<PAGE> PAGE 1
000 A000000 05/31/97
000 C000000 0000843287
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 FRANKLIN PRINCIPAL MATURITY TRUST
001 B000000 811-5699
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
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
<PAGE> PAGE 2
007 C012900 29
007 C013000 30
008 A000001 FRANKLIN ADVISERS, INC.
008 B000001 A
008 C000001 801-26292
008 D010001 SAN MATEO
008 D020001 CA
008 D030001 94403
008 D040001 7777
010 A000001 FRANKLIN TEMPLETON SERVICES, INC.
010 C010001 SAN MATEO
010 C020001 CA
010 C030001 94403
010 C040001 7777
011 A000001 PAINE WEBBER INCORPORATED
011 B000001 8-00000000
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10019
012 A000001 FIRST DATA INVESTOR SERVICES GROUP
012 B000001 84-0000
012 C010001 BOSTON
012 C020001 MA
012 C030001 02109
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 SAN FRANCISCO
013 B020001 CA
013 B030001 94105
013 B040001 2119
015 A000001 DELETE
015 A000002 THE BANK OF BOSTON
015 B000002 S
015 C010002 BUENOS AIRES
015 D010002 ARGENTINA
015 E040002 X
015 A000003 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000003 S
015 C010003 MELBOURNE
015 D010003 AUSTRALIA
015 E040003 X
015 A000004 CREDITANSTALT 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)
<PAGE> PAGE 3
015 B000006 S
015 C010006 BRUSSELS
015 D010006 BELGIUM
015 E040006 X
015 A000007 THE FIRST NATIONAL BANK OF BOSTON
015 B000007 S
015 C010007 SANTIAGO
015 D010007 CHILE
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
015 B000009 S
015 C010009 MONTREAL
015 D010009 CANADA
015 E040009 X
015 A000010 THE STANDARD CHARTERED BANK, HONG KONG
015 B000010 S
015 C010010 HONG KONG
015 D010010 CHINA
015 E040010 X
015 A000011 STANBIC BANK BOTSWANA LIMITED (STANBIC)
015 B000011 S
015 C010011 GABARONE
015 D010011 BOTSWANA
015 E040011 X
015 A000012 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000012 S
015 C010012 BOGOTA
015 D010012 COLOMBIA
015 E040012 X
015 A000013 DEN DANSKE BANK
015 B000013 S
015 C010013 COPENHAGEN
015 D010013 DENMARK
015 E040013 X
015 A000014 MERITA BANK LTD (MB)
015 B000014 S
015 C010014 HELSINKI
015 D010014 FINLAND
015 E040014 X
015 A000015 BANQUE PARIBAS
015 B000015 S
015 C010015 PARIS
015 D010015 FRANCE
015 E040015 X
015 A000016 DRESDNER BANK AG
015 B000016 S
<PAGE> PAGE 4
015 C010016 FRANKFURT/MAIN
015 D010016 GERMANY
015 E040016 X
015 A000017 BANCO DE CHILE
015 B000017 S
015 C010017 SANTIAGO
015 D010017 CHILE
015 E040017 X
015 A000018 NATIONAL BANK OF GREECE SA
015 B000018 S
015 C010018 ATHENS
015 D010018 GREECE
015 E040018 X
015 A000019 THE HONGKONG & SHANGHAI BANKING CORPORATION
015 B000019 S
015 C010019 HONG KONG
015 D010019 HONG KONG
015 E040019 X
015 A000020 CITIBANK BUDAPEST RT.
015 B000020 S
015 C010020 BUDAPEST
015 D010020 HUNGARY
015 E040020 X
015 A000021 THE HONGKONG & SHANGHAI BANKING CORPORATION
015 B000021 S
015 C010021 MUMBAI
015 D010021 INDIA
015 E040021 X
015 A000022 THE HONGKONG & SHANGHAI BANKING CORPORATION
015 B000022 S
015 C010022 JAKARTA
015 D010022 INDONESIA
015 E040022 X
015 A000023 ALLIED IRISH BANKS, PLC (AIB)
015 B000023 S
015 C010023 DUBLIN
015 D010023 IRELAND
015 E040023 X
015 A000024 BANK LEUMI LE-ISRAEL B.M.
015 B000024 S
015 C010024 TEL AVIV
015 D010024 ISRAEL
015 E040024 X
015 A000025 BANCA COMMERCIALE ITALIANA (BCI)
015 B000025 S
015 C010025 MILAN
015 D010025 ITALY
015 E040025 X
015 A000026 BANK OF TOKYO MITSUBISHI (BTM)
015 B000026 S
015 C010026 TOKYO
<PAGE> PAGE 5
015 D010026 JAPAN
015 E040026 X
015 A000027 CESKOSLOVENSKA OBCHODNI BANKA A.S. (CSOB)
015 B000027 S
015 C010027 PRAHA (PRAGUE)
015 D010027 CZECH REPUBLIC
015 E040027 X
015 A000028 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
015 B000028 S
015 C010028 KUALA LUMPUR
015 D010028 MALAYSIA
015 E040028 X
015 A000029 BANCO NACIONAL DE MEXICO
015 B000029 S
015 C010029 MEXICO CITY
015 D010029 MEXICO
015 E040029 X
015 A000030 MEESPIERSON
015 B000030 S
015 C010030 AMSTERDAM
015 D010030 NETHERLANDS
015 E040030 X
015 A000031 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000031 S
015 C010031 WELLINGTON
015 D010031 NEW ZEALAND
015 E040031 X
015 A000032 DEN NORSKE BANK ASA
015 B000032 S
015 C010032 OSLO
015 D010032 NORWAY
015 E040032 X
015 A000033 STANDARD CHARTERED BANK (SCB)
015 B000033 S
015 C010033 KARACHI
015 D010033 PAKISTAN
015 E040033 X
015 A000034 CITIBANK, N.A.
015 B000034 S
015 C010034 LIMA
015 D010034 PERU
015 E040034 X
015 A000035 THE HONGKONG & SHANGHAI BANKING CORPORATION
015 B000035 S
015 C010035 PASIG CITY MANILA
015 D010035 PHILIPPINES
015 E040035 X
015 A000036 BANK HANDLOWY W WARSZAWIE S.A.
015 B000036 S
015 C010036 WARSAW
015 D010036 POLAND
<PAGE> PAGE 6
015 E040036 X
015 A000037 BANCO COMERCIAL PORTUGUES, S.A. (BCP)
015 B000037 S
015 C010037 LISBON
015 D010037 PORTUGAL
015 E040037 X
015 A000038 UNITED OVERSEAS BANK LIMITIED (UOB)
015 B000038 S
015 C010038 SINGAPORE
015 D010038 SINGAPORE
015 E040038 X
015 A000039 STANDARD CORPORATE AND MERCHANT BANK (SCMB)
015 B000039 S
015 C010039 JOHANNESBURG
015 D010039 SOUTH AFRICA
015 E040039 X
015 A000040 SEOULBANK (SB)
015 B000040 S
015 C010040 SEOUL
015 D010040 SOUTH KOREA
015 E040040 X
015 A000041 BANCO BILBAO VIZCAYA (BBV)
015 B000041 S
015 C010041 MADRID
015 D010041 SPAIN
015 E040041 X
015 A000042 STANDARD CHARTERED BANK (SCB)
015 B000042 S
015 C010042 COLOMBO
015 D010042 SRI LANKA
015 E040042 X
015 A000043 SKANDINAVISKA ENSKILDA BANKEN (SEB)
015 B000043 S
015 C010043 STOCKHOLM
015 D010043 SWEDEN
015 E040043 X
015 A000044 UNION BANK OF SWITZERLAND (UBS)
015 B000044 S
015 C010044 ZURICH
015 D010044 SWITZERLAND
015 E040044 X
015 A000045 THE HONGKONG & SHANGHAI BANKING CORPORATION
015 B000045 S
015 C010045 TAIPEI
015 D010045 TAIWAN
015 E040045 X
015 A000046 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD
015 B000046 S
015 C010046 BANGKOK
015 D010046 THAILAND
015 E040046 X
<PAGE> PAGE 7
015 A000047 CITIBANK, N.A. - ISTANBUL BRANCH
015 B000047 S
015 C010047 ISTANBUL
015 D010047 TURKEY
015 E040047 X
015 A000048 THE BANK OF NEW YORK
015 B000048 S
015 C010048 LONDON
015 D010048 UNITED KINGDOM
015 E040048 X
015 A000049 THE FIRST NATIONAL BANK OF BOSTON
015 B000049 S
015 C010049 MONTEVIDEO
015 D010049 URUGUAY
015 E040049 X
015 A000050 CITIBANK, N.A.
015 B000050 S
015 C010050 CARACAS
015 D010050 VENEZUELA
015 E040050 X
015 A000051 CEDEL
015 B000051 S
015 C010051 LUXEMBOURG CITY
015 D010051 LUXEMBOURG
015 E040051 X
015 A000052 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B000052 S
015 C010052 LONDON
015 D010052 UNITED KINGDOM
015 E040052 X
015 A000053 BANQUE COMMERCIALE DU MAROC (BCM)
015 B000053 S
015 C010053 CASABLANCA
015 D010053 MOROCCO
015 E040053 X
015 A000054 THE BANK OF NEW YORK
015 B000054 C
015 C010054 NEW YORK
015 C020054 NY
015 C030054 10286
015 E010054 X
015 A000055 MERCHANT BANK (GHANA) LIMITED
015 B000055 S
015 C010055 ACCRA
015 D010055 GHANA
015 E040055 X
015 A000056 CITIBANK, N.A.
015 B000056 S
015 C010056 QUITO
015 D010056 ECUADOR
015 E040056 X
<PAGE> PAGE 8
015 A000057 CITIBANK, N.A. - EGYPT BRANCH
015 B000057 S
015 C010057 CAIRO
015 D010057 EGYPT
015 E040057 X
015 A000058 CREDIT COMMERCIAL DE FRANCE
015 B000058 S
015 C010058 PARIS
015 D010058 FRANCE
015 E040058 X
015 A000059 THE BRITISH BANK OF THE MIDDLE EAST
015 B000059 S
015 C010059 AMMAN
015 D010059 JORDAN
015 E040059 X
015 A000060 JASDEC (DEPOSITORY)
015 B000060 S
015 C010060 TOKYO
015 D010060 JAPAN
015 E040060 X
015 A000061 STANBIC BANK KENYA LIMITED (STANBIC)
015 B000061 S
015 C010061 NAIROBI
015 D010061 KENYA
015 E040061 X
015 A000062 BANQUE INTERNATIONALE A LUXEMBOURG
015 B000062 S
015 C010062 LUXEMBOURG CITY
015 D010062 LUXEMBOURG
015 E040062 X
015 A000063 STANBIC BANK NAMIBIA LIMITED (STANBIC)
015 B000063 S
015 C010063 WINDHOEK
015 D010063 NAMIBIA
015 E040063 X
015 A000064 STANBIC MERCHANT BANK NIGERIA LIMITED
015 B000064 S
015 C010064 LAGOS
015 D010064 NIGERIA
015 E040064 X
015 A000065 KAS - ASSOCIATIE NV
015 B000065 S
015 C010065 AMSTERDAM
015 D010065 NETHERLANDS
015 E040065 X
015 A000066 DEVELOPMENT BANK OF SINGAPORE
015 B000066 S
015 C010066 SINGAPORE
015 D010066 SINGAPORE
015 E040066 X
015 A000067 CESKOSLOVENSKA OBCHODNA BANKA AS (CSOB)
<PAGE> PAGE 9
015 B000067 S
015 C010067 BRATISLAVA
015 D010067 SLOVAK REPUBLIC
015 E040067 X
015 A000068 STANBIC BANK SWAZILAND LIMITED (STANIC)
015 B000068 S
015 C010068 MBABANE
015 D010068 SWAZILAND
015 E040068 X
015 A000069 BANK LEU LTD
015 B000069 S
015 C010069 ZURICH
015 D010069 SWITZERLAND
015 E040069 X
015 A000070 BANGKOK BANK PUBLIC COMPANY LTD
015 B000070 S
015 C010070 BANGKOK
015 D010070 THAILAND
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
015 A000073 THE PHILIPPINE CENTRAL DEPOSITORY, INC.
015 B000073 S
015 C010073 MAKATI CITY
015 D010073 PHILIPPINES
015 E040073 X
015 A000074 BANQUE PARIBAS SA
015 B000074 S
015 C010074 MILAN
015 D010074 ITALY
015 E040074 X
018 000000 Y
019 A000000 Y
019 B000000 206
019 C000000 FRNKTEMGRP
020 A000001 BEAR STEARNS & CO INC
020 B000001 13-3299429
020 C000001 5
020 A000002 GOLDMAN SACHS INC
020 B000002 13-5108880
020 C000002 4
020 A000003 MERRILL LYNCH PIERCE FENNER
020 B000003 13-5674085
<PAGE> PAGE 10
020 C000003 2
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 11
022 A000001 UBS SECURITIES LLC.
022 B000001 13-2932996
022 C000001 96740
022 D000001 0
022 A000002 DAIWA SECURITIES AMERICA INC
022 B000002 13-5680329
022 C000002 92574
022 D000002 0
022 A000003 DONALDSON LUFKIN & JENRETTE
022 B000003 13-2741729
022 C000003 84505
022 D000003 4099
022 A000004 FUJI SECURITIES INC
022 B000004 13-3038090
022 C000004 87471
022 D000004 0
022 A000005 CIBC WOOD GUNDY SECURITY
022 B000005 13-3639028
022 C000005 78839
022 D000005 0
022 A000006 BEAR, STEARNS & CO INC
022 B000006 13-3299429
022 C000006 71837
022 D000006 2613
022 A000007 AUBREY LANSTON & COMPANY
022 B000007 13-5552129
022 C000007 68731
022 D000007 0
022 A000008 SBCI SWISS BANK CORP INV BANK
022 B000008 13-2639550
022 C000008 67052
022 D000008 0
022 A000009 LEHMAN BROTHERS INC
022 B000009 13-2518466
022 C000009 62314
022 D000009 0
022 A000010 BANK OF AMERICA NT & SA
022 B000010 94-1687665
022 C000010 51326
022 D000010 0
023 C000000 908385
023 D000000 23134
<PAGE> PAGE 11
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
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
<PAGE> PAGE 12
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.600
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
<PAGE> PAGE 13
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
060 A000000 Y
060 B000000 Y
061 000000 0
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 3.4
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 35.4
062 N000000 48.8
062 O000000 0.0
062 P000000 27.6
062 Q000000 0.4
062 R000000 29.6
063 A000000 0
063 B000000 3.6
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
<PAGE> PAGE 14
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
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 N
070 Q010000 Y
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 21243
071 B000000 26886
071 C000000 266346
071 D000000 8
072 A000000 6
072 B000000 9004
072 C000000 44
072 D000000 0
072 E000000 0
072 F000000 566
072 G000000 0
072 H000000 0
072 I000000 41
072 J000000 2
072 K000000 9
072 L000000 8
072 M000000 7
<PAGE> PAGE 15
072 N000000 0
072 O000000 0
072 P000000 2356
072 Q000000 0
072 R000000 14
072 S000000 15
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 7
072 X000000 3025
072 Y000000 0
072 Z000000 6023
072AA000000 4683
072BB000000 7277
072CC010000 0
072CC020000 5968
072DD010000 5525
072DD020000 0
072EE000000 0
073 A010000 0.2700
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 6361
074 C000000 0
074 D000000 210435
074 E000000 5909
074 F000000 49579
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 1398
074 M000000 0
074 N000000 273682
074 O000000 95
074 P000000 92
074 Q000000 0
074 R010000 84664
074 R020000 0
074 R030000 0
074 R040000 1272
074 S000000 0
074 T000000 187559
074 U010000 20463
074 U020000 0
074 V010000 9.17
074 V020000 0.00
<PAGE> PAGE 16
074 W000000 0.0000
074 X000000 2571
074 Y000000 10350
075 A000000 0
075 B000000 188441
076 000000 8.75
077 A000000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 B000000 NONE
080 C000000 130000
081 A000000 Y
081 B000000 192
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 COMMON STOCK
087 A020000 35459D103
087 A030000 FPT US
088 A000000 Y
088 B000000 N
088 C000000 N
088 D000000 Y
SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN PRINCIPAL MATURITY TRUST MAY 31, 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> NOV-30-1997
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 257,118,088
<INVESTMENTS-AT-VALUE> 265,922,785
<RECEIVABLES> 7,758,718
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 273,681,503
<PAYABLE-FOR-SECURITIES> 94,500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 86,028,294
<TOTAL-LIABILITIES> 86,122,794
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 186,574,765
<SHARES-COMMON-STOCK> 20,462,600
<SHARES-COMMON-PRIOR> 20,462,600
<ACCUMULATED-NII-CURRENT> 239,443
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8,060,824)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,805,325
<NET-ASSETS> 187,558,709
<DIVIDEND-INCOME> 44,045
<INTEREST-INCOME> 9,003,679
<OTHER-INCOME> 0
<EXPENSES-NET> (3,024,583)
<NET-INVESTMENT-INCOME> 6,023,141
<REALIZED-GAINS-CURRENT> (2,593,788)
<APPREC-INCREASE-CURRENT> (5,968,263)
<NET-CHANGE-FROM-OPS> (2,538,910)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,524,906)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (8,063,816)
<ACCUMULATED-NII-PRIOR> (258,792)
<ACCUMULATED-GAINS-PRIOR> (5,467,036)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 565,609
<INTEREST-EXPENSE> 2,355,916
<GROSS-EXPENSE> 3,024,583
<AVERAGE-NET-ASSETS> 188,440,980
<PER-SHARE-NAV-BEGIN> 9.560
<PER-SHARE-NII> 0.300
<PER-SHARE-GAIN-APPREC> (0.420)
<PER-SHARE-DIVIDEND> (0.270)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.170
<EXPENSE-RATIO> 3.210
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
