FRANKLIN UNIVERSAL TRUST
NSAR-A, 1997-04-28
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<PAGE>      PAGE  1
000 A000000 02/28/97
000 C000000 000833040
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 FRANKLIN UNIVERSAL TRUST
001 B000000 811-5569
001 C000000 4153122000
002 A000000 777 MARINERS ISLAND BOULEVARD
002 B000000 SAN MATEO
002 C000000 CA
002 D010000 94404
002 D020000 1585
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
007 C010200  2
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 A000001 FRANKLIN ADVISERS INC
008 B000001 A
008 C000001 801-26292
008 D010001 SAN MATEO
008 D020001 CA
008 D030001 94404
008 D040001 1585
010 A000001 FRANKLIN TEMPLETON SERVICES INC
010 C010001 SAN MATEO
010 C020001 CA
010 C030001 94404
010 C040001 1585
011 A000001 PAINEWEBBER INCORPORATED
011 B000001 8-00000000
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10019
012 A000001 PNC BANK, NATIONAL ASSOCIATION
<PAGE>      PAGE  2
012 B000001 85-1119600
012 C010001 WILMINGTON
012 C020001 DE
012 C030001 19809
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 SAN FRANCISCO
013 B020001 CA
013 B030001 94105
013 B040001 2119
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
015 E010001 X
015 A000002 THE BANK OF BOSTON
015 B000002 S
015 C010002 BUENOS AIRES
015 D010002 ARGENTINA
015 E040002 X
015 A000003 AUSTRALIA & NEW ZEALAND BANKING GROUP LTD.
015 B000003 S
015 C010003 MELBOURNE
015 D010003 AUSTRALIA
015 E040003 X
015 A000004 CREDITANSLAT BANKVEREIN
015 B000004 S
015 C010004 VIENNA
015 D010004 AUSTRIA
015 E040004 X
015 A000005 STANDARD CHARTERED BANK PLC (SCB)
015 B000005 S
015 C010005 DHAKA
015 D010005 BANGLADESH
015 E040005 X
015 A000006 BANQUE BRUXELLES LAMBERT (BBL)
015 B000006 S
015 C010006 BRUSSELS
015 D010006 BELGIUM
015 E040006 X
015 A000007 STANBIC BANK BOTSWANA LIMITED (STANBIC)
015 B000007 S
015 C010007 GABARONE
015 D010007 BOTSWANA
015 E040007 X
015 A000008 THE FIRST NATIONAL BANK OF BOSTON
015 B000008 S
015 C010008 SAO PAULO
015 D010008 BRAZIL
015 E040008 X
015 A000009 ROYAL BANK OF CANADA
<PAGE>      PAGE  3
015 B000009 S
015 C010009 MONTREAL
015 D010009 CANADA
015 E040009 X
015 A000010 THE FIRST NATIONAL BANK OF BOSTON
015 B000010 S
015 C010010 SANTIAGO
015 D010010 CHILE
015 E040010 X
015 A000011 BANCO DE CHILE
015 B000011 S
015 C010011 SANTIAGO
015 D010011 CHILE
015 E040011 X
015 A000012 THE STANDARD CHARTERED BANK, HONG KONG
015 B000012 S
015 C010012 HONG KONG
015 D010012 CHINA
015 E040012 X
015 A000013 CITIBANK, N.A. VIA CITITRUST COLOMBIA S.A.
015 B000013 S
015 C010013 BOGOTA
015 D010013 COLOMBIA
015 E040013 X
015 A000014 CESKOSLOVENSKA OBCHODNI BANKA A.S. (CSOB)
015 B000014 S
015 C010014 PRAHA (PRAGUE)
015 D010014 CZECH REPUBLIC
015 E040014 X
015 A000015 DEN DANSKE BANK
015 B000015 S
015 C010015 COPENHAGEN
015 D010015 DENMARK
015 E040015 X
015 A000016 CITIBANK, N.A.
015 B000016 S
015 C010016 QUITO
015 D010016 ECUADOR
015 E040016 X
015 A000017 CITIBANK, N.A. - EGYPT BRANCH
015 B000017 S
015 C010017 CAIRO
015 D010017 EGYPT
015 E040017 X
015 A000018 MERITA BANK LTD. (MB)
015 B000018 S
015 C010018 HELSINKI
015 D010018 FINLAND
015 E040018 X
015 A000019 BANQUE PARIBAS
015 B000019 S
<PAGE>      PAGE  4
015 C010019 PARIS
015 D010019 FRANCE
015 E040019 X
015 A000020 CREDIT COMMERCIAL DE FRANCE
015 B000020 S
015 C010020 PARIS
015 D010020 FRANCE
015 E040020 X
015 A000021 DRESDNER BANK AG
015 B000021 S
015 C010021 FRANKFURT/MAIN
015 D010021 GERMANY
015 E040021 X
015 A000022 MERCHANT BANK (GHANA) LIMITED
015 B000022 S
015 C010022 ACCRA
015 D010022 GHANA
015 E040022 X
015 A000023 NATIONAL BANK OF GREECE SA
015 B000023 S
015 C010023 ATHENS
015 D010023 GREECE
015 E040023 X
015 A000024 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000024 S
015 C010024 HONG KONG
015 D010024 HONG KONG
015 E040024 X
015 A000025 CITIBANK BUDAPEST RT.
015 B000025 S
015 C010025 BUDAPEST
015 D010025 HUNGARY
015 E040025 X
015 A000026 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000026 S
015 C010026 MUMBAI
015 D010026 INDIA
015 E040026 X
015 A000027 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000027 S
015 C010027 JAKARTA
015 D010027 INDONESIA
015 E040027 X
015 A000028 ALLIED IRISH BANKS, PLC (AIB)
015 B000028 S
015 C010028 DUBLIN
015 D010028 IRELAND
015 E040028 X
015 A000029 BANK LEUMI LE-ISRAEL B.M.
015 B000029 S
015 C010029 TEL AVIV
<PAGE>      PAGE  5
015 D010029 ISRAEL
015 E040029 X
015 A000030 BANCA COMMERCIALE ITALIANA (BCI)
015 B000030 S
015 C010030 MILAN
015 D010030 ITALY
015 E040030 X
015 A000031 BANQUE PARIBAS SA
015 B000031 S
015 C010031 MILAN
015 D010031 ITALY
015 E040031 X
015 A000032 BANK OF TOKYO MITSUBISHI (BTM)
015 B000032 S
015 C010032 TOKYO
015 D010032 JAPAN
015 E040032 X
015 A000033 JASDEC (DEPOSITORY)
015 B000033 S
015 C010033 TOKYO
015 D010033 JAPAN
015 E040033 X
015 A000034 THE BRITISH BANK OF THE MIDDLE EAST
015 B000034 S
015 C010034 AMMAN
015 D010034 JORDAN
015 E040034 X
015 A000035 STANBIC BANK KENYA LIMITED (STANBIC)
015 B000035 S
015 C010035 NAIROBI
015 D010035 KENYA
015 E040035 X
015 A000036 BANQUE INTERNATIONALE A LUXEMBOURG
015 B000036 S
015 C010036 LUXEMBOURG CITY
015 D010036 LUXEMBOURG
015 E040036 X
015 A000037 CEDEL (DEPOSITORY)
015 B000037 S
015 C010037 LUXEMBOURG CITY
015 D010037 LUXEMBOURG
015 E040037 X
015 A000038 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
015 B000038 S
015 C010038 KUALA LUMPUR
015 D010038 MALAYSIA
015 E040038 X
015 A000039 BANCO NACIONAL DE MEXICO
015 B000039 S
015 C010039 MEXICO CITY
015 D010039 MEXICO
<PAGE>      PAGE  6
015 E040039 X
015 A000040 BANQUE COMMERCIALE DU MAROC (BCM)
015 B000040 S
015 C010040 CASABLANCA
015 D010040 MOROCCO
015 E040040 X
015 A000041 STANBIC BANK NAMIBIA LIMITED (STANBIC)
015 B000041 S
015 C010041 WINDHOEK
015 D010041 NAMIBIA
015 E040041 X
015 A000042 MEESPIERSON
015 B000042 S
015 C010042 AMSTERDAM
015 D010042 NETHERLANDS
015 E040042 X
015 A000043 KAS - ASSOCIATIE NV
015 B000043 S
015 C010043 AMSTERDAM
015 D010043 NETHERLANDS
015 E040043 X
015 A000044 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B000044 S
015 C010044 WELLINGTON
015 D010044 NEW ZEALAND
015 E040044 X
015 A000045 STANBIC MERCHANT BANK NIGERIA LTD. (STANBIC)
015 B000045 S
015 C010045 LAGOS
015 D010045 NIGERIA
015 E040045 X
015 A000046 DEN NORSKE BANK ASA
015 B000046 S
015 C010046 OSLO
015 D010046 NORWAY
015 E040046 X
015 A000047 STANDARD CHARTERED BANK (SCB)
015 B000047 S
015 C010047 KARACHI
015 D010047 PAKISTAN
015 E040047 X
015 A000048 CITIBANK, N.A.
015 B000048 S
015 C010048 LIMA
015 D010048 PERU
015 E040048 X
015 A000049 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000049 S
015 C010049 PASIG CITY MANILA
015 D010049 PHILIPPINES
015 E040049 X
<PAGE>      PAGE  7
015 A000050 BANK HANDLOWY W WARSZAWIE S.A.
015 B000050 S
015 C010050 WARSAW
015 D010050 POLAND
015 E040050 X
015 A000051 BANCO COMERCIAL PORTUGUES, S.A. (BCP)
015 B000051 S
015 C010051 LISBON
015 D010051 PORTUGAL
015 E040051 X
015 A000052 UNITED OVERSEAS BANK LIMITED (UOB)
015 B000052 S
015 C010052 SINGAPORE
015 D010052 SINGAPORE
015 E040052 X
015 A000053 DEVELOPMENT BANK OF SINGAPORE
015 B000053 S
015 C010053 SINGAPORE
015 D010053 SINGAPORE
015 E040053 X
015 A000054 CESKOSLOVENSKA OBCHODNA BANKA AS (CSOB)
015 B000054 S
015 C010054 BRATISLAVA
015 D010054 SLOVAK REPUBLIC
015 E040054 X
015 A000055 STANDARD CORPORATE AND MERCHANT BANK (SCMB)
015 B000055 S
015 C010055 JOHANNESBURG
015 D010055 SOUTH AFRICA
015 E040055 X
015 A000056 SEOULBANK (SB)
015 B000056 S
015 C010056 SEOUL
015 D010056 SOUTH KOREA
015 E040056 X
015 A000057 BANCO BILBAO VIZCAYA (BBV)
015 B000057 S
015 C010057 MADRID
015 D010057 SPAIN
015 E040057 X
015 A000058 STANDARD CHARTERED BANK (SCB)
015 B000058 S
015 C010058 COLOMBO
015 D010058 SRI LANKA
015 E040058 X
015 A000059 STANBIC BANK SWAZILAND LIMITED (STANIC)
015 B000059 S
015 C010059 MBABANE
015 D010059 SWAZILAND
015 E040059 X
015 A000060 SKANDINAVISKA ENSKILDA BANKEN (SEB)
<PAGE>      PAGE  8
015 B000060 S
015 C010060 STOCKHOLM
015 D010060 SWEDEN
015 E040060 X
015 A000061 BANK LEU LTD.
015 B000061 S
015 C010061 ZURICH
015 D010061 SWITZERLAND
015 E040061 X
015 A000062 UNION BANK OF SWITZERLAND
015 B000062 S
015 C010062 ZURICH
015 D010062 SWITZERLAND
015 E040062 X
015 A000063 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000063 S
015 C010063 TAIPEI
015 D010063 TAIWAN (ROC)
015 E040063 X
015 A000064 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD
015 B000064 S
015 C010064 BANGKOK
015 D010064 THAILAND
015 E040064 X
015 A000065 BANGKOK BANK PUBLIC COMPANY LTD.
015 B000065 S
015 C010065 BANGKOK
015 D010065 THAILAND
015 E040065 X
015 A000066 CITIBANK, N.A. - ISTANBUL BRANCH
015 B000066 S
015 C010066 ISTANBUL
015 D010066 TURKEY
015 E040066 X
015 A000067 THE BANK OF NEW YORK
015 B000067 S
015 C010067 LONDON
015 D010067 UNITED KINGDOM
015 E040067 X
015 A000068 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B000068 S
015 C010068 LONDON
015 D010068 UNITED KINGDOM
015 E040068 X
015 A000069 THE FIRST NATIONAL BANK OF BOSTON
015 B000069 S
015 C010069 MONTEVIDEO
015 D010069 URUGUAY
015 E040069 X
015 A000070 CITIBANK, N.A.
015 B000070 S
<PAGE>      PAGE  9
015 C010070 CARACAS
015 D010070 VENEZUELA
015 E040070 X
015 A000071 STANBIC BANK ZAMBIA LIMITED (STANBIC)
015 B000071 S
015 C010071 LUSAKA
015 D010071 ZAMBIA
015 E040071 X
015 A000072 STANBIC BANK ZIMBABWE LIMITED (STANBIC)
015 B000072 S
015 C010072 HARARE
015 D010072 ZIMBABWE
015 E040072 X
018  000000 Y
019 A000000 Y
019 B000000  212
019 C000000 FRNKTEMGRP
020 A000001 PAINEWEBBER INC
020 B000001 13-2638166
020 C000001     14
020 A000002 MORGAN STANLEY & CO INC
020 B000002 13-2655998
020 C000002     11
020 A000003 FURMAN SELZ LLC
020 B000003 13-2753731
020 C000003     11
020 A000004 FORUM CAPITAL
020 B000004 06-1351111
020 C000004      4
020 A000005 EDWARDS (AG) & SONS INC
020 B000005 43-0895447
020 C000005      2
020 A000006 MORGAN (JP) SECURITIES INC
020 B000006 13-3224016
020 C000006      2
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000       45
022 A000001 SBCI SWISS BANK CORP INV BANK
022 B000001 13-2639550
022 C000001     29745
022 D000001         0
022 A000002 DONALDSON LUFKIN & JENRETTE
022 B000002 13-2741729
022 C000002     27441
022 D000002      2230
022 A000003 DAIWA SECURITIES AMERICA INC
022 B000003 13-5680329
022 C000003     25739
<PAGE>      PAGE  10
022 D000003         0
022 A000004 BEAR, STEARNS & CO INC
022 B000004 13-3299429
022 C000004     21962
022 D000004      3542
022 A000005 UBS SECURITIES, L.L.C.
022 B000005 13-2932996
022 C000005     24643
022 D000005         0
022 A000006 FUJI SECURITIES INC
022 B000006 13-3038090
022 C000006     22294
022 D000006         0
022 A000007 GRANTCHESTER SEC IN
022 B000007 13-3502273
022 C000007         0
022 D000007     16337
022 A000008 LEHMAN BROTHERS, INC
022 B000008 13-2518466
022 C000008     15154
022 D000008      1104
022 A000009 BANK OF AMERICA NT & SA
022 B000009 94-1687665
022 C000009     15889
022 D000009         0
022 A000010 BANKERS TRUST CO
022 B000010 13-4941247
022 C000010     15759
022 D000010         0
023 C000000     281949
023 D000000      60738
024  000000 N
025 D000001       0
025 D000002       0
025 D000003       0
025 D000004       0
025 D000005       0
025 D000006       0
025 D000007       0
025 D000008       0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 N
045  000000 Y
<PAGE>      PAGE  11
046  000000 N
047  000000 Y
048  000000  0.750
048 A010000        0
048 A020000 0.000
048 B010000        0
048 B020000 0.000
048 C010000        0
048 C020000 0.000
048 D010000        0
048 D020000 0.000
048 E010000        0
048 E020000 0.000
048 F010000        0
048 F020000 0.000
048 G010000        0
048 G020000 0.000
048 H010000        0
048 H020000 0.000
048 I010000        0
048 I020000 0.000
048 J010000        0
048 J020000 0.000
048 K010000        0
048 K020000 0.000
049  000000 N
050  000000 N
051  000000 N
052  000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 Y
055 B000000 N
056  000000 N
057  000000 N
058 A000000 N
059  000000 Y
<PAGE>      PAGE  12
060 A000000 Y
060 B000000 Y
061  000000        0
062 A000000 Y
062 B000000   0.0
062 C000000   0.0
062 D000000   0.1
062 E000000   0.0
062 F000000   0.0
062 G000000   0.0
062 H000000   0.0
062 I000000   0.0
062 J000000   0.0
062 K000000   0.0
062 L000000   0.0
062 M000000   0.0
062 N000000   0.0
062 O000000   0.0
062 P000000  83.4
062 Q000000   0.3
062 R000000  42.9
063 A000000   0
063 B000000  5.8
064 A000000 N
064 B000000 Y
065  000000 N
066 A000000 N
067  000000 Y
068 A000000 N
068 B000000 N
069  000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
<PAGE>      PAGE  13
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 Y
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000     73963
071 B000000     83404
071 C000000    334284
071 D000000   22
072 A000000  6
072 B000000    12709
072 C000000     2721
072 D000000        0
072 E000000        0
072 F000000     1291
072 G000000        0
072 H000000        0
072 I000000      107
072 J000000        4
072 K000000       15
072 L000000       11
072 M000000       11
072 N000000        0
072 O000000        0
072 P000000     2116
072 Q000000        0
072 R000000       21
072 S000000        1
072 T000000        0
072 U000000        0
072 V000000        0
072 W000000       90
072 X000000     3667
072 Y000000        0
072 Z000000    11763
072AA000000     6024
072BB000000     2903
072CC010000    10712
072CC020000        0
072DD010000    11435
<PAGE>      PAGE  14
072DD020000        0
072EE000000      375
073 A010000   0.4270
073 A020000   0.0000
073 B000000   0.0140
073 C000000   0.0000
074 A000000        0
074 B000000      356
074 C000000        0
074 D000000   225003
074 E000000    24904
074 F000000    90181
074 G000000        0
074 H000000        0
074 I000000      368
074 J000000        0
074 K000000        0
074 L000000     5474
074 M000000      186
074 N000000   346472
074 O000000        0
074 P000000      226
074 Q000000    74980
074 R010000        0
074 R020000        0
074 R030000        0
074 R040000     2280
074 S000000        0
074 T000000   268986
074 U010000    26779
074 U020000        0
074 V010000    10.04
074 V020000     0.00
074 W000000   0.0000
074 X000000     5512
074 Y000000    10560
075 A000000        0
075 B000000   340576
076  000000     9.25
077 A000000 N
078  000000 N
087 A010000 COMMON STOCK
087 A020000 355145103
087 A030000 FT
088 A000000 Y
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE   DIOMEDES LOO-TAM                             
TITLE       TREASURER           
 


<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN UNIVERSAL TRUST FEBRUARY 28, 1997 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1997
<PERIOD-END>                               FEB-28-1997
<INVESTMENTS-AT-COST>                      322,775,437
<INVESTMENTS-AT-VALUE>                     340,455,790
<RECEIVABLES>                                5,830,256
<ASSETS-OTHER>                                 186,085
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             346,472,131
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                     74,980,425
<OTHER-ITEMS-LIABILITIES>                    2,505,244
<TOTAL-LIABILITIES>                         77,485,669
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   246,871,142
<SHARES-COMMON-STOCK>                       26,779,333
<SHARES-COMMON-PRIOR>                       26,779,333
<ACCUMULATED-NII-CURRENT>                    1,579,092
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      2,855,202
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    17,681,026
<NET-ASSETS>                               268,986,462
<DIVIDEND-INCOME>                            2,721,056
<INTEREST-INCOME>                           12,709,035
<OTHER-INCOME>                                       0
<EXPENSES-NET>                             (3,666,824)
<NET-INVESTMENT-INCOME>                     11,763,267
<REALIZED-GAINS-CURRENT>                     3,121,024
<APPREC-INCREASE-CURRENT>                   10,712,026
<NET-CHANGE-FROM-OPS>                       25,596,317
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                 (11,434,775)
<DISTRIBUTIONS-OF-GAINS>                     (374,911)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      13,786,631
<ACCUMULATED-NII-PRIOR>                      1,252,117
<ACCUMULATED-GAINS-PRIOR>                      107,572
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,290,583
<INTEREST-EXPENSE>                           2,115,900
<GROSS-EXPENSE>                              3,666,824
<AVERAGE-NET-ASSETS>                       340,576,170
<PER-SHARE-NAV-BEGIN>                            9.530
<PER-SHARE-NII>                                  0.440
<PER-SHARE-GAIN-APPREC>                          0.510
<PER-SHARE-DIVIDEND>                           (0.430)
<PER-SHARE-DISTRIBUTIONS>                      (0.010)
<RETURNS-OF-CAPITAL>                             0.000
<PER-SHARE-NAV-END>                             10.040
<EXPENSE-RATIO>                                  2.150
<AVG-DEBT-OUTSTANDING>                      75,000,000
<AVG-DEBT-PER-SHARE>                             2.800
        

</TABLE>


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