<PAGE> PAGE 1
000 A000000 04/30/98
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 106
020 A000002 INSTINET CORP
020 B000002 13-3443395
020 C000002 1
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 107
022 A000001 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000001 13-5674085
022 C000001 67804
022 D000001 24893
022 A000002 MORGAN STANLEY DEAN WITTER & CO.
022 B000002 13-2655998
022 C000002 1909
022 D000002 1790
022 A000003 GOLDMAN SACHS & CO.
022 B000003 13-5108880
022 C000003 1451
022 D000003 2496
022 A000004 SHEARSON LEHMAN BROTHERS
022 B000004 13-3216325
022 C000004 1612
022 D000004 1877
022 A000005 WESSELS ARNOLD & HENDERSON
022 B000005 41-1554568
022 C000005 624
022 D000005 1989
022 A000006 PRUDENTIAL BACHE SECURITIES INC.
022 B000006 22-2347336
022 C000006 806
022 D000006 1613
022 A000007 BT ALEX BROWN & SONS
022 B000007 52-1319768
022 C000007 1040
022 D000007 735
022 A000008 J.P. MORGAN SECURITIES INC.
022 B000008 13-3224016
022 C000008 855
022 D000008 507
022 A000009 FIRST BOSTON CO.
022 B000009 13-5659485
022 C000009 779
022 D000009 582
022 A000010 BEAR STEARNS & CO. INC.
022 B000010 13-3299429
022 C000010 347
022 D000010 987
023 C000000 84404
023 D000000 45945
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 DEAN WITTER DISCOVER INC.
025 B000101 13-2655998
025 C000101 E
025 D000101 77
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 22
028 A020100 0
028 A030100 0
028 A040100 0
028 B010100 58
028 B020100 0
028 B030100 0
028 B040100 0
028 C010100 18
028 C020100 0
028 C030100 0
028 C040100 0
028 D010100 34
028 D020100 0
028 D030100 0
028 D040100 0
028 E010100 82
028 E020100 0
028 E030100 0
028 E040100 117
028 F010100 55
028 F020100 0
028 F030100 0
028 F040100 166
<PAGE> PAGE 4
028 G010100 269
028 G020100 0
028 G030100 0
028 G040100 283
028 H000100 0
055 A000100 Y
055 B000100 Y
056 000100 N
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 4444
071 B000100 4532
071 C000100 4721
071 D000100 94
072 A000100 6
072 B000100 3
072 C000100 14
072 D000100 0
072 E000100 0
072 F000100 20
072 G000100 0
072 H000100 0
072 I000100 1
072 J000100 4
072 K000100 0
072 L000100 3
072 M000100 3
072 N000100 2
072 O000100 0
072 P000100 1
072 Q000100 0
072 R000100 2
072 S000100 0
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 0
072 X000100 36
072 Y000100 0
072 Z000100 -19
072AA000100 787
<PAGE> PAGE 5
072BB000100 282
072CC010100 341
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 88
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 5226
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 57
074 K000100 0
074 L000100 16
074 M000100 2
074 N000100 5389
074 O000100 30
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 26
074 S000100 0
074 T000100 5333
074 U010100 466402
074 U020100 0
074 V010100 11.43
074 V020100 0.00
074 W000100 0.0000
074 X000100 7
074 Y000100 0
075 A000100 0
075 B000100 4837
076 000100 0.00
024 000200 Y
025 A000201 MERRILL LYNCH & CO., INC.
025 B000201 13-5674085
025 C000201 D
025 D000201 150
025 D000202 0
025 D000203 0
025 D000204 0
<PAGE> PAGE 6
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 978
028 A020200 0
028 A030200 0
028 A040200 999
028 B010200 498
028 B020200 0
028 B030200 0
028 B040200 145
028 C010200 705
028 C020200 0
028 C030200 0
028 C040200 1175
028 D010200 1092
028 D020200 0
028 D030200 0
028 D040200 1582
028 E010200 855
028 E020200 0
028 E030200 0
028 E040200 1273
028 F010200 1248
028 F020200 0
028 F030200 0
028 F040200 1223
028 G010200 5376
028 G020200 0
028 G030200 0
028 G040200 6397
028 H000200 0
055 A000200 Y
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
068 A000200 N
068 B000200 N
069 000200 N
071 A000200 22642
071 B000200 23404
071 C000200 31085
<PAGE> PAGE 7
071 D000200 73
072 A000200 6
072 B000200 27
072 C000200 45
072 D000200 0
072 E000200 0
072 F000200 135
072 G000200 0
072 H000200 0
072 I000200 7
072 J000200 7
072 K000200 0
072 L000200 9
072 M000200 3
072 N000200 4
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 2
072 S000200 0
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 0
072 X000200 167
072 Y000200 0
072 Z000200 -95
072AA000200 4428
072BB000200 1699
072CC010200 1294
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 1
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 33828
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 856
074 K000200 0
074 L000200 95
074 M000200 4
<PAGE> PAGE 8
074 N000200 34784
074 O000200 322
074 P000200 24
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 31
074 S000200 0
074 T000200 34407
074 U010200 1694
074 U020200 0
074 V010200 20.31
074 V020200 0.00
074 W000200 0.0000
074 X000200 10
074 Y000200 0
075 A000200 0
075 B000200 32084
076 000200 0.00
024 000300 Y
025 A000301 MORGAN STANLEY DEAN WITTER DISCOVER INC.
025 B000301 13-2655998
025 C000301 E
025 D000301 728
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 732
028 A020300 0
028 A030300 0
028 A040300 88
028 B010300 860
028 B020300 0
028 B030300 0
028 B040300 80
028 C010300 555
028 C020300 0
028 C030300 0
028 C040300 246
028 D010300 545
028 D020300 0
028 D030300 0
028 D040300 407
028 E010300 1376
028 E020300 0
028 E030300 0
<PAGE> PAGE 9
028 E040300 301
028 F010300 1390
028 F020300 0
028 F030300 0
028 F040300 345
028 G010300 5458
028 G020300 0
028 G030300 0
028 G040300 1468
028 H000300 0
055 A000300 Y
055 B000300 N
056 000300 Y
057 000300 N
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 18089
071 B000300 13498
071 C000300 24917
071 D000300 54
072 A000300 6
072 B000300 48
072 C000300 87
072 D000300 0
072 E000300 0
072 F000300 98
072 G000300 0
072 H000300 0
072 I000300 7
072 J000300 6
072 K000300 0
072 L000300 10
072 M000300 3
072 N000300 2
072 O000300 1
072 P000300 0
072 Q000300 0
072 R000300 2
072 S000300 0
072 T000300 0
072 U000300 0
072 V000300 0
<PAGE> PAGE 10
072 W000300 0
072 X000300 128
072 Y000300 0
072 Z000300 7
072AA000300 2339
072BB000300 1289
072CC010300 3591
072CC020300 0
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 12
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 31349
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 745
074 K000300 0
074 L000300 28
074 M000300 3
074 N000300 32137
074 O000300 496
074 P000300 19
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 63
074 S000300 0
074 T000300 31559
074 U010300 2465
074 U020300 0
074 V010300 12.81
074 V020300 0.00
074 W000300 0.0000
074 X000300 10
074 Y000300 0
075 A000300 0
075 B000300 26442
076 000300 0.00
024 000400 N
055 A000400 Y
055 B000400 N
<PAGE> PAGE 11
056 000400 Y
057 000400 N
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 5917
071 B000400 6004
071 C000400 6357
071 D000400 93
072 A000400 6
072 B000400 11
072 C000400 14
072 D000400 0
072 E000400 0
072 F000400 27
072 G000400 0
072 H000400 0
072 I000400 1
072 J000400 4
072 K000400 0
072 L000400 4
072 M000400 3
072 N000400 1
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 2
072 S000400 0
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 0
072 X000400 42
072 Y000400 0
072 Z000400 -17
072AA000400 1046
072BB000400 431
072CC010400 0
072CC020400 378
072DD010400 0
072DD020400 0
072EE000400 0
073 A010400 0.0000
<PAGE> PAGE 12
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 80
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 7350
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 223
074 K000400 0
074 L000400 11
074 M000400 3
074 N000400 7667
074 O000400 316
074 P000400 5
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 17
074 S000400 0
074 T000400 7329
074 U010400 561
074 U020400 0
074 V010400 13.06
074 V020400 0.00
074 W000400 0.0000
074 X000400 5
074 Y000400 0
075 A000400 0
075 B000400 6733
076 000400 0.00
SIGNATURE GREGORY S. DUCH
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> ALGER CAPITAL APPRECIATION RETIREMENT PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 4190975
<INVESTMENTS-AT-VALUE> 5226237
<RECEIVABLES> 72427
<ASSETS-OTHER> 90509
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5389173
<PAYABLE-FOR-SECURITIES> 30245
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25964
<TOTAL-LIABILITIES> 56214
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2366010
<SHARES-COMMON-STOCK> 466402
<SHARES-COMMON-PRIOR> 466080
<ACCUMULATED-NII-CURRENT> (410857)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2342544
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1035262
<NET-ASSETS> 5332959
<DIVIDEND-INCOME> 14276
<INTEREST-INCOME> 2507
<OTHER-INCOME> 0
<EXPENSES-NET> 36132
<NET-INVESTMENT-INCOME> (19349)
<REALIZED-GAINS-CURRENT> 505059
<APPREC-INCREASE-CURRENT> 341010
<NET-CHANGE-FROM-OPS> 826720
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25716
<NUMBER-OF-SHARES-REDEEMED> 25394
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 812557
<ACCUMULATED-NII-PRIOR> (391508)
<ACCUMULATED-GAINS-PRIOR> 1837485
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 20387
<INTEREST-EXPENSE> 1126
<GROSS-EXPENSE> 36132
<AVERAGE-NET-ASSETS> 4838921
<PER-SHARE-NAV-BEGIN> 9.7
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> 1.77
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.43
<EXPENSE-RATIO> 1.51
<AVG-DEBT-OUTSTANDING> 36718
<AVG-DEBT-PER-SHARE> .08
</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-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 25533131
<INVESTMENTS-AT-VALUE> 33827930
<RECEIVABLES> 950846
<ASSETS-OTHER> 5595
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 34784371
<PAYABLE-FOR-SECURITIES> 322500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 54929
<TOTAL-LIABILITIES> 377429
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20876549
<SHARES-COMMON-STOCK> 1693962
<SHARES-COMMON-PRIOR> 1749538
<ACCUMULATED-NII-CURRENT> (594141)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5829735
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8294799
<NET-ASSETS> 34406942
<DIVIDEND-INCOME> 44564
<INTEREST-INCOME> 26953
<OTHER-INCOME> 0
<EXPENSES-NET> 166095
<NET-INVESTMENT-INCOME> (94578)
<REALIZED-GAINS-CURRENT> 2728861
<APPREC-INCREASE-CURRENT> 1294061
<NET-CHANGE-FROM-OPS> 3928344
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 286961
<NUMBER-OF-SHARES-REDEEMED> 342536
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2907648
<ACCUMULATED-NII-PRIOR> (499563)
<ACCUMULATED-GAINS-PRIOR> 3100874
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 135202
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 166095
<AVERAGE-NET-ASSETS> 32083839
<PER-SHARE-NAV-BEGIN> 18.00
<PER-SHARE-NII> (.07)
<PER-SHARE-GAIN-APPREC> 2.38
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.31
<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-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 24733788
<INVESTMENTS-AT-VALUE> 31348812
<RECEIVABLES> 773362
<ASSETS-OTHER> 15101
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32137275
<PAYABLE-FOR-SECURITIES> 496234
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 81777
<TOTAL-LIABILITIES> 578011
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20851816
<SHARES-COMMON-STOCK> 2464600
<SHARES-COMMON-PRIOR> 2126098
<ACCUMULATED-NII-CURRENT> (88169)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4180593
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6615024
<NET-ASSETS> 31559264
<DIVIDEND-INCOME> 86624
<INTEREST-INCOME> 47748
<OTHER-INCOME> 0
<EXPENSES-NET> 127564
<NET-INVESTMENT-INCOME> 6808
<REALIZED-GAINS-CURRENT> 1050023
<APPREC-INCREASE-CURRENT> 3590620
<NET-CHANGE-FROM-OPS> 4647451
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 463685
<NUMBER-OF-SHARES-REDEEMED> 125183
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8637193
<ACCUMULATED-NII-PRIOR> (94977)
<ACCUMULATED-GAINS-PRIOR> 3130570
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 98256
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 127564
<AVERAGE-NET-ASSETS> 26442404
<PER-SHARE-NAV-BEGIN> 10.78
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 2.02
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.81
<EXPENSE-RATIO> .97
<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-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 6113478
<INVESTMENTS-AT-VALUE> 7350490
<RECEIVABLES> 233430
<ASSETS-OTHER> 82596
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7666516
<PAYABLE-FOR-SECURITIES> 315528
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22460
<TOTAL-LIABILITIES> 337988
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3256215
<SHARES-COMMON-STOCK> 561218
<SHARES-COMMON-PRIOR> 566452
<ACCUMULATED-NII-CURRENT> (229494)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3064795
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1237012
<NET-ASSETS> 7328528
<DIVIDEND-INCOME> 14502
<INTEREST-INCOME> 11150
<OTHER-INCOME> 0
<EXPENSES-NET> 42247
<NET-INVESTMENT-INCOME> (16595)
<REALIZED-GAINS-CURRENT> 614743
<APPREC-INCREASE-CURRENT> 377992
<NET-CHANGE-FROM-OPS> 976140
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12635
<NUMBER-OF-SHARES-REDEEMED> 11869
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 893085
<ACCUMULATED-NII-PRIOR> (212899)
<ACCUMULATED-GAINS-PRIOR> 2443846
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 26701
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 42247
<AVERAGE-NET-ASSETS> 6733017
<PER-SHARE-NAV-BEGIN> 11.36
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> 1.73
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.06
<EXPENSE-RATIO> 1.27
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
