<PAGE> 1
As filed with the Securities and Exchange Commission March 27, 1997
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 X
Pre-Effective Amendment No.
Post-Effective Amendment No. 7 X
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 X
Amendment No. 9 X
(Check appropriate box or boxes)
CENTURA FUNDS, INC.
(Exact name of Registrant as specified in charter)
3435 Stelzer Road
Columbus, Ohio 43219
------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code: 1(800)442-3688
-------------------------------------------------
George O. Martinez, Esq.
BISYS Fund Services
3435 Stelzer Road
Columbus, Ohio 43219
-------------------------------
(Name and Address of Agent for Service)
with a copy to:
Jeffrey L. Steele, Esq.
Dechert Price & Rhoads
1500 K Street, N.W.
Washington, D.C. 20005
It is proposed that this filing will become effective:
(check appropriate box)
X immediately upon filing pursuant to paragraph (b)
----
on (date) pursuant to paragraph (b)
----
60 days after filing pursuant to paragraph (a)(1)
----
on (date) pursuant to paragraph (a)(1)
----
75 days after filing pursuant to paragraph (a)(2)
----
on (date) pursuant to paragraph (a)(2) of rule 485
----
Registrant has registered an indefinite number of shares of its Common
Stock under the Securities Act of 1933 pursuant to the provisions of Rule 24f-2
under the Investment Company Act of 1940. Registrant filed a Rule 24f-2 Notice
for its fiscal year ended April 30, 1996 with the Securities and Exchange
Commission on June 14, 1996.
<PAGE> 2
CENTURA FUNDS, INC.
CROSS REFERENCE SHEET
Pursuant to Rule 495
under the Securities Act of 1933
N-1A Item No. Location
------------- --------
Part A Prospectus Caption
------ ------------------
Item 1. Cover Page
Item 2. Highlights
Item 3. N/A
Item 4. The Funds; Description
of Securities and Investment
Practices; Investment
Restrictions
Item 5. Management of the
Funds; Portfolio Transactions
Item 5A N/A
Item 6. Other Information;
Dividends, Distributions and
Federal Income Taxation
Item 7. Fund Share Valuation;
Purchase of Fund Shares;
Management of the Funds
Item 8. Redemption of Fund
Shares
Item 9. N/A
Part B Heading in Statement of
------- Additional Information
-----------------------
Item 10. Cover Page
Item 11. Table of Contents
Item 12. N/A
Item 13. Investment Policies
Item 14. Management
Item 15. Other Information
Item 16. Management
Item 17. Portfolio Transactions
Item 18. Other Information
Item 19. Purchase of Fund
Shares; Redemption of Fund
Shares
Item 20. Taxation
Item 21. Management
Item 22. Other Information
Item 23. Financial Statements
<PAGE> 3
Part C
Information to be included in Part C is set forth under the
appropriate Item, so numbered, in Part C of the Registration Statement.
<PAGE> 4
PRELIMINARY NOTE
The Registrant's Prospectus and Statement of Additional Information, each
dated August 29, 1996 (Accession Number 0000950168-96-001676),to which the
interim financial statements contained herein are added by the
Post-Effective Amendment No. 7, are incorporated by reference to the
Registrant's filing of definitive copies under Rule 497(c).
The Registrant's Supplements to the Prospectus, each dated November 11,
1996 and January 2, 1997 (Accession Numbers 0000950168-96-002087 and
0000950168-97-000040, respectively), are incorporated by reference to the
Registrant's filing of definitive copies under Rule 497(c).
<PAGE> 5
CENTURA EQUITY INCOME FUND
a portfolio of
CENTURA FUNDS, INC.
Supplement dated April 1, 1997 to
Prospectus dated August 29, 1996
The table of "Financial Highlights (unaudited) For a share of beneficial
interest outstanding through the period ended January 31, 1997" below
supplements the unaudited financial statements of Centura Equity Income
Fund (the "Fund") a portfolio of Centura Funds, Inc. (the "Company")
contained in the Statement of Additional Information and sets forth
certain information regarding the investment operations of the Fund for
the period presented.
<TABLE>
<CAPTION>
OCTOBER 2, 1996 (1)
THROUGH
JANUARY 31, 1997
CLASS CLASS CLASS
A B C
----- ----- -----
<S> <C> <C> <C>
Net Asset Value, Beginning of Period $10.00 $10.00 $10.00
----- ----- -----
Income from Investment Operations:
Net Investment Income 0.08 0.07 0.09
Net Realized and Unrealized Gains
on Securities 1.01 0.98 1.00
---- ---- ----
Total Increase from Investment
Operations 1.09 1.05 1.09
---- ---- ----
Less Dividends and Distributions:
Dividends from Net Investment Income 0.08 0.07 0.09
Distributions from Capital Gains 0.02 0.02 0.02
---- ---- ----
Total Dividends and Distributions 0.10 0.09 0.11
---- ---- ----
Net Asset Value, End of Period $10.99 $10.96 $10.98
===== ===== =====
Total Return (not reflecting sales
load)(b) 10.91% 10.53% 10.90%
Raios/Supplementa Data:
Net Assets, End of Period (000's) $ 174 $ 131 $55,556
Ratio of Expenses to Average Net
Assets Net of Waivers/Reimbursements (a) 1.03% 1.86% 0.78%
Ratio of Net Investment Income to Average
Net Assets Net of Waivers/Reimbursements(a) 2.54% 2.88% 2.51%
Ratio of Expenses to Average Net Assets
before Waivers/Reimbursements *(a) 1.45% 2.26% 1.19%
Ratio of Net Investment Income to Average
Net Assets before Waivers/
Reimbursements *(a) 2.12% 2.47% 2.10%
Portfolio turnover rate (c) 11% 11% 11%
Average Commission Rate (d) $0.0716 $0.0716 $0.0716
</TABLE>
- --------------------------------------
(1) Commencement of operations.
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Annualized.
(b) Not annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued. (d) Represents
the total dollar amount of commissions paid on portfolio transactions
divided by total number of shares purchased and sold by the Fund for which
commissions were charged.
<PAGE> 6
CENTURA FUNDS, INC.
3435 Stelzer Road
Columbus, Ohio 43219
1-800-442-3688
This Supplement to the Statement of Additional Information is not a
prospectus and is only authorized for distribution when preceded or
accompanied by a Prospectus of the Centura Funds, Inc. The following
supplements the information contained in the Company's Statement of
Additional Information dated August 29, 1996.
FINANCIAL INFORMATION
The unaudited financial statements for Centura Equity Income Fund for the
period ended January 31, 1997 are attached hereto.
<PAGE> 7
CENTURA FUNDS
CENTURA EQUITY INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JANUARY 31, 1997
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
- ------------ ---------------------------------------------- --------------
<S> <C>
COMMON STOCKS (82.2%):
Aerospace/Defense (4.0%)
13,500 Boeing Co. $ 1,446,187
20,000 Goodrich (B.F.) Co. 820,000
-------------
2,266,187
-------------
Banks (3.1%):
13,500 CCB Financial Corp. 877,500
25,000 ONBANCorp., Inc. 931,250
-------------
1,808,750
-------------
Beverages (1.4%):
18,600 Coca-Cola Bottling Co. 841,650
-------------
Business Equipment & Services (2.4%):
69,000 Rollins, Inc. 1,354,125
-------------
Chemicals (2.5%):
10,500 E.I. DuPont de Nemours & Co. 1,151,063
35,000 Lubrizol Corp. 1,181,250
-------------
2,332,313
-------------
Consumer Durables (1.6%):
20,000 Briggs & Stratton Corp. 902,500
-------------
Consumer Products (5.3%):
35,000 Tambrands, Inc. 1,435,000
-------------
Diversified (2.7%):
15,000 General Electric Co. 1,545,000
-------------
Electronic & Electrical (1.0%):
12,000 AMP, Inc. 489,000
-------------
Energy (5.2%):
16,000 Amoco Corp. 1,392,000
9,200 Royal Dutch Petroleum Co.- New York Shares 1,596,200
-------------
2,988,200
-------------
Entertainment (2.1%):
30,500 Time Warner, Inc. 1,174,250
-------------
Food (5.5%):
65,000 Flowers Industries, Inc. 1,389,375
95,000 Lance, Inc. 1,733,750
-------------
3,123,125
-------------
Gas Utility (2.7%):
16,000 Piedmont Natural Gas Co., Inc. (b) 386,000
40,000 UGI Corp. 920,000
-------------
1,306,000
-------------
Industrial (2.8%):
48,000 Crane Co. 1,584,000
-------------
Insurance (2.2%):
21,000 Jefferson Pilot Corp. 1,239,000
-------------
Mining (2.1%):
14,000 Potash Corp. of Saskatchewan, Inc. 1,177,750
-------------
Oil & Gas Exploration (2.9%):
14,500 Schlumberger Ltd. 1,611,313
-------------
</TABLE>
(Continued)
<PAGE> 8
CENTURA FUNDS
CENTURA EQUITY INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JANUARY 31, 1997
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
- ------------ ------------------------------------------------- --------------
<S> <C>
Common Stocks, continued:
Pharmaceuticals (6.9%):
27,000 Abbott Laboratories $1,468,125
21,000 American Home Products Corp. 1,330,875
34,000 Glaxo Wellcome PLC, Sponsored ADR 1,083,750
-------------
3,882,750
-------------
Pollution Control (2.6%):
40,000 WMX Technologies, Inc. 1,465,000
-------------
Publishing & Printing (5.7%):
40,000 Dow Jones & Co., Inc. 1,585,000
44,700 Readers Digest Assoc., Inc., Class A 1,726,538
-------------
3,311,538
-------------
Raw Materials (2.2%):
18,000 Aluminum Co. of America 1,242,000
-------------
Retail (2.5%):
30,000 J.C. Penney Co., Inc. 1,421,250
-------------
Technology (2.4%):
9,000 International Business Machines Corp. 1,415,250
-------------
Tobacco (2.6%):
48,000 Universal Corp. VA 1,488,000
-------------
Telecommunications (5.6%):
25,000 AT&T Corp. 984,375
31,000 BellSouth Corp. 1,375,625
20,000 GTE Corp. 940,000
-------------
3,300,000
-------------
Utilities- Electric (2.2%):
55,000 Southern Co. 1,203,125
-------------
Total Common Stocks (cost $35,461,269) 45,907,076
-------------
PREFERRED STOCKS (9.7%):
Computer Software (2.2%):
15,000 Microsoft Convertible, Series A, Convertible
12/15/99 to 2.75% subordinated note (b) 1,247,812
-------------
Financial Services (2.6%):
36,500 Time Warner Financial 1,432,625
-------------
Food (2.2%):
27,000 Chiquita Brands International, Inc., Convertible
until 12/31/49 1,255,500
-------------
Oil & Gas (2.7%):
27,000 Tejas Gas Corp., Convertible until 12/31/49 1,498,500
-------------
Total Preferred Stocks (cost $3,604,473) 5,434,437
-------------
REAL ESTATE INVESTMENT TRUST (2.8%):
44,700 Highwoods Properties Inc. 1,564,500
-------------
Total Real Estate Investment Trust (cost $1,118,900 ) 1,564,500
-------------
</TABLE>
(Continued)
<PAGE> 9
CENTURA FUNDS
CENTURA EQUITY INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JANUARY 31, 1997
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
- --------------- --------------------------------------------------------------- --------------
<S> <C>
INVESTMENT COMPANIES (7.1%):
$2,014,207 Financial Square Prime Short Term Money Market $ 2,014,207
Sweep Fund
1,971,423 Temp Fund 1,971,423
Total Investment Companies (cost $3,985,630) 3,985,630
--------------
Total Investments (cost - $45,371,209)(a) -- (101.8%) 56,891,642
Liabilities in excess of other assets --- (1.8%) (1,030,556)
--------------
NET ASSETS --- (100.0%) $ 55,861,086
==============
(a) Represents cost for federal income tax purposes and differs
from value by net unrealized appreciation of securities as follows:
Unrealized appreciation $ 12,149,188
Unrealized depreciation (628,754)
--------------
Net unrealized appreciation $ 11,520,434
==============
(b) Non income producing
ADR- American Depository Receipt
PLC- Public Limited Company
</TABLE>
See Notes to Financial Statements
<PAGE> 10
CENTURA FUNDS, INC.
CENTURA EQUITY INCOME FUND
STATEMENT OF ASSETS AND LIABILITIES
JANUARY 31, 1997
ASSETS
<TABLE>
<S> <C> <C>
Investments, at market value (cost-$45,371,209) $56,891,643
Receivable for fund shares sold 1,736
Dividends and interest receivable 179,422
-------------
Total Assets $57,072,801
LIABILITIES
Payable for investments purchased 983,750
Distribution payable 136,811
Payable for Fund shares redeemed 1,036
Investment advisory fees 34,869
Administrative services 13,823
Fund accounting fees 2,876
Shareholder services fees 4,333
Registration fees 6,377
Reports to shareholders expenses 8,377
Legal and Audit fees 8,593
Custodian fees 5,872
Director fees & expenses 1,300
12B-1 fees (Class A) 82
12B-1 fees (Class B) 148
Other expenses 3,466
-------------
Total Liabilities 1,211,713
------------
NET ASSETS (Applicable to 5,087,784 shares of capital
stock outstanding) $55,861,088
============
Class A:
Net Assets $174,072
Shares Outstanding 15,839
Net Asset Value Per Share $10.99
============
Maximum Offering Price Per Share $11.51
============
Class B:
Net Assets $130,539
Shares Outstanding 11,906
Net Asset Value Per Share $10.96
============
Class C:
Net Assets $55,556,476
Shares Outstanding 5,060,039
Net Asset Value Per Share $10.98
============
NET ASSETS CONSIST OF:
Shares of beneficial interest, $.001 par value $5,088
Paid-in capital 42,608,577
Distributions in excess of net investment income 1,321
Undistributed net realized capital gains on investments 1,725,668
Net unrealized appreciation on investments 11,520,434
-------------
NET ASSETS $55,861,088
============
</TABLE>
See Notes to Financial Statements
<PAGE> 11
CENTURA FUNDS, INC.
CENTURA EQUITY INCOME FUND
STATEMENT OF OPERATIONS
FOR THE PERIOD ENDED JANUARY 31, 1997 (a)
NET INVESTMENT INCOME:
<TABLE>
<S> <C>
Dividends $493,474
Interest 78,151
-----------
Total Income 571,625
-----------
EXPENSES
Investment advisory fees (Note 3) 121,585
Administrative services (Note 4) 26,054
Fund accounting fees 11,578
Transfer agent fees (Note 5) 5,014
Registration fees 7,380
Reports to shareholders 9,694
Legal and audit fees 11,032
Custodian fees (Note 5) 6,797
Director fees & expenses 3,008
12B-1 fees (Class A) (Note 5) 86
12B-1 fees (Class B) (Note 5) 152
Other expenses 4,090
-----------
Total expenses before waivers 206,471
Fee waivers (71,214)
-----------
Net expenses 135,257
-----------
Net Investment Income 436,368
-----------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS:
Net realized gains on investment transactions 1,828,475
Net change in unrealized appreciation on investments 3,192,593
-----------
Net realized and unrealized gains on investments 5,021,068
-----------
Net increase in net assets resulting from operations $5,457,436
===========
</TABLE>
- ---------------------
(a) For the period October 2, 1996 (commencement of operations) to January 31,
1997.
See Notes to Financial Statements
<PAGE> 12
CENTURA FUNDS, INC.
CENTURA EQUITY INCOME FUND
STATEMENT OF CHANGES IN NET ASSETS
FOR THE PERIOD ENDED JANUARY 31, 1997 (a)
<TABLE>
<CAPTION>
INCREASE (DECREASE) IN NET ASSETS:
<S> <C>
Net investment income $436,368
Net realized gains on investments 1,828,475
Net change in unrealized appreciation on investments 3,192,593
-------------
Net increase in net assets resulting from operations 5,457,436
-------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME:
Class A (936)
Class B (432)
Class C (436,321)
-------------
Total distributions from net investment income (437,689)
-------------
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME:
Class A (4)
Class B 0
Class C (1,317)
-------------
Total distributions in excess of net investment income (1,321)
-------------
DISTRIBUTIONS FROM CAPITAL GAINS:
Class A (221)
Class B (127)
Class C (102,459)
-------------
Total distributions from capital gains (102,807)
-------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class A 164,061
Class B 126,893
Class C 53,640,226
-------------
Total proceeds from sales of shares 53,931,180
-------------
Proceeds of shares issued in reinvestment of dividends:
Class A 975
Class B 425
Class C 226,532
-------------
Total proceeds of shares issued in reinvestment of dividends 227,932
-------------
Cost of shares redeemed:
Class A (38,257)
Class B (21,279)
Class C (3,155,428)
-------------
Total cost of shares redeemed (3,214,964)
-------------
Net increase in net assets from capital share transactions 50,944,148
-------------
Total Increase in Net Assets 55,861,088
NET ASSETS:
Beginning of period --
-------------
End of period $55,861,088
=============
</TABLE>
(a) For the period October 2, 1996 (commencement of operations) to January
31, 1997.
See Notes to Financial Statements
<PAGE> 13
CENTURA FUNDS, INC.
EQUITY INCOME FUND
FINANCIAL HIGHLIGHTS
FOR THE PERIOD ENDED JANUARY 31, 1997 (a)
<TABLE>
<CAPTION>
Class Class Class
A B C
-----------------------------------
<S> <C> <C> <C>
Net Asset Value, Beginning of Period $10.00 $10.00 $10.00
-----------------------------------
Income from Investment Operations:
Net Investment Income 0.08 0.07 0.09
Net Realized and Unrealized
Gains on Securities 1.01 0.98 1.00
-----------------------------------
Total Increase from Investment Operations 1.09 1.05 1.09
-----------------------------------
Less Dividends and Distributions:
Dividends from Net Investment Income 0.08 0.07 0.09
Distributions from Capital Gains 0.02 0.02 0.02
-----------------------------------
Total Dividends and Distributions 0.10 0.09 0.11
-----------------------------------
Net Asset Value, End of Period $10.99 $10.96 $10.98
===================================
Total Return (not reflecting sales load) (c) 10.91% 10.53% 10.90%
Ratios/Supplemental Data:
Net Assets, End of Period (000's) $174 $131 $55,556
Ratio of Expenses to
Average Net Assets (b) 1.03% 1.86% 0.78%
Ratio of Net Investment Income to
Average Net Assets (b) 2.54% 2.88% 2.51%
Ratio of Expenses to
Average Net Assets * (b) 1.45% 2.26% 1.19%
Ratio of Net Investment Income to
Average Net Assets * (b) 2.12% 2.47% 2.10%
Portfolio Turnover Rate (d) 11% 11% 11%
Average Commission Rate (e) $0.0716 $0.0716 $0.0716
</TABLE>
- ------------------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated. (a)
For the period October 2, 1996 (commencement of operations) to January 31, 1997.
(b) Annualized.
(c) Not annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing between the classes of shares issued. (e) Represents the total
dollar amount of commissions paid on portfolio transactions divided by total
number of shares purchased and sold by the Fund for which commissions were
charged.
See Notes to Financial Statements
<PAGE> 14
Centura Funds, Inc.
Notes to Financial Statements
Centura Equity Income Fund
January 31, 1997
1. Description- Centura Funds, Inc. (the "Company") is registered under the
Investment Company Act of 1940, as amended, as an open-end management investment
company, organized under the laws of the State of Maryland on March 1, 1994. The
company currently consists of four separate investment portfolios: Centura
Equity Growth Fund, Centura Federal Securities Income Fund, Centura North
Carolina Tax-Free Fund, and Centura Equity Income Fund. The accompanying
financial statements relate only to the Centura Equity Income Fund. The Centura
Equity Income Fund commenced operations on October 2, 1996 and prior to that
date had no operations other than organization matters.
The Centura Equity Income Fund's objective is to provide long-term
capital appreciation and income. The Fund invests primarily in dividend-paying
common stocks, convertible preferred stocks, and convertible bonds, notes and
debentures. It may also invest in securities believed to offer special capital
appreciation opportunities.
The Fund has three classes of shares known as Class A, Class B and Class C.
Class A shares are offered with a maximum front-end sales charge of 4.50%. The
front-end sales charge is not applied to certain categories of investors in
Class A shares. Class B shares are offered with a contingent deferred sales
charge ("CDSC") declining from a maximum in the first year after purchase of
5.00%. This charge is imposed if shareholders redeem their shares within five
years of the date of purchase. The CDSC is waived in certain cases. On the
seventh anniversary of their purchase date, Class B shares convert automatically
to Class A shares, which bear a lower Service and Distribution Fee. Class C
shares are offered to accounts managed by the Adviser'sTrust Department and to
non-profit Institutions who invest at least $100,000, and there is no sales
charge or contingent deferred sales charge imposed on this Class.
2. Significant Accounting Policies- The following is a summary of the
significant accounting policies followed by the Funds:
a. Use of Estimates- Estimates and assumptions are required to be
made regarding assets, liabilities, and changes in net assets
resulting from operations when financial statements are prepared.
Changes in the economic environment, financial markets and any other
parameters used in determining these estimates could cause actual
results to differ from these amounts.
<PAGE> 15
b. Security Valuation- Securities listed on an exchange are valued
on the basis of the last sale prior to the time the valuation is
made. If there has been no sale since the immediately previous
valuation, then the current bid price is used. Quotations are taken
from the exchange where the security is primarily traded.
Over-the-counter securities are valued on the basis of the bid price
at the close of business on each business day. Securities for which
market quotations are not readily available are valued at fair value
as determined in good faith by or at the direction of the Board of
Directors. Notwithstanding the above, bonds and other fixed-income
securities are valued on the basis of prices provided by a pricing
service approved by the Board of Directors. Short-term securities
with remaining maturities of 60 days or less are valued at amortized
cost.
c. Investment Transactions- Transactions are recorded on the trade
date. Identified cost of investments sold is used for both financial
statement and Federal income tax purposes. Interest income,
including the amortization of discount or premium, is recorded as
accrued. Dividends are recorded on the ex-dividend date.
d. Federal Income Taxes- The Fund's policy is to qualify as a
"regulated investment company" under Subchapter M of the Internal
Revenue Code of 1986, as amended. By so qualifying, the Fund will
not be subject to Federal income taxes to the extent that it
distributes taxable income for their fiscal year. The Fund also
intends to meet the distribution requirements to avoid the payment
of an excise tax.
e. Dividends to Shareholders- Centura Equity Income Fund declares
and pays dividends of substantially all of its net investment income
monthly. The Fund will distribute, at least annually, substantially
all net capital gains, if any, earned by the Fund. Distributions to
shareholders are recorded on the ex-dividend date. The amount of
dividends and distributions are determined in accordance with
federal income tax regulations which may differ from generally
accepted accounting principles. These "book/tax" differences are
considered either temporary or permanent in nature. To the extent
these differences are permanent in nature, such amounts are
reclassified within the capital accounts based on their federal tax
basis treatment; temporary differences do not require
reclassification. Dividends and distributions which exceed net
investment income and net realized capital gains for financial
reporting purposes but not for tax purposes are reported as
dividends in excess of net investment income or distributions in
excess of net realized capital gains.
f. Determination of Net Asset Value and Allocation of Expenses-
Expenses directly attributable to the Fund are charged to the Fund;
other expenses are allocated proportionately among the Fund and
other funds within the Company in relation to the net assets of each
fund or on another reasonable basis. In calculating net asset value
per share of each class, investment income, realized and unrealized
gains and losses and expenses other than class specific expenses,
are allocated daily to each class based upon the proportion of net
assets of each class at the beginning of each day. Class specific
expenses, as determined under applicable law and regulatory policy,
are borne by the class incurring the expense.
<PAGE> 16
3. Adviser- Centura Bank is the Fund's Adviser. Pursuant to the Advisory
contract, the Advisor manages the investments of the Fund and continuously
reviews, supervises and administers the Fund's investments. The Adviser is
responsible for placing orders for the purchase and sale of investment
securities directly with brokers and dealers selected at its discretion. The
terms of the Advisory contract provide for annual fees at 070% of average daily
net assets.
For the period ended January 31, 1997, Centura Bank was entitled to and
voluntarily waived advisory fees as listed below:
Entitled Waived
---------------------
Centura Equity Income Fund 121,585 59,056
4. Administrator- The Fund has entered into an Administrative Services Contract
with BISYS Fund Services LLP ("BISYS"). BISYS provides management and
administrative services necessary for the operations of the Fund, furnishes
office space and facilities required to conduct the business of the Fund and
pays the compensation of the Company's officers affiliated with BISYS. The terms
of the Administrative Services Contract provide for annual fees of 0.15% of
average daily net assets of the Fund.
For the period ended January 31, 1997, BISYS was entitled to and voluntarily
waived administrative services fees as listed below:
Entitled Waived
---------------------
Centura Equity Income Fund 26,054 12,159
5. Other Transactions with Affiliates- BISYS is transfer agent for the Funds.
Under a Transfer Agency Agreement, BISYS provides personnel and facilities to
perform shareholder servicing and transfer agency related services. BISYS
receives a per account fee and reimbursement for out of pocket expenses in
connection with shareholder servicing. For the period ended, January 31, 1997,
BISYS received a total of $3,767 for transfer agent fees and out-of-pocket
expenses from the Equity Income Fund.
BISYS also provides fund accounting services to the Fund. The Fund pays
$2,500 per month to BISYS for performing fund accounting. BISYS is also
reimbursed for out of pocket expenses relating to fund accounting. For the
period ending January 31, 1997, BISYS received $11,174 from the Equity Income
Fund for accounting services and related expenses..
Centura Funds Distributor, Inc. acts as the Company's Distributor. The
Distributor is an affiliate of the Company's Administrator, BISYS, and was
formed specifically to distribute shares of the Company's funds. (See The
Administrator".)
The Fund has adopted service and distribution plans (the "Plans") with
respect to its Class A and Class B shares. The Plans provide that each class of
shares will pay the Distributor a fee calculated as a percentage of the value of
average daily net assets of that class as reimbursement for its costs incurred
in financing certain distribution and shareholder service activities related to
that class.
Class A Plan. The Class A Plan provides for payments by the Fund to
the Distributor at an annual rate not to exceed 0.50% of the Fund's average net
assets attributable to its Class A shares. Such fees may include a service fee
totaling up to 0.25% of the average annual net assets attributable to the Fund's
Class A shares. Service fees are paid to securities dealers and other financial
institutions for maintaining shareholder accounts and providing related services
to shareholders. During the current fiscal year the Adviser has under taken to
limit Plan fees for Class A shares to 0.25%. For the period ended January 31,
1997, Centura Funds Distributor, Inc. earned distribution fees for Class A of
$86 for the Equity Income Fund. In addition, the Distributor also retains a
portion of the front-end sales charge.
<PAGE> 17
Class B Plan. The Class B Plan provides for payments by the Fund to the
Distributor at an annual rate not to exceed 1.00% of the Fund's average net
assets attributable to its Class B shares. Such fees may include a service fee
totaling up to 0.25% of the average annual net assets attributable to the Fund's
Class B shares. For the period ended January 31, 1997, Centura Funds
Distributor, Inc. earned distribution fees for Class B of $152 for the Equity
Income Fund. The Distributor also receives the proceeds of any CDSC imposed on
redemptions of Class B shares.
Centura Bank acts as custodian for the Fund. For furnishing custodial
services, Centura Bank is paid a monthly fee at an annual rate based on a
percentage of daily net assets plus certain transaction and out-of-pocket
expenses. For the period ended January 31, 1997, Centura Bank received custodian
fees and out of pocket expense reimbursements totalling $5,106 for the Equity
Income Fund.
6. Security Transactions- The cost of securities purchased and proceed from
securities sold (excluding short-term securities) for the period ended January
31, 1997, were as follows:
<TABLE>
<CAPTION>
Common Stocks and Bonds
--------------------------------------------
Cost of Securities Proceeds from
Purchased Securities Sold
--------------------------------------------
<S> <C> <C>
Centura Equity Income Fund $11,317,225 $5,610,929
</TABLE>
7. Capital Share Transactions- The Company is authorized to issue 600 million
shares of capital stock with a par value of $.001. Transactions in shares of the
Funds for the period ended January 31, 1997 were as follows:
<TABLE>
<CAPTION>
Centura Equity Income Fund
------------------------------------------------
For the Period Ended
January 31, 1997
Class A Class B Class C
------------------------------------------------
<S> <C> <C> <C>
Beginning Balance 0 0 0
Shares Sold 15,762 11,869 5,341,417
Shares issued in
reinvestment of
dividends from
net investment income 77 37 17,476
Shares redeemed 0 0 (298,854)
-------------------------------------------------
Net increase in shares 15,839 11,906 5,060,039
=================================================
</TABLE>
<PAGE> 18
PART C
OTHER INFORMATION
Item 24. Financial Statements and Exhibits
(a) Financial Statements:
Included in the Prospectus:
(1) Financial Highlights for the period ended January 31, 1997
(unaudited).
Included in Statement of Additional Information:
(1) Portfolios of Investments dated January 31, 1997
(unaudited).
(2) Statements of Assets and Liabilities dated January 31, 1997
(unaudited).
(3) Statements of Operations for the period ended January 31,
1997 (unaudited).
(4) Statement of Changes in Net Assets for the period ended
January 31, 1997 (unaudited).
(5) Financial Highlights for the period ended January 31, 1997
(unaudited).
(6) Notes to Financial Statements dated January 31, 1997
(unaudited).
(b) Exhibits:
Exhibit Description
Number
1(a) -- Articles of Incorporation of Registrant(1)
1(b) -- Articles Supplementary
1(c) -- Articles of Amendment (8)
1(d) -- Form of Articles Supplementary (8)
2 -- ByLaws of Registrant(2)
3 -- Not applicable
4 -- Specimen certificates of shares of common stock of
Registrant(3)
5(a) -- Form of Master Investment Advisory Contract(4)
5(b) -- Form of Investment Advisory Contract Supplement
5(c) -- Form of Investment Advisory Contract Supplement (8)
6(a) -- Form of Distribution Contract (8)
6(b) -- Form of Dealer and Selling Group Agreement
7 -- Not applicable
8 -- Form of Custody Agreement
9(a) -- Form of Administration Agreement (8)
<PAGE> 19
9(c) -- Form of Transfer Agency Agreement (8)
9(d) -- Form of Sub-Transfer Agency Agreement
9(e) -- Form of Fund Accounting Agreement (8)
9(f) -- Form of Services Agreement
10 -- Opinion of Counse1(4)
11(a) -- Consent of Independent Auditors (8)
11(b) -- Powers of Attorney(5)
12 -- Not Applicable
13 -- Purchase Agreement(3)
14 -- Not Applicable
15(a) -- Form of Master Distribution Plan(4)
15(b) -- Form of Distribution Plan Supplement(4)
15(c) -- Form of Distribution Plan Supplement (8)
16 -- Schedule of Computation(6)
17 -- Financial Data Schedule - filed herewith
18 -- Plan Pursuant to Rule 18f-3(7)
- ---------------
1. Filed as part of Post-Effective No. 4 to Registrant's Registration
Statement on June 14, 1996.
2. Filed as part of Registrant's initial Registration Statement on March
1, 1994.
3. Filed as part of Post-Effective No. 2 to Registrant's Registration
Statement on June 30, 1995.
4. Filed as part of Post-Effective Amendment No. 1 to Registrant's
Registration Statement on April 14, 1994.
5. Filed as part of Post-Effective No. 1 to Registrant's Registration
Statement on November 30, 1994.
6. Filed as part of Post-Effective No. 5 to Registrant's Registration
Statement on August 28, 1996.
7. Filed as part of Post-Effective No. 3 to Registrant's Registration
Statement on August 29, 1995.
8. Filed as part of Post-Effective No. 6 to Registrant's Registration
Statement on January 15, 1997.
<PAGE> 20
25. Persons Controlled by or Under Common Control with Registrant
None
26. Number of Holders of Securities
<TABLE>
<CAPTION>
NUMBER OF RECORD
HOLDERS AT
TITLE OF CLASS TITLE OF CLASS MARCH 1, 1997
<S> <C> <C>
Shares of Centura
Equity Growth Fund par value
$.001 per share
Class 792
A:
Class 994
B:
Class 28
C:
Shares of Centura Federal
Securities Fund, par value
$.001 per share
Class 18
A:
Class 16
B:
Class 16
C:
Shares of Centura North
Carolina
Tax Free Bond Fund,
par value $.001 per share
Class 12
A:
Class 17
B:
Class 14
C:
Shares of Centura Equity
Income Fund,
par value $.001 per share
Class 6
A:
Class 15
B:
Class 4
C:
</TABLE>
<PAGE> 21
27. Indemnification
Reference is made to Article VII of Registrant's Articles of
Incorporation.
Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the Articles of Incorporation or otherwise, the
Registrant is aware that in the opinion of the Securities and Exchange
Commission, such indemnification is against public policy as expressed in the
Investment Company Act of 1940 and, therefore, is 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 directors, officers or
controlling persons of the Registrant in connection with the successful defense
of any act, suit or proceeding) is asserted by such directors, officers or
controlling persons in connection with the shares 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 Investment Company Act of 1940 and will be governed by the
final adjudication of such issues.
<PAGE> 22
28. Business and Other Connections of Investment Adviser
Centura Bank, the investment adviser to Centura Funds, Inc., is a
registered investment adviser and a member of the Federal Reserve System. The
names of Centura Bank's directors and officers and their business and other
connections for at least the past two years are as follows:(1)
<TABLE>
<CAPTION>
NAME TITLE BUSINESS AND OTHER
CONNECTIONS
<S> <C> <C>
Richard H. Barnhardt Director Director, Centura Bank;
President, Properties,
Inc.
C. Wood Beasley Director Director, Centura Bank;
President, Wood Beasley
Farms, Inc.
Thomas A. Betts, Jr. Director Director, Centura Bank;
Partner, Betts and
Company.
H. Tate Bowers Director Director, Centura Bank;
Chief Executive Officer,
Bowers Fibers, Inc.
Ernest L. Evans Director Director, Centura Bank;
President, ELE, Inc.
J. Richard Futrell, Jr. Chairman, Executive Director, Centura Bank;
Committee and Director Chairman, Executive
Committee and Director,
Centura Banks, Inc.
John H. High Director Director, Centura Bank;
President, John H. High
& Co., Inc.
Dr. Michael K. Hooker Director Director, Centura Bank;
Chancellor, University
of North Carolina at
Chapel Hill.
William D. Hoover Executive Vice President Executive Vice President
and Director, Centura
Bank.
Robert L. Hubbard Director Director, Centura Bank;
Vice Chairman, Americal
Corp.
</TABLE>
<PAGE> 23
<TABLE>
<S> <C> <C>
William H. Kincheloe Director Director, Centura Bank;
President, Bullock
Furniture Co., Inc.
Charles T. Lane Director Director, Centura Bank;
Partner, Poyner &
Spruill, L.L.P.
Robert R. Mauldin Chairman, Chief Executive Director, Centura Bank;
Officer and Director Chairman and Chief
Executive Officer, and
Director, Centura Banks,
Inc.
Jack A. Moody Director Director, Centura Bank.
Joseph H. Nelson Director Director, Centura Bank;
President, Davenport
Motor Company.
Dean E. Painter, Jr. Director Director, Centura Bank;
Chairman, CLG, Inc.
D. Earl Purdue Director Director, Centura Bank;
President, Brightwood
Farm, Inc.
O. Tracy Parks III Director Director, Centura Bank;
Partner, Brown &
Robbins, L.L.P.
Frank L. Pattillo Group Executive Officer, Director, Centura Bank;
Chief Financial Officer Group Executive Officer
and Director and Chief Financial
Officer, Centura Bank.
William H. Redding, Jr. Director Director, Centura Bank;
President, Acme-McCrary
Corporation.
Charles M. Reeves III Director Director, Centura Bank;
President, Reeves
Properties, Inc.
Cecil W. Sewill, Jr. President, Chief President, Chief
Operating Officer, and Operating Officer, and
Director Director, Centura Bank.
George T. Stronach III Director Director, Centura Bank;
Real Estate Developer
</TABLE>
<PAGE> 24
<TABLE>
<S> <C> <C>
Alexander P. Thorpe III Director Director, Centura Bank;
President, Thorpe & Co.,
Inc.
Joseph L. Wallace, Jr. Director Director, Centura Bank.
William H. Wilkerson Group Executive Officer Group Executive Officer
and Director and Director, Centura
Banks.
Charles P. Wilkins Director Director, Centura Bank;
Attorney, Broughton,
Wilkins & Webb, P.A.
</TABLE>
<PAGE> 25
- ----------------------
1. The above Directors and Officers of Centura Bank can be reached at 131
North Church Street, Rocky Mount, North Carolina 27802.
29. Principal Underwriters
(a) Not applicable.
(b)
<TABLE>
<CAPTION>
Positions and
Name and Principal Positions and Offices Offices with
Business Address with Underwriter Registrant
- ------------------ ------------------ ----------
<S> <C> <C>
Lynn J Mangum Chairman/CEO None
150 Clove Road
Little Falls, NJ 07424
Robert J McMullan Executive Vice President/ None
150 Clove Road Treasurer
Little Falls, NJ 07424
J David Huber President None
3435 Stelzer Road
Columbus, Ohio 43219
Kevin J Dell Vice President/General None
150 Clove Road Counsel/Secretary
Little Falls, NJ 07424
Mark J Rybarczyk Senior Vice President None
11 Greenway Plaza
Suite 300
Houston, TX 77046
Dennis Sheehan Senior Vice President None
150 Clove Road
Little Falls, NJ 07424
William Tomko Senior Vice President None
3435 Stelzer Road
Columbus, Ohio 43219
George Martinez Senior Vice President None
3435 Stelzer Road
Columbus, Ohio 43219
Hugh Fanning Vice President Treasurer
3435 Stelzer Road
Columbus, Ohio 43219
Dale Smith Vice President None
3435 Stelzer Road
Columbus, Ohio 43219
</TABLE>
<PAGE> 26
<TABLE>
<S> <C> <C>
Michael Burns Vice President None
3435 Stelzer Road
Columbus, Ohio 43219
Bruce Treff Assistant Secretary Assistant
3435 Stelzer Road Secretary
Columbus, Ohio 43219
Annamaria Porcaro Assistant Secretary None
150 Clove Road
Little Falls, NJ 07424
</TABLE>
(c) None
30. Location of Accounts and Records
All accounts, books and other documents required to be maintained by
Registrant pursuant to Section 31(a) of the Investment Company Act of 1940, and
the Rules thereunder will be maintained at the offices of BISYS Fund Services,
Inc., 3435 Stelzer Road, Columbus, Ohio.
31. Management Services
Not applicable.
32. Undertakings
(a) Not applicable.
(b) Not applicable.
(c) Registrant undertakes to furnish to each person to whom a prospectus
is delivered a copy of Registrant's latest annual report to shareholders upon
request and without charge.
(d) If requested to do so by holders of at least 10% of Registrant's
outstanding shares, a meeting of shareholders will be called for the purpose of
voting upon the question of removal of a director or directors and to assist in
communications with other shareholders as required by Section 16(c) of the
Investment Company Act of 1940.
<PAGE> 27
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, and the
Investment Company Act of 1940, as amended, the Registrant has duly caused this
Amendment to the Registration statement to be signed on its behalf by the
undersigned thereunto duly authorized, in the City of New York and State of New
York on the __th day of March, 1997.
CENTURA FUNDS, INC.
By /s/ John J. Pileggi
John J. Pileggi
President
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 and on the 27th day of March, 1997.
SIGNATURE TITLE
/s/ John J. Pileggi
John J. Pileggi President
Leslie H. Garner, Jr. Director and Chairman of the Board of Directors
James H. Speed, Jr. Director
Frederick E. Turnage Director
Lucy Hancock Bode Director
By: /s/ Olivia Alder
Olivia Adler
Attorney-in-fact
<PAGE> 28
CENTURA FUNDS, INC.
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit Sequentially
Number Description of Exhibit
- ------ ----------------------
Numbered Page
-------------
<S> <C>
17 Financial Data Schedule
</TABLE>
<PAGE> 29
[ARTICLE] 6
[CIK] 0000919706
[NAME] CENTURA FUNDS INC.
[SERIES]
[NUMBER] 041
[NAME] CENTURA EQUITY INCOME FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 4-MOS
[FISCAL-YEAR-END] APR-30-1997
[PERIOD-START] OCT-02-1996
[PERIOD-END] JAN-31-1997
[INVESTMENTS-AT-COST] 45,371,209
[INVESTMENTS-AT-VALUE] 56,891,643
[RECEIVABLES] 181,158
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 57,072,801
[PAYABLE-FOR-SECURITIES] 983,750
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 227,963
[TOTAL-LIABILITIES] 1,211,713
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 42,611,219
[SHARES-COMMON-STOCK] 15,839<F1>
[SHARES-COMMON-PRIOR] 0<F1>
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 1,321
[ACCUMULATED-NET-GAINS] 1,725,668
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 11,520,434
[NET-ASSETS] 55,861,088
[DIVIDEND-INCOME] 493,474
[INTEREST-INCOME] 78,151
[OTHER-INCOME] 0
[EXPENSES-NET] 135,257
[NET-INVESTMENT-INCOME] 436,368
[REALIZED-GAINS-CURRENT] 1,828,475
[APPREC-INCREASE-CURRENT] 3,192,593
[NET-CHANGE-FROM-OPS] 5,457,436
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 940<F1>
[DISTRIBUTIONS-OF-GAINS] 221<F1>
[DISTRIBUTIONS-OTHER] 0<F1>
[NUMBER-OF-SHARES-SOLD] 15,762<F1>
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 77<F1>
[NET-CHANGE-IN-ASSETS] 55,861,088
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 121,585
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 206,471
[AVERAGE-NET-ASSETS] 109,184<F1>
[PER-SHARE-NAV-BEGIN] 10.00<F1>
[PER-SHARE-NII] 0.08<F1>
[PER-SHARE-GAIN-APPREC] 1.01<F1>
[PER-SHARE-DIVIDEND] 0.08<F1>
[PER-SHARE-DISTRIBUTIONS] 0.02<F1>
[RETURNS-OF-CAPITAL] 0<F1>
[PER-SHARE-NAV-END] 10.99<F1>
[EXPENSE-RATIO] 1.03<F1>
[AVG-DEBT-OUTSTANDING] 0<F1>
[AVG-DEBT-PER-SHARE] 0<F1>
<FN>
<F1>CLASS A
</FN>
</TABLE>
<PAGE> 30
[ARTICLE] 6
[CIK] 0000919706
[NAME] CENTURA FUNDS INC.
[SERIES]
[NUMBER] 042
[NAME] CENTURA EQUITY INCOME FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 4-MOS
[FISCAL-YEAR-END] APR-30-1997
[PERIOD-START] OCT-02-1996
[PERIOD-END] JAN-31-1997
[INVESTMENTS-AT-COST] 45,371,209
[INVESTMENTS-AT-VALUE] 56,891,643
[RECEIVABLES] 981,158
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 57,072,801
[PAYABLE-FOR-SECURITIES] 983,750
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 227,963
[TOTAL-LIABILITIES] 1,211,713
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 42,611,219
[SHARES-COMMON-STOCK] 11,906<F1>
[SHARES-COMMON-PRIOR] 0<F1>
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 1,321
[ACCUMULATED-NET-GAINS] 1,725,668
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 11,520,434
[NET-ASSETS] 55,861,088
[DIVIDEND-INCOME] 493,474
[INTEREST-INCOME] 78,151
[OTHER-INCOME] 0
[EXPENSES-NET] 135,257
[NET-INVESTMENT-INCOME] 436,368
[REALIZED-GAINS-CURRENT] 1,828,475
[APPREC-INCREASE-CURRENT] 3,192,593
[NET-CHANGE-FROM-OPS] 5,457,436
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 432<F1>
[DISTRIBUTIONS-OF-GAINS] 127<F1>
[DISTRIBUTIONS-OTHER] 0<F1>
[NUMBER-OF-SHARES-SOLD] 11,869<F1>
[NUMBER-OF-SHARES-REDEEMED] 0<F1>
[SHARES-REINVESTED] 37<F1>
[NET-CHANGE-IN-ASSETS] 55,861,088
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 121,585
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 206,471
[AVERAGE-NET-ASSETS] 54,768<F1>
[PER-SHARE-NAV-BEGIN] 10.00<F1>
[PER-SHARE-NII] 0.07<F1>
[PER-SHARE-GAIN-APPREC] 0.98<F1>
[PER-SHARE-DIVIDEND] 0.07<F1>
[PER-SHARE-DISTRIBUTIONS] 0.02<F1>
[RETURNS-OF-CAPITAL] 0<F1>
[PER-SHARE-NAV-END] 10.96<F1>
[EXPENSE-RATIO] 1.86<F1>
[AVG-DEBT-OUTSTANDING] 0<F1>
[AVG-DEBT-PER-SHARE] 0<F1>
<FN>
<F1>CLASS B
</FN>
</TABLE>
<PAGE> 31
[ARTICLE] 6
[CIK] 0000919706
[NAME] CENTURA FUNDS INC.
[SERIES]
[NUMBER] 043
[NAME] CENTURA EQUITY INCOME FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 4-MOS
[FISCAL-YEAR-END] APR-30-1997
[PERIOD-START] OCT-02-1996
[PERIOD-END] JAN-31-1997
[INVESTMENTS-AT-COST] 45,371,209
[INVESTMENTS-AT-VALUE] 56,891,643
[RECEIVABLES] 181,158
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 57,072,801
[PAYABLE-FOR-SECURITIES] 983,750
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 227,963
[TOTAL-LIABILITIES] 1,211,713
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 42,611,219
[SHARES-COMMON-STOCK] 5,060,039<F1>
[SHARES-COMMON-PRIOR] 0<F1>
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 1,321
[ACCUMULATED-NET-GAINS] 1,725,668
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 11,520,434
[NET-ASSETS] 55,861,088
[DIVIDEND-INCOME] 493,474
[INTEREST-INCOME] 78,151
[OTHER-INCOME] 0
[EXPENSES-NET] 135,257
[NET-INVESTMENT-INCOME] 436,368
[REALIZED-GAINS-CURRENT] 1,828,475
[APPREC-INCREASE-CURRENT] 3,192,593
[NET-CHANGE-FROM-OPS] 5,457,436
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 437,638<F1>
[DISTRIBUTIONS-OF-GAINS] 102,459<F1>
[DISTRIBUTIONS-OTHER] 0<F1>
[NUMBER-OF-SHARES-SOLD] 5,341,417<F1>
[NUMBER-OF-SHARES-REDEEMED] 298,854<F1>
[SHARES-REINVESTED] 17,476<F1>
[NET-CHANGE-IN-ASSETS] 55,861,088
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 121,585
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 206,471
[AVERAGE-NET-ASSETS] 51,817,634<F1>
[PER-SHARE-NAV-BEGIN] 10.00<F1>
[PER-SHARE-NII] 0.09<F1>
[PER-SHARE-GAIN-APPREC] 1.00<F1>
[PER-SHARE-DIVIDEND] 0.09<F1>
[PER-SHARE-DISTRIBUTIONS] 0.02<F1>
[RETURNS-OF-CAPITAL] 0<F1>
[PER-SHARE-NAV-END] 10.98<F1>
[EXPENSE-RATIO] 0.78<F1>
[AVG-DEBT-OUTSTANDING] 0<F1>
[AVG-DEBT-PER-SHARE] 0<F1>
<FN>
<F1>CLASS C
</FN>
</TABLE>
