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Hennessy Funds Inc. – ‘NSAR-A’ for 2/28/14

On:  Wednesday, 4/9/14, at 2:38pm ET   ·   Effective:  4/9/14   ·   For:  2/28/14   ·   Accession #:  1325358-14-396   ·   File #:  811-07493

Previous ‘NSAR-A’:  ‘NSAR-A’ on 6/28/13 for 4/30/13   ·   Latest ‘NSAR-A’:  This Filing

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/09/14  Hennessy Funds Inc.               NSAR-A      2/28/14    3:42K                                    Toppan Merrill NSAR/FA
          → Hennessy Balanced Fund ⇒ Hennessy Balanced Fund – Investor Class (HBFBX)
          → Hennessy Total Return Fund ⇒ Hennessy Total Return Fund – Investor Class (HDOGX)

Semi-Annual Report by an Investment Company   —   Form N-SAR   —   ICA’40
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: NSAR-A      Semi-Annual Report by an Investment Company           12±    53K 
 3: EX-99.77M MERGERS  Merger Info                                  HTML      5K 
 2: EX-99.77Q1 OTHR EXHB  Other Disclosure                          HTML     32K

‘NSAR-A’   —   Semi-Annual Report by an Investment Company


SEC Info℠ rendering:  Data from the Answer File, which may only contain updates to a prior Form N-SAR


Form N-SAR
 
Semi-Annual Report by an Open-End Investment Company
 
Report 
 
      Registrant:   The Hennessy Funds, Inc. — List all N-SARs

Semi-Annual Report (at mid-year) for the 1st-half period ended:  2/28/14

Were there any Answer File errors in the Filing?  None Found
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.SEC CIK:      1005778
SEC File #:   811-07493

Telephone #:  414-287-3113
 
 2.Address:      615 East Michigan Street
              Milwaukee, WI  53202
 
 3.Is this the first Form N-SAR filed by the Registrant?  No
 
 4.Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series ↑Top of Form N-SAR 
                                                                                    
 7.Is the Registrant a Funds/Series (multiple portfolios) company?  Yes

The number of separate Funds/Series (portfolios) at period end:  2
The number of separate Funds/Series (portfolios) reported here:  2...

N-SAR S#      Fund/Series — Filings for F/S#… ⇒ Symbols 
 		↓Information Common to All 
↓Series 1:     Hennessy Balanced Fund — S#835 ⇒ HBFBX
↓Series 2:     Hennessy Total Return Fund — S#836 ⇒ HDOGX
 
Family of Investment Companies 
 
19.Is the Registrant/Series part of a “family” of investment companies?  Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family:  2

The Identification Code of the family for Form N-SAR Filings:  HENNESSYMF
 
Investment Company Type 
 
27.Is the Registrant an “open-end” investment company?  Yes, Open-End
 
Additional Disclosures 
 
77.Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77M:  Merger Info?  Yes

EX-99.77Q1: Other Disclosure?  Yes
 
Subsidiaries 
 
78.Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
 All Series↑List of 2 Funds/Series Reported Here 

Information Common to All Funds/Series
 
 All: Investment Adviser 
 
 8.1Name:         Hennessy Advisors, Inc.
Role:         Adviser
SEC File #:   801-36288
Location:     Novato, CA
 
 All: Administrator 
 
10.1Name:         US Bancorp Fund Services, LLC
SEC File #:   085-11357
Location:     Milwaukee, WI
 
 All: Principal Underwriter 
 
11.1Name:         Quasar Distributors, LLC
SEC File #:   008-52323
Location:     Milwaukee, WI
 
 All: Shareholder Servicing/Transfer Agent 
 
12.1Name:         US Bancorp Fund Services, LLC
SEC File #:   085-11357
Location:     Milwaukee, WI
 
 All: Independent Public Accountant 
 
13.1Name:         KPMG LLP
Location:     Milwaukee, WI
 
 All: Custodian 
 
15.1Name:         US Bank, N.A.
Role:         Custodian
Location:     Milwaukee, WI

Type of custody:  Section 17(f)(1) — Bank
 
18.Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
 All: Brokerage Commissions Paid on Portfolio Transactions 
 
20.The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1Broker:       Investment Technology Group, Inc.
Commissions paid ($000s):  6
 
21.Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s):  6
 
 All: Portfolio Transactions with Entities Acting as Principals 
 
22.The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1Entity:       U.S. Bank Money Center
Registrant’s purchases ($000s):  99,304
Registrant’s sales ($000s):  44,736
 
22.2Entity:       Jefferies & Co., Inc.
Registrant’s purchases ($000s):  38,997
 
22.3Entity:       UBS
Registrant’s purchases ($000s):  1,498
 
23.Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  139,799
   Aggregate sales ($000s):  44,736
 
 All: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
 All: Considerations which Affected the Participation of Brokers or Dealers 
 
26.Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ...............................  No
Receipt of investment research and statistical info ....................  No
Receipt of quotations for portfolio valuations .........................  No
Ability to execute portfolio transactions to obtain the best price
  and execution ........................................................  Yes
Receipt of telephone line and wire services ............................  No
Broker or Dealer which is an affiliated person .........................  No
An arrangement to return or credit part or all of commissions or
  profits thereon...
    To an Investment Adviser or Principal Underwriter, or to an
      affiliated person of either ......................................  No
    To the Registrant ..................................................  No
Other ..................................................................  No
 
 All: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.Was a front-end sales load deducted from any share sales during the
period?  No
 
34.Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period?  No
 
 All: Advisory Fee 
 
45.Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.6%
    Step-fee rates:
      For 1st $000s:  0
        Annual rate:  0.0%
 
54.Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  Yes
Clerical and bookkeeping services ......................................  No
Accounting services ....................................................  No
Services of independent auditors .......................................  No
Services of outside counsel ............................................  Yes
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  No
Salaries & compensation of Registrant’s interested Directors ...........  Yes
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  Yes
Reports to current shareholders ........................................  No
Determination of offering and redemption prices ........................  No
Trading department .....................................................  Yes
Prospectus preparation and printing for current shareholders ...........  No
Other ..................................................................  No
 
 All: Classification and Asset Allocation 
 
58.Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.Is the Registrant/Series a management investment company?  Yes
 
60.Was the Registrant/Series a diversified investment company at any time
during the period?  No

Was the Registrant/Series a diversified investment company at the end of
the period?  No
 
61.The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $2,500
 
 Series 1↑Information Common to All Funds/Series  ↑List of 2 Funds/Series 
 
 7.Name:         Hennessy Balanced Fund — S#835 ⇒ HBFBX

Is this the final Form N-SAR filed for this Fund/Series?  Yes
 
 S 1: Sales and Repurchases 
 
28.Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 22
      Reinvestment of dividends and distributions ................ –
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 149
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 74
      Reinvestment of dividends and distributions ................ 402
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 84
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 118
      Reinvestment of dividends and distributions ................ –
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 337
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 7
      Reinvestment of dividends and distributions ................ –
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 72
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 –
      Reinvestment of dividends and distributions ................ –
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. –
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 –
      Reinvestment of dividends and distributions ................ –
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. –

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 221
      Reinvestment of dividends and distributions ................ 402
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 642

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  0
 
 S 1: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
37.Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  No
 
39.Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  Yes
 
 S 1: Payment Plan for the Distribution of Fund Shares 
 
40.During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  Yes
 
41.During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan?  Yes
 
42.
For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid  (%)
Advertising ............................................................		 29
Printing & mailing of prospectuses to other than current shareholders .. –
Payments to underwriters ............................................... –
Payments to brokers or dealers ......................................... –
Direct payments to sales personnel ..................................... 9
Payments to banks and savings & loans .................................. –
Other uses, including payments to its Investment Adviser separate
  from the advisory fee ................................................		 62
Unallocated payments made for a combination of such services ........... –
 
43.Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s):  6
 
44.If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s):  0
 
 S 1: Advisory Fee 
 
49.Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  No
 
 S 1: Miscellaneous Info 
 
55.Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  No
 
57.Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
 S 1: Classification and Asset Allocation 
 
62.Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
66.Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  Yes

Which best describes its primary investment objective:

    Aggressive capital appreciation?  No
               Capital appreciation?  Yes
    Growth?                           No
    Growth and income?                No
               Income?                No
    Total return?                     No
 
67.Is the Registrant/Series a “balanced” Fund?  Yes
 
68.Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.Is the Registrant/Series an index Fund?  No
 
 S 1: Investment Practices 
 
70.Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes      No
Writing or investing in options on equities?             No        –
Writing or investing in options on debt securities?      No        –
Writing or investing in options on stock indices?        No        –
Writing or investing in interest rate futures?           No        –
Writing or investing in stock index futures?             No        –
Writing or investing in options on futures?              No        –
Writing or investing in options on stock index futures?  No        –
Writing or investing in other commodity futures?         No        –
Investments in restricted securities?                    No        –
Investments in shares of other investment companies?     Yes to both
Investments in securities of foreign issuers?            Yes      No
Currency exchange transactions?                          No        –
Loaning portfolio securities?                            No        –
Borrowing of money?                                      No        –
Purchases/sales by certain exempted affiliated persons?  No        –
Margin purchases?                                        No        –
Short selling?                                           No        –
 
 S 1: Portfolio Turnover 
 
71.Portfolio turnover rate for the period:
 
Purchases ($000s):  0
Sales ($000s):      99

Monthly average Value of portfolio ($000s):  6,323

Percent turnover (lesser of Purchases or Sales, divided by Value):  0%
 
 S 1: Financial Info — Income and Expenses 
 
72.The number of months covered by the values in Items 72 and 73:  4

Income  ($000s)
Net interest income ..............................................		 2
Net dividend income .............................................. 86
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses  ($000s)
Advisory fees ....................................................		 24
Administrator fees ............................................... 8
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 4
Custodian fees ................................................... –
Postage .......................................................... –
Printing expenses ................................................ 1
Directors’ fees .................................................. 3
Registration fees ................................................ 8
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 6
Legal fees ....................................................... 2
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 6
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 12
Total expenses ................................................... 74

Expense reimbursements ($000s):   0

Net investment income ($000s):    14

Realized capital gains ($000s):   23
Realized capital losses ($000s):  0

Net unrealized appreciation during the period ($000s):  73
Net unrealized depreciation during the period ($000s):  0

Total income dividends for which the record date passed during the
period ($000s):  0

Total capital gains distributions for which the record date passed
during the period ($000s):  414
 
73.Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.0000

Distribution of capital gains:  $0.4421
Other distributions:            $0.0000
 
 S 1: Financial Info — Condensed Balance Sheet Data 
 
74.Assets  ($000s)
Cash ............................................................. –
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... –
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ –
Receivables from portfolio instruments sold ...................... –
Receivables from affiliated persons .............................. –
Other receivables ................................................ –
All other assets ................................................. –
Total assets ..................................................... –

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................		 –
Amounts owed to affiliated persons ............................... –
Senior long-term debt ............................................ –
Other liabilities:
  Reverse repurchase agreements ..................................		 –
  Short sales .................................................... –
  Written options ................................................ –
  All other liabilities .......................................... –

Equity  ($000s)
Senior equity ....................................................		 –
Net assets of common shareholders ................................ –

Number of shares outstanding (000s):   0

Net Asset Value (NAV) per share (to nearest cent):  $0

Total number of shareholder accounts:  0

Total value of assets in segregated accounts ($000s):  0
 
75.Monthly average net assets during the period ($000s):  12,077
 
 Series 2↑Information Common to All Funds/Series  ↑List of 2 Funds/Series 
 
 7.Name:         Hennessy Total Return Fund — S#836 ⇒ HDOGX

Is this the final Form N-SAR filed for this Fund/Series?  Yes
 
 S 2: Sales and Repurchases 
 
28.Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 1,119
      Reinvestment of dividends and distributions ................ –
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,430
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 444
      Reinvestment of dividends and distributions ................ 114
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,201
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 546
      Reinvestment of dividends and distributions ................ –
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 2,118
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 337
      Reinvestment of dividends and distributions ................ –
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 4,258
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 –
      Reinvestment of dividends and distributions ................ –
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. –
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 –
      Reinvestment of dividends and distributions ................ –
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. –

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 2,446
      Reinvestment of dividends and distributions ................ 114
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 9,007

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  0
 
 S 2: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
37.Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  No
 
39.Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  Yes
 
 S 2: Payment Plan for the Distribution of Fund Shares 
 
40.During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  Yes
 
41.During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan?  Yes
 
42.
For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid  (%)
Advertising ............................................................		 24
Printing & mailing of prospectuses to other than current shareholders .. –
Payments to underwriters ............................................... 1
Payments to brokers or dealers ......................................... –
Direct payments to sales personnel ..................................... 12
Payments to banks and savings & loans .................................. –
Other uses, including payments to its Investment Adviser separate
  from the advisory fee ................................................		 63
Unallocated payments made for a combination of such services ........... –
 
43.Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s):  44
 
44.If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s):  0
 
 S 2: Advisory Fee 
 
49.Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  No
 
 S 2: Miscellaneous Info 
 
55.Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  No
 
57.Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
 S 2: Classification and Asset Allocation 
 
62.Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
66.Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  Yes

Which best describes its primary investment objective:

    Aggressive capital appreciation?  No
               Capital appreciation?  No
    Growth?                           No
    Growth and income?                No
               Income?                No
    Total return?                     Yes
 
67.Is the Registrant/Series a “balanced” Fund?  No
 
68.Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.Is the Registrant/Series an index Fund?  No
 
 S 2: Investment Practices 
 
70.Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes to both
Writing or investing in options on equities?             No        –
Writing or investing in options on debt securities?      No        –
Writing or investing in options on stock indices?        No        –
Writing or investing in interest rate futures?           No        –
Writing or investing in stock index futures?             No        –
Writing or investing in options on futures?              No        –
Writing or investing in options on stock index futures?  No        –
Writing or investing in other commodity futures?         No        –
Investments in restricted securities?                    No        –
Investments in shares of other investment companies?     Yes to both
Investments in securities of foreign issuers?            Yes      No
Currency exchange transactions?                          No        –
Loaning portfolio securities?                            No        –
Borrowing of money?                                      Yes to both
Purchases/sales by certain exempted affiliated persons?  No        –
Margin purchases?                                        No        –
Short selling?                                           No        –
 
 S 2: Portfolio Turnover 
 
71.Portfolio turnover rate for the period:
 
Purchases ($000s):  4,267
Sales ($000s):      7,419

Monthly average Value of portfolio ($000s):  64,059

Percent turnover (lesser of Purchases or Sales, divided by Value):  7%
 
 S 2: Financial Info — Income and Expenses 
 
72.The number of months covered by the values in Items 72 and 73:  4

Income  ($000s)
Net interest income ..............................................		 6
Net dividend income .............................................. 897
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses  ($000s)
Advisory fees ....................................................		 177
Administrator fees ............................................... 59
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 29
Custodian fees ................................................... –
Postage .......................................................... –
Printing expenses ................................................ 4
Directors’ fees .................................................. 3
Registration fees ................................................ 10
Taxes ............................................................ –
Interest ......................................................... 27
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 7
Legal fees ....................................................... 2
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 44
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 39
Total expenses ................................................... 401

Expense reimbursements ($000s):   0

Net investment income ($000s):    502

Realized capital gains ($000s):   2,564
Realized capital losses ($000s):  0

Net unrealized appreciation during the period ($000s):  0
Net unrealized depreciation during the period ($000s):  1,557

Total income dividends for which the record date passed during the
period ($000s):  122

Total capital gains distributions for which the record date passed
during the period ($000s):  0
 
73.Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.0196

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 S 2: Financial Info — Condensed Balance Sheet Data 
 
74.Assets  ($000s)
Cash ............................................................. –
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... –
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ –
Receivables from portfolio instruments sold ...................... –
Receivables from affiliated persons .............................. –
Other receivables ................................................ –
All other assets ................................................. –
Total assets ..................................................... –

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................		 –
Amounts owed to affiliated persons ............................... –
Senior long-term debt ............................................ –
Other liabilities:
  Reverse repurchase agreements ..................................		 –
  Short sales .................................................... –
  Written options ................................................ –
  All other liabilities .......................................... –

Equity  ($000s)
Senior equity ....................................................		 –
Net assets of common shareholders ................................ –

Number of shares outstanding (000s):   0

Net Asset Value (NAV) per share (to nearest cent):  $0

Total number of shareholder accounts:  0

Total value of assets in segregated accounts ($000s):  0
 
75.Monthly average net assets during the period ($000s):  89,584
 
 Signature  ↑Top of Form N-SAR 
                                                                                    
/s/      Terry Nilsen      
Name:   Terry Nilsen
Title:  Vice President

↑Top
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