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074 R030300 0
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074 S000300 0
074 T000300 72317
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074 U020300 0
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074 Y000300 0
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075 B000300 61955
076 000300 0.00
008 A000401 FOUNDATION ADVISERS
008 B000401 A
008 C000401 801-45618
008 D010401 CHARLOTTESVILLE
008 D020401 VA
008 D030401 22905
008 A000402 ATLANTIC ASSET MANAGEMENT PARTNERS, INC.
008 B000402 S
008 C000402 801-41596
008 D010402 STAMFORD
008 D020402 CT
008 D030402 06902
008 A000403 SEIX INVESTMENT ADVISORS, INC.
008 B000403 S
008 C000403 801-42070
008 D010403 WOODCLIFF LAKE
008 D020403 NJ
008 D030403 07675
008 D040403 7633
008 A000404 SMITH BREEDEN ASSOCIATES, INC.
008 B000404 S
008 C000404 801-17567
008 D010404 CHAPEL
008 D020404 NC
008 D030404 27514
008 A000405 DELETE
024 000400 Y
025 A000401 BEAR STEARNS CO., CIN.
<PAGE> PAGE 21
025 B000401 13-3299429
025 C000401 D
025 D000401 1154
025 A000402 LEHMAN BROTHERS HOLDINGS, INC.
025 B000402 13-2518466
025 C000402 D
025 D000402 1615
025 A000403 MORGAN STANLEY GROUP, INC.
025 B000403 13-2655998
025 C000403 D
025 D000403 997
025 A000404 GOLDMAN SACHS & CO.
025 B000404 13-5108880
025 C000404 D
025 D000404 786
025 A000405 SALOMON SMITH BARNEY, INC.
025 B000405 13-3082694
025 C000405 D
025 D000405 677
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 2846
028 A020400 625
028 A030400 0
028 A040400 398
028 B010400 1999
028 B020400 621
028 B030400 0
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028 C010400 2326
028 C020400 664
028 C030400 0
028 C040400 763
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028 D020400 649
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028 E010400 1077
028 E020400 620
028 E030400 0
028 E040400 8143
028 F010400 3249
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028 F040400 7202
028 G010400 14051
028 G020400 3839
028 G030400 0
028 G040400 17480
028 H000400 0
<PAGE> PAGE 22
037 000400 N
038 000400 0
039 000400 N
040 000400 N
041 000400 N
045 000400 Y
046 000400 Y
047 000400 N
048 000400 0.000
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 Y
052 000400 N
053 A000400 N
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 N
060 B000400 N
061 000400 100000
062 A000400 Y
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062 C000400 0.0
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<PAGE> PAGE 23
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 13.4
062 N000400 47.7
062 O000400 0.0
062 P000400 34.0
062 Q000400 15.5
062 R000400 1.9
063 A000400 0
063 B000400 15.3
064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 Y
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 Y
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 Y
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
<PAGE> PAGE 24
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
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071 C000400 203380
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<PAGE> PAGE 25
074 E000400 3522
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074 Y000400 385
075 A000400 0
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076 000400 0.00
008 A000501 FOUNDATION ADVISERS, INC.
008 B000501 A
008 C000501 801-45618
008 D010501 CHARLOTTESVILLE
008 D020501 VA
008 D030501 22905
008 A000502 FISCHER FRANCIS TREES & WATTS, INC.
008 B000502 S
008 C000502 801-10577
008 D010502 NEW YORK
008 D020502 NY
008 D030502 10022
024 000500 N
025 D000501 0
025 D000502 0
025 D000503 0
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<PAGE> PAGE 26
028 A020500 297
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037 000500 N
038 000500 0
039 000500 N
040 000500 N
041 000500 N
045 000500 Y
046 000500 N
047 000500 Y
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<PAGE> PAGE 27
048 H010500 0
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048 J010500 0
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049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 N
060 B000500 N
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063 B000500 0.0
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
<PAGE> PAGE 28
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 Y
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 Y
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 31416
071 B000500 34315
071 C000500 65555
071 D000500 50
072 A000500 6
072 B000500 1948
072 C000500 0
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<PAGE> PAGE 29
072 L000500 0
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072 Z000500 1823
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073 A010500 0.2529
073 A020500 0.0000
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074 C000500 34097
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<PAGE> PAGE 30
074 V010500 9.97
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008 A000601 FOUNDATION ADVISORS, INC.
008 B000601 A
008 C000601 801-45618
008 D010601 CHARLOTTESVILLE
008 D020601 VA
008 D030601 22905
008 A000602 WELLINGTON MANAGEMENT CO.
008 B000602 S
008 C000602 801-15908
008 D010602 BOSTON
008 D020602 MA
008 D030602 02109
008 A000603 HARDING, LOEVNER MANAGEMENT, L.P.
008 B000603 S
008 C000603 801-36845
008 D010603 SOMERVILLE
008 D020603 NJ
008 D030603 08876
008 A000604 BEE & ASSOCIATES, INC.
008 B000604 S
008 C000604 801-34538
008 D010604 DENVER
008 D020604 CO
008 D030604 80202
008 A000605 SEIX INVESTMENT ADVISORS, INC.
008 B000605 S
008 C000605 801-42070
008 D010605 WOODCLIFF LAKE
008 D020605 NJ
008 D030605 07675
008 D040605 7633
008 A000606 DELETE
008 A000607 DELETE
024 000600 Y
025 A000601 LEHMAN BROTHERS HOLDINGS, INC.
025 B000601 13-2518466
025 C000601 D
025 D000601 739
025 A000602 GOLDMAN SACHS GROUP, INC.
025 B000602 13-5108880
025 C000602 D
025 D000602 591
025 A000603 CITICORP
<PAGE> PAGE 31
025 C000603 D
025 D000603 350
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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SIGNATURE WILLIAM E. VASTARDIS
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from TIFF
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> US Equity
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<EXPENSES-NET> (957,531)
<NET-INVESTMENT-INCOME> 1,300,065
<REALIZED-GAINS-CURRENT> 14,638,386
<APPREC-INCREASE-CURRENT> 18,830,196
<NET-CHANGE-FROM-OPS> 34,768,647
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (761,336)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 532,705
<NUMBER-OF-SHARES-REDEEMED> (1,764,336)
<SHARES-REINVESTED> 24,164
<NET-CHANGE-IN-ASSETS> 13,995,320
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 14,819,023
<OVERDISTRIB-NII-PRIOR> (1,274,609)
<OVERDIST-NET-GAINS-PRIOR> 0
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<AVERAGE-NET-ASSETS> 320,854,458
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<PER-SHARE-GAIN-APPREC> 1.73
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> 0.00
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<PER-SHARE-NAV-END> 17.37
<EXPENSE-RATIO> 0.60
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from TIFF
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 012
<NAME> International Equity
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 187,443,901
<INVESTMENTS-AT-VALUE> 212,549,192
<RECEIVABLES> 3,409,823
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 215,959,015
<PAYABLE-FOR-SECURITIES> 606,079
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<OTHER-ITEMS-LIABILITIES> 8,618,730
<TOTAL-LIABILITIES> 9,224,809
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 167,126,103
<SHARES-COMMON-STOCK> 16,216,930
<SHARES-COMMON-PRIOR> 23,280,346
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2,119,924)
<ACCUMULATED-NET-GAINS> 18,083,441
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23,644,586
<NET-ASSETS> 206,734,206
<DIVIDEND-INCOME> 2,914,760
<INTEREST-INCOME> 283,563
<OTHER-INCOME> 0
<EXPENSES-NET> (1,025,768)
<NET-INVESTMENT-INCOME> 2,172,555
<REALIZED-GAINS-CURRENT> 16,637,807
<APPREC-INCREASE-CURRENT> 14,864,412
<NET-CHANGE-FROM-OPS> 33,674,774
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 133,430
<NUMBER-OF-SHARES-REDEEMED> (7,196,846)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (53,295,674)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,445,634
<OVERDISTRIB-NII-PRIOR> (4,292,479)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 519,395
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,025,768
<AVERAGE-NET-ASSETS> 256,085,887
<PER-SHARE-NAV-BEGIN> 11.17
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 1.53
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.75
<EXPENSE-RATIO> 0.72
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from TIFF
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 013
<NAME> Emerging Markets
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 72,603,276
<INVESTMENTS-AT-VALUE> 74,425,463
<RECEIVABLES> 411,676
<ASSETS-OTHER> 562,899
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 75,400,038
<PAYABLE-FOR-SECURITIES> 702,812
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,379,836
<TOTAL-LIABILITIES> 3,082,648
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 97,857,196
<SHARES-COMMON-STOCK> 9,926,517
<SHARES-COMMON-PRIOR> 11,216,434
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (5,226,020)
<ACCUMULATED-NET-GAINS> (22,128,646)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,814,860
<NET-ASSETS> 72,317,390
<DIVIDEND-INCOME> 569,343
<INTEREST-INCOME> 37,656
<OTHER-INCOME> 0
<EXPENSES-NET> (553,672)
<NET-INVESTMENT-INCOME> 53,327
<REALIZED-GAINS-CURRENT> (5,391,879)
<APPREC-INCREASE-CURRENT> 26,903,253
<NET-CHANGE-FROM-OPS> 21,564,701
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 27,471
<NUMBER-OF-SHARES-REDEEMED> (1,317,388)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 14,149,981
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (16,736,767)
<OVERDISTRIB-NII-PRIOR> (5,279,347)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 143,202
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 553,672
<AVERAGE-NET-ASSETS> 61,955,091
<PER-SHARE-NAV-BEGIN> 5.19
<PER-SHARE-NII> (0.06)
<PER-SHARE-GAIN-APPREC> 2.16
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.29
<EXPENSE-RATIO> 1.23
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from TIFF
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 014
<NAME> Bond
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 227,963,007
<INVESTMENTS-AT-VALUE> 224,793,486
<RECEIVABLES> 8,169,075
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 232,962,561
<PAYABLE-FOR-SECURITIES> 42,487,804
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 703,555
<TOTAL-LIABILITIES> 43,191,359
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 194,075,732
<SHARES-COMMON-STOCK> 19,227,056
<SHARES-COMMON-PRIOR> 19,210,571
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (369,842)
<ACCUMULATED-NET-GAINS> (585,738)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,348,950)
<NET-ASSETS> 189,771,202
<DIVIDEND-INCOME> 106,458
<INTEREST-INCOME> 6,401,134
<OTHER-INCOME> 0
<EXPENSES-NET> (425,476)
<NET-INVESTMENT-INCOME> 6,082,116
<REALIZED-GAINS-CURRENT> (1,219,048)
<APPREC-INCREASE-CURRENT> (7,070,805)
<NET-CHANGE-FROM-OPS> (2,207,737)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,083,017)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,387,879
<NUMBER-OF-SHARES-REDEEMED> (1,752,247)
<SHARES-REINVESTED> 380,854
<NET-CHANGE-IN-ASSETS> (7,880,767)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 633,309
<OVERDISTRIB-NII-PRIOR> (368,940)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 194,404
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 425,476
<AVERAGE-NET-ASSETS> 199,354,573
<PER-SHARE-NAV-BEGIN> 10.29
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> (0.42)
<PER-SHARE-DIVIDEND> (0.31)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.87
<EXPENSE-RATIO> 0.43
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from TIFF
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 015
<NAME> TIFF Short-Term Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 82,471,301
<INVESTMENTS-AT-VALUE> 82,457,165
<RECEIVABLES> 570,555
<ASSETS-OTHER> 6,288,475
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 89,316,195
<PAYABLE-FOR-SECURITIES> 5,600,875
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 56,409
<TOTAL-LIABILITIES> 5,657,284
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 83,952,919
<SHARES-COMMON-STOCK> 8,392,319
<SHARES-COMMON-PRIOR> 7,513,632
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (257,219)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (36,789)
<NET-ASSETS> 83,658,911
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,948,165
<OTHER-INCOME> 0
<EXPENSES-NET> (125,424)
<NET-INVESTMENT-INCOME> 1,822,741
<REALIZED-GAINS-CURRENT> 27,038
<APPREC-INCREASE-CURRENT> (30,458)
<NET-CHANGE-FROM-OPS> 1,819,321
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,828,878)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,858,700
<NUMBER-OF-SHARES-REDEEMED> (2,145,771)
<SHARES-REINVESTED> 165,758
<NET-CHANGE-IN-ASSETS> 8,751,515
<ACCUMULATED-NII-PRIOR> 6,137
<ACCUMULATED-GAINS-PRIOR> (284,257)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 82,422
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 172,007
<AVERAGE-NET-ASSETS> 72,264,557
<PER-SHARE-NAV-BEGIN> 9.97
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.25)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.97
<EXPENSE-RATIO> 0.35
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from TIFF
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 016
<NAME> Multi-Asset
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 265,912,830
<INVESTMENTS-AT-VALUE> 280,054,703
<RECEIVABLES> 7,957,104
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 288,011,807
<PAYABLE-FOR-SECURITIES> 17,055,611
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,282,806
<TOTAL-LIABILITIES> 18,338,417
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 256,735,909
<SHARES-COMMON-STOCK> 21,465,263
<SHARES-COMMON-PRIOR> 25,566,716
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2,287,222)
<ACCUMULATED-NET-GAINS> (738,095)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,962,798
<NET-ASSETS> 269,673,390
<DIVIDEND-INCOME> 1,452,629
<INTEREST-INCOME> 2,412,919
<OTHER-INCOME> 0
<EXPENSES-NET> (1,017,768)
<NET-INVESTMENT-INCOME> 2,847,780
<REALIZED-GAINS-CURRENT> 2,750,502
<APPREC-INCREASE-CURRENT> 21,001,409
<NET-CHANGE-FROM-OPS> 26,599,691
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 229,378
<NUMBER-OF-SHARES-REDEEMED> (4,330,832)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (22,173,941)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,488,597)
<OVERDISTRIB-NII-PRIOR> (5,135,002)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 443,540
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,017,396
<AVERAGE-NET-ASSETS> 284,727,852
<PER-SHARE-NAV-BEGIN> 11.42
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 1.05
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.56
<EXPENSE-RATIO> 0.56
</TABLE>
