KALA INVESTMENT CORP
NSAR-A, 1996-06-28
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SIGNATURE   Morvin Leibowitz
TITLE       President


<TABLE> <S> <C>


<ARTICLE>  6
<SERIES>
  <NUMBER> 1
  <NAME>   KALA INVESTMENT CORP. - CLASS A
       
<S>                          <C>
<PERIOD-TYPE>                6-MOS
<FISCAL-YEAR-END>            OCT-31-1995
<PERIOD-START>               NOV-01-1995
<PERIOD-END>                 APR-30-1996
<INVESTMENTS-AT-COST>        7,384,277
<INVESTMENTS-AT-VALUE>       7,387,109
<RECEIVABLES>                  176,038
<ASSETS-OTHER>                  94,585
<OTHER-ITEMS-ASSETS>             2,978
<TOTAL-ASSETS>               7,660,710
<PAYABLE-FOR-SECURITIES>             0
<SENIOR-LONG-TERM-DEBT>              0
<OTHER-ITEMS-LIABILITIES>        4,814
<TOTAL-LIABILITIES>              4,814
<SENIOR-EQUITY>                      0
<PAID-IN-CAPITAL-COMMON>        34,627
<SHARES-COMMON-STOCK>              200
<SHARES-COMMON-PRIOR>              200
<ACCUMULATED-NII-CURRENT>        6,002
<OVERDISTRIBUTION-NII>               0
<ACCUMULATED-NET-GAINS>              0
<OVERDISTRIBUTION-GAINS>             0
<ACCUM-APPREC-OR-DEPREC>         2,832 
<NET-ASSETS>                 7,655,896
<DIVIDEND-INCOME>                    0
<INTEREST-INCOME>              180,481
<OTHER-INCOME>                       0
<EXPENSES-NET>                  31,879
<NET-INVESTMENT-INCOME>        148,602
<REALIZED-GAINS-CURRENT>      (37,538)
<APPREC-INCREASE-CURRENT>       11,276
<NET-CHANGE-FROM-OPS>          122,152
<EQUALIZATION>                       0
<DISTRIBUTIONS-OF-INCOME>      104,874
<DISTRIBUTIONS-OF-GAINS>             0
<DISTRIBUTIONS-OTHER>                0
<NUMBER-OF-SHARES-SOLD>              0
<NUMBER-OF-SHARES-REDEEMED>          0
<SHARES-REINVESTED>                  0
<NET-CHANGE-IN-ASSETS>          17,278
<ACCUMULATED-NII-PRIOR>          6,244
<ACCUMULATED-GAINS-PRIOR>            0
<OVERDISTRIB-NII-PRIOR>              0
<OVERDIST-NET-GAINS-PRIOR>           0
<GROSS-ADVISORY-FEES>                0
<INTEREST-EXPENSE>                   0
<GROSS-EXPENSE>                 31,879
<AVERAGE-NET-ASSETS>         7,666,000

<PER-SHARE-NAV-BEGIN>           284.79
<PER-SHARE-NII>                   5.53
<PER-SHARE-GAIN-APPREC>          (.98)
<PER-SHARE-DIVIDEND>              3.91
<PER-SHARE-DISTRIBUTIONS>        0.000
<RETURNS-OF-CAPITAL>             0.000
<PER-SHARE-NAV-END>             285.43
<EXPENSE-RATIO>                    .34
<AVG-DEBT-OUTSTANDING>               0
<AVG-DEBT-PER-SHARE>             0.000
        

</TABLE>

<TABLE> <S> <C>


<ARTICLE>  6
<SERIES>
  <NUMBER> 2
  <NAME>   KALA INVESTMENT CORP. - CLASS B
       
<S>                          <C>
<PERIOD-TYPE>                6-MOS
<FISCAL-YEAR-END>            OCT-31-1995
<PERIOD-START>               NOV-01-1995
<PERIOD-END>                 APR-30-1996
<INVESTMENTS-AT-COST>        7,384,277
<INVESTMENTS-AT-VALUE>       7,387,109
<RECEIVABLES>                  176,038
<ASSETS-OTHER>                  94,585
<OTHER-ITEMS-ASSETS>             2,978
<TOTAL-ASSETS>               7,660,710
<PAYABLE-FOR-SECURITIES>             0
<SENIOR-LONG-TERM-DEBT>              0
<OTHER-ITEMS-LIABILITIES>        4,814
<TOTAL-LIABILITIES>              4,814
<SENIOR-EQUITY>                      0
<PAID-IN-CAPITAL-COMMON>        34,627
<SHARES-COMMON-STOCK>           26,622
<SHARES-COMMON-PRIOR>           26,622
<ACCUMULATED-NII-CURRENT>        6,002
<OVERDISTRIBUTION-NII>               0
<ACCUMULATED-NET-GAINS>              0
<OVERDISTRIBUTION-GAINS>             0
<ACCUM-APPREC-OR-DEPREC>         2,832
<NET-ASSETS>                 7,655,896
<DIVIDEND-INCOME>                    0
<INTEREST-INCOME>              180,481
<OTHER-INCOME>                       0
<EXPENSES-NET>                  31,879
<NET-INVESTMENT-INCOME>        148,602
<REALIZED-GAINS-CURRENT>      (37,538)
<APPREC-INCREASE-CURRENT>       11,276
<NET-CHANGE-FROM-OPS>          122,152
<EQUALIZATION>                       0
<DISTRIBUTIONS-OF-INCOME>      104,874
<DISTRIBUTIONS-OF-GAINS>             0
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<NUMBER-OF-SHARES-SOLD>              0
<NUMBER-OF-SHARES-REDEEMED>          0
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<NET-CHANGE-IN-ASSETS>          17,278
<ACCUMULATED-NII-PRIOR>          6,244
<ACCUMULATED-GAINS-PRIOR>            0
<OVERDISTRIB-NII-PRIOR>              0
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<GROSS-ADVISORY-FEES>                0
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<AVERAGE-NET-ASSETS>         7,666,000

<PER-SHARE-NAV-BEGIN>           284.79
<PER-SHARE-NII>                   5.53
<PER-SHARE-GAIN-APPREC>          (.98)
<PER-SHARE-DIVIDEND>              3.91 
<PER-SHARE-DISTRIBUTIONS>        0.000
<RETURNS-OF-CAPITAL>             0.000
<PER-SHARE-NAV-END>             285.43
<EXPENSE-RATIO>                    .34
<AVG-DEBT-OUTSTANDING>               0
<AVG-DEBT-PER-SHARE>             0.000
        


</TABLE>


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