<PAGE> PAGE 1
000 B000000 11/30/94
000 C000000 841489
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000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 SB PRINCIPAL RETURN FUND
001 B000000 811-5678
001 C000000 6172483403
002 A000000 TWO WORLD TRADE CENTER
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10048
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 ZEROS AND APPRECIATION SERIES 1996
007 C030100 N
007 C010200 2
007 C020200 ZEROS AND APPRECIATION SERIES 1998
007 C030200 N
007 C010300 3
007 C020300 ZEROS PLUS EMERGING GROWTH SERIES 2000
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 SMITH BARNEY MUTAL FUND MANAGEMENT INC.
008 B00AA01 A
008 C00AA01 801-8314
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10048
008 A00AA02 DELETE
010 A00AA01 SMITH BARNEY MUTUAL FUND MANAGEMENT INC.
010 B00AA01 801-8314
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10048
011 A00AA01 SMITH BARNEY INC.
<PAGE> PAGE 2
011 B00AA01 8-12-8510
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10105
012 A00AA01 THE SHAREHOLDER SERVICES GROUP, INC.
012 B00AA01 84-9999999
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02109
013 A00AA01 COOPERS & LYBRAND
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
014 A00AA01 SMITH BARNEY INC.
014 B00AA01 8-12-8510
015 A00AA01 BOSTON SAFE DEPOSIT AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02108
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 67
019 C00AA00 SHEARSONRE
020 A000001 WEEDEN & CO.
020 C000001 11
020 A000002 WELLINGTON
020 C000002 8
020 A000003 DONALDSON LUBKIN
020 C000003 6
020 A000004 FURMAN SELZ
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020 A000005 PAINE WEBBER, INC.
020 C000005 5
020 A000006 SMITH BARNEY
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020 A000007 SOUNDVIEW FINANCIAL GROUP
020 C000007 3
020 A000008 COWEN & COMPANY
020 C000008 3
020 A000009 BERSTEIN
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020 A000010 DEUTSCHE BANK SECURITIES
020 C000010 2
021 000000 87
022 A000001 BANKERS TRUST
022 B000001 13-4941247
022 C000001 315618
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022 A000002 CITIBANK
<PAGE> PAGE 3
022 B000002 13-5266470
022 C000002 211604
022 D000002 0
022 A000003 UNION BANK OF SWITZERLAND
022 C000003 61310
022 D000003 222
022 A000004 MORGAN STANLEY & CO.
022 B000004 13-2655998
022 C000004 50946
022 D000004 9592
022 A000005 SALOMON BROTHERS
022 B000005 13-5365580
022 C000005 36721
022 D000005 6365
022 A000006 PRUDENTIAL SECURITIES
022 B000006 22-2347336
022 C000006 0
022 D000006 13012
022 A000007 GOLDMAN SACHS
022 B000007 13-5108880
022 C000007 256
022 D000007 5240
022 A000008 FIRST BOSTON
022 B000008 13-5659485
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022 D000008 3782
022 A000009 PAINE WEBBER
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022 D000009 2682
022 A000010 MERRILL LYNCH
022 B000010 13-5674085
022 C000010 100
022 D000010 1428
023 C000000 678231
023 D000000 46651
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025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
<PAGE> PAGE 4
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
062 A00AA00 N
062 B00AA00 0.0
<PAGE> PAGE 5
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 Y
066 D00AA00 N
066 E00AA00 N
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 N
070 J02AA00 N
070 K01AA00 N
070 K02AA00 N
<PAGE> PAGE 6
070 L01AA00 Y
070 L02AA00 N
070 M01AA00 Y
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 Y
077 B000000 Y
077 K000000 Y
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 56000
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081 B00AA00 63
082 A00AA00 N
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083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
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086 C020000 0
086 D010000 0
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086 E010000 0
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028 A010100 0
028 A020100 0
028 A030100 0
028 A040100 1313
028 B010100 0
028 B020100 0
028 B030100 0
028 B040100 1310
028 C010100 0
<PAGE> PAGE 7
028 C020100 0
028 C030100 0
028 C040100 1248
028 D010100 0
028 D020100 971
028 D030100 0
028 D040100 1223
028 E010100 0
028 E020100 0
028 E030100 0
028 E040100 621
028 F010100 0
028 F020100 0
028 F030100 0
028 F040100 1206
028 G010100 0
028 G020100 971
028 G030100 0
028 G040100 6921
028 H000100 0
045 000100 Y
046 000100 Y
047 000100 Y
048 000100 0.300
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 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
<PAGE> PAGE 8
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 0
071 A000100 8338
071 B000100 20503
071 C000100 79794
071 D000100 10
072 A000100 12
072 B000100 4126
072 C000100 729
072 D000100 0
072 E000100 0
072 F000100 241
072 G000100 160
072 H000100 0
072 I000100 95
072 J000100 34
072 K000100 0
072 L000100 0
072 M000100 9
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 29
072 S000100 7
072 T000100 0
072 U000100 8
072 V000100 0
072 W000100 23
072 X000100 606
072 Y000100 0
072 Z000100 4249
072AA000100 4825
072BB000100 0
072CC010100 0
072CC020100 8924
072DD010100 3943
072DD020100 0
072EE000100 12394
073 A010100 0.5000
073 A020100 0.0000
073 B000100 1.5800
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 1354
074 D000100 45215
074 E000100 0
074 F000100 25477
<PAGE> PAGE 9
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 579
074 K000100 0
074 L000100 93
074 M000100 0
074 N000100 72718
074 O000100 89
074 P000100 30
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 67
074 S000100 0
074 T000100 72532
074 U010100 7719
074 U020100 0
074 V010100 9.40
074 V020100 0.00
074 W000100 0.0000
074 X000100 8464
074 Y000100 0
075 A000100 80579
075 B000100 0
076 000100 0.00
028 A010200 0
028 A020200 0
028 A030200 0
028 A040200 2701
028 B010200 0
028 B020200 0
028 B030200 0
028 B040200 1839
028 C010200 0
028 C020200 351
028 C030200 0
028 C040200 2922
028 D010200 0
028 D020200 0
028 D030200 0
028 D040200 1696
028 E010200 0
028 E020200 0
028 E030200 0
028 E040200 1372
028 F010200 0
028 F020200 0
028 F030200 0
028 F040200 1559
<PAGE> PAGE 10
028 G010200 0
028 G020200 351
028 G030200 0
028 G040200 12089
028 H000200 0
045 000200 Y
046 000200 Y
047 000200 Y
048 000200 0.300
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 N
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 0
071 A000200 11826
071 B000200 28044
071 C000200 115523
071 D000200 10
072 A000200 12
072 B000200 5389
072 C000200 1020
072 D000200 0
072 E000200 0
072 F000200 351
072 G000200 234
<PAGE> PAGE 11
072 H000200 0
072 I000200 169
072 J000200 40
072 K000200 0
072 L000200 0
072 M000200 9
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 29
072 S000200 6
072 T000200 292
072 U000200 24
072 V000200 0
072 W000200 31
072 X000200 1185
072 Y000200 0
072 Z000200 5224
072AA000200 5561
072BB000200 0
072CC010200 0
072CC020200 14923
072DD010200 6374
072DD020200 0
072EE000200 12854
073 A010200 0.4500
073 A020200 0.0000
073 B000200 0.8900
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 3508
074 D000200 62842
074 E000200 0
074 F000200 34607
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 600
074 K000200 0
074 L000200 123
074 M000200 28
074 N000200 101708
074 O000200 0
074 P000200 63
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 257
<PAGE> PAGE 12
074 S000200 0
074 T000200 101388
074 U010200 13086
074 U020200 0
074 V010200 7.75
074 V020200 0.00
074 W000200 0.0000
074 X000200 13001
074 Y000200 0
075 A000200 116924
075 B000200 0
076 000200 0.00
028 A010300 0
028 A020300 0
028 A030300 0
028 A040300 1708
028 B010300 0
028 B020300 0
028 B030300 0
028 B040300 1728
028 C010300 0
028 C020300 263
028 C030300 0
028 C040300 2075
028 D010300 0
028 D020300 0
028 D030300 0
028 D040300 1045
028 E010300 0
028 E020300 0
028 E030300 0
028 E040300 1194
028 F010300 0
028 F020300 0
028 F030300 0
028 F040300 1632
028 G010300 0
028 G020300 263
028 G030300 0
028 G040300 9382
028 H000300 0
045 000300 Y
046 000300 Y
047 000300 Y
048 000300 0.400
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
<PAGE> PAGE 13
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
055 A000300 N
055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 0
071 A000300 765
071 B000300 10333
071 C000300 83727
071 D000300 1
072 A000300 12
072 B000300 3648
072 C000300 36
072 D000300 0
072 E000300 0
072 F000300 333
072 G000300 167
072 H000300 0
072 I000300 124
072 J000300 28
072 K000300 0
072 L000300 0
072 M000300 9
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 29
072 S000300 7
072 T000300 208
072 U000300 26
072 V000300 0
<PAGE> PAGE 14
072 W000300 26
072 X000300 967
072 Y000300 0
072 Z000300 2727
072AA000300 952
072BB000300 0
072CC010300 0
072CC020300 2235
072DD010300 3639
072DD020300 0
072EE000300 5302
073 A010300 0.3428
073 A020300 0.0000
073 B000300 0.5025
073 C000300 0.0000
074 A000300 21
074 B000300 0
074 C000300 0
074 D000300 43016
074 E000300 0
074 F000300 32001
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 3
074 M000300 45
074 N000300 75086
074 O000300 0
074 P000300 53
074 Q000300 200
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 82
074 S000300 0
074 T000300 74751
074 U010300 9169
074 U020300 0
074 V010300 8.15
074 V020300 0.00
074 W000300 0.0000
074 X000300 9549
074 Y000300 0
075 A000300 83305
075 B000300 0
076 000300 0.00
SIGNATURE CHRISTINA HAAGE
TITLE ASSISTANT TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> Principal Return-Zeros and Appreciation Series 19
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 66,119,845
<INVESTMENTS-AT-VALUE> 72,045,800
<RECEIVABLES> 672,663
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<OTHER-ITEMS-ASSETS> 268
<TOTAL-ASSETS> 72,718,731
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 96,931
<TOTAL-LIABILITIES> 186,301
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 57,735,675
<SHARES-COMMON-STOCK> 7,719,183
<SHARES-COMMON-PRIOR> 7,960,279
<ACCUMULATED-NII-CURRENT> 4,045,955
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,824,845
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,925,955
<NET-ASSETS> 72,532,430
<DIVIDEND-INCOME> 728,883
<INTEREST-INCOME> 4,126,359
<OTHER-INCOME> 0
<EXPENSES-NET> 605,892
<NET-INVESTMENT-INCOME> 4,249,350
<REALIZED-GAINS-CURRENT> 4,824,846
<APPREC-INCREASE-CURRENT> (8,924,081)
<NET-CHANGE-FROM-OPS> 150,115
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,942,821
<DISTRIBUTIONS-OF-GAINS> 12,394,023
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 18,546,955
<SHARES-REINVESTED> 16,113,342
<NET-CHANGE-IN-ASSETS> (18,620,342)
<ACCUMULATED-NII-PRIOR> 3,739,426
<ACCUMULATED-GAINS-PRIOR> 12,394,022
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 240,712
<INTEREST-EXPENSE> 1,231
<GROSS-EXPENSE> 605,892
<AVERAGE-NET-ASSETS> 80,578,833
<PER-SHARE-NAV-BEGIN> 11.45
<PER-SHARE-NII> 0.56
<PER-SHARE-GAIN-APPREC> (0.53)
<PER-SHARE-DIVIDEND> (0.50)
<PER-SHARE-DISTRIBUTIONS> (1.58)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.40
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 35,342
<AVG-DEBT-PER-SHARE> 0
<ARTICLE> 6
<SERIES>
[NUMBER] 2
<NAME> Principal Return-Zeros and Appreciation Series 19
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
[INVESTMENTS-AT-COST] 95,212,920
[INVESTMENTS-AT-VALUE] 100,957,269
[RECEIVABLES] 722,827
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 27,836
[TOTAL-ASSETS] 101,707,932
[PAYABLE-FOR-SECURITIES] 134,055
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 0
[TOTAL-LIABILITIES] 185,443
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 84,861,446
[SHARES-COMMON-STOCK] 13,085,790
[SHARES-COMMON-PRIOR] 14,566,412
[ACCUMULATED-NII-CURRENT] 5,221,540
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 5,561,099
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 5,744,349
[NET-ASSETS] 101,388,434
[DIVIDEND-INCOME] 1,020,002
[INTEREST-INCOME] 5,388,728
[OTHER-INCOME] 0
[EXPENSES-NET] 1,184,691
[NET-INVESTMENT-INCOME] 5,224,039
[REALIZED-GAINS-CURRENT] 5,561,100
[APPREC-INCREASE-CURRENT] (14,922,818)
[NET-CHANGE-FROM-OPS] (4,137,679)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 6,373,719
[DISTRIBUTIONS-OF-GAINS] 12,854,127
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 30,852,133
[SHARES-REINVESTED] 19,030,329
[NET-CHANGE-IN-ASSETS] (35,187,329)
[ACCUMULATED-NII-PRIOR] 6,371,220
[ACCUMULATED-GAINS-PRIOR] 12,854,126
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 350,773
[INTEREST-EXPENSE] 2,699
[GROSS-EXPENSE] 1,184,691
[AVERAGE-NET-ASSETS] 116,924,230
[PER-SHARE-NAV-BEGIN] 9.38
[PER-SHARE-NII] 0.41
[PER-SHARE-GAIN-APPREC] (0.70)
[PER-SHARE-DIVIDEND] (0.45)
[PER-SHARE-DISTRIBUTIONS] (0.89)
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 7.75
[EXPENSE-RATIO] 1.01
[AVG-DEBT-OUTSTANDING] 78,366
[AVG-DEBT-PER-SHARE] 0
<ARTICLE> 6
<SERIES>
[NUMBER] 3
<NAME> Principal Return-Zeros plus Emerging Growth Serie
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
[INVESTMENTS-AT-COST] 64,979,985
[INVESTMENTS-AT-VALUE] 75,017,136
[RECEIVABLES] 3,180
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 66,064
[TOTAL-ASSETS] 75,086,380
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 200,056
[OTHER-ITEMS-LIABILITIES] 135,211
[TOTAL-LIABILITIES] 335,267
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 63,924,428
[SHARES-COMMON-STOCK] 9,169,036
[SHARES-COMMON-PRIOR] 10,765,755
[ACCUMULATED-NII-CURRENT] 2,248,449
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 1,458,915
[ACCUM-APPREC-OR-DEPREC] 10,037,151
[NET-ASSETS] 74,751,113
[DIVIDEND-INCOME] 35,610
[INTEREST-INCOME] 3,647,653
[OTHER-INCOME] 0
[EXPENSES-NET] 956,715
[NET-INVESTMENT-INCOME] 2,726,548
[REALIZED-GAINS-CURRENT] (952,291)
[APPREC-INCREASE-CURRENT] (2,235,398)
[NET-CHANGE-FROM-OPS] (461,141)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 3,638,777
[DISTRIBUTIONS-OF-GAINS] 5,302,121
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 21,564,560
[SHARES-REINVESTED] 8,852,528
[NET-CHANGE-IN-ASSETS] (22,114,071)
[ACCUMULATED-NII-PRIOR] 3,401,931
[ACCUMULATED-GAINS-PRIOR] 4,554,244
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 333,220
[INTEREST-EXPENSE] 6,960
[GROSS-EXPENSE] 956,715
[AVERAGE-NET-ASSETS] 83,305,055
[PER-SHARE-NAV-BEGIN] 9.00
[PER-SHARE-NII] 0.27
[PER-SHARE-GAIN-APPREC] (0.28)
[PER-SHARE-DIVIDEND] (0.34)
[PER-SHARE-DISTRIBUTIONS] (0.50)
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 8.15
[EXPENSE-RATIO] 1.15
[AVG-DEBT-OUTSTANDING] 146575
[AVG-DEBT-PER-SHARE] 0
</TABLE>
