<PAGE> PAGE 1
000 A000000 05/31/96
000 C000000 0000877151
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 LATIN AMERICA FUND, INC.
001 B000000 811-6349
001 C000000 6092827165
002 A000000 P.O. BOX 9066
002 B000000 PRINCETON
002 C000000 NJ
002 D010000 08543
002 D020000 9066
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
011 A000001 MERRILL LYNCH FUNDS DISTRIBUTOR, INC.
011 B000001 8-14663
011 C010001 PRINCETON
011 C020001 NJ
011 C030001 08543
011 C040001 9011
012 A000001 MERRILL LYNCH FINANCIAL DATA SERVICES, INC.
012 B000001 84-01339
012 C010001 JACKSONVILLE
012 C020001 FL
012 C030001 32246
<PAGE> PAGE 2
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 THE CHASE MANHATTAN BANK, N.A.
015 B000001 C
015 C010001 BROOKLYN
015 C020001 NY
015 C030001 11245
015 E010001 X
015 A000002 BANCO CHASE MANHATTAN, S.A.
015 B000002 S
015 C010002 RIO DE JANEIRO
015 D010002 BRAZIL
015 E040002 X
015 A000003 ROYAL BANK OF CANADA
015 B000003 S
015 C010003 TORONTO
015 D010003 CANADA
015 E040003 X
015 A000004 CITIBANK N.A.
015 B000004 S
015 C010004 NEW YORK
015 C020004 NY
015 C030004 10005
015 E010004 X
015 A000005 CANADA TRUST COMPANY
015 B000005 S
015 C010005 TORONTO
015 D010005 CANADA
015 E040005 X
015 A000006 FIRST NATIONAL BANK OF CHICAGO
015 B000006 S
015 C010006 LONDON
015 D010006 ENGLAND
015 E010006 X
015 A000007 CITITRUST COLOMBIA S.A.
015 B000007 S
015 C010007 BOGOTA
015 D010007 COLOMBIA
015 E040007 X
015 A000008 THE FIRST NATIONAL BANK OF BOSTON
015 B000008 S
015 C010008 MONTEVIDEO
015 D010008 URUGUAY
015 E010008 X
015 A000009 CAJA DE VALORES
015 B000009 S
<PAGE> PAGE 3
015 C010009 ARGENTINA
015 D010009 ARGENTINA
015 E040009 X
015 A000010 SAO PAULO STOCK EXCHANGE
015 B000010 S
015 C010010 BRAZIL
015 D010010 BRAZIL
015 E040010 X
015 A000011 CANADIAN DEPOSITORY FOR SECURITIES
015 B000011 S
015 C010011 CANADA
015 D010011 CANADA
015 E040011 X
015 A000012 CEDEL, S.A.
015 B000012 S
015 C010012 LUXEMBOURG
015 D010012 LUXEMBOURG
015 E040012 X
015 A000013 INSTITUTO PARA EL DEPOSITO DE VALORES
015 B000013 S
015 C010013 MEXICO
015 D010013 MEXICO
015 E040013 X
015 A000014 THE BANK OF NEW YORK
015 B000014 S
015 C010014 NEW YORK
015 C020014 NY
015 C030014 10015
015 E010014 X
015 A000015 BANKERS TRUST COMPANY
015 B000015 S
015 C010015 NEW YORK
015 C020015 NY
015 C030015 10006
015 E010015 X
015 A000016 CHEMICAL BANK
015 B000016 S
015 C010016 NEW YORK
015 C020016 NY
015 C030016 10017
015 E010016 X
015 A000017 CUSTODIAL TRUST CO.
015 B000017 S
015 C010017 NEW YORK
015 C020017 NY
015 C030017 10167
015 E010017 X
015 A000018 MORGAN GUARANTEE TRUST CO.
015 B000018 S
015 C010018 NEW YORK
015 C020018 NY
<PAGE> PAGE 4
015 C030018 10260
015 E010018 X
015 A000019 BANCO DE NACIONAL MEXICO
015 B000019 S
015 C010019 MEXICO
015 D010019 MEXICO
015 E040019 X
015 A000020 CHASE MANHATTAN BANK MEXICO, S.A.
015 B000020 S
015 C010020 MEXICO
015 D010020 MEXICO
015 E040020 X
015 A000021 BANAMEX
015 B000021 S
015 C010021 MEXICO
015 D010021 MEXICO
015 E040021 X
015 A000022 CREST
015 B000022 S
015 C010022 UNITED KINGDOM
015 D010022 UNITED KINGDOM
015 E040022 X
018 000000 Y
019 A000000 Y
019 B000000 180
019 C000000 MERRILLLYN
020 A000001 GARANTIA INC.
020 C000001 137
020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000002 13-5674085
020 C000002 131
020 A000003 ING BARING (U.S.) SECURITIES, INC.
020 C000003 93
020 A000004 BANCO PACTUAL
020 C000004 90
020 A000005 ROBERT FLEMING INC.
020 B000005 13-3298866
020 C000005 71
020 A000006 S.G. WARBURG & CO. INC.
020 B000006 13-3340045
020 C000006 66
020 A000007 NOMURA SECURITIES INTERNATIONAL, INC.
020 B000007 13-2642206
020 C000007 63
020 A000008 CS FIRST BOSTON CORPORATION
020 B000008 13-5659485
020 C000008 58
020 A000009 MORGAN (J.P.) SECURITIES INC.
020 B000009 13-3224016
020 C000009 56
020 A000010 DEUTSCHE MORGAN GRENFELL/C.J. LAWRENCE INC.
<PAGE> PAGE 5
020 B000010 13-2730828
020 C000010 55
021 000000 1263
022 A000001 GENERAL ELECTRIC CAPITAL CORP.
022 C000001 1410865
022 D000001 0
022 A000002 FORD MOTOR CREDIT CO.
022 C000002 709421
022 D000002 0
022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
022 C000003 49958
022 D000003 0
022 A000004 HSBC SECURITIES, INC.
022 B000004 13-2650272
022 C000004 46652
022 D000004 0
022 A000005 MORGAN (J.P.) SECURITIES INC.
022 B000005 13-3224016
022 C000005 5854
022 D000005 11475
022 A000006 UBS SECURITIES INC.
022 B000006 13-2932996
022 C000006 14923
022 D000006 0
022 A000007 LAZARD FRERES & CO. LLC
022 B000007 13-5545100
022 C000007 11988
022 D000007 894
022 A000008 JEFFERIES & COMPANY, INC.
022 B000008 95-2622900
022 C000008 0
022 D000008 9796
022 A000009 ING BARING (U.S.) SECURITIES, INC.
022 C000009 7036
022 D000009 917
022 A000010 BEAR, STEARNS & CO. INC.
022 B000010 13-3299429
022 C000010 0
022 D000010 7789
023 C000000 2266130
023 D000000 57273
024 000000 N
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
<PAGE> PAGE 6
026 H000000 N
027 000000 Y
028 A010000 18583
028 A020000 0
028 A030000 0
028 A040000 46392
028 B010000 62738
028 B020000 0
028 B030000 0
028 B040000 52118
028 C010000 27948
028 C020000 0
028 C030000 0
028 C040000 23158
028 D010000 13699
028 D020000 0
028 D030000 0
028 D040000 21183
028 E010000 14845
028 E020000 0
028 E030000 0
028 E040000 18376
028 F010000 18102
028 F020000 0
028 F030000 0
028 F040000 22158
028 G010000 155915
028 G020000 0
028 G030000 0
028 G040000 183385
028 H000000 17258
029 000000 Y
030 A000000 132
030 B000000 5.25
030 C000000 0.00
031 A000000 11
031 B000000 0
032 000000 0
033 000000 121
034 000000 Y
035 000000 830
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
<PAGE> PAGE 7
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 2857
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 1.000
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
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
<PAGE> PAGE 8
054 N000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
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
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 N
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
<PAGE> PAGE 9
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 Y
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 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 208246
071 B000000 220984
071 C000000 638279
071 D000000 33
072 A000000 6
072 B000000 1929
072 C000000 15586
072 D000000 0
072 E000000 0
072 F000000 3438
072 G000000 80
072 H000000 0
072 I000000 1210
072 J000000 661
072 K000000 0
072 L000000 139
072 M000000 23
072 N000000 55
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 24
072 S000000 13
072 T000000 2857
072 U000000 10
072 V000000 0
072 W000000 21
<PAGE> PAGE 10
072 X000000 8531
072 Y000000 0
072 Z000000 8984
072AA000000 20468
072BB000000 74951
072CC010000 162550
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 23437
074 B000000 0
074 C000000 14733
074 D000000 6468
074 E000000 205029
074 F000000 486925
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 4849
074 K000000 0
074 L000000 4691
074 M000000 170
074 N000000 746302
074 O000000 1048
074 P000000 1131
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 2981
074 S000000 0
074 T000000 741142
074 U010000 12879
074 U020000 47463
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 120626
074 Y000000 0
075 A000000 0
075 B000000 687527
076 000000 0.00
077 A000000 N
078 000000 N
SIGNATURE GERALD M. RICHARD
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877151
<NAME> MERRILL LYNCH LATIN AMERICA FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 681729713
<INVESTMENTS-AT-VALUE> 713154855
<RECEIVABLES> 9539658
<ASSETS-OTHER> 23606983
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 746301496
<PAYABLE-FOR-SECURITIES> 1048392
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4111113
<TOTAL-LIABILITIES> 5159505
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 945019715
<SHARES-COMMON-STOCK> 3353573
<SHARES-COMMON-PRIOR> 2478936
<ACCUMULATED-NII-CURRENT> 8984049
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (243390958)
<OVERDISTRIBUTION-GAINS> (601566)
<ACCUM-APPREC-OR-DEPREC> 31130751
<NET-ASSETS> 41992185
<DIVIDEND-INCOME> 15586291
<INTEREST-INCOME> 1928936
<OTHER-INCOME> 0
<EXPENSES-NET> (8531178)
<NET-INVESTMENT-INCOME> 8984049
<REALIZED-GAINS-CURRENT> (54482879)
<APPREC-INCREASE-CURRENT> 162549777
<NET-CHANGE-FROM-OPS> 117050947
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1524810
<NUMBER-OF-SHARES-REDEEMED> (650173)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 89580950
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (188908080)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (601566)
<GROSS-ADVISORY-FEES> 3437636
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8531178
<AVERAGE-NET-ASSETS> 34044433
<PER-SHARE-NAV-BEGIN> 10.50
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> 1.82
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.52
<EXPENSE-RATIO> 1.61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877151
<NAME> MERRILL LYNCH LATIN AMERICA FUND, INC.
<SERIES>
<NUMBER> 002
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 681729713
<INVESTMENTS-AT-VALUE> 713154855
<RECEIVABLES> 9539658
<ASSETS-OTHER> 23606983
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 746301496
<PAYABLE-FOR-SECURITIES> 1048392
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4111113
<TOTAL-LIABILITIES> 5159505
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 945019715
<SHARES-COMMON-STOCK> 45682309
<SHARES-COMMON-PRIOR> 48999181
<ACCUMULATED-NII-CURRENT> 8984049
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (243390958)
<OVERDISTRIBUTION-GAINS> (601566)
<ACCUM-APPREC-OR-DEPREC> 31130751
<NET-ASSETS> 558558238
<DIVIDEND-INCOME> 15586291
<INTEREST-INCOME> 1928936
<OTHER-INCOME> 0
<EXPENSES-NET> (8531178)
<NET-INVESTMENT-INCOME> 8984049
<REALIZED-GAINS-CURRENT> (54482879)
<APPREC-INCREASE-CURRENT> 162549777
<NET-CHANGE-FROM-OPS> 117050947
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7260187
<NUMBER-OF-SHARES-REDEEMED> (10577059)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 89580950
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (188908080)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (601566)
<GROSS-ADVISORY-FEES> 3437636
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8531178
<AVERAGE-NET-ASSETS> 525347754
<PER-SHARE-NAV-BEGIN> 10.31
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> 1.78
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.23
<EXPENSE-RATIO> 2.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877151
<NAME> MERRILL LYNCH LATIN AMERICA FUND, INC.
<SERIES>
<NUMBER> 003
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 681729713
<INVESTMENTS-AT-VALUE> 713154855
<RECEIVABLES> 9539658
<ASSETS-OTHER> 23606983
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 746301496
<PAYABLE-FOR-SECURITIES> 1048392
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4111113
<TOTAL-LIABILITIES> 5159505
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 945019715
<SHARES-COMMON-STOCK> 1780462
<SHARES-COMMON-PRIOR> 1422171
<ACCUMULATED-NII-CURRENT> 8984049
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (243390958)
<OVERDISTRIBUTION-GAINS> (601566)
<ACCUM-APPREC-OR-DEPREC> 31130751
<NET-ASSETS> 21767298
<DIVIDEND-INCOME> 15586291
<INTEREST-INCOME> 1928936
<OTHER-INCOME> 0
<EXPENSES-NET> (8531178)
<NET-INVESTMENT-INCOME> 8984049
<REALIZED-GAINS-CURRENT> (54482879)
<APPREC-INCREASE-CURRENT> 162549777
<NET-CHANGE-FROM-OPS> 117050947
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 773798
<NUMBER-OF-SHARES-REDEEMED> (415507)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 89580950
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (188908080)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (601566)
<GROSS-ADVISORY-FEES> 3437636
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8531178
<AVERAGE-NET-ASSETS> 18609231
<PER-SHARE-NAV-BEGIN> 10.31
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> 1.78
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.23
<EXPENSE-RATIO> 2.67
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877151
<NAME> MERRILL LYNCH LATIN AMERICA FUND, INC.
<SERIES>
<NUMBER> 004
<NAME> CLASS D
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 681729713
<INVESTMENTS-AT-VALUE> 713154855
<RECEIVABLES> 9539658
<ASSETS-OTHER> 23606983
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 746301496
<PAYABLE-FOR-SECURITIES> 1048392
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4111113
<TOTAL-LIABILITIES> 5159505
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 945019715
<SHARES-COMMON-STOCK> 9525433
<SHARES-COMMON-PRIOR> 10105712
<ACCUMULATED-NII-CURRENT> 8984049
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (243390958)
<OVERDISTRIBUTION-GAINS> (601566)
<ACCUM-APPREC-OR-DEPREC> 31130751
<NET-ASSETS> 118824270
<DIVIDEND-INCOME> 15586291
<INTEREST-INCOME> 1928936
<OTHER-INCOME> 0
<EXPENSES-NET> (8531178)
<NET-INVESTMENT-INCOME> 8984049
<REALIZED-GAINS-CURRENT> (54482879)
<APPREC-INCREASE-CURRENT> 162549777
<NET-CHANGE-FROM-OPS> 117050947
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4529252
<NUMBER-OF-SHARES-REDEEMED> (5109531)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 89580950
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (188908080)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (601566)
<GROSS-ADVISORY-FEES> 3437636
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8531178
<AVERAGE-NET-ASSETS> 109525801
<PER-SHARE-NAV-BEGIN> 10.47
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> 1.82
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.47
<EXPENSE-RATIO> 1.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
