<PAGE> PAGE 1
000 A000000 05/31/96
000 C000000 0000920599
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 MERRILL LYNCH MIDDLE EAST/AFRICA FUND, INC.
001 B000000 811-7155
001 C000000 6092827165
002 A000000 P.O. BOX 9066
002 B000000 PRINCETON
002 C000000 NJ
002 D010000 08543
002 D020000 9066
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 MERRILL LYNCH ASSET MANAGEMENT, L.P.
008 B000001 A
008 C000001 801-11583
008 D010001 PRINCETON
008 D020001 NJ
008 D030001 08543
008 D040001 9011
011 A000001 MERRILL LYNCH FUNDS DISTRIBUTOR, INC.
011 B000001 8-14663
011 C010001 PRINCETON
011 C020001 NJ
011 C030001 08543
011 C040001 9011
012 A000001 MERRILL LYNCH FINANCIAL DATA SERVICES, INC.
012 B000001 84-01339
012 C010001 JACKSONVILLE
012 C020001 FL
012 C030001 32246
<PAGE> PAGE 2
012 C040001 6484
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 PRINCETON
013 B020001 NJ
013 B030001 08540
014 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
014 B000001 8-7221
015 A000001 THE CHASE MANHATTAN BANK, N.A.
015 B000001 C
015 C010001 BROOKLYN
015 C020001 NY
015 C030001 11245
015 E010001 X
015 A000002 BARCLAYS BANK OF BOTSWANA LTD.
015 B000002 S
015 C010002 BOTSWANA
015 D010002 BOTSWANA
015 E040002 X
015 A000003 NATIONAL BANK OF EGYPT
015 B000003 S
015 C010003 EGYPT
015 D010003 EGYPT
015 E040003 X
015 A000004 BARCLAYS BANK OF GHANA LTD.
015 B000004 S
015 C010004 GHANA
015 D010004 GHANA
015 E040004 X
015 A000005 BANK LEUMI LE-ISRAEL B.M., ISRAEL
015 B000005 S
015 C010005 ISRAEL
015 D010005 ISRAEL
015 E040005 X
015 A000006 BARCLAYS BANK PLC
015 B000006 S
015 C010006 IVORY COAST
015 D010006 AFRICA
015 E040006 X
015 A000007 ARAB BANK LIMITED
015 B000007 S
015 C010007 JORDAN
015 D010007 JORDAN
015 E040007 X
015 A000008 BARCLAYS BANK OF KENYA LTD
015 B000008 S
015 C010008 KENYA
015 D010008 KENYA
015 E040008 X
015 A000009 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000009 S
015 C010009 HONG KONG
<PAGE> PAGE 3
015 D010009 HONG KONG
015 E040009 X
015 A000010 BANQUE COMMERCIALE DU MAROC
015 B000010 S
015 C010010 CASABLANCA
015 D010010 MOROCCO
015 E040010 X
015 A000011 CITIBANK, N.A.
015 B000011 S
015 C010011 PAKISTAN
015 D010011 PAKISTAN
015 E040011 X
015 A000012 STANDARD BANK OF SOUTH AFRICA
015 B000012 S
015 C010012 SOUTH AFRICA
015 D010012 SOUTH AFRICA
015 E040012 X
015 A000013 FIRST NATIONAL BANK OF CHICAGO
015 B000013 S
015 C010013 LONDON
015 D010013 UNITED KINGDOM
015 E040013 X
015 A000014 BARCLAYS BANK OF ZAMBIA LTD.
015 B000014 S
015 C010014 ZAMBIA
015 D010014 ZAMBIA
015 E040014 X
015 A000015 BARCLAYS BANK OF ZIMBABWE LTD.
015 B000015 S
015 C010015 ZIMBABWE
015 D010015 ZIMBABWE
015 E040015 X
015 A000016 CEDEL, S.A.
015 B000016 S
015 C010016 LUXEMBOURG
015 D010016 CEDEL
015 E040016 X
015 A000017 TAKAS VE SAKLAMA (TVS)
015 B000017 S
015 C010017 TURKEY
015 D010017 TURKEY
015 E040017 X
015 A000018 THE BANK OF ENGLAND
015 B000018 S
015 C010018 UNITED KINGDOM
015 D010018 UNITED KINGDOM
015 E040018 X
015 A000019 THE CENTRAL GILTS OFFICE (CGO)
015 B000019 S
015 C010019 UNITED KINGDOM
015 D010019 UNITED KINGDOM
<PAGE> PAGE 4
015 E040019 X
015 A000020 THE CENTRAL MONEYMARKETS OFFICE (CMO)
015 B000020 S
015 C010020 UNITED KINGDOM
015 D010020 UNITED KINGDOM
015 E040020 X
015 A000021 THE BANK OF NEW YORK
015 B000021 S
015 C010021 NEW YORK
015 C020021 NY
015 C030021 10015
015 E010021 X
015 A000022 BANKERS TRUST COMPANY
015 B000022 S
015 C010022 NEW YORK
015 C020022 NY
015 C030022 10006
015 E010022 X
015 A000023 CHEMICAL BANK
015 B000023 S
015 C010023 NEW YORK
015 C020023 NY
015 C030023 10017
015 E010023 X
015 A000024 CUSTODIAL TRUST CO.
015 B000024 S
015 C010024 NEW YORK
015 C020024 NY
015 C030024 10167
015 E010024 X
015 A000025 MORGAN GUARANTEE TRUST CO.
015 B000025 S
015 C010025 NEW YORK
015 C020025 NY
015 C030025 10260
015 E010025 X
015 A000026 DEUTSCHE BANK, A.G.
015 B000026 S
015 C010026 GERMANY
015 D010026 GERMANY
015 E040026 X
015 A000027 BARCLAYS BANK OF SWAZILAND LTD
015 B000027 S
015 C010027 SWAZILAND
015 D010027 SWAZILAND
015 E040027 X
015 A000028 TASE
015 B000028 S
015 C010028 ISRAEL
015 D010028 ISRAEL
015 E040028 X
<PAGE> PAGE 5
018 000000 Y
019 A000000 Y
019 B000000 180
019 C000000 MERRILLLYN
020 A000001 UBS SECURITIES INC.
020 B000001 13-2932996
020 C000001 4
020 A000002 ING BARING (U.S.) SECURITIES, INC.
020 C000002 3
020 A000003 GLOBAL SECURITIES CORPORATION
020 C000003 3
020 A000004 SMITH BARNEY INC.
020 B000004 13-1912900
020 C000004 2
020 A000005 MORGAN STANLEY & CO. INCORPORATED
020 B000005 13-2655998
020 C000005 2
020 A000006 SALOMON BROTHERS INC
020 B000006 13-3082694
020 C000006 1
020 A000007 HSBC JAMES CAPEL
020 C000007 1
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 17
022 A000001 GENERAL ELECTRIC CAPITAL CORP.
022 C000001 32133
022 D000001 0
022 A000002 HSBC SECURITIES, INC.
022 B000002 13-2650272
022 C000002 21410
022 D000002 1689
022 A000003 FORD MOTOR CREDIT CO.
022 C000003 2536
022 D000003 0
022 A000004 PAINEWEBBER INCORPORATED
022 B000004 13-2638166
022 C000004 701
022 D000004 0
022 A000005 ROBERT FLEMING INC.
022 B000005 13-3298866
022 C000005 0
022 D000005 249
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
<PAGE> PAGE 6
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 56780
023 D000000 1938
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 86
028 A020000 118
028 A030000 0
028 A040000 198
028 B010000 407
028 B020000 0
028 B030000 0
028 B040000 244
028 C010000 291
028 C020000 2
028 C030000 0
028 C040000 204
028 D010000 116
028 D020000 0
028 D030000 0
028 D040000 252
028 E010000 56
028 E020000 0
028 E030000 0
028 E040000 134
028 F010000 24
028 F020000 1
028 F030000 0
028 F040000 427
028 G010000 980
028 G020000 121
028 G030000 0
028 G040000 1459
028 H000000 229
029 000000 Y
030 A000000 1
030 B000000 5.25
030 C000000 0.00
031 A000000 0
031 B000000 0
<PAGE> PAGE 7
032 000000 0
033 000000 1
034 000000 Y
035 000000 22
036 A000000 N
036 B000000 0
037 000000 Y
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 46
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
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
<PAGE> PAGE 8
053 A000000 Y
053 B000000 Y
053 C000000 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
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
<PAGE> PAGE 9
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 Y
070 K010000 Y
070 K020000 Y
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 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 2055
071 B000000 1747
071 C000000 9621
071 D000000 18
072 A000000 6
072 B000000 92
072 C000000 134
072 D000000 0
072 E000000 0
072 F000000 54
072 G000000 23
<PAGE> PAGE 10
072 H000000 0
072 I000000 11
072 J000000 14
072 K000000 0
072 L000000 26
072 M000000 20
072 N000000 17
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 13
072 S000000 17
072 T000000 46
072 U000000 30
072 V000000 0
072 W000000 5
072 X000000 276
072 Y000000 203
072 Z000000 153
072AA000000 57
072BB000000 453
072CC010000 349
072CC020000 0
072DD010000 173
072DD020000 612
072EE000000 27
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 2
074 B000000 0
074 C000000 511
074 D000000 877
074 E000000 0
074 F000000 8108
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 52
074 K000000 73
074 L000000 59
074 M000000 300
074 N000000 9982
074 O000000 57
074 P000000 7
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 52
<PAGE> PAGE 11
074 S000000 0
074 T000000 9866
074 U010000 198
074 U020000 798
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 1249
074 Y000000 0
075 A000000 0
075 B000000 10833
076 000000 0.00
077 A000000 N
078 000000 N
SIGNATURE GERALD M. RICHARD
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000920599
<NAME> MERRILL LYNCH MIDDLE EAST/AFRICA FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 9469646
<INVESTMENTS-AT-VALUE> 9496564
<RECEIVABLES> 183228
<ASSETS-OTHER> 302315
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9982107
<PAYABLE-FOR-SECURITIES> 56698
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 58923
<TOTAL-LIABILITIES> 115621
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10119280
<SHARES-COMMON-STOCK> 58560
<SHARES-COMMON-PRIOR> 60855
<ACCUMULATED-NII-CURRENT> 119801
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (396378)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23783
<NET-ASSETS> 582918
<DIVIDEND-INCOME> 133445
<INTEREST-INCOME> 92357
<OTHER-INCOME> 0
<EXPENSES-NET> (72586)
<NET-INVESTMENT-INCOME> 153216
<REALIZED-GAINS-CURRENT> (395861)
<APPREC-INCREASE-CURRENT> 349192
<NET-CHANGE-FROM-OPS> 106547
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (51662)
<DISTRIBUTIONS-OF-GAINS> (1581)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13210
<NUMBER-OF-SHARES-REDEEMED> (17864)
<SHARES-REINVESTED> 2358
<NET-CHANGE-IN-ASSETS> (1063886)
<ACCUMULATED-NII-PRIOR> 752093
<ACCUMULATED-GAINS-PRIOR> 26364
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 54163
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 275642
<AVERAGE-NET-ASSETS> 621391
<PER-SHARE-NAV-BEGIN> 10.66
<PER-SHARE-NII> .19
<PER-SHARE-GAIN-APPREC> (.02)
<PER-SHARE-DIVIDEND> (.85)
<PER-SHARE-DISTRIBUTIONS> (.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.95
<EXPENSE-RATIO> 4.22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000920599
<NAME> MERRILL LYNCH MIDDLE EAST/AFRICA FUND, INC.
<SERIES>
<NUMBER> 002
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 9469646
<INVESTMENTS-AT-VALUE> 9496564
<RECEIVABLES> 183228
<ASSETS-OTHER> 302315
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9982107
<PAYABLE-FOR-SECURITIES> 56698
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 58923
<TOTAL-LIABILITIES> 115621
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10119280
<SHARES-COMMON-STOCK> 712555
<SHARES-COMMON-PRIOR> 729414
<ACCUMULATED-NII-CURRENT> 119801
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (396378)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23783
<NET-ASSETS> 7058994
<DIVIDEND-INCOME> 133445
<INTEREST-INCOME> 92357
<OTHER-INCOME> 0
<EXPENSES-NET> (72586)
<NET-INVESTMENT-INCOME> 153216
<REALIZED-GAINS-CURRENT> (395861)
<APPREC-INCREASE-CURRENT> 349192
<NET-CHANGE-FROM-OPS> 106547
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (541025)
<DISTRIBUTIONS-OF-GAINS> (18967)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 58866
<NUMBER-OF-SHARES-REDEEMED> (81745)
<SHARES-REINVESTED> 6020
<NET-CHANGE-IN-ASSETS> (1063886)
<ACCUMULATED-NII-PRIOR> 752093
<ACCUMULATED-GAINS-PRIOR> 26364
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 54163
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 275642
<AVERAGE-NET-ASSETS> 7809102
<PER-SHARE-NAV-BEGIN> 10.56
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> (.02)
<PER-SHARE-DIVIDEND> (.74)
<PER-SHARE-DISTRIBUTIONS> (.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.91
<EXPENSE-RATIO> 5.24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000920599
<NAME> MERRILL LYNCH MIDDLE EAST/AFRICA FUND, INC.
<SERIES>
<NUMBER> 003
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 9469646
<INVESTMENTS-AT-VALUE> 9496564
<RECEIVABLES> 183228
<ASSETS-OTHER> 302315
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9982107
<PAYABLE-FOR-SECURITIES> 56698
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 58923
<TOTAL-LIABILITIES> 115621
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10119280
<SHARES-COMMON-STOCK> 85110
<SHARES-COMMON-PRIOR> 95822
<ACCUMULATED-NII-CURRENT> 119801
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (396378)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23783
<NET-ASSETS> 843394
<DIVIDEND-INCOME> 133445
<INTEREST-INCOME> 92357
<OTHER-INCOME> 0
<EXPENSES-NET> (72586)
<NET-INVESTMENT-INCOME> 153216
<REALIZED-GAINS-CURRENT> (395861)
<APPREC-INCREASE-CURRENT> 349192
<NET-CHANGE-FROM-OPS> 106547
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (71137)
<DISTRIBUTIONS-OF-GAINS> (2502)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11046
<NUMBER-OF-SHARES-REDEEMED> (22462)
<SHARES-REINVESTED> 704
<NET-CHANGE-IN-ASSETS> (1063886)
<ACCUMULATED-NII-PRIOR> 752093
<ACCUMULATED-GAINS-PRIOR> 26364
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 54163
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 275642
<AVERAGE-NET-ASSETS> 921753
<PER-SHARE-NAV-BEGIN> 10.56
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> (.02)
<PER-SHARE-DIVIDEND> (.74)
<PER-SHARE-DISTRIBUTIONS> (.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.91
<EXPENSE-RATIO> 5.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000920599
<NAME> MERRILL LYNCH MIDDLE EAST/AFRICA FUND, INC.
<SERIES>
<NUMBER> 004
<NAME> CLASS D
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 9469646
<INVESTMENTS-AT-VALUE> 9496564
<RECEIVABLES> 183228
<ASSETS-OTHER> 302315
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9982107
<PAYABLE-FOR-SECURITIES> 56698
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 58923
<TOTAL-LIABILITIES> 115621
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10119280
<SHARES-COMMON-STOCK> 138962
<SHARES-COMMON-PRIOR> 147544
<ACCUMULATED-NII-CURRENT> 119801
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (396378)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23783
<NET-ASSETS> 1381180
<DIVIDEND-INCOME> 133445
<INTEREST-INCOME> 92357
<OTHER-INCOME> 0
<EXPENSES-NET> (72586)
<NET-INVESTMENT-INCOME> 153216
<REALIZED-GAINS-CURRENT> (395861)
<APPREC-INCREASE-CURRENT> 349192
<NET-CHANGE-FROM-OPS> 106547
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (121684)
<DISTRIBUTIONS-OF-GAINS> (3831)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8278
<NUMBER-OF-SHARES-REDEEMED> (19169)
<SHARES-REINVESTED> 2310
<NET-CHANGE-IN-ASSETS> (1063886)
<ACCUMULATED-NII-PRIOR> 752093
<ACCUMULATED-GAINS-PRIOR> 26364
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 54163
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 275642
<AVERAGE-NET-ASSETS> 1480287
<PER-SHARE-NAV-BEGIN> 10.63
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> (.02)
<PER-SHARE-DIVIDEND> (.82)
<PER-SHARE-DISTRIBUTIONS> (.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.94
<EXPENSE-RATIO> 4.47
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
