<PAGE> PAGE 1
000 A000000 10/31/96
000 C000000 0000912291
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 REAL ESTATE SECURITIES TRUST
001 B000000 811-8034
001 C000000 4153122000
002 A000000 777 MARINERS ISLAND BOULEVARD
002 B000000 SAN MATEO
002 C000000 CA
002 D010000 94403
002 D020000 7777
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 FRANKLIN ADVISERS, INC.
008 B000001 A
008 C000001 801-26292
008 D010001 SAN MATEO
008 D020001 CA
008 D030001 94403
008 D040001 7777
011 A000001 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
011 B000001 8-5889
011 C010001 SAN MATEO
011 C020001 CA
011 C030001 94403
011 C040001 7777
012 A000001 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
012 B000001 84-1036
012 C010001 SAN MATEO
012 C020001 CA
012 C030001 94403
<PAGE> PAGE 2
012 C040001 7777
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 SAN FRANCISCO
013 B020001 CA
013 B030001 94105
013 B040001 2119
014 A000001 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
014 B000001 8-5889
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
015 E010001 X
015 A000002 BANK OF AMERICA NT & SA
015 B000002 C
015 C010002 SAN FRANCISCO
015 C020002 CA
015 C030002 94104
015 C040002 1502
015 E010002 X
015 A000003 CITIBANK DELAWARE
015 B000003 C
015 C010003 NEW CASTLE
015 C020003 DE
015 C030003 19720
015 C040003 2409
015 E010003 X
015 A000004 THE BANK OF BOSTON
015 B000004 S
015 C010004 BUENOS AIRES
015 D010004 ARGENTINA
015 E040004 X
015 A000005 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B000005 S
015 C010005 MELBOURNE
015 D010005 AUSTRALIA
015 E040005 X
015 A000006 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPAR.
015 B000006 S
015 C010006 VIENNA
015 D010006 AUSTRIA
015 E040006 X
015 A000007 STANDARD CHARTERED BANK PLC (SCB)
015 B000007 S
015 C010007 DHAKA
015 D010007 BANGLADESH
015 E040007 X
015 A000008 BANQUE BRUXELLESLAMBERT (BBL)
015 B000008 S
015 C010008 BRUSSELS
<PAGE> PAGE 3
015 D010008 BELGIUM
015 E040008 X
015 A000009 THE BANK OF BOSTON
015 B000009 S
015 C010009 SAO PAULO
015 D010009 BRAZIL
015 E040009 X
015 A000010 THE ROYAL TRUST CORPORATION OF CANADA
015 B000010 S
015 C010010 MONTREAL
015 D010010 CANADA
015 E040010 X
015 A000011 STANDARD CHARTERED BANK
015 B000011 S
015 C010011 SHANGHAI
015 D010011 CHINA
015 E040011 X
015 A000012 STANDARD CHARTERED BANK
015 B000012 S
015 C010012 SHENZHEN
015 D010012 CHINA
015 E040012 X
015 A000013 CITIBANK, N.A. VIA CITITRUST COLUMBIA S.A.
015 B000013 S
015 C010013 BOGOTA
015 D010013 COLOMBIA
015 E040013 X
015 A000014 THE BANK OF BOSTON
015 B000014 S
015 C010014 SANTIAGO
015 D010014 CHILE
015 E040014 X
015 A000015 DEN DANSKE BANK
015 B000015 S
015 C010015 COPENHAGEN
015 D010015 DENMARK
015 E040015 X
015 A000016 CEDEL
015 B000016 S
015 C010016 LUXEMBOURG CITY
015 D010016 LUXEMBOURG
015 E040016 X
015 A000017 FIRST CHICAGO CLEARING CENTRE
015 B000017 S
015 C010017 LONDON
015 D010017 LUXEMBOURG
015 E040017 X
015 A000018 MERITA BANK (MB)
015 B000018 S
015 C010018 HELSINKI
015 D010018 FINLAND
<PAGE> PAGE 4
015 E040018 X
015 A000019 BANQUE PARIBAS
015 B000019 S
015 C010019 PARIS
015 D010019 FRANCE
015 E040019 X
015 A000020 DRESDNER BANK AG
015 B000020 S
015 C010020 FRANKFURT
015 D010020 GERMANY
015 E040020 X
015 A000021 ALPHA CREDIT BANK A.E.
015 B000021 S
015 C010021 ATHENS
015 D010021 GREECE
015 E040021 X
015 A000022 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000022 S
015 C010022 HONG KONG
015 D010022 HONG KONG
015 E040022 X
015 A000023 CITIBANK, N.A.
015 B000023 S
015 C010023 BUDAPEST
015 D010023 HUNGARY
015 E040023 X
015 A000024 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000024 S
015 C010024 BOMBAY
015 D010024 INDIA
015 E040024 X
015 A000025 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000025 S
015 C010025 JAKARTA
015 D010025 INDONESIA
015 E040025 X
015 A000026 ALLIED IRISH BANK (AIB)
015 B000026 S
015 C010026 DUBLIN
015 D010026 IRELAND
015 E040026 X
015 A000027 ISRAEL DISCOUNT BANK
015 B000027 S
015 C010027 TEL AVIV
015 D010027 ISRAEL
015 E040027 X
015 A000028 BANCA COMMERCIALE ITALIANA (BCI)
015 B000028 S
015 C010028 MILAN
015 D010028 ITALY
015 E040028 X
<PAGE> PAGE 5
015 A000029 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B000029 S
015 C010029 TOKYO
015 D010029 JAPAN
015 E040029 X
015 A000030 THE HONGKONG BANK MALAYSIA BERHAD
015 B000030 S
015 C010030 KUALA LUMPUR
015 D010030 MALAYSIA
015 E040030 X
015 A000031 BANCO NACIONAL DE MEXICO
015 B000031 S
015 C010031 MEXICO CITY
015 D010031 MEXICO
015 E040031 X
015 A000032 MEESPIERSON
015 B000032 S
015 C010032 AMSTERDAM
015 D010032 NETHERLANDS
015 E040032 X
015 A000033 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B000033 S
015 C010033 WELLINGTON
015 D010033 NEW ZEALAND
015 E040033 X
015 A000034 DEN NORSKE BANK A.S.
015 B000034 S
015 C010034 BERGEN/OSLO
015 D010034 NORWAY
015 E040034 X
015 A000035 STANDARD CHARTERED BANK (SCB)
015 B000035 S
015 C010035 KARACHI
015 D010035 PAKISTAN
015 E040035 X
015 A000036 CITIBANK, N.A.
015 B000036 S
015 C010036 LIMA
015 D010036 PERU
015 E040036 X
015 A000037 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000037 S
015 C010037 MANILA
015 D010037 PHILIPPINES
015 E040037 X
015 A000038 BANK HANDLOWY W WARSZAWIE S.A.
015 B000038 S
015 C010038 WARSAW
015 D010038 POLAND
015 E040038 X
015 A000039 BANCO COMERCIAL PORTUGUES, S.A. (BCP)
<PAGE> PAGE 6
015 B000039 S
015 C010039 LISBON
015 D010039 PORTUGAL
015 E040039 X
015 A000040 UNITED OVERSEAS BANK (UOB)
015 B000040 S
015 C010040 SINGAPORE
015 D010040 SINGAPORE
015 E040040 X
015 A000041 STANDARD BANK OF SOUTH AFRICA LIMITED (SBSA)
015 B000041 S
015 C010041 JOHANNESBURG
015 D010041 SOUTH AFRICA
015 E040041 X
015 A000042 SEOULBANK (SB)
015 B000042 S
015 C010042 SEOUL
015 D010042 SOUTH KOREA
015 E040042 X
015 A000043 BANCO BILBAO VIZCAYA (BBV)
015 B000043 S
015 C010043 MADRID/BILBAO
015 D010043 SPAIN
015 E040043 X
015 A000044 STANDARD CHARTERED BANK (SCB)
015 B000044 S
015 C010044 COLOMBO
015 D010044 SRI LANKA
015 E040044 X
015 A000045 SKANDINAVISKA ENSKILDA BANKEN (SEB)
015 B000045 S
015 C010045 STOCKHOLM
015 D010045 SWEDEN
015 E040045 X
015 A000046 UNION BANK OF SWITZERLAND (UBS)
015 B000046 S
015 C010046 ZURICH
015 D010046 SWITZERLAND
015 E040046 X
015 A000047 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000047 S
015 C010047 TAIPEI
015 D010047 TAIWAN (REP. CHINA)
015 E040047 X
015 A000048 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD.
015 B000048 S
015 C010048 BANGKOK
015 D010048 THAILAND
015 E040048 X
015 A000049 CITIBANK, N.A.
015 B000049 S
<PAGE> PAGE 7
015 C010049 ISTANBUL
015 D010049 TURKEY
015 E040049 X
015 A000050 THE BANK OF NEW YORK
015 B000050 S
015 C010050 LONDON
015 D010050 UNITED KINGDOM
015 E040050 X
015 A000051 CITIBANK, N.A.
015 B000051 S
015 C010051 CARACAS
015 D010051 VENEZUELA
015 E040051 X
015 A000052 BANCO DE CHILE
015 B000052 S
015 C010052 SANTIAGO
015 D010052 CHILE
015 E040052 X
015 A000053 CESKOSLOVENSKA OBCHODNI BANKA (CSOB)
015 B000053 S
015 C010053 PRAGUE
015 D010053 CZECH REPUBLIC
015 E040053 X
015 A000054 BANQUE COMMERCIALE DU MAROC (BCM)
015 B000054 S
015 C010054 CASABLANCA
015 D010054 MOROCCO
015 E040054 X
015 A000055 THE BANK OF BOSTON
015 B000055 S
015 C010055 MONTEVIDEO
015 D010055 URUGUAY
015 E040055 X
018 000000 Y
019 A000000 Y
019 B000000 193
019 C000000 FRNKTEMGRP
020 A000001 EVEREN SEC., INC.
020 B000001 36-2693816
020 C000001 24
020 A000002 EDWARDS (A G) & SONS INC.
020 B000002 43-0895447
020 C000002 9
020 A000003 PAINEWEBBER INC.
020 B000003 13-2638166
020 C000003 5
020 A000004 WHEAT FIRST SECURITIES INC.
020 B000004 54-0796506
020 C000004 5
020 A000005 MERRILL LYNCH PIERCE FENNER
020 B000005 13-5674085
<PAGE> PAGE 8
020 C000005 5
020 A000006 LEHMAN BROTHERS, INC.
020 B000006 13-2518466
020 C000006 4
020 A000007 MORGAN KEEGAN & CO. INC.
020 B000007 64-0474907
020 C000007 4
020 A000008 DAIN BOSWORTH INC.
020 B000008 41-0212020
020 C000008 4
020 A000009 FIRST ALBANY CORP.
020 B000009 14-1391446
020 C000009 2
020 A000010 JANNEY MONTGOMERY SCOTT INC.
020 B000010 23-0731260
020 C000010 2
021 000000 76
022 A000001 FUJI SECURITIES INC.
022 B000001 13-3038090
022 C000001 104604
022 D000001 0
022 A000002 SBCI SWISS BANK CORP. INV BANK
022 B000002 13-2639550
022 C000002 103593
022 D000002 0
022 A000003 BANKERS TRUST CO.
022 B000003 13-4941247
022 C000003 96372
022 D000003 0
022 A000004 DAIWA SECURITIES INC.
022 B000004 13-5680329
022 C000004 94922
022 D000004 0
022 A000005 UBS SECURITIES INC.
022 B000005 13-2932996
022 C000005 85137
022 D000005 0
022 A000006 DONALDSON LUFKIN & JENRETTE
022 B000006 13-2741729
022 C000006 84672
022 D000006 0
022 A000007 BEAR, STEARNS & CO., INC.
022 B000007 13-3299429
022 C000007 76990
022 D000007 0
022 A000008 BANK OF AMERICA NT & SA
022 B000008 94-1687665
022 C000008 67793
022 D000008 0
022 A000009 NIKKO SECURITIES CO INTL, INC.
022 B000009 94-1302123
<PAGE> PAGE 9
022 C000009 65210
022 D000009 0
022 A000010 AUBREY LANSTON & CO.
022 B000010 13-5552129
022 C000010 56487
022 D000010 0
023 C000000 948222
023 D000000 1021
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 N
027 000000 Y
028 A010000 4063
028 A020000 0
028 A030000 0
028 A040000 523
028 B010000 4440
028 B020000 0
028 B030000 0
028 B040000 431
028 C010000 6701
028 C020000 0
028 C030000 0
028 C040000 1220
028 D010000 7443
028 D020000 0
028 D030000 0
028 D040000 754
028 E010000 10082
028 E020000 0
028 E030000 0
028 E040000 3580
028 F010000 17937
028 F020000 0
028 F030000 0
028 F040000 1049
<PAGE> PAGE 10
028 G010000 50666
028 G020000 0
028 G030000 0
028 G040000 7557
028 H000000 50666
029 000000 Y
030 A000000 742
030 B000000 4.50
030 C000000 0.00
031 A000000 0
031 B000000 43
032 000000 785
033 000000 0
034 000000 Y
035 000000 1
036 A000000 N
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037 000000 N
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044 000000 106
045 000000 Y
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047 000000 Y
048 000000 0.000
048 A010000 100000
048 A020000 0.625
048 B010000 150000
048 B020000 0.500
048 C010000 9750000
048 C020000 0.450
048 D010000 2500000
048 D020000 0.440
048 E010000 2500000
048 E020000 0.420
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
<PAGE> PAGE 11
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 15000000
048 K020000 0.400
049 000000 N
050 000000 N
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 Y
054 E000000 Y
054 F000000 Y
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 Y
054 L000000 Y
054 M000000 Y
054 N000000 Y
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
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
<PAGE> PAGE 12
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
066 C000000 N
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 Y
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 Y
<PAGE> PAGE 13
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 41357
071 B000000 1820
071 C000000 52492
071 D000000 3
072 A000000 6
072 B000000 192
072 C000000 1232
072 D000000 0
072 E000000 0
072 F000000 181
072 G000000 0
072 H000000 0
072 I000000 28
072 J000000 2
072 K000000 6
072 L000000 15
072 M000000 0
072 N000000 15
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 4
072 S000000 2
072 T000000 107
072 U000000 0
072 V000000 0
072 W000000 6
072 X000000 366
072 Y000000 42
072 Z000000 1100
072AA000000 604
072BB000000 0
072CC010000 5586
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 223
074 B000000 13610
074 C000000 0
074 D000000 0
074 E000000 26
074 F000000 80733
074 G000000 0
<PAGE> PAGE 14
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 1152
074 M000000 8
074 N000000 95752
074 O000000 5328
074 P000000 102
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 6
074 S000000 0
074 T000000 90316
074 U010000 4944
074 U020000 1392
074 V010000 14.29
074 V020000 14.14
074 W000000 0.0000
074 X000000 6593
074 Y000000 5854
075 A000000 0
075 B000000 57586
076 000000 0.00
077 A000000 N
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 B000000 0
084 B000000 0
086 A010000 0
086 A020000 0
086 B010000 0
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086 C020000 0
086 D010000 0
086 D020000 0
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086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE KIMBERLEY MONASTERIO
TITLE ASST TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
REAL ESTATE SECURITIES TRUST - FRANKLIN REAL ESTATE SECURITIES FUND OCTOBER 31,
1996 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> FRANKLIN REAL ESTATE SECURITIES FUND - CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 71,544,848
<INVESTMENTS-AT-VALUE> 80,759,612
<RECEIVABLES> 14,761,646
<ASSETS-OTHER> 222,700
<OTHER-ITEMS-ASSETS> 7,963
<TOTAL-ASSETS> 95,751,921
<PAYABLE-FOR-SECURITIES> 5,328,275
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 107,560
<TOTAL-LIABILITIES> 5,435,835
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 78,900,850
<SHARES-COMMON-STOCK> 4,944,124
<SHARES-COMMON-PRIOR> 2,660,576
<ACCUMULATED-NII-CURRENT> 1,473,193
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 727,279
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,214,764
<NET-ASSETS> 90,316,086
<DIVIDEND-INCOME> 1,232,296
<INTEREST-INCOME> 191,773
<OTHER-INCOME> 0
<EXPENSES-NET> (324,476)
<NET-INVESTMENT-INCOME> 1,099,593
<REALIZED-GAINS-CURRENT> 603,880
<APPREC-INCREASE-CURRENT> 5,585,748
<NET-CHANGE-FROM-OPS> 7,289,221
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,813,340
<NUMBER-OF-SHARES-REDEEMED> (529,792)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 50,399,751
<ACCUMULATED-NII-PRIOR> 373,600
<ACCUMULATED-GAINS-PRIOR> 123,399
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 181,425
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 365,832
<AVERAGE-NET-ASSETS> 57,585,851
<PER-SHARE-NAV-BEGIN> 12.640
<PER-SHARE-NII> .240
<PER-SHARE-GAIN-APPREC> 1.410
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 14.290
<EXPENSE-RATIO> .980
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
REAL ESTATE SECURITIES TRUST - FRANKLIN REAL ESTATE SECURITIES FUND OCTOBER 31,
1996 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 012
<NAME> FRANKLIN REAL ESTATE SECURITIES FUND - CLASS II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 71,544,848
<INVESTMENTS-AT-VALUE> 80,759,612
<RECEIVABLES> 14,761,646
<ASSETS-OTHER> 222,700
<OTHER-ITEMS-ASSETS> 7,963
<TOTAL-ASSETS> 95,751,921
<PAYABLE-FOR-SECURITIES> 5,328,275
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 107,560
<TOTAL-LIABILITIES> 5,435,835
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 78,900,850
<SHARES-COMMON-STOCK> 1,392,038
<SHARES-COMMON-PRIOR> 500,271
<ACCUMULATED-NII-CURRENT> 1,473,193
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 727,279
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,214,764
<NET-ASSETS> 90,316,086
<DIVIDEND-INCOME> 1,232,296
<INTEREST-INCOME> 191,773
<OTHER-INCOME> 0
<EXPENSES-NET> (324,476)
<NET-INVESTMENT-INCOME> 1,099,593
<REALIZED-GAINS-CURRENT> 603,880
<APPREC-INCREASE-CURRENT> 5,585,748
<NET-CHANGE-FROM-OPS> 7,289,221
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 918,514
<NUMBER-OF-SHARES-REDEEMED> (26,747)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 50,399,751
<ACCUMULATED-NII-PRIOR> 373,600
<ACCUMULATED-GAINS-PRIOR> 123,399
<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
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<PER-SHARE-NAV-BEGIN> 12.560
<PER-SHARE-NII> .210
<PER-SHARE-GAIN-APPREC> 1.370
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 14.140
<EXPENSE-RATIO> 1.730
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
