<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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SIGNATURE COLIN KREIDEWOLF
TITLE VICE PRESIDENT
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 11,723,251
<ACCUMULATED-NII-PRIOR> (577,711)
<ACCUMULATED-GAINS-PRIOR> (32,671,245)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 599,979
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,875,480
<AVERAGE-NET-ASSETS> 60,022,435
<PER-SHARE-NAV-BEGIN> 16.85
<PER-SHARE-NII> (0.47)
<PER-SHARE-GAIN-APPREC> 12.31
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 28.69
<EXPENSE-RATIO> 2.35
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000869698
<NAME> THE GOVETT FUNDS, INC.
<SERIES>
<NUMBER> 03
<NAME> GOVETT EMERGING MARKETS EQUITY FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 11,535,450
<INVESTMENTS-AT-VALUE> 17,737,675
<RECEIVABLES> 74,567
<ASSETS-OTHER> 12,660
<OTHER-ITEMS-ASSETS> 410,746
<TOTAL-ASSETS> 18,235,648
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 176,849
<TOTAL-LIABILITIES> 176,849
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24,845,215
<SHARES-COMMON-STOCK> 1,334,071
<SHARES-COMMON-PRIOR> 1,522,497
<ACCUMULATED-NII-CURRENT> (32,720)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (12,939,390)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,185,694
<NET-ASSETS> 18,058,799
<DIVIDEND-INCOME> 294,132
<INTEREST-INCOME> 21,669
<OTHER-INCOME> 0
<EXPENSES-NET> 303,565
<NET-INVESTMENT-INCOME> 12,236
<REALIZED-GAINS-CURRENT> 1,208,760
<APPREC-INCREASE-CURRENT> 7,032,881
<NET-CHANGE-FROM-OPS> 8,253,877
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 109,581
<NUMBER-OF-SHARES-REDEEMED> (627,098)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,325,406
<ACCUMULATED-NII-PRIOR> 14,436
<ACCUMULATED-GAINS-PRIOR> (13,539,252)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 153,534
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 648,851
<AVERAGE-NET-ASSETS> 15,362,811
<PER-SHARE-NAV-BEGIN> 7.96
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 5.58
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.54
<EXPENSE-RATIO> 1.85
</TABLE>
Report of Independent Accountants
To the Board of Directors of the Govett Funds, Inc.:
In planning and performing our audit of the financial
statements of The Govett Funds, Inc. (the "Funds"), for the
year ended December 31, 1999, we considered its internal
control, including control activities for safeguarding
securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial
statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of the Funds is responsible for establishing and
maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that controls may become inadequate because of changes
in conditions or that the effectiveness of their design and
operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of one or more
of the internal control components does not reduce to a
relatively low level the risk that misstatements caused by
error or fraud in amounts that would be material in relation to
the financial statements being audited may occur and not be
detected within a timely period by employees in the normal
course of performing their assigned functions. However, we
noted no matters involving internal control and its operation,
including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of
the Board of Directors, management and the Securities and
Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.
February 11, 2000
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