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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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SIGNATURE MARYKATHLEEN FOYNES
TITLE COUNSEL
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<NAME> Primary Institutional Fund
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 2
<NAME> U.S. Government Institutional Fund
<S> <C>
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