File No. 333-14851
CIK #897012
Securities and Exchange Commission
Washington, D. C. 20549-1004
Post-Effective
Amendment No. 1
to
Form S-6
For Registration under the Securities Act of 1933 of
Securities of Unit Investment Trusts Registered on
Form N-8B-2
Van Kampen American Capital Equity Opportunity Trust, Series 45
(Exact Name of Trust)
Van Kampen American Capital Distributors, Inc.
(Exact Name of Depositor)
One Parkview Plaza
Oakbrook Terrace, Illinois 60181
(Complete address of Depositor's principal executive offices)
Van Kampen American Capital Distributors, Inc. Chapman and Cutler
Attention: Don G. Powell Attention: Mark J. Kneedy
One Parkview Plaza 111 West Monroe Street
Oakbrook Terrace, Illinois 60181 Chicago, Illinois 60603
(Name and complete address of agents for service)
( X ) Check if it is proposed that this filing will become effective
on December 24, 1997 pursuant to paragraph (b) of Rule 485.
VAN KAMPEN AMERICAN CAPITAL EQUITY OPPORTUNITY TRUST, SERIES 45
Brand Name Equity Trust, Series 3
PROSPECTUS PART ONE
NOTE: Part One of this Prospectus may not be distributed unless accompanied by
Part Two. Please retain both parts of this Prospectus for future reference.
THE TRUST
The Van Kampen American Capital Equity Opportunity Trust, Series 45 (the "
Fund" ) is comprised of one unit investment trust, Brand Name Equity Trust,
Series 3 (the "Trust" or "Brand Name Equity Trust" ). The Brand
Name Equity Trust offers investors the opportunity to purchase Units
representing proportionate interests in a fixed, portfolio of the equity
securities issued by companies diversified within the non-durable consumer
goods industry including common stocks of foreign issuers. Unless terminated
earlier, each Trust will terminate on November 16, 2001 and any securities
then held will, within a reasonable time thereafter, be liquidated or
distributed by the Trustee. Any Securities liquidated at termination will be
sold at the then current market value for such Securities; therefore, the
amount distributable in cash to a Unitholder upon termination may be more or
less than the amount such Unitholder paid for his Units.
PUBLIC OFFERING PRICE
The Public Offering Price per Unit is equal to the aggregate underlying value
of the Equity Securities plus or minus cash, if any, in the Income and Capital
Accounts, plus the applicable sales chargedivided by the number of Units
outstanding as described herein. See "Summary of Essential Financial
Information" in the Part One.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE.
The Date of this Prospectus is December 24, 1997
Van Kampen American Capital
VAN KAMPEN AMERICAN CAPITAL EQUITY OPPORTUNITY TRUST, SERIES 45
Brand Name Equity Trust, Series 3
Summary of Essential Financial Information
As of September 26, 1997
Sponsor: Van Kampen American Capital Distributors, Inc.
Supervisor: Van Kampen American Capital Investment Advisory Corp.
(An Affiliate of the Sponsor)
Evaluator: American Portfolio Evaluation Services
(A division of an affiliate of the Sponsor)
Trustee: The Bank of New York
<TABLE>
<CAPTION>
Brand Name
Equity Trust
-------------------
<S> <C>
General Information
Number of Units..................................................................................... 6,336,141.446
Fractional Undivided Interest in Trust per Unit..................................................... 1/6,336,141.446
Public Offering Price:
Aggregate Value of Securities in Portfolio <F1>.................................................... $ 74,204,480
Aggregate Value Securities per Unit (including accumulated dividends).............................. $ 11.63
Maximum Sales Charge................................................................................ $ .55
Less Deferred Sales Charge.......................................................................... $ (.06)
Public Offering Price per Unit <F2><F3>............................................................ $ 12.12
Redemption Price per Unit........................................................................... $ 11.57
Secondary Market Repurchase Price per Unit.......................................................... $ 11.57
Excess of Public Offering Price per Unit over Redemption Price per Unit............................. $ .55
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Supervisor's Annual Supervisory Fee............Maximum of $.0025 per Unit
Evaluator's Annual Fee.........................Maximum of $.0025 per Unit
Evaluation Time................................4:00 p.m. New York time
Date of Deposit................................November 19, 1996
Mandatory Termination Date.....................November 16, 2001
The Trust may be terminated if the net asset value of the Trust is less then
$500,000 unless the net asset value of the Trust deposits has exceeded $15,000,000,
then the Trust Agreement may be terminated if the net asset value of the Trust is
Minimum Termination Value......................less than $3,000,000.
Estimated Annual Dividends per Unit............$.18326
Trustee's Annual Fee...........................$.008 per Unit
Estimated Annual Organizational Expenses<F4>...$.0015 per Unit
Income Distribution Record Date................TENTH day of March, June, September, and December.
Income Distribution Date.......................TWENTY-FIFTH day of March, June, September and December.
Capital Account Record Date....................TENTH day of December.
Capital Account Distribution Date..............TWENTY-FIFTH day of December.
- ----------
<FN>
<F1>Equity Securities listed on a national securities exchange are valued at the
closing sale price, or if the Equity Securities are not so listed, at the bid
price thereof.
<F2>Anyone ordering Units will have added to the Public Offering Price a pro rata
share of any cash in the Income and Capital Accounts
<F3>The Maximum Sales Charge consists of an initial sales charge and a deferred
sales charge. The initial sales charge is applicable to all Units and
represents an amount equal to the difference between the Maximum Sales Charge
of 4.5% of the Public Offering Price and the amount of the maximum deferred
sales charge of $0.20 per Unit. Subsequent to the Initial Date of Deposit, the
amount of the initial sales charge will vary with changes in the aggregate
value of the Securities in the Trust. In addition to the initial sales charge,
Unitholders will pay a deferred sales charge of $0.0333 per Unit per month
which will begin accruing on a daily basis on May 19, 1997 and will continue
to accrue through November 18, 1997. The monthly deferred sales charge will be
charged to the Trust, in arrears, commencing June 19, 1997 and will be charged
on the 19th day of each month thereafter through November 19, 1997. Units
purchased subsequent to the initial deferred sales charge payment will be
subject only to the portion of the deferred sales charge payments not yet
collected. These deferred sales charge payments will be paid from funds in the
Capital Account, if sufficient, or from the periodic sale of Securities. The
total maximum sales charge will be 4.5% of the Public Offering Price (4.712%
of the aggregate value of the Securities in the Trust less the deferred sales
charge). Commencing on November 19, 1997, the secondary market sales charge
will not include deferred payments but will instead include only a one-time
initial sales charge of 4.0% of the Public Offering Price and will be reduced
by .5 of 1% on each subsequent November 19, to a minimum sales charge of 3.0%.
See "Public Offering Price."
<F4>The Trust (and therefore Unitholders) will bear all or a portion of its
organizational costs (including costs of preparing the registration statement,
the trust indenture and other closing documents, registering Units with the
Securities and Exchange Commission and states. the initial audit of the
portfolio and the initial fees and expenses of the Trustee but not including
the expenses incurred in the preparation and printing of brochures and other
advertising material and any other selling expenses) as is common for mutual
funds. Total organizational expenses will be amortized over the life of the
Trust. See "Expenses of the Trust" in Part Two and "Statement of
Condition." Historically, the sponsors of unit investment trusts have paid
all the costs of establishing such trusts. Estimated Annual Organizational
Expenses have been estimated based on a projected trust size of $70,000,000.
To the extent the Trust is larger or smaller, the actual organizational
expenses paid by the Trust (and therefore by Unitholders) will vary from the
estimated amount set forth above.
</TABLE>
PORTFOLIO
The Brand Name Equity Trust consists of 31 different issues of Equity
Securities, all of which on the date of deposit were primarily issued by
established companies with extensive domestic and international operations
that were engaged in the design, production, and distribution of products
within the non-durable consumer goods industry, including common stocks of
foreign issuers. Each issue, as of the Initial Date of Deposit, represented
approximately the same dollar value of a portfolio since the Sponsor utilized
a dollar weighted average approach in acquiring such Equity Securities.
PER UNIT INFORMATION
<TABLE>
<CAPTION>
1997
-------------
<S> <C>
Net asset value per Unit at beginning of period...................................................................... $ 9.76
=============
Net asset value per Unit at end of period............................................................................ $ 11.15
=============
Distributions to Unitholders of investment income including dividend income on Units redeemed (average Units
outstanding for entire period)....................................................................................... $ 0.22
=============
Distributions to Unitholders from Security redemption proceeds (average Units outstanding for entire period)......... $ ----
=============
Unrealized appreciation (depreciation) of Securities (per Unit outstanding at end of period)......................... $ 1.21
=============
Units outstanding at end of period................................................................................... 6,441,130
- ----------
<FN>
<F1>For the period from November 19, 1996 (date of deposit) through August 31,
1997.
</TABLE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Board of Directors of Van Kampen American Capital Distributors, Inc.
and the Unitholders of Van Kampen American Capital Equity Opportunity Trust,
Series 45 (Brand Name Equity Trust, Series 3):
We have audited the accompanying statement of condition (including the
analyses of net assets) and the related portfolio of Van Kampen American
Capital Equity Opportunity Trust, Series 45 (Brand Name Equity Trust, Series
3) as of August 31, 1997 and the related statements of operations and changes
in net assets for the period from November 19, 1996 (date of deposit) through
August 31, 1997. These statements are the responsibility of the Trustee and
the Sponsor. Our responsibility is to express an opinion on such statements
based on our audit.
We conducted our 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 are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. Our
procedures included confirmation of securities owned at August 31, 1997 by
correspondence with the Trustee. An audit also includes assessing the
accounting principles used and significant estimates made by the Trustee and
the Sponsor, as well as evaluating the overall financial statement
presentation. We believe our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Van Kampen American Capital
Equity Opportunity Trust, Series 45 (Brand Name Equity Trust, Series 3) as of
August 31, 1997, and the related statements of operations and changes in net
assets for the period from November 19, 1996 (date of deposit) through August
31, 1997, in conformity with generally accepted accounting principles.
GRANT THORNTON LLP
Chicago, Illinois
October 17, 1997
<TABLE>
VAN KAMPEN AMERICAN CAPITAL EQUITY OPPORTUNITY TRUST
SERIES 45
Statements of Condition
August 31, 1997
<CAPTION>
Brand
Name
Equity
Trust
--------------
<S> <C>
Trust property
Cash.................................................................................... $ 238,567
Securities at market value, (cost $63,900,551) (note 1)................................. 71,712,445
Accumulated dividends................................................................... 106,320
Receivable for securities sold.......................................................... 17,501
Organizational Costs $ 64,186
==============
Liabilities and interest to Unitholders 72,139,019
Redemptions payable..................................................................... 339,510
Interest to Unitholders................................................................. 71,799,509
$ 72,139,019
==============
Analyses of Net Assets
Interest of Unitholders (6,441,130 Units of fractional undivided interest outstanding)
Cost to original investors of 6,767,858 Units (note 1).................................. $ 70,657,373
Less initial underwriting commission (note 3)........................................... 3,209,434
--------------
67,447,939
Less redemption of 326,728 Units........................................................ 3,853,457
--------------
63,594,482
Undistributed net investment income
Net investment income................................................................... 805,970
Less distributions to Unitholders....................................................... 1,190,227
--------------
(384,257)
Realized gain (loss) on Security sale or redemption..................................... 777,390
Unrealized appreciation (depreciation) of Securities (note 2)........................... 7,811,894
Distributions to Unitholders of Security sale or redemption proceeds.................... --
Net asset value to Unitholders.......................................................... $ 71,799,509
==============
Net asset value per Unit (6,441,130 Units outstanding)................................... $ 11.15
==============
</TABLE>
The accompanying notes are an integral part of these statements
<TABLE>
VAN KAMPEN AMERICAN CAPITAL EQUITY OPPORTUNITY TRUST, SERIES 45
Statements of Operations
Period from November 19, 1996 (date of deposit) through
August 31, 1997
<CAPTION>
1997
-------------
<S> <C>
Investment income
Dividend income..................................................... $ 867,216
Expenses
Trustee fees and expenses........................................... 35,602
Evaluator fees...................................................... 7,946
Supervisory fees.................................................... 7,823
Organizational fees................................................. 9,875
-------------
Total expenses...................................................... 61,246
-------------
Net investment income............................................... 805,970
Realized gain (loss) from Securities sale or redemption
Proceeds............................................................ 4,324,778
Cost................................................................ 3,547,388
-------------
Realized gain (loss)................................................ 777,390
Net change in unrealized appreciation (depreciation) of Securities... 7,811,894
-------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS......$ 9,395,254
=============
</TABLE>
<TABLE>
Statements of Changes in Net Assets
Period from November 19, 1996 (date of deposit) through
August 31, 1997
<CAPTION>
1997
---------------
<S> <C>
Increase (decrease) in net assets
Operations:
Net investment income....................................................... $ 805,970
Realized gain (loss) on Securities sale or redemption....................... 777,390
Net change in unrealized appreciation (depreciation) of Securities.......... 7,811,894
---------------
Net increase (decrease) in net assets resulting from operations............. 9,395,254
Distributions to Unitholders from:
Net investment income....................................................... (1,190,227)
Securities sale or redemption proceeds...................................... ----
Redemption of Units (3,853,457)
---------------
Total increase (decrease)................................................... 4,351,570
Net asset value to Unitholders
Beginning of period......................................................... 146,494
Additional Securities purchased from proceeds of Unit Sales................. 67,301,445
---------------
End of period (including undistributed net investment income of $384,257)... $ 71,799,509
===============
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
VAN KAMPEN AMERICAN CAPITAL EQUITY OPPORTUNITY TRUST, SERIES 45
PORTFOLIO as of August 31, 1997
<CAPTION>
Valuation of Securities
at
Number August 31,
of Market Value 1997
Shares Name of Issuer Per Share (Note 1)
- ------------ ----------------------------------------- ----------------- ----------------------------
<S> <C> <C> <C>
31,959 American Home Products Corporation $ 72.0000 $ 2,301,048
- -----------------------------------------------------------------------------------------------------
48,583 Anheuser-Busch Companies, Incorporated 42.6250 2,070,850
- -----------------------------------------------------------------------------------------------------
35,367 Avon Products, Incorporated 64.0625 2,265,698
- -----------------------------------------------------------------------------------------------------
36,636 Bristol-Myers Squibb Company 76.0000 2,784,336
- -----------------------------------------------------------------------------------------------------
48,577 Campbell Soup Company 46.3750 2,252,758
- -----------------------------------------------------------------------------------------------------
18,768 Clorox Company 131.2500 2,463,300
- -----------------------------------------------------------------------------------------------------
38,360 The Coca-Cola Company 57.3125 2,198,508
- -----------------------------------------------------------------------------------------------------
42,640 Colgate-Palmolive Company 62.7500 2,675,660
- -----------------------------------------------------------------------------------------------------
25,153 CPC International, Incorporated 89.1250 2,241,761
- -----------------------------------------------------------------------------------------------------
24,295 Eastman Kodak Company 65.3750 1,588,286
- -----------------------------------------------------------------------------------------------------
33,680 General Mills, Incorporated 64.1250 2,159,730
- -----------------------------------------------------------------------------------------------------
27,284 Gillette Company 82.8125 2,259,456
- -----------------------------------------------------------------------------------------------------
54,109 Heinz (H.J.) Company 41.6250 2,252,287
- -----------------------------------------------------------------------------------------------------
39,636 Johnson & Johnson 56.6875 2,246,866
- -----------------------------------------------------------------------------------------------------
58,806 Kellogg Company 44.7500 2,631,568
- -----------------------------------------------------------------------------------------------------
46,874 Liz Claiborne, Incorporated 44.5625 2,088,823
- -----------------------------------------------------------------------------------------------------
67,746 Mattel, Incorporated 33.4375 2,265,257
- -----------------------------------------------------------------------------------------------------
41,346 McDonald's Corporation 47.3125 1,956,183
- -----------------------------------------------------------------------------------------------------
24,723 Merck & Company, Incorporated 91.8125 2,269,880
- -------------------------------------------------------------------------
52,422 Nabisco Holdings Corporation 41.5000 2,175,513
- -----------------------------------------------------------------------------------------------------
35,799 Nestle, S.A. 58.6250 2,098,716
- -----------------------------------------------------------------------------------------------------
35,799 Nike, Incorporated Class B 53.3750 1,910,772
- -----------------------------------------------------------------------------------------------------
63,067 PepsiCo, Incorporated 36.0000 2,270,412
- -----------------------------------------------------------------------------------------------------
18,768 The Proctor & Gamble Company 133.0625 2,497,317
- -----------------------------------------------------------------------------------------------------
51,143 Sara Lee Corporation 40.2500 2,058,506
- -----------------------------------------------------------------------------------------------------
57,969 Schering-Plough Corporation 48.0000 2,782,512
- -----------------------------------------------------------------------------------------------------
11,939 Unilever NV 201.2500 2,402,724
- -----------------------------------------------------------------------------------------------------
28,130 The Walt Disney Company 76.8125 2,160,736
- -----------------------------------------------------------------------------------------------------
28,130 Warner-Lambert Company 127.0625 3,574,268
- -----------------------------------------------------------------------------------------------------
97,142 Wendy's International, Incorporated 24.0625 2,337,479
- -----------------------------------------------------------------------------------------------------
34,086 Wrigley (WM) Jr. Company 72.5000 2,471,235
1,258,936 $ 71,712,445
============ ===========================
</TABLE>
The accompanying notes are an integral part of these statements.
VAN KAMPEN AMERICAN CAPITAL EQUITY OPPORTUNITY TRUST
SERIES 45
Notes to Financial Statements
August 31, 1997
- --------------------------------------------------------------------------
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Security Valuation - Securities listed on a national securities exchange are
valued at the closing sales price, or if no such price exists or if the Equity
Securities are not listed, at the bid price thereof.
Security Cost - The original cost to the Trust of the Securities was based,
for Securities listed on a national securities exchange or the relevent stock
exchange, on the closing sale prices on the exchange. The cost was determined
on the day of the various Dates of Deposit.
Unit Valuation - The redemption price per Unit is the pro rata share of each
Unit based upon (1) the cash on hand in the Trust or monies in the process of
being collected, (2) the Securities in the Trust based on the value as
described in Note 1 and (3) accumulated dividends thereon, less accrued
expenses of the Trust, if any.
Federal Income Taxes - Each Unitholder is considered to be the owner of a pro
rata portion of the Trust and, accordingly, no provision has been made for
Federal Income Taxes.
Organizational Costs - The Trust will bear all or a portion of its
organizational costs, which will be deferred and amortized over the life of
the Trust.
NOTE 2 - PORTFOLIO
Unrealized Appreciation and Depreciation - An analysis of net unrealized
appreciation (depreciation) at August 31, 1997 is as follows:
<TABLE>
<CAPTION>
Brand Name
Equity Trust
----------------
<S> <C>
Unrealized Appreciation $ 8,469,141
Unrealized Depreciation (657,247)
----------------
$ 7,811,894
================
</TABLE>
NOTE 3 - OTHER
Marketability - Although it is not obligated to do so, the Sponsor intends to
maintain a market for Units and to continuously offer to purchase Units at
prices, subject to change at any time, based upon the value of the Securities
in the portfolio of the Trust valued as described in Note 1, plus accumulated
dividends to the date of settlement. If the supply of Units exceeds demand, or
for other business reasons, the Sponsor may discontinue purchases of Units at
such prices. In the event that a market is not maintained for the Units, a
Unitholder desiring to dispose of his Units may be able to do so only by
tendering such Units to the Trustee for redemption at the redemption price.
Cost to Investors - The cost to original investors was based on the underlying
value of the Securities per Unit on the date of an investor's purchase, plus a
sales charge of 4.5% of the Public Offering Price which is equivalent to
4.712% of the aggregate offering price of the Securities. The secondary market
cost to investors is based on the determination of the underlying value of the
Securities per Unit on the date of an investor's purchase plus a sales charge
equal to the difference between the maximum total sales charge of 4.5% of the
Public Offering Price and the maximum deferred sales charge for the Trust
($0.20 per Unit) and will be assessed or deferred sales charge of $0.0333 per
Unit on each of the remaining deferred sales charge payment dates. Effective
on each November 19, commencing November 19, 1997, the secondary sales charge
will not include deferred payments but will instead include only a one-time
initial sales charge of 4.0% of the Public Offering Price and will decrease by
.5 of 1% to a minimum sales charge of 3.0%.
Compensation of Evaluator and Supervisor - the Supervisor receives a fee for
providing portfolio supervisory services for the Trust ($.0025 per Unit, not
to exceed the aggregate cost of the Supervisor for providing such services to
all applicable Trusts). The Evaluator receives an annual fee for regularly
evaluating the Trust's portfolio. Both fees may be adjusted for increases
under the category "All Services Less Rent of Shelter" in the Consumer
Price Index.
NOTE 4 - REDEMPTION OF UNITS
During the period ended August 31, 1997, 326,728 Units were presented for
redemption.
Contents of Post-Effective Amendment
to Registration Statement
This Post-Effective Amendment to the Registration Statement
comprises the following papers and documents:
The facing sheet
The prospectus
The signatures
The Consent of Independent Accountants
Signatures
Pursuant to the requirements of the Securities Act of 1933, the
Registrant, Van Kampen American Capital Equity Opportunity Trust, Series
45, certifies that it meets all of the requirements for effectiveness of
this Registration Statement pursuant to Rule 485(b) under the Securities
Act of 1933 and has duly caused this Post-Effective Amendment to its
Registration Statement to be signed on its behalf by the undersigned
thereunto duly authorized, and its seal to be hereunto affixed and
attested, all in the City of Chicago and State of Illinois on the 24th
day of December, 1997.
Van Kampen American Capital Equity Opportunity
Trust, Series 45
(Registrant)
By Van Kampen American Capital Distributors,
Inc.
(Depositor)
By Gina Costello
Assistant Secretary
(Seal)
Pursuant to the requirements of the Securities Act of 1933, this
Amendment to the Registration Statement has been signed below on December
24, 1997 by the following persons who constitute a majority of the Board
of Directors of Van Kampen American Capital Distributors, Inc.:
Signature Title
Don G. Powell Chairman and Chief )
Executive Officer )
William R. Molinari President and Chief Operating)
Officer )
Ronald A. Nyberg Executive Vice President and )
General Counsel )
William R. Rybak Senior Vice President and )
Chief Financial Officer )
Gina Costello ) (Attorney in Fact)*
____________________
* An executed copy of each of the related powers of attorney was filed
with the Securities and Exchange Commission in connection with the
Registration Statement on Form S-6 of Van Kampen American Capital
Equity Opportunity Trust, Series 64 (File No. 333-33087) and the
same are hereby incorporated herein by this reference.
Consent of Independent Certified Public Accountants
We have issued our report dated October 17, 1997 accompanying the
financial statements of Van Kampen American Capital Equity Opportunity
Trust, Series 45 as of August 31, 1997, and for the period then ended,
contained in this Post-Effective Amendment No. 1 to Form S-6.
We consent to the use of the aforementioned report in the Post-
Effective Amendment and to the use of our name as it appears under the
caption "Auditors".
Grant Thornton LLP
Chicago, Illinois
December 24, 1997
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> BNET
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> NOV-19-1996
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 63900551
<INVESTMENTS-AT-VALUE> 71712445
<RECEIVABLES> 17501
<ASSETS-OTHER> 170506
<OTHER-ITEMS-ASSETS> 238567
<TOTAL-ASSETS> 72139019
<PAYABLE-FOR-SECURITIES> 339510
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 339510
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 71799509
<SHARES-COMMON-STOCK> 6441130
<SHARES-COMMON-PRIOR> 6767858
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (384257)
<ACCUMULATED-NET-GAINS> 777390
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7811894
<NET-ASSETS> 71799509
<DIVIDEND-INCOME> 867216
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 727125
<NET-INVESTMENT-INCOME> 140091
<REALIZED-GAINS-CURRENT> 777390
<APPREC-INCREASE-CURRENT> 7811894
<NET-CHANGE-FROM-OPS> 8729375
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (524348)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 326728
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4351570
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7823
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 727125
<AVERAGE-NET-ASSETS> 69623724
<PER-SHARE-NAV-BEGIN> 9.76
<PER-SHARE-NII> 0.022
<PER-SHARE-GAIN-APPREC> 1.334
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.147
<EXPENSE-RATIO> 0.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
