<PAGE> PAGE 1
000 B000000 10/31/1999
000 C000000 0000882381
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 MSDW DIVERSIFIED INCOME TRUST
001 B000000 811-6515
001 C000000 2123922550
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 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 MORGAN STANLEY DEAN WITTER ADVISORS INC.
008 B000001 A
008 C000001 801-42061
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10048
010 A00AA01 DELETE
011 A000001 MORGAN STANLEY DEAN WITTER DISTRIBUTORS INC.
011 B000001 8-45262
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10048
012 A000001 MORGAN STANLEY DEAN WITTER TRUST FSB
012 B000001 84-1785
012 C010001 JERSEY CITY
012 C020001 NJ
012 C030001 07311
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 NEW YORK
<PAGE> PAGE 2
013 B020001 NY
013 B030001 10036
014 A000001 DEAN WITTER REYNOLDS INC.
014 B000001 8-14172
014 A000002 MORGAN STANLEY & CO. INCORPORATED
014 B000002 8-15869
014 A00AA01 DELETE
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 128
019 C000000 MSDW-FUNDS
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 BANK OF NEW YORK (THE)
022 B000001 13-5160382
022 C000001 857563
022 D000001 0
022 A000002 CHASE MANHATTAN BANK, N.A. (THE)
022 B000002 13-2633612
022 C000002 727166
022 D000002 0
022 A000003 CHASE (JAMES O.) SECURITIES INC.
022 B000003 94-2530763
022 C000003 497521
022 D000003 0
022 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000004 13-5674085
022 C000004 450187
022 D000004 38444
022 A000005 BANC OF AMERICA SECURITIES LLC.
022 B000005 56-2058405
022 C000005 265097
022 D000005 3702
022 A000006 DEUTSCHE MORGAN GRENFELL SEC AUST
022 B000006 13-3217675
022 C000006 93702
<PAGE> PAGE 3
022 D000006 164596
022 A000007 DRESDNER BANK A.G.
022 B000007 N/A
022 C000007 100937
022 D000007 100061
022 A000008 WARBURG DILLON READ LLC
022 B000008 13-3873456
022 C000008 91686
022 D000008 88147
022 A000009 AUTRANET, INC.& CO.
022 B000009 13-2961507
022 C000009 74432
022 D000009 94623
022 A000010 MORGAN (J.P.) SECURITIES INC.
022 B000010 13-3224016
022 C000010 133656
022 D000010 24786
023 C000000 3665598
023 D000000 705432
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
025 A00AA01 DELETE
025 D00AA01 0
025 A00AA02 DELETE
025 D00AA02 0
025 A00AA03 DELETE
025 D00AA03 0
025 A00AA04 DELETE
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 21704
<PAGE> PAGE 4
028 A020000 2893
028 A030000 0
028 A040000 27782
028 B010000 29795
028 B020000 2822
028 B030000 0
028 B040000 46554
028 C010000 47322
028 C020000 2852
028 C030000 0
028 C040000 45082
028 D010000 24508
028 D020000 2714
028 D030000 0
028 D040000 47678
028 E010000 34461
028 E020000 2724
028 E030000 0
028 E040000 49285
028 F010000 28679
028 F020000 2626
028 F030000 0
028 F040000 50741
028 G010000 186469
028 G020000 16631
028 G030000 0
028 G040000 267122
028 H000000 185967
029 000000 Y
030 A000000 59
030 B000000 4.25
030 C000000 0.00
031 A000000 0
031 B000000 29
032 000000 0
033 000000 88
034 000000 Y
035 000000 1884
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
<PAGE> PAGE 5
042 G000000 0
042 H000000 0
043 000000 8481
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.400
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 Y
055 A000000 N
<PAGE> PAGE 6
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 1000
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.6
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 3.7
062 K000000 0.0
062 L000000 0.0
062 M000000 6.0
062 N000000 33.3
062 O000000 0.0
062 P000000 30.0
062 Q000000 24.1
062 R000000 0.6
063 A000000 0
063 B000000 9.5
064 A000000 N
064 B000000 Y
065 000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
<PAGE> PAGE 7
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 N
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 687350
071 B000000 791810
071 C000000 972008
071 D000000 71
072 A000000 12
072 B000000 94077
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 4057
072 G000000 0
072 H000000 0
072 I000000 702
072 J000000 274
072 K000000 0
072 L000000 114
072 M000000 17
072 N000000 115
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 66
072 S000000 47
072 T000000 8481
072 U000000 0
072 V000000 0
072 W000000 20
072 X000000 13893
072 Y000000 0
072 Z000000 80184
<PAGE> PAGE 8
072AA000000 47855
072BB000000 66307
072CC010000 0
072CC020000 83376
072DD010000 75652
072DD020000 1565
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 19405
074 B000000 5097
074 C000000 33954
074 D000000 842270
074 E000000 1615
074 F000000 1822
074 G000000 0
074 H000000 0
074 I000000 2029
074 J000000 550
074 K000000 0
074 L000000 20112
074 M000000 83
074 N000000 926938
074 O000000 23232
074 P000000 964
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 864
074 S000000 0
074 T000000 901878
074 U010000 108028
074 U020000 2516
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 42680
074 Y000000 144640
075 A000000 0
075 B000000 1014128
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
<PAGE> PAGE 9
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 ICI MUTUAL
080 B000000 GULF, VIGILANT, RELIANCE, CONTINENTAL & AETNA
080 C000000 120000
081 A000000 Y
081 B000000 127
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
SIGNATURE BARRY FINK
TITLE VP & GENERAL COUNSEL
To the Shareholders and Board of Directors of
XYZ Fund
(2)
Report of Independent Accountants
To the Shareholders and Trustees of
Morgan Stanley Dean Witter Diversified Income Trust
In planning and performing our audit of the financial statements
of Morgan Stanley Dean Witter Diversified Income Trust (the
"Fund") for the year ended October 31, 1999, we considered its
internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR,
not to provide assurance on internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those
controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that controls may become inadequate because of changes
in conditions or that the effectiveness of their design and
operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters
involving internal control and its operation, including controls
for safeguarding securities, that we consider to be material
weaknesses as defined above as of October 31, 1999.
This report is intended solely for the information and use of
the Trustees, management and the Securities and Exchange
Commission and is not intended to be and should not be used by
anyone other than these specified parties.
December 20, 1999
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MSDW DIVERSIFIED INCOME TRUST - CLASS A
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 1025735954
<INVESTMENTS-AT-VALUE> 886787370
<RECEIVABLES> 39251865
<ASSETS-OTHER> 82762
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 926937880
<PAYABLE-FOR-SECURITIES> (23232402)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (1827826)
<TOTAL-LIABILITIES> (25060228)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1076107616
<SHARES-COMMON-STOCK> 2676009
<SHARES-COMMON-PRIOR> 1679965
<ACCUMULATED-NII-CURRENT> 1736670
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (37752701)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (138213933)
<NET-ASSETS> 21828073
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 94077232
<OTHER-INCOME> 0
<EXPENSES-NET> (13892971)
<NET-INVESTMENT-INCOME> 80184261
<REALIZED-GAINS-CURRENT> (18452394)
<APPREC-INCREASE-CURRENT> (83376343)
<NET-CHANGE-FROM-OPS> (21644476)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1474948)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> <204223>
<NUMBER-OF-SHARES-SOLD> 2848419
<NUMBER-OF-SHARES-REDEEMED> (1917929)
<SHARES-REINVESTED> 65553
<NET-CHANGE-IN-ASSETS> (153673026)
<ACCUMULATED-NII-PRIOR> (1230297)
<ACCUMULATED-GAINS-PRIOR> (19300307)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (4056513)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (13892971)
<AVERAGE-NET-ASSETS> 19981188
<PER-SHARE-NAV-BEGIN> 9.01
<PER-SHARE-NII> 0.74
<PER-SHARE-GAIN-APPREC> (0.87)
<PER-SHARE-DIVIDEND> (0.72)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.16
<EXPENSE-RATIO> 0.72
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MSDW DIVERSIFIED INCOME TRUST - CLASS B
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 1025735954
<INVESTMENTS-AT-VALUE> 886787370
<RECEIVABLES> 39251865
<ASSETS-OTHER> 82762
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 926937880
<PAYABLE-FOR-SECURITIES> (23232402)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (1827826)
<TOTAL-LIABILITIES> (25060228)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1076107616
<SHARES-COMMON-STOCK> 105352476
<SHARES-COMMON-PRIOR> 113700790
<ACCUMULATED-NII-CURRENT> 1736670
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (37752701)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (138213933)
<NET-ASSETS> 859553262
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 94077232
<OTHER-INCOME> 0
<EXPENSES-NET> (13892971)
<NET-INVESTMENT-INCOME> 80184261
<REALIZED-GAINS-CURRENT> (18452394)
<APPREC-INCREASE-CURRENT> (83376343)
<NET-CHANGE-FROM-OPS> (21644476)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (64975880)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> <8996654>
<NUMBER-OF-SHARES-SOLD> 46504109
<NUMBER-OF-SHARES-REDEEMED> (58638989)
<SHARES-REINVESTED> 3786566
<NET-CHANGE-IN-ASSETS> (153673026)
<ACCUMULATED-NII-PRIOR> (1230297)
<ACCUMULATED-GAINS-PRIOR> (19300307)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (4056513)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (13892971)
<AVERAGE-NET-ASSETS> 973860247
<PER-SHARE-NAV-BEGIN> 9.01
<PER-SHARE-NII> 0.68
<PER-SHARE-GAIN-APPREC> (0.87)
<PER-SHARE-DIVIDEND> (0.66)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.16
<EXPENSE-RATIO> 1.38
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MSDW DIVERSIFIED INCOME TRUST - CLASS C
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 1025735954
<INVESTMENTS-AT-VALUE> 886787370
<RECEIVABLES> 39251865
<ASSETS-OTHER> 82762
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 926937880
<PAYABLE-FOR-SECURITIES> (23232402)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (1827826)
<TOTAL-LIABILITIES> (25060228)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1076107616
<SHARES-COMMON-STOCK> 2387310
<SHARES-COMMON-PRIOR> 1740750
<ACCUMULATED-NII-CURRENT> 1736670
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (37752701)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (138213933)
<NET-ASSETS> 19450430
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 94077232
<OTHER-INCOME> 0
<EXPENSES-NET> (13892971)
<NET-INVESTMENT-INCOME> 80184261
<REALIZED-GAINS-CURRENT> (18452394)
<APPREC-INCREASE-CURRENT> (83376343)
<NET-CHANGE-FROM-OPS> (21644476)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1307832)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> <181085>
<NUMBER-OF-SHARES-SOLD> 1432185
<NUMBER-OF-SHARES-REDEEMED> (880512)
<SHARES-REINVESTED> 94887
<NET-CHANGE-IN-ASSETS> (153673026)
<ACCUMULATED-NII-PRIOR> (1230297)
<ACCUMULATED-GAINS-PRIOR> (19300307)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (4056513)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (13892971)
<AVERAGE-NET-ASSETS> 19389268
<PER-SHARE-NAV-BEGIN> 9.00
<PER-SHARE-NII> 0.68
<PER-SHARE-GAIN-APPREC> (0.87)
<PER-SHARE-DIVIDEND> (0.66)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.15
<EXPENSE-RATIO> 1.38
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
MSDW DIVERSIFIED INCOME TRUST - CLASS D
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 1025735954
<INVESTMENTS-AT-VALUE> 886787370
<RECEIVABLES> 39251865
<ASSETS-OTHER> 82762
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 926937880
<PAYABLE-FOR-SECURITIES> (23232402)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (1827826)
<TOTAL-LIABILITIES> (25060228)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1076107616
<SHARES-COMMON-STOCK> 128252
<SHARES-COMMON-PRIOR> 82178
<ACCUMULATED-NII-CURRENT> 1736670
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (37752701)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (138213933)
<NET-ASSETS> 1045887
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 94077232
<OTHER-INCOME> 0
<EXPENSES-NET> (13892971)
<NET-INVESTMENT-INCOME> 80184261
<REALIZED-GAINS-CURRENT> (18452394)
<APPREC-INCREASE-CURRENT> (83376343)
<NET-CHANGE-FROM-OPS> (21644476)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (67347)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> <9325>
<NUMBER-OF-SHARES-SOLD> 82581
<NUMBER-OF-SHARES-REDEEMED> (41881)
<SHARES-REINVESTED> 5347
<NET-CHANGE-IN-ASSETS> (153673026)
<ACCUMULATED-NII-PRIOR> (1230297)
<ACCUMULATED-GAINS-PRIOR> (19300307)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (4056513)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (13892971)
<AVERAGE-NET-ASSETS> 897521
<PER-SHARE-NAV-BEGIN> 9.00
<PER-SHARE-NII> 0.76
<PER-SHARE-GAIN-APPREC> (0.88)
<PER-SHARE-DIVIDEND> (0.73)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.15
<EXPENSE-RATIO> 0.53
</TABLE>
