE> "356,929 "
<AVERAGE-NET-ASSETS> "290,042 "
<PER-SHARE-NAV-BEGIN> 21.58
<PER-SHARE-NII> (.44)
<PER-SHARE-GAIN-APPREC> .25
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (4.81)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 16.58
<EXPENSE-RATIO> 8.16
<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> 1 Year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-1-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "22,211,190 "
<INVESTMENTS-AT-VALUE> "17,648,398 "
<RECEIVABLES> "295,686 "
<ASSETS-OTHER> "820,863 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "18,764,947 "
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "307,235 "
<TOTAL-LIABILITIES> "307,235 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "43,042,597 "
<SHARES-COMMON-STOCK> "2,060,852 "
<SHARES-COMMON-PRIOR> "2,379,009 "
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> "(1,521,567)"
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(18,334,451)"
<ACCUM-APPREC-OR-DEPREC> "(4,728,867)"
<NET-ASSETS> "18,457,712 "
<DIVIDEND-INCOME> "430,319 "
<INTEREST-INCOME> "54,477 "
<OTHER-INCOME> 0
<EXPENSES-NET> "518,439 "
<NET-INVESTMENT-INCOME> "(33,643)"
<REALIZED-GAINS-CURRENT> "(11,701,135)"
<APPREC-INCREASE-CURRENT> "9,927,352"
<NET-CHANGE-FROM-OPS> "(1,807,426)"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> "(431,742)"
<DISTRIBUTIONS-OF-GAINS> "(1,566,094)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "14,115,594 "
<NUMBER-OF-SHARES-REDEEMED> "(18,453,528)"
<SHARES-REINVESTED> "1,876,104 "
<NET-CHANGE-IN-ASSETS> "(6,170,628)"
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> "(310,853)"
<OVERDIST-NET-GAINS-PRIOR> "(5,705,626)"
<GROSS-ADVISORY-FEES> "207,532 "
<INTEREST-EXPENSE> "2,398 "
<GROSS-EXPENSE> "518,439 "
<AVERAGE-NET-ASSETS> "19,514,873 "
<PER-SHARE-NAV-BEGIN> 9.69
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> (.51)
<PER-SHARE-DIVIDEND> (0.22)
<PER-SHARE-DISTRIBUTIONS> (0.72)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.23
<EXPENSE-RATIO> 2.42
<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 B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 1 Year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-1-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "22,211,190 "
<INVESTMENTS-AT-VALUE> "17,648,398 "
<RECEIVABLES> "295,686 "
<ASSETS-OTHER> "820,863 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "18,764,947 "
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "307,235 "
<TOTAL-LIABILITIES> "307,235 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "43,042,597 "
<SHARES-COMMON-STOCK> "30,477 "
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> "(1,521,567)"
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(18,334,451)"
<ACCUM-APPREC-OR-DEPREC> "(4,728,867)"
<NET-ASSETS> "18,457,712 "
<DIVIDEND-INCOME> "430,319 "
<INTEREST-INCOME> "54,477 "
<OTHER-INCOME> 0
<EXPENSES-NET> "518,439 "
<NET-INVESTMENT-INCOME> "(33,643)"
<REALIZED-GAINS-CURRENT> "(11,701,135)"
<APPREC-INCREASE-CURRENT> "9,927,352"
<NET-CHANGE-FROM-OPS> "(1,807,426)"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (936)
<DISTRIBUTIONS-OF-GAINS> "(2,587)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "313,454 "
<NUMBER-OF-SHARES-REDEEMED> "(47,195)"
<SHARES-REINVESTED> "3,105 "
<NET-CHANGE-IN-ASSETS> "(6,170,628)"
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> "(310,853)"
<OVERDIST-NET-GAINS-PRIOR> "(5,705,626)"
<GROSS-ADVISORY-FEES> "207,532 "
<INTEREST-EXPENSE> "2,398 "
<GROSS-EXPENSE> "518,439 "
<AVERAGE-NET-ASSETS> "123,083 "
<PER-SHARE-NAV-BEGIN> 9.15
<PER-SHARE-NII> (.35)
<PER-SHARE-GAIN-APPREC> .32
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> (0.12)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.96
<EXPENSE-RATIO> 9.39
<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 C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 1 Year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-1-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "22,211,190 "
<INVESTMENTS-AT-VALUE> "17,648,398 "
<RECEIVABLES> "295,686 "
<ASSETS-OTHER> "820,863 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "18,764,947 "
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "307,235 "
<TOTAL-LIABILITIES> "307,235 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "43,042,597 "
<SHARES-COMMON-STOCK> "20,090 "
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> "(1,521,567)"
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(18,334,451)"
<ACCUM-APPREC-OR-DEPREC> "(4,728,867)"
<NET-ASSETS> "18,457,712 "
<DIVIDEND-INCOME> "430,319 "
<INTEREST-INCOME> "54,477 "
<OTHER-INCOME> 0
<EXPENSES-NET> "518,439 "
<NET-INVESTMENT-INCOME> "(33,643)"
<REALIZED-GAINS-CURRENT> "(11,701,135)"
<APPREC-INCREASE-CURRENT> "9,927,352"
<NET-CHANGE-FROM-OPS> "(1,807,426)"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> "(1,405)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "201,259 "
<NUMBER-OF-SHARES-REDEEMED> "(41,279)"
<SHARES-REINVESTED> "1,346 "
<NET-CHANGE-IN-ASSETS> "(6,170,628)"
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> "(310,853)"
<OVERDIST-NET-GAINS-PRIOR> "(5,705,626)"
<GROSS-ADVISORY-FEES> "207,532 "
<INTEREST-EXPENSE> "2,398 "
<GROSS-EXPENSE> "518,439 "
<AVERAGE-NET-ASSETS> "44,601 "
<PER-SHARE-NAV-BEGIN> 8.54
<PER-SHARE-NII> (.70)
<PER-SHARE-GAIN-APPREC> .37
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.09)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.12
<EXPENSE-RATIO> 20.34
<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> 1 Year
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-1-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "22,211,190 "
<INVESTMENTS-AT-VALUE> "17,648,398 "
<RECEIVABLES> "295,686 "
<ASSETS-OTHER> "820,863 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "18,764,947 "
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "307,235 "
<TOTAL-LIABILITIES> "307,235 "
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "43,042,597 "
<SHARES-COMMON-STOCK> "129,496 "
<SHARES-COMMON-PRIOR> "164,585 "
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> "(1,521,567)"
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(18,334,451)"
<ACCUM-APPREC-OR-DEPREC> "(4,728,867)"
<NET-ASSETS> "18,457,712 "
<DIVIDEND-INCOME> "430,319 "
<INTEREST-INCOME> "54,477 "
<OTHER-INCOME> 0
<EXPENSES-NET> "518,439 "
<NET-INVESTMENT-INCOME> "(33,643)"
<REALIZED-GAINS-CURRENT> "(11,701,135)"
<APPREC-INCREASE-CURRENT> "9,927,352"
<NET-CHANGE-FROM-OPS> "(1,807,426)"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> "(28,893)"
<DISTRIBUTIONS-OF-GAINS> "(72,474)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "789,743 "
<NUMBER-OF-SHARES-REDEEMED> "(1,100,395)"
<SHARES-REINVESTED> "82,721 "
<NET-CHANGE-IN-ASSETS> "(6,170,628)"
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> "(310,853)"
<OVERDIST-NET-GAINS-PRIOR> "(5,705,626)"
<GROSS-ADVISORY-FEES> "207,532 "
<INTEREST-EXPENSE> "2,398 "
<GROSS-EXPENSE> "518,439 "
<AVERAGE-NET-ASSETS> "1,310,264 "
<PER-SHARE-NAV-BEGIN> 9.62
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> (.53)
<PER-SHARE-DIVIDEND> (0.25)
<PER-SHARE-DISTRIBUTIONS> (0.72)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.11
<EXPENSE-RATIO> 2.53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Investors and Trustees
of GAM Funds, Inc.:
In planning and performing our audit of the financial statements
and financial highlights (hereinafter referred to as "financial
statements") of the GAM Funds Inc. (comprising respectively, GAM
International Fund, GAM Global Fund, GAM Europe Fund, GAM Pacific
Basin Fund, GAM Japan Capital Fund, GAM North America Fund,
GAMerica Capital Fund) for the year ended December 31, 1998, we
considered the Funds' 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 Funds 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 controls. Generally,
controls 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 controls include the safeguarding
of assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, error or
fraud 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 one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud 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 and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 1998.
This report is intended solely for the information and use of
management, the Board of Directors of GAM Funds, Inc. and the
Securities and Exchange Commission.
PricewaterhouseCoopers LLP
Boston, Massachusetts
Febraury 22, 1999
