<PAGE>
PAGE 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No.
Post-Effective Amendment No. 19 (File No. 33-20872) X
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY (ACT OF 1940)
Amendment No. 22 (File No. 811-5522)
IDS UTILITIES INCOME FUND, INC.
IDS Tower 10, Minneapolis, MN 55440-0010
Leslie L. Ogg - 901 S. Marquette Ave., Suite 2810
Minneapolis, MN 55402-3268
(612) 330-9283
Approximate Date of Proposed Public Offering:
It is proposed that this filing will become effective (check
appropriate box)
X immediately upon filing pursuant to paragraph (b)
on August 29, 1997 pursuant to paragraph (b) of Rule 485
60 days after filing pursuant to paragraph (a)(i)
on (date) pursuant to paragraph (a)(i)
75 days after filing pursuant to paragraph (a)(ii)
on (date) pursuant to paragraph (a)(ii) of rule 485.
If appropriate, check the following box:
this post-effective amendment designates a new effective date
for a previously filed post-effective amendment.
The Registrant has registered an indefinite number or amount of
securities under the Securities Act of 1933 pursuant to Section
24-f of the Investment Company Act of 1940. Registrant's Rule
24f-2 Notice for its most recent fiscal year was filed on Aug. 18,
1997.
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PAGE 2
Cross reference sheet showing the location in its prospectus and
the Statement of Additional Information of the information called
for by the items enumerated in Parts A and B of Form N-1A.
Negative answers omitted from prospectus are so indicated.
<TABLE><CAPTION>
PART A PART B
Section Section in
Item No. in Prospectus Item No. Statement of Additional Information
<S> <C> <C> <C>
1 Cover page of prospectus 10 Cover page of SAI
2(a) Sales charge and Fund expenses 11 Table of Contents
(b) The Fund in brief
(c) The Fund in brief 12 NA
3(a) Financial highlights 13(a) Additional Investment Policies; all
(b) NA appendices except Dollar-Cost Averaging
(c) Performance (b) Additional Investment Policies
(d) Financial highlights (c) Additional Investment Policies
(d) Security Transactions
4(a) The Fund in brief; Investment policies and
risks; How the Fund is organized 14(a) Board members and officers of the Fund;**
(b) Investment policies and risks Board Members and Officers
(c) Investment policies and risks (b) Board Members and Officers
(c) Board Members and Officers
5(a) Board members and officers; Board members
and officers of the Fund (listing) 15(a) NA
(b)(i) Investment manager; (b) NA
About American Express Financial (c) Board Members and Officers
Corporation -- General Information
(b)(ii) Investment manager 16(a)(i) How the Fund is organized; About American
(b)(iii) Investment manager Express Financial Corporation**
(c) Portfolio manager (a)(ii) Agreements: Investment Management Services
(d) Administrator and transfer Agent Agreement, Plan and
(e) Administrator and transfer Agent Agreement of Distribution
(f) Distributor (a)(iii) Agreements: Investment Management Services Agreement
(g) Investment manager; (b) Agreements: Investment Management Services Agreement
About American Express Financial (c) NA
Corporation -- General Information (d) Agreements: Administrative Services Agreement,
Shareholder Service Agreement
5A(a) * (e) NA
(b) * (f) Agreements: Distribution Agreement
(g) NA
6(a) Shares; Voting rights (h) Custodian; Independent Auditors
(b) NA (i) Agreements: Transfer Agency Agreement; Custodian
(c) NA
(d) Voting rights 17(a) Security Transactions
(e) Cover page; Special shareholder services (b) Brokerage Commissions Paid to Brokers Affiliated
(f) Dividend and capital gain distributions; with American Express Financial Corporation
Reinvestments (c) Security Transactions
(g) Taxes (d) Security Transactions
(h) Alternative purchase arrangements (e) Security Transactions
7(a) Distributor 18(a) Shares; Voting rights**
(b) Valuing Fund shares (b) NA
(c) How to purchase, exchange or redeem shares
(d) How to purchase shares 19(a) Investing in the Fund
(e) NA (b) Valuing Fund Shares; Investing in the Fund
(f) Distributor (c) Redeeming Shares
8(a) How to redeem shares 20 Taxes
(b) NA
(c) How to purchase shares: Three ways to invest 21(a) Agreements: Distribution Agreement
(d) How to purchase, exchange or redeem shares: (b) Agreements: Distribution Agreement
Redemption policies -- "Important..." (c) NA
9 None 22(a) Performance Information (for money market
funds only)
(b) Performance Information (for all funds except
money market funds)
23 Financial Statements
*Designates information is located in annual report.
**Designates location in prospectus.
/TABLE
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PAGE 3
PART C. OTHER INFORMATION
Item 24. Financial Statements and Exhibits.
(a) Registrant's financial statements filed as part of Post-
Effective Amendment No. 18 to Registration Statement No. 33-
20872 is incorporated herein by reference:
(b) EXHIBITS:
1. Articles of Incorporation, dated March 25, 1988, filed as
Exhibit 1 to Registration Statement No. 33-20872, is
incorporated herein by reference.
2. By-laws filed as Exhibit 2 to Registrant's Pre-Effective
Amendment No. 1 to Registration Statement No. 33-20872,
is incorporated herein by reference.
3. Not Applicable.
4. Copy of Stock Certificate for common stock, filed as
Exhibit 4 on Form SE on June 28, 1988, to Registrant's
Pre-Effective Amendment No. 1 to Registration Statement
No. 33-20872, is incorporated herein by reference.
5. Copy of Investment Management and Services Agreement
between Registrant and American Express Financial
Corporation, dated March 20, 1995, to Registrant's Post-
Effective Amendment No. 18 to Registration Statement No.
33-20872, filed on August 28, 1997, is incorporated
herein by reference.
6. Copy of Distribution Agreement between Registrant and
American Express Financial Advisors Inc., dated March 20,
1995, to Registrant's Post-Effective Amendment No. 18 to
Registration Statement No. 33-20872, filed on August 28,
1997, is incorporated herein by reference.
7. All employees are eligible to participate in a profit
sharing plan. Entry into the plan is Jan. 1 or July 1.
The Registrant contributes each year an amount up to 15
percent of their annual salaries, the maximum deductible
amount permitted under Section 404(a) of the Internal
Revenue Code.
8(a). Copy of Custodian Agreement between Registrant and
American Express Trust Company, dated March 20,
1995, to Registrant's Post-Effective Amendment No.
18 to Registration Statement No. 33-20872, filed on
August 28, 1997, is incorporated herein by
reference.
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PAGE 4
8(b). Copy of Custody Agreement between Morgan Stanley
Company and IDS Bank and Trust dated May, 1993, to
Registrant's Post-Effective Amendment No. 18 to
Registration Statement No. 33-20872, filed on August
28, 1997, is incorporated herein by reference.
9(a). Copy of Transfer Agency Agreement between Registrant
and American Express Financial Corporation, dated
March 20, 1995, to Registrant's Post-Effective
Amendment No. 18 to Registration Statement No. 33-
20872, filed on August 28, 1997, is incorporated
herein by reference.
9(b). Copy of License Agreement between Registrant and IDS
Financial Corporation, dated June 15, 1992, filed as
Exhibit 9(b) to Registrant's Post-Effective
Amendment No. 6 to Registration Statement No. 33-
20872, is incorporated herein by reference.
9(c). Copy of Shareholder Service Agreement between
Registrant and American Express Financial Advisors
Inc., dated March 20, 1995, to Registrant's Post-
Effective Amendment No. 18 to Registration Statement
No. 33-20872, filed on August 28, 1997, is
incorporated herein by reference.
9(d). Copy of Administrative Services Agreement between
Registrant and American Express Financial
Corporation, dated March 20, 1995, to Registrant's
Post-Effective Amendment No. 18 to Registration
Statement No. 33-20872, filed on August 28, 1997, is
incorporated herein by reference.
9(e) Copy of the Class Y Shareholder Service Agreement between
IDS Precious Metals Fund, Inc. and American Express
Financial Advisors Inc., dated May 9, 1997 filed
electronically on or about May 27, as Exhibit 9(e) to IDS
Precious Metals Fund, Inc.'s Amendment No. 30 to
Registration Statement No. 2-93745, is incorporated
herein by reference.
Registrant's Class Y Shareholder Service Agreement
differs from the one incorporated by reference only by
the fact that Registrant is one executing party.
10. Opinion and consent of counsel as to the legality of the
securities being registered is filed with Registrant's
most recent 24f-2 Notice.
11. Not applicable.
12. None.
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PAGE 5
13. Copy of Agreement made in consideration for providing
initial capital, between Registrant and IDS Financial
Corporation filed as Exhibit 13 to Registration Statement
No. 33-20872, is incorporated herein by reference.
14. Forms of Keogh, IRA and other retirement plans, filed as
Exhibits 14(a) through 14(n) to IDS Growth Fund, Inc.,
Post-Effective Amendment No. 34 to Registration Statement
No. 2-38355 on Sept. 8, 1986, are incorporated herein by
reference.
15. Copy of Plan and Agreement of Distribution between
Registrant and American Express Financial Advisors Inc.,
dated March 20, 1995, to Registrant's Post-Effective
Amendment No. 18 to Registration Statement No. 33-20872,
filed on August 28, 1997, is incorporated herein by
reference.
16. Copy of schedule for computation of each performance
quotation provided in the Registration Statement in
response to Item 22(b), filed as Exhibit 16 to
Registrant's Post-Effective Amendment No. 7 to
Registration Statement No. 33-20872, is incorporated
herein by reference.
17. Financial Data Schedules, are filed electronically
herewith.
18. Copy of Plan pursuant to Rule 18f-3 under the 1940 Act
filed electronically as exhibit 18 to Registrant's Post-
Effective Amendment No. 13 to Registration Statement No.
33-20872, is incorporated herein by reference.
19(a). Directors' Power of Attorney to sign Amendments to this
Registration Statement dated January 8, 1997, to
Registrant's Post-Effective Amendment No. 18 to
Registration Statement No. 33-20872, filed on August 28,
1997, is incorporated herein by reference.
19(b). Officers' Power of Attorney to sign Amendments to this
Registration Statement dated Nov. 1, 1995, filed
electronically as Exhibit 19(b) to Registrant's Post-
Effective Amendment No. 17, is incorporated herein by
reference.
Item 25. Persons Controlled by or Under Common Control with
Registrant.
None.
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PAGE 6
Item 26. Number of Holders of Securities
(1) (2)
Number of Record
Holders as of
Title of Class August 19, 1997
Class A 53,166
Class B 9,022
Class Y 82
Item 27. Indemnification
The Articles of Incorporation of the registrant provide that the
Fund shall indemnify any person who was or is a party or is
threatened to be made a party, by reason of the fact that she or he
is or was a director, officer, employee or agent of the Fund, or is
or was serving at the request of the Fund as a director, officer,
employee or agent of another company, partnership, joint venture,
trust or other enterprise, to any threatened, pending or completed
action, suit or proceeding, wherever brought, and the Fund may
purchase liability insurance and advance legal expenses, all to the
fullest extent permitted by the laws of the State of Minnesota, as
now existing or hereafter amended. The By-laws of the registrant
provide that present or former directors or officers of the Fund
made or threatened to be made a party to or involved (including as
a witness) in an actual or threatened action, suit or proceeding
shall be indemnified by the Fund to the full extent authorized by
the Minnesota Business Corporation Act, all as more fully set forth
in the By-laws filed as an exhibit to this registration statement.
Insofar as indemnification for liability arising under the
Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in
the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by
the registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful defense
of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in
the Act and will be governed by the final adjudication of such
issue.
Any indemnification hereunder shall not be exclusive of any other
rights of indemnification to which the directors, officers,
employees or agents might otherwise be entitled. No
indemnification shall be made in violation of the Investment
Company Act of 1940.
<PAGE>
PAGE 7
<PAGE>
PAGE 1
<PAGE>
Item 29(c). Not applicable.
Item 30. Location of Accounts and Records
American Express Financial Corporation
IDS Tower 10
Minneapolis, MN 55440
Item 31. Management Services
Not Applicable.
Item 32. Undertakings
(a) Not Applicable.
(b) Not Applicable.
(c) The Registrant undertakes to furnish each person
to whom a prospectus is delivered with a copy of
the Registrant's latest annual report to
shareholders, upon request and without charge.
<PAGE>
PAGE 8
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant, IDS Utilities
Income Fund, Inc., certifies that it meets the requirements for the
effectiveness of this Amendment to its Registration Statement
pursuant to Rule 485(b) under the Securities Act of 1993, and has
duly caused this Amendment to its Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Minneapolis and State of Minnesota on the 3rd day of
September, 1997.
IDS UTILITIES INCOME FUND, INC.
by /s/ William R. Pearce**
William R. Pearce, President
by /s/ Melinda S. Urion
Melinda S. Urion, Treasurer
Pursuant to the requirements of the Securities Act of 1933, this
Amendment to its Registration Statement has been signed below by
the following persons in the capacities indicated on the 3rd day of
September, 1997.
Signatures Capacity
/s/ William R. Pearce** President, Principal
William R. Pearce Executive Officer and
Director
/s/ H. Brewster Atwater, Jr.* Director
H. Brewster Atwater, Jr.
/s/ Lynne V. Cheney* Director
Lynne V. Cheney
/s/ William H. Dudley* Director
William H. Dudley
/s/ Robert F. Froehlke* Director
Robert F. Froehlke
/s/ David R. Hubers* Director
David R. Hubers
/s/ Heinz F. Hutter* Director
Heinz F. Hutter
/s/ Anne P. Jones* Director
Anne P. Jones
/s/ Melvin R. Laird* Director
Melvin R. Laird
<PAGE>
PAGE 9
Signatures Capacity
/s/ Alan K. Simpson* Director
Alan K. Simpson
/s/ Edson W. Spencer* Director
Edson W. Spencer
/s/ John R. Thomas* Director
John R. Thomas
/s/ Wheelock Whitney* Director
Wheelock Whitney
/s/ C. Angus Wurtele* Director
C. Angus Wurtele
*Signed pursuant to Directors' Power of Attorney, dated January 8,
1997 filed electronically as Exhibit 19(a) to Registrant's Post-
Effective Amendment No. 18 to Registration Statement No. 33-20872
by:
__________________________________
Leslie L. Ogg
**Signed pursuant to Officers' Power of Attorney dated Nov. 1,
1995, filed electronically as Exhibit 19(b) to Registrant's Post-
Effective Amendment No. 18 to Registration Statement No. 33-20872
by:
__________________________________
Leslie L. Ogg
<PAGE>
PAGE 10
CONTENTS OF THIS POST-EFFECTIVE AMENDMENT NO. 19 TO REGISTRATION
STATEMENT NO. 33-20872
This Post-Effective Amendment comprises the following papers and
documents:
The facing sheet.
The cross reference page.
Part A.
The prospectus by reference.
Part B.
Statement of Additional Information by reference.
Financial Statements by reference.
Part C.
Other information.
Exhibits.
The signatures.
<PAGE>
PAGE 1
IDS Utilities Income Fund, Inc.
File No. 33-20872\811-5522
Exhibit Index
Exhibit 17: Financial Data Schedules.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> IDS UTILITIES INCOME FUND CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> Jun-30-1997
<INVESTMENTS-AT-COST> 731890478
<INVESTMENTS-AT-VALUE> 858370615
<RECEIVABLES> 2908144
<ASSETS-OTHER> 18630193
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 880722905
<PAYABLE-FOR-SECURITIES> 4693019
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 42029844
<TOTAL-LIABILITIES> 46722863
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 649859430
<SHARES-COMMON-STOCK> 92038759
<SHARES-COMMON-PRIOR> 93625162
<ACCUMULATED-NII-CURRENT> (280210)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 57943174
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 126477648
<NET-ASSETS> 740284372
<DIVIDEND-INCOME> 28103234
<INTEREST-INCOME> 4377132
<OTHER-INCOME> 0
<EXPENSES-NET> 7214382
<NET-INVESTMENT-INCOME> 24993583
<REALIZED-GAINS-CURRENT> 67241707
<APPREC-INCREASE-CURRENT> 34416208
<NET-CHANGE-FROM-OPS> 126651498
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (22560571)
<DISTRIBUTIONS-OF-GAINS> (19457819)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11329257
<NUMBER-OF-SHARES-REDEEMED> (18030425)
<SHARES-REINVESTED> 5114765
<NET-CHANGE-IN-ASSETS> 109486001
<ACCUMULATED-NII-PRIOR> 26734704
<ACCUMULATED-GAINS-PRIOR> 24203182
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3919693
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7214382
<AVERAGE-NET-ASSETS> 683037838
<PER-SHARE-NAV-BEGIN> 7.24
<PER-SHARE-NII> .25
<PER-SHARE-GAIN-APPREC> 1.01
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> (.22)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.04
<EXPENSE-RATIO> .89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> IDS UTILITIES INCOME FUND CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> Jun-30-1997
<INVESTMENTS-AT-COST> 731890478
<INVESTMENTS-AT-VALUE> 858370615
<RECEIVABLES> 2908144
<ASSETS-OTHER> 18630193
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 880722905
<PAYABLE-FOR-SECURITIES> 4693019
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 42029844
<TOTAL-LIABILITIES> 46722863
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 649859430
<SHARES-COMMON-STOCK> 11618515
<SHARES-COMMON-PRIOR> 6481989
<ACCUMULATED-NII-CURRENT> (280210)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 57943174
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 126477648
<NET-ASSETS> 93435143
<DIVIDEND-INCOME> 28103234
<INTEREST-INCOME> 4377132
<OTHER-INCOME> 0
<EXPENSES-NET> 7214382
<NET-INVESTMENT-INCOME> 24993583
<REALIZED-GAINS-CURRENT> 67241707
<APPREC-INCREASE-CURRENT> 34416208
<NET-CHANGE-FROM-OPS> 126651498
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (739354)
<DISTRIBUTIONS-OF-GAINS> (1790823)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 63000553
<NUMBER-OF-SHARES-REDEEMED> (1600502)
<SHARES-REINVESTED> 436475
<NET-CHANGE-IN-ASSETS> 109486001
<ACCUMULATED-NII-PRIOR> 26734704
<ACCUMULATED-GAINS-PRIOR> 24203182
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3919693
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7214382
<AVERAGE-NET-ASSETS> 64967511
<PER-SHARE-NAV-BEGIN> 7.23
<PER-SHARE-NII> .19
<PER-SHARE-GAIN-APPREC> 1.02
<PER-SHARE-DIVIDEND> (.19)
<PER-SHARE-DISTRIBUTIONS> (.22)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.04
<EXPENSE-RATIO> 1.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> IDS UTILITIES INCOME FUND CLASS Y
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> Jun-30-1997
<INVESTMENTS-AT-COST> 731890478
<INVESTMENTS-AT-VALUE> 858370615
<RECEIVABLES> 2908144
<ASSETS-OTHER> 18630193
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 880722905
<PAYABLE-FOR-SECURITIES> 4693019
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 42029844
<TOTAL-LIABILITIES> 46722863
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 649859430
<SHARES-COMMON-STOCK> 34255
<SHARES-COMMON-PRIOR> 24045
<ACCUMULATED-NII-CURRENT> (280210)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 57943174
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 126477648
<NET-ASSETS> 275527
<DIVIDEND-INCOME> 28103234
<INTEREST-INCOME> 4377132
<OTHER-INCOME> 0
<EXPENSES-NET> 7214382
<NET-INVESTMENT-INCOME> 24993583
<REALIZED-GAINS-CURRENT> 67241707
<APPREC-INCREASE-CURRENT> 34416208
<NET-CHANGE-FROM-OPS> 126651498
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7580)
<DISTRIBUTIONS-OF-GAINS> (6467)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14614
<NUMBER-OF-SHARES-REDEEMED> (6428)
<SHARES-REINVESTED> 1844
<NET-CHANGE-IN-ASSETS> 109486001
<ACCUMULATED-NII-PRIOR> 26734704
<ACCUMULATED-GAINS-PRIOR> 24203182
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3919693
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7214382
<AVERAGE-NET-ASSETS> 218488
<PER-SHARE-NAV-BEGIN> 7.24
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> 1.02
<PER-SHARE-DIVIDEND> (.26)
<PER-SHARE-DISTRIBUTIONS> (.22)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.04
<EXPENSE-RATIO> .74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
