<PAGE> PAGE 1
000 A000000 04/30/97
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 89
020 A000002 INSTINET CORP
020 B000002 13-3443395
020 C000002 3
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
<PAGE> PAGE 2
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 92
022 A000001 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000001 13-5674085
022 C000001 62376
022 D000001 17465
022 A000002 LEHMAN BROTHERS INC
022 B000002 13-3216325
022 C000002 6113
022 D000002 5559
022 A000003 GOLDMAN SACHS & CO.
022 B000003 13-5108880
022 C000003 2631
022 D000003 3018
022 A000004 MORGAN STANLEY & CO
022 B000004 13-2655998
022 C000004 1251
022 D000004 2176
022 A000005 ALEX BROWN & SONS
022 B000005 52-1319768
022 C000005 1453
022 D000005 1797
022 A000006 PRUDENTIAL BACHE SECURITIES
022 B000006 22-2347336
022 C000006 1824
022 D000006 1143
022 A000007 WESSELS ARNOLD & HENDERSEN
022 B000007 41-1554568
022 C000007 839
022 D000007 1809
022 A000008 DONALSON LUFKIN & JENRETTE & CO
022 B000008 13-2741729
022 C000008 795
022 D000008 1588
022 A000009 SMITH BARNEY HARRIS
022 B000009 13-1912900
022 C000009 154
022 D000009 1890
022 A000010 CANTOR FITZGERALD & CO.
022 B000010 13-3680187
022 C000010 382
022 D000010 1637
023 C000000 86733
023 D000000 49675
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
<PAGE> PAGE 3
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
077 A000000 N
078 000000 N
024 000100 Y
025 A000101 MORGAN STANLEY & CO
025 B000101 13-2655998
025 C000101 E
025 D000101 76
025 A000102 MERRILL LYNCH & CO., INC
025 B000102 13-5674085
025 C000102 D
025 D000102 124
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 26
028 A020100 0
028 A030100 0
028 A040100 0
028 B010100 13
028 B020100 0
028 B030100 0
028 B040100 4
028 C010100 99
028 C020100 0
028 C030100 0
028 C040100 38
028 D010100 19
028 D020100 0
028 D030100 0
028 D040100 3197
028 E010100 9
028 E020100 0
028 E030100 0
028 E040100 0
028 F010100 18
<PAGE> PAGE 4
028 F020100 0
028 F030100 0
028 F040100 0
028 G010100 184
028 G020100 0
028 G030100 0
028 G040100 3239
028 H000100 0
055 A000100 Y
055 B000100 Y
056 000100 Y
057 000100 N
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
068 B000100 N
069 000100 N
071 A000100 4116
071 B000100 7339
071 C000100 5712
071 D000100 72
072 A000100 6
072 B000100 1
072 C000100 15
072 D000100 0
072 E000100 0
072 F000100 24
072 G000100 0
072 H000100 0
072 I000100 1
072 J000100 4
072 K000100 0
072 L000100 1
072 M000100 3
072 N000100 0
072 O000100 0
072 P000100 5
072 Q000100 0
072 R000100 4
072 S000100 0
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 4
072 X000100 46
<PAGE> PAGE 5
072 Y000100 0
072 Z000100 -30
072AA000100 1301
072BB000100 441
072CC010100 0
072CC020100 544
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 1
074 B000100 0
074 C000100 248
074 D000100 0
074 E000100 71
074 F000100 3723
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 146
074 K000100 0
074 L000100 2
074 M000100 3
074 N000100 4194
074 O000100 240
074 P000100 3
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 17
074 S000100 0
074 T000100 3934
074 U010100 386
074 U020100 0
074 V010100 10.19
074 V020100 0.00
074 W000100 0.0000
074 X000100 4
074 Y000100 0
075 A000100 0
075 B000100 5792
076 000100 0.00
024 000200 Y
025 A000201 MERRILL LYNCH & CO., INC.
025 B000201 13-5674085
025 C000201 D
025 D000201 582
<PAGE> PAGE 6
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 501
028 A020200 0
028 A030200 0
028 A040200 600
028 B010200 901
028 B020200 0
028 B030200 0
028 B040200 663
028 C010200 2529
028 C020200 0
028 C030200 0
028 C040200 976
028 D010200 1054
028 D020200 0
028 D030200 0
028 D040200 6003
028 E010200 626
028 E020200 0
028 E030200 0
028 E040200 663
028 F010200 963
028 F020200 0
028 F030200 0
028 F040200 764
028 G010200 6573
028 G020200 0
028 G030200 0
028 G040200 9669
028 H000200 0
066 A000200 Y
066 B000200 Y
066 C000200 N
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
071 A000200 21321
071 B000200 24654
071 C000200 27087
071 D000200 79
<PAGE> PAGE 7
072 A000200 6
072 B000200 39
072 C000200 22
072 D000200 0
072 E000200 0
072 F000200 121
072 G000200 0
072 H000200 0
072 I000200 4
072 J000200 6
072 K000200 0
072 L000200 7
072 M000200 3
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 4
072 S000200 0
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 5
072 X000200 150
072 Y000200 0
072 Z000200 -89
072AA000200 3656
072BB000200 4718
072CC010200 0
072CC020200 1249
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 83
074 B000200 0
074 C000200 1316
074 D000200 0
074 E000200 0
074 F000200 23559
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 468
074 K000200 0
074 L000200 111
074 M000200 5
074 N000200 25542
<PAGE> PAGE 8
074 O000200 951
074 P000200 17
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 27
074 S000200 0
074 T000200 24547
074 U010200 1512
074 U020200 0
074 V010200 16.23
074 V020200 0.00
074 W000200 0.0000
074 X000200 8
074 Y000200 0
075 A000200 0
075 B000200 28798
076 000200 0.00
024 000300 Y
025 A000301 MERRILL LYNCH PIERCE FENNER & SMITH
025 B000301 13-5674085
025 C000301 D
025 D000301 170
025 A000302 MORGAN STANLEY & CO
025 B000302 13-2655998
025 C000302 E
025 D000302 537
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 24
028 A020300 0
028 A030300 0
028 A040300 0
028 B010300 7184
028 B020300 0
028 B030300 0
028 B040300 0
028 C010300 712
028 C020300 0
028 C030300 0
028 C040300 233
028 D010300 573
028 D020300 0
028 D030300 0
028 D040300 4871
028 E010300 397
<PAGE> PAGE 9
028 E020300 0
028 E030300 0
028 E040300 41
028 F010300 339
028 F020300 0
028 F030300 0
028 F040300 125
028 G010300 9229
028 G020300 0
028 G030300 0
028 G040300 5270
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 16176
071 B000300 12653
071 C000300 14311
071 D000300 88
072 A000300 6
072 B000300 56
072 C000300 19
072 D000300 0
072 E000300 0
072 F000300 58
072 G000300 0
072 H000300 0
072 I000300 1
072 J000300 6
072 K000300 0
072 L000300 4
072 M000300 3
072 N000300 4
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 4
072 S000300 0
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 2
072 X000300 82
<PAGE> PAGE 10
072 Y000300 0
072 Z000300 -7
072AA000300 2560
072BB000300 898
072CC010300 0
072CC020300 411
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 1039
074 D000300 0
074 E000300 220
074 F000300 15608
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 171
074 K000300 0
074 L000300 7
074 M000300 4
074 N000300 17049
074 O000300 445
074 P000300 10
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 66
074 S000300 0
074 T000300 16528
074 U010300 1650
074 U020300 0
074 V010300 10.02
074 V020300 0.00
074 W000300 0.0000
074 X000300 7
074 Y000300 0
075 A000300 0
075 B000300 15660
076 000300 0.00
024 000400 Y
025 A000401 MERRILL LYNCH & CO., INC.
025 B000401 13-5674085
025 C000401 D
025 D000401 164
<PAGE> PAGE 11
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 24
028 A020400 0
028 A030400 0
028 A040400 0
028 B010400 16
028 B020400 0
028 B030400 0
028 B040400 3
028 C010400 67
028 C020400 0
028 C030400 0
028 C040400 58
028 D010400 19
028 D020400 0
028 D030400 0
028 D040400 4592
028 E010400 10
028 E020400 0
028 E030400 0
028 E040400 4
028 F010400 20
028 F020400 0
028 F030400 0
028 F040400 0
028 G010400 156
028 G020400 0
028 G030400 0
028 G040400 4657
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 6767
071 B000400 11594
071 C000400 7862
071 D000400 86
<PAGE> PAGE 12
072 A000400 6
072 B000400 10
072 C000400 11
072 D000400 0
072 E000400 0
072 F000400 34
072 G000400 0
072 H000400 0
072 I000400 1
072 J000400 6
072 K000400 0
072 L000400 2
072 M000400 3
072 N000400 2
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 4
072 S000400 0
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 3
072 X000400 55
072 Y000400 0
072 Z000400 -34
072AA000400 2274
072BB000400 1014
072CC010400 0
072CC020400 993
072DD010400 0
072DD020400 0
072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 1
074 B000400 0
074 C000400 818
074 D000400 0
074 E000400 149
074 F000400 4892
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 156
074 K000400 0
074 L000400 2
074 M000400 3
074 N000400 6021
<PAGE> PAGE 13
074 O000400 546
074 P000400 4
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 13
074 S000400 0
074 T000400 5458
074 U010400 381
074 U020400 0
074 V010400 14.33
074 V020400 0.00
074 W000400 0.0000
074 X000400 4
074 Y000400 0
075 A000400 0
075 B000400 8487
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-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 3587445
<INVESTMENTS-AT-VALUE> 4041728
<RECEIVABLES> 148040
<ASSETS-OTHER> 1213
<OTHER-ITEMS-ASSETS> 2904
<TOTAL-ASSETS> 4193885
<PAYABLE-FOR-SECURITIES> 240322
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19885
<TOTAL-LIABILITIES> 260207
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1675963
<SHARES-COMMON-STOCK> 385933
<SHARES-COMMON-PRIOR> 678556
<ACCUMULATED-NII-CURRENT> (368430)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2171862
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 454283
<NET-ASSETS> 3933678
<DIVIDEND-INCOME> 15324
<INTEREST-INCOME> 1037
<OTHER-INCOME> 0
<EXPENSES-NET> 46756
<NET-INVESTMENT-INCOME> (30395)
<REALIZED-GAINS-CURRENT> 859805
<APPREC-INCREASE-CURRENT> (543647)
<NET-CHANGE-FROM-OPS> 285763
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17681
<NUMBER-OF-SHARES-REDEEMED> 310304
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (2769693)
<ACCUMULATED-NII-PRIOR> (338035)
<ACCUMULATED-GAINS-PRIOR> 1312057
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 24445
<INTEREST-EXPENSE> 4906
<GROSS-EXPENSE> 46756
<AVERAGE-NET-ASSETS> 5791843
<PER-SHARE-NAV-BEGIN> 9.88
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> .36
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.19
<EXPENSE-RATIO> 1.63
<AVG-DEBT-OUTSTANDING> 154834
<AVG-DEBT-PER-SHARE> .27
</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-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 21514596
<INVESTMENTS-AT-VALUE> 24874965
<RECEIVABLES> 578575
<ASSETS-OTHER> 82609
<OTHER-ITEMS-ASSETS> 5614
<TOTAL-ASSETS> 25541763
<PAYABLE-FOR-SECURITIES> 950872
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44177
<TOTAL-LIABILITIES> 995049
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18125212
<SHARES-COMMON-STOCK> 1512461
<SHARES-COMMON-PRIOR> 1681292
<ACCUMULATED-NII-CURRENT> (404735)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3465868
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3360369
<NET-ASSETS> 24546714
<DIVIDEND-INCOME> 22286
<INTEREST-INCOME> 38841
<OTHER-INCOME> 0
<EXPENSES-NET> 150227
<NET-INVESTMENT-INCOME> (89100)
<REALIZED-GAINS-CURRENT> (1062435)
<APPREC-INCREASE-CURRENT> (1248009)
<NET-CHANGE-FROM-OPS> (2399544)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 364643
<NUMBER-OF-SHARES-REDEEMED> 533474
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (5496021)
<ACCUMULATED-NII-PRIOR> (315635)
<ACCUMULATED-GAINS-PRIOR> 4528303
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 121450
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 150227
<AVERAGE-NET-ASSETS> 28798235
<PER-SHARE-NAV-BEGIN> 17.87
<PER-SHARE-NII> (.08)
<PER-SHARE-GAIN-APPREC> (1.56)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.23
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> ALGER GROWTH RETITREMENT PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 15679576
<INVESTMENTS-AT-VALUE> 16867322
<RECEIVABLES> 178362
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3308
<TOTAL-ASSETS> 17048992
<PAYABLE-FOR-SECURITIES> 445107
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 75543
<TOTAL-LIABILITIES> 520650
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11749310
<SHARES-COMMON-STOCK> 1649812
<SHARES-COMMON-PRIOR> 1214656
<ACCUMULATED-NII-CURRENT> (61935)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3653221
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1187746
<NET-ASSETS> 16528342
<DIVIDEND-INCOME> 55773
<INTEREST-INCOME> 19584
<OTHER-INCOME> 0
<EXPENSES-NET> 82171
<NET-INVESTMENT-INCOME> (6814)
<REALIZED-GAINS-CURRENT> 1661782
<APPREC-INCREASE-CURRENT> (411162)
<NET-CHANGE-FROM-OPS> 1243806
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 950191
<NUMBER-OF-SHARES-REDEEMED> 515035
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5203186
<ACCUMULATED-NII-PRIOR> (55121)
<ACCUMULATED-GAINS-PRIOR> 1991439
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 55188
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 82171
<AVERAGE-NET-ASSETS> 15659648
<PER-SHARE-NAV-BEGIN> 9.32
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> .70
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.02
<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 PORT.
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 5608484
<INVESTMENTS-AT-VALUE> 5858873
<RECEIVABLES> 158061
<ASSETS-OTHER> 1069
<OTHER-ITEMS-ASSETS> 3159
<TOTAL-ASSETS> 6021162
<PAYABLE-FOR-SECURITIES> 545883
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16863
<TOTAL-LIABILITIES> 562746
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1522651
<SHARES-COMMON-STOCK> 381040
<SHARES-COMMON-PRIOR> 671612
<ACCUMULATED-NII-CURRENT> (187338)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3872714
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 250389
<NET-ASSETS> 5458416
<DIVIDEND-INCOME> 10026
<INTEREST-INCOME> 10596
<OTHER-INCOME> 0
<EXPENSES-NET> 54216
<NET-INVESTMENT-INCOME> (33594)
<REALIZED-GAINS-CURRENT> 1259906
<APPREC-INCREASE-CURRENT> (993194)
<NET-CHANGE-FROM-OPS> 233118
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10155
<NUMBER-OF-SHARES-REDEEMED> 300727
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (4267507)
<ACCUMULATED-NII-PRIOR> (153744)
<ACCUMULATED-GAINS-PRIOR> 2612808
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33714
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 54216
<AVERAGE-NET-ASSETS> 8486658
<PER-SHARE-NAV-BEGIN> 14.48
<PER-SHARE-NII> (.06)
<PER-SHARE-GAIN-APPREC> (.09)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.33
<EXPENSE-RATIO> 1.29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
