<PAGE> PAGE 1
000 A000000 11/30/97
000 C000000 0000921892
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 DEAN WITTER INTERNATIONAL SMALLCAP FUND
001 B000000 811-7169
001 C000000 2123922550
002 A000000 TWO 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 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 DEAN WITTER INTERCAPITAL INC.
008 B000001 A
008 C000001 801-42061
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10048
008 A000002 MORGAN GRENFELL INVESTMENT SERVICES LIMITED
008 B000002 S
008 C000002 801-12880
008 D010002 LONDON
008 D050002 UNITED KINGDOM
011 A000001 DEAN WITTER DISTRIBUTORS INC.
011 B000001 8-45262
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10048
012 A000001 DEAN WITTER TRUST FSB
012 B000001 84-1785
012 C010001 JERSEY CITY
<PAGE> PAGE 2
012 C020001 NJ
012 C030001 07302
013 A000001 PRICE WATERHOUSE LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
014 A000001 DEAN WITTER REYNOLDS INC.
014 B000001 8-14172
014 A000002 CJ LAWRENCE DEUTSCHE BANK SECURITIES CORP.
014 B000002 8-00000
014 A000003 CJ LAWRENCE (UK) LIMITED
014 B000003 8-00000
014 A000004 DEUTSCHE MORGAN GRENFELL & PARTNERS SEC. PTE
014 B000004 8-00000
014 A000005 DEUTSCHE BANK AG
014 B000005 8-00000
014 A000006 BAIN & COMPANY LIMITED
014 B000006 8-000000
014 A000007 BAIN & COMPANY (SECURITIES) LIMITED
014 B000007 8-000000
014 A000008 MCLEAN MCCARTHY LIMITED
014 B000008 8-000000
014 A000009 MORGAN GRENFELL ASIA SECURITIES (HK) LIMITED
014 B000009 8-000000
014 A000010 PT MORGAN GRENFELL ASIA INDONESIA
014 B000010 8-000000
014 A000011 K & N KENANGA SDN BHD
014 B000011 8-000000
014 A000012 MORGAN GRENFELL PHILIPPINES SECURITIES INC.
014 B000012 8-000000
014 A000013 UNITED SECURITIES CORP. LIMITED
014 B000013 8-000000
014 A000014 MORGAN GRENFELL SECURITIES (THAILAND) CO LTD
014 B000014 8-000000
014 A000015 MORGAN GRENFELL ASIA-KENANGA SDN BHN
014 B000015 8-000000
014 A000016 DEUTSCHE BANK (SCHWEIZ) AG
014 B000016 8-000000
014 A000017 D.B. SECURITIES SOCIEDAD DE VALORES
014 B000017 8-000000
014 A000018 DEUTSCHE BANK DE BARY NV
014 B000018 8-000000
014 A000019 MORGAN GRENFELL & CO. LIMITED
014 B000019 8-000000
014 A000020 DEUTSCHE BANK BOURSE S.N.C.
014 B000020 8-000000
014 A000021 DEUTSCHE BANK SECURITIES SIM S.P.A.
014 B000021 8-000000
014 A000022 MORGAN STANLEY & CO. INCORPORATED
014 B000022 8-15869
015 A000001 THE CHASE MANHATTAN BANK,N.A.
<PAGE> PAGE 3
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10081
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 128
019 C000000 DEANWITTER
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000001 13-5674085
020 C000001 35
020 A000002 SBC WARBURG DILLION READ
020 B000002 13-1939216
020 C000002 29
020 A000003 NOMURA SECURITIES INT'L, INC.
020 B000003 13-2642206
020 C000003 19
020 A000004 BARCLAYS DEZOETE
020 B000004 13-3551367
020 C000004 13
020 A000005 JAMES CAPEL & CO.
020 B000005 13-2650272
020 C000005 12
020 A000006 NIKKO SECURITIES
020 B000006 94-1302123
020 C000006 11
020 A000007 ROBERT FLEMING
020 B000007 N/A
020 C000007 9
020 A000008 WI CARR
020 B000008 N/A
020 C000008 9
020 A000009 BARING SECURITIES
020 B000009 04-2455153
020 C000009 9
020 A000010 CAZENOVE & CO.
020 B000010 94-1658752
020 C000010 8
021 000000 251
022 A000001 GOLDMAN SACHS & CO.
022 B000001 13-5108880
022 C000001 127068
022 D000001 25
022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000002 13-5674085
022 C000002 38730
022 D000002 951
022 A000003 BANCAMERICA ROBERTSON STEPHENS
022 B000003 95-4035346
022 C000003 36992
<PAGE> PAGE 4
022 D000003 0
022 A000004 MORGAN GRENFELL INV. MGT. LTD.
022 B000004 FOREIGN
022 C000004 0
022 D000004 13997
022 A000005 LEHMAN BROTHERS
022 B000005 13-2518466
022 C000005 5133
022 D000005 0
022 A000006 SBC WARBURG DILLION READ
022 B000006 13-1939216
022 C000006 1009
022 D000006 455
022 A000007 ROBERT FLEMING & CO.
022 B000007 N/A
022 C000007 859
022 D000007 140
022 A000008 CAZENOVE INC.
022 B000008 94-1658752
022 C000008 189
022 D000008 371
022 A000009 UBS SECURITIES
022 B000009 13-2932996
022 C000009 148
022 D000009 220
022 A000010 HOARE GOVETT ASIA LTD.
022 B000010 FOREIGN
022 C000010 71
022 D000010 188
023 C000000 211072
023 D000000 16623
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
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 1314
<PAGE> PAGE 5
028 A020000 0
028 A030000 0
028 A040000 3653
028 B010000 833
028 B020000 0
028 B030000 0
028 B040000 3473
028 C010000 592
028 C020000 0
028 C030000 0
028 C040000 4719
028 D010000 1164
028 D020000 0
028 D030000 0
028 D040000 5106
028 E010000 1203
028 E020000 0
028 E030000 0
028 E040000 6172
028 F010000 438
028 F020000 0
028 F030000 0
028 F040000 3231
028 G010000 5544
028 G020000 0
028 G030000 0
028 G040000 26354
028 H000000 5466
029 000000 Y
030 A000000 2
030 B000000 5.25
030 C000000 0.00
031 A000000 1
031 B000000 0
032 000000 0
033 000000 1
034 000000 Y
035 000000 206
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
<PAGE> PAGE 6
042 G000000 0
042 H000000 0
043 000000 469
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 1.250
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
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 Y
<PAGE> PAGE 7
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 1000
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
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 Y
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
<PAGE> PAGE 8
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 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 28277
071 B000000 60823
071 C000000 87451
071 D000000 32
072 A000000 6
072 B000000 63
072 C000000 690
072 D000000 0
072 E000000 0
072 F000000 586
072 G000000 0
072 H000000 0
072 I000000 117
072 J000000 49
072 K000000 0
072 L000000 44
072 M000000 6
072 N000000 36
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 26
072 S000000 8
072 T000000 469
072 U000000 19
072 V000000 0
072 W000000 8
<PAGE> PAGE 9
072 X000000 1368
072 Y000000 0
072 Z000000 -615
072AA000000 2198
072BB000000 0
072CC010000 0
072CC020000 12470
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 661
074 B000000 0
074 C000000 12500
074 D000000 278
074 E000000 2341
074 F000000 54904
074 G000000 0
074 H000000 0
074 I000000 1
074 J000000 244
074 K000000 2776
074 L000000 149
074 M000000 110
074 N000000 73964
074 O000000 68
074 P000000 144
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 140
074 S000000 0
074 T000000 73612
074 U010000 9382
074 U020000 18
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 13999
074 Y000000 0
075 A000000 0
075 B000000 93486
076 000000 0.00
077 A000000 Y
077 B000000 N
077 C000000 Y
077 D000000 N
<PAGE> PAGE 10
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 B000000 0
084 B000000 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE BARRY FINK
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Dean Witter International SmallCap Fund
Semi-Annual 11/30/97
</LEGEND>
<CIK> 0000921892
<NAME> DEAN WITTER INTERNATIONAL SMALLCAP FUND - CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 67,880,544
<INVESTMENTS-AT-VALUE> 70,024,641
<RECEIVABLES> 3,168,154
<ASSETS-OTHER> 771,279
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 73,964,074
<PAYABLE-FOR-SECURITIES> 67,709
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 284,827
<TOTAL-LIABILITIES> 352,536
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 96,259,425
<SHARES-COMMON-STOCK> 3,700
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (2,495,021)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (22,243,832)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,090,966
<NET-ASSETS> 29,036
<DIVIDEND-INCOME> 690,123
<INTEREST-INCOME> 63,234
<OTHER-INCOME> 0
<EXPENSES-NET> 1,368,096
<NET-INVESTMENT-INCOME> (614,739)
<REALIZED-GAINS-CURRENT> 2,197,978
<APPREC-INCREASE-CURRENT> (12,470,159)
<NET-CHANGE-FROM-OPS> (10,886,920)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,080
<NUMBER-OF-SHARES-REDEEMED> (380)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (31,696,647)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (24,441,810)
<OVERDISTRIB-NII-PRIOR> (1,880,282)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 585,886
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,368,096
<AVERAGE-NET-ASSETS> 31,181
<PER-SHARE-NAV-BEGIN> 8.96
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> (1.08)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.85
<EXPENSE-RATIO> 2.23
<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
<LEGEND>
Dean Witter International SmallCap Fund - Class B
Semi-Annual 11/30/97
</LEGEND>
<CIK> 0000921892
<NAME> DEAN WITTER INTERNATIONAL SMALLCAP - CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 67,880,544
<INVESTMENTS-AT-VALUE> 70,024,641
<RECEIVABLES> 3,168,154
<ASSETS-OTHER> 771,279
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 73,964,074
<PAYABLE-FOR-SECURITIES> 67,709
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 284,827
<TOTAL-LIABILITIES> 352,536
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 96,259,425
<SHARES-COMMON-STOCK> 9,378,000
<SHARES-COMMON-PRIOR> 11,810,008
<ACCUMULATED-NII-CURRENT> (2,495,021)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (22,243,832)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,090,966
<NET-ASSETS> 73,438,142
<DIVIDEND-INCOME> 690,123
<INTEREST-INCOME> 63,234
<OTHER-INCOME> 0
<EXPENSES-NET> 1,368,096
<NET-INVESTMENT-INCOME> (614,739)
<REALIZED-GAINS-CURRENT> 2,197,978
<APPREC-INCREASE-CURRENT> (12,470,159)
<NET-CHANGE-FROM-OPS> (10,886,920)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 612,426
<NUMBER-OF-SHARES-REDEEMED> (3,044,434)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (31,696,647)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (24,441,810)
<OVERDISTRIB-NII-PRIOR> (1,880,282)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 585,886
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,368,096
<AVERAGE-NET-ASSETS> 93,415,781
<PER-SHARE-NAV-BEGIN> 8.92
<PER-SHARE-NII> (0.06)
<PER-SHARE-GAIN-APPREC> (1.03)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.83
<EXPENSE-RATIO> 2.92
<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
<LEGEND>
Dean Witter International SmallCap Fund - Class C
Semi-Annual 11/30/97
</LEGEND>
<CIK> 0000921892
<NAME> DEAN WITTER INTERNATIONAL SMALLCAP - CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 67,880,544
<INVESTMENTS-AT-VALUE> 70,024,641
<RECEIVABLES> 3,168,154
<ASSETS-OTHER> 771,279
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 73,964,074
<PAYABLE-FOR-SECURITIES> 67,709
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 284,827
<TOTAL-LIABILITIES> 352,536
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 96,259,425
<SHARES-COMMON-STOCK> 8,598
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (2,495,021)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (22,243,832)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,090,966
<NET-ASSETS> 67,332
<DIVIDEND-INCOME> 690,123
<INTEREST-INCOME> 63,234
<OTHER-INCOME> 0
<EXPENSES-NET> 1,368,096
<NET-INVESTMENT-INCOME> (614,739)
<REALIZED-GAINS-CURRENT> 2,197,978
<APPREC-INCREASE-CURRENT> (12,470,159)
<NET-CHANGE-FROM-OPS> (10,886,920)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,598
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (31,696,647)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (24,441,810)
<OVERDISTRIB-NII-PRIOR> (1,880,282)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 585,886
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,368,096
<AVERAGE-NET-ASSETS> 60,766
<PER-SHARE-NAV-BEGIN> 8.96
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> (1.08)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.83
<EXPENSE-RATIO> 3.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Dean Witter International SmallCap Fund - Class D
Semi-Annual 11/30/97
</LEGEND>
<CIK> 0000921892
<NAME> DEAN WITTER INTERNATIONAL SMALLCAP - CLASS D
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 67,880,544
<INVESTMENTS-AT-VALUE> 70,024,641
<RECEIVABLES> 3,168,154
<ASSETS-OTHER> 771,279
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 73,964,074
<PAYABLE-FOR-SECURITIES> 67,709
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 284,827
<TOTAL-LIABILITIES> 352,536
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 96,259,425
<SHARES-COMMON-STOCK> 9,803
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (2,495,021)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (22,243,832)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,090,966
<NET-ASSETS> 77,028
<DIVIDEND-INCOME> 690,123
<INTEREST-INCOME> 63,234
<OTHER-INCOME> 0
<EXPENSES-NET> 1,368,096
<NET-INVESTMENT-INCOME> (614,739)
<REALIZED-GAINS-CURRENT> 2,197,978
<APPREC-INCREASE-CURRENT> (12,470,159)
<NET-CHANGE-FROM-OPS> (10,886,920)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,803
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (31,696,647)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (24,441,810)
<OVERDISTRIB-NII-PRIOR> (1,880,282)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 585,886
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,368,096
<AVERAGE-NET-ASSETS> 11,698
<PER-SHARE-NAV-BEGIN> 8.96
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> (1.07)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.86
<EXPENSE-RATIO> 2.12
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
