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Previous: INTERNATIONAL SERIES INC, 24F-2NT, 1997-01-15 |
Next: FREEDOM INVESTMENT TRUST, N-30D, 1997-01-15 |
MASTERS/EDGAR/N1ACOVPAGE
1933 Act File No. 2-91776
1940 Act File No. 811-3984
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. 29 .......... x
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. ...........................
INTERNATIONAL SERIES, INC.
(Exact Name of Registrant as Specified in Charter)
Federated Investors Tower, Pittsburgh, Pennsylvania 15222-3779
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire,
Federated Investors Tower,
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
It is proposed that this filing will become effective:
x immediately upon filing pursuant to paragraph (b)
on pursuant to paragraph (b)
-----------------
60 days after filing pursuant to paragraph (a) (i)
on pursuant to paragraph (a) (i).
75 days after filing pursuant to paragraph (a)(ii)
on pursuant to paragraph (a)(ii) of Rule 485.
-----------------
If appropriate, check the following box:
This post-effective amendment designates a new effective date for a
previously filed post-effective amendment.
Registrant has filed with the Securities and Exchange Commission a
declaration pursuant to Rule 24f-2 under the Investment Company Act of
1940, and:
x filed the Notice required by that Rule on January 15, 1997; or
intends to file the Notice required by that Rule on or about
; or
------------
during the most recent fiscal year did not sell any securities pursuant
to Rule 24f-2 under the Investment Company Act of 1940, and, pursuant to
Rule 24f-2(b)(2), need not file the Notice.
Copies To:
Matthew G. Maloney, Esquire
Dickstein Shapiro Morin & Oshinsky LLP
2101 L Street, N.W.
Washington, D.C. 20037
CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933
Proposed
Title of Proposed Maximum
Securities Amount Maximum Aggregate Amount of
Being Being Offering Price Offering Registration
Registered Registered Per Unit Price* Fee
Shares of
Common Stock 5,042,430 $17.86 $90,057,800 $0.00
($0.0001 par value)
*Registrant has elected to calculate its filing fee in the manner described
in Rule 24e-2 of the Investment Company Act of 1940. The total amount of
securities redeemed during the previous fiscal year was 15,454,094. The
total amount of redeemed securities used for reductions pursuant to
paragraph (a) of Rule 24e-2 or paragraph (c) of Rule 24f-2 during the
current year was 10,411,664. The amount of redeemed securities being used
for reduction of the registration fee in this Amendment is 5,042,430.
CONTENTS OF AMENDMENT
This Post-Effective Amendment No. 29 to the Registration Statement of
INTERNATIONAL SERIES, INC. is comprised of the following papers and
documents:
1.The facing sheet to register a definite
number of shares of common stock, par value $0.0001,
of INTERNATIONAL SERIES, INC.;
2.The legal opinion of counsel for the Registrant, as
to the legality of shares being offered; and as to
the eligibility to become effective pursuant to
Paragraph (b) of Rule 485; and
3.Signature page.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
Registrant, INTERNATIONAL SERIES, INC. certifies that it meets all of the
requirements for effectiveness of this Amendment to its Registration
Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has
duly caused this Amendment to its Registration Statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of
Pittsburgh and Commonwealth of Pennsylvania on the 15th day of January,
1997.
INTERNATIONAL SERIES, INC.
BY: /s/ J. Crilley Kelly
J. Crilley Kelly, Assistant Secretary
Attorney in Fact for John F. Donahue
January 15, 1997
Pursuant to the requirements of the Securities Act of 1933, this
Amendment to its Registration Statement has been signed below by the
following person in the capacity and on the date indicated:
NAME TITLE DATE
By: /s/ / J. Crilley Kelly
J. Crilley Kelly Attorney In Fact January 15, 1997
Assistant Secretary For the Persons
Listed Below
NAME TITLE
John F. Donahue* Chairman and Director
Glen R. Johnson* President
John W. McGonigle* Executive Vice President, Treasurer,
and Secretary
Thomas G. Bigley * Director
John T. Conroy, Jr.* Director
William J. Copeland* Director
James E. Dowd* Director
Lawrence D. Ellis, M.D.* Director
Edward L. Flaherty, Jr.* Director
Peter E. Madden* Director
Gregor F. Meyer* Director
John E. Murray, Jr.* Director
Wesley W. Posvar* Director
Marjorie P. Smuts* Director
* By Power of Attorney
FEDERATED ADMINISTRATIVE
SERVICES
FEDERATED INVESTORS TOWER
PITTSBURGH, PA 15222-3779
412-288-1900
January 15, 1997
International Series, Inc.
Federated Investors Tower
Pittsburgh, PA 15222-3779
Gentlemen:
You have requested my opinion in conjunction with the registration by
International Series, Inc. (the `Corporation'') of an additional 5,042,430
shares of its common stock pursuant to Post-effective Amendment No. 29 to the
Corporation's registration statement filed with the Securities and Exchange
Commission under the Securities Act of 1933 (File No.2-91776). The subject Post-
effective Amendment will be filed pursuant to Paragraph (b) of Rule 485 and
become effective pursuant to said Rule immediately upon filing.
As counsel I have participated in the preparation and filing of the
Corporation's amended registration statement under the Securities Act of 1933
referred to above. Further, I have examined and am familiar with the
Corporation's Articles of Incorporation dated February 11, 1991 (`Articles of
Incorporation'), its Bylaws and other corporate documents and records deemed
relevant. I have also reviewed questions of law and consulted with counsel
thereon as deemed necessary or appropriate by me for the purpose of this
opinion.
On the basis of the foregoing, it is my opinion that:
1. The Corporation is duly organized and validly existing under the laws
of the State of Maryland.
2. The Corporation is authorized to issue 5,000,000,000 shares of common
stock of a par value of $0.0001 per share.
3. The Shares which are currently being registered by the Registration
Statement referred to above may be legally and validly issued from time to time
in accordance with the Articles of Incorporation upon receipt of consideration
sufficient to comply with the Articles of Incorporation and subject to
compliance with the Securities Act of 1933, as amended, the Investment Company
Act of 1940, as amended, and applicable state laws regulating the sale of
securities. Such Shares, when so issued, will be fully paid and non-assessable.
I hereby consent to the filing of this opinion as part of the Corporation's
registration statement referred to above and as a part of any application or
registration statement filed under the securities laws of the States of the
United States.
The foregoing opinion is limited to the Federal laws of the United States
and the laws of the State of Maryland, and I am expressing no opinion as to the
effect of the laws of any other jurisdiction.
Very truly yours,
/s/ J. Crilley Kelly
J. Crilley Kelly
Fund Attorney
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> International Series, Inc.
Federated International Equity Fund
Class A Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 183,164,318
<INVESTMENTS-AT-VALUE> 201,376,065
<RECEIVABLES> 4,223,711
<ASSETS-OTHER> 400,555
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 206,000,331
<PAYABLE-FOR-SECURITIES> 8,243,946
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 532,049
<TOTAL-LIABILITIES> 8,775,995
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 174,869,114
<SHARES-COMMON-STOCK> 9,982,601
<SHARES-COMMON-PRIOR> 10,725,577
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 862,540
<ACCUMULATED-NET-GAINS> 5,004,870
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,212,892
<NET-ASSETS> 172,937,556
<DIVIDEND-INCOME> 3,539,771
<INTEREST-INCOME> 127,931
<OTHER-INCOME> 0
<EXPENSES-NET> 3,549,892
<NET-INVESTMENT-INCOME> 117,810
<REALIZED-GAINS-CURRENT> 4,131,728
<APPREC-INCREASE-CURRENT> 11,785,397
<NET-CHANGE-FROM-OPS> 16,034,935
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 919,568
<DISTRIBUTIONS-OF-GAINS> 19,980,524
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,740,149
<NUMBER-OF-SHARES-REDEEMED> 9,162,907
<SHARES-REINVESTED> 679,782
<NET-CHANGE-IN-ASSETS> (8,203,565)
<ACCUMULATED-NII-PRIOR> 863,049
<ACCUMULATED-GAINS-PRIOR> 21,471,982
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,004,435
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,824,996
<AVERAGE-NET-ASSETS> 201,091,618
<PER-SHARE-NAV-BEGIN> 17.890
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 1.380
<PER-SHARE-DIVIDEND> 0.090
<PER-SHARE-DISTRIBUTIONS> 1.890
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 17.320
<EXPENSE-RATIO> 1.68
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> International Series, Inc.
Federated International Equity Fund
Class B Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 183,164,318
<INVESTMENTS-AT-VALUE> 201,376,065
<RECEIVABLES> 4,223,711
<ASSETS-OTHER> 400,555
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 206,000,331
<PAYABLE-FOR-SECURITIES> 8,243,946
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 532,049
<TOTAL-LIABILITIES> 8,775,995
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 174,869,114
<SHARES-COMMON-STOCK> 980,572
<SHARES-COMMON-PRIOR> 359,853
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 862,540
<ACCUMULATED-NET-GAINS> 5,004,870
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,212,892
<NET-ASSETS> 16,707,131
<DIVIDEND-INCOME> 3,539,771
<INTEREST-INCOME> 127,931
<OTHER-INCOME> 0
<EXPENSES-NET> 3,549,892
<NET-INVESTMENT-INCOME> 117,810
<REALIZED-GAINS-CURRENT> 4,131,728
<APPREC-INCREASE-CURRENT> 11,785,397
<NET-CHANGE-FROM-OPS> 16,034,935
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 194
<DISTRIBUTIONS-OF-GAINS> 726,598
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 728,125
<NUMBER-OF-SHARES-REDEEMED> 147,816
<SHARES-REINVESTED> 40,410
<NET-CHANGE-IN-ASSETS> 8,203,565
<ACCUMULATED-NII-PRIOR> 863,049
<ACCUMULATED-GAINS-PRIOR> 21,471,982
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,004,435
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,824,996
<AVERAGE-NET-ASSETS> 201,091,618
<PER-SHARE-NAV-BEGIN> 17.570
<PER-SHARE-NII> (0.040)
<PER-SHARE-GAIN-APPREC> 1.270
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 1.890
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 17.040
<EXPENSE-RATIO> 2.59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 013
<NAME> International Series, Inc.
Federated International Equity Fund
Class C Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 183,164,318
<INVESTMENTS-AT-VALUE> 201,376,065
<RECEIVABLES> 4,223,711
<ASSETS-OTHER> 400,555
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 206,000,331
<PAYABLE-FOR-SECURITIES> 8,243,946
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 532,049
<TOTAL-LIABILITIES> 8,775,995
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 174,869,114
<SHARES-COMMON-STOCK> 449,814
<SHARES-COMMON-PRIOR> 408,295
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 862,540
<ACCUMULATED-NET-GAINS> 5,004,870
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,212,892
<NET-ASSETS> 7,579,649
<DIVIDEND-INCOME> 3,539,771
<INTEREST-INCOME> 127,931
<OTHER-INCOME> 0
<EXPENSES-NET> 3,549,892
<NET-INVESTMENT-INCOME> 117,810
<REALIZED-GAINS-CURRENT> 4,131,728
<APPREC-INCREASE-CURRENT> 11,785,397
<NET-CHANGE-FROM-OPS> 16,034,935
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 155
<DISTRIBUTIONS-OF-GAINS> 780,198
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 177,534
<NUMBER-OF-SHARES-REDEEMED> 166,212
<SHARES-REINVESTED> 30,197
<NET-CHANGE-IN-ASSETS> 8,203,565
<ACCUMULATED-NII-PRIOR> 863,049
<ACCUMULATED-GAINS-PRIOR> 21,471,982
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,004,435
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,824,996
<AVERAGE-NET-ASSETS> 201,091,618
<PER-SHARE-NAV-BEGIN> 17.500
<PER-SHARE-NII> (0.100)
<PER-SHARE-GAIN-APPREC> 1.340
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 1.890
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.850
<EXPENSE-RATIO> 2.57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> International Series, Inc.
Federated International Income Fund
Class A Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 203,826,204
<INVESTMENTS-AT-VALUE> 217,451,536
<RECEIVABLES> 6,995,466
<ASSETS-OTHER> 141,313
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 224,588,315
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 213,497
<TOTAL-LIABILITIES> 213,497
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 220,365,583
<SHARES-COMMON-STOCK> 16,848,333
<SHARES-COMMON-PRIOR> 15,276,429
<ACCUMULATED-NII-CURRENT> 5,287,565
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (14,956,181)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,677,851
<NET-ASSETS> 200,757,508
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,520,503
<OTHER-INCOME> 0
<EXPENSES-NET> 2,703,757
<NET-INVESTMENT-INCOME> 12,816,746
<REALIZED-GAINS-CURRENT> 11,654,540
<APPREC-INCREASE-CURRENT> 587,187
<NET-CHANGE-FROM-OPS> 25,058,473
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,679,429
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,869,642
<NUMBER-OF-SHARES-REDEEMED> 5,739,277
<SHARES-REINVESTED> 441,539
<NET-CHANGE-IN-ASSETS> 37,331,994
<ACCUMULATED-NII-PRIOR> 4,448,761
<ACCUMULATED-GAINS-PRIOR> (20,978,654)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,476,050
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,315,024
<AVERAGE-NET-ASSETS> 197,387,503
<PER-SHARE-NAV-BEGIN> 11.380
<PER-SHARE-NII> 0.750
<PER-SHARE-GAIN-APPREC> 0.660
<PER-SHARE-DIVIDEND> 0.870
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.920
<EXPENSE-RATIO> 1.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> International Series, Inc.
Federated International Income Fund
Class B Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 203,826,204
<INVESTMENTS-AT-VALUE> 217,451,536
<RECEIVABLES> 6,995,466
<ASSETS-OTHER> 141,313
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 224,588,315
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 213,497
<TOTAL-LIABILITIES> 213,497
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 220,365,583
<SHARES-COMMON-STOCK> 726,640
<SHARES-COMMON-PRIOR> 98,831
<ACCUMULATED-NII-CURRENT> 5,287,565
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (14,956,181)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,677,851
<NET-ASSETS> 8,640,964
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,520,503
<OTHER-INCOME> 0
<EXPENSES-NET> 2,703,757
<NET-INVESTMENT-INCOME> 12,816,746
<REALIZED-GAINS-CURRENT> 11,654,540
<APPREC-INCREASE-CURRENT> 587,187
<NET-CHANGE-FROM-OPS> 25,058,473
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 229,103
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 660,138
<NUMBER-OF-SHARES-REDEEMED> 46,135
<SHARES-REINVESTED> 13,806
<NET-CHANGE-IN-ASSETS> 37,331,994
<ACCUMULATED-NII-PRIOR> 4,448,761
<ACCUMULATED-GAINS-PRIOR> (20,978,654)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,476,050
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,315,024
<AVERAGE-NET-ASSETS> 197,387,503
<PER-SHARE-NAV-BEGIN> 11.360
<PER-SHARE-NII> 0.680
<PER-SHARE-GAIN-APPREC> 0.640
<PER-SHARE-DIVIDEND> 0.790
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.890
<EXPENSE-RATIO> 2.11
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 023
<NAME> International Series, Inc.
Federated International Income Fund
Class C Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 203,826,204
<INVESTMENTS-AT-VALUE> 217,451,536
<RECEIVABLES> 6,995,466
<ASSETS-OTHER> 141,313
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 224,588,315
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 213,497
<TOTAL-LIABILITIES> 213,497
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 220,365,583
<SHARES-COMMON-STOCK> 1,259,204
<SHARES-COMMON-PRIOR> 1,057,972
<ACCUMULATED-NII-CURRENT> 5,287,565
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (14,956,181)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,677,851
<NET-ASSETS> 14,976,346
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,520,503
<OTHER-INCOME> 0
<EXPENSES-NET> 2,703,757
<NET-INVESTMENT-INCOME> 12,816,746
<REALIZED-GAINS-CURRENT> 11,654,540
<APPREC-INCREASE-CURRENT> 587,187
<NET-CHANGE-FROM-OPS> 25,058,473
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 878,043
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 325,894
<NUMBER-OF-SHARES-REDEEMED> 191,747
<SHARES-REINVESTED> 67,085
<NET-CHANGE-IN-ASSETS> 37,331,994
<ACCUMULATED-NII-PRIOR> 4,448,761
<ACCUMULATED-GAINS-PRIOR> (20,978,654)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,476,050
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,315,024
<AVERAGE-NET-ASSETS> 197,387,503
<PER-SHARE-NAV-BEGIN> 11.360
<PER-SHARE-NII> 0.670
<PER-SHARE-GAIN-APPREC> 0.640
<PER-SHARE-DIVIDEND> 0.780
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.890
<EXPENSE-RATIO> 2.09
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
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