FBL SERIES FUND INC
NSAR-A, 1997-03-26
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<PAGE>      PAGE  1
000 A000000 01/31/97
000 C000000 0000034549
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 FBL SERIES FUND INC
001 B000000 811-2125
001 C000000 5152255400
002 A000000 5400 UNIVERSITY AVENUE
002 B000000 WEST DES MOINES
002 C000000 IA
002 D010000 50266
002 D020000 5997
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  6
007 C010100  1
007 C020100 VALUE GROWTH PORTFOLIO
007 C030100 N
007 C010200  2
007 C010300  3
007 C020300 HIGH GRADE BOND PORTFOLIO
007 C030300 N
007 C010400  4
007 C020400 HIGH YIELD BOND PORTFOLIO
007 C030400 N
007 C010500  5
007 C010600  6
007 C020600 MANAGED PORTFOLIO
007 C030600 N
007 C010700  7
007 C020700 BLUE CHIP PORTFOLIO
007 C030700 N
007 C010800  8
007 C020800 MONEY MARKET PORTFOLIO
007 C030800 N
007 C010900  9
007 C011000 10
020 A000001 DM KELLY & CO.
020 B000001 42-1439008
020 C000001     45
020 A000002 DONALDSON, LUFKIN & JENRETTE
020 B000002 13-2741729
020 C000002     21
<PAGE>      PAGE  2
020 A000003 A.G. EDWARDS & CO.
020 B000003 43-0895447
020 C000003     11
020 A000004 R.W. BAIRD
020 B000004 39-6037917
020 C000004     10
020 A000005 MORGAN STANLEY
020 B000005 13-2655998
020 C000005      2
020 A000006 SECURITIES CORP. OF IOWA
020 B000006 42-0668686
020 C000006      2
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000       91
022 A000001 HSBC SECURITIES, INC.
022 B000001 13-2650272
022 C000001     39374
022 D000001      2918
022 A000002 DREYFUS INSTITUTIONAL
022 B000002 13-2603136
022 C000002     11978
022 D000002     14904
022 A000003 DONALDSON, LUFKIN & JENRETTE
022 B000003 13-2741729
022 C000003      8856
022 D000003      8827
022 A000004 FORD MOTOR CREDIT CORP.
022 B000004 38-1612444
022 C000004     10375
022 D000004       528
022 A000005 AMERICAN GENERAL FINANCE CORP.
022 B000005 35-0416090
022 C000005      9025
022 D000005         0
022 A000006 MORGAN STANLEY
022 B000006 13-2655998
022 C000006         0
022 D000006      8014
022 A000007 PRUDENTIAL BACHE
022 B000007 22-2347336
022 C000007      3991
022 D000007      3691
022 A000008 JOHN DEERE CAPITAL CORP.
022 B000008 36-2386361
022 C000008      7500
022 D000008         0
022 A000009 IBM CREDIT
022 B000009 22-2351962
<PAGE>      PAGE  3
022 C000009      5975
022 D000009         0
022 A000010 NORWEST
022 B000010 42-0331193
022 C000010      5775
022 D000010         0
023 C000000     122895
023 D000000      40711
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
070 J010100 N
070 J020100 N
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
063 A000300   0
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064 A000300 N
070 A010300 Y
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070 C020300 N
070 D010300 N
070 D020300 N
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070 E020300 N
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070 G020300 N
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070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 Y
070 K020300 N
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070 L020300 N
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070 M020300 N
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070 O020300 N
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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070 A010400 Y
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<PAGE>      PAGE  12
070 O020400 N
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
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<PAGE>      PAGE  15
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<PAGE>      PAGE  16
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<PAGE>      PAGE  17
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<PAGE>      PAGE  18
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<PAGE>      PAGE  19
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074 J000700        0
074 K000700        0
074 L000700       20
074 M000700        4
074 N000700    20181
074 O000700        0
074 P000700        6
074 Q000700        0
074 R010700        0
074 R020700        0
074 R030700        0
074 R040700        0
074 S000700        0
074 T000700    20175
074 U010700      651
074 U020700        0
074 V010700    31.00
074 V020700     0.00
074 W000700   0.0000
074 X000700     4956
074 Y000700        0
075 A000700        0
075 B000700    17139
076  000700     0.00
028 A010800        54
028 A020800         2
028 A030800         0
028 A040800        20
028 B010800        24
028 B020800         2
028 B030800         0
028 B040800        18
028 C010800       118
028 C020800         2
028 C030800         0
<PAGE>      PAGE  20
028 C040800        40
028 D010800        86
028 D020800         2
028 D030800         0
028 D040800        73
028 E010800       137
028 E020800         2
028 E030800         0
028 E040800       108
028 F010800       215
028 F020800         3
028 F030800         0
028 F040800       160
028 G010800       634
028 G020800        13
028 G030800         0
028 G040800       419
028 H000800         0
034  000800 Y
035  000800      4
036 A000800 N
036 B000800      0
042 A000800   0
042 B000800   0
042 C000800 100
042 D000800   0
042 E000800   0
042 F000800   0
042 G000800   0
042 H000800   0
043  000800      7
044  000800      0
045  000800 Y
046  000800 N
047  000800 Y
048  000800  0.000
048 A010800        0
048 A020800 0.000
048 B010800        0
048 B020800 0.000
048 C010800        0
048 C020800 0.000
048 D010800        0
048 D020800 0.000
048 E010800        0
048 E020800 0.000
048 F010800        0
048 F020800 0.000
048 G010800        0
048 G020800 0.000
048 H010800        0
<PAGE>      PAGE  21
048 H020800 0.000
048 I010800        0
048 I020800 0.000
048 J010800        0
048 J020800 0.000
048 K010800        0
048 K020800 0.250
062 A000800 Y
062 B000800   0.0
062 C000800  73.3
062 D000800   0.0
062 E000800   0.0
062 F000800   0.0
062 G000800   0.0
062 H000800   0.0
062 I000800  26.1
062 J000800   0.0
062 K000800   0.0
062 L000800   0.6
062 M000800   0.0
062 N000800   0.0
062 O000800   0.0
062 P000800   0.0
062 Q000800   0.0
062 R000800   0.0
063 A000800  42
063 B000800  0.0
064 A000800 N
071 A000800         0
071 B000800         0
071 C000800         0
071 D000800    0
072 A000800  6
072 B000800       73
072 C000800        0
072 D000800        0
072 E000800        0
072 F000800        5
072 G000800        0
072 H000800        0
072 I000800        7
072 J000800        2
072 K000800        0
072 L000800        1
072 M000800        0
072 N000800        1
072 O000800        0
072 P000800        0
072 Q000800        1
072 R000800        0
072 S000800        1
<PAGE>      PAGE  22
072 T000800        7
072 U000800        0
072 V000800        0
072 W000800        6
072 X000800       31
072 Y000800        4
072 Z000800       46
072AA000800        0
072BB000800        0
072CC010800        0
072CC020800        0
072DD010800       46
072DD020800        0
072EE000800        0
073 A010800   0.0170
073 A020800   0.0000
073 B000800   0.0000
073 C000800   0.0000
074 A000800       15
074 B000800        0
074 C000800     2762
074 D000800        0
074 E000800        0
074 F000800        0
074 G000800        0
074 H000800        0
074 I000800        0
074 J000800        0
074 K000800        4
074 L000800        4
074 M000800        0
074 N000800     2785
074 O000800        0
074 P000800        1
074 Q000800        0
074 R010800        0
074 R020800        0
074 R030800        0
074 R040800        4
074 S000800        0
074 T000800     2780
074 U010800     2780
074 U020800        0
074 V010800     1.00
074 V020800     0.00
074 W000800   1.0001
074 X000800      253
074 Y000800        0
075 A000800     2671
075 B000800        0
076  000800     0.00
<PAGE>      PAGE  23
SIGNATURE   KRISTI ROJOHN                                
TITLE       ASSISTANT SECRETARY 
 


<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 1
   <NAME> VALUE GROWTH
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1997
<PERIOD-END>                               JAN-31-1997
<INVESTMENTS-AT-COST>                         93730357
<INVESTMENTS-AT-VALUE>                       104648062
<RECEIVABLES>                                   255693
<ASSETS-OTHER>                                    4780
<OTHER-ITEMS-ASSETS>                             13840
<TOTAL-ASSETS>                               104922375
<PAYABLE-FOR-SECURITIES>                       1341039
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        15315
<TOTAL-LIABILITIES>                             136354
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      87827197
<SHARES-COMMON-STOCK>                          6869195
<SHARES-COMMON-PRIOR>                          5894384
<ACCUMULATED-NII-CURRENT>                        45056
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        4769194
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      10917705
<NET-ASSETS>                                 103566021
<DIVIDEND-INCOME>                               110069
<INTEREST-INCOME>                               330487
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  790842
<NET-INVESTMENT-INCOME>                         640714
<REALIZED-GAINS-CURRENT>                       6055705
<APPREC-INCREASE-CURRENT>                      8601262
<NET-CHANGE-FROM-OPS>                         15297681
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      1089764
<DISTRIBUTIONS-OF-GAINS>                      11584328
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         324737
<NUMBER-OF-SHARES-REDEEMED>                     194895
<SHARES-REINVESTED>                             844969
<NET-CHANGE-IN-ASSETS>                        17032144
<ACCUMULATED-NII-PRIOR>                         494106
<ACCUMULATED-GAINS-PRIOR>                     10297817
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           238865
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 790842
<AVERAGE-NET-ASSETS>                          94544688
<PER-SHARE-NAV-BEGIN>                            14.68
<PER-SHARE-NII>                                   0.11
<PER-SHARE-GAIN-APPREC>                           2.41
<PER-SHARE-DIVIDEND>                              0.18
<PER-SHARE-DISTRIBUTIONS>                         1.94
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              15.08
<EXPENSE-RATIO>                                   1.66
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 3
   <NAME> HIGH GRADE BOND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1997
<PERIOD-END>                               JAN-31-1997
<INVESTMENTS-AT-COST>                          9279096
<INVESTMENTS-AT-VALUE>                         9498232
<RECEIVABLES>                                   181922
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 9680154
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        26936
<TOTAL-LIABILITIES>                              26936
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       9459138
<SHARES-COMMON-STOCK>                           939939
<SHARES-COMMON-PRIOR>                           897708
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (25996)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        219136
<NET-ASSETS>                                   9653218
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               365966
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   87677
<NET-INVESTMENT-INCOME>                         278289
<REALIZED-GAINS-CURRENT>                          4512
<APPREC-INCREASE-CURRENT>                        94909
<NET-CHANGE-FROM-OPS>                           377710
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       278289
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          77006
<NUMBER-OF-SHARES-REDEEMED>                      54830
<SHARES-REINVESTED>                              20055
<NET-CHANGE-IN-ASSETS>                          531044
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      (30508)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            19125
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  87677
<AVERAGE-NET-ASSETS>                           9490091
<PER-SHARE-NAV-BEGIN>                            10.16
<PER-SHARE-NII>                                   0.30
<PER-SHARE-GAIN-APPREC>                           0.11
<PER-SHARE-DIVIDEND>                              0.30
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              10.27
<EXPENSE-RATIO>                                   1.84
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 4
   <NAME> HIGH YIELD BOND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1997
<PERIOD-END>                               JAN-31-1997
<INVESTMENTS-AT-COST>                          7487771
<INVESTMENTS-AT-VALUE>                         7509306
<RECEIVABLES>                                   612160
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                             92120
<TOTAL-ASSETS>                                 8213586
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         4156
<TOTAL-LIABILITIES>                               4156
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       8151918
<SHARES-COMMON-STOCK>                           810985
<SHARES-COMMON-PRIOR>                           735632
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          35166
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         21535
<NET-ASSETS>                                   8209430
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               358257
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   79318
<NET-INVESTMENT-INCOME>                         278939
<REALIZED-GAINS-CURRENT>                         56331
<APPREC-INCREASE-CURRENT>                       132693
<NET-CHANGE-FROM-OPS>                           467963
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       278939
<DISTRIBUTIONS-OF-GAINS>                         91491
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          82711
<NUMBER-OF-SHARES-REDEEMED>                      33772
<SHARES-REINVESTED>                              26414
<NET-CHANGE-IN-ASSETS>                          860066
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                        70326
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            21812
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  80641
<AVERAGE-NET-ASSETS>                           7862933
<PER-SHARE-NAV-BEGIN>                             9.99
<PER-SHARE-NII>                                   0.36
<PER-SHARE-GAIN-APPREC>                           0.25
<PER-SHARE-DIVIDEND>                              0.36
<PER-SHARE-DISTRIBUTIONS>                         0.12
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              10.12
<EXPENSE-RATIO>                                   2.00
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 6
   <NAME> MANAGED
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1997
<PERIOD-END>                               JAN-31-1997
<INVESTMENTS-AT-COST>                         31516523
<INVESTMENTS-AT-VALUE>                        33694742
<RECEIVABLES>                                   125941
<ASSETS-OTHER>                                    4308
<OTHER-ITEMS-ASSETS>                             23168
<TOTAL-ASSETS>                                33848159
<PAYABLE-FOR-SECURITIES>                         57847
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         6180
<TOTAL-LIABILITIES>                              64027
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      30803804
<SHARES-COMMON-STOCK>                          2528646
<SHARES-COMMON-PRIOR>                          2061227
<ACCUMULATED-NII-CURRENT>                        73435
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         726145
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       2178219
<NET-ASSETS>                                  33784132
<DIVIDEND-INCOME>                               394713
<INTEREST-INCOME>                               406917
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  296059
<NET-INVESTMENT-INCOME>                         505571
<REALIZED-GAINS-CURRENT>                       1465013
<APPREC-INCREASE-CURRENT>                      1172880
<NET-CHANGE-FROM-OPS>                          3143464
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       432624
<DISTRIBUTIONS-OF-GAINS>                       2710983
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         311456
<NUMBER-OF-SHARES-REDEEMED>                      63582
<SHARES-REINVESTED>                             219545
<NET-CHANGE-IN-ASSETS>                         6314356
<ACCUMULATED-NII-PRIOR>                            488
<ACCUMULATED-GAINS-PRIOR>                      1972115
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            91995
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 296059
<AVERAGE-NET-ASSETS>                          30372563
<PER-SHARE-NAV-BEGIN>                            13.33
<PER-SHARE-NII>                                   0.23
<PER-SHARE-GAIN-APPREC>                           1.21
<PER-SHARE-DIVIDEND>                              0.20
<PER-SHARE-DISTRIBUTIONS>                         1.21
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              13.36
<EXPENSE-RATIO>                                   1.93
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 7
   <NAME> BLUE CHIP
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1997
<PERIOD-END>                               JAN-31-1997
<INVESTMENTS-AT-COST>                         12302118
<INVESTMENTS-AT-VALUE>                        20067234
<RECEIVABLES>                                    19718
<ASSETS-OTHER>                                    4283
<OTHER-ITEMS-ASSETS>                             89900
<TOTAL-ASSETS>                                20181135
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         6572
<TOTAL-LIABILITIES>                               6572
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      12416059
<SHARES-COMMON-STOCK>                           650708
<SHARES-COMMON-PRIOR>                           557473
<ACCUMULATED-NII-CURRENT>                       (8558)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                           1295
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       7765116
<NET-ASSETS>                                  20174563
<DIVIDEND-INCOME>                               159452
<INTEREST-INCOME>                                36656
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  148939
<NET-INVESTMENT-INCOME>                          47169
<REALIZED-GAINS-CURRENT>                          3264
<APPREC-INCREASE-CURRENT>                      3075806
<NET-CHANGE-FROM-OPS>                          3126239
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        90090
<DISTRIBUTIONS-OF-GAINS>                        184841
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         103556
<NUMBER-OF-SHARES-REDEEMED>                      19409
<SHARES-REINVESTED>                               9088
<NET-CHANGE-IN-ASSETS>                         5533357
<ACCUMULATED-NII-PRIOR>                          34363
<ACCUMULATED-GAINS-PRIOR>                       182872
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            21742
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 148939
<AVERAGE-NET-ASSETS>                          17139375
<PER-SHARE-NAV-BEGIN>                            26.26
<PER-SHARE-NII>                                   0.08
<PER-SHARE-GAIN-APPREC>                           5.10
<PER-SHARE-DIVIDEND>                              0.14
<PER-SHARE-DISTRIBUTIONS>                         0.30
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              31.00
<EXPENSE-RATIO>                                   1.72
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 8
   <NAME> MONEY MARKET
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1997
<PERIOD-END>                               JAN-31-1997
<INVESTMENTS-AT-COST>                          2761850
<INVESTMENTS-AT-VALUE>                         2761850
<RECEIVABLES>                                     8148
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                             14923
<TOTAL-ASSETS>                                 2784921
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         5066
<TOTAL-LIABILITIES>                               5066
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       2777075
<SHARES-COMMON-STOCK>                          2779855
<SHARES-COMMON-PRIOR>                          2551554
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                   2779855
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                72473
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   26934
<NET-INVESTMENT-INCOME>                          45539
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                            45539
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        45539
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         634469
<NUMBER-OF-SHARES-REDEEMED>                     418775
<SHARES-REINVESTED>                              12607
<NET-CHANGE-IN-ASSETS>                          228301
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             4681
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  30954
<AVERAGE-NET-ASSETS>                           2671450
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                   0.02
<PER-SHARE-GAIN-APPREC>                           0.00
<PER-SHARE-DIVIDEND>                              0.02
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                   2.00
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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