<PAGE> PAGE 1
000 A000000 04/30/99
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 1 WORLD TRADE CENTER
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10048
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 133
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 134
022 A000001 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000001 13-5674085
022 C000001 145815
022 D000001 46610
022 A000002 SHEARSON LEHMAN BROTHERS INC
022 B000002 13-3216325
022 C000002 13647
022 D000002 11250
022 A000003 PRUDENTIAL BACHE SECURITIES CO
022 B000003 22-2347336
022 C000003 5668
022 D000003 2368
022 A000004 FURMAN SELTZ CO.
022 B000004 13-3856626
022 C000004 3094
022 D000004 2420
022 A000005 GOLDMAN SACHS & CO
022 B000005 13-5108880
022 C000005 4135
022 D000005 1330
022 A000006 BT ALEX BROWN & SONS
022 B000006 52-1319768
022 C000006 3740
022 D000006 1500
022 A000007 MORGAN STANLEY DEAN WITTER CO
022 B000007 13-2655998
022 C000007 3488
022 D000007 1481
022 A000008 CREDIT SUISSE FIRST BOSTON
022 B000008 13-5659485
022 C000008 2790
022 D000008 1887
022 A000009 DONALDSON LUFKIN & JENRETTE
022 B000009 13-2741729
022 C000009 2222
022 D000009 1837
022 A000010 JOSEPHTAL & CO.
022 B000010 13-1850914
022 C000010 1283
022 D000010 2467
023 C000000 204903
023 D000000 84447
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 & CO.
025 B000101 13-2655998
025 C000101 E
025 D000101 694
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 339
028 A020100 0
028 A030100 0
028 A040100 50
028 B010100 1521
028 B020100 0
028 B030100 0
028 B040100 664
028 C010100 2697
028 C020100 0
028 C030100 0
028 C040100 2215
028 D010100 1784
028 D020100 0
028 D030100 0
028 D040100 726
028 E010100 5602
028 E020100 0
028 E030100 0
028 E040100 287
028 F010100 10306
028 F020100 0
028 F030100 0
028 F040100 459
<PAGE> PAGE 4
028 G010100 22249
028 G020100 0
028 G030100 0
028 G040100 4401
028 H000100 0
055 A000100 N
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 23939
071 B000100 8026
071 C000100 11950
071 D000100 67
072 A000100 6
072 B000100 18
072 C000100 14
072 D000100 0
072 E000100 0
072 F000100 49
072 G000100 0
072 H000100 0
072 I000100 3
072 J000100 4
072 K000100 0
072 L000100 3
072 M000100 3
072 N000100 5
072 O000100 0
072 P000100 2
072 Q000100 0
072 R000100 3
072 S000100 3
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 1
072 X000100 76
072 Y000100 0
072 Z000100 -44
072AA000100 2190
<PAGE> PAGE 5
072BB000100 252
072CC010100 2901
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 41
074 B000100 0
074 C000100 3745
074 D000100 0
074 E000100 0
074 F000100 25694
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 139
074 K000100 0
074 L000100 4
074 M000100 15
074 N000100 29638
074 O000100 1134
074 P000100 16
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 259
074 S000100 0
074 T000100 28229
074 U010100 1881309
074 U020100 0
074 V010100 15.01
074 V020100 0.00
074 W000100 0.0000
074 X000100 14
074 Y000100 0
075 A000100 0
075 B000100 12500
076 000100 0.00
028 A010200 743
028 A020200 0
028 A030200 0
028 A040200 451
028 B010200 1552
028 B020200 0
028 B030200 0
028 B040200 823
<PAGE> PAGE 6
028 C010200 1207
028 C020200 0
028 C030200 0
028 C040200 1045
028 D010200 958
028 D020200 0
028 D030200 0
028 D040200 942
028 E010200 1492
028 E020200 0
028 E030200 0
028 E040200 1041
028 F010200 1467
028 F020200 0
028 F030200 0
028 F040200 920
028 G010200 7419
028 G020200 0
028 G030200 0
028 G040200 5222
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
068 A000200 N
068 B000200 N
069 000200 N
071 A000200 38836
071 B000200 37751
071 C000200 35911
071 D000200 105
072 A000200 6
072 B000200 47
072 C000200 35
072 D000200 0
072 E000200 0
072 F000200 161
072 G000200 0
072 H000200 0
072 I000200 3
072 J000200 6
072 K000200 0
<PAGE> PAGE 7
072 L000200 3
072 M000200 3
072 N000200 3
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 4
072 S000200 3
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 1
072 X000200 187
072 Y000200 0
072 Z000200 -105
072AA000200 10515
072BB000200 2070
072CC010200 0
072CC020200 4307
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 29
074 B000200 0
074 C000200 2722
074 D000200 0
074 E000200 0
074 F000200 41853
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 11093
074 K000200 0
074 L000200 29
074 M000200 16
074 N000200 55742
074 O000200 10827
074 P000200 31
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 102
074 S000200 0
074 T000200 44782
074 U010200 1938554
074 U020200 0
<PAGE> PAGE 8
074 V010200 23.10
074 V020200 0.00
074 W000200 0.0000
074 X000200 9
074 Y000200 0
075 A000200 0
075 B000200 38292
076 000200 0.00
025 A000301 MORGAN STANLEY DEAN WITTER & CO.
025 B000301 13-2655998
025 C000301 E
025 D000301 2023
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 1469
028 A020300 0
028 A030300 0
028 A040300 637
028 B010300 2023
028 B020300 0
028 B030300 0
028 B040300 1055
028 C010300 4070
028 C020300 0
028 C030300 0
028 C040300 1328
028 D010300 4345
028 D020300 0
028 D030300 0
028 D040300 1136
028 E010300 2702
028 E020300 0
028 E030300 0
028 E040300 1174
028 F010300 3050
028 F020300 0
028 F030300 0
028 F040300 2117
028 G010300 17659
028 G020300 0
028 G030300 0
028 G040300 7447
028 H000300 0
055 A000300 N
055 B000300 N
056 000300 Y
<PAGE> PAGE 9
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 44607
071 B000300 32466
071 C000300 49868
071 D000300 65
072 A000300 6
072 B000300 115
072 C000300 104
072 D000300 0
072 E000300 0
072 F000300 203
072 G000300 0
072 H000300 0
072 I000300 47
072 J000300 8
072 K000300 0
072 L000300 7
072 M000300 3
072 N000300 5
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 4
072 S000300 3
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 1
072 X000300 281
072 Y000300 0
072 Z000300 -62
072AA000300 9262
072BB000300 770
072CC010300 6698
072CC020300 0
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
<PAGE> PAGE 10
073 B000300 0.0000
073 C000300 0.0000
074 A000300 18
074 B000300 0
074 C000300 2697
074 D000300 0
074 E000300 0
074 F000300 62596
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 1764
074 K000300 0
074 L000300 152
074 M000300 16
074 N000300 67243
074 O000300 1572
074 P000300 42
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 93
074 S000300 0
074 T000300 65536
074 U010300 3912172
074 U020300 0
074 V010300 16.75
074 V020300 0.00
074 W000300 0.0000
074 X000300 8
074 Y000300 0
075 A000300 0
075 B000300 54429
076 000300 0.00
024 000400 Y
025 A000401 MERRILL LYNCH & CO.
025 B000401 13-5674085
025 C000401 D
025 D000401 100
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 2773
028 A020400 0
028 A030400 0
028 A040400 2760
<PAGE> PAGE 11
028 B010400 174
028 B020400 0
028 B030400 0
028 B040400 583
028 C010400 201
028 C020400 0
028 C030400 0
028 C040400 316
028 D010400 363
028 D020400 0
028 D030400 0
028 D040400 26
028 E010400 623
028 E020400 0
028 E030400 0
028 E040400 79
028 F010400 2048
028 F020400 0
028 F030400 0
028 F040400 272
028 G010400 6182
028 G020400 0
028 G030400 0
028 G040400 4036
028 H000400 0
055 A000400 N
055 B000400 N
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 11219
071 B000400 9939
071 C000400 7628
071 D000400 130
072 A000400 6
072 B000400 13
072 C000400 8
072 D000400 0
072 E000400 0
072 F000400 31
072 G000400 0
<PAGE> PAGE 12
072 H000400 0
072 I000400 1
072 J000400 5
072 K000400 0
072 L000400 2
072 M000400 3
072 N000400 2
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 2
072 S000400 2
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 2
072 X000400 50
072 Y000400 0
072 Z000400 -29
072AA000400 2293
072BB000400 425
072CC010400 404
072CC020400 0
072DD010400 0
072DD020400 0
072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 49
074 B000400 0
074 C000400 2397
074 D000400 0
074 E000400 0
074 F000400 9781
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 397
074 K000400 0
074 L000400 118
074 M000400 16
074 N000400 12758
074 O000400 1551
074 P000400 6
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 146
<PAGE> PAGE 13
074 S000400 0
074 T000400 11055
074 U010400 933839
074 U020400 0
074 V010400 11.84
074 V020400 0.00
074 W000400 0.0000
074 X000400 5
074 Y000400 0
075 A000400 0
075 B000400 8152
076 000400 0.00
SIGNATURE GREGORY S. DUCH
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 25456910
<INVESTMENTS-AT-VALUE> 29438864
<RECEIVABLES> 142372
<ASSETS-OTHER> 56385
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29637621
<PAYABLE-FOR-SECURITIES> 1134060
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 274066
<TOTAL-LIABILITIES> 1408126
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21567301
<SHARES-COMMON-STOCK> 1881309
<SHARES-COMMON-PRIOR> 622114
<ACCUMULATED-NII-CURRENT> (474490)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3154730
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3981954
<NET-ASSETS> 28229495
<DIVIDEND-INCOME> 14380
<INTEREST-INCOME> 17959
<OTHER-INCOME> 0
<EXPENSES-NET> 75849
<NET-INVESTMENT-INCOME> (43510)
<REALIZED-GAINS-CURRENT> 1937943
<APPREC-INCREASE-CURRENT> 2900464
<NET-CHANGE-FROM-OPS> 4794897
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1622567
<NUMBER-OF-SHARES-REDEEMED> 363372
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 22642816
<ACCUMULATED-NII-PRIOR> (430980)
<ACCUMULATED-GAINS-PRIOR> 1216787
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 48986
<INTEREST-EXPENSE> 1709
<GROSS-EXPENSE> 75849
<AVERAGE-NET-ASSETS> 12500421
<PER-SHARE-NAV-BEGIN> 8.98
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> 6.08
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.01
<EXPENSE-RATIO> 1.32
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] .09
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 37668752
<INVESTMENTS-AT-VALUE> 44575383
<RECEIVABLES> 11122076
<ASSETS-OTHER> 44603
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 55742062
<PAYABLE-FOR-SECURITIES> 10826706
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 132949
<TOTAL-LIABILITIES> 10959655
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25770415
<SHARES-COMMON-STOCK> 1938554
<SHARES-COMMON-PRIOR> 1828282
<ACCUMULATED-NII-CURRENT> (780265)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12905626
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6886631
<NET-ASSETS> 44782407
<DIVIDEND-INCOME> 34986
<INTEREST-INCOME> 47409
<OTHER-INCOME> 0
<EXPENSES-NET> 186927
<NET-INVESTMENT-INCOME> (104532)
<REALIZED-GAINS-CURRENT> 8445057
<APPREC-INCREASE-CURRENT> 4306771
<NET-CHANGE-FROM-OPS> 12647296
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 366871
<NUMBER-OF-SHARES-REDEEMED> 256599
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 14844697
<ACCUMULATED-NII-PRIOR> (675733)
<ACCUMULATED-GAINS-PRIOR> 4460569
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 161400
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 186927
<AVERAGE-NET-ASSETS> 38291921
<PER-SHARE-NAV-BEGIN> 16.37
<PER-SHARE-NII> (.06)
<PER-SHARE-GAIN-APPREC> 6.79
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.10
<EXPENSE-RATIO> .98
[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
<SERIES>
<NUMBER> 3
<NAME> ALGER GROWTH RETIREMENT PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 50783555
<INVESTMENTS-AT-VALUE> 65292951
<RECEIVABLES> 1916324
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 33693
<TOTAL-ASSETS> 67242968
<PAYABLE-FOR-SECURITIES> 1572247
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 134833
<TOTAL-LIABILITIES> 1707080
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41235546
<SHARES-COMMON-STOCK> 3912172
<SHARES-COMMON-PRIOR> 3250527
<ACCUMULATED-NII-CURRENT> (176059)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9967005
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14509396
<NET-ASSETS> 65535888
<DIVIDEND-INCOME> 104548
<INTEREST-INCOME> 114744
<OTHER-INCOME> 0
<EXPENSES-NET> 281119
<NET-INVESTMENT-INCOME> (61827)
<REALIZED-GAINS-CURRENT> 8491941
<APPREC-INCREASE-CURRENT> 6698274
<NET-CHANGE-FROM-OPS> 15128388
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1143973
<NUMBER-OF-SHARES-REDEEMED> 482328
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 25340116
<ACCUMULATED-NII-PRIOR> (114232)
<ACCUMULATED-GAINS-PRIOR> 1475064
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 203339
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 281119
<AVERAGE-NET-ASSETS> 54428910
<PER-SHARE-NAV-BEGIN> 12.37
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> 4.40
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.75
<EXPENSE-RATIO> 1.04
[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
<SERIES>
<NUMBER> 4
<NAME> ALGER MIDCAP GROWTH RETIREMENT PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 11321294
<INVESTMENTS-AT-VALUE> 12178448
<RECEIVABLES> 515583
<ASSETS-OTHER> 63976
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12758007
<PAYABLE-FOR-SECURITIES> 1550713
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 152123
<TOTAL-LIABILITIES> 1702836
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7217616
<SHARES-COMMON-STOCK> 933839
<SHARES-COMMON-PRIOR> 755048
<ACCUMULATED-NII-CURRENT> (276625)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3257026
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 857154
<NET-ASSETS> 11055171
<DIVIDEND-INCOME> 7640
<INTEREST-INCOME> 13177
<OTHER-INCOME> 0
<EXPENSES-NET> 49764
<NET-INVESTMENT-INCOME> (28947)
<REALIZED-GAINS-CURRENT> 1867329
<APPREC-INCREASE-CURRENT> 404405
<NET-CHANGE-FROM-OPS> 2242787
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 601138
<NUMBER-OF-SHARES-REDEEMED> 422347
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4388553
<ACCUMULATED-NII-PRIOR> (247678)
<ACCUMULATED-GAINS-PRIOR> 1389697
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 31481
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 49764
<AVERAGE-NET-ASSETS> 8151642
<PER-SHARE-NAV-BEGIN> 8.83
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> 3.05
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.84
<EXPENSE-RATIO> 1.26
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>