AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION MAY 31, 1994.
File Nos. 33-11048
and 811-4952
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No. ---- ----
Post-Effective Amendment No. 17 X
---- ----
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 17 X
---- ----
KEYSTONE INTERMEDIATE TERM BOND FUND
(formerly known as Keystone America Intermediate Term Bond Fund)
(Exact name of Registrant as specified in Charter)
200 Berkeley Street, Boston, Massachusetts 02116-5034
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code:
(617) 338-3200
Rosemary D. Van Antwerp, Esq., 200 Berkeley Street,
Boston, MA 02116-5034
(Name and Address of Agent for Service)
It is proposed that this filing will become effective
X immediately upon filing pursuant to paragraph (b) of Rule 485
--- on (date) pursuant to paragraph (b) of Rule 485
--- 60 days after filing pursuant to paragraph (a)(i) of Rule 485
--- on (date) pursuant to paragraph (a)(i) of Rule 485
--- 75 days after filing pursuant to paragraph (a)(ii) of Rule 485
--- on (date) pursuant to paragraph (a)(ii) of Rule 485
Pursuant to Rule 24f-2 under the Investment Company Act of 1940, the Registrant
has elected to register an indefinite number of its securities under the
Securities Act of 1933. A Rule 24f-2 Notice for Registrant's last fiscal year
was filed September 30, 1994.
<PAGE>
KEYSTONE INTERMEDIATE TERM BOND FUND
CONTENTS OF
POST-EFFECTIVE AMENDMENT NO. 17 to REGISTRATION STATEMENT
This Post-Effective Amendment No. 17 to Registrant's Registration
Statement No. 33-11052/811-4952 consists of the following pages,
items of information and documents.
The Facing Sheet
The Contents Page
The Cross-Reference Sheet
PART A
Prospectus
(Filed with Post-Effective Amendment No. 15 to Registration Statement
No. 33-11048/811-4952 and is incorporated herein by reference.)
PART B
Statement of Additional Information
(Filed with Post-Effective Amendment No. 15 to Registration Statement
No. 33-11048/811-4952 and is incorporated herein by reference.)
PART C
PART C - OTHER INFORMATION - ITEM 24(a) and (b)
(Filed with Post-Effective Amendment No. 15 to Registration Statement
No. 33-11048/811-4952 and is incorporated herein by reference.)
Financial Statements
Independent Auditors' Report
Listing of Exhibits
PART C - OTHER INFORMATION - ITEMS 25-32 - AND SIGNATURE PAGES
Number of Holders of Securities
Indemnification
Business and Other Connections
Principal Underwriter
Location of Accounts and Records
Signatures
Exhibits (including Powers of Attorney)
<PAGE>
KEYSTONE INTERMEDIATE TERM BOND FUND
Cross-Reference Sheet pursuant to Rules 404 and 495 under the Securities Act of
1933.
Items in
Part A of
Form N-1A Prospectus Caption
(Filed with Post-Effective Amendment No. 15 to Registration Statement
No. 33-11048/811-4952 and is incorporated herein by reference.)
1 Cover Page
2 Fee Table
3 Financial Highlights
Performance Data
4 Cover Page
The Fund
Investment Objective and Policies
Investment Restrictions
5 Fund Management and Expenses
Additional Information
5A Not Applicable
6 The Fund
Dividends and Taxes
Fund Shares
Pricing Shares
7 How to Buy Shares
Distribution Plan
8 How to Redeem Shares
9 Not applicable
Items in
Part B of
Form N-1A Statement of Additional Information Caption
(Filed with Post-Effective Amendment No. 15 to Registration Statement
No. 33-11048/811-4952 and is incorporated herein by reference.)
10 Cover Page
11 Table of Contents
12 Not applicable
<PAGE>
KEYSTONE INTERMEDIATE TERM BOND FUND
Cross-Reference Sheet continued.
Items in
Part B of
Form N-1A Statement of Additional Information Caption
13 The Fund
Investment Objective and Policies
Investment Restrictions
Appendix
14 Trustees and Officers
15 Additional Information
16 Sales Charges
Distribution Plans
Investment Manager
Investment Adviser
Principal Underwriter
Additional Information
17 Brokerage
18 The Fund
Declaration of Trust
19 Valuation of Securities
Distribution Plan
20 Dividends and Taxes
21 Principal Underwriter
22 Standardized Total Return and Yield Quotations
23 Financial Statements
<PAGE>
KEYSTONE INTERMEDIATE TERM BOND FUND
PART A
PROSPECTUS
(Filed with Post-Effective Amendment No. 15 to Registration Statement
No. 33-11048/811-4952 and is incorporated herein by reference.)
<PAGE>
KEYSTONE INTERMEDIATE TERM BOND FUND
PART B
STATEMENT OF ADDITIONAL INFORMATION
(Filed with Post-Effective Amendment No. 15 to Registration Statement
No. 33-11048/811-4952 and is incorporated herein by reference.)
<PAGE>
KEYSTONE INTERMEDIATE TERM BOND FUND
PART C
OTHER INFORMATION
Item 24. Financial Statements and Exhibits
Item 24(a). Financial Statements
(Filed with Post-Effective Amendment No. 15 to Registration Statement
No. 33-11048/811-4952 and is incorporated herein by reference.)
All financial statements listed below are included in Registrant's Statement of
Additional Information.
Schedule of Investments July 31, 1994
Financial Highlights For fiscal period February
13, 1987 (commencement of
operations) to July 31,
1987 and for fiscal years
ended July 31, 1988 through
1994
Statement of Assets and Liabilities July 31, 1994
Statement of Operations Year ended
July 31, 1994
Statements of Changes in Net Assets Two years ended
July 31, 1994
Notes to Financial Statements
Independent Auditors' Report
dated September 2, 1994
<PAGE>
Item 24(b). Exhibits
(1) A copy of the Registrant's Declaration of Trust was filed with
Registration Statement No. 33-11048/811-4952 as Exhibit 24(b)(1) and is
incorporated by reference herein. A copy of the Registrant's First
Supplemental Declaration of Trust was filed with Post-Effective Amendment
No. 15 to Registration Statement No. 33-11048/811-4952 as Exhibit
24(b)(1) and is incorporated by reference herein.
(2) A copy of Registrant's By-Laws was filed with Registration Statement No.
33-11048/811-4952 as Exhibit 24(b)(2) and is incorporated by reference
herein. Copies of the First and Second Amendments to the Registrant's
By-Laws were filed with Pre-Effective Amendment No. 2 to Registration
Statement No. 33-11048/811-4952 and are incorporated by reference herein.
A copy of an Amendment to the By-Laws was filed with Post-Effective
Amendment No. 12 to Registration Statement No. 33-11048/811-4952 and is
incorporated by reference herein.
(3) Not applicable.
(4) A copy of the form of Share Certificate was filed with Pre-Effective
Amendment No. 2 to Registration Statement No. 33-11048/811-4952 as
Exhibit 24(b)(4) and is incorporated by reference herein.
(5) (A) A copy of the form of Investment Management Agreement, between
Keystone Management, Inc. and the Registrant was filed with
Post-Effective Amendment No. 14 to Registration Statement No.
33-11048/811-4952 and is incorporated by reference herein.
(B) A copy of the form of Investment Advisory Agreement between Keystone
Management, Inc. and Keystone Investment Management Company (formerly
named Keystone Custodian Funds, Inc.) was filed with Post-Effective
Amendment No. 14 to Registration Statement No. 33-11048/811-4952 and
is incorporated by reference herein.
(6) A copy of the form of Principal Underwriting Agreement between the
Registrant and Keystone Investment Distributors Company (formerly named
Keystone Distributors, Inc.) was filed with Post-Effective Amendment No.
14 to Registration Statement No. 33-11048/811-4952 and is incorporated by
reference herein. A copy of the form of Dealer Agreement used by Keystone
Investment Distributors Company was filed with Post-Effective Amendment
No. 10 to Registration Statement No. 33-11048/811-4952 as part of
Exhibit 24(b)(6) and is incorporated by reference herein.
(7) Not applicable.
<PAGE>
Item 24(b) Exhibits (continued).
(8) A copy of the form of Registrant's Custodian, Fund Accounting and
Recordkeeping Agreement with State Street Bank and Trust Company was
filed with Pre-Effective Amendment No. 2 to Registration Statement No.
33-11048/811-4952 as Exhibit 24(b)(8) and is incorporated by reference
herein. Copies of Amendments Nos. 1-4 to said Agreement were filed with
Post-Effective Amendment No. 12 to Registration Statement No.
33-11048/811-4952 as Exhibit 24(b)(8) and are incorporated by reference
herein.
(9) Not applicable.
(10) An opinion and consent of counsel as to the legality of securities
registered by the Fund were filed with Post-Effective Amendment No. 16
to Registration Statement No. 33- 11048/811-4952 and are incorporated by
reference herein.
(11) A consent as to the use of the Independent Auditors' Report was filed
with Post-Effective Amendment No. 15 to Registration Statement No.
33-11048/811-4952 and is incorporated by reference herein.
(12) Not applicable.
(13) Copies of Subscription Agreements were filed with Registration Statement
No. 33-11048/811-4952 as Exhibit 24(b)(13) and are incorporated by
reference herein. Copies of the release of one Subscription Agreement and
a new Subscription Agreement were filed with Pre-Effective Amendment No.
2 to Registration Statement No. 33-11048/811-4952 as Exhibit 24(b)(13)(a)
and (b) and are incorporated by reference herein.
(14) Copies of model plans used in the establishment of retirement plans in
connection with which the Registrant offers securities were filed with
Post-Effective Amendment No. 66 to Registration Statement No.
2-10527/811-96 of Keystone Balanced Fund (K-1) (formerly named Keystone
Custodian Fund, Series K-1) as Exhibit 24(b)(14) and are incorporated by
reference herein.
(15) A copy of Registrant's existing Distribution Plan adopted pursuant to
Rule 12b-1 was filed with Pre-Effective Amendment No. 2 to Registration
Statement No. 33-11048/811-4952 as Exhibit 24(b)(15) and is incorporated
by reference herein. A copy of the form of Registrant's Class B/C
Distribution Plan was filed with Post-Effective Amendment No. 13 to
Registration Statement No. 33-11048/811-4952 as Exhibit 24(b)(15) and is
incorporated by reference herein.
<PAGE>
Item 24(b) Exhibits (continued).
(16) Schedules for computation of total return and current yield quotations
were filed with Post-Effective Amendment No. 15 to Registration Statement
No. 33-11048/811-4952 and are incorporated by reference herein.
(17) Financial data schedules are filed herewith as Exhibit 27.
(18) A copy of the form of Registrant's Multiple Class Plan adopted pursuant
to Rule 18f-3 is filed herewith as Exhibit 24(b)(18).
(19) Powers of Attorney are filed herewith as Exhibit 24(b)(19).
<PAGE>
Item 25. Persons Controlled by or under Common Control with Registrant
Not applicable.
Item 26. Number of Holders of Securities
Number of Record
Title of Class Holders as of April 28, 1995
Shares of Beneficial Class A - 785
Interest, without par Class B - 795
value Class C - 351
Item 27. Indemnification
Provisions for the indemnification of the Registrant's Trustees and officers are
contained in Article VIII of Registrant's Declaration of Trust, a copy of the
form of which was filed with Registration Statement No. 33-11048/811-4952 as
Exhibit 24(b)(1) and is incorporated by reference herein.
Provisions for the indemnification of Keystone Investment Distributors Company,
the Registrant's Principal Underwriter, are contained in Section 9 of the
Principal Underwriting Agreement between the Registrant and Keystone Investment
Distributors Company, a copy of which was filed with Post-Effective Amendment
No. 14 to Registration Statement No. 33-11048/811-4952 as Exhibit 24(b)(6) and
is incorporated by reference herein.
Provisions for the indemnification of Keystone Management, Inc. and Keystone
Investment Management Company, Registrant's investment manager and adviser,
respectively, are contained in Section 6 of the Investment Management Agreement
between Registrant and Keystone Management, Inc. and Section 5 of the Investment
Advisory Agreement between Keystone Management, Inc. and Keystone Investment
Management Company, copies of the forms of which were filed with Post-Effective
Amendment No. 14 to Registration Satement No. 33-11048/811-4952 as Exhibit
24(b)(5) and are incorporated by reference herein.
Item 28. Businesses and Other Connections of Investment Adviser
(Filed with Post-Effective Amendment No. 15 to Registration
Statement No. 33-11048/811-4952 and is incorporated herein
by reference.)
<PAGE>
Item 29. Principal Underwriters
(a) Keystone Investment Distributors Company, which acts as
Registrant's principal underwriter, also acts as principal
underwriter for the following entities:
Keystone America Hartwell Emerging Growth Fund, Inc.
Keystone Hartwell Growth Fund
Keystone Quality Fund (B-1)
Keystone Diversified Bond Fund (B-2)
Keystone High Income Bond Fund (B-4)
Keystone Balanced Fund (K-1)
Keystone Strategic Growth Fund (K-2)
Keystone Growth and Income Fund (S-1)
Keystone Mid-Cap Growth Fund (S-3)
Keystone Small Company Growth Fund (S-4)
Keystone Capital Preservation and Income Fund
Keystone Fund For Total Return
Keystone Global Opportunities Fund
Keystone Government Securities Fund
Keystone Intermediate Term Bond Fund
Keystone America Omega Fund, Inc.
Keystone State Tax Free Fund
Keystone State Tax Free Fund - Series II
Keystone Strategic Income Fund
Keystone Tax Free Income Fund
Keystone Fund of the Americas
Keystone Strategic Development Fund
Keystone Tax Free Fund
Keystone Tax Exempt Trust
Keystone Liquid Trust
Keystone International Fund Inc.
Keystone Precious Metals Holdings, Inc.
(b) Information with respect to each officer and director of
Registrant's acting principal underwriter was filed with
Post- Effective Amendment No. 15 to Registration Statement
No. 33- 11048/811-4952 and is incorporated by reference
herein.
(c) Not applicable.
<PAGE>
Item 30. Location of Accounts and Records
200 Berkeley Street
Boston, Massachusetts 02116-5034
Keystone Investor Resource Center, Inc.
101 Main Street
Cambridge, MA 02142-1519
State Street Bank and Trust Company
1776 Heritage Drive
Quincy, Massachusetts 02171
Data Vault Inc.
3431 Sharp Slot Road
Swansea, Massachusetts 02277
Item 31. Management Services
Not applicable.
Item 32. Undertakings
Registrant hereby undertakes to furnish each person to whom a copy
of the Registrant's prospectus is delivered with a copy of the
Registrant's latest annual report to shareholders, upon request and
without charge.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant certifies that it meets all of the
requirements for the 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 Boston, in The
Commonwealth of Massachusetts, on the 26th day of May, 1995.
KEYSTONE INTERMEDIATE TERM BOND FUND
(Registrant)
By:/s/ George S. Bissell
----------------------
George S. Bissell*
Chairman of the Board
*By:/s/ James M. Wall
----------------------
James M. Wall**
Attorney-in-Fact
Pursuant to the requirements of the Securities Act of 1933, this Amendment to
Registrant's Registration Statement has been signed below by the following
persons in the capacities indicated on the 26th day of May, 1995.
SIGNATURES TITLE
/s/ George S. Bissell Chairman of the Board and Trustee
- --------------------------
George S. Bissell*
/s/ Albert H. Elfner, III Chief Executive Officer, President
- -------------------------- and Trustee
Albert H. Elfner, III*
/s/ Kevin J. Morrissey Treasurer (Principal Accounting
- -------------------------- and Financial Officer)
Kevin J. Morrissey*
*By: /s/ James M. Wall
----------------------
James M. Wall**
Attorney-in-Fact
<PAGE>
SIGNATURES TITLE
/s/ Frederick Amling Trustee
- --------------------------
Frederick Amling*
/s/ Charles A. Austin, III Trustee
- --------------------------
Charles A. Austin, III*
/s/ Edwin D. Campbell Trustee
- --------------------------
Edwin D. Campbell*
/s/ Charles F. Chapin Trustee
- --------------------------
Charles F. Chapin*
/s/ K. Dun Gifford Trustee
- --------------------------
K. Dun Gifford*
/s/ Leroy Keith, Jr. Trustee
- --------------------------
Leroy Keith, Jr.*
/s/ F. Ray Keyser, Jr. Trustee
- --------------------------
F. Ray Keyser, Jr.*
/s/ David M. Richardson Trustee
- --------------------------
David M. Richardson*
/s/ Richard J. Shima Trustee
- --------------------------
Richard J. Shima*
/s/ Andrew J. Simons Trustee
- --------------------------
Andrew J. Simons*
*By: /s/ James M. Wall
----------------------
James M. Wall**
Attorney-in-Fact
** James M. Wall, by signing his name hereto, does hereby sign this document on
behalf of each of the above-named individuals pursuant to powers of attorney
duly executed by such persons and attached hereto as Exhibit 24(b)(19).
<PAGE>
INDEX TO EXHIBITS
Page Number
In Sequential
Exhibit Number Exhibit Numbering System
1 Declaration of Trust(1)
First Supplemental Declaration of Trust(9)
2 (A) By-Laws(1)
(B) First and Second Amendments
to By-Laws(2)
(C) Amendment to By-Laws(5)
4 Share Certificate(2)
5 (A) Investment Management Agreement(8)
(B) Investment Advisory Agreement(8)
6 (A) Principal Underwriting Agreement(8)
(B) Dealers Agreement(3)
8 Custodian, Fund Accounting
and Recordkeeping Agreement(2)
Amendments to Custody Agreement(5)
10 Opinion and Consent of Counsel(10)
11 Independent Auditors' Consent(9)
13 Subscription Agreements(1,2)
14 Model Retirement Plans(7)
15 Distribution Plan(2)
Form of Distribution Plan(6)
16 Performance Data Schedules(9)
17 Financial Data Schedules (filed as Exhibit 27)
18 Multiple Class Plan
19 Powers of Attorney
- ----------------------------------
(1)Incorporated herein by reference to Registrant's Registration Statement
No. 33-11048/811-4952.
(2)Incorporated herein by reference to Pre-Effective Amendment No. 2 to
Registration Statement No. 33-11048/811-4952.
<PAGE>
Index to Exhibits (continued)
(3)Incorporated herein by reference to Post-Effective Amendment No. 10 to
Registration Statement No. 33-11048/811-4952.
(4)Incorporated herein by reference to Post-Effective Amendment No. 11 to
Registration Statement No. 33-11048/811-4952.
(5)Incorporated herein by reference to Post-Effective Amendment No. 12 to
Registration Statement No. 33-11048/811-4952.
(6)Incorporated herein by reference to Post-Effective Amendment No. 13 to
Registration Statement No. 33-11048/811-4952.
(7)Incorporated herein by reference to Post-Effective Amendment No. 66 to
Registration Statement No. 2-10527/811-96.
(8)Incorporated herein by reference to Post-Effective Amendment No. 14 to
Registration Statement No. 33-11048/811-4952.
(9)Incorporated herein by reference to Post-Effective Amendment No. 15 to
Registration Statement No. 33-11048/811-4952.
(10)Incorporated herein by reference to Post-Effective Amendment No. 16 to
Registration Statement No. 33-11048/811-4952.
<PAGE>
<PAGE>
EXHIBIT 99.24(b)(18)
MULTIPLE CLASS PLAN FOR KEYSTONE AMERICA FUNDS
The Keystone America Fund Family currently offers a number of classes
of shares with the following class provisions and current offering and exchange
characteristics. Additional classes of shares, when created, may have
characteristics that differ from those described. References to percentages not
otherwise defined are to percentages of average daily net assets of a class.
I. CLASSES
1. Class A Shares
Keystone America Funds
Class A Shares have a distribution plan adopted pursuant to
Rule 12b-1 under the Investment Company Act of 1940 ("Rule
12b-1") and/or a shareholder services plan, which plans
provide for payments, currently limited to 0.25% annually, for
distribution and/or shareholder services fees.
Class A Shares are offered with a front-end sales load, except
that purchases of Class A Shares made on or after April 10,
1995 (a) in an amount equal to or exceeding $1 million and/or
(b) by a corporate qualified retirement plan or a
non-qualified deferred compensation plan sponsored by a
corporation having 100 or more eligible employees are not
subject to a front-end sales load, but are subject to a
contingent deferred sales charge ("CDSC") of 1.00% for a
period of 24 months from the date of purchase.
Class A Shares may be exchanged for Class A Shares of other
Keystone America Funds and Class A Shares of Keystone Liquid
Trust. Class A Shares subject to a CDSC when exchanged will
remain subject to the CDSC after the exchange.
Keystone Liquid Trust
Class A Shares have a distribution plan adopted pursuant to
Rule 12b-1 and/or a shareholder services plan, which plans
provide for payments of up to 0.25% annually for distribution
and/or shareholder services fees.
Class A Shares are offered without a sales load. Class A
Shares may be exchanged for Class A Shares of other funds in
the Keystone America Fund Family and shares of funds in the
Keystone Fund Family.
2. Class B Shares
Keystone America Funds (except Keystone Capital
Preservation and Income Fund) and Keystone Liquid Trust
Class B Shares have distribution plans adopted pursuant to
Rule 12b-1 and may have a shareholder services plan, which
plans, in the aggregate, provide for payments of up to 1.00%
annually for distribution and/or shareholder services fees.
Class B Shares are offered at net asset value without a
front-end sales load but with a CDSC, which is a declining
percentage of the lesser of current net asset value or initial
cost. For Class B shares purchased on or after June 1, 1995,
the CDSC is imposed at rates ranging from a maximum of 5% of
amounts redeemed during the first twelve month period
following the month of purchase to 1% of amounts redeemed
during the sixth twelve month period following the month of
purchase.
The sub-class of Class B Shares issued prior to June 1, 1995
automatically convert to Class A Shares seven calendar years
after purchase without a sales load or exchange fee. The
sub-class of Class B Shares issued on or after to June 1, 1995
automatically convert to Class A Shares eight years after the
month of purchase without a sales load or exchange fee.
Class B Shares may be exchanged for the same sub-class of
Class B Shares of other Keystone America Funds and the same
sub-class of Class B Shares of Keystone Liquid Trust. Class B
Shares subject to a CDSC when exchanged will remain subject to
the CDSC after the exchange.
Keystone Capital Preservation and Income Fund ("CPI")
CPI Class B Shares have the same provisions and other
characteristics as those described above for Class B Shares of
the Keystone America Funds, except that Class B Shares of CPI
(a) are subject to a CDSC, which is a declining percentage of
the lesser of current net asset value or initial cost (for CPI
Class B shares purchased on or after June 1, 1995, the CDSC is
imposed at rates ranging from a maximum of 3% of amounts
redeemed during the first twelve month period following the
month of purchase to 1% of amounts redeemed during the fourth
twelve month period following the month of purchase
purchased); and (b) have the following special exchange or
conversion features: (i) at the shareholder's option, the
sub-class of CPI Class B Shares issued prior to June 1, 1995
may be exchanged for CPI Class A Shares up to seven years
after purchase and (ii) the sub-class of Class B Shares issued
on or after June 1, 1995 automatically convert to Class A
Shares eight years after the month of purchase without a sales
load or exchange fee.
3. Class C Shares
Keystone America Funds and Keystone Liquid Trust
Class C Shares have a distribution plan adopted pursuant to
Rule 12b-1, and may have a shareholder services plan, which
plans provide, in the aggregate, for payments of up to 1.00%
annually for distribution and/or shareholder services fees.
Class C Shares are subject to a CDSC, which is a percentage of
the lesser of current net asset value or initial cost
(currently 1.00% for one year from the date of purchase).
Class C Shares are offered at net asset value without a
front-end sales load.
Class C Shares may be exchanged for Class C Shares of other
Keystone America Funds and Keystone Liquid Trust. Class C
Shares subject to a CDSC when exchanged will remain subject to
the CDSC after the exchange.
II. CLASS EXPENSES
Each class bears the expenses of its Rule 12b-1 plan and/or
shareholder services plan. There currently are no other class
specific expenses.
III. EXPENSE ALLOCATION METHODS
Daily Distribution Funds
All income, realized and unrealized capital gains and losses
and expenses not assigned to a class will be allocated to each
share regardless of class.
Non-Daily Distribution Funds
All income, realized and unrealized capital gains
and losses and expenses not assigned to a class
will be allocated to each class based on the relative net
asset value of each class.
IV. VOTING RIGHTS
Each class shall have exclusive voting rights on any matter
submitted to its shareholders that relates solely to its class
arrangement.
Each class shall have separate voting rights on any matter
submitted to shareholders where the interests of one class
differ from the interests of any other class.
Each class has in all other respects the same rights and
obligations as each other class.
V. EXPENSE WAIVERS OR REIMBURSEMENTS
Any expense waivers or reimbursements shall be in compliance
with Rule 18f-3 issued under the Investment Company Act of
1940.
<PAGE>
<PAGE>
EXHIBIT 99.24(b)(19)
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and/or Chairman of the Board and Chief
Executive Officer and for which Keystone Custodian Funds, Inc. serves as Adviser
or Manager and registering from time to time the shares of such companies, and
generally to do all such things in my name and in my behalf to enable such
investment companies to comply with the provisions of the Securities Act of
1933, as amended, the Investment Company Act of 1940, as amended, and all
requirements and regulations of the Securities and Exchange Commission
thereunder, hereby ratifying and confirming my signature as it may be signed by
my said attorneys to any and all registration statements and amendments thereto.
/s/ George S. Bissell
George S. Bissell
Director/Trustee,
Chairman of the Board
Dated: December 14, 1994
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and/or Chief Executive Officer and for
which Keystone Custodian Funds, Inc. serves as Adviser or Manager and
registering from time to time the shares of such companies, and generally to do
all such things in my name and in my behalf to enable such investment companies
to comply with the provisions of the Securities Act of 1933, as amended, the
Investment Company Act of 1940, as amended, and all requirements and regulations
of the Securities and Exchange Commission thereunder, hereby ratifying and
confirming my signature as it may be signed by my said attorneys to any and all
registration statements and amendments thereto.
/s/ Albert H. Elfner, III
Albert H. Elfner, III
Director/Trustee,
President and Chief
Executive Officer
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director, Trustee or officer and for which Keystone
Custodian Funds, Inc. serves as Adviser or Manager and registering from time to
time the shares of such companies, and generally to do all such things in my
name and in my behalf to enable such investment companies to comply with the
provisions of the Securities Act of 1933, as amended, the Investment Company Act
of 1940, as amended, and all requirements and regulations of the Securities and
Exchange Commission thereunder, hereby ratifying and confirming my signature as
it may be signed by my said attorneys to any and all registration statements and
amendments thereto.
/s/ Kevin J. Morrissey
Kevin J. Morrissey
Treasurer
Dated: December 14, 1994
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and for which Keystone Custodian
Funds, Inc. serves as Adviser or Manager and registering from time to time the
shares of such companies, and generally to do all such things in my name and in
my behalf to enable such investment companies to comply with the provisions of
the Securities Act of 1933, as amended, the Investment Company Act of 1940, as
amended, and all requirements and regulations of the Securities and Exchange
Commission thereunder, hereby ratifying and confirming my signature as it may be
signed by my said attorneys to any and all registration statements and
amendments thereto.
/s/ Frederick Amling
Frederick Amling
Director/Trustee
Dated: December 14, 1994
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and for which Keystone Custodian
Funds, Inc. serves as Adviser or Manager and registering from time to time the
shares of such companies, and generally to do all such things in my name and in
my behalf to enable such investment companies to comply with the provisions of
the Securities Act of 1933, as amended, the Investment Company Act of 1940, as
amended, and all requirements and regulations of the Securities and Exchange
Commission thereunder, hereby ratifying and confirming my signature as it may be
signed by my said attorneys to any and all registration statements and
amendments thereto.
/s/ Charles A. Austin III
Charles A. Austin III
Director/Trustee
Dated: December 14, 1994
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and for which Keystone Custodian
Funds, Inc. serves as Adviser or Manager and registering from time to time the
shares of such companies, and generally to do all such things in my name and in
my behalf to enable such investment companies to comply with the provisions of
the Securities Act of 1933, as amended, the Investment Company Act of 1940, as
amended, and all requirements and regulations of the Securities and Exchange
Commission thereunder, hereby ratifying and confirming my signature as it may be
signed by my said attorneys to any and all registration statements and
amendments thereto.
/s/ Edwin D. Campbell
Edwin D. Campbell
Director/Trustee
Dated: December 14, 1994
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and for which Keystone Custodian
Funds, Inc. serves as Adviser or Manager and registering from time to time the
shares of such companies, and generally to do all such things in my name and in
my behalf to enable such investment companies to comply with the provisions of
the Securities Act of 1933, as amended, the Investment Company Act of 1940, as
amended, and all requirements and regulations of the Securities and Exchange
Commission thereunder, hereby ratifying and confirming my signature as it may be
signed by my said attorneys to any and all registration statements and
amendments thereto.
/s/ Charles F. Chapin
Charles F. Chapin
Director/Trustee
Dated: December 14, 1994
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and for which Keystone Custodian
Funds, Inc. serves as Adviser or Manager and registering from time to time the
shares of such companies, and generally to do all such things in my name and in
my behalf to enable such investment companies to comply with the provisions of
the Securities Act of 1933, as amended, the Investment Company Act of 1940, as
amended, and all requirements and regulations of the Securities and Exchange
Commission thereunder, hereby ratifying and confirming my signature as it may be
signed by my said attorneys to any and all registration statements and
amendments thereto.
/s/ K. Dun Gifford
K. Dun Gifford
Director/Trustee
Dated: December 14, 1994
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and for which Keystone Custodian
Funds, Inc. serves as Adviser or Manager and registering from time to time the
shares of such companies, and generally to do all such things in my name and in
my behalf to enable such investment companies to comply with the provisions of
the Securities Act of 1933, as amended, the Investment Company Act of 1940, as
amended, and all requirements and regulations of the Securities and Exchange
Commission thereunder, hereby ratifying and confirming my signature as it may be
signed by my said attorneys to any and all registration statements and
amendments thereto.
/s/ Leroy Keith, Jr.
Leroy Keith, Jr.
Director/Trustee
Dated: December 14, 1994
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and for which Keystone Custodian
Funds, Inc. serves as Adviser or Manager and registering from time to time the
shares of such companies, and generally to do all such things in my name and in
my behalf to enable such investment companies to comply with the provisions of
the Securities Act of 1933, as amended, the Investment Company Act of 1940, as
amended, and all requirements and regulations of the Securities and Exchange
Commission thereunder, hereby ratifying and confirming my signature as it may be
signed by my said attorneys to any and all registration statements and
amendments thereto.
/s/ F. Ray Keyser, Jr.
F. Ray Keyser, Jr.
Director/Trustee
Dated: December 14, 1994
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and for which Keystone Custodian
Funds, Inc. serves as Adviser or Manager and registering from time to time the
shares of such companies, and generally to do all such things in my name and in
my behalf to enable such investment companies to comply with the provisions of
the Securities Act of 1933, as amended, the Investment Company Act of 1940, as
amended, and all requirements and regulations of the Securities and Exchange
Commission thereunder, hereby ratifying and confirming my signature as it may be
signed by my said attorneys to any and all registration statements and
amendments thereto.
/s/ David M. Richardson
David M. Richardson
Director/Trustee
Dated: December 14, 1994
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and for which Keystone Custodian
Funds, Inc. serves as Adviser or Manager and registering from time to time the
shares of such companies, and generally to do all such things in my name and in
my behalf to enable such investment companies to comply with the provisions of
the Securities Act of 1933, as amended, the Investment Company Act of 1940, as
amended, and all requirements and regulations of the Securities and Exchange
Commission thereunder, hereby ratifying and confirming my signature as it may be
signed by my said attorneys to any and all registration statements and
amendments thereto.
/s/ Richard J. Shima
Richard J. Shima
Director/Trustee
Dated: December 14, 1994
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and for which Keystone Custodian
Funds, Inc. serves as Adviser or Manager and registering from time to time the
shares of such companies, and generally to do all such things in my name and in
my behalf to enable such investment companies to comply with the provisions of
the Securities Act of 1933, as amended, the Investment Company Act of 1940, as
amended, and all requirements and regulations of the Securities and Exchange
Commission thereunder, hereby ratifying and confirming my signature as it may be
signed by my said attorneys to any and all registration statements and
amendments thereto.
/s/ Andrew J. Simons
Andrew J. Simons
Director/Trustee
Dated: December 14, 1994
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER> 101
<NAME> KEYSTONE INTERMEDIATE TERM BOND FUND CLASS A
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1994
<PERIOD-START> AUG-01-1993
<PERIOD-END> JUL-31-1994
<INVESTMENTS-AT-COST> 47,015,123
<INVESTMENTS-AT-VALUE> 46,377,735
<RECEIVABLES> 892,051
<ASSETS-OTHER> 4,556
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 47,274,342
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 333,375
<TOTAL-LIABILITIES> 333,375
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,960,125
<SHARES-COMMON-STOCK> 1,813,383
<SHARES-COMMON-PRIOR> 1,906,671
<ACCUMULATED-NII-CURRENT> 1,265
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,869,065)
<ACCUM-APPREC-OR-DEPREC> (56,536)
<NET-ASSETS> 16,035,789
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,263,590
<OTHER-INCOME> 0
<EXPENSES-NET> (161,722)
<NET-INVESTMENT-INCOME> 1,101,868
<REALIZED-GAINS-CURRENT> (781,122)
<APPREC-INCREASE-CURRENT> (347,841)
<NET-CHANGE-FROM-OPS> (27,095)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,128,256)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (17,452)
<NUMBER-OF-SHARES-SOLD> 553,134
<NUMBER-OF-SHARES-REDEEMED> (709,827)
<SHARES-REINVESTED> 63,405
<NET-CHANGE-IN-ASSETS> (93,288)
<ACCUMULATED-NII-PRIOR> 99,360
<ACCUMULATED-GAINS-PRIOR> (1,076,104)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (113,409)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (291,299)
<AVERAGE-NET-ASSETS> 6,172,253
<PER-SHARE-NAV-BEGIN> 9.46
<PER-SHARE-NII> 0.57
<PER-SHARE-GAIN-APPREC> (0.59)
<PER-SHARE-DIVIDEND> (0.59)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> (0.01)
<PER-SHARE-NAV-END> 8.84
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER> 102
<NAME> KEYSTONE INTERMEDIATE TERM BOND FUND CLASS B
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-START> AUG-01-1993
<PERIOD-END> JUL-31-1994
<INVESTMENTS-AT-COST> 47,015,123
<INVESTMENTS-AT-VALUE> 46,377,735
<RECEIVABLES> 892,051
<ASSETS-OTHER> 4,556
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 47,274,342
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 333,375
<TOTAL-LIABILITIES> 333,375
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,041,588
<SHARES-COMMON-STOCK> 2,014,364
<SHARES-COMMON-PRIOR> 861,825
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (83,670)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (847,950)
<ACCUM-APPREC-OR-DEPREC> (290,597)
<NET-ASSETS> 17,819,371
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,095,514
<OTHER-INCOME> 0
<EXPENSES-NET> (265,040)
<NET-INVESTMENT-INCOME> 830,474
<REALIZED-GAINS-CURRENT> (878,553)
<APPREC-INCREASE-CURRENT> (311,971)
<NET-CHANGE-FROM-OPS> (360,050)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (869,550)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (19,394)
<NUMBER-OF-SHARES-SOLD> 1,756,381
<NUMBER-OF-SHARES-REDEEMED> (652,813)
<SHARES-REINVESTED> 48,971
<NET-CHANGE-IN-ASSETS> 1,152,539
<ACCUMULATED-NII-PRIOR> 669
<ACCUMULATED-GAINS-PRIOR> 23,140
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (97,402)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (357,697)
<AVERAGE-NET-ASSETS> 15,145,139
<PER-SHARE-NAV-BEGIN> 9.47
<PER-SHARE-NII> 0.49
<PER-SHARE-GAIN-APPREC> (0.58)
<PER-SHARE-DIVIDEND> (0.52)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> (0.01)
<PER-SHARE-NAV-END> 8.85
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER> 103
<NAME> KEYSTONE INTERMEDIATE TERM BOND FUND CLASS C
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1994
<PERIOD-START> AUG-01-1993
<PERIOD-END> JUL-31-1994
<INVESTMENTS-AT-COST> 47,015,123
<INVESTMENTS-AT-VALUE> 46,377,735
<RECEIVABLES> 892,051
<ASSETS-OTHER> 4,556
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 47,274,342
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 333,375
<TOTAL-LIABILITIES> 333,375
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,091,496
<SHARES-COMMON-STOCK> 1,479,194
<SHARES-COMMON-PRIOR> 794,770
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (61,627)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (653,807)
<ACCUM-APPREC-OR-DEPREC> (290,255)
<NET-ASSETS> 13,085,807
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 888,694
<OTHER-INCOME> 0
<EXPENSES-NET> (216,199)
<NET-INVESTMENT-INCOME> 672,495
<REALIZED-GAINS-CURRENT> (678,346)
<APPREC-INCREASE-CURRENT> (296,738)
<NET-CHANGE-FROM-OPS> (302,589)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 704,423
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (14,242)
<NUMBER-OF-SHARES-SOLD> 1,152,720
<NUMBER-OF-SHARES-REDEEMED> (524,090)
<SHARES-REINVESTED> 55,794
<NET-CHANGE-IN-ASSETS> 684,424
<ACCUMULATED-NII-PRIOR> 7,978
<ACCUMULATED-GAINS-PRIOR> 21,715
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (79,300)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (292,506)
<AVERAGE-NET-ASSETS> 12,354,207
<PER-SHARE-NAV-BEGIN> 9.46
<PER-SHARE-NII> 0.49
<PER-SHARE-GAIN-APPREC> (0.57)
<PER-SHARE-DIVIDEND> (0.52)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> (0.01)
<PER-SHARE-NAV-END> 8.85
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
