<PAGE> PAGE 1
000 A000000 04/30/96
000 C000000 911415
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 THE ALGER RETIREMENT FUND
001 B000000 811-7986
001 C000000 2128068800
002 A000000 75 MAIDEN LANE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10038
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 ALGER CAPITAL APPRECIATION RETIREMENT PORT
007 C030100 N
007 C010200 2
007 C020200 ALGER SMALL CAP RETIREMENT PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 ALGER GROWTH RETIREMENT PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 ALGER MIDCAP RETIREMENT PORTFOLIO
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 FRED ALGER & COMPANY, INC
020 B000001 13-2665689
020 C000001 52
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
<PAGE> PAGE 2
020 C000010 0
021 000000 52
022 A000001 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000001 13-5674085
022 C000001 54059
022 D000001 6107
022 A000002 MORGAN STANLEY
022 B000002 13-2655998
022 C000002 3914
022 D000002 1845
022 A000003 LEHMAN BROTHERS, INC
022 B000003 13-3216325
022 C000003 3372
022 D000003 1909
022 A000004 ALEX BROWN & SONS INC
022 B000004 52-1319768
022 C000004 3116
022 D000004 1384
022 A000005 ROBERTSON STEPHENS & CO
022 B000005 94-2524501
022 C000005 2175
022 D000005 2264
022 A000006 SMITH BARNEY
022 B000006 13-1912900
022 C000006 2235
022 D000006 2020
022 A000007 PRUDENTIAL BACHE SECURITIES
022 B000007 22-2347336
022 C000007 1827
022 D000007 2262
022 A000008 GOLDMAN SACHS & CO
022 B000008 13-5108880
022 C000008 1636
022 D000008 2093
022 A000009 WESSELS ARNOLD & HENDERSON
022 B000009 41-1554568
022 C000009 1595
022 D000009 2053
022 A000010 OPPENHEIMER & CO., INC
022 B000010 13-2798343
022 C000010 703
022 D000010 2394
023 C000000 86057
023 D000000 41667
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
<PAGE> PAGE 3
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
077 A000000 N
078 000000 N
028 A010100 152
028 A020100 0
028 A030100 0
028 A040100 164
028 B010100 7
028 B020100 0
028 B030100 0
028 B040100 0
028 C010100 7
028 C020100 0
028 C030100 0
028 C040100 0
028 D010100 41
028 D020100 0
028 D030100 0
028 D040100 1609
028 E010100 12
028 E020100 0
028 E030100 0
028 E040100 330
028 F010100 8
028 F020100 0
028 F030100 0
028 F040100 41
028 G010100 227
028 G020100 0
028 G030100 0
028 G040100 2144
028 H000100 0
066 A000100 Y
066 B000100 Y
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
<PAGE> PAGE 4
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 Y
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 7825
071 B000100 9874
071 C000100 7352
071 D000100 106
072 A000100 6
072 B000100 3
072 C000100 4
072 D000100 0
072 E000100 0
072 F000100 31
072 G000100 0
072 H000100 0
072 I000100 1
<PAGE> PAGE 5
072 J000100 2
072 K000100 0
072 L000100 4
072 M000100 3
072 N000100 0
072 O000100 0
072 P000100 5
072 Q000100 0
072 R000100 3
072 S000100 1
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 3
072 X000100 53
072 Y000100 0
072 Z000100 -46
072AA000100 1873
072BB000100 1062
072CC010100 0
072CC020100 183
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 351
074 D000100 0
074 E000100 0
074 F000100 6453
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 58
074 K000100 0
074 L000100 0
074 M000100 6
074 N000100 6868
074 O000100 64
074 P000100 5
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 19
074 S000100 0
074 T000100 6780
<PAGE> PAGE 6
074 U010100 493
074 U020100 0
074 V010100 13.75
074 V020100 0.00
074 W000100 0.0000
074 X000100 4
074 Y000100 0
075 A000100 0
075 B000100 7294
076 000100 0.00
028 A010200 882
028 A020200 0
028 A030200 0
028 A040200 40
028 B010200 603
028 B020200 0
028 B030200 0
028 B040200 0
028 C010200 890
028 C020200 0
028 C030200 0
028 C040200 118
028 D010200 645
028 D020200 0
028 D030200 0
028 D040200 2817
028 E010200 564
028 E020200 0
028 E030200 0
028 E040200 301
028 F010200 548
028 F020200 0
028 F030200 0
028 F040200 62
028 G010200 4132
028 G020200 0
028 G030200 0
028 G040200 3338
028 H000200 0
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
066 A000200 Y
066 B000200 Y
066 C000200 N
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
<PAGE> PAGE 7
068 A000200 N
068 B000200 N
069 000200 N
071 A000200 23539
071 B000200 22941
071 C000200 23064
071 D000200 100
072 A000200 6
072 B000200 44
072 C000200 1
072 D000200 0
072 E000200 0
072 F000200 102
072 G000200 0
072 H000200 0
072 I000200 1
072 J000200 3
072 K000200 0
072 L000200 4
072 M000200 3
072 N000200 1
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 3
072 S000200 1
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 3
072 X000200 121
072 Y000200 0
072 Z000200 -76
072AA000200 5209
072BB000200 1719
072CC010200 153
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 144
074 B000200 0
074 C000200 1230
074 D000200 0
074 E000200 0
074 F000200 25926
074 G000200 0
<PAGE> PAGE 8
074 H000200 0
074 I000200 0
074 J000200 508
074 K000200 0
074 L000200 137
074 M000200 7
074 N000200 27952
074 O000200 557
074 P000200 18
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 15
074 S000200 0
074 T000200 27362
074 U010200 1337
074 U020200 0
074 V010200 20.46
074 V020200 0.00
074 W000200 0.0000
074 X000200 7
074 Y000200 0
075 A000200 0
075 B000200 24114
076 000200 0.00
024 000300 Y
025 A000301 MERRILL LYNCH PIERCE FENNER & SMITH
025 B000301 13-5674085
025 C000301 E
025 D000301 181
025 A000302 DELETE
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 128
028 A020300 0
028 A030300 0
028 A040300 264
028 B010300 15
028 B020300 0
028 B030300 0
028 B040300 0
028 C010300 23
028 C020300 0
028 C030300 0
028 C040300 1
<PAGE> PAGE 9
028 D010300 248
028 D020300 0
028 D030300 0
028 D040300 2868
028 E010300 177
028 E020300 0
028 E030300 0
028 E040300 89
028 F010300 11
028 F020300 0
028 F030300 0
028 F040300 68
028 G010300 602
028 G020300 0
028 G030300 0
028 G040300 3290
028 H000300 0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 Y
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
071 A000300 7345
071 B000300 10722
071 C000300 11684
071 D000300 63
072 A000300 6
072 B000300 14
072 C000300 37
072 D000300 0
072 E000300 0
072 F000300 46
072 G000300 0
072 H000300 0
072 I000300 1
072 J000300 3
072 K000300 0
072 L000300 4
072 M000300 3
072 N000300 6
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 3
072 S000300 1
<PAGE> PAGE 10
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 2
072 X000300 63
072 Y000300 0
072 Z000300 -12
072AA000300 2243
072BB000300 735
072CC010300 0
072CC020300 524
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 81
074 B000300 0
074 C000300 649
074 D000300 0
074 E000300 0
074 F000300 10346
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 543
074 K000300 0
074 L000300 0
074 M000300 6
074 N000300 11625
074 O000300 281
074 P000300 7
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 10
074 S000300 0
074 T000300 11327
074 U010300 905197
074 U020300 0
074 V010300 12.51
074 V020300 0.00
074 W000300 0.0000
074 X000300 5
074 Y000300 0
075 A000300 0
075 B000300 12289
076 000300 0.00
<PAGE> PAGE 11
024 000400 N
028 A010400 162
028 A020400 0
028 A030400 0
028 A040400 39
028 B010400 23
028 B020400 0
028 B030400 0
028 B040400 0
028 C010400 28
028 C020400 0
028 C030400 0
028 C040400 1
028 D010400 186
028 D020400 0
028 D030400 0
028 D040400 2218
028 E010400 142
028 E020400 0
028 E030400 0
028 E040400 5
028 F010400 6
028 F020400 0
028 F030400 0
028 F040400 54
028 G010400 547
028 G020400 0
028 G030400 0
028 G040400 2317
028 H000400 0
066 A000400 Y
066 B000400 N
066 C000400 Y
066 D000400 N
066 E000400 N
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
071 A000400 7250
071 B000400 9518
071 C000400 9656
071 D000400 75
072 A000400 6
072 B000400 19
072 C000400 5
072 D000400 0
072 E000400 0
072 F000400 41
<PAGE> PAGE 12
072 G000400 0
072 H000400 0
072 I000400 1
072 J000400 2
072 K000400 0
072 L000400 4
072 M000400 3
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 3
072 S000400 1
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 2
072 X000400 57
072 Y000400 0
072 Z000400 -33
072AA000400 2351
072BB000400 630
072CC010400 0
072CC020400 791
072DD010400 0
072DD020400 0
072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 90
074 B000400 0
074 C000400 799
074 D000400 0
074 E000400 0
074 F000400 9071
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 216
074 K000400 0
074 L000400 0
074 M000400 6
074 N000400 10182
074 O000400 123
074 P000400 7
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
<PAGE> PAGE 13
074 R040400 10
074 S000400 0
074 T000400 10042
074 U010400 567
074 U020400 0
074 V010400 17.72
074 V020400 0.00
074 W000400 0.0000
074 X000400 4
074 Y000400 0
075 A000400 0
075 B000400 10386
076 000400 0.00
SIGNATURE GREGORY S. DUCH
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> ALGER CAPITAL APPRECIATION RETIREMENT PORT
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 5423670
<INVESTMENTS-AT-VALUE> 6804112
<RECEIVABLES> 58026
<ASSETS-OTHER> 5436
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6867574
<PAYABLE-FOR-SECURITIES> 64400
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 23136
<TOTAL-LIABILITIES> 87536
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2899966
<SHARES-COMMON-STOCK> 493222
<SHARES-COMMON-PRIOR> 638068
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 318867
<ACCUMULATED-NET-GAINS> 2818497
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1380442
<NET-ASSETS> 6780038
<DIVIDEND-INCOME> 4229
<INTEREST-INCOME> 2484
<OTHER-INCOME> 0
<EXPENSES-NET> 52478
<NET-INVESTMENT-INCOME> (45765)
<REALIZED-GAINS-CURRENT> 810713
<APPREC-INCREASE-CURRENT> (183148)
<NET-CHANGE-FROM-OPS> 581800
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17884
<NUMBER-OF-SHARES-REDEEMED> 162730
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1335981)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2007784
<OVERDISTRIB-NII-PRIOR> 273102
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 30916
<INTEREST-EXPENSE> 5417
<GROSS-EXPENSE> 52478
<AVERAGE-NET-ASSETS> 7294337
<PER-SHARE-NAV-BEGIN> 12.72
<PER-SHARE-NII> (.22)
<PER-SHARE-GAIN-APPREC> 1.25
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.75
<EXPENSE-RATIO> 1.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> ALGER SMALL CAP RETIREMENT PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 20448885
<INVESTMENTS-AT-VALUE> 27156069
<RECEIVABLES> 644272
<ASSETS-OTHER> 7411
<OTHER-ITEMS-ASSETS> 143937
<TOTAL-ASSETS> 27951689
<PAYABLE-FOR-SECURITIES> 556708
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32666
<TOTAL-LIABILITIES> 589374
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14795379
<SHARES-COMMON-STOCK> 1337440
<SHARES-COMMON-PRIOR> 1283263
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 248637
<ACCUMULATED-NET-GAINS> 6108389
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6707184
<NET-ASSETS> 27362315
<DIVIDEND-INCOME> 1229
<INTEREST-INCOME> 44212
<OTHER-INCOME> 0
<EXPENSES-NET> 121132
<NET-INVESTMENT-INCOME> (75691)
<REALIZED-GAINS-CURRENT> 3489461
<APPREC-INCREASE-CURRENT> 153408
<NET-CHANGE-FROM-OPS> 3567178
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 231725
<NUMBER-OF-SHARES-REDEEMED> 177548
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4360749
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2618928
<OVERDISTRIB-NII-PRIOR> 172946
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 102205
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 121132
<AVERAGE-NET-ASSETS> 24114302
<PER-SHARE-NAV-BEGIN> 17.92
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> 2.59
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.46
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> ALGER GROWTH RETIREMENT PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 9022860
<INVESTMENTS-AT-VALUE> 10994565
<RECEIVABLES> 543777
<ASSETS-OTHER> 5690
<OTHER-ITEMS-ASSETS> 80552
<TOTAL-ASSETS> 11624584
<PAYABLE-FOR-SECURITIES> 280526
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17481
<TOTAL-LIABILITIES> 298007
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4976635
<SHARES-COMMON-STOCK> 905197
<SHARES-COMMON-PRIOR> 1119754
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 56858
<ACCUMULATED-NET-GAINS> 4435095
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1971705
<NET-ASSETS> 11326577
<DIVIDEND-INCOME> 37378
<INTEREST-INCOME> 13945
<OTHER-INCOME> 0
<EXPENSES-NET> 63242
<NET-INVESTMENT-INCOME> (11919)
<REALIZED-GAINS-CURRENT> 1508221
<APPREC-INCREASE-CURRENT> (524263)
<NET-CHANGE-FROM-OPS> 972039
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 49544
<NUMBER-OF-SHARES-REDEEMED> 264101
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1715160)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2926874
<OVERDISTRIB-NII-PRIOR> 44939
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 45959
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 63242
<AVERAGE-NET-ASSETS> 12289403
<PER-SHARE-NAV-BEGIN> 11.65
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> .88
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.51
<EXPENSE-RATIO> 1.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> ALGER MIDCAP GROWTH RETIREMENT PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 7617400
<INVESTMENTS-AT-VALUE> 9870609
<RECEIVABLES> 216374
<ASSETS-OTHER> 5557
<OTHER-ITEMS-ASSETS> 89946
<TOTAL-ASSETS> 10182486
<PAYABLE-FOR-SECURITIES> 123346
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17552
<TOTAL-LIABILITIES> 140898
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4482983
<SHARES-COMMON-STOCK> 566732
<SHARES-COMMON-PRIOR> 667898
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 141794
<ACCUMULATED-NET-GAINS> 3447190
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2253209
<NET-ASSETS> 10041588
<DIVIDEND-INCOME> 4971
<INTEREST-INCOME> 18986
<OTHER-INCOME> 0
<EXPENSES-NET> 57322
<NET-INVESTMENT-INCOME> (33365)
<REALIZED-GAINS-CURRENT> 1721763
<APPREC-INCREASE-CURRENT> (791047)
<NET-CHANGE-FROM-OPS> 897351
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32872
<NUMBER-OF-SHARES-REDEEMED> 134038
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (872741)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1725427
<OVERDISTRIB-NII-PRIOR> 108429
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 41430
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 57322
<AVERAGE-NET-ASSETS> 10385955
<PER-SHARE-NAV-BEGIN> 16.34
<PER-SHARE-NII> (.09)
<PER-SHARE-GAIN-APPREC> 1.47
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.72
<EXPENSE-RATIO> 1.14
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
