BABSON
Money
Market
FUND
Annual Report
June 30, 1998
BABSON FUNDS
JONES & BABSON DISTRIBUTORS
A member of the Generali Group
Message
To Our Shareholders
The U.S. economy remains in the middle of a tug
of war, caught between strength at home and weakness abroad.
Roughly one-third of the world is in recession. Asian countries, until
recently the marvels of the free world, have fallen victim to
speculative excess. This has put downward pressure on global goods
prices and has dampened the U.S. manufacturing sector's growth
significantly.
In contrast, the demand side of the U.S. economy remains strong. This
strength has led to the tightest labor market in thirty years. In a
normal economic environment, this high level of demand in the employment
market would be expected to begin generating outsized wage gains that
would lead to higher inflation.
However, these are not normal times. Good productivity growth has been
offsetting wage gains, and most analysts expect the Asian crisis will
have enough of an impact on the economy that the U.S. growth rate will
slow to a more sustainable level. In that case, short-term interest
rates will probably remain near current levels for an indefinite period.
Should the Asian crisis have a greater than expected impact, the Federal
Reserve may lower short-term rates in order to keep the economic
expansion intact. However, the greater risk is that the economy remains
strong. The service sector is relatively immune from foreign competition
and accounts for two-thirds of the economy. Prices for services have not
fallen nearly as much as for goods. If productivity fails to keep up
with wage gains, or demand continues to be stronger than expected, then
the Federal Reserve may have to raise rates in order to keep a lid on
the overall price level.
With the economy being pressured in two different directions, we believe
that our policy of focusing on quality and liquidity will continue to
serve our shareholders well.
The seven-day yield for Babson Money Market Fund's Federal Portfolio was
4.75% and the Prime Portfolio was 4.73%, as of June 30, 1998. These
figures increased to 4.86% and 4.84%, respectively, for those
shareholders who reinvested their dividends.
Money market funds are neither insured nor guaranteed by the U.S.
Government. There is no assurance that the fund will maintain a stable
net asset value of one dollar per share.
We appreciate your continued interest in Babson Money Market Fund.
Sincerely,
/s/Larry D. Armel
Larry D. Armel
President
STATEMENT OF NET ASSETS
June 30, 1998
PRIME PORTFOLIO
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
</CAPTION>
<S> <C> <C>
SHORT-TERM CORPORATE NOTES - 73.03%
Abbott Laboratories,
5.46%, due July 8, 1998 $ 1,700,000 $ 1,692,523
Atlantic Richfield Company,
5.40%, due August 10, 1998 1,700,000 1,661,750
Bell Atlantic Financial Services, Incorporated,
5.50%, due July 14, 1998 1,700,000 1,691,169
Caterpillar Financial Services,
5.45%, due July 17, 1998 1,700,000 1,670,918
Coca-Cola Company,
5.45%, due August 10, 1998 1,700,000 1,675,551
duPont (E.I.) deNemours & Company,
5.44%, due August 26, 1998 1,700,000 1,670,972
Eastman Kodak Company,
5.50%, due July 8, 1998 1,700,000 1,684,936
Emerson Electric Company,
5.45%, due November 20, 1998 1,700,000 1,658,307
Ford Motor Credit Company,
5.44%, due November 18, 1998 1,700,000 1,656,329
Fortune Brands, Incorporated,
5.50%, due July 28, 1998 1,700,000 1,687,793
Heinz (H.J.) Company,
5.52%, due July 27, 1998 1,700,000 1,689,313
IBM Credit Corporation,
5.40%, due July 15, 1998 1,700,000 1,669,910
Kellogg Company,
5.48%, due July 15, 1998 1,700,000 1,690,684
Lucent Technologies, Incorporated,
5.49%, due July 13, 1998 1,700,000 1,689,889
Procter & Gamble Company,
5.49%, due September 23, 1998 1,700,000 1,669,668
Walt Disney Company,
5.40%, due October 13, 1998 1,700,000 1,655,885
(COST $26,815,597) 27,200,000 26,815,597
GOVERNMENT SPONSORED ENTERPRISES - 11.15%
Federal Farm Credit Banks Discount Notes,
5.14%, due December 16, 1998 1,000,000 953,169
Federal Farm Credit Banks Discount Notes,
5.13%, due December 16, 1998 750,000 715,052
Federal Home Loan Banks Discount Notes,
5.35%, due October 9, 1998 1,000,000 973,547
Federal National Mortgage Association Discount Notes,
5.24%, due August 24, 1998 1,500,000 1,451,093
(COST $4,092,861) 4,250,000 4,092,861
REPURCHASE AGREEMENT - 15.78%
Morgan Guaranty Trust Company,
5.75%, due July 1, 1998
(Collateralized by U.S. Treasury Notes,
12.00%, due May 15, 2005) (COST $5,796,000) 5,796,000 5,796,000
TOTAL INVESTMENTS - 99.96% $ 36,704,458
(COST $36,704,458)
Other assets less liabilities - 0.04% 13,310
TOTAL NET ASSETS - 100.00%
(equivalent to $1.00 per share;
1,000,000,000 shares of $0.01 par value
capital shares authorized;
36,703,697 shares outstanding) $ 36,717,768
For federal income tax purposes, the identified cost of investments owned at
June 30, 1998, was $36,704,458.
</TABLE>
See accompanying Notes to Financial Statements.
STATEMENT OF NET ASSETS
June 30, 1998
FEDERAL PORTFOLIO
<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
</CAPTION>
<S> <C> <C>
GOVERNMENT SPONSORED ENTERPRISES - 75.92%
Federal Farm Credit Banks Discount Notes,
5.13%, due December 16, 1998 $ 750,000 $ 715,052
Federal Home Loan Banks Discount Notes,
5.28%, due August 14, 1998 1,000,000 974,333
Federal Home Loan Banks Discount Notes,
5.36%, due July 10, 1998 1,000,000 988,387
Federal Home Loan Banks Discount Notes,
5.385%, due July 24, 1998 500,000 494,091
Federal Home Loan Banks Discount Notes,
5.33%, due November 12, 1998 500,000 486,527
Federal Home Loan Mortgage Corporation Discount Notes,
5.39%, due August 7, 1998 500,000 494,086
Federal Home Loan Mortgage Corporation Discount Notes,
5.39%, due August 26, 1998 500,000 493,337
Federal Home Loan Mortgage Corporation Discount Notes,
5.42%, due July 14, 1998 750,000 745,145
Federal Home Loan Mortgage Corporation Discount Notes,
5.47%, due July 31, 1998 1,500,000 1,491,567
Federal National Mortgage Association Discount Notes,
5.42%, due August 3, 1998 250,000 247,930
Federal National Mortgage Association Discount Notes,
5.32%, due December 18, 1998 250,000 243,202
Federal National Mortgage Association Discount Notes,
5.48%, due July 29, 1998 1,000,000 995,586
Federal National Mortgage Association Discount Notes,
5.35%, due September 23, 1998 500,000 486,551
Federal National Mortgage Association Discount Notes,
5.38%, due September 30, 1998 500,000 486,475
(COST $9,342,269) 9,500,000 9,342,269
REPURCHASE AGREEMENT - 24.20%
Morgan Guaranty Trust Company, 5.75%, due July 1, 1998
(Collateralized by U.S. Treasury Notes,
12.00%, due May 15, 2005) (COST $2,978,000) 2,978,000 2,978,000
TOTAL INVESTMENTS - 100.12% $ 12,320,269
(COST $12,320,269)
Other assets less liabilities - (0.12%) (14,758)
TOTAL NET ASSETS - 100.00%
(equivalent to $1.00 per share;
1,000,000,000 shares of $0.01 par value
capital shares authorized;
12,288,363 shares outstanding) $ 12,305,511
</TABLE>
For federal income tax purposes, the identified cost of investments owned at
June 30, 1998, was $12,320,269.
See accompanying Notes to Financial Statements.
STATEMENT OF ASSETS
AND LIABILITIES
June 30, 1998
<TABLE>
<CAPTION>
PRIME FEDERAL
PORTFOLIO PORTFOLIO
</CAPTION>
<S> <C> <C>
ASSETS:
Investment securities, at market value (identified cost
of $36,704,458 and $12,320,269, respectively) $ 36,704,458 $ 12,320,269
Interest receivable 278,240 88,541
Total assets 36,982,698 12,408,810
LIABILITIES AND NET ASSETS:
Cash overdraft 264,826 102,857
Payable to shareholders 104 442
Total liabilities 264,930 103,299
NET ASSETS $ 36,717,768 $ 12,305,511
NET ASSETS CONSIST OF:
Capital (capital stock and paid-in capital) $ 36,725,350 $ 12,305,466
Accumulated undistributed realized gain (loss) on investments (7,582) 45
NET ASSETS APPLICABLE TO OUTSTANDING SHARES $ 36,717,768 $ 12,305,511
Capital shares, $0.01 par value
Authorized 1,000,000,000 1,000,000,000
Outstanding 36,703,697 12,288,363
NET ASSET VALUE PER SHARE $ 1.00 $ 1.00
</TABLE>
See accompanying Notes to Financial Statements.
STATEMENT OF OPERATIONS
Year Ended June 30, 1998
<TABLE>
<CAPTION>
PRIME FEDERAL
PORTFOLIO PORTFOLIO
</CAPTION>
<S> <C> <C>
INVESTMENT INCOME:
Income:
Interest $ 2,108,772 $ 700,508
Expenses:
Management fees (Note 3) 319,110 107,286
Registration fees and other expenses 20,609 7,091
339,719 114,377
Net investment income 1,769,053 586,131
REALIZED GAIN (LOSS) ON INVESTMENTS (Note 1):
Realized gain (loss) from investment transactions:
Proceeds from sales and maturities of investments 1,518,743,180 704,816,356
Cost of investments sold and matured 1,518,743,316 704,816,251
Net gain (loss) from investment transactions (136) 105
Increase in net assets resulting from operations $ 1,768,917 $ 586,236
</TABLE>
See accompanying Notes to Financial Statements.
STATEMENTS OF CHANGES
IN NET ASSETS
For The Two Years Ended June 30, 1998
<TABLE>
<CAPTION>
PRIME FEDERAL
PORTFOLIO PORTFOLIO
</CAPTION>
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income $ 1,767,101 $ 549,929
Net realized gain (loss) from investment transactions (306) -
Net increase in net assets resulting from operations 1,766,795 549,929
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (1,767,101) (549,929)
INCREASE FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold ($1.00 per share) 46,769,218 12,649,739
Net asset value of shares issued for reinvestment of
distributions ($1.00 per share) 1,661,796 530,398
48,431,014 13,180,137
Cost of shares redeemed ($1.00 per share) (46,061,655) (10,268,742)
Net increase from capital share transactions 2,369,359 2,911,395
Total increase in net assets 2,369,053 2,911,395
NET ASSETS - June 30, 1996 35,905,520 10,288,734
NET ASSETS - June 30, 1997 $ 38,274,573 $ 13,200,129
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income $ 1,769,053 $ 586,131
Net realized gain (loss) from investment transactions (136) 105
Net increase in net assets resulting from operations 1,768,917 586,236
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (1,769,053) (586,131)
DECREASE FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold ($1.00 per share) 35,309,938 11,233,372
Net asset value of shares issued for reinvestment of
distributions ($1.00 per share) 1,677,694 560,706
36,987,632 11,794,078
Cost of shares redeemed ($1.00 per share) (38,544,301) (12,688,801)
Net decrease from capital share transactions (1,556,669) (894,723)
Total decrease in net assets (1,556,805) (894,618)
NET ASSETS - June 30, 1997 38,274,573 13,200,129
NET ASSETS - June 30, 1998 $ 36,717,768 $ 12,305,511
</TABLE>
See accompanying Notes to Financial Statements.
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940, as
amended, as a diversified open-end management investment company. Its
shares are currently issued in two series with each series, in effect,
representing a separate Fund. The financial statements have been
prepared in conformity with generally accepted accounting principles
which require management to make certain estimates and assumptions at
the date of the financial statements. The following is a summary of
significant accounting policies consistently followed by the Fund in the
preparation of its financial statements.
Investments - Valuation of securities is on the basis of amortized cost
which approximates market value. Investment transactions are recorded on
the trade date. Investment income and dividends to shareholders are
recorded daily and dividends are distributed monthly. Realized gains and
losses from investment transactions are reported on the identified cost
basis.
Federal and State Taxes - The Fund's policy is to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute all of its taxable income to its
shareholders. Therefore, no provision for federal or state tax is
required. At June 30, 1998, the Fund has accumulated net realized losses
on sales of investments for federal income tax purposes of $7,582 (Prime
Portfolio) and $0 (Federal Portfolio) which are available to offset
future taxable gains.
2. PURCHASES AND SALES OF SECURITIES:
The aggregate amounts of security transactions during the year ended
June 30, 1998, were as follows:
Prime Portfolio
Purchases $ 1,517,935,622
Proceeds from sales 1,518,743,180
Federal Portfolio
Purchases $ 704,017,580
Proceeds from sales 704,816,356
3. MANAGEMENT FEES:
Management fees, which include all normal expenses of the Fund other
than taxes, fees and other charges of governmental agencies for
qualifying the Fund's shares for sale, special legal fees, interest and
brokerage commissions, are paid to Jones & Babson, Inc., an affiliated
company. These fees are based on average daily net assets of the Fund at
the annual rate of .85 of one percent of net assets. Certain officers
and/or directors of the Fund are also officers and/or directors of Jones
& Babson, Inc.
4. REPURCHASE AGREEMENTS:
Securities purchased under agreements to resell are held by the Fund's
custodian, UMB Bank, n.a. The Fund's adviser monitors the market values
of the underlying securities which they have purchased on behalf of the
Fund to ensure that they are sufficient to protect the Fund in the event
of default by the seller. In the event of bankruptcy or other default of
the seller, the Fund could experience delays in liquidating the
underlying securities and possible loss to the extent that the
repurchase agreement and accrued interest is more than proceeds received
upon liquidation of the underlying securities.
FINANCIAL HIGHLIGHTS
The following table sets forth information as to capital and income changes
for a share outstanding for each of the five years in the period ended
June 30, 1998:
PRIME PORTFOLIO
<TABLE>
<CAPTION>
1998 1997 1996 1995 1994
</CAPTION>
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Income from investment operations:
Net investment income 0.05 0.05 0.05 0.05 0.03
Less distributions:
Dividends from net investment income (0.05) (0.05) (0.05) (0.05) (0.03)
Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total return 5% 5% 5% 5% 3%
Ratios/Supplemental Data
Net assets, end of year (in millions) $ 37 $ 38 $ 36 $ 40 $ 43
Ratio of expenses to average net assets 0.91% 0.92% 0.92% 0.92% 0.92%
Ratio of net investment income to average net assets 4.73% 4.58% 4.75% 4.58% 2.51%
</TABLE>
FEDERAL PORTFOLIO
<TABLE>
<CAPTION>
1998 1997 1996 1995 1994
</CAPTION>
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Income from investment operations:
Net investment income 0.05 0.04 0.05 0.04 0.02
Less distributions:
Dividends from net investment income (0.05) (0.04) (0.05) (0.04) (0.02)
Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total return 5% 5% 5% 5% 3%
Ratios/Supplemental Data
Net assets, end of year (in millions) $ 3 $ 12 $ 13 $ 10 $ 10
Ratio of expenses to average net assets 0.91% 0.91% 0.91% 0.92% 0.91%
Ratio of net investment income to average net assets 4.65% 4.51% 4.67% 4.48% 2.47%
</TABLE>
REPORT OF INDEPENDENT
PUBLIC ACCOUNTANTS
To the Shareholders and Board of Directors of
D.L. Babson Money Market Fund, Inc.:
We have audited the accompanying statement of assets and liabilities of
D.L. Babson Money Market Fund, Inc. (a Maryland corporation, comprising,
respectively, the Prime and Federal Portfolios), including the statement
of net assets as of June 30, 1998, and the related statement of
operations for the year then ended, the statements of changes in net
assets for each of the two years in the period then ended, and the
financial highlights for each of the five years in the period then
ended. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to
express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned as of June 30, 1998, by correspondence
with the custodian or brokers. An audit also includes assessing the
accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of each of the respective portfolios constituting the
D.L. Babson Money Market Fund, Inc. as of June 30, 1998, the results of
their operations for the year then ended, the changes in their net
assets for each of the two years in the period then ended, and the
financial highlights for each of the five years in the period then ended
in conformity with generally accepted accounting principles.
ARTHUR ANDERSEN LLP
Kansas City, Missouri
July 28, 1998
This report has been prepared for the information of the Shareholders of
the D.L. Babson Money Market Fund, Inc., and is not to be construed as
an offering of the shares of the Fund. Shares of this Fund and of the
other Babson Funds are offered only by the Prospectus, a copy of which
may be obtained from Jones & Babson, Inc.
EQUITIES
Growth Fund
Enterprise Fund*
Enterprise Fund II
Value Fund
Shadow Stock Fund
International Fund
FIXED INCOME
Bond Trust
Money Market Fund
Tax-Free Income Fund
* Closed to new investors.
BABSON FUNDS
JONES & BABSON DISTRIBUTORS
A member of the Generali Group
BMA Tower
700 Karnes Blvd.
Kansas City, MO 64108-3306
816-751-5900
1-800-4-BABSON
(1-800-422-2766)
http://www.jbfunds.com
JB8C-2 8/98
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