<PAGE> PAGE 1
000 A000000 06/30/98
000 C000000 0000906956
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 MERRILL LYNCH AMERICAS INCOME FUND, INC.
001 B000000 811-7794
001 C000000 6092822800
002 A000000 P.O. BOX 9011
002 B000000 PRINCETON
002 C000000 NJ
002 D010000 08543
002 D020000 9011
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 MERRILL LYNCH ASSET MANAGEMENT, L.P.
008 B000001 A
008 C000001 801-11583
008 D010001 PRINCETON
008 D020001 NJ
008 D030001 08543
008 D040001 9011
008 A000002 MERRILL LYNCH ASSET MANAGEMENT U.K., LTD.
008 B000002 S
008 C000002 801-31780
008 D010002 LONDON
008 D050002 ENGLAND
008 D060002 EC24 9LY
011 A000001 MERRILL LYNCH FUNDS DISTRIBUTOR, INC.
011 B000001 8-14663
011 C010001 PRINCETON
011 C020001 NJ
011 C030001 08543
<PAGE> PAGE 2
011 C040001 9011
012 A000001 MERRILL LYNCH FINANCIAL DATA SERVICES, INC.
012 B000001 84-01339
012 C010001 JACKSONVILLE
012 C020001 FL
012 C030001 32246
012 C040001 6484
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 PRINCETON
013 B020001 NJ
013 B030001 08540
014 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
014 B000001 8-7221
015 A000001 BROWN BROTHERS HARRIMAN & CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02109
015 E010001 X
015 A000002 CITIBANK N.A.
015 B000002 S
015 C010002 NEW YORK
015 C020002 NY
015 C030002 10015
015 E010002 X
015 A000003 BANK BOSTON
015 B000003 S
015 C010003 BOSTON
015 C020003 MA
015 C030003 02110
015 E010003 X
015 A000004 KSD
015 B000004 S
015 C010004 KOREA
015 D010004 KOREA
015 E040004 X
015 A000005 CVV
015 B000005 S
015 C010005 VENEZUELA
015 D010005 VENEZUELA
015 E040005 X
015 A000006 DNB
015 B000006 S
015 C010006 NETHERLANDS
015 D010006 NETHERLANDS
015 E040006 X
015 A000007 ABN-AMRO BANK
015 B000007 S
015 C010007 NETHERLANDS
015 D010007 NETHERLANDS
015 E040007 X
<PAGE> PAGE 3
015 A000008 DECEVAL
015 B000008 S
015 C010008 COLOMBIA
015 D010008 COLOMBIA
015 E040008 X
015 A000009 STANDARD CHARTERED BANK
015 B000009 S
015 C010009 LONDON
015 D010009 ENGLAND
015 E040009 X
015 A000010 CREDIT SUISSE FIRST BOSTON
015 B000010 S
015 C010010 MOSCOW
015 D010010 RUSSIA
015 E040010 X
015 A000011 INDEVAL
015 B000011 S
015 C010011 MEXICO
015 D010011 MEXICO
015 E040011 X
015 A000012 CITIBANK MEXICO, S.A.
015 B000012 S
015 C010012 MEXICO
015 D010012 MEXICO
015 E040012 X
015 A000013 DCV
015 B000013 S
015 C010013 COLOMBIA
015 D010013 COLOMBIA
015 E040013 X
015 A000014 SSCCRC
015 B000014 S
015 C010014 CHINA
015 D010014 CHINA
015 E040014 X
015 A000015 SSCC
015 B000015 S
015 C010015 CHINA
015 D010015 CHINA
015 E040015 X
015 A000016 THE BANK OF NEW YORK
015 B000016 S
015 C010016 NEW YORK
015 C020016 NY
015 C030016 10015
015 E010016 X
015 A000017 BANKERS TRUST COMPANY
015 B000017 S
015 C010017 NEW YORK
015 C020017 NY
015 C030017 10006
<PAGE> PAGE 4
015 E010017 X
015 A000018 CHASE MANHATTAN BANK N.A.
015 B000018 S
015 C010018 NEW YORK
015 C020018 NY
015 C030018 10017
015 E010018 X
015 A000019 CUSTODIAL TRUST CO.
015 B000019 S
015 C010019 NEW YORK
015 C020019 NY
015 C030019 10167
015 E010019 X
015 A000020 MORGAN GUARANTEE TRUST CO.
015 B000020 S
015 C010020 NEW YORK
015 C020020 NY
015 C030020 10260
015 E010020 X
015 A000021 VTB
015 B000021 S
015 C010021 RUSSIA
015 D010021 RUSSIA
015 E040021 X
015 A000022 MICEX
015 B000022 S
015 C010022 RUSSIA
015 D010022 RUSSIA
015 E040022 X
015 A000023 CLC
015 B000023 S
015 C010023 BRAZIL
015 D010023 BRAZIL
015 E040023 X
015 A000024 BOVESPA
015 B000024 S
015 C010024 BRAZIL
015 D010024 BRAZIL
015 E040024 X
015 A000025 BANCO DE MEXICO
015 B000025 S
015 C010025 MEXICO
015 D010025 MEXICO
015 E040025 X
015 A000026 CAVALI
015 B000026 S
015 C010026 PERU
015 D010026 PERU
015 E040026 X
015 A000027 NECIGEF
015 B000027 S
<PAGE> PAGE 5
015 C010027 NETHERLANDS
015 D010027 NETHERLANDS
015 E040027 X
015 A000028 LATINCLEAR
015 B000028 S
015 C010028 PANAMA
015 D010028 PANAMA
015 E040028 X
018 000000 Y
019 A000000 Y
019 B000000 208
019 C000000 MERRILLLYN
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 HSBC SECURITIES, INC.
022 B000001 13-2650272
022 C000001 371886
022 D000001 12601
022 A000002 GENERAL MOTORS ACCEPTANCE CORP.
022 C000002 144056
022 D000002 0
022 A000003 MORGAN (J.P.) SECURITIES INC.
022 B000003 13-3224016
022 C000003 62067
022 D000003 43625
022 A000004 MORGAN STANLEY & CO. INCORPORATED
022 B000004 13-2655998
022 C000004 57848
022 D000004 7000
022 A000005 GOLDMAN, SACHS & CO.
022 B000005 13-5108880
022 C000005 28081
022 D000005 36702
022 A000006 CHASE SECURITISE INC.
022 B000006 13-3112953
022 C000006 19123
022 D000006 28787
022 A000007 LEHMAN BROTHERS INC.
022 B000007 13-2518466
022 C000007 30913
022 D000007 12230
022 A000008 ABN AMRO INCORPORATED
<PAGE> PAGE 6
022 B000008 13-3227945
022 C000008 8810
022 D000008 14912
022 A000009 BT ALEX. BROWN INCORPORATED
022 B000009 52-1319768
022 C000009 14455
022 D000009 8379
022 A000010 CITICORP SECURITIES, INC.
022 C000010 10818
022 D000010 11044
023 C000000 858655
023 D000000 242764
024 000000 N
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 776
028 A020000 168
028 A030000 0
028 A040000 3344
028 B010000 1191
028 B020000 263
028 B030000 0
028 B040000 3747
028 C010000 527
028 C020000 312
028 C030000 0
028 C040000 4633
028 D010000 599
028 D020000 302
028 D030000 0
028 D040000 3484
028 E010000 675
028 E020000 383
028 E030000 0
028 E040000 2619
028 F010000 2714
028 F020000 261
028 F030000 0
028 F040000 6131
028 G010000 6482
028 G020000 1689
028 G030000 0
028 G040000 23958
<PAGE> PAGE 7
028 H000000 2599
029 000000 Y
030 A000000 4
030 B000000 4.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 4
034 000000 Y
035 000000 143
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
042 G000000 0
042 H000000 0
043 000000 292
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.600
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
<PAGE> PAGE 8
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 N
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 N
054 M000000 Y
054 N000000 N
055 A000000 Y
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 0
062 A000000 Y
062 B000000 0.0
062 C000000 6.6
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 2.7
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 99.8
062 R000000 0.0
063 A000000 0
063 B000000 14.9
<PAGE> PAGE 9
064 A000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 Y
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 Y
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
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 Y
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 Y
071 A000000 220658
071 B000000 206648
071 C000000 95588
071 D000000 216
072 A000000 6
072 B000000 5665
072 C000000 0
072 D000000 0
072 E000000 0
<PAGE> PAGE 10
072 F000000 341
072 G000000 37
072 H000000 0
072 I000000 80
072 J000000 38
072 K000000 0
072 L000000 51
072 M000000 20
072 N000000 36
072 O000000 0
072 P000000 733
072 Q000000 0
072 R000000 18
072 S000000 13
072 T000000 292
072 U000000 7
072 V000000 0
072 W000000 10
072 X000000 1676
072 Y000000 0
072 Z000000 3989
072AA000000 2471
072BB000000 5552
072CC010000 0
072CC020000 9494
072DD010000 735
072DD020000 3254
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 4
074 B000000 0
074 C000000 6649
074 D000000 71371
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 19840
074 K000000 0
074 L000000 2392
074 M000000 37
074 N000000 100293
074 O000000 4044
074 P000000 93
074 Q000000 0
074 R010000 24000
074 R020000 0
<PAGE> PAGE 11
074 R030000 0
074 R040000 654
074 S000000 0
074 T000000 71502
074 U010000 1540
074 U020000 7231
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 7154
074 Y000000 0
075 A000000 0
075 B000000 90771
076 000000 0.00
077 A000000 Y
077 O000000 Y
078 000000 N
SIGNATURE GERALD M. RICHARD
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000906956
<NAME> MERRILL LYNCH AMERICAS INCOME FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 87447983
<INVESTMENTS-AT-VALUE> 78019663
<RECEIVABLES> 22231896
<ASSETS-OTHER> 41300
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 100292859
<PAYABLE-FOR-SECURITIES> 4043922
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24747509
<TOTAL-LIABILITIES> 28791431
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 86887099
<SHARES-COMMON-STOCK> 273457
<SHARES-COMMON-PRIOR> 504361
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3080760)
<OVERDISTRIBUTION-GAINS> (2876442)
<ACCUM-APPREC-OR-DEPREC> (9428469)
<NET-ASSETS> 2234901
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5665293
<OTHER-INCOME> 0
<EXPENSES-NET> (1676613)
<NET-INVESTMENT-INCOME> 3988680
<REALIZED-GAINS-CURRENT> (3080760)
<APPREC-INCREASE-CURRENT> (9494415)
<NET-CHANGE-FROM-OPS> (8586495)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (215652)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 152882
<NUMBER-OF-SHARES-REDEEMED> (399888)
<SHARES-REINVESTED> 16102
<NET-CHANGE-IN-ASSETS> (28362031)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (2876442)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 340838
<INTEREST-EXPENSE> 733351
<GROSS-EXPENSE> 1676613
<AVERAGE-NET-ASSETS> 4576938
<PER-SHARE-NAV-BEGIN> 9.60
<PER-SHARE-NII> .45
<PER-SHARE-GAIN-APPREC> (1.43)
<PER-SHARE-DIVIDEND> (.45)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.17
<EXPENSE-RATIO> 3.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000906956
<NAME> MERRILL LYNCH AMERICAS INCOME FUND, INC.
<SERIES>
<NUMBER> 002
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 87447983
<INVESTMENTS-AT-VALUE> 78019663
<RECEIVABLES> 22231896
<ASSETS-OTHER> 41300
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 100292859
<PAYABLE-FOR-SECURITIES> 4043922
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24747509
<TOTAL-LIABILITIES> 28791431
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 86887099
<SHARES-COMMON-STOCK> 6886325
<SHARES-COMMON-PRIOR> 8225505
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3080760)
<OVERDISTRIBUTION-GAINS> (2876442)
<ACCUM-APPREC-OR-DEPREC> (9428469)
<NET-ASSETS> 56132546
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5665293
<OTHER-INCOME> 0
<EXPENSES-NET> (1676613)
<NET-INVESTMENT-INCOME> 3988680
<REALIZED-GAINS-CURRENT> (3080760)
<APPREC-INCREASE-CURRENT> (9494415)
<NET-CHANGE-FROM-OPS> (8586495)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3091421)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 345037
<NUMBER-OF-SHARES-REDEEMED> (1815540)
<SHARES-REINVESTED> 131323
<NET-CHANGE-IN-ASSETS> (28362031)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (2876442)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 340838
<INTEREST-EXPENSE> 733351
<GROSS-EXPENSE> 1676613
<AVERAGE-NET-ASSETS> 71179688
<PER-SHARE-NAV-BEGIN> 9.57
<PER-SHARE-NII> .41
<PER-SHARE-GAIN-APPREC> (1.42)
<PER-SHARE-DIVIDEND> (.41)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.15
<EXPENSE-RATIO> 3.84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000906956
<NAME> MERRILL LYNCH AMERICAS INCOME FUND, INC.
<SERIES>
<NUMBER> 003
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 87447983
<INVESTMENTS-AT-VALUE> 78019663
<RECEIVABLES> 22231896
<ASSETS-OTHER> 41300
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 100292859
<PAYABLE-FOR-SECURITIES> 4043922
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24747509
<TOTAL-LIABILITIES> 28791431
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 86887099
<SHARES-COMMON-STOCK> 344952
<SHARES-COMMON-PRIOR> 441099
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3080760)
<OVERDISTRIBUTION-GAINS> (2876442)
<ACCUM-APPREC-OR-DEPREC> (9428469)
<NET-ASSETS> 2811671
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5665293
<OTHER-INCOME> 0
<EXPENSES-NET> (1676613)
<NET-INVESTMENT-INCOME> 3988680
<REALIZED-GAINS-CURRENT> (3080760)
<APPREC-INCREASE-CURRENT> (9494415)
<NET-CHANGE-FROM-OPS> (8586495)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (162081)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19722
<NUMBER-OF-SHARES-REDEEMED> (122731)
<SHARES-REINVESTED> 6862
<NET-CHANGE-IN-ASSETS> (28362031)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (2876442)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 340838
<INTEREST-EXPENSE> 733351
<GROSS-EXPENSE> 1676613
<AVERAGE-NET-ASSETS> 3758618
<PER-SHARE-NAV-BEGIN> 9.57
<PER-SHARE-NII> .41
<PER-SHARE-GAIN-APPREC> (1.42)
<PER-SHARE-DIVIDEND> (.41)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.15
<EXPENSE-RATIO> 3.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000906956
<NAME> MERRILL LYNCH AMERICAS INCOME FUND, INC.
<SERIES>
<NUMBER> 004
<NAME> CLASS D
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 87447983
<INVESTMENTS-AT-VALUE> 78019663
<RECEIVABLES> 22231896
<ASSETS-OTHER> 41300
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 100292859
<PAYABLE-FOR-SECURITIES> 4043922
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24747509
<TOTAL-LIABILITIES> 28791431
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 86887099
<SHARES-COMMON-STOCK> 1266968
<SHARES-COMMON-PRIOR> 1261248
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3080760)
<OVERDISTRIBUTION-GAINS> (2876442)
<ACCUM-APPREC-OR-DEPREC> (9428469)
<NET-ASSETS> 10322310
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5665293
<OTHER-INCOME> 0
<EXPENSES-NET> (1676613)
<NET-INVESTMENT-INCOME> 3988680
<REALIZED-GAINS-CURRENT> (3080760)
<APPREC-INCREASE-CURRENT> (9494415)
<NET-CHANGE-FROM-OPS> (8586495)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (519526)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 205042
<NUMBER-OF-SHARES-REDEEMED> (223936)
<SHARES-REINVESTED> 24614
<NET-CHANGE-IN-ASSETS> (28362031)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (2876442)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 340838
<INTEREST-EXPENSE> 733351
<GROSS-EXPENSE> 1676613
<AVERAGE-NET-ASSETS> 11255789
<PER-SHARE-NAV-BEGIN> 9.57
<PER-SHARE-NII> .44
<PER-SHARE-GAIN-APPREC> (1.42)
<PER-SHARE-DIVIDEND> (.44)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.15
<EXPENSE-RATIO> 3.34
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
