<PAGE>
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE
SECURITIES EXCHANGE ACT OF 1934
Filed by the Registrant [X]
Filed by a Party other than the Registrant [_]
Check the appropriate box:
[X] Preliminary Proxy Statement [_] Confidential, for Use of the
Commission Only (as permitted by
Rule 14a-6(e) (2))
[_] Definitive Proxy Statement
[_] Definitive Additional Materials
[_] Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12
Van Eck Funds
- --------------------------------------------------------------------------------
(Name of Registrant as Specified in Its Charter)
- --------------------------------------------------------------------------------
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[_] No fee required.
[X] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
(1) Title of each class of securities to which transaction applies:
Asia Infrastructure Fund - Class A and Class B Shares
- --------------------------------------------------------------------------------
(2) Aggregate number of securities to which transaction applies:
- --------------------------------------------------------------------------------
(3) Per unit price or other underlying value of transaction computed pursuant
to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is
calculated and state how it was determined):
$ 1,460,926 (net asset value of shares outstanding on April 30, 1997)
- --------------------------------------------------------------------------------
(4) Proposed maximum aggregate value of transaction:
$ 1,460,926
- --------------------------------------------------------------------------------
(5) Total fee paid:
$292.18
- --------------------------------------------------------------------------------
[_] Fee paid previously with preliminary materials.
N/A
- --------------------------------------------------------------------------------
[_] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number, or
the Form or Schedule and the date of its filing.
(1) Amount Previously Paid:
N/A
- -------------------------------------------------------------------------------
(2) Form, Schedule or Registration Statement No.:
N/A
- --------------------------------------------------------------------------------
(3) Filing Party:
N/A
- --------------------------------------------------------------------------------
(4) Date Filed:
N/A
- --------------------------------------------------------------------------------
<PAGE>
VAN ECK FUNDS
99 Park Avenue, 8th Floor
New York, NY 10016
_________, 1997
Dear Shareholder:
Attached are the Notice and Proxy Statement for a Special Meeting of
Shareholders of the Asia Infrastructure Fund to be held on _________, 1997.
This meeting is being held for the purpose of considering the proposed Plan of
Liquidation and Dissolution of the Asia Infrastructure Fund. The Plan
contemplates the liquidation of the Fund's assets, satisfaction of known
liabilities and distribution of proceeds to shareholders.
Please read the proxy statement carefully. It discusses the proposal as
well as the reasons why the Board of Trustees recommends that you vote FOR the
proposal.
Please take a moment now to sign and return the proxy card in the enclosed
postage-paid envelope. Your prompt attention in this matter benefits all
shareholders. Thank you.
Sincerely,
John C. van Eck
Chairman of the Board
<PAGE>
VAN ECK FUNDS
ASIA INFRASTRUCTURE FUND
99 Park Avenue, New York, New York 10016
(212) 687-5200 Toll Free (800) 221-2220
___________________________________________________
NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
_________, 1997
___________________________________________________
A SPECIAL MEETING OF SHAREHOLDERS OF ASIA INFRASTRUCTURE FUND (the "Fund"),
A SERIES OF VAN ECK FUNDS (the "Trust") will be held at the offices of the
Trust, 8th Floor, 99 Park Avenue, New York, New York on Wednesday, ________,
1997, at _______ P.M., New York Time, for the following purposes:
1. To consider and vote upon a Plan of Liquidation and Dissolution
pursuant to which the Fund's assets will be liquidated, known liabilities
satisfied and remaining proceeds distributed to shareholders; and
2. To consider and act upon any other matters which may properly come
before the meeting or any adjournment thereof.
Shareholders of record at the close of business on ___________, 1997 are
entitled to notice of, and to vote at the Special Meeting.
By order of the Board of Trustees,
THADDEUS LESZCZYNSKI,
Secretary
______________, 1997
________________________________________________________
WHETHER YOU EXPECT TO ATTEND THE SPECIAL MEETING OR NOT,
PLEASE COMPLETE, DATE AND SIGN THE ENCLOSED PROXY CARD
AND RETURN IT PROMPTLY.
<PAGE>
VAN ECK FUNDS
99 PARK AVENUE, NEW YORK, NEW YORK 10016
(212) 687-5200 TOLL FREE (800) 221-2220
PROXY STATEMENT
SPECIAL MEETING OF SHAREHOLDERS, _________, 1997
This Proxy Statement is furnished to shareholders of the Asia
Infrastructure Fund (the "Fund"), a series of Van Eck Funds (the "Trust"), in
connection with the solicitation by the Board of Trustees of the Trust of
proxies to be used at a Special Meeting of Shareholders of the Fund (the
"Special Meeting") to be held at the offices of the Trust, 99 Park Avenue, 8th
floor, New York, New York on Wednesday, ___________, 1997 at _____ o'clock P.M.,
New York Time, for the purposes set forth in the accompanying Notice of Special
Meeting of Shareholders. The enclosed proxy can be revoked by notice in writing
to the Trust at any time before it is exercised or by voting in person at the
Special Meeting. The cost of soliciting proxies will be borne by Van Eck
Associates Corporation (the "Adviser"). In addition to solicitation by mail,
some of the Trust's officers and employees, without extra remuneration, may
conduct additional solicitation by telephone, telegraph and personal interview.
This proxy soliciting material is being mailed to shareholders on or about
____________, 1997.
Each proxy will be voted in accordance with the shareholder's instruction
with respect to the proposal to approval a Plan of Liquidation and Dissolution
pursuant to which the Fund's assets will be liquidated, known liabilities
satisfied and the remaining proceeds distributed to shareholders (the "Plan").
If no such instruction is indicated, the proxy will be voted FOR approval of the
Plan.
Only shareholders of record at the close of business on _________, 1997 are
entitled to notice of, and to vote at, the Special Meeting and at any
adjournment(s) thereof.
In the event there are not sufficient votes to approve the proposal at the
time of the Special Meeting, the Special Meeting may be adjourned to permit
further solicitations of proxies by the Fund. If the Fund proposes to adjourn
the Special Meeting by a vote of the shareholders, the persons named in the
enclosed proxy card will vote all shares for which they have voting authority in
favor of such adjournment.
As of _________, 1997 there were outstanding approximately _______ shares
of beneficial interest of the Fund. Each full share is entitled to one full
vote and each such fractional share is entitled to a proportionate share of one
vote. As of such date, the Adviser owned of record or beneficially ____% of the
outstanding shares of the Fund. In addition, Sigrid van Eck, John C. van Eck
(Chairman of the Board of Trustees), Derek van Eck and Jan van Eck, all of whom
are persons controlling the Adviser owned of record or beneficially ___% of the
outstanding shares of the Fund. There were no other persons who were known to
the Fund to own of record more than 5% of the outstanding shares of the Fund as
of such date. The Adviser, Mr. and Mrs. van Eck and Jan van Eck have indicated
that they intend to vote the shares they own beneficially, in favor of the Plan.
Officers and other Trustees of the Fund, except as noted above, as a group owned
less than 1% of the outstanding shares of the Fund.
APPROVAL OF THE PLAN
BACKGROUND
The Fund seeks long-term capital appreciation by investing in the equity
securities of infrastructure companies that are expected to benefit from the
development and growth of the economies of the Asia region. The Fund selects its
portfolio securities primarily in "Asia Region infrastructure companies" (as
defined below).
<PAGE>
The "Asia Region" countries, for these purposes, are Burma, Cambodia, Hong Kong,
India, Indonesia, Korea, Laos, Malaysia, Pakistan, People's Republic of China,
the Philippines, Singapore, Sri Lanka, Taiwan, Thailand, Vietnam and Japan, or
such other countries in the region as the Board of Trustees approves from time
to time. The term "Asia Region infrastructure companies" includes companies that
are directly or indirectly involved to a significant extent in industries that
are engaged in the design, construction, development, manufacture, sale,
leasing, installation or operation of, or the ownership of property in
connection with, natural resource and energy services, telecommunications,
transportation systems, road and public works, and other industries, which, in
the opinion of the Adviser, relate to the development of the basic structure on
which a portion of the economic activities of a particular Asia Region country
relate. The Fund offers two classes of shares: Class A and Class B shares.
The Fund commenced operations on August 3, 1994. Sales of the Fund have
fallen short of expectations and it is unlikely that the current sales trend
will reverse anytime in the foreseeable future. As of April 30, 1997, total
assets of the Fund shares were approximately $1.5 million.
Since commencement of operations, the Adviser has been voluntarily
absorbing operating expenses of the Fund. The Adviser cannot reasonably be
expected to subsidize the operations of the Fund indefinitely and without
continued subsidization of the Fund by the Adviser, the Fund's expense ratio
would exceed that of many other funds with similar investment objectives. This
would have an adverse impact on the Fund's performance. As a result, the Fund's
current asset base could decline and the Fund's expense ratio would rise as
certain fixed costs would be spread over a shrinking asset base. Expenses
assumed by the Adviser are estimated to be $61,883 for the six months ended June
30, 1997.
The Adviser has indicated to the Board of Trustees that it was not prepared
to continue expense reimbursement past ________, 1997. The Fund's distributor
has also indicated that because of current market conditions, there is no
reasonable prospect of increasing assets through increased sales efforts. Faced
with a potentially high expense ratio beginning in _______ 1997, in an
environment where sales trends are unlikely to reverse themselves in the
foreseeable future, on April 22, 1997 the Board of Trustees, including a
majority of the Trustees who are not "interested persons," as defined in the
Investment Company Act of 1940, considered and unanimously voted to approve the
Plan. In reaching its decision, the Board of Trustees considered the continuing
high level of expenses of the Fund and the adverse impact a discontinuance of
the Adviser's subsidization of such expenses would have on the Fund and its
shareholders.
DESCRIPTION OF THE PLAN
Pursuant to the Plan, as soon as practicable following shareholder
approval, which is currently expected to occur on _________, 1997 (the
"Distribution Date"), the Fund will redeem the shares held in the Asia
Infrastructure Fund, satisfy the Fund's known obligations and distribute the
Liquidation Value (as hereafter defined) to shareholders. Promptly thereafter
the officers of the Fund will take all necessary and appropriate action to
effect a complete statutory dissolution of the Fund. The Fund anticipates the
Liquidation Value will be paid in cash. A copy of the Plan is attached as
Exhibit A.
Fund assets will be sold in an orderly manner and, after payment of
expenses, the remaining cash and other assets will be distributed to
shareholders as soon as practicable. Each share of the Fund will entitle the
holder to receive cash or other assets equal to the per share net asset value of
the Fund at the time of liquidation. For tax purposes, upon distribution of the
Liquidation Value, shareholders will recognize a taxable gain or loss equal to
the difference between (i) the amount of the Liquidation Value and (ii) the
shareholder's adjusted tax basis in shares of the Fund. Such gain or loss will
be treated as a long-term or short-term capital gain or loss depending upon the
period of time the shares were held prior to liquidation. Under federal tax
laws, distributions on shares held for more than one year will result in long-
term capital gain or loss and distributions on shares held for one year or less
will result in a short-term capital gain or loss. A shareholder holding Fund
2
<PAGE>
shares as part of an IRA account or other retirement account should either
exchange into another Van Eck Fund or complete a transfer of assets to another
IRA or retirement plan in advance of the liquidation (or within 60 days
thereafter) to avoid possible IRS penalties for premature distribution. All
shareholders are urged to seek independent advice regarding the possible federal
income tax consequences of the proposed liquidation as applied to the
shareholder's own circumstances.
The Liquidation Value will be determined in the same manner as the Fund's
net asset value is determined on a daily basis. "Liquidation Value" means, as
of the Distribution Date, the aggregate value of all assets of the Fund, less
the sum of the aggregate amount of all liabilities of the Fund, divided by the
total number of issued and outstanding shares of the Fund. The Adviser has
agreed to absorb all expenses of the Fund associated with effecting the
transactions contemplated by the Plan, as well as all unamortized organization
expenses of the Fund outstanding on the Distribution Date.
Class B shares of the Fund were sold to shareholders subject to a
contingent deferred sales load ("CDSL") which would have been applied at the
time of redemption against the lesser of the purchase price of such shares or
their net asset value at the time of redemption. The Fund's distributor has
agreed not to charge such CDSL to Class B shareholders upon liquidation and
dissolution of the Fund. Class A shares are not subject to any CDSL.
No shareholder will have any dissenter's rights or right of appraisal with
the liquidation and dissolution of the Fund. Shareholders, of course, have the
right to exchange their Fund shares for shares of any of the Van Eck Funds at
net asset value or may redeem their shares at net asset value on any day the
Fund is open for business prior to the day before the Distribution Date. Those
shareholders who elected the telephone exchange privilege may exchange their
shares by calling the Fund at (800) 345-8506. Shareholders are also directed to
the section "Exchange Privilege" in the Fund's prospectus for more information
on their exchange options.
REQUIRED VOTE
Approval of the Plan is to be determined by the vote of a majority of the
outstanding shares of the Fund which means an affirmative vote of the lesser of
(1) a majority of the outstanding shares of the Fund, or (2) 67% or more of the
shares of the Fund represented at the Special Meeting if more than 50% of the
outstanding shares of the Fund are present or represented by proxy.
A proxy that is properly executed and returned accompanied by instructions
to withhold authority to vote with respect to the reorganization represents a
broker "non-vote" (that is, a proxy from a broker or nominee indicating that
such person has not received instructions from the beneficial owner or other
person entitled to vote shares on the particular matter with respect to which
the broker or nominee does not have the discretionary power), and the shares
represented thereby will be considered not to be present at the Special Meeting
for purposes of determining the existence of a quorum for the transaction of
business for that proposal and be deemed not cast with respect to such proposal.
Also, a properly executed and returned proxy marked with an abstention will be
considered present at the Meeting for purposes of determining the existence of a
quorum for the transaction of business. However, abstentions and broker "non-
votes" do not constitute a vote "for" or "against" the matter, and, therefore
have the effect of a negative vote on matters which require approval by a
requisite percentage of the outstanding shares.
The Board of Trustees recommends a vote FOR this Proposal.
3
<PAGE>
OTHER MATTERS TO COME BEFORE THE MEETING
The Trustees do not intend to present any other business at the Special
Meeting, nor are they aware that any shareholder intends to do so. If, however,
any other matters are properly brought before the Special Meeting, the persons
named in the accompanying form of proxy will vote thereon in accordance with
their judgment.
WHETHER OR NOT YOU PLAN TO ATTEND, IT WOULD BE APPRECIATED IF YOU WOULD FILL IN
THE DATE AND SIGN THE ENCLOSED PROXY AND RETURN IT PROMPTLY IN THE ENCLOSED
ENVELOPE. NO POSTAGE IS NECESSARY IF IT IS MAILED IN THE CONTINENTAL UNITED
STATES.
4
<PAGE>
EXHIBIT A
---------
PLAN OF LIQUIDATION AND DISSOLUTION
PLAN OF LIQUIDATION AND DISSOLUTION dated as of April 22, 1997 adopted by
Van Eck Funds, a Massachusetts business trust (the "Trust"), on behalf of the
Asia Infrastructure Fund, a series of the Trust (the "Fund").
W I T N E S S E T H:
-------------------
WHEREAS, the Trust is an open-end management investment company registered
under the Investment Company Act of 1940, as amended (the "1940 Act");
WHEREAS, this Plan is intended to be and is adopted as a plan of complete
liquidation and dissolution, pursuant to which all of the assets of the Fund
shall be liquidated at such prices and on such terms and conditions as the
officers of the Trust, in consultation with the Fund's investment adviser, shall
determine to be reasonable and in the best interests of the Fund and its
shareholders, all as hereinafter set forth in this Plan; and
WHEREAS, the Trustee of the Trust, including a majority of the Trustees who
are not interested persons, have determined the liquidation and dissolution of
the Fund as contemplated by this Plan is in the best interests of the Fund.
NOW, THEREFORE, the Trustees hereby declare the following Plan:
1. AUTHORIZATION OF TRUSTEES AND OFFICERS. The Board of Trustees and
--------------------------------------
officers of the Trust are hereby authorized and directed to wind up the affairs
of the Fund, subject to the requirements of Section 10 of this Plan.
2. LIQUIDATION OF ASSETS. The assets of the Fund shall be liquidated at
---------------------
such prices and on such terms and conditions as the officers of the Trust, in
consultation with the Fund's investment adviser, shall determine to be
reasonable and in the best interests of the Fund and its shareholders.
3. INVESTMENTS PENDING LIQUIDATION. To the extent feasible, the Fund
-------------------------------
shall take a defensive position pending liquidation and concentrate its
investments in cash and high-quality fixed income short-term securities with a
view to facilitating an orderly liquidation of the Fund's portfolio.
4. EXPENSES. Van Eck Associates Corporation will bear all expenses of
--------
the Fund associated with effecting the transactions contemplated by this Plan as
well as unamortized organizational expenses of the Fund outstanding on the
Distribution Date.
5. SALES OF SHARES. Effective May 1, 1997, the Fund shall accept no
---------------
orders for shares from any new investor, nor shall the Fund sell additional
shares to any existing shareholder, except as a result of dividends and capital
gain distributions paid in additional shares to shareholders of record in the
manner set forth in the Fund's current prospectus.
6. LIQUIDATION. Subject to the requirements of Section 10 of this Plan,
-----------
as soon as practicable after the consummation of the sale or distribution of the
Fund's portfolio securities and the payment of all the Fund's known liabilities
and obligations, the officers of the Fund shall determine the Liquidation Value
(as such term is hereinafter defined) of the Fund's shares (the date of such
determination shall be referred to herein as the "Distribution Date"). The
Liquidation Value shall be determined in the same manner as the Fund's net asset
value is determined on a daily basis. Accordingly, the term "Liquidation Value"
means, as of the Distribution
<PAGE>
Date, (i) the aggregate value of all of the assets of the Fund, less (ii) the
sum of the aggregate amount of all of the liabilities of the Fund, divided by
(iii), the total number of issued and outstanding shares of the Fund. The Board
of Trustees may, if appropriate, authorize the establishment of a reserve to
meet any contingent liabilities of the Fund, which amount, if any, shall be
deducted pro rata from the Liquidation Value.
7. LIQUIDATING TRUST. In the event the Fund is unable to distribute all
-----------------
its assets pursuant to the Plan because of its inability to locate shareholders
to whom Liquidation Distributions will be sent, the Fund may create, at the
expense of such shareholders, a liquidating trust with a financial institution
and deposit any remaining assets of the Fund for the benefit of the shareholders
that cannot be located.
8. DISSOLUTION. As soon as practicable after the distribution of all of
-----------
the Fund's assets in complete liquidation, the officers of the Trust will close
the books of the Fund and prepare and file, in a timely manner, any and all
required income tax returns and other documents and instruments and file or
cause to be filed, with the Secretary of the Commonwealth of Massachusetts and
any other appropriate governmental authorities, any and all documents and
instruments necessary to effect a complete statutory dissolution of the Fund.
As soon as practicable after the complete statutory dissolution of the Fund, the
officers of the Trust will file or cause to be filed with the Securities and
Exchange Commission and any state in which the Trust's shares were sold, any and
all documents and instruments necessary to terminate the regulation of the Fund
and its business and affairs by the Securities and Exchange Commission and any
such state. Thereafter, the Fund will cease to exist and no shareholder will
have any interest whatsoever in the Fund.
9. DISSENTERS' RIGHTS. No shareholder shall have any dissenters' right
------------------
or right of appraisal in connection with the liquidation and dissolution of the
Fund.
10. SHAREHOLDER APPROVAL. Approval of this Plan is to be determined by
--------------------
the vote of a majority of the outstanding shares of the Fund, which means an
affirmative vote of the lesser of (i) a majority of the outstanding shares of
the Fund, or (2) 67% or more of the shares of the Fund represented at this
meeting of the shareholders called for the purpose of considering this issue.
A-2
<PAGE>
IN WITNESS WHEREOF, the Trustee have caused this Plan to be executed on
behalf of the Fund as of the date first set forth above by their duly authorized
representatives.
VAN ECK FUNDS,
on behalf of its Asia Infrastructure Fund
Attest:
/s/ /s/
_____________________________ _______________________________________
Thaddeus Leszczynski John C. van Eck
Secretary President
The undersigned hereby accept its obligation to pay expenses pursuant to
Section 4 hereof.
VAN ECK ASSOCIATES CORPORATION
Attest:
/s/ /s/
_____________________________ _______________________________________
Philip DeFeo, President
A-3
<PAGE>
VAN ECK FUNDS
ASIA INFRASTRUCTURE FUND
PROXY FOR SPECIAL SHAREHOLDERS MEETING TO BE HELD ___________, 1997
The undersigned shareholder of ASIA INFRASTRUCTURE FUND (the "Fund"), a
series of Van Eck Funds, having received Notice of the Meeting of Shareholders
of the Fund to be held on ___________, 1997 and the Proxy Statement accompanying
such Notice, hereby constitutes and appoints Thaddeus Leszczynski, Barbara
Allen, Susan Grant and each of them, true and lawful attorneys or attorney for
the undersigned, with several powers of substitution, for and in the name, place
and stead of the undersigned, to attend and vote all shares of the Fund which
the undersigned would be entitled to vote at the Meeting to be held at 99 Park
Avenue, 8th Floor, New York, New York, on ____________, _____________, 1997, at
______ P.M., New York Time, and at any and all adjournments thereof, with all
powers the undersigned would possess if personally present.
Dated: , 1997
-----------------
------------------------------
Signature of Shareholder
-------------------------------
Signature of Co-Owner
For joint accounts, all co-owners
must sign. Executors,
administrators, trustees, etc.
should so indicate when signing.
<PAGE>
THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE PROPOSAL. THE SHARES
---
REPRESENTED HEREBY WILL BE VOTED AS INDICATED BELOW OR FOR THE PROPOSAL IF NO
CHOICE IS INDICATED.
---
PROPOSAL
--------
1. To approve a Plan of Liquidation and Dissolution pursuant to which the
Fund's assets will be liquidated, known liabilities satisfied and remaining
proceeds distributed to shareholders.
FOR__________ AGAINST__________ ABSTAIN__________
Please mark your proxy, date and sign it and return it promptly in
the accompanying envelope which requires no postage if mailed in the United
States.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> ASIA INFRASTRUCTURE
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-02-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1,980,032
<INVESTMENTS-AT-VALUE> 1,871,300
<RECEIVABLES> 51,584
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 367,579
<TOTAL-ASSETS> 2,290,463
<PAYABLE-FOR-SECURITIES> 36,454
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,919
<TOTAL-LIABILITIES> 65,373
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,520,900
<SHARES-COMMON-STOCK> 249,598
<SHARES-COMMON-PRIOR> 97,613
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (186,979)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (108,831)
<NET-ASSETS> 2,225,090
<DIVIDEND-INCOME> 20,178
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<EXPENSES-NET> 29,220
<NET-INVESTMENT-INCOME> (9,042)
<REALIZED-GAINS-CURRENT> 251,675
<APPREC-INCREASE-CURRENT> (68,686)
<NET-CHANGE-FROM-OPS> 173,947
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 274,244
<NUMBER-OF-SHARES-REDEEMED> 122,259
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,086,247
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (439,705)
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 122,775
<AVERAGE-NET-ASSETS> 1,534,000
<PER-SHARE-NAV-BEGIN> 0
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
