<PAGE> PAGE 1
000 B000000 12/31/96
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 VKAC EXPLORER INSTITUTIONAL TRUST
001 B000000 811-
001 C000000 6306846000
002 A000000 ONE PARKVIEW PLAZA
002 B000000 OAKBROOK TERRACE
002 C000000 IL
002 D010000 60181
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100
007 C020100 EXPLORER INSTITUTIONAL ACTIVE CORE FUND
007 C030100 N
007 C010200
007 C020200 EXPLORER INSTITUTIONAL LIMITED DURATION FUND
007 C030200 N
007 C010300
007 C010400
007 C010500
007 C010600
007 C010700
007 C010800
007 C010900
007 C011000 1
008 A00AA01 VAN KAMPEN AMERICAN CAPITAL MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-
008 D01AA01 OAKBROOK TERRACE
008 D02AA01 IL
008 D03AA01 60181
011 A00AA01 VAN KAMPEN AMERICAN CAPITAL DISTRIBUTORS, INC
011 B00AA01 8-19412
011 C01AA01 OAKBROOK TERRACE
011 C02AA01 IL
011 C03AA01 60181
012 A00AA01 ACCESS INVESTOR SERVICES, INC.
012 B00AA01 85-5003
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64141
<PAGE> PAGE 2
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 CHICAGO
013 B02AA01 IL
013 B03AA01 60601
014 A00AA01 MORGAN STANLEY & CO., INCORPORATED
014 B00AA01 8-
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02105
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 114
019 C00AA00 VANKAMPENA
022 A000001 NATIONSBANK
022 B000001 68-0193243
022 C000001 53625
022 D000001 354
022 A000002 FUJI SECURITIES
022 B000002 ----------
022 C000002 15000
022 D000002 224
022 A000003 SIGNET BANK
022 B000003 54-1088621
022 C000003 10043
022 D000003 0
022 A000004 HONG KONG SHANGHAI (HSBC)
022 B000004 ----------
022 C000004 3693
022 D000004 3670
022 A000005 STATE STREET BANK & TRUST
022 B000005 04-1867445
022 C000005 5159
022 D000005 0
022 A000006 MERRILL LYNCH
022 B000006 13-5674085
022 C000006 3312
022 D000006 777
022 A000007 PAINE WEBBER
022 B000007 13-2638166
022 C000007 1231
022 D000007 325
022 A000008 LEHMAN BROTHERS
022 B000008 13-2518466
022 C000008 1181
022 D000008 273
022 A000009 FIRST BOSTON
022 B000009 13-5659485
022 C000009 1252
<PAGE> PAGE 3
022 D000009 193
022 A000010 DONALDSON LUFKIN JENRETTE
022 B000010 13-2741729
022 C000010 977
022 D000010 209
023 C000000 97990
023 D000000 6403
024 00AA00 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 A010100 0
028 A020100 19
028 A030100 0
028 A040100 0
028 B010100 569
028 B020100 18
028 B030100 0
028 B040100 405
028 C010100 175
028 C020100 20
028 C030100 0
028 C040100 986
028 D010100 0
028 D020100 21
028 D030100 0
028 D040100 0
028 E010100 0
028 E020100 21
028 E030100 0
028 E040100 0
028 F010100 39
028 F020100 35
028 F030100 0
028 F040100 0
028 G010100 783
028 G020100 134
028 G030100 0
028 G040100 1391
028 H000100 0
028 A010200 0
028 A020200 45
028 A030200 0
028 A040200 0
<PAGE> PAGE 4
028 B010200 0
028 B020200 46
028 B030200 0
028 B040200 0
028 C010200 0
028 C020200 44
028 C030200 0
028 C040200 992
028 D010200 0
028 D020200 46
028 D030200 0
028 D040200 0
028 E010200 0
028 E020200 45
028 E030200 0
028 E040200 0
028 F010200 0
028 F020200 46
028 F030200 0
028 F040200 0
028 G010200 0
028 G020200 272
028 G030200 0
028 G040200 992
028 H000200 0
029 000100 N
029 000200 N
034 000100 N
034 000200 N
037 000100 N
037 000200 N
039 00AA00 N
040 00AA00 N
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 000100 0.00
048 A010100 1000000
048 A020100 0.300
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
<PAGE> PAGE 5
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 1000000
048 K020100 0.250
048 000200 0.00
048 A010200 1000000
048 A020200 0.300
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 1000000
048 K020200 0.250
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 N
053 C00AA00 Y
054 A00AA00 Y
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 N
054 I00AA00 Y
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
<PAGE> PAGE 6
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 000100 500
061 000200 500
062 A000100 Y
062 B000100 0.0
062 C000100 2.8
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 32.7
062 N000100 47.8
062 O000100 0.0
062 P000100 11.7
062 Q000100 4.4
062 R000100 0.0
062 A000200 Y
062 B000200 0.0
062 C000200 7.1
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 74.2
062 N000200 12.6
062 O000200 0.0
062 P000200 2.5
062 Q000200 2.1
062 R000200 0.0
063 A000100 0
063 B000100 4.62
063 A000200 0
<PAGE> PAGE 7
063 B000200 1.87
064 A000100 N
064 B000100 N
064 A000200 N
064 B000200 N
066 A000100 N
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 Y
066 A000200 N
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
<PAGE> PAGE 8
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
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 N
070 J020200 N
070 K010200 N
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000100 9355
071 B000100 3998
071 C000100 4760
071 D000100 84
071 A000200 10971
071 B000200 2137
071 C000200 6490
<PAGE> PAGE 9
071 D000200 33
072 A000100 9
072 B000100 223
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 10
072 G000100 0
072 H000100 0
072 I000100 3
072 J000100 0
072 K000100 0
072 L000100 2
072 M000100 2
072 N000100 2
072 O000100 0
072 P000100 0
072 Q000100 12
072 R000100 19
072 S000100 0
072 T000100 0
072 U000100 5
072 V000100 0
072 W000100 8
072 X000100 63
072 Y000100 49
072 Z000100 209
072AA000100 7
072BB000100 0
072CC010100 81
072CC020100 0
072DD010100 209
072DD020100 0
072EE000100 5
072 A000200 9
072 B000200 351
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 17
072 G000200 0
072 H000200 0
072 I000200 3
072 J000200 0
072 K000200 0
072 L000200 0
072 M000200 2
072 N000200 3
072 O000200 0
072 P000200 0
072 Q000200 20
<PAGE> PAGE 10
072 R000200 18
072 S000200 11
072 T000200 0
072 U000200 5
072 V000200 0
072 W000200 2
072 X000200 81
072 Y000200 58
072 Z000200 23
072AA000200 0
072BB000200 12
072CC010200 78
072CC020200 0
072DD010200 328
072DD020200 0
072EE000200 0
073 A010100 0.1000
073 A020100 0.4090
073 B000100 0.0100
073 C000100 0.0000
073 A010200 0.3860
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000100 4
074 B000100 0
074 C000100 100
074 D000100 5447
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 98
074 M000100 35
074 N000100 5684
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 44
074 S000100 0
074 T000100 5640
074 U010100 559
074 U020100 0
074 V010100 10.09
074 V020100 .00
<PAGE> PAGE 11
074 W000100 0.0000
074 X000100 9
074 Y000100 0
074 A000200 4
074 B000200 0
074 C000200 689
074 D000200 8913
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 177
074 M000200 34
074 N000200 9817
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 64
074 S000200 0
074 T000200 9753
074 U010200 973
074 U020200 0
074 V010200 10.02
074 V020200 .00
074 W000200 0.0000
074 X000200 6
074 Y000200 0
075 A000100 0
075 B000100 4655
075 A000200 0
075 B000200 7693
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 Q010000 N
080 C000100 0
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 B00AA00 N/A
080 C00AA00 65000
081 B000100 0
081 A00AA00 Y
081 B00AA00 96
082 B000100 0
082 A00AA00 Y
082 B00AA00 100
<PAGE> PAGE 12
083 A00AA00 N
083 B00AA00 0
084 B000200 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
KPMG Peat Marwick LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, IL 60601-9973
The Board of Trustees and Shareholders of
Explorer Institutional Limited Duration Fund:
In planning and performing our audit of the financial statements
of Explorer Institutional Limited Duration Fund (the "Fund")
for the period from April 23, 1996 (commencement of investment
operations) through December 31, 1996, we considered its
internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and
to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgements by management are
required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that
assets are safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance
with management's authorization and recorded properly to
permit preparation of financial statements in accordance with
generally accepted accounting principles.
Because of inherent limitations in any system of internal control
structure, errors or irregularities may occur and may not be
detected. Also, projection of any evaluation of the structure to
future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted
no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31, 1996.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
KPMG Peat Marwick LLP
February 12, 1997
KPMG Peat Marwick LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, IL 60601-9973
The Board of Trustees and Shareholders of
Explorer Institutional Active Core Fund:
In planning and performing our audit of the financial statements
of Explorer Institutional Active Core Fund (the "Fund")
for the period from April 23, 1996 (commencement of investment
operations) through December 31, 1996, we considered its
internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and
to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgements by management are
required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that
assets are safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance
with management's authorization and recorded properly to
permit preparation of financial statements in accordance with
generally accepted accounting principles.
Because of inherent limitations in any system of internal control
structure, errors or irregularities may occur and may not be
detected. Also, projection of any evaluation of the structure to
future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted
no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31, 1996.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
KPMG Peat Marwick LLP
February 12, 1997
NSAR ITEM 77C
Van Kampen American Capital Explorer Institutional Limited Duration Fund
(a) A Special Meeting of Shareholders was held on October 23, 1996.
(b) The election of Trustees of Van Kampen American Capital Explorer
Institutional Limited Duration Fund (the "Fund") included:
None
(c) The following were voted on at the meeting:
1) Approval of New Investment Advisory Agreement in the event of
a change of control of the Adviser.
For 105,000 Against 0
3) To Ratify the Selection of KPMG Peat Marwick LLP as Independent
Public Accountants for its Current Fiscal Year.
For 105,000 Against 0
NSAR ITEM 77C
Van Kampen American Capital Explorer Institutional Active Core Fund
(a) A Special Meeting of Shareholders was held on October 23, 1996.
(b) The election of Trustees of Van Kampen American Capital Explorer
Institutional Active Core Fund (the "Fund") included:
None
(c) The following were voted on at the meeting:
1) Approval of New Investment Advisory Agreement in the event of
a change of control of the Adviser.
For 105,000 Against 0
3) To Ratify the Selection of KPMG Peat Marwick LLP as Independent
Public Accountants for its Current Fiscal Year.
For 105,000 Against 0
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> VKAC-Explorer Institutional Limited Duration Fund
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 9523514
<INVESTMENTS-AT-VALUE> 9601646
<RECEIVABLES> 177010
<ASSETS-OTHER> 3926
<OTHER-ITEMS-ASSETS> 34632
<TOTAL-ASSETS> 9817214
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 64430
<TOTAL-LIABILITIES> 64430
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9686583
<SHARES-COMMON-STOCK> 973451
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 62
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (11993)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 78132
<NET-ASSETS> 9752784
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 350669
<OTHER-INCOME> 0
<EXPENSES-NET> (23078)
<NET-INVESTMENT-INCOME> 327591
<REALIZED-GAINS-CURRENT> (11993)
<APPREC-INCREASE-CURRENT> 78132
<NET-CHANGE-FROM-OPS> 393730
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (327529)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1042883
<NUMBER-OF-SHARES-REDEEMED> (100000)
<SHARES-REINVESTED> 30568
<NET-CHANGE-IN-ASSETS> 9702784
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17245
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 80605
<AVERAGE-NET-ASSETS> 7692575
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.386
<PER-SHARE-GAIN-APPREC> 0.019
<PER-SHARE-DIVIDEND> (0.386)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.019
<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> VKAC-Explorer Institutional Active Core
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-23-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 5465190
<INVESTMENTS-AT-VALUE> 5546654
<RECEIVABLES> 98275
<ASSETS-OTHER> 34632
<OTHER-ITEMS-ASSETS> 4378
<TOTAL-ASSETS> 5683939
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43593
<TOTAL-LIABILITIES> 43593
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5557380
<SHARES-COMMON-STOCK> 559271
<SHARES-COMMON-PRIOR> 5000
<ACCUMULATED-NII-CURRENT> (537)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2039
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 81464
<NET-ASSETS> 5640346
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 222864
<OTHER-INCOME> 0
<EXPENSES-NET> (13966)
<NET-INVESTMENT-INCOME> 208898
<REALIZED-GAINS-CURRENT> 6691
<APPREC-INCREASE-CURRENT> 81464
<NET-CHANGE-FROM-OPS> 297053
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (208862)
<DISTRIBUTIONS-OF-GAINS> (5225)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 680125
<NUMBER-OF-SHARES-REDEEMED> (140770)
<SHARES-REINVESTED> 14916
<NET-CHANGE-IN-ASSETS> 5590346
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10365
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 63150
<AVERAGE-NET-ASSETS> 4655341
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.409
<PER-SHARE-GAIN-APPREC> 0.095
<PER-SHARE-DIVIDEND> (0.409)
<PER-SHARE-DISTRIBUTIONS> (0.010)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.085
<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>