<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from
form N-SAR for the period ended May 31, 2000
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 01
<NAME> Hyperion Total Return Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-2000
<PERIOD-END> May-31-2000
<INVESTMENTS-AT-COST> 277,310,992
<INVESTMENTS-AT-VALUE> 256,252,433
<RECEIVABLES> 8,919,431
<ASSETS-OTHER> 109,144
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 265,281,008
<PAYABLE-FOR-SECURITIES> 56,762,652
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 779,375
<TOTAL-LIABILITIES> 57,542,027
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 259,857,255
<SHARES-COMMON-STOCK> 22,905,115
<SHARES-COMMON-PRIOR> 22,950,615
<ACCUMULATED-NII-CURRENT> 1,097,108
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (32,742,508)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (20,472,874)
<NET-ASSETS> 207,738,981
<DIVIDEND-INCOME> 236,196
<INTEREST-INCOME> 12,030,852
<OTHER-INCOME> 0
<EXPENSES-NET> (3,194,587)
<NET-INVESTMENT-INCOME> 9,072,461
<REALIZED-GAINS-CURRENT> (3,106,725)
<APPREC-INCREASE-CURRENT> (973,158)
<NET-CHANGE-FROM-OPS> (4,079,883)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,626,658)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (330,117)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (4,964,197)
<ACCUMULATED-NII-PRIOR> 1,651,305
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (29,635,783)
<GROSS-ADVISORY-FEES> 681,488
<INTEREST-EXPENSE> 2,036,664
<GROSS-EXPENSE> 3,194,587
<AVERAGE-NET-ASSETS> 209,691,997
<PER-SHARE-NAV-BEGIN> 9.27
<PER-SHARE-NII> 0.40
<PER-SHARE-GAIN-APPREC> (0.18)
<PER-SHARE-DIVIDEND> (0.42)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.07
<EXPENSE-RATIO> 3.04
</TABLE>
