NSAR-B

      PAGE  1
000 B000000 05/31/2000
000 C000000 00005114
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 VAN KAMPEN RESERVE FUND
001 B000000 811-02482
001 C000000 6306846000
002 A000000 1 PARKVIEW PLAZA
002 B000000 OAKBROOK TERRACE
002 C000000 IL
002 D010000 60181
002 D020000 5555
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A000001 VAN KAMPEN ASSET MANAGEMENT
008 B000001 A
008 C000001 801-8286
008 D010001 OAKBROOK TERRACE
008 D020001 IL
008 D030001 60181
008 D040001 5555
013 A000001 ERNST & YOUNG LLP
013 B010001 CHICAGO
013 B020001 IL
013 B030001 60606
014 A000001 MORGAN STANLEY & CO., INCORPORATED
014 B000001 8-733537
014 A000002 DEAN WITTER REYNOLDS, INC.
014 B000002 8-728181
015 A000005 STATE STREET BANK & TRUST
015 B000005 C
015 C010005 BOSTON
      PAGE  2
015 C020005 MA
015 C030005 02105
015 E010005 X
015 A000011 STATE STREET BANK & TRUST
015 B000011 C
015 C010011 BOSTON
015 C020011 MA
015 C030011 02105
015 E010011 X
018  000000 Y
019 A000000 Y
019 B000000  118
019 C000000 VANKAMPENF
020 C000001      0
020 C000002      0
020 C000003      0
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        0
022 C000001         0
022 D000001         0
022 C000002         0
022 D000002         0
022 C000003         0
022 D000003         0
022 C000004         0
022 D000004         0
022 C000005         0
022 D000005         0
022 C000006         0
022 D000006         0
022 C000007         0
022 D000007         0
022 C000008         0
022 D000008         0
022 C000009         0
022 D000009         0
022 C000010         0
022 D000010         0
023 C000000          0
023 D000000          0
024  000000 N
025 D000001       0
025 D000002       0
025 D000003       0
025 D000004       0
      PAGE  3
025 D000005       0
025 D000006       0
025 D000007       0
025 D000008       0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 Y
028 A010000   1673747
028 A020000      2614
028 A030000         0
028 A040000   1843191
028 B010000   1681450
028 B020000      2773
028 B030000         0
028 B040000   1885250
028 C010000   1121718
028 C020000      2559
028 C030000         0
028 C040000   1130049
028 D010000    756388
028 D020000      2707
028 D030000         0
028 D040000    753509
028 E010000    459862
028 E020000      2670
028 E030000         0
028 E040000    479885
028 F010000    502876
028 F020000      2902
028 F030000         0
028 F040000    413677
028 G010000   6196041
028 G020000     16225
028 G030000         0
028 G040000   6505561
028 H000000         0
029  000000 N
030 A000000      0
030 B000000  0.00
030 C000000  0.00
031 A000000      0
031 B000000      0
032  000000      0
033  000000      0
      PAGE  4
034  000000 Y
035  000000   1533
036 A000000 N
036 B000000      0
037  000000 N
038  000000      0
039  000000 N
040  000000 Y
041  000000 Y
042 A000000   0
042 B000000   0
042 C000000  53
042 D000000  47
042 E000000   0
042 F000000   0
042 G000000   0
042 H000000   0
043  000000   3111
044  000000      0
045  000000 Y
046  000000 N
047  000000 Y
048  000000  0.000
048 A010000   150000
048 A020000 0.500
048 B010000   100000
048 B020000 0.450
048 C010000   100000
048 C020000 0.400
048 D010000        0
048 D020000 0.000
048 E010000        0
048 E020000 0.000
048 F010000        0
048 F020000 0.000
048 G010000        0
048 G020000 0.000
048 H010000        0
048 H020000 0.000
048 I010000        0
048 I020000 0.000
048 J010000        0
048 J020000 0.000
048 K010000  3500000
048 K020000 0.350
049  000000 N
050  000000 N
051  000000 N
052  000000 N
053 A000000 N
054 A000000 Y
      PAGE  5
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056  000000 N
057  000000 N
058 A000000 N
059  000000 Y
060 A000000 Y
060 B000000 Y
061  000000     1000
062 A000000 Y
062 B000000   0.0
062 C000000   8.3
062 D000000   5.6
062 E000000   0.0
062 F000000  13.2
062 G000000   2.9
062 H000000   0.0
062 I000000  57.2
062 J000000   0.0
062 K000000   0.0
062 L000000   1.2
062 M000000   0.0
062 N000000   0.0
062 O000000   0.0
062 P000000   0.0
062 Q000000   0.0
062 R000000   0.0
063 A000000  31
063 B000000  0.0
064 A000000 Y
064 B000000 N
066 A000000 N
067  000000 N
068 A000000 N
068 B000000 N
069  000000 N
070 A010000 Y
      PAGE  6
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 N
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000         0
071 B000000         0
071 C000000         0
071 D000000    0
072 A000000 12
072 B000000    51967
072 C000000        0
072 D000000        0
072 E000000        0
072 F000000     3651
072 G000000        0
072 H000000        0
072 I000000     1955
072 J000000      131
072 K000000        0
072 L000000      205
      PAGE  7
072 M000000       46
072 N000000      214
072 O000000        0
072 P000000        0
072 Q000000       86
072 R000000       22
072 S000000       63
072 T000000     3181
072 U000000        0
072 V000000        0
072 W000000       19
072 X000000     9573
072 Y000000       80
072 Z000000    42474
072AA000000        0
072BB000000        3
072CC010000        0
072CC020000        0
072DD010000    32588
072DD020000     8192
072EE000000        0
073 A010000   0.0482
073 A020000   0.0406
073 B000000   0.0000
073 C000000   0.0000
074 A000000        0
074 B000000    48200
074 C000000   718088
074 D000000        0
074 E000000        0
074 F000000        0
074 G000000        0
074 H000000        0
074 I000000        0
074 J000000        0
074 K000000        0
074 L000000   112143
074 M000000       75
074 N000000   878506
074 O000000        0
074 P000000      724
074 Q000000        0
074 R010000        0
074 R020000        0
074 R030000        0
074 R040000    10979
074 S000000        0
074 T000000   866803
074 U010000   573331
074 U020000   238843
074 V010000     1.00
      PAGE  8
074 V020000     1.00
074 W000000   0.9999
074 X000000    64735
074 Y000000        0
075 A000000   937714
075 B000000        0
076  000000     0.00
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 Y
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078  000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000    85000
081 A000000 Y
081 B000000 117
082 A000000 Y
082 B000000      100
083 A000000 N
083 B000000        0
084 A000000 N
084 B000000        0
085 A000000 Y
085 B000000 N
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
      PAGE  9
SIGNATURE   SARA L. BADLER
TITLE       ATTORNEY

EX-99

                         REPORT OF INDEPENDENT AUDITORS

Board of Trustees
of Van Kampen

In planning and performing our audit of the consolidated financial statements of
Van Kampen Reserve Fund (the "Fund") for the year ended May 31, 2000, we
considered its internal control, including control activities for safeguarding
securities, 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, and not to provide assurance on internal control.

The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
internal control. Generally, internal controls that are relevant to an audit
pertain to the Fund's objective of preparing financial statements for external
purposes that are fairly presented in conformity with accounting principles
generally accepted in the United States. Those internal controls include the
safeguarding of assets against unauthorized acquisition, use, or disposition.

Because of inherent limitations in any internal control, misstatements due to
errors or fraud may occur and not be detected. Also, projections of any
evaluation of internal control to future periods are subject to the risk that
internal control may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.

Our consideration of internal control would not necessarily disclose all matters
in internal control 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 one or more
of the specific internal control components does not reduce to a relatively low
level the risk that errors or fraud in amounts that would be material in
relation to the consolidated 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
internal control, including control activities for safeguarding securities, and
its operation that we consider to be material weaknesses as defined above as of
May 31, 2000.

This report is intended solely for the information and use of the board of
trustees and management of Van Kampen and the Securities and Exchange Commission
and is not intended to be and should not be used by anyone other than these
specified parties.


July 14, 2000

EX-99

VAN KAMPEN RESERVE FUND


A Joint Special Meeting of the Shareholders of the Fund was held on December 15,
1999 where shareholders voted on the election of Trustees and the ratification
of PricewaterhouseCoopers LLP, as the independent public accountants. With
regard to the election of J. Miles Branagan, as elected trustee by the
shareholders of the Fund, 470,837,704 shares were voted in the affirmative and
12,580,743 shares were withheld. With regard to the election of Jerry D. Choate,
as elected trustee by the shareholders of the Fund, 470,962,195 voted in the
affirmative and 12,456,251 shares were withheld. With regard to the election of
Linda Hutton Heagy, as elected trustee by the shareholders of the Fund,
470,825,352 shares were voted in the affirmative and 12,593,094 shares were
withheld. With regard to the election of R. Craig Kennedy, as elected trustee by
the shareholders of the Fund, 471,171,252 shares were voted in the affirmative
and 12,247,194 shares were withheld. With regard to the election of Mitchell M.
Merin, as elected trustee by the shareholders of the Fund, 470,899,513 shares
were voted in the affirmative and 12,518,933 shares were withheld. With regard
to the election of Jack E. Nelson, as elected trustee by the shareholders of the
Fund, 470,920,927 shares were voted in the affirmative and 12,497,519 shares
were withheld. With regard to the election of Richard F. Powers, III, as elected
trustee by the shareholders of the Fund, 470,852,335 shares were voted in the
affirmative and 12,566,111 shares were withheld. With regard to the election of
Phillip B. Rooney, as elected trustee by the shareholders of the Fund,
471,171,817 shares were voted in the affirmative and 12,246,630 shares were
withheld. With regard to the election of Fernando Sisto, as elected trustee by
the shareholders of the Fund, 470.359,881 shares were voted in the affirmative
and 13,058,565 shares were withheld. With regard to the election of Wayne W.
Whalen, as elected trustee by the shareholders of the Fund, 470,708,927 shares
were voted in the affirmative and 12,709,519 shares were withheld. With regard
to the election of Suzanne H. Woolsey, as elected trustee by the shareholders of
the Fund, 470,851,667 shares were voted in the affirmative and 12,566,779 shares
were withheld. With regard to the election of Paul G. Yovovich, as elected
trustee by the shareholders of the Fund, 471,096,576 shares were voted in the
affirmative and 12,321,871 shares were withheld. With regard to the ratification
of PricewaterhouseCoopers LLP to act as independent public accountants for the
Fund, 463,238,229 shares were voted in the affirmative and 4,619,749 shares were
voted against the proposal and 15,560,467 shares abstained from voting.

EX-99

PricewaterhouseCoopers LLP served as the independent public accountants for the
Fund's last fiscal year. The client-auditor relationship between
PricewaterhouseCoopers LLP and the Fund ceased as of May 18, 2000. The cessation
of the client-auditor relationship between the Fund and PricewaterhouseCoopers
LLP was based solely on a possible future business relationship by
PricewaterhouseCoopers LLP with an affiliate of the Fund's investment adviser.
PricewaterhouseCoopers LLP's reports on the financial statements for the Fund
during the Fund's last two fiscal years did not contain an adverse opinion or
disclaimer of opinion, nor was such report qualified or modified as to
uncertainty, audit scope or accounting principles. During the last two fiscal
years and any subsequent interim period, there were no disagreements with
PricewaterhouseCoopers LLP on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure, which
disagreement, if not resolved to the satisfaction of PricewaterhouseCoopers LLP
would have caused PricewaterhouseCooper LLP to make reference to the subject
matter of the disagreement in connection with its report.

EX-27

 

<ARTICLE>                                            6


<F1> This item relates to the Fund on a composite
     basis and not on a class basis



   <NUMBER>                                         11
   <NAME>                               RESERVE FUND A
<MULTIPLIER>                                         1

                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-2000
<PERIOD-START>                             JUN-01-1999
<PERIOD-END>                               MAY-31-2000
<INVESTMENTS-AT-COST>                      766,287,660 
<INVESTMENTS-AT-VALUE>                     766,287,660 
<RECEIVABLES>                              112,142,892 
<ASSETS-OTHER>                                  75,504 
<OTHER-ITEMS-ASSETS>                                 0 
<TOTAL-ASSETS>                             878,506,056 
<PAYABLE-FOR-SECURITIES>                             0 
<SENIOR-LONG-TERM-DEBT>                              0 
<OTHER-ITEMS-LIABILITIES>                   11,702,870 
<TOTAL-LIABILITIES>                         11,702,870 
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   573,317,572
<SHARES-COMMON-STOCK>                      573,331,156
<SHARES-COMMON-PRIOR>                      529,626,999
<ACCUMULATED-NII-CURRENT>                        2,508 
<OVERDISTRIBUTION-NII>                               0 
<ACCUMULATED-NET-GAINS>                        (64,896)
<OVERDISTRIBUTION-GAINS>                             0 
<ACCUM-APPREC-OR-DEPREC>                             0 
<NET-ASSETS>                               573,291,949
<DIVIDEND-INCOME>                                    0 
<INTEREST-INCOME>                           51,966,920 
<OTHER-INCOME>                                       0 
<EXPENSES-NET>                              (9,492,577)
<NET-INVESTMENT-INCOME>                     42,474,343 
<REALIZED-GAINS-CURRENT>                        (2,832)
<APPREC-INCREASE-CURRENT>                            0 
<NET-CHANGE-FROM-OPS>                       42,471,511 
<EQUALIZATION>                                       0 
<DISTRIBUTIONS-OF-INCOME>                  (32,587,988)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                 18,409,830,894
<NUMBER-OF-SHARES-REDEEMED>            (18,394,381,792)
<SHARES-REINVESTED>                         28,255,055
<NET-CHANGE-IN-ASSETS>                      43,682,434
<ACCUMULATED-NII-PRIOR>                         43,171 
<ACCUMULATED-GAINS-PRIOR>                      (62,064)
<OVERDISTRIB-NII-PRIOR>                              0 
<OVERDIST-NET-GAINS-PRIOR>                           0 
<GROSS-ADVISORY-FEES>                        3,651,499 
<INTEREST-EXPENSE>                                   0 
<GROSS-EXPENSE>                              9,573,059 
<AVERAGE-NET-ASSETS>                       694,519,654
<PER-SHARE-NAV-BEGIN>                            1.000
<PER-SHARE-NII>                                  0.048
<PER-SHARE-GAIN-APPREC>                          0.000
<PER-SHARE-DIVIDEND>                            (0.048)
<PER-SHARE-DISTRIBUTIONS>                        0.000
<RETURNS-OF-CAPITAL>                             0.000
<PER-SHARE-NAV-END>                              1.000
<EXPENSE-RATIO>                                   0.82


 

EX-27

 

<ARTICLE>                                            6


<F1> This item relates to the Fund on a composite
     basis and not on a class basis



   <NUMBER>                                         12
   <NAME>                               RESERVE FUND B
<MULTIPLIER>                                         1

                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-2000
<PERIOD-START>                             JUN-01-1999
<PERIOD-END>                               MAY-31-2000
<INVESTMENTS-AT-COST>                      766,287,660 
<INVESTMENTS-AT-VALUE>                     766,287,660 
<RECEIVABLES>                              112,142,892 
<ASSETS-OTHER>                                  75,504 
<OTHER-ITEMS-ASSETS>                                 0 
<TOTAL-ASSETS>                             878,506,056 
<PAYABLE-FOR-SECURITIES>                             0 
<SENIOR-LONG-TERM-DEBT>                              0 
<OTHER-ITEMS-LIABILITIES>                   11,702,870 
<TOTAL-LIABILITIES>                         11,702,870 
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   238,852,191
<SHARES-COMMON-STOCK>                      238,842,750
<SHARES-COMMON-PRIOR>                      129,788,943
<ACCUMULATED-NII-CURRENT>                        2,508 
<OVERDISTRIBUTION-NII>                               0 
<ACCUMULATED-NET-GAINS>                        (64,896)
<OVERDISTRIBUTION-GAINS>                             0 
<ACCUM-APPREC-OR-DEPREC>                             0 
<NET-ASSETS>                               238,838,956
<DIVIDEND-INCOME>                                    0 
<INTEREST-INCOME>                           51,966,920 
<OTHER-INCOME>                                       0 
<EXPENSES-NET>                              (9,492,577)
<NET-INVESTMENT-INCOME>                     42,474,343 
<REALIZED-GAINS-CURRENT>                        (2,832)
<APPREC-INCREASE-CURRENT>                            0 
<NET-CHANGE-FROM-OPS>                       42,471,511 
<EQUALIZATION>                                       0 
<DISTRIBUTIONS-OF-INCOME>                   (8,191,882)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                  1,333,924,471
<NUMBER-OF-SHARES-REDEEMED>             (1,232,117,711)
<SHARES-REINVESTED>                          7,247,047
<NET-CHANGE-IN-ASSETS>                     109,051,472
<ACCUMULATED-NII-PRIOR>                         43,171 
<ACCUMULATED-GAINS-PRIOR>                      (62,064)
<OVERDISTRIB-NII-PRIOR>                              0 
<OVERDIST-NET-GAINS-PRIOR>                           0 
<GROSS-ADVISORY-FEES>                        3,651,499 
<INTEREST-EXPENSE>                                   0 
<GROSS-EXPENSE>                              9,573,059 
<AVERAGE-NET-ASSETS>                       200,830,069
<PER-SHARE-NAV-BEGIN>                            1.000
<PER-SHARE-NII>                                  0.041
<PER-SHARE-GAIN-APPREC>                          0.000
<PER-SHARE-DIVIDEND>                            (0.041)
<PER-SHARE-DISTRIBUTIONS>                        0.000
<RETURNS-OF-CAPITAL>                             0.000
<PER-SHARE-NAV-END>                              1.000
<EXPENSE-RATIO>                                   1.57


 

EX-27

 

<ARTICLE>                                            6


<F1> This item relates to the Fund on a composite
     basis and not on a class basis



   <NUMBER>                                         13
   <NAME>                               RESERVE FUND C
<MULTIPLIER>                                         1

                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-2000
<PERIOD-START>                             JUN-01-1999
<PERIOD-END>                               MAY-31-2000
<INVESTMENTS-AT-COST>                      766,287,660 
<INVESTMENTS-AT-VALUE>                     766,287,660 
<RECEIVABLES>                              112,142,892 
<ASSETS-OTHER>                                  75,504 
<OTHER-ITEMS-ASSETS>                                 0 
<TOTAL-ASSETS>                             878,506,056 
<PAYABLE-FOR-SECURITIES>                             0 
<SENIOR-LONG-TERM-DEBT>                              0 
<OTHER-ITEMS-LIABILITIES>                   11,702,870 
<TOTAL-LIABILITIES>                         11,702,870 
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    54,695,811
<SHARES-COMMON-STOCK>                       54,696,056
<SHARES-COMMON-PRIOR>                       26,923,579
<ACCUMULATED-NII-CURRENT>                        2,508 
<OVERDISTRIBUTION-NII>                               0 
<ACCUMULATED-NET-GAINS>                        (64,896)
<OVERDISTRIBUTION-GAINS>                             0 
<ACCUM-APPREC-OR-DEPREC>                             0 
<NET-ASSETS>                                54,672,281
<DIVIDEND-INCOME>                                    0 
<INTEREST-INCOME>                           51,966,920 
<OTHER-INCOME>                                       0 
<EXPENSES-NET>                              (9,492,577)
<NET-INVESTMENT-INCOME>                     42,474,343 
<REALIZED-GAINS-CURRENT>                        (2,832)
<APPREC-INCREASE-CURRENT>                            0 
<NET-CHANGE-FROM-OPS>                       42,471,511 
<EQUALIZATION>                                       0 
<DISTRIBUTIONS-OF-INCOME>                   (1,735,136)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                    457,416,625
<NUMBER-OF-SHARES-REDEEMED>               (431,135,813)
<SHARES-REINVESTED>                          1,491,665
<NET-CHANGE-IN-ASSETS>                      27,753,040
<ACCUMULATED-NII-PRIOR>                         43,171 
<ACCUMULATED-GAINS-PRIOR>                      (62,064)
<OVERDISTRIB-NII-PRIOR>                              0 
<OVERDIST-NET-GAINS-PRIOR>                           0 
<GROSS-ADVISORY-FEES>                        3,651,499 
<INTEREST-EXPENSE>                                   0 
<GROSS-EXPENSE>                              9,573,059 
<AVERAGE-NET-ASSETS>                        42,364,382
<PER-SHARE-NAV-BEGIN>                            1.000
<PER-SHARE-NII>                                  0.041
<PER-SHARE-GAIN-APPREC>                          0.000
<PER-SHARE-DIVIDEND>                            (0.041)
<PER-SHARE-DISTRIBUTIONS>                        0.000
<RETURNS-OF-CAPITAL>                             0.000
<PER-SHARE-NAV-END>                              1.000
<EXPENSE-RATIO>                                   1.57