<PAGE>
File Nos: 33-37783
811-6229
As filed with the Securities and Exchange Commission on May 3, 1999
================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933
Post-Effective Amendment No. 25
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY
ACT OF 1940
Amendment No. 28
THE GOVETT FUNDS, INC.
(Exact Name of Registrant as Specified in Charter)
250 Montgomery Street, Suite 1200
San Francisco, CA 94104
(Address of Principal Executive Offices)
800-731-1755
(Registrant's Telephone Number)
Catherine MacGregor
AIB Govett, Inc.
250 Montgomery Street, Suite 1200
San Francisco, CA 94104
(Name and Address of Agent for Service)
Copy to:
Regina M. Pisa, P.C.
Goodwin, Procter & Hoar LLP
One Exchange Place
Boston, MA 02109-2881
Attorneys
Approximate date of proposed sale to the public:
As soon as is practicable after the effective date of the Registration
Statement.
It is proposed that this filing will become effective:
[X] immediately upon filing pursuant to paragraph (b)
[ ] on pursuant to paragraph (b)
[ ] 60 days after filing pursuant to paragraph (a)(1)
[ ] on 1999 pursuant to paragraph (a)(1)
[ ] 75 days after filing pursuant to paragraph (a)
[ ] on pursuant to paragraph (a)(2) of rule 485
---------------
This Registration Statement shall hereafter become effective in accordance
with Section 8(a) of the Securities Act of 1933.
================================================================================
<PAGE>
THE GOVETT FUNDS, INC.
PART C TO FORM N-1A DATED MAY 1, 1999
OTHER INFORMATION
Item 23. Exhibits
(a) 1. Articles of Amendment and Restatement (8)
2. Articles Supplementary (6)
(b) By-Laws (3)
(c) Specimen Share Certificate (9)
(d) 1. Investment Management Contract (6)
2. Investment Subadviser Contract (6)
(e) 1. Underwriting Agreement (9)
2. Form of Multi-Class Selling Group Agreement (9)
3. Form of Administrative Services Agreement (9)
(f) Copy of Bonus, Profit Sharing, etc. (Not Applicable)
(g) Global Custody Agreement dated December 16, 1991 (2), as
amended, by Amendment dated May 13th, 1996 (8); by Amendment
dated November, 1996 (8); by Amendment dated November 25th, 1997
(8); by Amendment dated , 1998 (9)
(h) Transfer Agency Agreement (5)
(i) 1. Opinion and Consent of Counsel, Heller, Ehrman, White &
McAuliffe, counsel to the Funds (2)
2. Opinion and Consent of Counsel, Goodwin, Procter & Hoar LLP,
counsel to the Funds (6)
(j) Consent and Report of Independent Accountants
PricewaterhouseCoopers LLP*
(k) All Financial Statements Omitted from Item 22 (Not Applicable)
(l) Investment Intent Letter (2)
(m) 1. Class A Distribution and Service Plan Pursuant to Rule 12b-1 (9)
2. Class B Distribution Plan of the Registrant (3)
(n) Financial Data Schedule*
(o) Rule 18f-3 Plan (8)
(p) Powers of Attorney (9)
* filed herewith
(1) Incorporated by reference to like-numbered exhibits filed with Pre-
Effective Amendment No. 2 to this Registration Statement on September
23, 1991.
(2) Incorporated by reference to like-numbered exhibits filed with Pre-
Effective Amendment No. 3 to this Registration Statement on December
19, 1991.
(3) Incorporated by reference to like-numbered exhibits filed with Post-
Effective Amendment No. 16 to this Registration Statement on April 24,
1996.
(4) Incorporated by reference to like-numbered exhibits filed with Post-
Effective Amendment No. 17 to this Registration Statement on May 1,
1997.
(5) Incorporated by reference to like-numbered exhibits filed with Post-
Effective Amendment No. 18 to this Registration Statement on September
1, 1997.
(6) Incorporated by reference to like-numbered exhibits filed with Post-
Effective Amendment No. 19 to this Registration Statement on October 7,
1997.
1
<PAGE>
(7) Incorporated by reference to like-numbered exhibits filed with Post-
Effective Amendment No. 22 to this Registration Statement on April 17,
1998.
(8) Incorporated by reference to like-numbered exhibits filed with Post-
Effective Amendment No. 23 to this Registration Statement on October 6,
1998.
(9) Incorporated by reference to like-numbered exhibits filed with Post-
Effective Amendment No. 24 to this Registration Statement on March 1,
1999.
Item 24. Persons Controlled by or Under Common Control with Registrant
None.
Item 25. Indemnification
Article VIII of the Registrant's Articles of Incorporation provides as
follows:
"Section 1. To the fullest extent that limitations on the liability
of directors and officers are permitted by the Maryland General
Corporation Law, no director or officer of the Registrant shall have
any liability to the Registrant or its shareholders for damages.
This limitation on liability applies to events occurring at the time
a person serves as a director or officer of the Registrant whether or
not such person is a director or officer at the time of any
proceeding in which liability is asserted.
"Section 2. The Registrant shall indemnify and advance expenses to
its currently acting and its former directors to the fullest extent
that indemnification of directors is permitted by the Maryland
General Corporation Law. The Corporation shall indemnify and advance
expenses to its officers to the same extent as its directors and to
such further extent as is consistent with law. The Board of
Directors may by Bylaw, resolution or agreement make further
provision for indemnification of directors, officers, employees and
agents to the fullest extent permitted by the Maryland General
Corporation Law.
"Section 3. No provision of this Article shall be effective to
protect or purport to protect any director or officer of the
Registrant against any liability to the Corporation or its security
holders to which he would otherwise be subject by reason of willful
misfeasance, bad faith, gross negligence or reckless disregard of the
duties involved in the conduct of his office.
"Section 4. References to the Maryland General Corporation Law in
this Article are to the law as from time to time amended. No further
amendment to the Articles of Incorporation of the Registrant shall
decrease, but may expand, any right of any person under this Article
based on any event, omission or preceding prior to such amendment."
Article VII of the Registrant's Bylaws also provide for
indemnification by the Registrant of its officers and directors and
others to the fullest extent permitted by Maryland law and the
Investment Company Act of 1940. The Bylaws also provide for the
advance of certain expenses incurred by such persons under certain
circumstances.
"Section 11 of the Investment Management Contract filed as Exhibit 5
to Post-Effective Amendment No. 19 provides that AIB Govett, Inc.
(the "Manager") shall not be liable for
2
<PAGE>
any error of judgment or mistake of law or for any loss suffered by the
Registrant or any of its portfolios in connection with the matters to
which the contract relates, except for losses resulting from the
willful misfeasance, bad faith or gross negligence of the Manager in
the performance of its duties or from reckless disregard by the Manager
of its obligations and duties under the contract.
Registrant also participates in a policy of insurance which insures
Registrant, the Manager and Distributor, and their respective
present, past and future directors, partners, officers, trustees and
employees against liability incurred on account of any breach of
duty, neglect, error, misstatement, misleading statement, omission or
other wrongful act done or attempted by any insured (each a "Wrongful
Act") in connection with the management and operation of Registrant,
or the provision of investment advisory or distribution services to
or on behalf of Registrant, but excluding losses incurred by reason
of actual fraud, dishonesty, criminal or malicious acts or omissions
finally adjudicated. No coverage is provided for any Wrongful Act
committed with knowledge that it was a Wrongful Act.
The Underwriting Agreement between Registrant and First Data
Distributors, Inc., (the "Distributor") filed as Exhibit 6a to Post-
Effective Amendment No. 24 provides that Registrant shall indemnify
the Distributor against any and all claims, demands, liabilities and
expenses which the Distributor may incur under the Securities Act (as
defined below), at common law or otherwise, arising out of or based
upon any alleged untrue statement of a material fact contained in any
registration statement or prospectus of Registrant, or any omission
to state a material fact therein, the omission of which makes any
statement contained therein misleading, unless such statement or
omission was made in reliance upon, and in conformity with,
information furnished to Registrant in connection therewith by or on
behalf of the Distributor.
Insofar as indemnification for liabilities arising under the
Securities Act of 1933, as amended (the "Securities Act") may be
permitted to directors and officers and controlling persons of
Registrant pursuant to the foregoing provisions, or otherwise,
Registrant has been advised that in the opinion of the Securities and
Exchange Commission, such indemnification by Registrant is against
public policy as expressed in the Securities Act, and therefore may
be unenforceable. In the event that a claim for such indemnification
(except insofar as it provides for the payment by Registrant of
expenses incurred or paid by a director, officer or controlling
person in the successful defense of any action, suit or proceeding)
is asserted against Registrant by any director, officer or
controlling person and the Securities and Exchange Commission is
still of the same opinion, Registrant will, unless in the opinion of
its counsel the matter has been settled by a controlling precedent,
submit to a court of appropriate jurisdiction the question of whether
such indemnification by it is against public policy as expressed in
the Securities Act, and will be governed by the final adjudication of
such issue.
Item 26. Business and Other Connections of Investment Adviser
26a. AIB Govett, Inc. ("AIB Govett") serves as investment adviser to all of
the series of the Registrant. A description of the directors and
officers of AIB Govett, and other required information, is included in
AIB Govett's Form ADV and schedules thereto, as amended, which is on
file at the SEC (File No. 801-54821). AIB Govett's Form ADV, as
amended, is incorporated herein by reference.
3
<PAGE>
26b. AIB Govett Asset Management Limited ("AIB Govett London", formerly
John Govett & Co. Limited) serves as investment subadviser to all of
the series of the Registrant. A description of the directors and
officers of AIB Govett London, and other required information, is
included in AIB Govett London's Form ADV and schedules thereto, as
amended, which is on file at the SEC (File No. 801-34730). AIB Govett
London's Form ADV, as amended, is incorporated herein by reference.
Item 27. Principal Underwriter
27a. First Data Distributors, Inc. ("FDDI"), the principal underwriter for
the Registrant's securities, currently acts as principal underwriter
for the following entities:
<TABLE>
<CAPTION>
<S> <C>
ABN AMRO Funds Alleghany Funds
BT Insurance Funds Trust First Choice Funds Trust
Forward Funds, Inc. The Galaxy Fund
Galaxy Fund II The Galazy VIP Fund
The Govett Funds, Inc. IAA Trust Growth Fund, Inc.
IAA Trust Asset Allocation Fund, Inc.
IAA Trust Tax Exempt Bond Fund, Inc.
IAA Trust Taxable Fixed Income Series Fund, Inc.
IBJ Funds Trust ICM Series Trust
Light Index Funds, Inc. LKCM Funds
Matthews International Funds McM Funds
Metropolitan West Funds Panorama Trust
The Potomac Funds RWB/WPG U.S/ Large Stock Fund
Rembrant Funds Smith Breeden Series Fund
Smith Breeden Short Duration U.S. Government Fund
Smith Breeden Trust
The Stratton Funds, Inc. Stratton Growth Fund, Inc.
Stratton Monthly Dividend REIT Shares, Inc.
Tomorrow Funds Retirement Trust
Trainer, Wortham First Mutual Funds Undiscovered Managers Funds
Weiss, Peck & Greer Funds Trust Weiss, Peck & Greer International Fund
Wilshire Target Funds, Inc. WorldWide Index Funds
WPG Growth Fund WPG Growth and Income Fund
WPG Tudor Fund
</TABLE>
27b. The table below sets forth certain information as to the FDDI's
Directors, Officers and Control Persons:
<TABLE>
Position and Position and
Name and Principal Offices with Offices with
Business Address Underwriter Registrant
------------------------------------------------------------------
<S> <C> <C>
Robert Guillocheau Director None
4400 Computer Drive
Westborough, MA 01581
Francis Koudelka President and Chief None
4400 Computer Drive Executive Officer
Westborough, MA 01581
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
Jack Kutner Director None
4400 Computer Drive
Westborough, MA 01581
Barbara Worthen Director None
4400 Computer Drive
Westborough, MA 01581
Scott Hacker Vice President, None
4400 Computer Drive Treasurer and Chief
Westborough, MA 01581 Compliance Officer
Bruno DiStefano Vice President None
4400 Computer Drive
Westborough, MA 01581
Sue Moscaritolo Vice President None
4400 Computer Drive
Westborough, MA 01581
Bernard Rothman Vice President - Tax None
4400 Computer Drive
Westborough, MA 01581
Christine Ritch Chief Legal Officer None
4400 Computer Drive and Clerk
Westborough, MA 01581
Bradley Stearns Assistant Clerk None
4400 Computer Drive
Westborough, MA 01581
</TABLE>
27c.
<TABLE>
<CAPTION>
Net Underwriting Compensation on
Name of Principal Discounts and Redemptions and Brokerage Other
Underwriter Commissions Repurchases Commissions Compensation
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
First Data Distributors, Inc. (formerly $36,720 none $130,278 none
FPS Broker Services, Inc.)
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Item 28. Location of Accounts and Records
The accounts and records required to be maintained by Rule 31a-1(b)(4)
under the Investment Company Act of 1940 will be maintained by the
Registrant at 250 Montgomery Street, Suite 1200, San Francisco,
California 94104. Pursuant to Rule 31a-3 under the 1940 Act, all
other records required by Rule 31a-1 will be maintained at one or more
of the following offices:
5
<PAGE>
Name/Address
------------
AIB Govett, Inc. (Investment Adviser)
250 Montgomery Street, Suite 1200
San Francisco, CA 94104
AIB Govett Asset Management Limited (Subadviser)
Shackleton House
4 Battle Bridge Lane
London SE1 2HR England
The Chase Manhattan Bank (Global Custodian)
4 Chase Metro Tech Center
Brooklyn, NY 11245
Chase Global Funds Services Company (Fund Accounting/Administration)
73 Tremont Street, 11th Floor
Boston, MA 02108
First Data Distributors, Inc. (Distributor)
4400 Computer Drive
Westborough, MA 01581
First Data Investor Services Group, Inc. (Transfer Agent)
3200 Horizon Drive
King of Prussia, PA 19406-0903
Item 29. Management Services
None.
Item 30. Undertakings
None
6
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all of
the requirements for effectiveness of this Registration Statement under Rule
485(b) under the Securities Act and has duly caused this Amendment to
Registration Statement to be signed on its behalf by the undersigned, duly
authorized, in the City of San Francisco, State of California, on the 3rd day of
May, 1999
THE GOVETT FUNDS, INC.
/s/ Sir Victor Garland
------------------------------
Sir Victor Garland, President
Pursuant to the requirements of the Securities Act of 1933, this Amendment to
Registration Statement has been signed below by the following persons in the
capacities and on the date indicated.
<TABLE>
<CAPTION>
Signatures Title Date
- ---------- ----- ----
<S> <C> <C>
/s/ Elliott L. Atamian *
- ------------------------- Director May 3, 1999
Elliott L. Atamian
/s/ Patrick Cunneen *
- ------------------------- Chairman, Director May 3, 1999
Patrick Cunneen
/s/ Sir Victor Garland
- ------------------------- President, Director May 3, 1999
Sir Victor Garland
/s/ Colin Kreidewolf Treasurer
- ------------------------- (Principal Financial May 3, 1999
Colin Kreidewolf and Accounting
Officer)
/s/ James M. Oates *
- ------------------------- Director May 3, 1999
James M. Oates
/s/ Frank R. Terzolo *
- ------------------------- Director May 3, 1999
Frank R. Terzolo
* By /s/ Catherine M. MacGregor May 3, 1999
----------------------------------------
Catherine M. MacGregor, Attorney In Fact
</TABLE>
7
<PAGE>
LIST OF EXHIBIT
---------------
Exhibit (j) Consent of Independent Accountants
Exhibit (n) Financial Data Schedules
<PAGE>
Consent of Independent Accountants
We consent to the incorporation by reference in this post effective amendment to
the registration statement of The Govett Funds, Inc. on Form N-1A of our report
dated February 12, 1999, on our audit of the financial statements and financial
highlights of each of the funds constituting The Govett Funds, Inc., appearing
in the December 31, 1998 Annual Report filed with the Securities and Exchange
Commission pursuant to section 30(d) of the Investment Company Act of 1940. We
also consent to the to the references to our firm under the caption "Financial
Highlights."
/s/ PricewaterhouseCooper LLP
PricewaterhouseCoopers LLP
San Francisco, California
May 3, 1999
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000869698
<NAME> THE GOVETT FUNDS, INC.
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<NAME> GOVETT EMERGING MARKETS EQUITY FUND
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<PERIOD-START> JAN-01-1998
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<INVESTMENTS-AT-COST> 15,015,366
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<RECEIVABLES> 299,499
<ASSETS-OTHER> 17,858
<OTHER-ITEMS-ASSETS> 925,352
<TOTAL-ASSETS> 15,433,023
<PAYABLE-FOR-SECURITIES> 403,874
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 295,396
<TOTAL-LIABILITIES> 699,270
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,135,181
<SHARES-COMMON-STOCK> 1,851,588
<SHARES-COMMON-PRIOR> 2,688,385
<ACCUMULATED-NII-CURRENT> (42,101)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (13,512,140)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (847,187)
<NET-ASSETS> 14,733,753
<DIVIDEND-INCOME> 503,505
<INTEREST-INCOME> 34,686
<OTHER-INCOME> 0
<EXPENSES-NET> (531,000)
<NET-INVESTMENT-INCOME> 7,191
<REALIZED-GAINS-CURRENT> (7,679,065)
<APPREC-INCREASE-CURRENT> (914,243)
<NET-CHANGE-FROM-OPS> (8,586,117)
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<DISTRIBUTIONS-OF-INCOME> (337,697)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 554,878
<NUMBER-OF-SHARES-REDEEMED> (1,416,740)
<SHARES-REINVESTED> 25,065
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<ACCUMULATED-NII-PRIOR> 253,534
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 209,395
<INTEREST-EXPENSE> 7,333
<GROSS-EXPENSE> 855,811
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<ARTICLE> 6
<CIK> 0000869698
<NAME> THE GOVETT FUNDS, INC.
<SERIES>
<NUMBER> 05
<NAME> GOVETT SMALLER COMPANIES FUND
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<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
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<INVESTMENTS-AT-COST> 52,107,226
<INVESTMENTS-AT-VALUE> 62,328,100
<RECEIVABLES> 1,507,518
<ASSETS-OTHER> 18,997
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 63,854,615
<PAYABLE-FOR-SECURITIES> 1,088,533
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<OTHER-ITEMS-LIABILITIES> 1,814,255
<TOTAL-LIABILITIES> 2,902,788
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 94,903,771
<SHARES-COMMON-STOCK> 3,617,197
<SHARES-COMMON-PRIOR> 6,701,087
<ACCUMULATED-NII-CURRENT> (28,208)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (44,145,154)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,221,418
<NET-ASSETS> 60,951,827
<DIVIDEND-INCOME> 199,258
<INTEREST-INCOME> 203,822
<OTHER-INCOME> 0
<EXPENSES-NET> (1,670,569)
<NET-INVESTMENT-INCOME> (1,267,489)
<REALIZED-GAINS-CURRENT> (22,950,235)
<APPREC-INCREASE-CURRENT> 15,277,839
<NET-CHANGE-FROM-OPS> (8,939,885)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,955,025
<NUMBER-OF-SHARES-REDEEMED> (6,038,915)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (66,973,241)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (21,247,783)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 838,390
<INTEREST-EXPENSE> 36,100
<GROSS-EXPENSE> 2,443,019
<AVERAGE-NET-ASSETS> 83,821,610
<PER-SHARE-NAV-BEGIN> 19.09
<PER-SHARE-NII> (0.35)
<PER-SHARE-GAIN-APPREC> (1.89)
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<CIK> 0000869698
<NAME> THE GOVETT FUNDS, INC.
<SERIES>
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<NAME> GOVETT INTERNATIONAL SMALLER COMPANIES FUND
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<PERIOD-TYPE> OTHER
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<PERIOD-START> DEC-31-1998
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<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 749,982
<TOTAL-ASSETS> 749,982
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 74,998
<SHARES-COMMON-PRIOR> 0
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<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
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<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.00
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<AVG-DEBT-PER-SHARE> 0
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000869698
<NAME> THE GOVETT FUNDS, INC.
<SERIES>
<NUMBER> 022
<NAME> GOVETT INTERNATIONAL EQUITY FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JUL-24-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 15,797,632
<INVESTMENTS-AT-VALUE> 18,537,648
<RECEIVABLES> 63,291
<ASSETS-OTHER> 19,868
<OTHER-ITEMS-ASSETS> 462,450
<TOTAL-ASSETS> 19,083,257
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 182,660
<TOTAL-LIABILITIES> 182,660
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,621,295
<SHARES-COMMON-STOCK> 596,836
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 537,691
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,741,611
<NET-ASSETS> 18,900,597
<DIVIDEND-INCOME> 231,059
<INTEREST-INCOME> 38,794
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