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Dreyfus Bond Funds Inc. – ‘NSAR-A’ for 2/28/03

On:  Tuesday, 4/29/03, at 4:57pm ET   ·   Effective:  4/29/03   ·   For:  2/28/03   ·   Accession #:  75176-3-6   ·   File #:  811-02653

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

 4/29/03  Dreyfus Bond Funds Inc.           NSAR-A      2/28/03    4:17K

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

Document/Exhibit                   Description                      Pages   Size 

 1: NSAR-A      Answer File for Form A Nsar                           10     43K 
 4: EX-99       77Q3                                                   1      5K 
 2: EX-99       Jim Windels Letter                                     2±     8K 
 3: EX-99       Steve Canter Letter                                    2±     8K

‘NSAR-A’   —   Answer File for Form A Nsar


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:   Dreyfus Bond Funds, Inc. — List all N-SARs

Semi-Annual Report (at mid-year) for the 1st-half period ended:  2/28/03

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:      75176
SEC File #:   811-02653

Telephone #:  212-922-6807
 
 2.Address:      200 Park Avenue
              New York, NY  10166
 
 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:     Dreyfus Municipal Bond Fund [ now
              BNY Mellon Municipal Bond Fund ] — S#13
↓Series 2:     Dreyfus Premier High Income Fund [ renamed
              Dreyfus High Income Fund ] — S#14
 
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:  198

The Identification Code of the family for Form N-SAR Filings:  DREYFUSFAM
 
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-99.77Q1: Other Disclosure?  Yes
 
 All Series↑List of 2 Funds/Series Reported Here 

Information Common to All Funds/Series
 
 All: Principal Underwriter 
 
11.1Name:         Dreyfus Service Corp.
SEC File #:   008-13802
Location:     New York, NY
 
 All: Custodian 
 
15.1Name:         JP Morgan Chase
Role:         Custodian
Location:     New York, NY

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: 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:       JPMorgan Chase Bank
IRS #:        13-3224016
Registrant’s purchases ($000s):  270,853
Registrant’s sales ($000s):  170,175
 
22.2Entity:       Lehman Brothers Inc.
IRS #:        13-2518466
Registrant’s purchases ($000s):  187,146
Registrant’s sales ($000s):  144,383
 
22.3Entity:       Merrill Lynch, Pierce, Fenner & Smith Inc.
IRS #:        13-5674085
Registrant’s purchases ($000s):  129,331
Registrant’s sales ($000s):  93,366
 
22.4Entity:       Bear, Stearns & Co. Inc.
IRS #:        13-3299429
Registrant’s purchases ($000s):  120,931
Registrant’s sales ($000s):  89,313
 
22.5Entity:       Stephens Inc.
IRS #:        71-0211822
Registrant’s purchases ($000s):  87,275
Registrant’s sales ($000s):  57,515
 
22.6Entity:       UBS Warburg LLC
IRS #:        13-3873456
Registrant’s purchases ($000s):  69,839
Registrant’s sales ($000s):  52,826
 
22.7Entity:       Salomon Smith Barney Inc.
IRS #:        11-2418191
Registrant’s purchases ($000s):  69,750
Registrant’s sales ($000s):  51,616
 
22.8Entity:       Goldman, Sachs & Co.
IRS #:        13-5108880
Registrant’s purchases ($000s):  79,137
Registrant’s sales ($000s):  23,541
 
22.9Entity:       Stone & Youngberg
IRS #:        94-1052545
Registrant’s purchases ($000s):  46,894
Registrant’s sales ($000s):  39,432
 
22.10Entity:       Morgan Stanley Dean Witter & Co.
IRS #:        13-2655998
Registrant’s purchases ($000s):  9,972
Registrant’s sales ($000s):  63,785
 
23.Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  1,278,033
   Aggregate sales ($000s):  958,154
 
 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 ...............................  Yes
Receipt of investment research and statistical info ....................  Yes
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 ..................................................................  Yes
 
 All: Advisory Fee 
 
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?  Yes

Was the limitation that applied during the period based on...
    Assets?   Yes
 
 All: 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?  Yes
    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
 
 All: Classification and Asset Allocation 
 
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?  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
 
 All: Fidelity Bond in Effect at Fiscal Year End 
 
80.Insurer:      National Union Fire Insurance Co.of Pitt/PA
2nd Insurer:  Travelers Casualty & Surety Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  125,000
 
81.Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  Yes

How many other investment companies or other entities are covered by the
bond (counting each Fund/Series as a separate investment company):  201
 
82.Does the mandatory coverage of the fidelity bond have a deductible?  No
 
 Series 1↑Information Common to All Funds/Series  ↑List of 2 Funds/Series 
 
 7.Name:         Dreyfus Municipal Bond Fund [ now
              BNY Mellon Municipal Bond Fund ] — S#13

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 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) ............................		 10,363
      Reinvestment of dividends and distributions ................ 6,738
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 26,404
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 85,300
      Reinvestment of dividends and distributions ................ 6,573
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 99,629
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 22,671
      Reinvestment of dividends and distributions ................ 6,072
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 101,950
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 87,106
      Reinvestment of dividends and distributions ................ 6,530
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 38,035
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 15,690
      Reinvestment of dividends and distributions ................ 6,000
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 95,753
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 17,286
      Reinvestment of dividends and distributions ................ 5,311
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 20,557

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 238,416
      Reinvestment of dividends and distributions ................ 37,224
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. 382,328

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) 
 
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
 
37.Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  Yes
 
38.Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s):  52
 
39.Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  No
 
 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?  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?  Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................      0.0
Repurchase agreements .......................      0.0
State and Municipal – tax-free ..............      6.2
Bank certificates of deposit – domestic .....      0.0
Bank certificates of deposit – foreign ......      0.0
Bankers acceptances .........................      0.0
Commercial paper – taxable ..................      0.0
Time deposits ...............................      0.0
Options .....................................      0.0
All other ...................................      0.0

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................      0.0
State and Municipal – tax-free ..............    93.5
Corporate ...................................      0.0
All other ...................................      0.0

Non-Debt
Investments other than debt securities ......      0.0%
 
63.The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
    Days:     0
    Years:    15.7
 
64.Is the timely payment of principal and interest on any of the
instruments listed in Item 62 insured or guaranteed by an entity other
than the issuer?  Yes

Is the issuer of any instrument covered in Item 62 delinquent or in
default as to payment of principal or interest at period end?  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?      Yes      No
Writing or investing in options on stock indices?        No        –
Writing or investing in interest rate futures?           Yes      No
Writing or investing in stock index futures?             No        –
Writing or investing in options on futures?              Yes      No
Writing or investing in options on stock index futures?  No        –
Writing or investing in other commodity futures?         No        –
Investments in restricted securities?                    Yes to both
Investments in shares of other investment companies?     Yes      No
Investments in securities of foreign issuers?            No        –
Currency exchange transactions?                          No        –
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  Yes to both
Margin purchases?                                        No        –
Short selling?                                           No        –
 
 S 1: Portfolio Turnover 
 
71.Portfolio turnover rate for the period:
 
Purchases ($000s):  669,999
Sales ($000s):      815,854

Monthly average Value of portfolio ($000s):  2,320,783

Percent turnover (lesser of Purchases or Sales, divided by Value):  29%
 
 S 1: Financial Info — Income and Expenses 
 
72.The number of months covered by the values in Items 72 and 73:  6

Income  ($000s)
Net interest income ..............................................		 67,247
Net dividend income .............................................. –
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses  ($000s)
Advisory fees ....................................................		 7,235
Administrator fees ............................................... –
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 1,247
Custodian fees ................................................... 59
Postage .......................................................... –
Printing expenses ................................................ 23
Directors’ fees .................................................. 56
Registration fees ................................................ 17
Taxes ............................................................ 1
Interest ......................................................... 23
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 20
Legal fees ....................................................... 8
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. –
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 29
Total expenses ................................................... 8,718

Expense reimbursements ($000s):   0

Net investment income ($000s):    58,529

Realized capital gains ($000s):   20,802
Realized capital losses ($000s):  68,546

Net unrealized appreciation during the period ($000s):  61,530
Net unrealized depreciation during the period ($000s):  0

Total income dividends for which the record date passed during the
period ($000s):  58,766

Total capital gains distributions for which the record date passed
during the period ($000s):  314
 
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:    $0.2843

Distribution of capital gains:  $0.0015
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 ..... 149,485
Long-term debt securities, including convertible debt ............ 2,247,736
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... –
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ –
Receivables from portfolio instruments sold ...................... 13,684
Receivables from affiliated persons .............................. –
Other receivables ................................................ 34,228
All other assets ................................................. 16
Total assets ..................................................... 2,445,149

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................		 37,600
Amounts owed to affiliated persons ............................... 1,219
Senior long-term debt ............................................ –
Other liabilities:
  Reverse repurchase agreements ..................................		 –
  Short sales .................................................... –
  Written options ................................................ –
  All other liabilities .......................................... 2,585

Equity  ($000s)
Senior equity ....................................................		 –
Net assets of common shareholders ................................ 2,403,745

Number of shares outstanding (000s):   202,412

Net Asset Value (NAV) per share (to nearest cent):  $11.88

Total number of shareholder accounts:  36,689

Total value of assets in segregated accounts ($000s):  0
 
75.Monthly average net assets during the period ($000s):  2,431,572
 
 Series 2↑Information Common to All Funds/Series  ↑List of 2 Funds/Series 
 
 7.Name:         Dreyfus Premier High Income Fund [ renamed
              Dreyfus High Income Fund ] — S#14

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 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) ............................		 –
      Reinvestment of dividends and distributions ................ –
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. –
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 –
      Reinvestment of dividends and distributions ................ –
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. –
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 –
      Reinvestment of dividends and distributions ................ –
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. –
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 –
      Reinvestment of dividends and distributions ................ –
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. –
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................		 5,000
      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) ............................		 1,280
      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) ............................		 6,280
      Reinvestment of dividends and distributions ................ –
      Other ...................................................... –
    Total NAV of shares redeemed & repurchased (inc. exchanges) .. –

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  3,217
 
 S 2: 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?  Yes
 
30.Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s):  0

The maximum sales load rate in effect at period end as a percentage of
the offering price:  4.5%
The minimum sales load rate in effect at period end as a percentage of
the offering price:  0.0%
 
31.Net amount retained by the Registrant’s/Series’ Principal Underwriter or
by any underwriter or dealer which is an affiliated person of the
Principal Underwriter thereof from front-end sales loads collected from
sales of the Registrant’s/Series’ shares during the period ($000s):  0

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s):  0
 
32.Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s):  0
 
33.Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s):  0
 
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?  No
 
 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 ............................................................		 –
Printing & mailing of prospectuses to other than current shareholders .. –
Payments to underwriters ............................................... 100
Payments to brokers or dealers ......................................... –
Direct payments to sales personnel ..................................... –
Payments to banks and savings & loans .................................. –
Other uses, including payments to its Investment Adviser separate
  from the advisory fee ................................................		 –
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):  1
 
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: 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?  Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................      0.0
Repurchase agreements .......................      0.0
State and Municipal – tax-free ..............      0.7
Bank certificates of deposit – domestic .....      0.0
Bank certificates of deposit – foreign ......      0.0
Bankers acceptances .........................      0.0
Commercial paper – taxable ..................      0.0
Time deposits ...............................      0.0
Options .....................................      0.0
All other ...................................      0.0

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................      0.0
State and Municipal – tax-free ..............    78.8
Corporate ...................................      0.0
All other ...................................      0.0

Non-Debt
Investments other than debt securities ......      0.0%
 
63.The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
    Days:     0
    Years:    7.9
 
64.Is the timely payment of principal and interest on any of the
instruments listed in Item 62 insured or guaranteed by an entity other
than the issuer?  No

Is the issuer of any instrument covered in Item 62 delinquent or in
default as to payment of principal or interest at period end?  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      No
Writing or investing in options on equities?             No        –
Writing or investing in options on debt securities?      Yes      No
Writing or investing in options on stock indices?        No        –
Writing or investing in interest rate futures?           Yes      No
Writing or investing in stock index futures?             No        –
Writing or investing in options on futures?              Yes      No
Writing or investing in options on stock index futures?  No        –
Writing or investing in other commodity futures?         No        –
Investments in restricted securities?                    Yes to both
Investments in shares of other investment companies?     Yes      No
Investments in securities of foreign issuers?            No        –
Currency exchange transactions?                          No        –
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  Yes      No
Margin purchases?                                        No        –
Short selling?                                           Yes      No
 
 S 2: Portfolio Turnover 
 
71.Portfolio turnover rate for the period:
 
Purchases ($000s):  5,463
Sales ($000s):      512

Monthly average Value of portfolio ($000s):  4,996

Percent turnover (lesser of Purchases or Sales, divided by Value):  10%
 
 S 2: Financial Info — Income and Expenses 
 
72.The number of months covered by the values in Items 72 and 73:  6

Income  ($000s)
Net interest income ..............................................		 21
Net dividend income .............................................. 1
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses  ($000s)
Advisory fees ....................................................		 3
Administrator fees ............................................... –
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 1
Custodian fees ................................................... –
Postage .......................................................... –
Printing expenses ................................................ 1
Directors’ fees .................................................. 1
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... 2
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 3
Legal fees ....................................................... 1
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 1
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... –
Total expenses ................................................... 13

Expense reimbursements ($000s):   7

Net investment income ($000s):    16

Realized capital gains ($000s):   6
Realized capital losses ($000s):  0

Net unrealized appreciation during the period ($000s):  39
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):  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:    $0.0000

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 S 2: Financial Info — Condensed Balance Sheet Data 
 
74.Assets  ($000s)
Cash ............................................................. 31
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ 4,996
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... –
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 45
Receivables from portfolio instruments sold ...................... –
Receivables from affiliated persons .............................. 2
Other receivables ................................................ 1,305
All other assets ................................................. –
Total assets ..................................................... 6,379

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................		 30
Amounts owed to affiliated persons ............................... –
Senior long-term debt ............................................ –
Other liabilities:
  Reverse repurchase agreements ..................................		 –
  Short sales .................................................... –
  Written options ................................................ –
  All other liabilities .......................................... 8

Equity  ($000s)
Senior equity ....................................................		 –
Net assets of common shareholders ................................ 6,341

Number of shares outstanding (000s):   257
Number of shares outstanding of a second class of shares (000s):  245

Net Asset Value (NAV) per share (to nearest cent):  $0.00

Total number of shareholder accounts:  10

Total value of assets in segregated accounts ($000s):  0
 
75.Monthly average net assets during the period ($000s):  2,085
 
 Signature  ↑Top of Form N-SAR 
                                                                                    
/s/      John B. Hammalian      
Name:   John B. Hammalian
Title:  Secretary

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