INVESTMENT SERIES FUNDS INC
NSAR-A/A, 1998-06-29
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<PAGE>      PAGE  1
000 A000000 04/30/98
000 C000000 0000889388
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 INVESTMENT SERIES FUNDS, INC.
001 B000000 811-07021
001 C000000 4122888515
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  1
007 C010100  1
007 C010200  2
007 C020200 FEDERATED BOND FUND
007 C030200 N
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 A00AA01 FEDERATED ADVISERS
008 B00AA01 A
008 C00AA01 801-34612
008 D01AA01 PITTSBURGH
008 D02AA01 PA
008 D03AA01 15222
008 D04AA01 3779
010 A00AA01 FEDERATED SERVICES COMPANY
010 C01AA01 PITTSBURGH
010 C02AA01 PA
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
011 C01AA01 PITTSBURGH
011 C02AA01 PA
<PAGE>      PAGE  2
011 C03AA01 15222
011 C04AA01 3779
012 A00AA01 FEDERATED SHAREHOLDER SERVICES COMPANY
012 B00AA01 84-1869
012 C01AA01 PITTSBURGH
012 C02AA01 PA
012 C03AA01 15222
012 C04AA01 3779
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15219
018  00AA00 Y
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020 C000006      0
020 C000007      0
020 C000008      0
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022 A000001 B.T. SECURITIES CORP.
022 B000001 13-4941247
022 C000001    909288
022 D000001         0
022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000002 13-5674085
022 C000002     49126
022 D000002         0
022 A000003 GOLDMAN SACHS & CO.
022 B000003 13-5108880
022 C000003     35432
022 D000003         0
022 A000004 MORGAN STANLEY & CO.
022 B000004 13-2655998
022 C000004     29493
022 D000004         0
022 A000005 STATE STREET BAML AMD TRUST COMPANY
022 B000005 04-1867445
022 C000005     20500
022 D000005         0
022 A000006 DEUTSCHE MORGAN GRENFELL
022 C000006     16290
022 D000006         0
022 A000007 RAYMOND JAMES & ASSOCIATES, INC.
022 B000007 59-1237041
<PAGE>      PAGE  3
022 C000007     12843
022 D000007         0
022 A000008 LEHMAN BROTHERS, INC.
022 B000008 13-2518466
022 C000008     12738
022 D000008         0
022 A000009 FIRST ALBANY CORPORATION
022 B000009 14-1391446
022 C000009     10068
022 D000009         0
022 A000010 CITICORP SECURITIES MARKETS, INC.
022 B000010 13-5266470
022 C000010      9385
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054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
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054 O00AA00 N
058 A00AA00 N
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<PAGE>      PAGE  4
077 A000000 Y
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066 A000100 N
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015 A000201 STATE STREET BANK AND TRUST CO.
015 B000201 C
015 C010201 BOSTON
015 C020201 MA
<PAGE>      PAGE  5
015 C030201 02266
015 C040201 8600
015 E010201 X
015 A000202 BANKERS TRUST CO.
015 B000202 S
015 C010202 NEW YORK
015 C020202 NY
015 C030202 10015
015 E010202 X
015 A000203 BANK OF NEW YORK
015 B000203 S
015 C010203 NEW YORK
015 C020203 NY
015 C030203 10006
015 E010203 X
015 A000204 THE CHASE MANHATTAN CORP.
015 B000204 S
015 C010204 NEW YORK
015 C020204 NY
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015 A000205 MORGAN GUARANTY BANK & TRUST CO.
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015 A000206 NATIONSBANK OF NORTH CAROLINA
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015 C020207 PA
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
044  000200      0
045  000200 Y
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050  000200 N
051  000200 N
052  000200 N
053 A000200 Y
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055 A000200 N
055 B000200 N
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057  000200 N
062 A000200 Y
062 B000200   0.0
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062 N000200   0.4
<PAGE>      PAGE  8
062 O000200   5.0
062 P000200  65.6
062 Q000200   0.6
062 R000200   2.6
063 A000200   0
063 B000200 11.1
064 A000200 Y
064 B000200 Y
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067  000200 N
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070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 Y
070 M010200 N
070 M020200 N
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070 O010200 Y
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070 P010200 Y
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070 Q010200 N
070 Q020200 N
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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074 Y000200        0
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075 B000200  5261312
076  000200     0.00
SIGNATURE   S. ELLIOT COHAN                              
TITLE       ASST. GEN COUNSEL   
 


<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   021                                            
     <NAME>                     INVESTMENT SERIES FUNDS, INC.                  
                                FEDERATED BOND FUND                            
                                CLASS A                                        
<PERIOD-TYPE>                   6-MOS                                          
<FISCAL-YEAR-END>               Oct-31-1998                                    
<PERIOD-END>                    Apr-30-1998                                    
<INVESTMENTS-AT-COST>           797,755,842                                    
<INVESTMENTS-AT-VALUE>          822,752,283                                    
<RECEIVABLES>                   20,849,602                                     
<ASSETS-OTHER>                  551,001                                        
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  844,152,886                                    
<PAYABLE-FOR-SECURITIES>        12,002,386                                     
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       3,344,512                                      
<TOTAL-LIABILITIES>             15,346,898                                     
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        806,251,470                                    
<SHARES-COMMON-STOCK>           15,998,736                                     
<SHARES-COMMON-PRIOR>           11,120,243                                     
<ACCUMULATED-NII-CURRENT>       363,982                                        
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (2,805,905)                                    
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        24,996,441                                     
<NET-ASSETS>                    160,947,944                                    
<DIVIDEND-INCOME>               4,507,954                                      
<INTEREST-INCOME>               25,911,607                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  5,016,055                                      
<NET-INVESTMENT-INCOME>         25,403,506                                     
<REALIZED-GAINS-CURRENT>        1,403,688                                      
<APPREC-INCREASE-CURRENT>       1,817,356                                      
<NET-CHANGE-FROM-OPS>           28,624,550                                     
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       4,925,030                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         8,579,414                                      
<NUMBER-OF-SHARES-REDEEMED>     4,048,541                                      
<SHARES-REINVESTED>             347,620                                        
<NET-CHANGE-IN-ASSETS>          160,900,604                                    
<ACCUMULATED-NII-PRIOR>         241,487                                        
<ACCUMULATED-GAINS-PRIOR>       (4,209,593)                                    
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           2,797,893                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 5,492,875                                      
<AVERAGE-NET-ASSETS>            751,616,057                                    
<PER-SHARE-NAV-BEGIN>           10.020                                         
<PER-SHARE-NII>                 0.360                                          
<PER-SHARE-GAIN-APPREC>         0.040                                          
<PER-SHARE-DIVIDEND>            0.360                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.060                                         
<EXPENSE-RATIO>                 1.06                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   022                                            
     <NAME>                     INVESTMENT SERIES FUNDS, INC.                  
                                FEDERATED BOND FUND                            
                                CLASS B                                        
<PERIOD-TYPE>                   6-MOS                                          
<FISCAL-YEAR-END>               Oct-31-1998                                    
<PERIOD-END>                    Apr-30-1998                                    
<INVESTMENTS-AT-COST>           797,755,842                                    
<INVESTMENTS-AT-VALUE>          822,752,283                                    
<RECEIVABLES>                   20,849,602                                     
<ASSETS-OTHER>                  551,001                                        
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  844,152,886                                    
<PAYABLE-FOR-SECURITIES>        12,002,386                                     
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       3,344,512                                      
<TOTAL-LIABILITIES>             15,346,898                                     
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        806,251,470                                    
<SHARES-COMMON-STOCK>           23,168,012                                     
<SHARES-COMMON-PRIOR>           19,129,508                                     
<ACCUMULATED-NII-CURRENT>       363,982                                        
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (2,805,905)                                    
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        24,996,441                                     
<NET-ASSETS>                    233,155,320                                    
<DIVIDEND-INCOME>               4,507,954                                      
<INTEREST-INCOME>               25,911,607                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  5,016,055                                      
<NET-INVESTMENT-INCOME>         25,403,506                                     
<REALIZED-GAINS-CURRENT>        1,403,688                                      
<APPREC-INCREASE-CURRENT>       1,817,356                                      
<NET-CHANGE-FROM-OPS>           28,624,550                                     
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       6,731,450                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         5,182,483                                      
<NUMBER-OF-SHARES-REDEEMED>     1,535,413                                      
<SHARES-REINVESTED>             391,434                                        
<NET-CHANGE-IN-ASSETS>          160,900,604                                    
<ACCUMULATED-NII-PRIOR>         241,487                                        
<ACCUMULATED-GAINS-PRIOR>       (4,209,593)                                    
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           2,797,893                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 5,492,875                                      
<AVERAGE-NET-ASSETS>            751,616,057                                    
<PER-SHARE-NAV-BEGIN>           10.020                                         
<PER-SHARE-NII>                 0.320                                          
<PER-SHARE-GAIN-APPREC>         0.040                                          
<PER-SHARE-DIVIDEND>            0.320                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.060                                         
<EXPENSE-RATIO>                 1.85                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   023                                            
     <NAME>                     INVESTMENT SERIES FUNDS, INC.                  
                                FEDERATED BOND FUND                            
                                CLASS C                                        
<PERIOD-TYPE>                   6-MOS                                          
<FISCAL-YEAR-END>               Oct-31-1998                                    
<PERIOD-END>                    Apr-30-1998                                    
<INVESTMENTS-AT-COST>           797,755,842                                    
<INVESTMENTS-AT-VALUE>          822,752,283                                    
<RECEIVABLES>                   20,849,602                                     
<ASSETS-OTHER>                  551,001                                        
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  844,152,886                                    
<PAYABLE-FOR-SECURITIES>        12,002,386                                     
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       3,344,512                                      
<TOTAL-LIABILITIES>             15,346,898                                     
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        806,251,470                                    
<SHARES-COMMON-STOCK>           5,567,198                                      
<SHARES-COMMON-PRIOR>           3,932,517                                      
<ACCUMULATED-NII-CURRENT>       363,982                                        
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (2,805,905)                                    
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        24,996,441                                     
<NET-ASSETS>                    56,038,764                                     
<DIVIDEND-INCOME>               4,507,954                                      
<INTEREST-INCOME>               25,911,607                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  5,016,055                                      
<NET-INVESTMENT-INCOME>         25,403,506                                     
<REALIZED-GAINS-CURRENT>        1,403,688                                      
<APPREC-INCREASE-CURRENT>       1,817,356                                      
<NET-CHANGE-FROM-OPS>           28,624,550                                     
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       1,500,528                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         1,884,644                                      
<NUMBER-OF-SHARES-REDEEMED>     352,564                                        
<SHARES-REINVESTED>             102,601                                        
<NET-CHANGE-IN-ASSETS>          160,900,604                                    
<ACCUMULATED-NII-PRIOR>         241,487                                        
<ACCUMULATED-GAINS-PRIOR>       (4,209,593)                                    
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           2,797,893                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 5,492,875                                      
<AVERAGE-NET-ASSETS>            751,616,057                                    
<PER-SHARE-NAV-BEGIN>           10.020                                         
<PER-SHARE-NII>                 0.320                                          
<PER-SHARE-GAIN-APPREC>         0.050                                          
<PER-SHARE-DIVIDEND>            0.320                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.070                                         
<EXPENSE-RATIO>                 1.86                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   024                                            
     <NAME>                     INVESTMENT SERIES FUNDS, INC.                  
                                FEDERATED BOND FUND                            
                                CLASS F                                        
<PERIOD-TYPE>                   6-MOS                                          
<FISCAL-YEAR-END>               Oct-31-1998                                    
<PERIOD-END>                    Apr-30-1998                                    
<INVESTMENTS-AT-COST>           797,755,842                                    
<INVESTMENTS-AT-VALUE>          822,752,283                                    
<RECEIVABLES>                   20,849,602                                     
<ASSETS-OTHER>                  551,001                                        
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  844,152,886                                    
<PAYABLE-FOR-SECURITIES>        12,002,386                                     
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       3,344,512                                      
<TOTAL-LIABILITIES>             15,346,898                                     
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        806,251,470                                    
<SHARES-COMMON-STOCK>           37,618,359                                     
<SHARES-COMMON-PRIOR>           32,502,832                                     
<ACCUMULATED-NII-CURRENT>       363,982                                        
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (2,805,905)                                    
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        24,996,441                                     
<NET-ASSETS>                    378,663,960                                    
<DIVIDEND-INCOME>               4,507,954                                      
<INTEREST-INCOME>               25,911,607                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  5,016,055                                      
<NET-INVESTMENT-INCOME>         25,403,506                                     
<REALIZED-GAINS-CURRENT>        1,403,688                                      
<APPREC-INCREASE-CURRENT>       1,817,356                                      
<NET-CHANGE-FROM-OPS>           28,624,550                                     
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       12,448,198                                     
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         8,191,802                                      
<NUMBER-OF-SHARES-REDEEMED>     3,578,437                                      
<SHARES-REINVESTED>             502,162                                        
<NET-CHANGE-IN-ASSETS>          160,900,604                                    
<ACCUMULATED-NII-PRIOR>         241,487                                        
<ACCUMULATED-GAINS-PRIOR>       (4,209,593)                                    
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           2,797,893                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 5,492,875                                      
<AVERAGE-NET-ASSETS>            751,616,057                                    
<PER-SHARE-NAV-BEGIN>           10.020                                         
<PER-SHARE-NII>                 0.350                                          
<PER-SHARE-GAIN-APPREC>         0.050                                          
<PER-SHARE-DIVIDEND>            0.350                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.070                                         
<EXPENSE-RATIO>                 1.08                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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