Dear Shareholders:
We are pleased to enclose the annual report on the operations of Integrity
Fund of Funds, Inc., for the year ended December 31st, 1997. The Fund's
portfolio and related financial statements are presented within for your
review.
Surprising no one, 1997 was a year to remember. Change in our markets
proceeded at a frenzied pace. Terms frequently heard during the year were,
"Trading Curbs" or how about "Asian Flu". Did someone say "Dow down 500"?
Are we to expect record advances going forward? All of this could change.
In the midst of all this turmoil, the only predictable occurrence has been
that of change itself.
As we enter the new year, there is much to celebrate. The U.S. economy is
enjoying nearly seven years of uninterrupted growth, the unemployment rate
is the lowest since 1973 and household wealth is at unimaginable levels
thanks to years of soaring stock prices. Yet, despite these events, the
financial markets are volatile.
Asian currency turmoil could eventually have negative consequences for U.S.
markets. Most major U.S. companies have operations in developing nations
that were established to sell products to their middle class. The likely
downturn in local sales of these offshore affiliates will further reduce
the bottom line of parent companies in the U.S. whose revenues are affected
by weaker exports. With stock prices already historically high relative to
earnings, the market is understandably jittery over any event that would
lower profits.
Meanwhile, the International Monetary Fund has put together a formidable
support package for nations caught up in the global financial crisis.
These efforts may not completely stem the tide of currency devaluation's, but
they should contain them. The U.S. economy should emerge relatively
unscathed, losing perhaps one percentage point in growth over the next year or
so. Our sense is the market may remain cautious the first half of 1998 when
the bulk of the Asian-inspired slowdown in the economy occurs, then moving
forward in the latter part of the year once the Asian drag subsides.
However, in the midst of all this turmoil, our commitment to you, our
shareholder, has not changed. No one can predict from year to year which
portions of the market will be up or down. Different types of assets
usually do better at different times.
Integrity Fund of Funds diversification across a wide range of funds increases
investors chances of participating in the years' strongest markets.
Integrity Fund of Funds share price began 1997 at $12.53 per share and closed
December 31st at $14.36 per share. (The share price does not reflect $0.20
dividend per share or the long-term capital gain of $0.89 per share.)
At times during 1997, the Fund utilized a partial hedge to protect asset value
through the use of Standard & Poor's 500 futures. By using a partial
hedge when deemed appropriate, we are allowing the potential for share price
appreciation, but at the same time we are protecting against the possibility
of major market corrections, such as the 554 point drop in the Dow on
October 27TH.
Long-term capital appreciation and growth of income has and will continue
as the primary objectives as management monitors the mutual fund industry for
opportunities.
Sincerely,
Monte L. Avery Robert E. Walstad
Chief Portfolio Strategist President
TERMS & DEFINITIONS
- -------------------
Appreciation
Increase in value of an asset.
Average Annual Total Return
A standardized measurement of the return (appreciation) earned by a fund
on an annual basis.
Consumer Price Index
A commonly used measure of inflation: it does not represent an investment
return.
Contingent Deferred Sales Charge (CDSC)
A charge applied at the time of the redemption which assumes redemption
at the end of the period.
Depreciation
Decrease in value of an asset.
Growth Fund
A type of diversified common stock fund that has capital appreciation
as its primary goal. It invests in companies that reinvest most of their
earnings for expansion, research or development.
Growth & Income Fund
Fund that invests in common stocks for both current income and long-term
growth of capital and income.
Load
A mutual fund whose shares are sold with a sales charge added to the net
asset value.
Market Value
Actual price at which a Fund trades in the market place.
Net Asset Value (NAV)
The value of all your fund's assets, minus any liabilities, divided by
the number of outstanding shares, not including any initial or contingent
deferred sales charge.
No-Load
A mutual fund whose shares are sold without a sales charge added to the
net asset value.
Total Return
Measures both the net investment income and any realized and unrealized
appreciation or depreciation of the underlying investments in the fund's
portfolio for the period, assuming the reinvestment of all dividends.
It represents the aggregate percentage or dollar value change over the
period.
PERFORMANCE AND COMPOSITION
- ---------------------------
Portfolio Load Types
- --------------------
[pie chart]
Load 91.7%
No-Load 8.3%
The Load Structure reflects the type of sales load typically charged by each
fund in the portfolio. As of 12-31-97, the fund has not paid a sales load to
any fund.
Portfolio Investment Style
- --------------------------
[pie chart]
Growth 40.0%
Growth & Income 37.4%
Aggressive Growth 13.7%
Other 8.9%
The Portfolio Investment Style reflects the investment methodology and the
size of the company in which each fund in the portfolio invests.
COMPARATIVE INDEX GRAPH
- -----------------------
[line graph]
Comparison of change in value of a $10,000 investment in the
Integrity Fund of Funds and the S & P 500 Index
Integrity Fund of Integrity Fund of Funds
Funds w/o CDSC w/ CDSC S & P 500 Index
---------------------------------------------------------------
1/3/1995 $10,000 $10,000 $10,000
1995 $12,520 $12,370 $13,411
1996 $14,252 $14,102 $16,129
1997 $16,340 $16,190 $21,113
Putting Performance into Perspective
The graph comparing your Fund's performance to a benchmark index provides you
with a general sense of how your Fund performed. To put this information in
context, it may be helpful to understand the special differences between the
two. Your Fund's total return for the period shown appears with and without
sales charges and includes Fund expenses and management fees. A securities
index measures the performance of a theoretical portfolio. Unlike a fund, the
index is unmanaged; there are no expenses that affect the results. In
addition, few investors could purchase all of the securities necessary to
match the index. And, if they could, they would incur transaction costs and
other expenses.
KEY STATISTICS
- --------------
12-31-96 NAV(share value) $12.53
12-31-97 NAV $13.27
Number of Issues 17
Total Net Assets $17,444,454
AVERAGE ANNUAL TOTAL RETURNS
- ----------------------------
For the year ending December 31, 1997
- ---------------------------------------------------
1 year 5 year Since Inception
- ---------------------------------------------------
14.65 %* NA 17.82 %*
- ---------------------------------------------------
*The 1 year. and Since Inception returns do not include the effect of the
Contingent Deferred Sales Charges (1.50%). They would have been 13.15% and
17.46% respectively, if they had. Returns are historical and are not a
guarantee of future results. The Fund's share price, yields and total return
will vary, so that shares, when redeemed, may be worth more or less than their
original cost.
<TABLE>
<CAPTION>
Schedule of Investments December 31, 1997
Name of Issuer
Percentages represent the market value of each investment category Market
to total net assets Quantity Value
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
MUTUAL FUNDS (104.2%)
AIM Constellation Fund A 36,845 $ 971,981
AIM Aggressive Growth Fund A 24,716 1,142,149
AIM Value Fund A 39,324 1,274,874
Brandywine Fund 8,010 247,428
Dodge & Cox Balanced Fund 12,014 802,303
Hudson Capital Appreciation Fund 56,245 910,038
MFS Research A 77,073 1,640,892
MFS Value A 60,737 843,634
Massachusetts Inv A 83,407 1,461,292
Mutual Qualified Fund Cl 1 63,522 1,152,289
Neuberger & Berman Guardian Fund 17,823 461,614
New York Venture Fund A 68,489 1,529,351
Putnam Fund for Growth & Income A 53,799 1,051,228
Putnam Vista Fund 68,955 818,493
Putnam Voyager Fund 19,245 366,624
Templeton Growth Fund 42,573 825,917
American Washington Mutual Investors 88,220 2,677,472
-------------
TOTAL MUTUAL FUNDS (COST: $17,061,898) $ 18,177,579
SHORT-TERM SECURITIES (1.5%)
Federated Money Market Trust #092 (COST: $259,860) 259,860
-------------
TOTAL INVESTMENTS IN SECURITIES (COST: $17,321,758) $ 18,437,439
OTHER ASSETS LESS LIABILITIES (992,985)
-------------
NET ASSETS $ 17,444,454
=============
</TABLE>
The accompanying notes are an integral part of these financial statements.
Financial Statements December 31, 1997
Statement of Assets and Liabilities December 31, 1997
- -----------------------------------------------------
<TABLE>
<CAPTION>
ASSETS
<S> <C>
Investments in securities, at value (cost:$17,321,758) $ 18,437,439
Accrued dividends receivable 726,186
----------------
Total Assets $ 19,163,625
----------------
LIABILITIES
Bank Overdraft $ 250,000
Distributions payable 1,440,297
Payable for fund shares redeemed 14
Accrued expenses 28,860
----------------
Total Liabilities $ 1,719,171
----------------
NET ASSETS $ 17,444,454
================
Net assets are represented by:
Capital stock outstanding, at par $ 132
Additional paid-in capital 16,328,641
Accumulated undistributed net realized gain(loss) on investments 0
Unrealized appreciation on investments 1,115,681
----------------
Total amount representing net assets applicable to
1,315,072 outstanding shares of $.0001 par value
common stock (1,000,000,000 shares authorized) $ 17,444,454
================
Net asset value per share $ 13.27
================
Statement of Operations for the year ended December 31, 1997
INVESTMENT INCOME
Dividends $ 520,119
---------------
Total Investment Income $ 520,119
---------------
EXPENSES
Investment advisory fees $ 141,687
Custodian fees 1,738
Transfer agent fees 24,506
Accounting service fees 31,041
Audit and legal fees 4,880
Directors fees 2,294
Service fees 39,357
Insurance 994
Printing and postage 9,623
License, fees, and registrations 19,881
---------------
Total expenses $ 276,001
Less expenses waived or absorbed
by the Fund's manager 24,114
---------------
Total Net Expenses $ 251,887
---------------
NET INVESTMENT INCOME (LOSS) $ 268,232
---------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES
Net realized gain (loss) from:
Investment transactions $ 2,141,971
Futures transactions (969,906)
Net change in unrealized appreciation (depreciation) of:
Investments 627,437
Futures 58,271
---------------
Net realized and unrealized gain
(loss) on investments and futures $ 1,857,773
---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 2,126,005
===============
</TABLE>
The accompanying notes are an integral part of these financial statements.
Financial Statements December 31, 1997
Statement of Changes in Net Assets
For the years ended December 31, 1997 and 1996
- ----------------------------------------------
<TABLE>
<CAPTION>
For the Year For the Year
Ended Ended
December 31, 1997 December 31, 1996
----------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss) $ 268,232 $ 86,965
Net realized gain (loss) on investment and futures transactions 1,172,065 692,756
Net unrealized appreciation (depreciation) on investments and futures 685,708 334,848
----------------------------------------------
Net Increase (Decrease) in Net Assets Resulting From Operations $ 2,126,005 $ 1,114,569
----------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income $ (268,232) $ (86,965)
Distributions from net realized gain on investment and
futures transactions (1,172,065) (692,756)
----------------------------------------------
Total Dividends and Distributions $ (1,440,297) $ (779,721)
----------------------------------------------
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares $ 6,594,170 $ 7,365,405
Proceeds from reinvested dividends 725,283 249,907
Cost of shares redeemed (1,966,267) (906,427)
----------------------------------------------
Net Increase (Decrease) in Net Assets Resulting From
Capital Share Transactions $ 5,353,186 $ 6,708,885
----------------------------------------------
TOTAL INCREASE IN NET ASSETS $ 6,038,894 $ 7,043,733
NET ASSETS, BEGINNING OF PERIOD 11,405,560 4,361,827
----------------------------------------------
NET ASSETS, END OF PERIOD $ 17,444,454 $ 11,405,560
==============================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
Notes to Financial Statements December 31, 1997
Note 1. ORGANIZATION
Integrity Fund of Funds, Inc. (the Fund) is registered under the Investment
Company Act of 1940 as a diversified, open-end management investment company.
The Fund incorporated under the laws of the State of North Dakota on June 1,
1994 and commenced operations on January 1, 1995. The Fund's objective is
long-term capital appreciation and growth of income. The Fund seeks to
achieve this objective by investing primarily in a diversified group of
other open-end investment companies which in turn, invest principally
in equity securities.
Shares of the Fund are offered for sale at net asset value without a sales
charge. Shares may be subject to a contingent deferred sales charge, if
those shares are redeemed within five years of purchase.
Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Investment security valuation -- Investments in securities for which market
quotations are readily available are valued at the last reported sales price
or net asset value at the close of each business day. Securities for which
market quotations are not readily available are valued at fair value as
determined in good faith by the portfolio management team. The Fund follows
industry practice and records security transactions on the trade date.
Federal and state income taxes -- The Fund's policy is to comply with the
requirements of the Internal Revenue Code that are applicable to regulated
investment companies, and to distribute all of its net investment income,
including any net realized gain on investments, to its shareholders.
Therefore, no provision for income taxes is required.
Distributions to shareholders -- The Fund will distribute dividends from net
investment income and any net realized capital gains at least annually.
Dividends and distributions are reinvested in additional shares of the Fund
at net asset value or paid in cash.
Dividend income -- Dividend income is recognized on the ex-dividend date.
Futures contracts -- The Fund may purchase and sell financial futures
contracts to hedge against changes in the values of equity securities the
Fund owns or expects to purchase.
A futures contract is an agreement between two parties to buy or sell units
of a particular index at a set price on a future date. Upon entering into a
futures contract, the Fund is required to deposit with a broker an amount of
cash or securities equal to the minimum "initial margin" requirement of the
futures exchange on which the contract is traded. Subsequent payments
("variation margin") are made or received by the Fund, dependent on the
fluctuations in the value of the underlying index. Daily fluctuations in
value are recorded for financial reporting purposes as unrealized gains or
losses by the fund. When entering into a closing transaction, the Fund will
realize, for book purposes, a gain or loss equal to the difference between
the value of the futures contracts sold and the futures contracts to buy.
Unrealized appreciation (depreciation) related to open futures contracts is
required to be treated as realized gain (loss) for Federal income tax
purposes.
Certain risks may arise upon entering into futures contracts. These risks
may include changes in the value of the futures contracts that may not
directly correlate with changes in the value of the underlying securities.
Use of Estimates - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
Note 3. CAPITAL SHARE TRANSACTIONS
As of December 31, 1997, there were 1,000,000,000 shares of $.0001 par
value authorized; 1,315,072 and 910,358 shares were outstanding at December
31, 1997 and 1996, respectively.
Transactions in capital shares were as follows:
Shares
---------------------------------------
For The Year For The Year
Ended Ended
December 31, 1997 December 31, 1996
---------------------------------------
Shares sold 491,026 589,294
Shares issued on reinvestment
of dividends 57,884 21,251
Shares redeemed (144,196) (70,936)
---------------------------------------
Net increase 404,714 539,609
=======================================
Note 4. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES
ND Money Management, Inc., the Fund's investment adviser, ND Capital, Inc.,
the Fund's underwriter, and ND Resources, Inc., the Fund's transfer and
accounting services agent, are subsidiaries of ND Holdings, Inc., the Fund's
sponsor.
The Fund has engaged ND Money Management, Inc., to provide investment advisory
and management services to the Fund. The Investment Advisory Agreement
provides for fees to be computed at an annual rate of 0.90% of the Fund's
average daily net assets. The Fund has recognized $141,687 of investment
advisory fees for the year ended December 31, 1997. The Fund has a payable to
ND Money Management, Inc. of $14,737 at December 31, 1997 for investment
advisory fees. Certain officers and directors of the Fund are also officers
and directors of the investment adviser.
ND Capital, Inc. is the Fund's principal underwriter. The Fund pays Capital
service fees computed at an annual rate of 0.25% of the Fund's average daily
net assets. Capital, in turn, pays dealers service fees for personal
service to shareholders and/or the maintenance of shareholder accounts. The
Fund has recognized $39,357 of service fees for the year ended December 31,
1997. The Fund has a payable to Capital of $4,094 at December 31, 1997 for
service fees. Certain officers and directors of the Fund are also officers
and directors of the underwriter. In addition, the Fund has engaged Capital
as agent for the purchase of certain investment securities. For the year
ended December 31, 1997 commissions earned by Capital, totaled $800 and
are included in the cost basis of the securities acquired.
ND Resources, Inc., (the transfer agent), provides shareholder services for a
monthly fee equal to an annual rate of 0.16% of the Fund's first $10 million
of net assets, 0.13% of the Fund's net assets on the next $15 million, 0.11%
of the Fund's net assets on the next $15 million, 0 .10% of the Fund's net
assets on the next $10 million, and 0.09% of the Fund's net assets in
excess of $50 million. The Fund has recognized $24,506 of transfer agency fees
for the year ended December 31, 1997. ND Resources, Inc. also acts as
the Fund's accounting services agent for a monthly fee equal to the sum of a
fixed fee of $2,000, and a variable fee equal to 0.05% of the Fund's average
daily net assets on an annual basis for the Fund's first $50 million and at a
lower rate on the average daily net assets in excess of $50 million. The
Fund has recognized $31,041 of accounting service fees for the year ended
December 31, 1997.
Note 5. INVESTMENT SECURITY TRANSACTIONS
The cost of purchases and proceeds from the sales of investment securities
(excluding short-term securities) aggregated $9,915,08 and $4,893,521,
respectively, for the year ended December 31, 1997.
Note 6. INVESTMENT IN SECURITIES
At December 31, 1997, the aggregate cost of securities for federal income tax
purposes was $17,321,758, and the net unrealized appreciation of investments
based on the cost was $1,115,681, which is comprised of $1,550,422
aggregate gross unrealized appreciation and $434,741 aggregate gross
unrealized depreciation.
Financial Highlights Selected per share data and ratios for the period indicated
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For The Year For The Year For The Year
Ended Ended Ended
December 31, 1997 December 31, 1996 December 31, 1995
--------------------------------------------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.53 $ 11.76 $ 10.00
--------------------------------------------------------------
Income from Investment Operations:
Net investment income (loss) $ .21 $ .10 $ .22
Net realized and unrealized gain (loss) on investment
and futures transactions 1.63 1.53 2.30
--------------------------------------------------------------
Total From Investment Operations $ 1.84 $ 1.63 $ 2.52
--------------------------------------------------------------
Less Distributions:
From net investment income $ (.21) $ (.10) $ (.22)
From net realized gain on investments (.89) (.76) (.54)
--------------------------------------------------------------
Total Distributions $ (1.10) $ (.86) $ (.76)
--------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 13.27 $ 12.53 $ 11.76
==============================================================
Total Return 14.65%(A) 13.84%(A) 25.20%(A)
Ratios/Supplemental Data:
Net assets, end of period (in thousands) $17,444 $11,406 $4,362
Ratio of net expenses (after expense assumption) to
average net assets 1.62%(B) 1.63%(B) 1.59%(B)
Ratio of net investment income to average net assets 1.73% .98% 4.00%
Portfolio turnover rate 31.99% 50.11% 15.30%
</TABLE>
(A) Excludes contingent deferred sales charge of 1.5%.
(B) During the periods indicated above, ND Holdings, Inc. assumed expenses
of $24,114, $39,760 and $40,714. If the expenses had not been assumed, the
annualized ratio of total expenses to average net assets would have been
1.78%, 2.08% and 3.60%, respectively.
The accompanying notes are an integral part of these financial statements.
INDEPENDENT AUDITOR'S REPORT
To the Shareholders and Board of Directors of
Integrity Fund of Funds, Inc.
We have audited the accompanying statement of assets and liabilities of
Integrity Fund of Funds, Inc. (the Fund), including the schedule of
investments, as of December 31, 1997, the related statement of operations for
the year then ended, the statements of changes in net assets for each of the
two years in the period then ended and the financial highlights for each of
the three years in the period then ended. These financial statements and
financial highlights are the responsibility of the Company's management.
Our responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits 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 and
financial highlights 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 as of December 31, 1997, by correspondence with the
custodian. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Integrity Fund of Funds, Inc. as of December 31, 1997, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for
each of the three years in the period then ended, in conformity with
generally accepted accounting principles.
BRADY, MARTZ & ASSOCIATES, P.C.
February 12, 1998
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 17,321,758
<INVESTMENTS-AT-VALUE> 18,437,439
<RECEIVABLES> 726,186
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19,163,625
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 1,719,171
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16,328,773
<SHARES-COMMON-STOCK> 1,315,072
<SHARES-COMMON-PRIOR> 910,358
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,115,681
<NET-ASSETS> 17,444,454
<DIVIDEND-INCOME> 520,119
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (251,887)
<NET-INVESTMENT-INCOME> 268,232
<REALIZED-GAINS-CURRENT> 1,172,065
<APPREC-INCREASE-CURRENT> 685,708
<NET-CHANGE-FROM-OPS> 2,126,005
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (268,232)
<DISTRIBUTIONS-OF-GAINS> (1,172,065)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 491,026
<NUMBER-OF-SHARES-REDEEMED> 144,196
<SHARES-REINVESTED> 57,884
<NET-CHANGE-IN-ASSETS> 6,038,894
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 141,687
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 276,001
<AVERAGE-NET-ASSETS> 15,545,362
<PER-SHARE-NAV-BEGIN> 12.53
<PER-SHARE-NII> .21
<PER-SHARE-GAIN-APPREC> 1.63
<PER-SHARE-DIVIDEND> (.21)
<PER-SHARE-DISTRIBUTIONS> (.89)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.27
<EXPENSE-RATIO> 1.62<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Ratio of net expenses to average net assets.
</FN>
</TABLE>
