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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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SIGNATURE DONALD O. DEMPSTER
TITLE COMPLIANCE OFFICER
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> ROBERTSON STEPHENS EMERGING GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 163,046
<INVESTMENTS-AT-VALUE> 190,910
<RECEIVABLES> 6,367
<ASSETS-OTHER> 16,072
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 213,349
<PAYABLE-FOR-SECURITIES> 1,127
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,818
<TOTAL-LIABILITIES> 2,945
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 178,964
<SHARES-COMMON-STOCK> 10,484
<SHARES-COMMON-PRIOR> 8,733
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,577
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,863
<NET-ASSETS> 210,404
<DIVIDEND-INCOME> 142
<INTEREST-INCOME> 942
<OTHER-INCOME> 313
<EXPENSES-NET> 2,900
<NET-INVESTMENT-INCOME> (1,503)
<REALIZED-GAINS-CURRENT> 22,244
<APPREC-INCREASE-CURRENT> 9,165
<NET-CHANGE-FROM-OPS> 29,906
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 28,399
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 223,711
<NUMBER-OF-SHARES-REDEEMED> 210,004
<SHARES-REINVESTED> 27,462
<NET-CHANGE-IN-ASSETS> 42,676
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,806
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,900
<AVERAGE-NET-ASSETS> 180,785
<PER-SHARE-NAV-BEGIN> 19.21
<PER-SHARE-NII> (.17)
<PER-SHARE-GAIN-APPREC> 4.23
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 3.20
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.07
<EXPENSE-RATIO> 1.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> ROBERTSON STEPHENS GROWTH & INCOME FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 267,523
<INVESTMENTS-AT-VALUE> 305,870
<RECEIVABLES> 8,268
<ASSETS-OTHER> 2,925
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 317,063
<PAYABLE-FOR-SECURITIES> 2,276
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,012
<TOTAL-LIABILITIES> 7,288
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 267,449
<SHARES-COMMON-STOCK> 22,745
<SHARES-COMMON-PRIOR> 12,183
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,761
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38,565
<NET-ASSETS> 309,775
<DIVIDEND-INCOME> 3,086
<INTEREST-INCOME> 1,572
<OTHER-INCOME> 0
<EXPENSES-NET> 4,211
<NET-INVESTMENT-INCOME> 447
<REALIZED-GAINS-CURRENT> 14,498
<APPREC-INCREASE-CURRENT> 25,159
<NET-CHANGE-FROM-OPS> 40,104
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 457
<DISTRIBUTIONS-OF-GAINS> 7,274
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 314,442
<NUMBER-OF-SHARES-REDEEMED> 181,463
<SHARES-REINVESTED> 7,521
<NET-CHANGE-IN-ASSETS> 172,873
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,463
<INTEREST-EXPENSE> 4
<GROSS-EXPENSE> 4,352
<AVERAGE-NET-ASSETS> 240,286
<PER-SHARE-NAV-BEGIN> 11.24
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 2.70
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> (.32)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.62
<EXPENSE-RATIO> 1.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> ROBERTSON STEPHENS GLOBAL LOW PRICED STOCK
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 23,372
<INVESTMENTS-AT-VALUE> 24,265
<RECEIVABLES> 379
<ASSETS-OTHER> 7,029
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31,673
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 232
<TOTAL-LIABILITIES> 232
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,330
<SHARES-COMMON-STOCK> 2,326
<SHARES-COMMON-PRIOR> 157
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 218
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 893
<NET-ASSETS> 31,441
<DIVIDEND-INCOME> 84
<INTEREST-INCOME> 166
<OTHER-INCOME> 0
<EXPENSES-NET> 381
<NET-INVESTMENT-INCOME> (131)
<REALIZED-GAINS-CURRENT> 349
<APPREC-INCREASE-CURRENT> 872
<NET-CHANGE-FROM-OPS> 1,090
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 59,273
<NUMBER-OF-SHARES-REDEEMED> 30,566
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 29,797
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 196
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 616
<AVERAGE-NET-ASSETS> 19,639
<PER-SHARE-NAV-BEGIN> 10.45
<PER-SHARE-NII> (.09)
<PER-SHARE-GAIN-APPREC> 3.17
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.52
<EXPENSE-RATIO> 1.94
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> ROBERTSON STEPHENS GLOBAL NATURAL RESOURCES FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 84,629
<INVESTMENTS-AT-VALUE> 96,794
<RECEIVABLES> 7,408
<ASSETS-OTHER> 19,838
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 124,040
<PAYABLE-FOR-SECURITIES> 459
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,060
<TOTAL-LIABILITIES> 3,519
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 108,239
<SHARES-COMMON-STOCK> 8,436
<SHARES-COMMON-PRIOR> 78
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 118
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,164
<NET-ASSETS> 120,521
<DIVIDEND-INCOME> 175
<INTEREST-INCOME> 559
<OTHER-INCOME> 0
<EXPENSES-NET> 953
<NET-INVESTMENT-INCOME> (219)
<REALIZED-GAINS-CURRENT> 337
<APPREC-INCREASE-CURRENT> 12,158
<NET-CHANGE-FROM-OPS> 12,276
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 190,686
<NUMBER-OF-SHARES-REDEEMED> 83,233
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 119,729
<ACCUMULATED-NII-PRIOR> 1
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 488
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,061
<AVERAGE-NET-ASSETS> 49,107
<PER-SHARE-NAV-BEGIN> 10.12
<PER-SHARE-NII> (.06)
<PER-SHARE-GAIN-APPREC> 4.24
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.29
<EXPENSE-RATIO> 1.94
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 08
<NAME> THE INFORMATION AGE FUND -TM-
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 99,250
<INVESTMENTS-AT-VALUE> 104,536
<RECEIVABLES> 1,189
<ASSETS-OTHER> 2,503
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 108,228
<PAYABLE-FOR-SECURITIES> 739
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,225
<TOTAL-LIABILITIES> 1,964
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 98,887
<SHARES-COMMON-STOCK> 9,231
<SHARES-COMMON-PRIOR> 3,531
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,091
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,286
<NET-ASSETS> 106,264
<DIVIDEND-INCOME> 7
<INTEREST-INCOME> 126
<OTHER-INCOME> 0
<EXPENSES-NET> 1,459
<NET-INVESTMENT-INCOME> (1,326)
<REALIZED-GAINS-CURRENT> 8,017
<APPREC-INCREASE-CURRENT> 5,030
<NET-CHANGE-FROM-OPS> 11,721
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 2,483
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 218,745
<NUMBER-OF-SHARES-REDEEMED> 156,975
<SHARES-REINVESTED> 2,430
<NET-CHANGE-IN-ASSETS> 73,438
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 721
<INTEREST-EXPENSE> 1
<GROSS-EXPENSE> 1,459
<AVERAGE-NET-ASSETS> 71,777
<PER-SHARE-NAV-BEGIN> 9.30
<PER-SHARE-NII> (.20)
<PER-SHARE-GAIN-APPREC> 2.68
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.27)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.51
<EXPENSE-RATIO> 2.03
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 09
<NAME> ROBERTSON STEPHENS MICROCAP GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> AUG-15-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 7,944
<INVESTMENTS-AT-VALUE> 8,561
<RECEIVABLES> 173
<ASSETS-OTHER> 919
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,953
<PAYABLE-FOR-SECURITIES> 76
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 113
<TOTAL-LIABILITIES> 189
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,974
<SHARES-COMMON-STOCK> 860
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (127)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 617
<NET-ASSETS> 9,464
<DIVIDEND-INCOME> 1
<INTEREST-INCOME> 18
<OTHER-INCOME> 0
<EXPENSES-NET> 63
<NET-INVESTMENT-INCOME> (44)
<REALIZED-GAINS-CURRENT> (127)
<APPREC-INCREASE-CURRENT> 617
<NET-CHANGE-FROM-OPS> 446
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,801
<NUMBER-OF-SHARES-REDEEMED> 4,783
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9,464
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 25
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 131
<AVERAGE-NET-ASSETS> 5,420
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.08)
<PER-SHARE-GAIN-APPREC> 1.08
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.00
<EXPENSE-RATIO> 3.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> ROBERTSON STEPHENS PARTNERS FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 46,729
<INVESTMENTS-AT-VALUE> 53,930
<RECEIVABLES> 2,206
<ASSETS-OTHER> 75,691
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 131,827
<PAYABLE-FOR-SECURITIES> 3,475
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,084
<TOTAL-LIABILITIES> 4,559
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 118,919
<SHARES-COMMON-STOCK> 8,719
<SHARES-COMMON-PRIOR> 720
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,148
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,201
<NET-ASSETS> 127,268
<DIVIDEND-INCOME> 98
<INTEREST-INCOME> 1,099
<OTHER-INCOME> 0
<EXPENSES-NET> 802
<NET-INVESTMENT-INCOME> 395
<REALIZED-GAINS-CURRENT> 2,839
<APPREC-INCREASE-CURRENT> 7,025
<NET-CHANGE-FROM-OPS> 10,259
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 481
<DISTRIBUTIONS-OF-GAINS> 1,701
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 153,106
<NUMBER-OF-SHARES-REDEEMED> 43,463
<SHARES-REINVESTED> 2,067
<NET-CHANGE-IN-ASSETS> 119,787
<ACCUMULATED-NII-PRIOR> 46
<ACCUMULATED-GAINS-PRIOR> 9
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 514
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 894
<AVERAGE-NET-ASSETS> 41,489
<PER-SHARE-NAV-BEGIN> 10.39
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> 4.36
<PER-SHARE-DIVIDEND> .06
<PER-SHARE-DISTRIBUTIONS> .22
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.60
<EXPENSE-RATIO> 1.93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> ROBERTSON STEPHENS VALUE + GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 463,831
<INVESTMENTS-AT-VALUE> 644,445
<RECEIVABLES> 10,875
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 655,320
<PAYABLE-FOR-SECURITIES> 5,993
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,170
<TOTAL-LIABILITIES> 12,163
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 453,266
<SHARES-COMMON-STOCK> 26,623
<SHARES-COMMON-PRIOR> 50,319
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,277
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 180,614
<NET-ASSETS> 643,157
<DIVIDEND-INCOME> 3,515
<INTEREST-INCOME> 346
<OTHER-INCOME> 17
<EXPENSES-NET> (12,861)
<NET-INVESTMENT-INCOME> (8,983)
<REALIZED-GAINS-CURRENT> 79,782
<APPREC-INCREASE-CURRENT> 555
<NET-CHANGE-FROM-OPS> 71,354
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 43,729
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 449,520
<NUMBER-OF-SHARES-REDEEMED> 1,016,663
<SHARES-REINVESTED> 42,524
<NET-CHANGE-IN-ASSETS> (496,994)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,169
<INTEREST-EXPENSE> 274
<GROSS-EXPENSE> 12,861
<AVERAGE-NET-ASSETS> 848,986
<PER-SHARE-NAV-BEGIN> 22.66
<PER-SHARE-NII> (.24)
<PER-SHARE-GAIN-APPREC> 3.47
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.73
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.16
<EXPENSE-RATIO> 1.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
