<PAGE> 1
U.S. GOVERNMENT
RESERVES
SEMIANNUAL REPORT
MARCH 31, 1997
[GRADISON MUTUAL FUNDS LOGO]
This material is intended for distribution to shareholders of the Gradison U.S.
Government Reserves Fund. It may be distributed to other persons only if it is
preceded or accompanied by a current prospectus of the Gradison U.S. Government
Reserves Fund. McDonald & Company Securities, Inc.--Distributor
GRADISON MUTUAL FUNDS
580 WALNUT STREET
CINCINNATI, OHIO 45202-3198
<PAGE> 2
GRADISON U.S. GOVERNMENT RESERVES
Letter to Shareholders
May 15, 1997
Dear U.S. Government Reserves Shareholder:
SEMIANNUAL REPORT March 31, 1997 marked the midpoint of the twenty-second fiscal
year of Gradison U.S. Government Reserves money market fund. The Fund's
financial statements as of this date appear on the following pages. The
portfolio of investments appears on pages 5 and 6. Investment results as of
March 31 and yield information for the first half of the fiscal year (October
1996 - March 1997) appear at the end of this letter. The 7-day average yield of
U.S. Government Reserves money market fund as of May 15 was 4.87% which produced
a compound effective yield of 4.99%.
STEEPED IN TRADITION... U.S. Government Reserves can trace its roots to the
earliest days of the money market fund industry. Back in 1976, our Cash Reserves
Trust money market fund began operations. It was the 35th money market fund in
the nation. In September 1993, three other McDonald Investments money market
funds were merged into Cash Reserves Trust to form U.S. Government Reserves
money market fund. Since that combination, the Fund's assets have grown by 57%.
This pace of growth has significantly outstripped the industry's growth rate of
38% over the same period. We believe that this success is the direct result of
the high level of service and professionalism that our long experience as money
market fund managers allows us to deliver to shareholders of U.S. Government
Reserves money market fund.
...FOCUSED ON THE FUTURE We continue to search for ways to increase the value
that we deliver to shareholders of U.S. Government Reserves money market fund.
Within the next few months we will take advantage of new and enhanced computer
capabilities to upgrade our current shareholder account system. We expect this
change to significantly improve productivity and operational flexibility. We are
determined to search for the most efficient means to delivering those services
that will be of the greatest value to you.
MONEY MARKET DYNAMICS The extraordinary stability of short term interest rates
over the past year ended in the first calendar quarter of 1997. The Federal Open
Market Committee (FOMC) raised the federal funds target rate to 5.50% from 5.25%
in March. Investors observed accelerating economic growth and the FOMC action
was intended to reduce the pace of that growth to a sustainable level. Prior to
the increase in short term rates, there had been a sentiment among some
investors that Fed action might be deferred since most measures of inflation
were remarkably tame. But the Fed seems to have focused on the immutability of
the business cycle rather than a particular indicator. A robust labor market
(with low unemployment, strong job creation, and accelerating wage rates)
coupled with solid levels of construction and manufacturing activity, and high
factory utilization rates would seem to provide all the ingredients for
accelerating inflation.
1-800-869-5999 [ARTWORK]
<PAGE> 3
LETTER TO SHAREHOLDERS (CONTINUED)
A student of monetary policy can find little evidence that the Fed has
successfully reined in economic expansion with a single 25 basis point rate
hike. Perhaps this time will be different. However, until we observe evidence
that the pace of economic growth is slowing to a sustainable, non-inflationary
level, we will prepare for higher money market rates.
As always, we welcome your comments, suggestions and questions. Shareholder
Service representatives are available during normal business hours, and we are
available should the need arise. Call (800) 569-5999 toll free from anywhere in
the nation or 579-5700 in Cincinnati.
Respectfully,
/s/ C. Stephen Wesselkamper /s/ Paul J. Weston
C. Stephen Wesselkamper Paul J. Weston
Executive Vice President Executive Vice President
<TABLE>
<CAPTION>
U.S. GOVERNMENT RESERVES YIELDS AVERAGE DAILY EFFECTIVE*
<S> <C> <C>
7 days ended 3/31/97 4.72% 4.84%
6 months ended 3/31/97 4.65% 4.70%
12 months ended 3/31/97 4.63% 4.73%
12 months ended 9/30/96 4.70% 4.82%
- ------------------------------------------------------------------------------------
</TABLE>
*Effective yields reflect reinvestment and compounding of actual dividends for
the periods; for the 7 day and 6 month periods, calculation of the effective
yield assumes reinvestment and compounding of the 7 day and 6 month returns
for an entire year. The foregoing yields represent past performance. Future
yields will fluctuate. The yield for the 7 day period ending May 15, 1997 was
4.87% and the effective yield was 4.99%.
2
<PAGE> 4
LETTER TO SHAREHOLDERS (CONTINUED)
<TABLE>
<CAPTION>
--- U.S. GOVERNMENT RESERVES AVERAGE ANNUAL
TOTAL RETURN PERIODS ENDED MARCH 31, 1997
--- Consumer Price Index
10 Years 5 Years 3 Years 1 Year Quarter*
<S> <C> <C> <C> <C>
5.40% 3.90% 4.67% 4.73% 1.16%
3.60% 2.80% 2.80% 2.80% 0.40%
</TABLE>
* Not annualized.
The chart above is intended to compare the total return results of the U.S.
Government Reserves with the Consumer Price Index which is widely considered
as a measure of inflation. Total returns reflect the reinvestment and
compounding of actual daily dividends and distributions for each period noted
above. Total returns are historical and will fluctuate in the future.
Gradison U.S. Government Reserves acquired all of the outstanding shares of
Gradison Cash Reserves (GCR), Gradison U.S. Government Trust, McDonald Money
Market Fund, Inc., and McDonald U.S. Government Money Market Fund, Inc. on
September 27, 1993. Returns prior to that date are those of GCR, which
invested in non-government obligations, the yields of which generally exceed
yields of government obligations.
An investment in the Fund is neither insured nor guaranteed by the U.S.
Government and there can be no assurance that the Fund will be able to
maintain a stable net asset value of $1.00 per share.
3
<PAGE> 5
FINANCIAL HIGHLIGHTS (For a share outstanding throughout each period)
(Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS YEAR ENDED SEPTEMBER 30,
ENDED -----------------------------------------------------------------
MARCH 31, 1997 1996 1995 1994 1993(3) 1992(3)
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
---------- ---------- ---------- ---------- ---------- ----------
Net investment income .023 .047 .050 .029 .025 .037
Dividends from net investment income (.023) (.047) (.050) (.029) (.025) (.037)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value at end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
========== ========== ========== ========== ========== ==========
Total return 2.34%(1) 4.86% 5.10% 2.97% 2.55% 3.83%
========== ========== ========== ========== ========== ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period (in millions) $ 1,544.1 $ 1,333.1 $ 1,224.1 $ 1,001.2 $ 979.8 $ 575.9
RATIOS NET OF EXPENSES
WAIVED BY THE ADVISER:
Ratio of expenses to average net assets .72% .75% .78% .80%(2) .81% .75%
Ratio of net investment income to
average net assets 4.65% 4.72% 5.00% 2.90%(2) 2.53% 3.77%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Total return represents the actual return over the period and has not been
annualized.
(2) During the year ended September 30, 1994, the adviser absorbed expenses of
the Fund through waiver of a portion of the investment advisory fee.
Assuming no waiver of expenses, the ratio of expenses to average net assets
was .81% and the ratio of net investment income to average net assets was
2.89%.
(3) Prior to September 27, 1993, the financial results are those of Gradison
Cash Reserves, the assets and liabilities of which were acquired by the Fund
effective September 27, 1993 (Note 1).
See accompanying notes to financial statements.
4
<PAGE> 6
PORTFOLIO OF INVESTMENTS MARCH 31, 1997 (UNAUDITIED)
<TABLE>
<CAPTION>
MATURITY, INTEREST PRINCIPAL
COUPON RATE RATE(2) AMOUNT VALUE
FEDERAL FARM CREDIT BANKS,
DISCOUNT NOTES - 7.93%
<S> <C> <C> <C> <C>
4/01/97 5.25% $ 23,850,000 $ 23,850,000
4/02/97 5.25 19,940,000 19,937,092
4/15/97 5.22 19,000,000 18,961,430
5/01/97 5.46 16,010,000 15,937,154
5/16/97 5.46 20,000,000 19,863,500
5/22/97 5.26 10,000,000 9,925,483
9/18/97 5.51 19,000,000 18,505,631
------------
126,980,290
------------
FEDERAL FARM CREDIT BANKS, BONDS - 1.72%
4/01/97, 5.25% 5.25 15,000,000 15,000,000
6/03/97, 5.60% 5.42 12,600,000 12,603,129
------------
27,603,129
------------
FEDERAL FARM CREDIT BANKS,
FLOATING RATE NOTES (1) - 15.62%
4/01/97 5.34 50,000,000 50,000,000
6/13/97 5.60 50,000,000 50,000,000
6/27/97 5.55 49,994,279 49,994,279
2/03/98 5.47 49,983,866 49,983,866
2/20/98 5.30 49,969,535 49,969,534
------------
249,947,679
------------
FEDERAL FARM CREDIT BANKS,
FLOATING RATE MASTER NOTE (1) - 6.56%
10/16/97 5.26 105,000,000 105,000,000
------------
FEDERAL HOME LOAN BANKS,
DISCOUNT NOTES - 35.76%
4/01/97 5.40% $ 15,300,000 $ 15,300,000
4/02/97 5.21 7,000,000 6,998,987
4/03/97 5.20 25,000,000 24,992,778
4/10/97 5.32 50,000,000 49,933,550
4/15/97 5.21 25,000,000 24,949,347
4/17/97 5.19 30,000,000 29,931,233
4/22/97 5.15 8,200,000 8,175,366
4/24/97 5.24 42,355,000 42,213,379
5/01/97 5.23 24,105,000 23,999,844
5/08/97 5.24 25,000,000 24,865,361
5/13/97 5.21 26,975,000 26,811,037
5/15/97 5.42 25,000,000 24,834,389
5/22/97 5.15 15,000,000 14,890,563
5/29/97 5.25 75,000,000 74,365,222
5/30/97 5.21 28,590,000 28,346,898
6/19/97 5.36 25,000,000 24,706,219
7/03/97 5.24 14,000,000 13,810,668
7/23/97 5.24 12,000,000 11,802,627
7/29/97 5.19 11,960,000 11,754,816
8/25/97 5.24 15,300,000 14,974,858
9/18/97 5.43 25,000,000 24,359,549
9/23/97 5.45 15,000,000 14,602,604
9/29/97 5.54 36,800,000 35,774,977
------------
572,394,272
------------
- --------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
5
<PAGE> 7
PORTFOLIO OF INVESTMENTS MARCH 31, 1997 (UNAUDITIED)
<TABLE>
<CAPTION>
MATURITY, INTEREST PRINCIPAL
COUPON RATE RATE(2) AMOUNT VALUE
FEDERAL HOME LOAN BANKS, BONDS - 3.85%
<S> <C> <C> <C> <C>
7/22/97, 12.50% 5.45% $ 40,000,000 $ 40,837,220
1/07/98, 5.65% 5.80 20,800,000 20,775,833
--------------
61,613,053
--------------
FEDERAL HOME LOAN BANKS,
FLOATING RATE NOTES (1) - 6.24%
9/26/97 5.49 50,000,000 49,980,810
3/06/98 5.26 50,000,000 49,967,888
--------------
99,948,698
--------------
STUDENT LOAN MARKETING ASSOCIATION,
DISCOUNT NOTE - 7.50%
4/01/97 6.48 120,000,000 120,000,000
--------------
STUDENT LOAN MARKETING ASSOCIATION,
BONDS - 2.41%
12/19/97, 5.44% 5.56 25,000,000 24,979,327
12/24/97, 5.62% 5.62 13,605,000 13,605,000
--------------
38,584,327
--------------
STUDENT LOAN MARKETING ASSOCIATION,
FLOATING RATE NOTES (1) - 2.50%
10/30/97 5.76% $ 20,000,000 $ 20,020,688
11/24/97 5.58 20,000,000 20,000,000
--------------
40,020,688
--------------
TENNESSEE VALLEY AUTHORITY, DISCOUNT NOTES - 9.91%
4/08/97 5.21 20,000,000 19,979,739
4/23/97 5.41 16,000,000 15,947,102
5/12/97 5.20 10,000,000 9,940,778
5/13/97 5.50 50,000,000 49,679,166
5/21/97 5.27 17,575,000 17,446,361
5/22/97 5.42 12,000,000 11,907,860
5/23/97 5.47 14,000,000 13,889,384
6/11/97 5.52 20,000,000 19,782,267
--------------
158,572,657
--------------
TOTAL INVESTMENTS, AT VALUE
(COST $1,600,664,793) - 100% $1,600,664,793
--------------
</TABLE>
- --------------------------------------------------------------------------------
(1) For regulatory purposes, the maturity date of floating rate securities with
market prices that approximate par is considered to be the date upon which
the next readjustment of the interest rate can occur.
(2) The interest rates disclosed in the portfolio of investments are as follows:
- U.S. Government Agency discount notes - the discount rate at the time of
purchase;
- U.S. Government Agency bonds - the yield to maturity at the time of
purchase;
- U.S. Government Agency floating rate notes - the nominal coupon rate at
March 31,1997.
See accompanying notes to financial statements.
6
<PAGE> 8
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
<TABLE>
<CAPTION>
MARCH 31, 1997
<S> <C>
ASSETS
Investments in securities, at value (Note 1) (Cost $1,600,664,793) $1,600,664,793
Receivable for investments sold 25,001,953
Interest receivable 6,285,555
Prepaid expenses and other assets 403,263
--------------
TOTAL ASSETS 1,632,355,564
--------------
LIABILITIES
Payable for investments purchased 85,614,560
Accrued investment advisory fee (Note 2) 1,072,789
Other accrued expenses and liabilities 948,602
Payable for Fund shares redeemed 338,444
Other accrued expenses payable to adviser (Note 2) 309,282
--------------
TOTAL LIABILITIES 88,283,677
--------------
NET ASSETS
Equivalent to $1.00 per share on 1,544,071,887 outstanding shares (Note 1)
($.01 par value - unlimited number of shares authorized) $1,544,071,887
==============
</TABLE>
See accompanying notes to financial statements.
7
<PAGE> 9
STATEMENT OF OPERATIONS (Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
MARCH 31, 1997
-------------------------------
<S> <C> <C>
INTEREST INCOME $40,504,489
EXPENSES:
Investment advisory fee (Note 2) $ 3,364,139
Transfer agency fees (Note 2) 1,069,865
Distribution (Note 2) 747,722
Accounting services fees (Note 2) 82,711
Printing 65,331
Registration fees 58,707
Professional fees 21,544
Trustees' fees (Note 2) 15,507
Amortization of organization expense (Note 1) 1,742
Other 8,062
-----------
TOTAL EXPENSES 5,435,331
-----------
NET INVESTMENT INCOME $35,069,158
===========
</TABLE>
See accompanying notes to financial statements.
8
<PAGE> 10
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
<TABLE>
<CAPTION>
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 1997 SEPTEMBER 30, 1996
<S> <C> <C>
FROM NET INVESTMENT INCOME $ 35,069,158 $ 63,488,295
--------------- ---------------
FROM DIVIDENDS TO SHAREHOLDERS (35,069,158) (63,488,295)
--------------- ---------------
FROM FUND SHARE TRANSACTIONS:
(at a constant net asset value of $1.00 per share)
Proceeds from shares sold 3,155,172,797 5,411,348,184
Net asset value of shares issued in reinvestment of dividends 35,069,158 63,488,295
Payments for shares redeemed (2,979,233,251) (5,365,902,757)
--------------- ---------------
Increase in net assets from Fund share transactions 211,008,704 108,933,722
--------------- ---------------
TOTAL INCREASE IN NET ASSETS 211,008,704 108,933,722
NET ASSETS:
Beginning of period 1,333,063,183 1,224,129,461
--------------- ---------------
End of period $ 1,544,071,887 $ 1,333,063,183
=============== ===============
</TABLE>
See accompanying notes to financial statements.
9
<PAGE> 11
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1997 (Unaudited)
NOTE 1 -- SIGNIFICANT ACCOUNTING POLICIES
Gradison-McDonald Cash Reserves Trust (the Trust) is a no-load, diversified,
open-end management investment company registered under the Investment Company
Act of 1940, as amended. Effective with the start of business on September 27,
1993 (the Reorganization Date) all of the outstanding shares of the Gradison
Cash Reserves (GCR) series of the Trust, Gradison U.S. Government Trust,
McDonald Money Market Fund, Inc., and McDonald U.S. Government Money Market
Fund, Inc. were acquired by a new series of the Trust, Gradison U.S.
Government Reserves (the Fund).
The Fund's investment objective is to maximize current income to the extent
consistent with the preservation of capital and the maintenance of liquidity.
The following is a summary of significant accounting policies followed by the
Trust in the preparation of the Fund's financial statements. The policies are
in conformity with generally accepted accounting principles. The preparation
of financial statements requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amount of income and expenses for that
period. Actual results could differ from those estimates.
SECURITIES VALUATION -- Investments are valued using the amortized cost method
which approximates market value. This involves initially valuing a security at
its original cost and thereafter assuming a constant amortization to maturity
of any discount or premium. This method of valuation is expected to enable the
Fund to maintain a constant net asset value per share.
SECURITIES TRANSACTIONS AND INTEREST INCOME -- Securities transactions are
accounted for on the trade date (the date the order to buy or sell is
executed). Interest income is accrued as earned and includes any immaterial
gains or losses realized from securities transactions during the year.
FUND SHARE VALUATION AND DIVIDENDS TO SHAREHOLDERS -- Fund shares are sold and
redeemed on a continuing basis at the net asset value. The net asset value per
share is computed by dividing the net asset value of the Fund (total assets
less total liabilities) by the number of shares outstanding. All of the net
investment income of the Fund is declared as a dividend and paid in additional
shares once daily. Net investment income consists of all interest income
accrued on the portfolio securities of the Fund, plus or minus amortized
purchase discount or premium, less accrued expenses. Share purchases effective
before 12:00 noon (Eastern time) earn dividends that day. Redemption requests
received before 12:00 noon will not receive that day's dividend.
TAXES -- It is the Trust's policy to comply with the provisions of the
Internal Revenue Code applicable to regulated investment companies. As
provided therein, in any fiscal year in which the Trust so qualifies, and
distributes at least 90% of its taxable net income, the Trust will be relieved
of federal income tax on the income distributed. Accordingly, no provision for
income taxes has been made.
In order to avoid imposition of the excise tax applicable to regulated
investment companies, it is also the Trust's intention to declare as dividends
in each calendar year, at least 98% of its net investment income (earned
during the calendar year) and 98% of its net realized capital gains, if any
(earned during the twelve months ended October 31) plus undistributed amounts
from prior years.
The tax basis of investments is equal to the amortized cost as shown on the
Portfolio of Investments.
NOTE 2 -- TRANSACTIONS WITH AFFILIATES
The Fund's investments are managed, subject to the general supervision and
control of the Trust's Board of Trustees, by McDonald & Company Securities,
Inc. (McDonald), a registered investment adviser and securities dealer,
pursuant to the
10
<PAGE> 12
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1997 (Unaudited)
terms of an Investment Advisory Agreement (the Agreement). Under the terms of
the Agreement, the Trust pays McDonald a fee computed and accrued daily and
paid monthly based upon the Fund's average daily net assets at the annual rate
of .50% on the first $400 million, .45% on the next $600 million, .40% on the
next $1 billion and .35% on any amounts in excess of $2 billion.
Under the terms of the Agreement, McDonald bears the costs of salaries and
related expenses of executive officers of the Trust who are necessary for the
management and operations of the Trust. In addition, McDonald bears the costs
of preparing, printing and mailing sales literature and other advertising
materials, and compensates the Trust's trustees who are affiliated with
McDonald.
Under the terms of a Transfer Agency, Accounting Services and Administrative
Services Agreement, McDonald provides transfer agent, dividend disbursing,
accounting services and administrative services to the Trust. The Trust pays
McDonald a monthly fee for transfer agency and administrative services at an
annual rate of $23.50 per shareholder account, plus out-of-pocket costs for
statement paper, statement and reply envelopes and reply postage. The Trust
pays McDonald a monthly fee for accounting services based on the Fund's
average daily net assets at an annual rate of .015% on the first $400 million,
.0125% on the next $300 million, .01% on the next $300 million and .0075% on
any amount in excess of $1 billion, with a minimum annual fee of $25,000.
Under the terms of a Distribution Service Plan adopted under Rule 12b-1 of the
Investment Company Act of 1940, the Trust has entered into an agreement with
McDonald pursuant to which the Trust pays McDonald a service fee in the annual
amount of .10% of the Fund's average daily net assets.
The officers of the Trust are also officers of McDonald.
Each trustee of the Trust who is not affiliated with McDonald receives fees
from the Trust for services as a trustee. The amounts of such fees for each
trustee are as follows: (a) an annual fee of $6,000 payable in quarterly
installments for service during each fiscal quarter, (b) $500 for each Board
of Trustees meeting attended and (c) $300 for each committee meeting
attended.
11
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000042895
<NAME> GRADISON CASH RESERVES TRUST
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 1,600,664,793
<INVESTMENTS-AT-VALUE> 1,600,664,793
<RECEIVABLES> 31,287,508
<ASSETS-OTHER> 403,263
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,632,355,564
<PAYABLE-FOR-SECURITIES> 85,614,560
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,669,117
<TOTAL-LIABILITIES> 88,283,677
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,544,071,887
<SHARES-COMMON-STOCK> 1,544,071,887
<SHARES-COMMON-PRIOR> 1,333,063,183
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,544,071,887
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 40,504,489
<OTHER-INCOME> 0
<EXPENSES-NET> 5,435,331
<NET-INVESTMENT-INCOME> 35,069,158
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 35,069,158
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 35,069,158
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,155,172,797
<NUMBER-OF-SHARES-REDEEMED> 2,979,233,251
<SHARES-REINVESTED> 35,069,158
<NET-CHANGE-IN-ASSETS> 211,008,704
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,364,139
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,435,331
<AVERAGE-NET-ASSETS> 1,511,690,614
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .023
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .023
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
