<PAGE> PAGE 1
000 A000000 09/30/95
000 C000000 887400
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 FRANKLIN/TEMPLETON JAPAN FUND
001 B000000 811-6664
001 C000000 3055277591
002 A000000 500 EAST BROWARD BLVD
002 B000000 FORT LAUDERDALE
002 C000000 FL
002 D010000 33394
002 D020000 3091
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
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
007 C014100 41
007 C014200 42
007 C014300 43
007 C014400 44
007 C014500 45
007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
007 C015100 51
007 C015200 52
007 C015300 53
007 C015400 54
007 C015500 55
007 C015600 56
007 C015700 57
007 C015800 58
007 C015900 59
007 C016000 60
007 C016100 61
007 C016200 62
007 C016300 63
007 C016400 64
007 C016500 65
007 C016600 66
007 C016700 67
007 C016800 68
007 C016900 69
007 C017000 70
007 C017100 71
007 C017200 72
007 C017300 73
007 C017400 74
007 C017500 75
007 C017600 76
007 C017700 77
007 C017800 78
007 C017900 79
<PAGE> PAGE 3
007 C018000 80
"008 A000001 TEMPLETON INVESTMENT COUNSEL, INC"
008 B000001 A
008 C000001 801-15125
008 D010001 FORT LAUDERDALE
008 D020001 FL
008 D030001 33394
008 D040001 3091
"010 A000001 TEMPLETON GLOBAL INVESTORS, INC"
010 B000001 8-31192
010 C010001 FT. LAUDERDALE
010 C020001 FL
010 C030001 33394
010 C040001 3091
"011 A000001 FRANKLIN TEMPLETON DISTRIBUTORS, INC"
011 B000001 8-5889
011 C010001 ST. PETERSBURG
011 C020001 FL
011 C030001 33701
011 C040001 3628
"012 A000001 FRANKLIN TEMPLETON INVESTMENT SERVICES, INC"
012 B000001 84-00000
012 C010001 ST. PETERSBURG
012 C020001 FL
012 C030001 33701
012 C040001 3628
013 A000001 MCGLADREY & PULLEN LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10017
013 B040001 2416
015 A000001 CHASE MANHATTAN BANK N.A.
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10081
015 E010001 X
015 A000002 CHASE MANHATTAN BANK
015 B000002 S
015 C010002 BUENOS AIRES
015 D010002 ARGENTINA
015 D020002 130/140
015 E040002 X
015 A000003 CHASE MANHATTAN BANK
015 B000003 S
015 C010003 SYDNEY
015 D010003 AUSTRALIA
015 D020003 2000
015 E040003 X
015 A000004 CREDITANSTALT-BANKVEREIN
015 B000004 S
<PAGE> PAGE 4
015 C010004 VIENNA
015 D010004 AUSTRIA
015 D020004 A-1011
015 E040004 X
015 A000005 STANDARD CHARTERED BANK
015 B000005 S
015 C010005 DHAKA
015 D010005 BANGLADESH
015 D020005 1000
015 E040005 X
015 A000006 GENERALE BANK
015 B000006 S
015 C010006 BRUXELLES
015 D010006 BELGIUM
015 D020006 1000
015 E040006 X
"015 A000007 BANCO CHASE MANHATTAN,S.A."
015 B000007 S
015 C010007 SAO PAULO
015 D010007 BRAZIL
015 D020007 SP04719-002
015 E040007 X
015 A000008 THE ROYAL BANK OF CANADA
015 B000008 S
015 C010008 ONTARIO
015 D010008 CANADA
015 D020008 M5J2J5
015 E040008 X
015 A000009 CANADA TRUST
015 B000009 S
015 C010009 ONTARIO
015 D010009 CANADA
015 D020009 M5J2T2
015 E040009 X
"015 A000010 CESKOSLOVENSKA OBCHODNI BANKA,A.S."
015 B000010 S
015 C010010 PRAHA
015 D010010 CZECH REPUBLIC
015 E040010 X
015 A000011 DEN DANSKE BANK
015 B000011 S
015 C010011 COPENHAGEN
015 D010011 DENMARK
015 D020011 DK 1091
015 E040011 X
015 A000012 NATIOANL BANK OF EGYPT
015 B000012 S
015 C010012 CARIO
015 D010012 EGYPT
015 E040012 X
015 A000013 KANSALLIS-OSAKE-PANKKI
<PAGE> PAGE 5
015 B000013 S
015 C010013 HELSINKI
015 D010013 FINLAND
015 D020013 00500
015 E040013 X
015 A000014 BANQUE PARIBAS
015 B000014 S
015 C010014 CEDEX
015 D010014 FRANCE
015 E040014 X
"015 A000015 CHASE BANK, A.G."
015 B000015 S
015 C010015 FRANKFURT
015 D010015 GERMANY
015 D020015 60441
015 E040015 X
015 A000016 BARCLAYS BANK OF GHANA LTD
015 B000016 S
015 C010016 ACCRA
015 D010016 GHANA
015 E040016 X
015 A000017 BARCLAYS BANK PLC
015 B000017 S
015 C010017 ATHENS
015 D010017 GREECE
015 D020017 10562
015 E040017 X
"015 A000018 CHASE MANHATTAN BANK,N.A."
015 B000018 S
015 C010018 CENTRAL
015 D010018 HONG KONG
015 E040018 X
015 A000019 CITIBANK BUDAPEST
015 B000019 S
015 C010019 BUDAPEST
015 D010019 HUNGARY
015 E040019 X
015 A000020 THE HONGKONG AND SHANGHAI BANKING CORP
015 B000020 S
015 C010020 JAKARTA
015 D010020 INDONESIA
015 D020020 10023
015 E040020 X
015 A000021 BANK OF IRELAND
015 B000021 S
015 C010021 DUBLIN
015 D010021 IRELAND
015 D020021 1
015 E040021 X
015 A000022 BANK LEUMI LE-ISRAEL B.M.
015 B000022 S
<PAGE> PAGE 6
015 C010022 TEL AVIV
015 D010022 ISRAEL
015 D020022 65136
015 E040022 X
"015 A000023 CHASE MANHATTAN BANK,N.A."
015 B000023 S
015 C010023 MILAN
015 D010023 ITALY
015 D020023 20121
015 E040023 X
015 A000024 CHASE MANHATTAN BANK N.A.
015 B000024 S
015 C010024 TOKYO
015 D010024 JAPAN
015 D020024 100
015 E040024 X
015 A000025 CHASE MANHATTAN BANK N.A.
015 B000025 S
015 C010025 KUALA LUMPUR
015 D010025 MALAYSIA
015 D020025 50250
015 E040025 X
015 A000026 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000026 S
015 C010026 PORT LOUIS
015 D010026 MAURITIUS
015 E040026 X
015 A000027 CHASE MANHATTAN BANK N.A.
015 B000027 S
015 C010027 COLONIA JUAREZ
015 D010027 MEXICO
015 D020027 06660
015 E040027 X
015 A000028 BANCO NACIONAL DE MEXICO
015 B000028 S
015 C010028 MEXICO D.F.
015 D010028 MEXICO
015 D020028 06040
015 E040028 X
015 A000029 BANQUE COMMERCIALE DU MAROC
015 B000029 S
015 C010029 CASABLANCA
015 D010029 MOROCCO
015 D020029 01
015 E040029 X
015 A000030 ABN AMRO N.V.
015 B000030 S
015 C010030 DE BREDA
015 D010030 NETHERLANDS
015 D020030 4800
015 E040030 X
<PAGE> PAGE 7
015 A000031 NATIONAL NOMINEES LIMITED
015 B000031 S
015 C010031 AUCKLAND
015 D010031 NEW ZEALAND
015 E040031 X
015 A000032 DEN NORSKE BANK
015 B000032 S
015 C010032 OSLO
015 D010032 NORWAY
015 D020032 1
015 E040032 X
015 A000033 CITIBANK N.A.
015 B000033 S
015 C010033 LIMA
015 D010033 PERU
015 D020033 27
015 E040033 X
015 A000034 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000034 S
015 C010034 MANILA
015 D010034 PHILIPPINES
015 E040034 X
"015 A000035 BANK HANDLOWY W WARSAWIE,S.A."
015 B000035 S
015 C010035 WARSAW
015 D010035 POLAND
015 D020035 01-211
015 E040035 X
015 A000036 BANCO ESPIRITO SANTO & COMERCIAL DE LISBOA
015 B000036 S
015 C010036 LISBON
015 D010036 PORTUGAL
015 D020036 1200
015 E040036 X
015 A000037 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000037 S
015 C010037 SHANGHAI
015 D010037 CHINA
015 E040037 X
015 A000038 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000038 S
015 C010038 SHENZHEN
015 D010038 CHINA
015 E040038 X
015 A000039 CHASE MANHATTAN BANK
015 B000039 S
015 C010039 SINGAPORE
015 D010039 SINGAPORE
015 D020039 0104
015 E040039 X
"015 A000040 CESKOSLOVENSKA OBCHODNI BANKA, S.A."
<PAGE> PAGE 8
015 B000040 S
015 C010040 BRATISLAVA
015 D010040 SLOVAK REPUBLIC
015 D020040 815 63
015 E040040 X
015 A000041 STANDARD BANK OF SOUTH AFRICA
015 B000041 S
015 C010041 JOHANNESBURG
015 D010041 SOUTH AFRICA
015 D020041 2001
015 E040041 X
015 A000042 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000042 S
015 C010042 SEOUL
015 D010042 SOUTH KOREA
015 E040042 X
015 A000043 CHASE MANHATTAN BANK N.A.
015 B000043 S
015 C010043 MADRID
015 D010043 SPAIN
015 D020043 28042
015 E040043 X
015 A000044 DELETE
015 A000045 SKANDINAVISKA ENSKILDA BANKEN
015 B000045 S
015 C010045 STOCKHOLM
015 D010045 SWEDEN
015 D020045 S-106 40
015 E040045 X
015 A000046 UNION BANK OF SWITZERLAND
015 B000046 S
015 C010046 ZURICH
015 D010046 SWITZERLAND
015 D020046 8021
015 E040046 X
015 A000047 CHASE MANHATTAN BANK N.A.
015 B000047 S
015 C010047 BANGKOK
015 D010047 THAILAND
015 D020047 10500
015 E040047 X
015 A000048 DELETE
015 A000049 CHASE MANHATTAN BANK N.A.
015 B000049 S
015 C010049 LONDON
015 D010049 UNITED KINGDOM
015 D020049 EC2P 2HD
015 E040049 X
015 A000050 THE FIRST NATIONAL BANK OF BOSTON
015 B000050 S
015 C010050 MONTEVIDEO
<PAGE> PAGE 9
015 D010050 URUGUAY
015 E040050 X
015 A000051 BARCLAYS BANK OF ZIMBABWE
015 B000051 S
015 C010051 HARARE
015 D010051 ZIMBABWE
015 E040051 X
015 A000052 CEDEL S.A.
015 B000052 S
015 C010052 LONDON
015 D010052 UNITED KINGDOM
015 E040052 X
015 A000053 FIRST CHICAGO CLEARING CENTRE
015 B000053 S
015 C010053 LONDON
015 D010053 UNITED KINGDOM
015 D020053 EC3A 1AA
015 E040053 X
015 A000054 RESERVE BANK
015 B000054 S
015 C010054 SYDNEY
015 D010054 AUSTRALIA
015 E040054 X
015 A000055 BARCLAYS BANK OF ZAMBIA
015 B000055 S
015 C010055 LUSAKA
015 D010055 ZAMBIA
015 E040055 X
018 000000 Y
019 A000000 Y
019 B000000 189
019 C000000 FRNKTEMGRP
020 A000001 JAMES CAPEL INC.
020 B000001 52-1348224
020 C000001 7
020 A000002 NOMURA SECURITIES INTERNATIONAL
020 B000002 13-2642206
020 C000002 2
020 A000003 KANKAKU SECURITIES
020 B000003 13-2882682
020 C000003 1
020 A000004 JARDINE FLEMING
020 B000004 HONG KONG
020 C000004 1
020 A000005 NIKKO SECURITIES
020 B000005 94-1302123
020 C000005 1
020 A000006 BARCLAYS DE ZOETE WEDD
020 B000006 13-3410233
020 C000006 1
020 A000007 MORGAN GRENFELL
<PAGE> PAGE 10
020 C000007 1
020 A000008 S.G. WARBURG & CO.
020 B000008 13-3340045
020 C000008 0
"020 A000009 GOLDMAN, SACHS & CO."
020 B000009 13-5108880
020 C000009 0
"020 A000010 SMITH NEW COURT, CARL MARKS INC."
020 B000010 13-3169769
020 C000010 0
021 000000 16
"022 A000001 CHASE MANHATTAN BANK, N.A."
022 B000001 13-2633612
022 C000001 3819
022 D000001 2763
022 A000002 MORGAN STANLEY & CO. INC.
022 B000002 13-2655998
022 C000002 0
022 D000002 0
022 A000003 PRU-BACHE SECURITIES
022 B000003 22-2347336
022 C000003 0
022 D000003 0
022 A000004 INSTINET CROSSING
022 B000004 13-3443395
022 C000004 0
022 D000004 0
022 A000005 HAMBRECHT & QUIST
022 B000005 94-2856935
022 C000005 0
022 D000005 0
022 A000006 ALEX BROWN & SONS
022 B000006 52-1319768
022 C000006 0
022 D000006 0
022 A000007 ROBERTSON STEPHENS & CO.
022 B000007 94-2524501
022 C000007 0
022 D000007 0
022 A000008 GOLDMAN SACHS & CO.
022 B000008 13-5108880
022 C000008 0
022 D000008 0
"022 A000009 BEAR, STEARNS & CO. INC."
022 B000009 13-3299429
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 3820
023 D000000 2765
<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 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
028 A010000 600
028 A020000 0
028 A030000 0
028 A040000 535
028 B010000 202
028 B020000 2
028 B030000 0
028 B040000 5
028 C010000 348
028 C020000 0
028 C030000 0
028 C040000 319
028 D010000 600
028 D020000 0
028 D030000 0
028 D040000 320
028 E010000 1500
028 E020000 0
028 E030000 0
028 E040000 349
028 F010000 635
028 F020000 0
028 F030000 0
028 F040000 329
028 G010000 3885
028 G020000 0
028 G030000 0
028 G040000 1857
028 H000000 830
029 000000 Y
030 A000000 55
030 B000000 5.75
<PAGE> PAGE 12
030 C000000 0.00
031 A000000 9
031 B000000 0
032 000000 46
033 000000 0
034 000000 N
035 000000 0
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 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 100
043 000000 4
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.750
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
<PAGE> PAGE 13
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
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
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 100
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
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 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
<PAGE> PAGE 14
066 C000000 N
066 D000000 Y
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
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 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 1966
071 B000000 3
071 C000000 1419
071 D000000 0
072 A000000 6
072 B000000 17
<PAGE> PAGE 15
072 C000000 6
072 D000000 0
072 E000000 0
072 F000000 8
072 G000000 2
072 H000000 0
072 I000000 2
072 J000000 1
072 K000000 0
072 L000000 24
072 M000000 0
072 N000000 19
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 10
072 S000000 12
072 T000000 3
072 U000000 11
072 V000000 0
072 W000000 0
072 X000000 92
072 Y000000 72
072 Z000000 3
072AA000000 0
072BB000000 1
072CC010000 8
072CC020000 0
072DD010000 5
072DD020000 0
072EE000000 0
073 A010000 0.0300
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 6
074 B000000 0
074 C000000 778
074 D000000 0
074 E000000 0
074 F000000 2802
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 32
074 M000000 88
074 N000000 3706
074 O000000 206
074 P000000 0
<PAGE> PAGE 16
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 22
074 S000000 0
074 T000000 3478
074 U010000 355
074 U020000 0
074 V010000 9.79
074 V020000 0.00
074 W000000 0.0000
074 X000000 397
074 Y000000 0
075 A000000 0
075 B000000 2059
076 000000 0.00
077 A000000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE
080 B000000 NONE
080 C000000 130000
081 A000000 Y
081 B000000 188
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 JAMES R. BAIO
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the
Franklin Templeton Japan Fund September 30, 1995 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> MAR-31-1996
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 3570289
<INVESTMENTS-AT-VALUE> 3579879
<RECEIVABLES> 32558
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 93404
<TOTAL-ASSETS> 3705841
<PAYABLE-FOR-SECURITIES> 206148
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21424
<TOTAL-LIABILITIES> 227572
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3467541
<SHARES-COMMON-STOCK> 355277
<SHARES-COMMON-PRIOR> 145366
<ACCUMULATED-NII-CURRENT> 5687
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4549)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9590
<NET-ASSETS> 3478269
<DIVIDEND-INCOME> 6511
<INTEREST-INCOME> 16530
<OTHER-INCOME> 0
<EXPENSES-NET> 20127
<NET-INVESTMENT-INCOME> 2914
<REALIZED-GAINS-CURRENT> (1349)
<APPREC-INCREASE-CURRENT> 7936
<NET-CHANGE-FROM-OPS> 9501
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4653)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 399183
<NUMBER-OF-SHARES-REDEEMED> (189508)
<SHARES-REINVESTED> 236
<NET-CHANGE-IN-ASSETS> 2034754
<ACCUMULATED-NII-PRIOR> 7426
<ACCUMULATED-GAINS-PRIOR> (3200)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7725
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 91853
<AVERAGE-NET-ASSETS> 2058549
<PER-SHARE-NAV-BEGIN> 9.93
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> (.12)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.79
<EXPENSE-RATIO> 1.95<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>The expense ratio without reimbursement equaled 8.90%.
</FN>
</TABLE>
