VOLUMETRIC FUND, INC.
1996 HIGHLIGHTS
* NET ASSET VALUE PER SHARE INCREASED 15.5%.
* TOTAL NET ASSETS REACHED A RECORD $14.3 MILLION.
* DIVIDEND DISTRIBUTION OF $1.21 WAS DECLARED ON 12/31/96.
* WITH THE "STRENGTH AND PROTECTION" SYSTEM VOLUMETRIC
BECOMES THE FIRST "GROWTH AND PROTECTION" FUND.
* STANDARD & POOR 500 DEPOSITORY RECEIPTS ARE INTRODUCED.
To Our Shareholders:
Volumetric posted a 15.5% gain in net asset value (NAV) for 1996 and
closed out the year at $18.38. Our annual advance included a strong, 7.4% gain
in the fourth quarter. We are also pleased to announce that the Volumetric Index
closed out the year at $103,189, the first time over $100,000. The Index
measures the value of a $10,000 hypothetical investment in the Fund on January
1, 1979, with dividends reinvested. During 1996, the large-cap weighted NYSE
Index advanced 18.3%. However, since inception Volumetric has outperformed the
New York Stock Exchange Composite Index in 12 of the past 18 years. Our average
annual return since inception has been 14.5%, as compared to the NYSE Index that
had a 12.1% average return in the same period.
As of December 31, 1996, the Fund had $14.3 million in net assets, a
year-end record. Our portfolio was invested in 56 stocks, representing 93.1% of
the total, and 6.9% in cash and equivalents.
FOURTH QUARTER PORTFOLIO CHANGES
Our five best performing stocks at year-end were: Interstate Bakeries,
up 189%, Avery-Dennison, up 137%, North Fork Bank, up 96%, Lockheed Martin, up
89% and Allied Signal, up 87%. Our best pick in the fourth quarter was Tyco
Toys. Shortly after we bought this stock in October at 6 1/4, Tyco received a
tender offer from Mattel at 12 1/2. We took profits and sold the stock at 11 7/8
in December.
During the fourth quarter the following stocks were added to our
portfolio: American Express, Baldor Electric, Bindley-Western, Centex, Chrysler,
Dallas Semiconductor, Dana, Donaldson Lufkin Jenrette, Excel Realty Trust,
Glendale Federal, Ionics, Longview Fibre, Paine Webber, Rockwell International,
RPM Corp., Teleflex, Tultex, Universal Corp. and Wallace Computer Services.
The following stocks were sold in the fourth quarter: Alex Brown,
California Federal, Clorox, Dean Foods, Dillard Department Stores, Dow Jones,
Giant Foods, Hannaford, Harcourt General, Inco, Ingersoll-Rand, Interpublic
Group, Lawyers Title, Luby's, Mark IV Industries, Newell, Norfolk Southern,
Pall, Penney, J.C., Raytheon, Safety-Kleen, Shaw Industries, Stride Rite, US
LIFE and Wendy's.
<PAGE>
DIVIDENDS AND DISTRIBUTIONS
On December 31, 1996, Volumetric Fund declared an annual distribution
of $1.21 per share -- representing $0.86 per share long-term capital gains and
$0.35 ordinary dividend -- to shareholders of record at December 31, 1996.
Reinvesting shareholders received 7.05% more Volumetric shares on January 1,
1997. At the same time, our NAV was reduced by $1.21 per share, from $18.38 to
the reinvestment and 1997 opening price of $17.17.
GROWTH AND PROTECTION
We are pleased with the performance of our one year old "Strength and
Protection" system. Volumetric, categorized generally as a growth fund, may very
well be the first "Growth and Protection" fund in the mutual fund industry. Our
triple objective of consistent growth, below average volatility and downside
protection were successfully achieved in 1996.
To provide growth and upside momentum, the Fund's portfolio contains a
diversified group of high relative strength stocks which are less than 10% from
their 52-week record highs. Generally, these stocks will keep on going and reach
higher highs. To provide downside protection, they will be sold whenever a
stock's daily closing price drops more than 10-15% from their latest high. The
exact point when a stock is sold depends on our proprietary formula called the
"Strength Index." Based on mathematical calculations, we can state with 90%
confidence that the Fund's NAV should never decline more than 8% from its own
record high, irrespective of market conditions, and with 99% confidence, that it
should not decline more than 10% from that high. These values are probabilities
and not guarantees.
The introduction of the Standard and Poor 500 Depository Receipts (SPY)
was described in our third quarter report. This adds additional growth and
protection to Volumetric. With our volume based "buy" and "sell" signals, we
have a very reliable system to predict stock market direction. When we get a
"buy" signal, we buy SPY shares--up to 10% of our portfolio. When we get a
"sell" signal we sell them. Thus, in the "buy mode" the SPY portion of our
portfolio will grow with the S&P 500 index during rallies. In the "sell mode" we
will have some instant cash and protection against a correction. Since
introduced last July, all of our trades in SPY shares were profitable. As of
December 31, 1996, we were in the "buy mode", and S & P 500 Depository Receipts
represented 6.7% of our portfolio.
UPDATE AND OUTLOOK
The year of 1997 has started out well for Volumetric. As of February
14, our NAV advanced 5.4%, from the opening price of $17.17 to a new annual
record of $18.10. We are still in the "buy mode". One of our best performing
stocks in January was Intel. It moved up 24% during the month bringing our gain
in the stock to 126%.
A strong January and continuous money flow into stocks this year
indicate that the market will move higher again in 1997 although with higher
volatility. We believe a double digit advance for Volumetric is again
achievable. The discovery of the "Strength and Protection" system has started a
new era in the history of our Fund. The system will carry us higher during
market advances and protect us against corrections, when they occur.
We appreciate your participation in Volumetric Fund. Please call us, if
you have any questions.
February 14, 1997
Sincerely,
\s\ Gabriel J. Gibs \s\ Irene J. Zawitkowski
Gabriel J. Gibs Irene J. Zawitkowski
President Executive Vice President
<PAGE>
HISTORICAL RECORD
VOLUMETRIC FUND % Return from Previous December 31
<TABLE>
<S> <C> <C> <C> <C> <C>
Value of $10,000 Inflation
Date Investment on Net Assets Volumetric N.Y.S.E. Rate (C.P.I.)** n
1/1/79* Fund, Inc. Index
12/31/96 $103,189 $14,286,584 +15.5% +18.3% + 3.3%
12/31/95 89,336 12,488,761 +17.3 +31.3 + 2.3
12/31/94 76,104 11,155,177 - 2.2 - 3.2 + 2.7
12/31/93 77,839 11,764,902 + 2.0 + 7.9 + 2.7
12/31/92 76,311 9,936,452 +10.6 + 4.7 + 2.9
12/31/91 68,902 7,381,723 +35.2 +24.0 + 3.1
12/31/90 50,963 4,520,623 - 5.2 - 7.5 + 6.1
12/31/89 53,743 4,827,545 +16.0 +24.8 + 4.5
12/31/88 46,349 3,401,136 +20.0 +12.9 + 4.4
12/31/87 38,637 2,541,231 - 1.5 - 0.3 + 4.4
12/31/86 39,225 2,151,535 + 7.4 +14.0 + 1.1
12/31/85 36,524 1,568,787 +31.9 +26.1 + 3.7
12/31/84 27,696 986,240 + 6.7 + 1.3 + 4.0
12/31/83 26,321 852,103 +18.7 +17.4 + 3.8
12/31/82 21,876 505,861 +16.9 +14.0 + 3.9
12/31/81 18,712 290,709 +17.0 - 8.7 + 8.9
12/31/80 15,991 174,533 +37.5 +25.7 + 12.4
12/31/79 11,630 73,187 +16.3 +15.5 + 13.3
1/1/79 10,000 25,428 - - -
------- ------ -------
Annual Average +14.5% +12.1% + 4.9%
</TABLE>
- --------------------------------------------------------
*Assumes reinvestment of all dividends and distributions
**Consumer Price Index
<PAGE>
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each year)
Year Ended December 31
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1996 1995 1994 1993 1992 1991 1990 1989 1988
---- ---- ---- ---- ---- ---- ---- ---- ----
Net Asset Value, Beginning of Period $ 16.81 $ 14.33 $ 16.09 $ 16.48 $ 16.13 $ 12.10 $ 14.10 $ 13.10 $ 11.04
Income from Investment Operations:
Net Investment Income 0.03 0.03 0.03 0.02 0.10 0.12 0.18 0.10 0.24
Net Realized and Unrealized
Gains and Losses on Securities 2.44 2.45 (0.36) 0.30 1.48 4.08 (0.84) 1.84 1.94
-------------- ----------- ---------- --------- --------- -------- ---------- -------- ----
Total from Investment Operations 2.47 2.48 (0.33) 0.32 1.58 4.20 (0.66) 1.94 2.18
-------------- ----------- ---------- --------- --------- -------- ---------- -------- ----
Less Distributions:
Dividends from net investment income (0.06) 0.00 (0.03) (0.08) (0.12) (0.17) (0.10) 0.00 (0.12)
Distributions from capital gains (0.84) 0.00 (1.40) (0.63) (1.11) 0.00 (1.24) (0.69) 0.00
------ -------- --------- --------- ------ -------- --------- ------ ----
Total Distributions (0.90) 0.00 (1.43) (0.71) (1.23) (0.17) (1.34) (0.94) (0.12)
------ -------- --------- --------- --------- --------- --------- -------- ------
Net Asset Value, End of Period $ 18.38 $ 16.81 $ 14.33 $ 16.09 $ 16.48 $ 16.13 $ 12.10 $ 14.10 $ 13.10
============= ====== ========= ========= ========= ========= ========= ========= =======
Total Return 15.52% 17.31% -2.23% 2.00% 10.60% 35.20% -5.17% 15.95% 19.97%
====== ====== ====== ===== ====== ====== ====== ====== ======
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) $14.286 $ 12.489 $11.156 $11.765 $ 9.936 $ 7.382 $ 4.521 $ 4.828 $ 3.401
Ratio of Expenses to Average Net Assets 1.99% 1.95% 1.99% 2.00% 2.01% 2.03% 2.02% 2.04% 2.09%
Ratio of Net Income to Average Net Assets 0.19% 0.21% 0.19% 0.12% 0.66% 0.90% 1.49% 0.82% 1.98%
Portfolio Turnover Rate 154% 159% 150% 177% 126% 149% 194% 188% 203%
Average Commission Rate $0.028 N/A N/A N/A N/A N/A N/A N/A N/A
(per share of security)
</TABLE>
<PAGE>
VOLUMETRIC FUND, INC.
STATEMENT OF NET ASSETS
December 31, 1996
COMMON STOCKS:
93.1%
<TABLE>
<S> <C> <C> <C> <C>
NUMBER OF MARKET FOREST PRODUCTS: 1.0%
SHARES COMPANY VALUE 8,000 Longview Fibre 147,000
--------
AEROSPACE/DEFENSE: 6.5% HOME CONSTRUCTION: 1.4%
3,600 Lockheed Martin $ 329,400 5,400 Centex 203,175
--------
4,000 Precision Castparts 198,500 INDICES: 6.7%
3,200 Rockwell International 194,800 13,000 S & P 500 Depository Receipts 959,969
---------
4,000 Teleflex 208,500 MEDICAL: 1.4%
-----------------------
931,200 10,000 Bindley-Western 193,750
----------------------- --------
AUTO/AUTO PARTS: 2.5%
5,500 Chrysler 181,500 MISC./DIVERSIFIED: 6.2%
5,500 Dana Corp. 179,436 4,700 Allied Signal 314,900
-----------------------
360,936 6,700 Dexter Corp. 213,563
-----------------------
BANKING: 3.7% 2,000 Textron 188,500
4,400 Mercantile Bancorp 226,050 5,000 Universal Corp. 160,625
--------
8,300 North Fork Bancorp 295,688 877,588
----------------------- --------
521,738 OFFICE EQUIP/SUPPLIES: 1.1%
-----------------------
BEVERAGE: 1.7% 2,900 Pitney-Bowes 158,775
--------
6,200 Anheuser-Busch 248,000 OIL/OIL SERVICES: 9.0%
-----------------------
CHEMICALS: 8.2% 3,300 Burlington Resources 166,238
12,000 Avery Dennison 424,500 3,400 Chevron 221,000
3,900 Betz Dearborn 228,150 4,000 Murphy Oil 222,500
3,900 Ecolab 146,738 6,000 Parker & Parsley 220,500
4,300 Mallinckrodt 189,737 2,600 Texaco 255,125
11,000 RPM Corp. 187,000 5,800 Vintage Petroleum 200,100
----------------------- --------
1,176,125 1,285,463
---------------------- ---------
COMPUTERS: 9.1% REAL ESTATE: 1.3%
8,000 Analog Devices 271,000 7,300 Excel Reatly Trust 185,238
----------
6,500 Dallas Semiconductor 149,500 RETAIL: 1.6%
15,500 Data General 224,750 12,000 Sotheby's Holdings 223,500
----------
5,200 EMC Corp. 172,250
2,000 Intel 261,875 SAVINGS & LOAN: 2.2%
6,500 Wallace Computer 224,250 8,600 First Republic Bancorp. 144,050
-----------------------
1,303,625 7,000 Glendale Federal 162,750
---------------------- ---------
CONSUMER PRODUCTS: 2.3% 306,800
---------
3,400 Premark 75,650 TRUCKING: 1.3%
2,400 Procter & Gamble 258,300 6,700 Ryder System 188,437
----------------------- ---------
333,950 TEXTILE/APPAREL: 1.0%
-----------------------
DRUGS: 2.1% 21,000 Tultex 147,000
--------
4,000 Warner-Lambert 300,000 UTILITIES: 4.1%
-----------------------
ELECTRICAL/ELECTRONICS: 5.7% 4,100 Consolidated Natural Gas 226,525
9,300 Baldor Electric 229,013 4,500 Questar 165,375
3,600 General Signal 153,900 4,900 Texas Utilities 199,675
--------
3,300 Honeywell 216,975 591,575
---------
2,500 Johnson Controls 207,187 TOTAL COMMON STOCKS: 13,301,369
------------------- ----------
807,075 (Cost: $10,631,245)
ENVIRONMENTAL SERVICES: 1.3% CASH EQUIVALENTS/RECEIVABLES: 6.9%
4,000 Ionics 192,000 Cash 33,766
-------------------
Chase Manhattan Premium
Market Rate Acct. 602,432
FINANCIAL SERVICES: 7.8% Receivable from brokers, others 322,517
4,000 American Express 226,000 Dividends and interest receivable 26,925
---------
3,400 Beneficial Corporation 215,475 TOTAL CASH EQUIVALENTS/RECEIVABLES 985,640
---------
5,400 Donaldson Lufkin Jenrette 194,400 TOTAL ASSETS 14,287,009
7,400 Edwards, A.G. 248,825 Taxes payable (425)
----------
8,000 Paine Webber 225,000 NET ASSETS $ 14,286,584
------------------- ===========
1,109,700 VOLUMETRIC SHARES OUTSTANDING: 777,446.11
FOODS: 3.8% NET ASSET VALUE PER SHARE: $ 18.38
===========
10,600 Interstate Bakeries 343,875 NUMBER OF SHAREHOLDER ACCOUNTS 1,385
-----------
5,500 Sara Lee 204,875
----------------------
548,750
</TABLE>
<PAGE>
VOLUMETRIC FUND, INC.
STATEMENT OF OPERATIONS
For the Year Ended December 31, 1996
INVESTMENT INCOME
Dividends......................................................$.....239,943
Interest..............................................................43,593
-------------
TOTAL INVESTMENT INCOME.....................................283,536
-------------
EXPENSES
Management fee (NOTE2)...............................................257,612
Taxes and bank charges...................................................550
-------------
TOTAL EXPENSES..............................................258,162
-------------
NET INVESTMENT INCOME........................................25,374
-------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investments.....................................867,188
Unrealized appreciation of investments
Beginning of period.....................$...1,637,517
End of period...............................2,670,124
-------------
Increase in unrealized appreciation.........................1,032,607
-------------
NET GAIN ON INVESTMENTS..............................................1,899,795
-------------
INCREASE IN ASSETS RESULTING FROM OPERATIONS.................. $ 1,925,169
=============
VOLUMETRIC FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
For the Years Ended
CHANGES RESULTING FROM OPERATIONS 12/31/96 12/31/95
Net investment income......................$.....25,374.....$.......25,470
Net realized gain on investments................867,188.. 733,212
Increase in unrealized appreciation...... ..1,032,607..........1,135,665
INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS............................1,925,169..... 1,894,347
--------- ---------
DIVIDEND TO SHAREHOLDERS: (NOTE 1d)
From net investment income......................(44,589)...... 0
From net realized gain on investments..........(624,251)... 0
--------- -
TOTAL DIVIDENDS.............................(668,840).... 0
--------- -
CAPITAL SHARE TRANSACTIONS (NOTE 3)
Net increase (decrease) from capital
share transactions.............................541,494 (560,763)
-------- ---------
TOTAL INCREASE IN NET ASSETS....................1,797,823.. 1,333,584
NET ASSETS:
BEGINNING OF YEAR..........................12,488,761..... 11,155,177
END OF YEAR..............................$.14,286,584.......$.12,488,761
================= =================
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
<PAGE>
NOTES TO FINANCIAL STATEMENTS
The Fund is registered with the Securities and Exchange Commission under the
Investment Company Act of 1940, as amended, and the Securities Act of 1933, as
amended, as a diversified, open-end management company. The Fund incorporated on
July 25, 1986, and previously operated as a limited partnership.
1. SIGNIFICANT ACCOUNTING POLICIES
a. Valuation of Securities: Each security, quarterly and at year end,
is valued at the last reported sales price as published in the
Wall Street Journal; daily security pricing utilizes closing
security prices transmitted via modem by Prodigy Services Corp.
b. Securities Transactions and Investment Income: Securities are
recorded on a trade date basis. Realized gain and loss are
recorded using the identified cost basis method. Dividend income
is recorded as earned on the ex-dividend date and interest income
is recognized on the accrual basis.
c. Federal Income Taxes: The Fund as a Regulated Investment Company
complies with the Internal Revenue Code Subtitle A, Chapter 1,
Subchapter M, and distributes to its shareholders net taxable
income.
d. Dividends to Shareholders: It is the Fund's policy to distribute
dividends from net investment income and from net realized gains
at year end. To the extent that net realized gains can be offset
by capital loss carryovers, it is the Fund's policy not to
distribute such gain. Dividends are recorded on the ex-dividend
date in the financial statements and accordingly, the statement of
changes in net assets and financial highlight tables for 1996
contain 1995's dividend. The Board of Directors have declared and
paid the following dividends:
1996 1995
---- ----
Record Date: December 31, 1996 December 29, 1995
Ex-Dividend Date: January 2, 1997 January 2, 1996
Payment Date: January 6, 1997 January 5, 1996
Dividend: $ 1.21 per share $ 0.90 per share
e. USE OF ESTIMATES: The preparation of the financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the
reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of revenue and
expense during the reported periods.
Actual results could differ from those estimates.
2. MANAGEMENT FEE
The Fund is managed by Volumetric Advisers, Inc. whose president and
principal stockholder is the President of the Fund. Under the Management
Contract, Volumetric Advisers, Inc., manager and investment adviser of the
Fund, pays all operating expenses of the Fund, namely: investment advisory
fee, transfer agent and custodian fees, shareholder reports and proxy
statement, registration fees, auditing and legal fees, insurance, printing,
distribution and marketing expenses. Investment expenses are paid directly by
the Fund, namely: taxes, brokerage commissions and bank charges. Based on
average net assets determined daily and paid monthly, the Fund pays the
Adviser an annual management fee of 2.0%, applicable to the first $10 million
of net assets, a fee of 1.90% applies to net assets of $10 million to $25
million, thereafter the fee declines incrementally to 1.5% for net assets
exceeding $100 million.
3. CAPITAL SHARE TRANSACTIONS
At December 31, 1996. there were 1,000,000 shares of $0.01 par value
common stock authorized.
<TABLE>
<S> <C> <C>
YEAR ENDED YEAR ENDED
December 31, 1996 December 31, 1995
SHARES AMOUNT SHARES AMOUNT
------ ------ ------
Shares sold 62,518 $1,040,539 44,401 $ 696,197
Dividends reinvested 41,225 655,886 0 0
------ ------- -------- ---------
103,743 1,696,425 44,401 696,197
Shares redeemed (69,452) (1,154,931) (79,904) (1,256,959)
--------- --------- -------- ---------
Net increase (decrease) 34,291 541,494 (35,503) $ (560,762)
------- --------- ------- ----------
</TABLE>
<PAGE>
4. PURCHASES AND SALES OF SECURITIES
For the year ended December 31, 1996, purchases and sales of securities
aggregated respectively 20,928,037 and $20,314,301. At December 31, 1996, the
cost of investments for Federal income tax purposes was $10,631,245.
Accumulated net unrealized appreciation on investments was $2,670,124
consisting of $2,684,322 and $14,198 of gross unrealized appreciation and
depreciation respectively.
5. COMPOSITION OF NET ASSETS
At December 31, 1996 Net Assets consisted of
Capital stock at par value.................................... $ 7,775
Capital paid in (including reinvested dividends).............. 11,608,685
Net unrealized appreciation of securities......................... 2,670,124
Undistributed net investment income.............................. 0
Undistributed net realized gains................................. 0
----------
$14,286,584
==========
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Shareholders and the Board of Directors of Volumetric Fund, Inc.:
We have audited the accompanying statement of net assets of Volumetric Fund,
Inc., including the schedule of investments, as of December 31, 1996, and the
related statement of operations for the year then ended, the statements of
changes in net assets for each of the two years in the periods then ended, and
the financial highlights for each of the years indicated therein. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted this audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. Our procedures included confirmation of the
securities owned as of December 31, 1996, by correspondence with the Fund's
brokers and independent custodian. We believe that this audit provides a
reasonable basis for our opinion.
In our opinion the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Volumetric Fund, Inc. as of December 31, 1996, the results of its
operations for the year then ended, and the changes in its net assets for each
of the two years in the periods then ended, and the financial highlights for
each of the years indicated therein, in conformity with generally accepted
accounting principles.
New York, New York Feuer & Orlando, CPA's L.L.P.
February 7, 1997 Certified Public Accountants
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000792394
<NAME> Volumetric Fund, Inc.
<SERIES>
<NUMBER> 001
<NAME> Volumetric Fund
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 10,631,245
<INVESTMENTS-AT-VALUE> 13,301,369
<RECEIVABLES> 349,442
<ASSETS-OTHER> 636,198
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,287,009
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 425
<TOTAL-LIABILITIES> 425
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,608,685
<SHARES-COMMON-STOCK> 777,446
<SHARES-COMMON-PRIOR> 770,314
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,670,124
<NET-ASSETS> 14,286,584
<DIVIDEND-INCOME> 239,943
<INTEREST-INCOME> 43,593
<OTHER-INCOME> 0
<EXPENSES-NET> 258,162
<NET-INVESTMENT-INCOME> 25,374
<REALIZED-GAINS-CURRENT> 867,188
<APPREC-INCREASE-CURRENT> 1,032,607
<NET-CHANGE-FROM-OPS> 1,925,169
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 62,518
<NUMBER-OF-SHARES-REDEEMED> 69,452
<SHARES-REINVESTED> 41,225
<NET-CHANGE-IN-ASSETS> 1,797,823
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 257,612
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 258,162
<AVERAGE-NET-ASSETS> 13,299,774
<PER-SHARE-NAV-BEGIN> 16.81
<PER-SHARE-NII> 0.35
<PER-SHARE-GAIN-APPREC> 1.22
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 18.38
<EXPENSE-RATIO> 1.99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
