<PAGE> PAGE 1
000 B000000 07/31/98
000 C000000 0000814507
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 MERRILL LYNCH STRATEGIC DIVIDEND FUND
001 B000000 811-5178
001 C000000 6092822800
002 A000000 P.O. BOX 9011
002 B000000 PRINCETON
002 C000000 NJ
002 D010000 08543
002 D020000 9011
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 MERRILL LYNCH ASSET MANAGEMENT, L.P.
008 B000001 A
008 C000001 801-11583
008 D010001 PRINCETON
008 D020001 NJ
008 D030001 08543
008 D040001 9011
008 A000002 MERRILL LYNCH ASSET MANAGEMENT U.K., LTD.
008 B000002 S
008 C000002 801-31780
008 D010002 LONDON
008 D050002 ENGLAND
008 D060002 EC24 9LY
011 A000001 MERRILL LYNCH FUNDS DISTRIBUTOR, INC.
011 B000001 8-14663
011 C010001 PRINCETON
011 C020001 NJ
011 C030001 08543
<PAGE> PAGE 2
011 C040001 9011
012 A000001 MERRILL LYNCH FINANCIAL DATA SERVICES, INC.
012 B000001 84-01339
012 C010001 JACKSONVILLE
012 C020001 FL
012 C030001 32246
012 C040001 6484
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 PRINCETON
013 B020001 NJ
013 B030001 08540
014 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
014 B000001 8-7221
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 NORTH QUINCY
015 C020001 MA
015 C030001 02171
015 E010001 X
015 A000002 ESO
015 B000002 S
015 C010002 LONDON
015 D010002 ENGLAND
015 E040002 X
015 A000003 MORGAN GUARANTY TRUST COMPANY
015 B000003 S
015 C010003 NEW YORK
015 C020003 NY
015 C030003 10007
015 E010003 X
015 A000004 MEESPIERSON N.V.
015 B000004 S
015 C010004 AMSTERDAM
015 D010004 NETHERLANDS
015 E040004 X
015 A000005 THE BANK OF NEW YORK
015 B000005 S
015 C010005 NEW YORK
015 C020005 NY
015 C030005 10015
015 E010005 X
015 A000006 BANKERS TRUST COMPANY
015 B000006 S
015 C010006 NEW YORK
015 C020006 NY
015 C030006 10006
015 E010006 X
015 A000007 CHASE MANHATTAN
015 B000007 S
015 C010007 NEW YORK
015 C020007 NY
<PAGE> PAGE 3
015 C030007 10017
015 E010007 X
015 A000008 CUSTODIAL TRUST CO.
015 B000008 S
015 C010008 NEW YORK
015 C020008 NY
015 C030008 10167
015 E010008 X
015 A000009 NECIGEF
015 B000009 S
015 C010009 NETHERLANDS
015 D010009 NETHERLANDS
015 E040009 X
015 A000010 DE NEDERLANDSCHE BANK N.V.
015 B000010 S
015 C010010 NETHERLANDS
015 D010010 NETHERLANDS
015 E040010 X
015 A000011 THE BANK OF ENGLAND
015 B000011 S
015 C010011 UNITED KINGDOM
015 D010011 UNITED KINGDOM
015 E040011 X
015 A000012 CGO
015 B000012 S
015 C010012 UNITED KINGDOM
015 D010012 UNITED KINGDOM
015 E040012 X
015 A000013 CMO
015 B000013 S
015 C010013 UNITED KINGDOM
015 D010013 UNITED KINGDOM
015 E040013 X
018 000000 Y
019 A000000 Y
019 B000000 209
019 C000000 MERRILLLYN
020 A000001 BRIDGE TRADING COMPANY
020 B000001 43-1450530
020 C000001 29
020 A000002 CREDIT SUISSE FIRST BOSTON CORPORATION
020 B000002 13-5659485
020 C000002 21
020 A000003 PAINEWEBBER INCORPORATED
020 B000003 13-2638166
020 C000003 17
020 A000004 SMITH BARNEY INC.
020 B000004 13-1912900
020 C000004 17
020 A000005 SCHRODER & CO. INC.
020 B000005 13-2697272
<PAGE> PAGE 4
020 C000005 16
020 A000006 HSBC JAMES CAPEL
020 C000006 13
020 A000007 MORGAN (J.P.) SECURITIES INC.
020 B000007 13-3224016
020 C000007 9
020 A000008 GOLDMAN, SACHS & CO.
020 B000008 13-5108880
020 C000008 8
020 A000009 WHEAT FIRST BUTCHER SINGER, INC.
020 B000009 54-0796506
020 C000009 7
020 A000010 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000010 13-5674085
020 C000010 7
021 000000 205
022 A000001 MORGAN (J.P.) SECURITIES INC.
022 B000001 13-3224016
022 C000001 687817
022 D000001 0
022 A000002 NIKKO SECURITIES CO. INTERNATIONAL, INC.(THE)
022 B000002 94-1302123
022 C000002 498830
022 D000002 7117
022 A000003 UBS SECURITIES LLC
022 B000003 13-3873456
022 C000003 474245
022 D000003 0
022 A000004 HSBC SECURITIES, INC.
022 B000004 13-2650272
022 C000004 286370
022 D000004 0
022 A000005 SBC WARBURG DILLON READ INC.
022 B000005 13-3340045
022 C000005 218647
022 D000005 0
022 A000006 MORGAN STANLEY & CO. INCORPORATED
022 B000006 13-2655998
022 C000006 116816
022 D000006 0
022 A000007 PRUDENTIAL SECURITIES INCORPORATED
022 B000007 22-2347336
022 C000007 59977
022 D000007 0
022 A000008 CREDIT SUISSE FIRST BOSTON CORPORATION
022 B000008 13-5659485
022 C000008 16925
022 D000008 2984
022 A000009 PAINEWEBBER INCORPORATED
022 B000009 13-2638166
022 C000009 4996
<PAGE> PAGE 5
022 D000009 0
022 A000010 GOLDMAN, SACHS & CO.
022 B000010 13-5108880
022 C000010 0
022 D000010 4988
023 C000000 2365827
023 D000000 16309
024 000000 Y
025 A000001 NIKKO SECURITIES CO. INTERNATIONAL, INC.
025 C000001 D
025 D000001 9648
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 4376
028 A020000 0
028 A030000 0
028 A040000 3537
028 B010000 3505
028 B020000 0
028 B030000 0
028 B040000 11547
028 C010000 2425
028 C020000 718
028 C030000 0
028 C040000 4070
028 D010000 2031
028 D020000 0
028 D030000 0
028 D040000 3262
028 E010000 2676
028 E020000 0
028 E030000 0
028 E040000 2823
028 F010000 4459
028 F020000 0
028 F030000 0
<PAGE> PAGE 6
028 F040000 3479
028 G010000 19472
028 G020000 718
028 G030000 0
028 G040000 28718
028 H000000 4419
029 000000 Y
030 A000000 39
030 B000000 5.25
030 C000000 0.00
031 A000000 3
031 B000000 0
032 000000 0
033 000000 36
034 000000 Y
035 000000 72
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 1077
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.600
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
<PAGE> PAGE 7
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
055 A000000 Y
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 1000
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
<PAGE> PAGE 8
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 Y
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 61819
<PAGE> PAGE 9
071 B000000 85850
071 C000000 189304
071 D000000 33
072 A000000 12
072 B000000 839
072 C000000 6110
072 D000000 0
072 E000000 0
072 F000000 1230
072 G000000 37
072 H000000 0
072 I000000 259
072 J000000 25
072 K000000 0
072 L000000 104
072 M000000 25
072 N000000 64
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 32
072 S000000 32
072 T000000 1077
072 U000000 0
072 V000000 0
072 W000000 7
072 X000000 2892
072 Y000000 0
072 Z000000 4057
072AA000000 35129
072BB000000 1586
072CC010000 0
072CC020000 15047
072DD010000 2790
072DD020000 1237
072EE000000 15964
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 2
074 B000000 9648
074 C000000 16992
074 D000000 0
074 E000000 0
074 F000000 178376
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
<PAGE> PAGE 10
074 L000000 730
074 M000000 45
074 N000000 205793
074 O000000 2790
074 P000000 197
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 485
074 S000000 0
074 T000000 202321
074 U010000 8131
074 U020000 5039
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 16772
074 Y000000 0
075 A000000 0
075 B000000 205035
076 000000 0.00
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000 1200
081 A000000 Y
081 B000000 127
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE GERALD M. RICHARD
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814507
<NAME> MERRILL LYNCH STRATEGIC DIVIDEND FUND
<SERIES>
<NUMBER> 001
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 153386939
<INVESTMENTS-AT-VALUE> 205015567
<RECEIVABLES> 730326
<ASSETS-OTHER> 46921
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 205792814
<PAYABLE-FOR-SECURITIES> 2790021
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 682063
<TOTAL-LIABILITIES> 3472084
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121108885
<SHARES-COMMON-STOCK> 1577415
<SHARES-COMMON-PRIOR> 1903208
<ACCUMULATED-NII-CURRENT> 406383
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 29178734
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 51626728
<NET-ASSETS> 24232991
<DIVIDEND-INCOME> 6110296
<INTEREST-INCOME> 838906
<OTHER-INCOME> 0
<EXPENSES-NET> (2892199)
<NET-INVESTMENT-INCOME> 4057003
<REALIZED-GAINS-CURRENT> 33543282
<APPREC-INCREASE-CURRENT> (15046769)
<NET-CHANGE-FROM-OPS> 22553516
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (687382)
<DISTRIBUTIONS-OF-GAINS> (2370162)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 514315
<NUMBER-OF-SHARES-REDEEMED> (1001374)
<SHARES-REINVESTED> 161266
<NET-CHANGE-IN-ASSETS> 2269757
<ACCUMULATED-NII-PRIOR> 379522
<ACCUMULATED-GAINS-PRIOR> 11596133
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1230228
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2892199
<AVERAGE-NET-ASSETS> 28330009
<PER-SHARE-NAV-BEGIN> 15.21
<PER-SHARE-NII> .39
<PER-SHARE-GAIN-APPREC> 1.37
<PER-SHARE-DIVIDEND> (.39)
<PER-SHARE-DISTRIBUTIONS> (1.22)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.36
<EXPENSE-RATIO> .88
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814507
<NAME> MERRILL LYNCH STRATEGIC DIVIDEND FUND
<SERIES>
<NUMBER> 002
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 153386939
<INVESTMENTS-AT-VALUE> 205015567
<RECEIVABLES> 730326
<ASSETS-OTHER> 46921
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 205792814
<PAYABLE-FOR-SECURITIES> 2790021
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 682063
<TOTAL-LIABILITIES> 3472084
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121108885
<SHARES-COMMON-STOCK> 4752005
<SHARES-COMMON-PRIOR> 6145233
<ACCUMULATED-NII-CURRENT> 416383
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 29178734
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 51626728
<NET-ASSETS> 73067070
<DIVIDEND-INCOME> 6110296
<INTEREST-INCOME> 838906
<OTHER-INCOME> 0
<EXPENSES-NET> (2892199)
<NET-INVESTMENT-INCOME> 4057003
<REALIZED-GAINS-CURRENT> 33543282
<APPREC-INCREASE-CURRENT> (15046769)
<NET-CHANGE-FROM-OPS> 22553516
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1178158)
<DISTRIBUTIONS-OF-GAINS> (6786151)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1170952
<NUMBER-OF-SHARES-REDEEMED> (2961618)
<SHARES-REINVESTED> 397438
<NET-CHANGE-IN-ASSETS> 2269757
<ACCUMULATED-NII-PRIOR> 379522
<ACCUMULATED-GAINS-PRIOR> 11596133
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1230228
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2892199
<AVERAGE-NET-ASSETS> 80940651
<PER-SHARE-NAV-BEGIN> 15.22
<PER-SHARE-NII> .23
<PER-SHARE-GAIN-APPREC> 1.37
<PER-SHARE-DIVIDEND> (.23)
<PER-SHARE-DISTRIBUTIONS> (1.22)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.38
<EXPENSE-RATIO> 1.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814507
<NAME> MERRILL LYNCH STRATEGIC DIVIDEND FUND
<SERIES>
<NUMBER> 003
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 153386939
<INVESTMENTS-AT-VALUE> 205015567
<RECEIVABLES> 730326
<ASSETS-OTHER> 46921
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 205792814
<PAYABLE-FOR-SECURITIES> 2790021
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 682063
<TOTAL-LIABILITIES> 3472084
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121108885
<SHARES-COMMON-STOCK> 287188
<SHARES-COMMON-PRIOR> 200133
<ACCUMULATED-NII-CURRENT> 406383
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 29178734
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 51626728
<NET-ASSETS> 4379013
<DIVIDEND-INCOME> 6110296
<INTEREST-INCOME> 838906
<OTHER-INCOME> 0
<EXPENSES-NET> (2892199)
<NET-INVESTMENT-INCOME> 4057003
<REALIZED-GAINS-CURRENT> 33543282
<APPREC-INCREASE-CURRENT> (15046769)
<NET-CHANGE-FROM-OPS> 22553516
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (58545)
<DISTRIBUTIONS-OF-GAINS> (257657)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 269716
<NUMBER-OF-SHARES-REDEEMED> (198582)
<SHARES-REINVESTED> 15921
<NET-CHANGE-IN-ASSETS> 2269757
<ACCUMULATED-NII-PRIOR> 379522
<ACCUMULATED-GAINS-PRIOR> 11596133
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1230228
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2892199
<AVERAGE-NET-ASSETS> 3787617
<PER-SHARE-NAV-BEGIN> 15.11
<PER-SHARE-NII> .23
<PER-SHARE-GAIN-APPREC> 1.37
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> (1.22)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.25
<EXPENSE-RATIO> 1.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814507
<NAME> MERRILL LYNCH STRATEGIC DIVIDEND FUND
<SERIES>
<NUMBER> 004
<NAME> CLASS D
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 153386939
<INVESTMENTS-AT-VALUE> 205015567
<RECEIVABLES> 730326
<ASSETS-OTHER> 46921
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 205792814
<PAYABLE-FOR-SECURITIES> 2790021
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 682063
<TOTAL-LIABILITIES> 3472084
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121108885
<SHARES-COMMON-STOCK> 6553697
<SHARES-COMMON-PRIOR> 4905708
<ACCUMULATED-NII-CURRENT> 406383
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 29178734
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 51626728
<NET-ASSETS> 100641656
<DIVIDEND-INCOME> 6110296
<INTEREST-INCOME> 838906
<OTHER-INCOME> 0
<EXPENSES-NET> (2892199)
<NET-INVESTMENT-INCOME> 4057003
<REALIZED-GAINS-CURRENT> 33543282
<APPREC-INCREASE-CURRENT> (15046769)
<NET-CHANGE-FROM-OPS> 22553516
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2102336)
<DISTRIBUTIONS-OF-GAINS> (6550432)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2057387
<NUMBER-OF-SHARES-REDEEMED> (845433)
<SHARES-REINVESTED> 436035
<NET-CHANGE-IN-ASSETS> 2269757
<ACCUMULATED-NII-PRIOR> 379522
<ACCUMULATED-GAINS-PRIOR> 11596133
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1230228
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2892199
<AVERAGE-NET-ASSETS> 91976951
<PER-SHARE-NAV-BEGIN> 15.20
<PER-SHARE-NII> .35
<PER-SHARE-GAIN-APPREC> 1.38
<PER-SHARE-DIVIDEND> (.35)
<PER-SHARE-DISTRIBUTIONS> (1.22)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.36
<EXPENSE-RATIO> 1.12
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
