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PAGE 8
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PAGE 16
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PAGE 17
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<PAGE>
PAGE 22
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<PAGE>
PAGE 23
062 P000700 0.0
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<PAGE>
PAGE 24
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<PAGE>
PAGE 25
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<PAGE>
PAGE 26
067 000800 Y
068 A000800 N
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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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SIGNATURE JOE DIMAGGIO
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> INTERNATIONAL INVESTORS GOLD
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-02-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 277,929,739
<INVESTMENTS-AT-VALUE> 428,703,554
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<TOTAL-ASSETS> 435,396,151
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<OTHER-ITEMS-LIABILITIES> 23,906,686
<TOTAL-LIABILITIES> 24,355,086
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<SHARES-COMMON-STOCK> 34,534,411
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,985,421
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 107,240
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 150,756,982
<NET-ASSETS> 411,041,065
<DIVIDEND-INCOME> 8,728,915
<INTEREST-INCOME> 1,176,490
<OTHER-INCOME> 0
<EXPENSES-NET> 7,919,984
<NET-INVESTMENT-INCOME> 1,985,421
<REALIZED-GAINS-CURRENT> 6,159,938
<APPREC-INCREASE-CURRENT> (30,501,802)
<NET-CHANGE-FROM-OPS> (22,371,302)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,651,039
<DISTRIBUTIONS-OF-GAINS> 4,937,460
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 235,778,152
<NUMBER-OF-SHARES-REDEEMED> 240,710,424
<SHARES-REINVESTED> 473,599
<NET-CHANGE-IN-ASSETS> (109,474,044)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 440,461
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,087,710
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,492,915
<AVERAGE-NET-ASSETS> 504,560,000
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> GOLD RESOURCES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-02-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 97,717,075
<INVESTMENTS-AT-VALUE> 133,464,963
<RECEIVABLES> 73,206
<ASSETS-OTHER> 1,950
<OTHER-ITEMS-ASSETS> 905
<TOTAL-ASSETS> 133,541,054
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 1,242,679
<TOTAL-LIABILITIES> 1,242,679
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 167,482,628
<SHARES-COMMON-STOCK> 23,115,766
<SHARES-COMMON-PRIOR> 27,960,497
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 656,109
<ACCUMULATED-NET-GAINS> (70,274,715)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 35,746,571
<NET-ASSETS> 132,298,375
<DIVIDEND-INCOME> 1,315,925
<INTEREST-INCOME> 217,350
<OTHER-INCOME> 0
<EXPENSES-NET> 2,731,109
<NET-INVESTMENT-INCOME> (1,197,834)
<REALIZED-GAINS-CURRENT> 11,607,157
<APPREC-INCREASE-CURRENT> (3,340,865)
<NET-CHANGE-FROM-OPS> 7,066,900
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,679,748
<NUMBER-OF-SHARES-REDEEMED> 20,524,479
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (23,676,001)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (81,870,180)
<OVERDISTRIB-NII-PRIOR> (671,349)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,198,836
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,731,109
<AVERAGE-NET-ASSETS> 159,794,000
<PER-SHARE-NAV-BEGIN> 5.58
<PER-SHARE-NII> (0.06)
<PER-SHARE-GAIN-APPREC> 0.20
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 5.72
<EXPENSE-RATIO> 1.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> GOLD OPPORTUNITY
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-02-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 11,156,127
<INVESTMENTS-AT-VALUE> 10,092,837
<RECEIVABLES> 172,574
<ASSETS-OTHER> 11,987
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,277,398
<PAYABLE-FOR-SECURITIES> 11,013
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 81,586
<TOTAL-LIABILITIES> 92,599
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,445,874
<SHARES-COMMON-STOCK> 1,007,112
<SHARES-COMMON-PRIOR> 207,972
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 195,278
<ACCUM-APPREC-OR-DEPREC> (1,065,797)
<NET-ASSETS> 10,184,799
<DIVIDEND-INCOME> 70,280
<INTEREST-INCOME> 42,064
<OTHER-INCOME> 0
<EXPENSES-NET> 99,542
<NET-INVESTMENT-INCOME> 12,802
<REALIZED-GAINS-CURRENT> (134,737)
<APPREC-INCREASE-CURRENT> (1,042,260)
<NET-CHANGE-FROM-OPS> (1,164,195)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 19,611
<DISTRIBUTIONS-OF-GAINS> 49,771
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,406,869
<NUMBER-OF-SHARES-REDEEMED> 613,618
<SHARES-REINVESTED> 5,889
<NET-CHANGE-IN-ASSETS> 8,173,162
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,961)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 85,839
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 284,770
<AVERAGE-NET-ASSETS> 8,606,000
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> GLOBAL INCOME
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-02-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 73,832,976
<INVESTMENTS-AT-VALUE> 74,642,761
<RECEIVABLES> 1,973,102
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3,927
<TOTAL-ASSETS> 76,619,790
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 805,368
<TOTAL-LIABILITIES> 805,368
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 79,959,300
<SHARES-COMMON-STOCK> 8,630,417
<SHARES-COMMON-PRIOR> 12,489,390
<ACCUMULATED-NII-CURRENT> 633,033
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,591,885)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 813,974
<NET-ASSETS> 75,814,422
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,856,851
<OTHER-INCOME> 0
<EXPENSES-NET> 1,305,703
<NET-INVESTMENT-INCOME> 4,551,148
<REALIZED-GAINS-CURRENT> (1,996,149)
<APPREC-INCREASE-CURRENT> (1,090,613)
<NET-CHANGE-FROM-OPS> 1,464,386
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,296,487)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 997,824
<NUMBER-OF-SHARES-REDEEMED> 5,187,947
<SHARES-REINVESTED> 331,150
<NET-CHANGE-IN-ASSETS> (36,560,916)
<ACCUMULATED-NII-PRIOR> 734,732
<ACCUMULATED-GAINS-PRIOR> (3,930,765)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 685,015
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,328,588
<AVERAGE-NET-ASSETS> 89,612,000
<PER-SHARE-NAV-BEGIN> 9.00
<PER-SHARE-NII> 0.47
<PER-SHARE-GAIN-APPREC> (0.27)
<PER-SHARE-DIVIDEND> (0.42)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.78
<EXPENSE-RATIO> 1.43
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> ASIA DYNASTY
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-02-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 46,593,561
<INVESTMENTS-AT-VALUE> 64,377,201
<RECEIVABLES> 116,079
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<TOTAL-ASSETS> 67,712,816
<PAYABLE-FOR-SECURITIES> 308,205
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<OTHER-ITEMS-LIABILITIES> 2,757,151
<TOTAL-LIABILITIES> 3,065,356
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<PAID-IN-CAPITAL-COMMON> 50,298,758
<SHARES-COMMON-STOCK> 4,908,706
<SHARES-COMMON-PRIOR> 7,393,662
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 627,790
<ACCUMULATED-NET-GAINS> (2,804,644)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,781,136
<NET-ASSETS> 64,647,460
<DIVIDEND-INCOME> 1,311,569
<INTEREST-INCOME> 96,818
<OTHER-INCOME> 0
<EXPENSES-NET> 2,118,238
<NET-INVESTMENT-INCOME> (709,851)
<REALIZED-GAINS-CURRENT> 3,003,012
<APPREC-INCREASE-CURRENT> 4,164,708
<NET-CHANGE-FROM-OPS> 6,457,869
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 7,106,916
<NUMBER-OF-SHARES-REDEEMED> 9,591,872
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 6
<NAME> GLOBAL BALANCED
<S> <C>
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<PERIOD-END> DEC-31-1996
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<TABLE> <S> <C>
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<SERIES>
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<NAME> GLOBAL HARD ASSETS
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> US GOVT MONEY
<S> <C>
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<PERIOD-START> JAN-02-1996
<PERIOD-END> DEC-31-1996
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 9
<NAME> ASIA INFRASTRUCTURE
<S> <C>
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<NET-INVESTMENT-INCOME> (9,042)
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</TABLE>
