File Nos.33-34801
811-06106
As Filed With The Securities and Exchange Commission on April 30, 1998
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
----
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 / X /
Pre-Effective Amendment No. ___ / /
Post-Effective Amendment No. 10 / X /
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 / X /
Amendment No. 11 / X /
(Check appropriate box or boxes)
PIONEER GROWTH TRUST
(Exact name of registrant as specified in charter)
60 State Street, Boston, Massachusetts 02109
(Address of principal executive office) Zip Code
Registrant's Telephone Number, including Area Code: (617) 742-7825
Joseph P. Barri, Hale and Dorr LLP, 60 State Street, Boston, MA
02109 (Name and address of agent for service)
It is proposed that this filing will become effective (check appropriate box):
____ immediately upon filing pursuant to paragraph (b)
____ on [date] pursuant to paragraph (b)
____ 60 days after filing pursuant to paragraph (a)(1)
____ on [date] pursuant to paragraph(a)(1)
____ 75 days after filing pursuant to paragraph (a)(2)
_X__ on July 1, 1998 pursuant to paragraph (a)(2)of Rule 485
If appropriate, check the following box:
___This post-effective amendment designates a new effective date for a
previously filed post-effective amendment.
Title of Securities Being Registered: Shares of Beneficial Interest (without
par value)
<PAGE>
STATEMENT OF INCORPORATION BY REFERENCE
The prospectuses (Part A) and statement of additional information (Part B)
contained in Post-Effective Amendment No. 9 filed on February 13, 1998 hereby
are incorporated by reference in their entirety into this Post-Effective
Amendment No. 10. The Trust's Annual Report (filed electronically on December
24, 1997; file no. 33-34801; accession number 000086334-97-000018) hereby is
incorporated by reference into the statement of additional information so
incorporated by reference herein.
<PAGE>
File Nos. 33-34801
811-06106
FORM N-1A
PIONEER GROWTH TRUST
PART C. OTHER INFORMATION
Item 24. Financial Statements and Exhibits
(a) Financial Statements:
The financial highlights of the Registrant for the
fiscal year ended October 31, 1997 are included in
Part A of the Registration Statement and the
financial statements of the Registrant are
incorporated by reference into Part B of the
Registration Statement from the 1997 Annual Report
to Shareholders for the year ended October 31,
1997 (filed electronically on December 24, 1997
file no. 33-34801; accession number
0000863334-97-000018).
(b) Exhibits:
1. Amended and Restated Declaration of Trust*****
1.1 Establishment and Designation of Classes*****
1.2 Establishment and Designation of Classes*****
1.3 Establishment and Designation of
Class A Shares, Class B Shares, Class C Shares and Class Y Shares
of Beneficial Interest of Pioneer Capital Growth Fund+
2 Amended and Restated By-Laws*****
3. None
4. Specimen Stock Certificate**
5. Form of Management Contract+
5.1 Management Contract between Pioneering Management Corporation ("PMC")
and Registrant on behalf of Pioneer Capital Growth Fund, effective
1/1/94*****
5.2 Management Contract between PMC and Registrant on behalf of
Pioneer Equity-Income Fund, effective 1/1/94*****
5.3 Management Contract between PMC and Registrant on behalf of
Pioneer Gold Shares, effective 1/1/94*****
6. Underwriting Agreement**
6.1 Form of Dealer Sale Agreement*****
7. None
8.1 Custodian Agreement with Brown
Brothers Harriman & Co., dated January
14, 1992, on behalf of Pioneer Capital
Growth Fund*****
8.2 Custodian Agreement with Brown
Brothers Harriman & Co., dated January
14, 1992, on behalf of Pioneer Equity
Income Fund*****
<PAGE>
8.3 Custodian Agreement with Brown
Brothers Harriman & Co., dated January 14, 1992, on behalf of Pioneer
Gold Shares*****
9. Investment Company Service Agreement*****
9.2 Form of Agreement and Plan of Reorganization+
10. None
11. Consent of Arthur Andersen LLP++
12. None
13. Form of Stock Purchase Agreement*******
14. Rule 24f-2 Opinion******
15.1 Form of Distribution Plan*******
15.2 Class B Rule 12b-1 Distribution
Plans for Pioneer Capital Growth Fund,
Pioneer Equity-Income Fund and Pioneer Gold
Shares*****
15.3 Class C Rule 12b-1 Distribution Plans for Pioneer Capital Growth Fund,
Pioneer Equity-Income Fund and Pioneer Gold Shares*****
16. Description of Average Annual Total Return*
17. Financial Data Schedules for Pioneer Gold Shares********
Financial Data Schedules for Pioneer Capital Growth Fund ++
Financial Data Schedules for Pioneer Equity-Income Fund ********
18. Form of Multiple Class Plan Pursuant to Rule 18f-3+
18.1 Multiple Class Plan Pursuant to Rule 18f-3, dated October 4, 1995, for
Pioneer Capital Growth Fund, Pioneer Equity-Income Fund and Pioneer
Gold Shares*****
18.2 Multiple Class Plan Pursuant to Rule 18f-3, dated
January 31, 1996, for Pioneer Capital Growth Fund, Pioneer
Equity-Income Fund and Pioneer Gold Shares*****
19.1 Powers of Attorney**/***
19.2 Power of Attorney****
19.3 Power of Attorney*****
19.4 Power of Attorney for Mary K. Bush********
- -----------------------
++ Filed electronically herewith.
* Incorporated by reference from the Registrant's Registration
Statement on Form N-1A (File No. 33-34801) ("Registration Statement") as filed
with the Securities and Exchange Commission ("SEC") on May 9, 1990.
** Incorporated by reference from the Registrant's Pre-Effective Amendment
No. 1 to the Registration Statement as filed with the SEC on June 29, 1990.
*** Incorporated by reference from the Registrant's
Post-Effective Amendment No. 3 to the Registration Statement as filed with the
SEC on February 26, 1993.
**** Incorporated by reference from Registrant's
Post-Effective Amendment No. 4 to the Registration Statement as filed with the
SEC on December 27, 1993.
***** Incorporated by reference from Registrant's
Post-Effective Amendment No. 6 to the Registration Statement as filed with the
SEC on February 25, 1996.
****** Incorporated by reference from Registrant's Rule 24f-2 Notice filing
(Accession No. 0000863334-96-000018) as filed with the SEC on December 27, 1996.
******* Incorporated by reference from Registrant's
Post-Effective Amendment No. 7 to the Registration Statement as filed with the
SEC on February 25, 1997.
********Incorporated by reference from Registrant's
Post-Effective Amendment No. 8 to the Registration Statement as filed with the
SEC on February 2, 1998.
+ Incorporated by reference from Registrant's
Post-Effective Amendment No. 9 to the Registration Statement as filed with the
SEC on February 13, 1998.
Item 25. Persons Controlled by or Under Common Control with Registrant
No person is controlled by the Registrant. A common control relationship
could exist from a management perspective because the Chairman and President of
the Registrant owns approximately 14%of the outstanding shares of The Pioneer
Group, Inc. (PGI), the parent company of the Registrant's investment adviser,
and certain Trustees or officers of the Registrant (i) hold similar positions
with other investment companies advised by PGI and (ii) are directors or
officers of PGI and/or its direct or indirect subsidiaries. The following lists
all U.S. and the principal non-U.S. subsidiaries of PGI and those registered
investment companies with a common or similar Board of Trustees advised by PGI.
OWNED BY PERCENT STATE/COUNTRY OF
COMPANY OF SHARES INCORPORATION
Pioneering Management Corp. (PMC) PGI 100% DE
Pioneer Funds Distributor, Inc. (PFD) PMC 100% MA
Pioneer Explorer, Inc. (PEI) PMC 100% DE
Pioneer Fonds Marketing GmbH (GmbH) PFD 100% Germany
Pioneer Forest, Inc. (PFI) PGI 100% DE
CJSC "Forest-Starma" (Forest-Starma) PFI 95% Russia
Pioneer Metals and Technology, Inc. (PMT) PGI 100% DE
Pioneer Capital Corp. (PCC) PGI 100% DE
Pioneer SBIC Corp. PCC 100% MA
Pioneer Real Estate Advisors, Inc. (PREA) PGI 100% DE
Pioneer Management (Ireland) Ltd. (PMIL) PGI 100% Ireland
Pioneer Plans Corporation (PPC) PGI 100% DE
PIOGlobal Corp. (PIOGlobal) PGI 100% DE
Pioneer Investments Corp. (PIC) PGI 100% MA
Pioneer Goldfields Holdings, Inc. (PGH) PGI 100% DE
Pioneer Goldfields Ltd. (PGL) PGH 100% Guernsey
Teberebie Goldfields Ltd. (TGL) PGL 90% Ghana
Pioneer Omega, Inc. (Omega) PGI 100% DE
Pioneer First Russia, Inc. (First Russia) Omega 81.65% DE
Pioneering Services Corp. (PSC) PGI 100% MA
Pioneer International Corp. (PIntl) PGI 100% DE
Pioneer First Polish Investment Fund JSC, S.A.
(First Polish) PIntl 100% Poland
Pioneer Czech Investment Company, A.S.
(Pioneer Czech) PIntl 100% Czech Republic
Registered investment companies that are parties to management contracts with
PMC:
BUSINESS
FUND TRUST
Pioneer International Growth Fund MA
Pioneer World Equity Fund DE
Pioneer Europe Fund MA
Pioneer Emerging Markets Fund DE
Pioneer India Fund DE
Pioneer Growth Trust MA
Pioneer Mid-Cap Fund DE
Pioneer Growth Shares DE
Pioneer Small Company Fund DE
Pioneer Independence Fund DE
Pioneer Fund DE
Pioneer II DE
Pioneer Real Estate Shares DE
Pioneer Short-Term Income Fund MA
Pioneer America Income Trust MA
Pioneer Bond Fund MA
Pioneer Balanced Fund DE
Pioneer Intermediate Tax-Free Fund MA
Pioneer Tax-Free Income Fund DE
Pioneer Money Market Trust DE
Pioneer Variable Contracts Trust DE
Pioneer Interest Shares DE
Pioneer Micro-Cap Fund DE
The following table lists John F. Cogan, Jr.'s positions with the
investment companies, PGI and principal direct or indirect PGI subsidiaries
referenced above and the Registrant's counsel.
TRUSTEE/
ENTITY CHAIRMAN PRESIDENT DIRECTOR OTHER
Pioneer mutual
funds X X X
PGL X X X
PGI X X X
PPC X X
PIC X X
PIntl X X
PMT X X
Omega X X
PIOGlobal X X
First Russia X X
PCC X
PSC X
PMIL X
PEI X
PFI X
PREA X
Forest-Starma X
PMC X X
PFD X X
TGL X X
First Polish Chairman of Supervisory
Board
GmbH Chairman of Supervisory
Board
Pioneer Czech Chairman of Supervisory
Board
Hale and Dorr LLP Partner
Item 26. Number of Holders of Securities
The following table sets forth the approximate number of
record holders of each class of securities of the Registrant as of March
31, 1998:
Number of
Record Holders
Fund Class A Class B Class C
Capital Growth 106,130 51,619 2,915
Item 27. Indemnification
Except for the Amended and Restated Declaration of Trust (the
"Declaration of Trust") dated December 7, 1993, establishing the Registrant as a
Trust under Massachusetts law, there is no contract, arrangement or statute
under which any director, officer, underwriter or affiliated person of the
Registrant is insured or indemnified. The Declaration of Trust provides that no
Trustee or officer will be indemnified against any liability to which the
Registrant would otherwise be subject by reason of or for willful misfeasance,
bad faith, gross negligence or reckless disregard of such person's duties.
Item 28. Business and Other Connections of Investment Adviser
All of the information required by this item is set forth in
the Form ADV, as amended, of Pioneering Management Corporation. The following
sections of such Form ADV are incorporated herein by reference:
(a) Items 1 and 2 of Part 2;
(b) Section IV, Business Background, of each Schedule D.
Item 29. Principal Underwriter
(a) See Item 25 above.
(b) Directors and Officers of PFD:
Positions and Offices Positions and Offices
Name with Underwriter with Registrant
- ---- ---------------- ---------------
John F. Cogan, Jr. Director and Chairman Chairman of the Board,
President and Trustee
Robert L. Butler Director and President None
David D. Tripple Director Executive Vice President and
Trustee
Steven M. Graziano Senior Vice President None
Stephen W. Long Senior Vice President None
Barry G. Knight Vice President None
William A. Misata Vice President None
Anne W. Patenaude Vice President None
Elizabeth B. Bennett Vice President None
Gail A. Smyth Vice President None
Constance D. Spiros Vice President None
Marcy L. Supovitz Vice President None
Mary Kleeman Vice President None
Steven R. Berke Assistant Vice President None
Steven H. Forss Assistant Vice President None
Mary Sue Hoban Assistant Vice President None
Debra A. Levine Assistant Vice President None
Junior Roy McFarland Assistant Vice President None
Marie E. Moynihan Assistant Vice President None
William H. Keough Treasurer Treasurer
Roy P. Rossi Assistant Treasurer None
Joseph P. Barri Clerk Secretary
Robert P. Nault Assistant Clerk Assistant Secretary
The principle business address of each of these individuals is 60 State Street,
Boston, Massachusetts 02109-1820.
(c) Not applicable.
Item 30. Location of Accounts and Records
The accounts and records are maintained at the Registrant's
office at 60 State Street, Boston, Massachusetts; contact the Treasurer.
Item 31. Management Services
Not Applicable.
Item 32. Undertakings
(a) Not applicable.
(b) Not applicable.
(c) The Registrant hereby undertakes to deliver or cause to be delivered
with the Prospectus, to each person to whom the Prospectus is sent or
given, a copy of the Registrant's report to shareholders furnished
pursuant to and meeting the requirements of Rule 30d-1 under the
Investment Company Act of 1940, as amended, from which the specified
information is incorporated by reference, unless such person currently
holds securities of the Registrant and otherwise has received a copy
of such report, in which case the Registrant shall state in the
Prospectus that it will furnish, without charge, a copy of such report
on request, and the name, address and telephone number of the person
to whom such a request should be directed.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all the
requirements for effectiveness of this post-effective amendment no. 10 (the
"Amendment") to the Registration Statement pursuant to Rule 485(a) under the
Securities Act of 1933 and has duly caused this Amendment to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of Boston and
The Commonwealth of Massachusetts, on the 30th day of April, 1998.
PIONEER GROWTH TRUST
By: /s/ David D. Tripple
David D. Tripple
Executive Vice President
Pursuant to the requirements of the Securities Act of 1933,
this Amendment has been signed below by the following persons in the
capacities and on the dates indicated:
Title and Signature Date
Principal Executive Officer: )
)
)
John F. Cogan, Jr. )
John F. Cogan, Jr., President )
)
Principal Financial and )
Accounting Officer: )
)
)
/s/William H. Keough* )
William H. Keough, Treasurer )
A MAJORITY OF THE BOARD OF TRUSTEES:
John F. Cogan, Jr. )
John F. Cogan, Jr., Trustee )
)
Mary K. Bush* )
Mary K. Bush, Trustee )
)
Richard H. Egdahl, M.D.* )
Richard H. Egdahl, Trustee )
)
Margaret B.W. Graham* )
Margaret B.W. Graham, Trustee )
)
John W. Kendrick* )
John W. Kendrick, Trustee )
)
Marguerite A. Piret* )
Marguerite A. Piret, Trustee )
)
/s/David D. Tripple* )
David D. Tripple, Trustee )
)
Stephen K. West* )
Stephen K. West, Trustee )
)
John Winthrop* )
John Winthrop, Trustee )
*By: /s/ David D. Tripple Dated: April 30, 1998
David D. Tripple
Attorney-in-fact
<PAGE>
Exhibit Index
Sequential
Exhibit Page
Number Document Title
11. Consent of Arthur Andersen LLP
17. Financial Data Schedules for Pioneer Capital Growth Fund
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the use of our
reports dated December 3, 1997 (and all references to our firm) included in or
made a part of Pioneer Growth Trust's Post-Effective Amendment No. 10 and
Amendment No. 11 to Registration Statement File Nos. 33-34801 and 811-06106,
respectively.
/s/ ARTHUR ANDERSEN LLP
ARTHUR ANDERSEN LLP
Boston, Massachusetts
April 29, 1998
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE ANNUAL REPORT
ON FORM N-SAR DATED OCTOBER 31, 1997 FOR PIONEER GROWTH TRUST AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000863334
<NAME> PIONEER GROWTH TRUST
<SERIES>
<NUMBER> 001
<NAME> PIONEER CAPITAL GROWTH FUND CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 2089695888
<INVESTMENTS-AT-VALUE> 2408119785
<RECEIVABLES> 16873750
<ASSETS-OTHER> 40089
<OTHER-ITEMS-ASSETS> 654629
<TOTAL-ASSETS> 2425688253
<PAYABLE-FOR-SECURITIES> 24407398
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4156110
<TOTAL-LIABILITIES> 28563508
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1837574025
<SHARES-COMMON-STOCK> 68530460
<SHARES-COMMON-PRIOR> 65471405
<ACCUMULATED-NII-CURRENT> 7387854
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 233738969
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 318423897
<NET-ASSETS> 2397124745
<DIVIDEND-INCOME> 18181142
<INTEREST-INCOME> 18727763
<OTHER-INCOME> 46821
<EXPENSES-NET> (27688360)
<NET-INVESTMENT-INCOME> 9267366
<REALIZED-GAINS-CURRENT> 235661875
<APPREC-INCREASE-CURRENT> 203007226
<NET-CHANGE-FROM-OPS> 447936467
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4238978)
<DISTRIBUTIONS-OF-GAINS> (58684558)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25780570
<NUMBER-OF-SHARES-REDEEMED> 25642389
<SHARES-REINVESTED> 2920874
<NET-CHANGE-IN-ASSETS> 481124050
<ACCUMULATED-NII-PRIOR> 2424000
<ACCUMULATED-GAINS-PRIOR> 85366000
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11315631
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 28116817
<AVERAGE-NET-ASSETS> 1529901680
<PER-SHARE-NAV-BEGIN> 19.85
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> 4.17
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> (0.88)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.23
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE ANNUAL REPORT
ON FORM N-SAR DATED OCTOBER 31, 1997 FOR PIONEER GROWTH TRUST AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000863334
<NAME> PIONEER GROWTH TRUST
<SERIES>
<NUMBER>002
<NAME> PIONEER CAPITAL GROWTH FUND CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 2089695888
<INVESTMENTS-AT-VALUE> 2408119785
<RECEIVABLES> 16873750
<ASSETS-OTHER> 40089
<OTHER-ITEMS-ASSETS> 654629
<TOTAL-ASSETS> 2425688253
<PAYABLE-FOR-SECURITIES> 24407398
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4156110
<TOTAL-LIABILITIES> 28563508
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1837574025
<SHARES-COMMON-STOCK> 32788073
<SHARES-COMMON-PRIOR> 30171464
<ACCUMULATED-NII-CURRENT> 7387854
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 233738969
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 318423897
<NET-ASSETS> 2397124745
<DIVIDEND-INCOME> 18181142
<INTEREST-INCOME> 18727763
<OTHER-INCOME> 46821
<EXPENSES-NET> (27688360)
<NET-INVESTMENT-INCOME> 9267366
<REALIZED-GAINS-CURRENT> 235661875
<APPREC-INCREASE-CURRENT> 203007226
<NET-CHANGE-FROM-OPS> 447936467
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (64617)
<DISTRIBUTIONS-OF-GAINS> (27212132)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8593655
<NUMBER-OF-SHARES-REDEEMED> 7093350
<SHARES-REINVESTED> 1116304
<NET-CHANGE-IN-ASSETS> 481124050
<ACCUMULATED-NII-PRIOR> 2424000
<ACCUMULATED-GAINS-PRIOR> 85366000
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11315631
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 28116817
<AVERAGE-NET-ASSETS> 684478725
<PER-SHARE-NAV-BEGIN> 19.53
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 4.10
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.88)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.73
<EXPENSE-RATIO> 1.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE ANNUAL REPORT
ON FORM N-SAR DATED OCTOBER 31, 1997 FOR PIONEER GROWTH TRUST AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<CIK> 0000863334
<NAME> PIONEER GROWTH TRUST
<SERIES>
<NUMBER> 003
<NAME> PIONEER CAPITAL GROWTH FUND CLASS C
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 2089695888
<INVESTMENTS-AT-VALUE> 2408119785
<RECEIVABLES> 16873750
<ASSETS-OTHER> 40089
<OTHER-ITEMS-ASSETS> 654629
<TOTAL-ASSETS> 2425688253
<PAYABLE-FOR-SECURITIES> 24407398
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4156110
<TOTAL-LIABILITIES> 28563508
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1837574025
<SHARES-COMMON-STOCK> 2654023
<SHARES-COMMON-PRIOR> 1392774
<ACCUMULATED-NII-CURRENT> 7387854
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 233738969
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 318423897
<NET-ASSETS> 2397124745
<DIVIDEND-INCOME> 18181142
<INTEREST-INCOME> 18727763
<OTHER-INCOME> 46821
<EXPENSES-NET> (27688360)
<NET-INVESTMENT-INCOME> 9267366
<REALIZED-GAINS-CURRENT> 235661875
<APPREC-INCREASE-CURRENT> 203007226
<NET-CHANGE-FROM-OPS> 447936467
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1392090)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1640290
<NUMBER-OF-SHARES-REDEEMED> 409184
<SHARES-REINVESTED> 30143
<NET-CHANGE-IN-ASSETS> 481124050
<ACCUMULATED-NII-PRIOR> 2424000
<ACCUMULATED-GAINS-PRIOR> 85366000
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11315631
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 28116817
<AVERAGE-NET-ASSETS> 46389556
<PER-SHARE-NAV-BEGIN> 19.53
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 4.11
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> (0.88)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.69
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
