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<PAGE> PAGE 2
011 C010001 MINNEAPOLIS
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012 A000001 INVESTORS FIDUCIARY TRUST COMPANY
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
086 F020000 0
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SIGNATURE SHUSHMA PATEL
TITLE ACCOUNTING ADMINISTR
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 74,697,548
<INVESTMENTS-AT-VALUE> 77,036,438
<RECEIVABLES> 1,073,438
<ASSETS-OTHER> 141,155
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 78,251,031
<PAYABLE-FOR-SECURITIES> 18,483,625
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 457
<TOTAL-LIABILITIES> 18,484,082
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 72,465,613
<SHARES-COMMON-STOCK> 6,251,305
<SHARES-COMMON-PRIOR> 6,251,305
<ACCUMULATED-NII-CURRENT> 719,910
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (15,756,525)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,337,951
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<DIVIDEND-INCOME> 7,838
<INTEREST-INCOME> 2,533,644
<OTHER-INCOME> 104,218
<EXPENSES-NET> 356,701
<NET-INVESTMENT-INCOME> 2,288,999
<REALIZED-GAINS-CURRENT> (416,696)
<APPREC-INCREASE-CURRENT> 4,078,853
<NET-CHANGE-FROM-OPS> 5,951,156
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,125,444
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 0
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,825,712
<ACCUMULATED-NII-PRIOR> 556,355
<ACCUMULATED-GAINS-PRIOR> (15,339,829)
<OVERDISTRIB-NII-PRIOR> 0
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<AVERAGE-NET-ASSETS> 58,654,334
<PER-SHARE-NAV-BEGIN> 8.95
<PER-SHARE-NII> .37
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
