<PAGE> PAGE 1
000 B000000 01/31/97
000 C000000 0000357298
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 PERMANENT PORTFOLIO FAMILY OF FUNDS, INC.
001 B000000 811-3379
001 C000000 7077781000
002 A000000 625 SECOND STREET,SUITE 102
002 B000000 PETALUMA
002 C000000 CA
002 D010000 94952
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 THE PERMANENT PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 THE TREASURY BILL PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 THE AGGRESSIVE GROWTH PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 THE VERSATILE BOND PORTFOLIO
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 WORLD MONEY MANAGERS
008 B00AA01 A
008 C00AA01 801-16785
008 D01AA01 PETALUMA
008 D02AA01 CA
008 D03AA01 94952
010 A00AA01 PERMANENT PORTFOLIO INFORMATION, INC.
010 C01AA01 AUSTIN
010 C02AA01 TX
010 C03AA01 78763
012 A00AA01 CHASE GLOBAL FUNDS SERVICES CO.
<PAGE> PAGE 2
012 B00AA01 84-01719
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02108
012 C04AA01 3913
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 SAN FRANCISCO
013 B02AA01 CA
013 B03AA01 94111
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 DEAN WITTER REYNOLDS, INC.
020 B000001 94-1671384
020 C000001 42
020 A000002 JEFFRIES & COMPANY, INC.
020 B000002 95-2622900
020 C000002 9
020 A000003 PRINCIPAL FINANCIAL GROUP, INC.
020 B000003 75-0839696
020 C000003 7
020 A000004 MERRILL LYNCH PIERCE FENNER & SMITH, INC.
020 B000004 13-5674085
020 C000004 4
020 A000005 COWEN & COMPANY
020 B000005 13-5616116
020 C000005 2
020 A000006 PAINE WEBBER, INC.
020 B000006 13-2638166
020 C000006 2
020 A000007 BARRINGTON TRADING COMPANY
020 B000007 36-2942713
020 C000007 1
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 67
022 A000001 STATE STREET BANK & TRUST COMPANY
022 B000001 04-1867445
022 C000001 1018894
022 D000001 785
022 A000002 DEAN WITTER REYNOLDS, INC.
022 B000002 94-1671384
022 C000002 394469
022 D000002 20779
022 A000003 PRINCIPAL FINANCIAL GROUP, INC.
022 B000003 75-0839696
022 C000003 9088
022 D000003 0
022 A000004 BARRINGTON TRADING COMPANY
022 B000004 36-2942713
<PAGE> PAGE 3
022 C000004 5060
022 D000004 987
022 A000005 MOCATTA METALS CORPORATION
022 B000005 13-2640365
022 C000005 1760
022 D000005 0
022 A000006 PAINE WEBBER, INC.
022 B000006 13-2638166
022 C000006 1034
022 D000006 0
022 A000007 VONTOBEL SECURITIES, INC.
022 B000007 13-3444519
022 C000007 782
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 1431087
023 D000000 22551
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 Y
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
<PAGE> PAGE 4
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 Y
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 UNITED PACIFIC INSURANCE COMPANY
080 C00AA00 750000
081 A00AA00 N
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
085 B00AA00 N
015 A000101 WILMINGTON TRUST COMPANY
015 B000101 S
015 C010101 WILMINGTON
015 C020101 DE
015 C030101 19890
015 E010101 X
015 A000102 STATE STREET BANK AND TRUST COMPANY
<PAGE> PAGE 5
015 B000102 C
015 C010102 BOSTON
015 C020102 MA
015 C030102 02105
015 E010102 X
015 A000103 STATE STREET BANK AND TRUST COMPANY
015 B000103 C
015 C010103 BOSTON
015 C020103 MA
015 C030103 02105
015 E040103 X
024 000100 Y
025 A000101 STATE STREET BOSTON CORPORATION
025 B000101 04-1867445
025 C000101 E
025 D000101 293
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 388
028 A020100 0
028 A030100 0
028 A040100 867
028 B010100 464
028 B020100 0
028 B030100 0
028 B040100 750
028 C010100 535
028 C020100 0
028 C030100 0
028 C040100 701
028 D010100 307
028 D020100 0
028 D030100 0
028 D040100 670
028 E010100 517
028 E020100 1838
028 E030100 0
028 E040100 1086
028 F010100 324
028 F020100 0
028 F030100 0
028 F040100 1143
028 G010100 2535
028 G020100 1838
028 G030100 0
028 G040100 5217
<PAGE> PAGE 6
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 200000
048 A020100 1.125
048 B010100 200000
048 B020100 0.813
048 C010100 200000
048 C020100 0.750
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 600000
048 K020100 0.688
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
054 A000100 Y
054 B000100 Y
054 C000100 Y
054 D000100 Y
054 E000100 Y
054 F000100 Y
054 G000100 Y
054 H000100 N
054 I000100 N
054 J000100 N
054 K000100 Y
054 L000100 Y
054 M000100 Y
054 N000100 Y
054 O000100 Y
055 A000100 Y
055 B000100 N
056 000100 N
057 000100 N
<PAGE> PAGE 7
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 Y
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 Y
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 Y
070 C010100 Y
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 N
<PAGE> PAGE 8
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 6154
071 B000100 6383
071 C000100 50072
071 D000100 12
072 A000100 12
072 B000100 2557
KPMG Peat Marwick LLP
Three Embarcadero Center
San Francisco, CA 94111
Board of Directors and Shareholders
Permanent Portfolio Family of Funds, Inc.
In planning and performing our audits of the financial statements of Permanent
Portfolio Family of Funds, Inc. (comprising, respectively, the Permanent
Portfolio, the Treasury Bill Portfolio, the Versatile Bond Portfolio and the
Aggressive Growth Portfolio) for the fiscal year ended January 31, 1997, we
considered its internal control structure, including procedures for safeguarding
securities, in order 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, not to provide assurance on the internal control
structure.
The management of Permanent Portfolio Family of Funds, Inc. is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the 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 the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
January 31, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
KPMG PEAT MARWICK LLP
March 24, 1997
Exhibit 77b
Legal Proceedings
Following a routine examination of the Permanent Portfolio Family of Funds, Inc.
(the "Fund") in 1991, the Securities and Exchange Commission (the "Commission")
instituted public administrative and cease-and-desist proceedings on January 13,
1997, to determine the truth of allegations by the Commission's Division of
Enforcement (the "Division") that World Money Managers and World Money
Securities, Inc., the Fund's investment adviser and a wholly owned investment of
the Permanent Portfolio, respectively, and two of the Fund's directors and
officers, Terry Coxon and Alan Sergy (collectively, the "Respondents"), violated
certain provisions of federal securities laws in fiscal years 1990 through 1992.
The allegations include the following: that World Money Managers received
excessive reimbursements under the Fund's Marketing and Distribution Plan (the
"Marketing Plan") during fiscal years ended January 31, 1990 and 1991; that
during fiscal years 1990 through 1992, the Fund's Board of Directors did not
meet at the end of each quarter to review the expenses incurred under the
Marketing Plan and that the reports thereon contained insufficient detail; that
from August 1990 through July 1992, the Fund's Board of Directors did not
include the proportion of disinterested directors as required by the Investment
Company Act of 1940, as amended; and in April 1990, the Permanent Portfolio
acquired a "call option" prohibited by the Fund's fundamental investment
policies and managed the investment for the advantage of a client of an officer
of the Fund. No charges have been made against the Fund. The Respondents have
denied all of the allegations of the Division and are contesting the
proceedings.
Exhibit 77e
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NAME> PERMANENT PORTFOLIO
<NUMBER> 001
<S> <C>
<MULTIPLIER> 1
<CURRENCY> 1
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-END> JAN-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 65,365,715
<INVESTMENTS-AT-VALUE> 70,198,841
<RECEIVABLES> 2,912,740
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 98,728
<TOTAL-ASSETS> 73,210,309
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 218,786
<TOTAL-LIABILITIES> 218,786
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 59,574,787
<SHARES-COMMON-STOCK> 3,966
<SHARES-COMMON-PRIOR> 4,077
<ACCUMULATED-NII-CURRENT> 7,322,418
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,305,232
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,785,120
<NET-ASSETS> 72,991,523
<DIVIDEND-INCOME> 639,905
<INTEREST-INCOME> 2,556,926
<OTHER-INCOME> 0
<EXPENSES-NET> 1,113,808
<NET-INVESTMENT-INCOME> 2,083,023
<REALIZED-GAINS-CURRENT> 1,307,234
<APPREC-INCREASE-CURRENT> (3,007,576)
<NET-CHANGE-FROM-OPS> 382,681
<EQUALIZATION> (249,430)
<DISTRIBUTIONS-OF-INCOME> (1,647,665)
<DISTRIBUTIONS-OF-GAINS> (352,938)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,182,111
<NUMBER-OF-SHARES-REDEEMED> (10,801,933)
<SHARES-REINVESTED> 1,837,906
<NET-CHANGE-IN-ASSETS> (3,649,268)
<ACCUMULATED-NII-PRIOR> 6,927,153
<ACCUMULATED-GAINS-PRIOR> 1,989,968
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 841,843
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,113,808
<AVERAGE-NET-ASSETS> 74,984,352
<PER-SHARE-NAV-BEGIN> 18.80
<PER-SHARE-NII> .52
<PER-SHARE-GAIN-APPREC> (.41)
<PER-SHARE-DIVIDEND> (.42)
<PER-SHARE-DISTRIBUTIONS> (.09)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.40
<EXPENSE-RATIO> .015
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NAME> TREASURY BILL PORTFOLIO
<NUMBER> 002
<S> <C>
<MULTIPLIER> 1
<CURRENCY> 1
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-END> JAN-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 103,731,275
<INVESTMENTS-AT-VALUE> 103,734,348
<RECEIVABLES> 2,020,667
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 105,755,015
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 413,480
<TOTAL-LIABILITIES> 413,480
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 103,226,668
<SHARES-COMMON-STOCK> 1,559
<SHARES-COMMON-PRIOR> 1,690
<ACCUMULATED-NII-CURRENT> 2,263,201
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (152,966)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,073
<NET-ASSETS> 105,341,535
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,682,932
<OTHER-INCOME> 0
<EXPENSES-NET> 1,005,846
<NET-INVESTMENT-INCOME> 4,677,086
<REALIZED-GAINS-CURRENT> (2,228)
<APPREC-INCREASE-CURRENT> (55,884)
<NET-CHANGE-FROM-OPS> 4,618,974
<EQUALIZATION> (1,052,143)
<DISTRIBUTIONS-OF-INCOME> (4,430,015)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 49,387,677
<NUMBER-OF-SHARES-REDEEMED> (62,000,227)
<SHARES-REINVESTED> 4,149,954
<NET-CHANGE-IN-ASSETS> (9,325,780)
<ACCUMULATED-NII-PRIOR> 4,340,131
<ACCUMULATED-GAINS-PRIOR> (17,079)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,257,545
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,562,725
<AVERAGE-NET-ASSETS> 111,629,024
<PER-SHARE-NAV-BEGIN> 67.84
<PER-SHARE-NII> 2.84
<PER-SHARE-GAIN-APPREC> .01
<PER-SHARE-DIVIDEND> (3.14)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 67.55
<EXPENSE-RATIO> .009
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NAME> AGGRESSIVE GROWTH PORTFOLIO
<NUMBER> 003
<S> <C>
<MULTIPLIER> 1
<CURRENCY> 1
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-END> JAN-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 10,784,562
<INVESTMENTS-AT-VALUE> 15,233,852
<RECEIVABLES> 208,856
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3,389
<TOTAL-ASSETS> 15,446,097
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,758
<TOTAL-LIABILITIES> 28,758
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,854,308
<SHARES-COMMON-STOCK> 324
<SHARES-COMMON-PRIOR> 272
<ACCUMULATED-NII-CURRENT> 122,708
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 990,709
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,449,290
<NET-ASSETS> 15,417,339
<DIVIDEND-INCOME> 238,144
<INTEREST-INCOME> 14,295
<OTHER-INCOME> 0
<EXPENSES-NET> 175,294
<NET-INVESTMENT-INCOME> 77,145
<REALIZED-GAINS-CURRENT> 992,038
<APPREC-INCREASE-CURRENT> 1,106,794
<NET-CHANGE-FROM-OPS> 2,175,977
<EQUALIZATION> 34,901
<DISTRIBUTIONS-OF-INCOME> (86,850)
<DISTRIBUTIONS-OF-GAINS> (17,370)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,989,548
<NUMBER-OF-SHARES-REDEEMED> (4,843,754)
<SHARES-REINVESTED> 98,304
<NET-CHANGE-IN-ASSETS> 4,350,756
<ACCUMULATED-NII-PRIOR> 97,512
<ACCUMULATED-GAINS-PRIOR> 16,041
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 147,574
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 175,294
<AVERAGE-NET-ASSETS> 13,152,574
<PER-SHARE-NAV-BEGIN> 40.65
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> 7.05
<PER-SHARE-DIVIDEND> (.25)
<PER-SHARE-DISTRIBUTIONS> (.05)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 47.66
<EXPENSE-RATIO> .013
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NAME> VERSATILE BOND PORTFOLIO
<NUMBER> 004
<S> <C>
<MULTIPLIER> 1
<CURRENCY> 1
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-END> JAN-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 23,000,423
<INVESTMENTS-AT-VALUE> 23,025,993
<RECEIVABLES> 354,647
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 54,634
<TOTAL-ASSETS> 23,435,274
<PAYABLE-FOR-SECURITIES> 2,027,955
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 62,378
<TOTAL-LIABILITIES> 2,090,333
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,888,882
<SHARES-COMMON-STOCK> 373
<SHARES-COMMON-PRIOR> 354
<ACCUMULATED-NII-CURRENT> 1,556,933
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (126,817)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 25,570
<NET-ASSETS> 21,344,941
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,217,829
<OTHER-INCOME> 0
<EXPENSES-NET> 193,306
<NET-INVESTMENT-INCOME> 1,024,523
<REALIZED-GAINS-CURRENT> 9,404
<APPREC-INCREASE-CURRENT> (148,138)
<NET-CHANGE-FROM-OPS> 885,789
<EQUALIZATION> 16,284
<DISTRIBUTIONS-OF-INCOME> (699,991)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,383,088
<NUMBER-OF-SHARES-REDEEMED> (17,047,752)
<SHARES-REINVESTED> 670,356
<NET-CHANGE-IN-ASSETS> 1,207,774
<ACCUMULATED-NII-PRIOR> 1,672,573
<ACCUMULATED-GAINS-PRIOR> (136,221)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 223,610
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 267,707
<AVERAGE-NET-ASSETS> 19,863,115
<PER-SHARE-NAV-BEGIN> 56.85
<PER-SHARE-NII> 2.94
<PER-SHARE-GAIN-APPREC> (.34)
<PER-SHARE-DIVIDEND> (2.21)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 57.24
<EXPENSE-RATIO> .010
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
