<PAGE> PAGE 1
000 B000000 09/30/97
000 C000000 0000860721
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 PIPER GLOBAL FUNDS INC.
001 B000000 811-06046
001 C000000 6123421116
002 A000000 222 SOUTH NINTH STREET
002 B000000 MINNEAPOLIS
002 C000000 MN
002 D010000 55402
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 PACIFIC-EUROPEAN GROWTH FUND
007 C030100 N
007 C010200 2
007 C020200 EMERGING MARKETS GROWTH FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
<PAGE> PAGE 2
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
007 C014100 41
007 C014200 42
007 C014300 43
007 C014400 44
007 C014500 45
007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
007 C015100 51
007 C015200 52
007 C015300 53
007 C015400 54
007 C015500 55
007 C015600 56
007 C015700 57
007 C015800 58
007 C015900 59
007 C016000 60
007 C016100 61
007 C016200 62
007 C016300 63
007 C016400 64
007 C016500 65
007 C016600 66
007 C016700 67
007 C016800 68
007 C016900 69
007 C017000 70
007 C017100 71
007 C017200 72
007 C017300 73
007 C017400 74
007 C017500 75
007 C017600 76
<PAGE> PAGE 3
007 C017700 77
007 C017800 78
007 C017900 79
007 C018000 80
007 C018100 81
007 C018200 82
007 C018300 83
007 C018400 84
007 C018500 85
007 C018600 86
007 C018700 87
007 C018800 88
007 C018900 89
007 C019000 90
008 A00AA01 PIPER CAPITAL MANAGEMENT INCORPORATED
008 B00AA01 A
008 C00AA01 801-20165
008 D01AA01 MINNEAPOLIS
008 D02AA01 MN
008 D03AA01 55402
008 A00AA02 EDINBURGH FUND MANAGERS PLC
008 B00AA02 S
008 C00AA02 801-20791
008 D01AA02 EDINBURGH
008 D05AA02 SCOTLAND
008 D06AA02 EH12 5HD
010 A00AA01 PIPER CAPITAL MANAGEMENT INCORPORATED
010 B00AA01 811-20165
010 C01AA01 MINNEAPOLIS
010 C02AA01 MN
010 C03AA01 55402
011 A00AA01 PIPER JAFFRAY INC.
011 B00AA01 8-15204
011 C01AA01 MINNEAPOLIS
011 C02AA01 MN
011 C03AA01 55402
012 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
012 B00AA01 85-00535
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
012 C04AA01 1716
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 MINNEAPOLIS
013 B02AA01 MN
013 B03AA01 55402
014 A00AA01 PIPER JAFFRAY INC.
014 B00AA01 8-15204
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 20
<PAGE> PAGE 4
019 C00AA00 PIPERCAPIT
020 A000001 WARBURGS
020 B000001 13-3340045
020 C000001 120
020 A000002 JAMES CAPEL CO
020 B000002 52-1348224
020 C000002 85
020 A000003 MERRILL LYNCH
020 B000003 13-5674085
020 C000003 83
020 A000004 ROBERT FLEMING
020 B000004 13-3298866
020 C000004 63
020 A000005 KLEINWRT BENSON
020 B000005 13-2647786
020 C000005 43
020 A000006 UBS LIMITED
020 B000006 13-2932996
020 C000006 40
020 A000007 NATWEST SEC CORP
020 B000007 22-1019783
020 C000007 38
020 A000008 WI CARR
020 B000008 13-2927466
020 C000008 32
020 A000009 PARIBAS
020 B000009 13-2927466
020 C000009 29
020 A000010 LATINVEST
020 C000010 26
021 000000 792
022 A000001 GOLDMAN SACHS & CO
022 B000001 13-5108880
022 C000001 640798
022 D000001 0
022 A000002 FIRST BOSTON
022 B000002 13-5659485
022 C000002 35166
022 D000002 0
022 A000003 STATE STREET BANK
022 B000003 04-1867445
022 C000003 29324
022 D000003 0
022 A000004 NOMURA SECURITIES
022 B000004 13-2642206
022 C000004 6375
022 D000004 3236
022 A000005 MORGAN STANLEY
022 B000005 13-2655998
022 C000005 8660
022 D000005 0
<PAGE> PAGE 5
022 A000006 SALOMON BROTHERS
022 B000006 13-3082694
022 C000006 952
022 D000006 3545
022 A000007 PARIBAS CORP
022 B000007 13-3235334
022 C000007 3977
022 D000007 0
022 A000008 WARBURGS
022 B000008 13-3340045
022 C000008 1795
022 D000008 0
022 A000009 ROBERT FLEMING SEC
022 B000009 13-3298866
022 C000009 0
022 D000009 1100
022 A000010 MERRILL LYNCH
022 B000010 13-5674085
022 C000010 245
022 D000010 754
023 C000000 727473
023 D000000 12441
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
037 00AA00 N
038 00AA00 0
039 00AA00 Y
040 00AA00 Y
041 00AA00 Y
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
<PAGE> PAGE 6
054 O00AA00 N
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
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 Y
066 D00AA00 N
066 E00AA00 N
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 Y
069 00AA00 N
077 A000000 Y
077 B000000 Y
078 000000 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
015 A000101 FIRST TRUST
015 B000101 C
015 C010101 MINNEAPOLIS
015 C020101 MN
<PAGE> PAGE 7
015 C030101 55402
015 E010101 X
024 000100 N
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 544
028 A020100 0
028 A030100 0
028 A040100 7064
028 B010100 916
028 B020100 0
028 B030100 0
028 B040100 5964
028 C010100 454
028 C020100 56
028 C030100 0
028 C040100 4486
028 D010100 1100
028 D020100 0
028 D030100 0
028 D040100 4420
028 E010100 1401
028 E020100 0
028 E030100 0
028 E040100 4819
028 F010100 228
028 F020100 0
028 F030100 -1060
028 F040100 8052
028 G010100 4643
028 G020100 56
028 G030100 -1060
028 G040100 34805
028 H000100 380
029 000100 Y
030 A000100 20
030 B000100 4.00
030 C000100 0.00
031 A000100 12
031 B000100 0
032 000100 0
033 000100 8
034 000100 Y
035 000100 13
036 A000100 N
<PAGE> PAGE 8
036 B000100 0
042 A000100 9
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 91
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 381
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 100000
048 A020100 1.000
048 B010100 100000
048 B020100 0.875
048 C010100 100000
048 C020100 0.750
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 Y
052 000100 N
053 A000100 Y
053 B000100 Y
053 C000100 N
055 A000100 Y
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
<PAGE> PAGE 9
060 B000100 Y
061 000100 250
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
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 N
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 77184
071 B000100 157020
071 C000100 123618
071 D000100 62
072 A000100 12
072 B000100 68
072 C000100 1818
072 D000100 0
072 E000100 0
072 F000100 937
072 G000100 0
072 H000100 0
072 I000100 140
<PAGE> PAGE 10
072 J000100 419
072 K000100 0
072 L000100 98
072 M000100 9
072 N000100 46
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 72
072 S000100 0
072 T000100 578
072 U000100 0
072 V000100 0
072 W000100 21
072 X000100 2320
072 Y000100 199
072 Z000100 -235
072AA000100 865
072BB000100 0
072CC010100 6160
072CC020100 0
072DD010100 307
072DD020100 11
072EE000100 4156
073 A010100 0.0300
073 A020100 0.0100
073 B000100 0.3200
073 C000100 0.0000
074 A000100 87
074 B000100 2440
074 C000100 0
074 D000100 2617
074 E000100 2106
074 F000100 87270
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 1306
074 K000100 0
074 L000100 617
074 M000100 0
074 N000100 96443
074 O000100 1172
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 1352
074 S000100 0
074 T000100 93919
<PAGE> PAGE 11
074 U010100 5836
074 U020100 1116
074 V010100 13.50
074 V020100 13.55
074 W000100 0.0000
074 X000100 9360
074 Y000100 0
075 A000100 0
075 B000100 125577
076 000100 0.00
080 A000100 AETNA LIFE & CASUALTY
080 C000100 2000
081 A000100 Y
081 B000100 1
082 A000100 N
082 B000100 0
083 A000100 N
083 B000100 0
084 A000100 N
084 B000100 0
085 A000100 Y
085 B000100 N
015 A000201 INVESTORS FIDUCIARY TRUST COMPANY
015 B000201 C
015 C010201 KANSAS CITY
015 C020201 MO
015 C030201 64105
015 C040201 1716
015 E010201 X
024 000200 N
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 247
028 A020200 0
028 A030200 0
028 A040200 565
028 B010200 264
028 B020200 0
028 B030200 0
028 B040200 405
028 C010200 181
028 C020200 0
028 C030200 1
028 C040200 429
028 D010200 173
<PAGE> PAGE 12
028 D020200 0
028 D030200 0
028 D040200 404
028 E010200 601
028 E020200 0
028 E030200 0
028 E040200 449
028 F010200 129
028 F020200 0
028 F030200 5
028 F040200 295
028 G010200 1595
028 G020200 0
028 G030200 6
028 G040200 2547
028 H000200 279
029 000200 Y
030 A000200 16
030 B000200 4.00
030 C000200 0.00
031 A000200 9
031 B000200 0
032 000200 0
033 000200 7
034 000200 Y
035 000200 7
036 A000200 N
036 B000200 0
042 A000200 10
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 90
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 54
044 000200 0
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
<PAGE> PAGE 13
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 Y
053 B000200 Y
053 C000200 N
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 N
060 B000200 N
061 000200 250
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 Y
070 K020200 N
<PAGE> PAGE 14
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 16026
071 B000200 15503
071 C000200 14833
071 D000200 105
072 A000200 12
072 B000200 3
072 C000200 286
072 D000200 0
072 E000200 0
072 F000200 161
072 G000200 0
072 H000200 0
072 I000200 34
072 J000200 91
072 K000200 0
072 L000200 40
072 M000200 9
072 N000200 25
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 69
072 S000200 0
072 T000200 81
072 U000200 18
072 V000200 0
072 W000200 10
072 X000200 538
072 Y000200 276
072 Z000200 27
072AA000200 1105
072BB000200 0
072CC010200 2201
072CC020200 0
072DD010200 8
072DD020200 0
072EE000200 0
<PAGE> PAGE 15
073 A010200 0.0100
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 1114
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 1414
074 F000200 14978
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 136
074 K000200 0
074 L000200 78
074 M000200 41
074 N000200 17761
074 O000200 408
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 45
074 S000200 0
074 T000200 17308
074 U010200 1551
074 U020200 28
074 V010200 10.96
074 V020200 10.86
074 W000200 0.0000
074 X000200 3013
074 Y000200 0
075 A000200 0
075 B000200 16106
076 000200 0.00
080 A000200 AETNA LIFE & CASUALTY
080 C000200 2000
081 A000200 Y
081 B000200 2
082 A000200 N
082 B000200 0
083 A000200 N
083 B000200 0
084 A000200 N
084 B000200 0
085 A000200 Y
085 B000200 N
SIGNATURE JON LILLEMOEN
TITLE ACCOUNT ASSOCIATE
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 81741387
<INVESTMENTS-AT-VALUE> 94433004
<RECEIVABLES> 1922912
<ASSETS-OTHER> 87077
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 93442993
<PAYABLE-FOR-SECURITIES> 1172148
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1351868
<TOTAL-LIABILITIES> 2524016
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 83764712
<SHARES-COMMON-STOCK> 5836071
<SHARES-COMMON-PRIOR> 7993303
<ACCUMULATED-NII-CURRENT> 3067134
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5592519)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12679650
<NET-ASSETS> 93918977
<DIVIDEND-INCOME> 1586267
<INTEREST-INCOME> 57988
<OTHER-INCOME> 0
<EXPENSES-NET> 1964147
<NET-INVESTMENT-INCOME> (319892)
<REALIZED-GAINS-CURRENT> 706668
<APPREC-INCREASE-CURRENT> 5181004
<NET-CHANGE-FROM-OPS> 5567780
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 306934
<DISTRIBUTIONS-OF-GAINS> 4156148
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1339186
<NUMBER-OF-SHARES-REDEEMED> 9177932
<SHARES-REINVESTED> 345346
<NET-CHANGE-IN-ASSETS> (93651351)
<ACCUMULATED-NII-PRIOR> 191694
<ACCUMULATED-GAINS-PRIOR> 1065299
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1123291
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2163054
<AVERAGE-NET-ASSETS> 114531274
<PER-SHARE-NAV-BEGIN> 12.94
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> .95
<PER-SHARE-DIVIDEND> .03
<PER-SHARE-DISTRIBUTIONS> .32
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.50
<EXPENSE-RATIO> 1.72
<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
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 81741387
<INVESTMENTS-AT-VALUE> 94433004
<RECEIVABLES> 1922912
<ASSETS-OTHER> 87077
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 96442993
<PAYABLE-FOR-SECURITIES> 1172148
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1351868
<TOTAL-LIABILITIES> 2524016
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 83764712
<SHARES-COMMON-STOCK> 4120
<SHARES-COMMON-PRIOR> 1978
<ACCUMULATED-NII-CURRENT> 3067134
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5592519)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12679650
<NET-ASSETS> 93918977
<DIVIDEND-INCOME> 508
<INTEREST-INCOME> 24
<OTHER-INCOME> 0
<EXPENSES-NET> 590
<NET-INVESTMENT-INCOME> (58)
<REALIZED-GAINS-CURRENT> (242)
<APPREC-INCREASE-CURRENT> 2805
<NET-CHANGE-FROM-OPS> 2505
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 30
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4118
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 55489
<ACCUMULATED-NII-PRIOR> 191694
<ACCUMULATED-GAINS-PRIOR> 1065299
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 240
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 591
<AVERAGE-NET-ASSETS> 39268
<PER-SHARE-NAV-BEGIN> 12.55
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> .94
<PER-SHARE-DIVIDEND> .01
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.47
<EXPENSE-RATIO> 2.44
<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
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 81741387
<INVESTMENTS-AT-VALUE> 94433004
<RECEIVABLES> 1922912
<ASSETS-OTHER> 87077
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 96442993
<PAYABLE-FOR-SECURITIES> 1172148
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1351868
<TOTAL-LIABILITIES> 2524016
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 83764712
<SHARES-COMMON-STOCK> 1111928
<SHARES-COMMON-PRIOR> 1330550
<ACCUMULATED-NII-CURRENT> 3067134
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5592519)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12679650
<NET-ASSETS> 93918977
<DIVIDEND-INCOME> 230752
<INTEREST-INCOME> 10050
<OTHER-INCOME> 0
<EXPENSES-NET> 156222
<NET-INVESTMENT-INCOME> 84581
<REALIZED-GAINS-CURRENT> 158117
<APPREC-INCREASE-CURRENT> 976505
<NET-CHANGE-FROM-OPS> 1219203
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11223
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1625747
<NUMBER-OF-SHARES-REDEEMED> 514582
<SHARES-REINVESTED> 763
<NET-CHANGE-IN-ASSETS> 15061169
<ACCUMULATED-NII-PRIOR> 191694
<ACCUMULATED-GAINS-PRIOR> 1065299
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 109008
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 156636
<AVERAGE-NET-ASSETS> 17878567
<PER-SHARE-NAV-BEGIN> 12.55
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> .94
<PER-SHARE-DIVIDEND> .01
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.55
<EXPENSE-RATIO> 1.42
<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
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 13497499
<INVESTMENTS-AT-VALUE> 16391637
<RECEIVABLES> 214433
<ASSETS-OTHER> 1155084
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17761154
<PAYABLE-FOR-SECURITIES> 408373
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44639
<TOTAL-LIABILITIES> 453012
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20131544
<SHARES-COMMON-STOCK> 1551058
<SHARES-COMMON-PRIOR> 1660462
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 33872
<ACCUMULATED-NET-GAINS> (5672277)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2882747
<NET-ASSETS> 17308142
<DIVIDEND-INCOME> 283683
<INTEREST-INCOME> 3352
<OTHER-INCOME> 0
<EXPENSES-NET> 259659
<NET-INVESTMENT-INCOME> 27377
<REALIZED-GAINS-CURRENT> 1101238
<APPREC-INCREASE-CURRENT> 2193894
<NET-CHANGE-FROM-OPS> 3322509
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7719
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 668289
<NUMBER-OF-SHARES-REDEEMED> 673484
<SHARES-REINVESTED> 850
<NET-CHANGE-IN-ASSETS> 3226482
<ACCUMULATED-NII-PRIOR> 7531
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 160019
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 543417
<AVERAGE-NET-ASSETS> 16012435
<PER-SHARE-NAV-BEGIN> 8.85
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 2.10
<PER-SHARE-DIVIDEND> .01
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.96
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 13497499
<INVESTMENTS-AT-VALUE> 16391637
<RECEIVABLES> 214433
<ASSETS-OTHER> 1155084
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17761154
<PAYABLE-FOR-SECURITIES> 408373
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44639
<TOTAL-LIABILITIES> 453012
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20131544
<SHARES-COMMON-STOCK> 28531
<SHARES-COMMON-PRIOR> 7992
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 33872
<ACCUMULATED-NET-GAINS> (5672277)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2882747
<NET-ASSETS> 17308142
<DIVIDEND-INCOME> 1977
<INTEREST-INCOME> 15
<OTHER-INCOME> 0
<EXPENSES-NET> 1957
<NET-INVESTMENT-INCOME> 35
<REALIZED-GAINS-CURRENT> 3272
<APPREC-INCREASE-CURRENT> 6712
<NET-CHANGE-FROM-OPS> 10019
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 29614
<NUMBER-OF-SHARES-REDEEMED> 1083
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 309762
<ACCUMULATED-NII-PRIOR> 7531
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 937
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3324
<AVERAGE-NET-ASSETS> 151973
<PER-SHARE-NAV-BEGIN> 10.13
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> .73
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.86
<EXPENSE-RATIO> 2.64
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
