<PAGE> PAGE 1
000 B000000 11/30/1999
000 C000000 0000916368
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 EMERGING TIGERS FUND, INC.
001 B000000 811-7135
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 FUND ASSET MANAGEMENT, L.P.
008 B000001 A
008 C000001 801-12485
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 85-01339
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 CITIBANK
015 B000002 S
015 C010002 MUMBAI
015 D010002 INDIA
015 E010002 X
015 A000003 HSBC LIMITED
015 B000003 S
015 C010003 HONG KONG
015 D010003 HONG KONG
015 E040003 X
015 A000004 BANK NEGARA MALAYSIA
015 B000004 S
015 C010004 MALAYSIA
015 D010004 MALAYSIA
015 E040004 X
015 A000005 HKSCC
015 B000005 S
015 C010005 HONG KONG
015 D010005 HONG KONG
015 E040005 X
015 A000006 THE BANK OF NEW YORK
015 B000006 S
015 C010006 NEW YORK
015 C020006 NY
015 C030006 10286
015 E010006 X
015 A000007 BANKERS TRUST COMPANY
015 B000007 S
015 C010007 NEW YORK
015 C020007 NY
015 C030007 10006
015 E010007 X
<PAGE> PAGE 3
015 A000008 STANDARD CHARTERED BANK
015 B000008 S
015 C010008 SHENZHEN
015 D010008 CHINA
015 E040008 X
015 A000009 CUSTODIAL TRUST CO.
015 B000009 S
015 C010009 NEW YORK
015 C020009 NY
015 C030009 10167
015 E010009 X
015 A000010 MORGAN GUARANTY TRUST CO. OF NEW YORK
015 B000010 S
015 C010010 NEW YORK
015 C020010 NY
015 C030010 10260
015 E010010 X
015 A000011 SSCC
015 B000011 S
015 C010011 CHINA
015 D010011 CHINA
015 E040011 X
015 A000012 CITIBANK
015 B000012 S
015 C010012 SEOUL
015 D010012 SOUTH KOREA
015 E010012 X
015 A000013 MCD
015 B000013 S
015 C010013 MALAYSIA
015 D010013 MALAYSIA
015 E040013 X
015 A000014 CDP
015 B000014 S
015 C010014 SINGAPORE
015 D010014 SINGAPORE
015 E040014 X
015 A000015 CITIBANK
015 B000015 S
015 C010015 JAKARTA
015 D010015 INDONESIA
015 E010015 X
015 A000016 TSDC
015 B000016 S
015 C010016 THAILAND
015 D010016 THAILAND
015 E040016 X
015 A000017 KSD
015 B000017 S
015 C010017 SOUTH KOREA
015 D010017 SOUTH KOREA
<PAGE> PAGE 4
015 E040017 X
015 A000018 THE CHASE MANHATTAN BANK
015 B000018 S
015 C010018 NEW YORK
015 C020018 NY
015 C030018 10017
015 E010018 X
015 A000019 CITIBANK
015 B000019 S
015 C010019 MANILA
015 D010019 PHILIPPINES
015 E010019 X
015 A000020 NSDL
015 B000020 S
015 C010020 INDIA
015 D010020 INDIA
015 E040020 X
015 A000021 HONGKONG BANK MALAYSIA BERHAD
015 B000021 S
015 C010021 MALAYSIA
015 D010021 MALAYSIA
015 E040021 X
015 A000022 PCD
015 B000022 S
015 C010022 PHILIPPINES
015 D010022 PHILIPINES
015 E040022 X
015 A000023 DELETE
015 A000024 DELETE
015 A000025 HSBC LTD.
015 B000025 S
015 C010025 SINGAPORE
015 D010025 SINGAPORE
015 E040025 X
015 A000026 HSBC LTD.
015 B000026 S
015 C010026 BANGKOK
015 D010026 THAILAND
015 E040026 X
015 A000027 LPP
015 B000027 S
015 C010027 INDONESIA
015 D010027 INDONESIA
015 E040027 X
015 A000028 PT KSEI
015 B000028 S
015 C010028 INDONESIA
015 D010028 INDONESIA
015 E040028 X
018 000000 Y
019 A000000 Y
<PAGE> PAGE 5
019 B000000 231
019 C000000 MERRILLLYN
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000001 13-5674085
020 C000001 103
020 A000002 MORGAN STANLEY DEAN WITTER & CO.
020 B000002 13-2655998
020 C000002 50
020 A000003 CREDIT LYONNAIS SECURITIES (USA) INC.
020 C000003 42
020 A000004 ROBERT FLEMING INC.
020 B000004 13-3298866
020 C000004 42
020 A000005 CARR SECURITIES CORP.
020 B000005 11-2003950
020 C000005 40
020 A000006 WARBURG DILLON READ LLC
020 B000006 13-3340045
020 C000006 33
020 A000007 SG COWEN SECURITIES CORPORATION
020 B000007 13-5616116
020 C000007 31
020 A000008 ABN AMRO INCORPORATED
020 B000008 13-3227945
020 C000008 28
020 A000009 DS PURBHOODAS
020 C000009 15
020 A000010 DEUTSCHE BANK SECURITIES INC.
020 B000010 13-2730828
020 C000010 13
021 000000 450
022 A000001 GENERAL MOTORS ACCEPTANCE CORP.
022 C000001 134065
022 D000001 0
022 A000002 GENERAL ELECTRIC CAPITAL CORP.
022 C000002 83588
022 D000002 0
022 A000003 HSBC SECURITIES (U.S.A.) INC.
022 B000003 13-2650272
022 C000003 36894
022 D000003 5490
022 A000004 FORD MOTOR CREDIT CORP.
022 C000004 32054
022 D000004 0
022 A000005 MORGAN STANLEY DEAN WITTER & CO.
022 B000005 13-2655998
022 C000005 14041
022 D000005 2797
022 A000006 GOLDMAN, SACHS & CO.
022 B000006 13-5108880
022 C000006 4669
<PAGE> PAGE 6
022 D000006 2996
022 A000007 ASSOCIATE CORP. OF NORTH AMERICA
022 C000007 6856
022 D000007 0
022 A000008 CREDIT SUISSE FIRST BOSTON CORPORATION
022 B000008 13-5659485
022 C000008 1497
022 D000008 2587
022 A000009 MORGAN (J.P.) SECURITIES INC.
022 B000009 13-3224016
022 C000009 2991
022 D000009 999
022 A000010 CIT GROUP/CAPITAL INVESTMENTS INC. (THE)
022 C000010 3465
022 D000010 0
023 C000000 323864
023 D000000 16980
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 2475
028 A020000 0
028 A030000 0
028 A040000 1780
028 B010000 1262
028 B020000 0
028 B030000 0
028 B040000 2309
028 C010000 2065
028 C020000 0
028 C030000 0
028 C040000 1768
028 D010000 1168
028 D020000 0
028 D030000 0
028 D040000 1905
028 E010000 841
028 E020000 0
028 E030000 0
028 E040000 2010
028 F010000 1165
028 F020000 0
028 F030000 0
<PAGE> PAGE 7
028 F040000 2185
028 G010000 8976
028 G020000 0
028 G030000 0
028 G040000 11957
028 H000000 4045
029 000000 Y
030 A000000 13
030 B000000 5.25
030 C000000 0.00
031 A000000 2
031 B000000 0
032 000000 0
033 000000 11
034 000000 Y
035 000000 30
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 90
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
<PAGE> PAGE 8
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
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
<PAGE> PAGE 9
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
066 A000000 Y
066 B000000 N
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 36888
<PAGE> PAGE 10
071 B000000 43050
071 C000000 40783
071 D000000 90
072 A000000 12
072 B000000 139
072 C000000 625
072 D000000 0
072 E000000 0
072 F000000 434
072 G000000 89
072 H000000 0
072 I000000 125
072 J000000 157
072 K000000 0
072 L000000 67
072 M000000 45
072 N000000 56
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 30
072 S000000 37
072 T000000 90
072 U000000 2
072 V000000 0
072 W000000 10
072 X000000 1142
072 Y000000 0
072 Z000000 -378
072AA000000 6328
072BB000000 14383
072CC010000 23026
072CC020000 0
072DD010000 936
072DD020000 124
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 1689
074 B000000 0
074 C000000 0
074 D000000 456
074 E000000 349
074 F000000 45842
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 3634
074 K000000 0
<PAGE> PAGE 11
074 L000000 34
074 M000000 38
074 N000000 52042
074 O000000 1915
074 P000000 14
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 1629
074 S000000 0
074 T000000 48484
074 U010000 4376
074 U020000 1159
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 7650
074 Y000000 0
075 A000000 0
075 B000000 43399
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 O000000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000 400
081 A000000 Y
081 B000000 151
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE DONALD C. BURKE
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000916368
<NAME> MERRILL LYNCH EMERGING TIGERS FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 36527698
<INVESTMENTS-AT-VALUE> 46647778
<RECEIVABLES> 3667449
<ASSETS-OTHER> 1726655
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 52041882
<PAYABLE-FOR-SECURITIES> 1915441
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1642827
<TOTAL-LIABILITIES> 3558268
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 90107514
<SHARES-COMMON-STOCK> 4133664
<SHARES-COMMON-PRIOR> 5314337
<ACCUMULATED-NII-CURRENT> 5528
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (51631803)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10002375
<NET-ASSETS> 36367427
<DIVIDEND-INCOME> 625038
<INTEREST-INCOME> 138981
<OTHER-INCOME> 0
<EXPENSES-NET> (1142117)
<NET-INVESTMENT-INCOME> (378098)
<REALIZED-GAINS-CURRENT> (8054437)
<APPREC-INCREASE-CURRENT> 23026412
<NET-CHANGE-FROM-OPS> 14593877
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (897314)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1849253
<NUMBER-OF-SHARES-REDEEMED> (3119347)
<SHARES-REINVESTED> 89421
<NET-CHANGE-IN-ASSETS> 5308427
<ACCUMULATED-NII-PRIOR> 477374
<ACCUMULATED-GAINS-PRIOR> (43554916)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 433987
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1142117
<AVERAGE-NET-ASSETS> 33102745
<PER-SHARE-NAV-BEGIN> 6.42
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> 2.61
<PER-SHARE-DIVIDEND> (.18)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.80
<EXPENSE-RATIO> 2.42
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000916368
<NAME> MERRILL LYNCH EMERGING TIGERS FUND, INC.
<SERIES>
<NUMBER> 002
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 36527698
<INVESTMENTS-AT-VALUE> 46647778
<RECEIVABLES> 3667449
<ASSETS-OTHER> 1726655
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 52041882
<PAYABLE-FOR-SECURITIES> 1915441
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1642827
<TOTAL-LIABILITIES> 3558268
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 90107514
<SHARES-COMMON-STOCK> 901350
<SHARES-COMMON-PRIOR> 850034
<ACCUMULATED-NII-CURRENT> 5528
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (51631803)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10002375
<NET-ASSETS> 7773839
<DIVIDEND-INCOME> 625038
<INTEREST-INCOME> 138981
<OTHER-INCOME> 0
<EXPENSES-NET> (1142117)
<NET-INVESTMENT-INCOME> (378098)
<REALIZED-GAINS-CURRENT> (8054437)
<APPREC-INCREASE-CURRENT> 23026412
<NET-CHANGE-FROM-OPS> 14593877
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (93657)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 402844
<NUMBER-OF-SHARES-REDEEMED> (364337)
<SHARES-REINVESTED> 12809
<NET-CHANGE-IN-ASSETS> 5308427
<ACCUMULATED-NII-PRIOR> 477374
<ACCUMULATED-GAINS-PRIOR> (43554916)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 433987
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1142117
<AVERAGE-NET-ASSETS> 6429638
<PER-SHARE-NAV-BEGIN> 6.29
<PER-SHARE-NII> (.12)
<PER-SHARE-GAIN-APPREC> 2.56
<PER-SHARE-DIVIDEND> (.11)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.62
<EXPENSE-RATIO> 3.45
</TABLE
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000916368
<NAME> MERRILL LYNCH EMERGING TIGERS FUND, INC.
<SERIES>
<NUMBER> 003
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 36527698
<INVESTMENTS-AT-VALUE> 46647778
<RECEIVABLES> 3667449
<ASSETS-OTHER> 1726655
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 52041882
<PAYABLE-FOR-SECURITIES> 1915441
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1642827
<TOTAL-LIABILITIES> 3558268
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 90107514
<SHARES-COMMON-STOCK> 257309
<SHARES-COMMON-PRIOR> 340430
<ACCUMULATED-NII-CURRENT> 5528
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (51631803)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10002375
<NET-ASSETS> 2222282
<DIVIDEND-INCOME> 625038
<INTEREST-INCOME> 138981
<OTHER-INCOME> 0
<EXPENSES-NET> (1142117)
<NET-INVESTMENT-INCOME> (378098)
<REALIZED-GAINS-CURRENT> (8054437)
<APPREC-INCREASE-CURRENT> 23026412
<NET-CHANGE-FROM-OPS> 14593877
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (30842)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 232159
<NUMBER-OF-SHARES-REDEEMED> (319862)
<SHARES-REINVESTED> 4582
<NET-CHANGE-IN-ASSETS> 5308427
<ACCUMULATED-NII-PRIOR> 477374
<ACCUMULATED-GAINS-PRIOR> (43554916)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 433987
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1142117
<AVERAGE-NET-ASSETS> 2082554
<PER-SHARE-NAV-BEGIN> 6.28
<PER-SHARE-NII> (.12)
<PER-SHARE-GAIN-APPREC> 2.57
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.64
<EXPENSE-RATIO> 3.46
</TABLE
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000916368
<NAME> MERRILL LYNCH EMERGING TIGERS FUND, INC.
<SERIES>
<NUMBER> 004
<NAME> CLASS D
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 36527698
<INVESTMENTS-AT-VALUE> 46647778
<RECEIVABLES> 3667449
<ASSETS-OTHER> 1726655
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 52041882
<PAYABLE-FOR-SECURITIES> 1915441
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1642827
<TOTAL-LIABILITIES> 3558268
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 90107514
<SHARES-COMMON-STOCK> 241853
<SHARES-COMMON-PRIOR> 246839
<ACCUMULATED-NII-CURRENT> 5528
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (51631803)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10002375
<NET-ASSETS> 2120066
<DIVIDEND-INCOME> 625038
<INTEREST-INCOME> 138981
<OTHER-INCOME> 0
<EXPENSES-NET> (1142117)
<NET-INVESTMENT-INCOME> (378098)
<REALIZED-GAINS-CURRENT> (8054437)
<APPREC-INCREASE-CURRENT> 23026412
<NET-CHANGE-FROM-OPS> 14593877
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (38552)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 91536
<NUMBER-OF-SHARES-REDEEMED> (101523)
<SHARES-REINVESTED> 5001
<NET-CHANGE-IN-ASSETS> 5308427
<ACCUMULATED-NII-PRIOR> 477374
<ACCUMULATED-GAINS-PRIOR> (43554916)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 433987
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1142117
<AVERAGE-NET-ASSETS> 1783798
<PER-SHARE-NAV-BEGIN> 6.39
<PER-SHARE-NII> (.07)
<PER-SHARE-GAIN-APPREC> 2.61
<PER-SHARE-DIVIDEND> (.16)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.77
<EXPENSE-RATIO> 2.68
</TABLE
</TABLE>
