<PAGE> PAGE 1
000 A000000 10/31/94
000 C000000 0000789281
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 FEDERATED INCOME SECURITIES TRUST
001 B000000 811-4577
001 C000000 4122881432
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 FEDERATED SHORT-TERM INCOME FUND
007 C030100 N
007 C010200 2
007 C020200 INTERMEDIATE INCOME FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 FEDERATED MANAGEMENT
008 B00AA01 A
008 C00AA01 801-34610
008 D01AA01 PITTSBURGH
008 D02AA01 PA
008 D03AA01 15222
008 D04AA01 3779
010 A00AA01 FEDERATED ADMINISTRATIVE SERVICES
010 C01AA01 PITTSBURGH
010 C02AA01 PA
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
<PAGE> PAGE 2
011 C01AA01 PITTSBURGH
011 C02AA01 PA
011 C03AA01 15222
011 C04AA01 3779
012 A00AA01 FEDERATED SERVICES COMPANY
012 B00AA01 84-1869
012 C01AA01 PITTSBURGH
012 C02AA01 PA
012 C03AA01 15222
012 C04AA01 3779
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15219
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02266
015 C04AA01 8602
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
022 A000001 MORGAN GUARANTY TRUST CO. OF NEW YORK
022 B000001 13-5123346
022 C000001 522265
022 D000001 0
022 A000002 UBS SECURITIES, INC.
022 B000002 13-2932996
022 C000002 47445
022 D000002 0
022 A000003 MABON SECURITIES CORP.
022 B000003 13-5220060
022 C000003 5755
022 D000003 36599
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004 5529
022 D000004 20946
022 A000005 B.T. SECURITIES CORP.
022 B000005 13-4941247
022 C000005 25666
022 D000005 0
022 A000006 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000006 13-5674085
022 C000006 12584
022 D000006 7123
022 A000007 BANKERS TRUST COMPANY
022 B000007 13-4941247
022 C000007 18652
<PAGE> PAGE 3
022 D000007 0
022 A000008 PRUDENTIAL SECURTIES CORP.
022 B000008 22-2347336
022 C000008 0
022 D000008 10711
022 A000009 BEAR, STEARNS & CO.
022 B000009 13-4946705
022 C000009 0
022 D000009 7349
022 A000010 C J LAWRENCE
022 B000010 13-2730828
022 C000010 3364
022 D000010 2962
023 C000000 660245
023 D000000 98123
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 N
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
034 00AA00 N
035 00AA00 0
036 B00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
<PAGE> PAGE 4
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 25000
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 N
078 000000 N
024 000100 N
028 A010100 11439
028 A020100 349
028 A030100 0
028 A040100 22643
028 B010100 8373
028 B020100 341
028 B030100 0
028 B040100 24776
028 C010100 4625
028 C020100 321
028 C030100 0
028 C040100 13002
028 D010100 4040
028 D020100 318
028 D030100 0
028 D040100 23105
028 E010100 4077
028 E020100 301
028 E030100 0
028 E040100 18542
028 F010100 5195
028 F020100 304
028 F030100 0
028 F040100 30455
028 G010100 37749
028 G020100 1934
028 G030100 0
028 G040100 132523
028 H000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
042 A000100 0
<PAGE> PAGE 5
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 39
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.400
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
055 A000100 Y
055 B000100 N
056 000100 N
057 000100 N
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 1.2
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
<PAGE> PAGE 6
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 60.1
062 Q000100 37.8
062 R000100 0.0
063 A000100 0
063 B000100 1.8
064 A000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 Y
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 Y
071 A000100 23746
071 B000100 115611
071 C000100 341014
071 D000100 7
072 A000100 6
072 B000100 11211
<PAGE> PAGE 7
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 704
072 G000100 133
072 H000100 0
072 I000100 9
072 J000100 86
072 K000100 0
072 L000100 16
072 M000100 6
072 N000100 34
072 O000100 2
072 P000100 0
072 Q000100 0
072 R000100 10
072 S000100 8
072 T000100 61
072 U000100 0
072 V000100 0
072 W000100 8
072 X000100 1077
072 Y000100 53
072 Z000100 10187
072AA000100 327
072BB000100 4065
072CC010100 0
072CC020100 5071
072DD010100 9322
072DD020100 865
072EE000100 0
073 A010100 0.2600
073 A020100 0.2500
073 B000100 0.0000
073 C000100 0.0000
074 A000100 205
074 B000100 3423
074 C000100 0
074 D000100 285839
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 6973
074 K000100 0
074 L000100 2473
074 M000100 0
074 N000100 298913
074 O000100 4882
074 P000100 0
<PAGE> PAGE 8
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 2924
074 S000100 0
074 T000100 291107
074 U010100 30926
074 U020100 2806
074 V010100 8.63
074 V020100 8.63
074 W000100 0.0000
074 X000100 2273
074 Y000100 0
075 A000100 0
075 B000100 346819
076 000100 0.00
024 000200 N
028 A010200 6429
028 A020200 7
028 A030200 0
028 A040200 334
028 B010200 1130
028 B020200 11
028 B030200 0
028 B040200 324
028 C010200 552
028 C020200 12
028 C030200 0
028 C040200 549
028 D010200 1055
028 D020200 14
028 D030200 0
028 D040200 332
028 E010200 1118
028 E020200 15
028 E030200 0
028 E040200 570
028 F010200 1291
028 F020200 16
028 F030200 0
028 F040200 294
028 G010200 11575
028 G020200 75
028 G030200 0
028 G040200 2403
028 H000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 Y
<PAGE> PAGE 9
041 000200 N
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.500
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
055 A000200 Y
055 B000200 N
056 000200 N
057 000200 N
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 9.8
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 3.6
062 O000200 0.0
062 P000200 75.9
062 Q000200 12.9
062 R000200 0.0
063 A000200 0
063 B000200 9.3
<PAGE> PAGE 10
064 A000200 N
064 B000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 Y
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 23888
071 B000200 11215
071 C000200 21856
071 D000200 51
072 A000200 6
072 B000200 888
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 61
072 G000200 65
072 H000200 0
072 I000200 13
<PAGE> PAGE 11
072 J000200 46
072 K000200 0
072 L000200 6
072 M000200 0
072 N000200 4
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 7
072 S000200 3
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 5
072 X000200 210
072 Y000200 163
072 Z000200 841
072AA000200 29
072BB000200 402
072CC010200 0
072CC020200 452
072DD010200 833
072DD020200 7
072EE000200 0
073 A010200 0.3300
073 A020200 0.3100
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 2581
074 C000200 0
074 D000200 24336
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 571
074 M000200 9
074 N000200 27497
074 O000200 957
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 191
074 S000200 0
074 T000200 26349
<PAGE> PAGE 12
074 U010200 2834
074 U020200 27
074 V010200 9.21
074 V020200 9.21
074 W000200 0.0000
074 X000200 136
074 Y000200 0
075 A000200 0
075 B000200 24039
076 000200 0.00
SIGNATURE S. ELLIOT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> FED SHORT-TERM INCOME FUND-INST SHARES
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1995
<PERIOD-END> OCT-31-1994
<INVESTMENTS-AT-COST> 304,612,776
<INVESTMENTS-AT-VALUE> 289,261,900
<RECEIVABLES> 9,445,146
<ASSETS-OTHER> 205,538
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 298,912,584
<PAYABLE-FOR-SECURITIES> 4,882,360
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,923,324
<TOTAL-LIABILITIES> 7,805,684
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 322,275,181
<SHARES-COMMON-STOCK> 30,926,030
<SHARES-COMMON-PRIOR> 39,903,321
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (15,817,405)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (15,350,876)
<NET-ASSETS> 266,890,593
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,211,402
<OTHER-INCOME> 0
<EXPENSES-NET> 1,024,394
<NET-INVESTMENT-INCOME> 10,187,008
<REALIZED-GAINS-CURRENT> (3,738,118)
<APPREC-INCREASE-CURRENT> (5,070,417)
<NET-CHANGE-FROM-OPS> 1,378,473
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,321,957
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,890,396
<NUMBER-OF-SHARES-REDEEMED> 13,044,071
<SHARES-REINVESTED> 176,384
<NET-CHANGE-IN-ASSETS> (101,648,686)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (12,079,286)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 703,815
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,076,795
<AVERAGE-NET-ASSETS> 346,818,502
<PER-SHARE-NAV-BEGIN> 8.85
<PER-SHARE-NII> .260
<PER-SHARE-GAIN-APPREC> (.220)
<PER-SHARE-DIVIDEND> .260
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.63
<EXPENSE-RATIO> 56
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> FED SHORT-TERM INCOME FUND-INST SERV SHARES
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1995
<PERIOD-END> OCT-31-1994
<INVESTMENTS-AT-COST> 304,612,776
<INVESTMENTS-AT-VALUE> 289,261,900
<RECEIVABLES> 9,445,146
<ASSETS-OTHER> 205,538
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 298,912,584
<PAYABLE-FOR-SECURITIES> 4,882,360
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,923,324
<TOTAL-LIABILITIES> 7,805,684
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 322,275,181
<SHARES-COMMON-STOCK> 2,806,044
<SHARES-COMMON-PRIOR> 4,481,054
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (15,817,405)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (15,350,876)
<NET-ASSETS> 24,216,307
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,211,402
<OTHER-INCOME> 0
<EXPENSES-NET> 1,024,394
<NET-INVESTMENT-INCOME> 10,187,008
<REALIZED-GAINS-CURRENT> (3,738,118)
<APPREC-INCREASE-CURRENT> (5,070,417)
<NET-CHANGE-FROM-OPS> 1,378,473
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 865,051
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 423,774
<NUMBER-OF-SHARES-REDEEMED> 2,144,357
<SHARES-REINVESTED> 45,573
<NET-CHANGE-IN-ASSETS> (101,648,686)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (12,079,286)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 703,815
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,076,795
<AVERAGE-NET-ASSETS> 346,818,502
<PER-SHARE-NAV-BEGIN> 8.85
<PER-SHARE-NII> .250
<PER-SHARE-GAIN-APPREC> (.220)
<PER-SHARE-DIVIDEND> .250
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.63
<EXPENSE-RATIO> 81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> INTERMEDIATE INCOME FUND - INSTIT SHARES
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1995
<PERIOD-END> OCT-31-1994
<INVESTMENTS-AT-COST> 28,055,972
<INVESTMENTS-AT-VALUE> 26,917,265
<RECEIVABLES> 571,335
<ASSETS-OTHER> 8,606
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,497,206
<PAYABLE-FOR-SECURITIES> 957,012
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 190,924
<TOTAL-LIABILITIES> 1,147,936
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,868,795
<SHARES-COMMON-STOCK> 2,833,530
<SHARES-COMMON-PRIOR> 1,858,178
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (380,818)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,138,707)
<NET-ASSETS> 26,103,674
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 887,605
<OTHER-INCOME> 0
<EXPENSES-NET> 47,052
<NET-INVESTMENT-INCOME> 840,553
<REALIZED-GAINS-CURRENT> (372,964)
<APPREC-INCREASE-CURRENT> (451,917)
<NET-CHANGE-FROM-OPS> 15,672
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 833,499
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,215,293
<NUMBER-OF-SHARES-REDEEMED> 247,929
<SHARES-REINVESTED> 7,988
<NET-CHANGE-IN-ASSETS> 8,422,020
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (7,854)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 60,769
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 209,634
<AVERAGE-NET-ASSETS> 24,038,964
<PER-SHARE-NAV-BEGIN> 9.530
<PER-SHARE-NII> 0.330
<PER-SHARE-GAIN-APPREC> (0.320)
<PER-SHARE-DIVIDEND> 0.330
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.210
<EXPENSE-RATIO> 39
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> INTERMEDIATE INCOME FUND-INSTIT SERV SHARES
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1995
<PERIOD-END> OCT-31-1994
<INVESTMENTS-AT-COST> 28,055,972
<INVESTMENTS-AT-VALUE> 26,917,265
<RECEIVABLES> 571,335
<ASSETS-OTHER> 8,606
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,497,206
<PAYABLE-FOR-SECURITIES> 957,012
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 190,924
<TOTAL-LIABILITIES> 1,147,936
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,868,795
<SHARES-COMMON-STOCK> 26,661
<SHARES-COMMON-PRIOR> 23,618
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (380,818)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,138,707)
<NET-ASSETS> 245,596
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 887,605
<OTHER-INCOME> 0
<EXPENSES-NET> 47,052
<NET-INVESTMENT-INCOME> 840,553
<REALIZED-GAINS-CURRENT> (372,964)
<APPREC-INCREASE-CURRENT> (451,917)
<NET-CHANGE-FROM-OPS> 15,672
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,054
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,667
<NUMBER-OF-SHARES-REDEEMED> 7,660
<SHARES-REINVESTED> 37
<NET-CHANGE-IN-ASSETS> 8,422,020
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (7,854)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 60,769
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 209,634
<AVERAGE-NET-ASSETS> 24,038,964
<PER-SHARE-NAV-BEGIN> 9.530
<PER-SHARE-NII> 0.310
<PER-SHARE-GAIN-APPREC> (0.320)
<PER-SHARE-DIVIDEND> 0.310
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.210
<EXPENSE-RATIO> 62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>