<PAGE> PAGE 1
000 A000000 05/31/99
000 C000000 0000877151
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 MERRILL LYNCH LATIN AMERICA FUND, INC.
001 B000000 811-6349
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 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 MLPF&S AND OTHER ML BROKER/DEALER AFFILIATES
014 B000001 8-7221
015 A000001 BROWN BROTHERS HARRIMAN & CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02109
015 E010001 X
015 A000002 BANKBOSTON
015 B000002 S
015 C010002 SAO PAULO
015 D010002 BRAZIL
015 E010002 X
015 A000003 CITIBANK MEXICO, S.A.
015 B000003 S
015 C010003 MEXICO
015 D010003 MEXICO
015 E040003 X
015 A000004 CVV
015 B000004 S
015 C010004 VENEZUELA
015 D010004 VENEZUELA
015 E040004 X
015 A000005 DCV
015 B000005 S
015 C010005 COLOMBIA
015 D010005 COLOMBIA
015 E040005 X
015 A000006 BANCO DE MEXICO
015 B000006 S
015 C010006 MEXICO
015 D010006 MEXICO
015 E040006 X
015 A000007 CITITRUST COLOMBIA, S.A. SOCIEDAD FIDUCIARIA
015 B000007 S
015 C010007 COLOMBIA
015 D010007 COLOMBIA
015 E040007 X
015 A000008 CLC
015 B000008 S
<PAGE> PAGE 3
015 C010008 BRAZIL
015 D010008 BRAZIL
015 E040008 X
015 A000009 CAJA DE VALORES S.A.
015 B000009 S
015 C010009 ARGENTINA
015 D010009 ARGENTINA
015 E040009 X
015 A000010 BOVESPA
015 B000010 S
015 C010010 BRAZIL
015 D010010 BRAZIL
015 E040010 X
015 A000011 DECEVAL
015 B000011 S
015 C010011 COLOMBIA
015 D010011 COLOMBIA
015 E040011 X
015 A000012 CRYL
015 B000012 S
015 C010012 ARGENTINA
015 D010012 ARGENTINA
015 E040012 X
015 A000013 INDEVAL
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 10286
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 CAVALI
015 B000016 S
015 C010016 PERU
015 D010016 PERU
015 E040016 X
015 A000017 CUSTODIAL TRUST CO.
015 B000017 S
015 C010017 NEW YORK
015 C020017 NY
015 C030017 10167
015 E010017 X
<PAGE> PAGE 4
015 A000018 MORGAN GUARANTY TRUST CO. OF NEW YORK
015 B000018 S
015 C010018 NEW YORK
015 C020018 NY
015 C030018 10260
015 E010018 X
015 A000019 DCV
015 B000019 S
015 C010019 CHILE
015 D010019 CHILE
015 E040019 X
015 A000020 THE CHASE MANHATTAN BANK
015 B000020 S
015 C010020 NEW YORK
015 C020020 NY
015 C030020 10017
015 E010020 X
015 A000021 CITIBANK, NA
015 B000021 S
015 C010021 BUENOS AIRES
015 D010021 ARGENTINA
015 E010021 X
015 A000022 CITIBANK
015 B000022 S
015 C010022 SAO PAULO
015 D010022 BRAZIL
015 E010022 X
015 A000023 CITIBANK, NA
015 B000023 S
015 C010023 SANTIAGO
015 D010023 CHILE
015 E010023 X
015 A000024 CITIBANK
015 B000024 S
015 C010024 LIMA
015 D010024 PERU
015 E010024 X
015 A000025 CITIBANK
015 B000025 S
015 C010025 CARACAS
015 D010025 VENEZUELA
015 E010025 X
018 000000 Y
019 A000000 Y
019 B000000 218
019 C000000 MERRILLLYN
020 A000001 BEAR, STEARNS & CO. INC.
020 B000001 13-3299429
020 C000001 58
020 A000002 CREDIT SUISSE FIRST BOSTON CORPORATION
020 B000002 13-5659485
<PAGE> PAGE 5
020 C000002 43
020 A000003 SALOMON SMITH BARNEY INC.
020 B000003 11-2418191
020 C000003 33
020 A000004 MORGAN STANLEY & CO. INCORPORATED
020 B000004 13-2655998
020 C000004 29
020 A000005 MORGAN (J.P.) SECURITIES INC.
020 B000005 13-3224016
020 C000005 27
020 A000006 GOLDMAN, SACHS & CO.
020 B000006 13-5108880
020 C000006 23
020 A000007 ROBERT FLEMING INC.
020 B000007 13-3298866
020 C000007 21
020 A000008 BANCO SANTANDER
020 C000008 15
020 A000009 DEUTSCHE BANK SECURITIES INC.
020 B000009 13-2730828
020 C000009 12
020 A000010 CREDIT LYONNAIS SECURITIES (USA) INC.
020 C000010 12
021 000000 311
022 A000001 GENERAL MOTORS ACCEPTANCE CORP.
022 C000001 365238
022 D000001 0
022 A000002 HSBC SECURITIES, INC.
022 B000002 13-2650272
022 C000002 21071
022 D000002 9990
022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
022 C000003 17948
022 D000003 10211
022 A000004 LEHMAN BROTHERS INC.
022 B000004 13-2518466
022 C000004 0
022 D000004 18429
022 A000005 CIT GROUP/CAPITAL INVESTMENTS INC. (THE)
022 C000005 9999
022 D000005 0
022 A000006 CHASE SECURITIES INC.
022 B000006 13-3112953
022 C000006 8452
022 D000006 0
022 A000007 BT ALEX. BROWN INCORPORATED
022 B000007 13-3311934
022 C000007 0
022 D000007 5866
022 A000008 MORGAN STANLEY & CO. INCORPORATED
<PAGE> PAGE 6
022 B000008 13-2655998
022 C000008 4478
022 D000008 0
022 A000009 GENERAL ELECTRIC CAPITAL CORP.
022 C000009 3081
022 D000009 0
022 A000010 MORGAN (J.P.) SECURITIES INC.
022 B000010 13-3224016
022 C000010 0
022 D000010 2356
023 C000000 431841
023 D000000 53051
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
026 H000000 N
027 000000 Y
028 A010000 1387
028 A020000 8156
028 A030000 0
028 A040000 21076
028 B010000 2305
028 B020000 0
028 B030000 0
028 B040000 16560
028 C010000 1531
028 C020000 0
028 C030000 0
028 C040000 13485
028 D010000 2768
028 D020000 0
028 D030000 0
028 D040000 12708
028 E010000 8045
028 E020000 0
028 E030000 0
028 E040000 10036
028 F010000 6079
028 F020000 0
028 F030000 0
028 F040000 10221
028 G010000 22115
028 G020000 8156
028 G030000 0
028 G040000 84086
<PAGE> PAGE 7
028 H000000 6933
029 000000 Y
030 A000000 18
030 B000000 5.25
030 C000000 0.00
031 A000000 1
031 B000000 0
032 000000 0
033 000000 17
034 000000 Y
035 000000 216
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 834
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
<PAGE> PAGE 8
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 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 0
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
<PAGE> PAGE 9
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
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 Y
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 39210
071 B000000 103162
071 C000000 223588
071 D000000 18
072 A000000 6
072 B000000 1151
<PAGE> PAGE 10
072 C000000 4705
072 D000000 0
072 E000000 0
072 F000000 1106
072 G000000 67
072 H000000 0
072 I000000 421
072 J000000 390
072 K000000 0
072 L000000 66
072 M000000 25
072 N000000 37
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 25
072 S000000 22
072 T000000 834
072 U000000 0
072 V000000 0
072 W000000 131
072 X000000 3124
072 Y000000 0
072 Z000000 2732
072AA000000 10543
072BB000000 30960
072CC010000 39791
072CC020000 0
072DD010000 3615
072DD020000 6368
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 2219
074 B000000 0
074 C000000 5849
074 D000000 11575
074 E000000 43169
074 F000000 175933
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 1851
074 M000000 46
074 N000000 240642
074 O000000 1156
074 P000000 348
<PAGE> PAGE 11
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 1621
074 S000000 0
074 T000000 237517
074 U010000 6426
074 U020000 14664
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 42164
074 Y000000 0
075 A000000 0
075 B000000 225535
076 000000 0.00
077 A000000 N
078 000000 N
SIGNATURE DONALD C. BURKE
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000920599
<NAME> MERRILL LYNCH LATIN AMERICA FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 294896548
<INVESTMENTS-AT-VALUE> 236525953
<RECEIVABLES> 1850871
<ASSETS-OTHER> 2264904
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 240641728
<PAYABLE-FOR-SECURITIES> 1156181
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1968454
<TOTAL-LIABILITIES> 3124635
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 461486179
<SHARES-COMMON-STOCK> 2567706
<SHARES-COMMON-PRIOR> 2473271
<ACCUMULATED-NII-CURRENT> 2517554
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (167962780)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (58523860)
<NET-ASSETS> 29412679
<DIVIDEND-INCOME> 4704636
<INTEREST-INCOME> 1151482
<OTHER-INCOME> 0
<EXPENSES-NET> (3123788)
<NET-INVESTMENT-INCOME> 2732330
<REALIZED-GAINS-CURRENT> (20416605)
<APPREC-INCREASE-CURRENT> 39791079
<NET-CHANGE-FROM-OPS> 22106804
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1332021)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 836978
<NUMBER-OF-SHARES-REDEEMED> (847962)
<SHARES-REINVESTED> 105419
<NET-CHANGE-IN-ASSETS> (41691244)
<ACCUMULATED-NII-PRIOR> 9768146
<ACCUMULATED-GAINS-PRIOR> (147546175)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1106050
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3123788
<AVERAGE-NET-ASSETS> 24622610
<PER-SHARE-NAV-BEGIN> 10.61
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> 1.24
<PER-SHARE-DIVIDEND> (.55)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.45
<EXPENSE-RATIO> 2.01
[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
<CIK> 0000920599
<NAME> MERRILL LYNCH LATIN AMERICA FUND, INC.
<SERIES>
<NUMBER> 002
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 294896548
<INVESTMENTS-AT-VALUE> 236525953
<RECEIVABLES> 1850871
<ASSETS-OTHER> 2264904
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 240641728
<PAYABLE-FOR-SECURITIES> 1156181
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1968454
<TOTAL-LIABILITIES> 3124635
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 461486179
<SHARES-COMMON-STOCK> 13689147
<SHARES-COMMON-PRIOR> 18693317
<ACCUMULATED-NII-CURRENT> 2517554
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (167962780)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (58523860)
<NET-ASSETS> 153160444
<DIVIDEND-INCOME> 4704636
<INTEREST-INCOME> 1151482
<OTHER-INCOME> 0
<EXPENSES-NET> (3123788)
<NET-INVESTMENT-INCOME> 2732330
<REALIZED-GAINS-CURRENT> (20416605)
<APPREC-INCREASE-CURRENT> 39791079
<NET-CHANGE-FROM-OPS> 22106804
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6005561)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 823462
<NUMBER-OF-SHARES-REDEEMED> (6375508)
<SHARES-REINVESTED> 547876
<NET-CHANGE-IN-ASSETS> (41691244)
<ACCUMULATED-NII-PRIOR> 9768146
<ACCUMULATED-GAINS-PRIOR> (147546175)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1106050
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3123788
<AVERAGE-NET-ASSETS> 150041701
<PER-SHARE-NAV-BEGIN> 10.20
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> 1.23
<PER-SHARE-DIVIDEND> (.34)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.19
<EXPENSE-RATIO> 3.09
[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
<CIK> 0000920599
<NAME> MERRILL LYNCH LATIN AMERICA FUND, INC.
<SERIES>
<NUMBER> 003
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 294896548
<INVESTMENTS-AT-VALUE> 236525953
<RECEIVABLES> 1850871
<ASSETS-OTHER> 2264904
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 240641728
<PAYABLE-FOR-SECURITIES> 1156181
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1968454
<TOTAL-LIABILITIES> 3124635
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 461486179
<SHARES-COMMON-STOCK> 974482
<SHARES-COMMON-PRIOR> 1197805
<ACCUMULATED-NII-CURRENT> 2517554
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (167962780)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (58523860)
<NET-ASSETS> 10906145
<DIVIDEND-INCOME> 4704636
<INTEREST-INCOME> 1151482
<OTHER-INCOME> 0
<EXPENSES-NET> (3123788)
<NET-INVESTMENT-INCOME> 2732330
<REALIZED-GAINS-CURRENT> (20416605)
<APPREC-INCREASE-CURRENT> 39791079
<NET-CHANGE-FROM-OPS> 22106804
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (362386)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 216389
<NUMBER-OF-SHARES-REDEEMED> (472889)
<SHARES-REINVESTED> 33177
<NET-CHANGE-IN-ASSETS> (41691244)
<ACCUMULATED-NII-PRIOR> 9768146
<ACCUMULATED-GAINS-PRIOR> (147546175)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1106050
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3123788
<AVERAGE-NET-ASSETS> 9705917
<PER-SHARE-NAV-BEGIN> 10.18
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> 1.23
<PER-SHARE-DIVIDEND> (.32)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.19
<EXPENSE-RATIO> 3.09
[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
<CIK> 0000920599
<NAME> MERRILL LYNCH LATIN AMERICA FUND, INC.
<SERIES>
<NUMBER> 004
<NAME> CLASS D
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 294896548
<INVESTMENTS-AT-VALUE> 236525953
<RECEIVABLES> 1850871
<ASSETS-OTHER> 2264904
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 240641728
<PAYABLE-FOR-SECURITIES> 1156181
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1968454
<TOTAL-LIABILITIES> 3124635
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 461486179
<SHARES-COMMON-STOCK> 3858431
<SHARES-COMMON-PRIOR> 4755061
<ACCUMULATED-NII-CURRENT> 2517554
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (167962780)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (58523860)
<NET-ASSETS> 44037825
<DIVIDEND-INCOME> 4704636
<INTEREST-INCOME> 1151482
<OTHER-INCOME> 0
<EXPENSES-NET> (3123788)
<NET-INVESTMENT-INCOME> 2732330
<REALIZED-GAINS-CURRENT> (20416605)
<APPREC-INCREASE-CURRENT> 39791079
<NET-CHANGE-FROM-OPS> 22106804
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2282954)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 368666
<NUMBER-OF-SHARES-REDEEMED> (1469737)
<SHARES-REINVESTED> 204441
<NET-CHANGE-IN-ASSETS> (41691244)
<ACCUMULATED-NII-PRIOR> 9768146
<ACCUMULATED-GAINS-PRIOR> (147546175)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1106050
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3123788
<AVERAGE-NET-ASSETS> 41165170
<PER-SHARE-NAV-BEGIN> 10.53
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> 1.24
<PER-SHARE-DIVIDEND> (.50)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.41
<EXPENSE-RATIO> 2.27
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
