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<PAGE> PAGE 4
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<PAGE> PAGE 7
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
062 N000500 0.0
062 O000500 90.5
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 6.9
064 A000500 Y
064 B000500 N
071 A000500 6979
071 B000500 1145
071 C000500 32010
071 D000500 4
072 A000500 6
072 B000500 873
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 103
072 G000500 0
072 H000500 0
072 I000500 4
072 J000500 0
072 K000500 1
072 L000500 1
072 M000500 2
072 N000500 3
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 1
072 S000500 0
072 T000500 16
072 U000500 0
072 V000500 0
072 W000500 2
072 X000500 133
072 Y000500 116
072 Z000500 856
072AA000500 11
072BB000500 0
072CC010500 182
072CC020500 0
072DD010500 861
072DD020500 0
072EE000500 0
073 A010500 0.2900
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 356
<PAGE> PAGE 22
074 B000500 0
074 C000500 2700
074 D000500 35940
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 3080
074 K000500 0
074 L000500 696
074 M000500 0
074 N000500 42772
074 O000500 2987
074 P000500 4
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 80
074 S000500 0
074 T000500 39701
074 U010500 3591
074 U020500 0
074 V010500 11.06
074 V020500 0.00
074 W000500 0.0000
074 X000500 684
074 Y000500 3516
075 A000500 0
075 B000500 32849
076 000500 0.00
074 O000700 4
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 0
074 S000700 0
074 T000700 0
074 U010700 0
074 U020700 0
074 V010700 0.00
074 V020700 0.00
074 W000700 0.0000
074 X000700 0
074 Y000700 0
SIGNATURE KIMBERLEY MONASTERIO
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN MUNICIPAL SECURITIES TRUST NOVEMBER 30, 1998 SEMI-ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 01
<NAME> FRANKLIN HAWAII MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 46,029,380
<INVESTMENTS-AT-VALUE> 49,030,273
<RECEIVABLES> 1,228,730
<ASSETS-OTHER> 62,594
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 50,321,597
<PAYABLE-FOR-SECURITIES> 984,637
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 255,068
<TOTAL-LIABILITIES> 1,239,705
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 46,531,478
<SHARES-COMMON-STOCK> 4,346,709
<SHARES-COMMON-PRIOR> 4,043,306
<ACCUMULATED-NII-CURRENT> 92,751
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (543,230)
<ACCUM-APPREC-OR-DEPREC> 3,000,893
<NET-ASSETS> 49,081,892
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,314,901
<OTHER-INCOME> 0
<EXPENSES-NET> (94,311)
<NET-INVESTMENT-INCOME> 1,220,590
<REALIZED-GAINS-CURRENT> 2,579
<APPREC-INCREASE-CURRENT> 555,860
<NET-CHANGE-FROM-OPS> 1,779,029
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,242,189)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 463,181
<NUMBER-OF-SHARES-REDEEMED> (198,581)
<SHARES-REINVESTED> 38,803
<NET-CHANGE-IN-ASSETS> 3,943,751
<ACCUMULATED-NII-PRIOR> 114,350
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (545,809)
<GROSS-ADVISORY-FEES> (147,431)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (192,339)
<AVERAGE-NET-ASSETS> 47,048,995
<PER-SHARE-NAV-BEGIN> 11.160
<PER-SHARE-NII> .290
<PER-SHARE-GAIN-APPREC> .140
<PER-SHARE-DIVIDEND> (.300)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.290
<EXPENSE-RATIO> .400<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED; EXPENSE RATIO WITHOUT WAIVER .82%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN MUNICIPAL SECURITIES TRUST NOVEMBER 30, 1998 SEMI ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> FRANKLIN CALIFORNIA HIGH YIELD MUNICIPAL FUND - CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 548,442,079
<INVESTMENTS-AT-VALUE> 577,254,550
<RECEIVABLES> 10,453,369
<ASSETS-OTHER> 147,572
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 587,855,491
<PAYABLE-FOR-SECURITIES> 11,420,144
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,611,289
<TOTAL-LIABILITIES> 15,031,433
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 546,693,164
<SHARES-COMMON-STOCK> 47,209,852
<SHARES-COMMON-PRIOR> 38,697,871
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (606,133)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,075,444)
<ACCUM-APPREC-OR-DEPREC> 28,812,471
<NET-ASSETS> 572,824,058
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,876,713
<OTHER-INCOME> 0
<EXPENSES-NET> (1,221,532)
<NET-INVESTMENT-INCOME> 13,655,181
<REALIZED-GAINS-CURRENT> 205,549
<APPREC-INCREASE-CURRENT> 9,071,967
<NET-CHANGE-FROM-OPS> 22,932,697
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,963,224)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,177,426
<NUMBER-OF-SHARES-REDEEMED> (5,132,035)
<SHARES-REINVESTED> 466,590
<NET-CHANGE-IN-ASSETS> 120,250,369
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (6,110)
<OVERDIST-NET-GAINS-PRIOR> (2,280,993)
<GROSS-ADVISORY-FEES> (1,284,764)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,811,732)
<AVERAGE-NET-ASSETS> 513,897,893
<PER-SHARE-NAV-BEGIN> 10.650
<PER-SHARE-NII> .290
<PER-SHARE-GAIN-APPREC> .190
<PER-SHARE-DIVIDEND> (.300)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.830
<EXPENSE-RATIO> .420<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED; EXPENSE RATIO EXCLUDING WAIVER .64%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN MUNICIPAL SECURITIES TRUST NOVEMBER 30, 1998 SEMI ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 022
<NAME> FRANKLIN CALIFORNIA HIGH YIELD MUNICIPAL FUND - CLASS II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 548,442,079
<INVESTMENTS-AT-VALUE> 577,254,550
<RECEIVABLES> 10,453,369
<ASSETS-OTHER> 147,572
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 587,855,491
<PAYABLE-FOR-SECURITIES> 11,420,144
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,611,289
<TOTAL-LIABILITIES> 15,031,433
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 546,693,164
<SHARES-COMMON-STOCK> 5,653,949
<SHARES-COMMON-PRIOR> 3,780,428
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (606,133)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,075,444)
<ACCUM-APPREC-OR-DEPREC> 28,812,471
<NET-ASSETS> 572,824,058
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,876,713
<OTHER-INCOME> 0
<EXPENSES-NET> (1,221,532)
<NET-INVESTMENT-INCOME> 13,655,181
<REALIZED-GAINS-CURRENT> 205,549
<APPREC-INCREASE-CURRENT> 9,071,967
<NET-CHANGE-FROM-OPS> 22,932,697
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,291,980)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,157,081
<NUMBER-OF-SHARES-REDEEMED> (337,850)
<SHARES-REINVESTED> 54,290
<NET-CHANGE-IN-ASSETS> 120,250,369
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (6,110)
<OVERDIST-NET-GAINS-PRIOR> (2,280,993)
<GROSS-ADVISORY-FEES> (1,284,764)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,811,732)
<AVERAGE-NET-ASSETS> 513,897,893
<PER-SHARE-NAV-BEGIN> 10.680
<PER-SHARE-NII> .260
<PER-SHARE-GAIN-APPREC> .190
<PER-SHARE-DIVIDEND> (.270)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.860
<EXPENSE-RATIO> .970<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED; EXPENSE RATIO EXCLUDING WAIVER 1.20%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN MUNICIPAL SECURITIES TRUST NOVEMBER 30, 1998 SEMI-ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 03
<NAME> FRANKLIN WASHINGTON MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 11,100,073
<INVESTMENTS-AT-VALUE> 11,812,175
<RECEIVABLES> 204,713
<ASSETS-OTHER> 16,607
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,033,495
<PAYABLE-FOR-SECURITIES> 249,664
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,397
<TOTAL-LIABILITIES> 272,061
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,160,141
<SHARES-COMMON-STOCK> 1,109,558
<SHARES-COMMON-PRIOR> 989,775
<ACCUMULATED-NII-CURRENT> 20,751
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (131,560)
<ACCUM-APPREC-OR-DEPREC> 712,102
<NET-ASSETS> 11,761,434
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 300,676
<OTHER-INCOME> 0
<EXPENSES-NET> (5,500)
<NET-INVESTMENT-INCOME> 295,176
<REALIZED-GAINS-CURRENT> (4,874)
<APPREC-INCREASE-CURRENT> 138,393
<NET-CHANGE-FROM-OPS> 428,695
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (308,414)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 162,443
<NUMBER-OF-SHARES-REDEEMED> (61,278)
<SHARES-REINVESTED> 18,618
<NET-CHANGE-IN-ASSETS> 1,385,275
<ACCUMULATED-NII-PRIOR> 33,989
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (126,686)
<GROSS-ADVISORY-FEES> (34,377)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (46,791)
<AVERAGE-NET-ASSETS> 10,971,367
<PER-SHARE-NAV-BEGIN> 10.480
<PER-SHARE-NII> .280
<PER-SHARE-GAIN-APPREC> .140
<PER-SHARE-DIVIDEND> (.300)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.600
<EXPENSE-RATIO> .100<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>Annualized; Expense ratio excluding waiver .85%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN MUNICIPAL SECURITIES TRUST NOVEMBER 30, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 04
<NAME> FRANKLIN TENNESSEE MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 55,813,302
<INVESTMENTS-AT-VALUE> 58,640,086
<RECEIVABLES> 3,324,579
<ASSETS-OTHER> 239,309
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 62,203,974
<PAYABLE-FOR-SECURITIES> 3,983,453
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 123,889
<TOTAL-LIABILITIES> 4,107,342
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 55,097,604
<SHARES-COMMON-STOCK> 5,087,465
<SHARES-COMMON-PRIOR> 3,949,484
<ACCUMULATED-NII-CURRENT> 31,708
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 140,536
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,826,784
<NET-ASSETS> 58,096,632
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,371,443
<OTHER-INCOME> 0
<EXPENSES-NET> (103,124)
<NET-INVESTMENT-INCOME> 1,268,319
<REALIZED-GAINS-CURRENT> 4,688
<APPREC-INCREASE-CURRENT> 654,002
<NET-CHANGE-FROM-OPS> 1,927,009
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,270,915)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,334,109
<NUMBER-OF-SHARES-REDEEMED> (258,179)
<SHARES-REINVESTED> 62,051
<NET-CHANGE-IN-ASSETS> 13,570,795
<ACCUMULATED-NII-PRIOR> 34,304
<ACCUMULATED-GAINS-PRIOR> 135,848
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (161,364)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (206,124)
<AVERAGE-NET-ASSETS> 51,495,760
<PER-SHARE-NAV-BEGIN> 11.270
<PER-SHARE-NII> .280
<PER-SHARE-GAIN-APPREC> .150
<PER-SHARE-DIVIDEND> (.280)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.420
<EXPENSE-RATIO> .400<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED; EXPENSE RATIO EXCLUDING WAIVER .80%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN MUNICIPAL SECURITIES TRUST NOVEMBER 30, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANICAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 05
<NAME> FRANKLIN ARKANSAS MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 37,308,691
<INVESTMENTS-AT-VALUE> 38,639,555
<RECEIVABLES> 3,775,830
<ASSETS-OTHER> 356,151
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 42,771,536
<PAYABLE-FOR-SECURITIES> 2,987,077
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 83,846
<TOTAL-LIABILITIES> 3,070,923
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 38,348,500
<SHARES-COMMON-STOCK> 3,591,050
<SHARES-COMMON-PRIOR> 2,763,059
<ACCUMULATED-NII-CURRENT> 39,301
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (18,052)
<ACCUM-APPREC-OR-DEPREC> 1,330,864
<NET-ASSETS> 39,700,613
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 872,683
<OTHER-INCOME> 0
<EXPENSES-NET> (16,454)
<NET-INVESTMENT-INCOME> 856,229
<REALIZED-GAINS-CURRENT> 11,483
<APPREC-INCREASE-CURRENT> 182,140
<NET-CHANGE-FROM-OPS> 1,049,852
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (860,584)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,015,188
<NUMBER-OF-SHARES-REDEEMED> (223,815)
<SHARES-REINVESTED> 36,618
<NET-CHANGE-IN-ASSETS> 9,323,431
<ACCUMULATED-NII-PRIOR> 43,656
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (29,535)
<GROSS-ADVISORY-FEES> (102,935)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (132,972)
<AVERAGE-NET-ASSETS> 32,849,164
<PER-SHARE-NAV-BEGIN> 10.990
<PER-SHARE-NII> .290
<PER-SHARE-GAIN-APPREC> .070
<PER-SHARE-DIVIDEND> (.290)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.060
<EXPENSE-RATIO> .100<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED; EXPENSE RATIO EXCLUDING WAIVER .80%
</FN>
</TABLE>
