TO THE SHAREHOLDERS
Scout Money Market Fund's Federal Portfolio earned an annualized yield of
5.34% for the six months ended December 31, 1995, while the Prime Portfolio
earned 5.39%. These figures increased to 5.47% and 5.53%, 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.
Late in the quarter, on December 19, in a widely anticipated move the Federal
Reserve lowered the Federal Funds rate by 25 basis points. At quarter end
three and six-month Treasury bills were down 33 and 43 basis points to yield
5.07% and 5.15% versus 5.40% and 5.57%, respectively, at the start of the
quarter. As we entered the new year the market widely anticipated further
easing, and on January 31, the Fed lowered both the Fed Funds rate and the
Discount rate by 25 basis points. The effect of this rate cut was immediately
seen in the money markets as three-month through one-year Treasury bills fell
below 5.00%.
A growing number of economists are concerned over the possibility of a
recession and, barring any unexpected strength in the economy, the market
clearly expects additional easing by the Federal Reserve at its March meeting.
We believe the possibility of a recession has, to a large extent offset the
negative impact of the failure of the President and Congress to reach an
agreement on a credible deficit reduction package. If economic weakness
continues and the Fed does reduce rates at the March meeting, yields on
money market instruments will reach their lowest levels since September of
1994.
We appreciate your continuing interest in Scout Money Market Fund, Inc.
Sincerely,
Larry D. Armel
President
Shares of the Scout Funds are not deposits or obligations of, nor guaranteed
by, UMB Bank, n.a. or any other banking institution; nor are they federally
insured by the Federal Deposit Insurance Corporation or any other federal
agency. These shares involve investment risks, including the possible loss of
the principal amount invested.
<PAGE>
FINANCIAL STATEMENTS
Statement of Net Assets
December 31, 1995 (unaudited)
Principal Market
Amount Description Value
PRIME PORTFOLIO
SHORT-TERM CORPORATE NOTES _ 83.07%
$ 4,500,000 Air Products & Chemicals, Incorporated,
5.71%, due January 5, 1996 $ 4,497,145
1,000,000 Air Products & Chemicals, Incorporated,
5.67%, due January 16, 1996 997,638
2,000,000 Air Products & Chemicals, Incorporated,
5.70%, due January 16, 1996 1,995,250
5,000,000 American Greetings Corporation,
5.75%, due January 9, 1996 4,993,611
8,000,000 American Greetings Corporation,
5.76%, due January 10, 1996 7,988,480
5,900,000 American Telephone & Telegraph Company,
5.67%, due January 16, 1996 5,886,061
2,000,000 American Telephone & Telegraph Company,
5.69%, due January 16, 1996 1,995,258
2,500,000 American Telephone & Telegraph Company,
5.58%, due March 11, 1996 2,472,875
5,000,000 Ameritech Corporation, 5.58%,
due February 9, 1996 4,969,775
6,950,000 Atlantic Richfield Company,
5.65%, due January 10, 1996 6,940,183
2,500,000 BellSouth Corporation, 5.65%,
due February 12, 1996 2,483,521
7,500,000 Chevron Corporation, 5.68%,
due January 25, 1996 7,471,600
2,500,000 Dover Corporation, 5.77%,
due January 10, 1996 2,496,394
5,000,000 duPont (E.I.) deNemours & Company,
5.68%, due January 17, 1996 4,987,378
2,000,000 Duke Power Company, 5.72%, due January 12, 1996 1,996,504
10,000,000 Engelhard Corporation, 5.70%,
due January 10, 1996 9,985,750
5,000,000 GTE South Incorporated, 5.73%,
due January 30, 1996 4,976,921
7,750,000 GTE South Incorporated, 5.56%,
due February 7, 1996 7,705,713
2,500,000 Gillette Company, 5.72%, due January 5, 1996 2,498,411
1,250,000 Gillette Company, 5.68%, due January 11, 1996 1,248,028
7,000,000 Grainger (W.W.), Incorporated, 5.72%,
due January 4, 1996 6,996,663
5,000,000 Heinz (H.J.) Company, 5.69%,
due January 9, 1996 4,993,678
5,000,000 Heinz (H.J.) Company, 5.69%,
due January 16, 1996 4,988,146
5,000,000 Hershey Foods Corporation,
5.69%, due January 12, 1996 4,991,307
1,000,000 Hershey Foods Corporation,
5.65%, due January 26, 1996 996,076
2,500,000 Hewlett Packard Company,
5.55%, due January 2, 1996 2,499,615
5,000,000 Hewlett Packard Company,
5.62%, due January 2, 1996 4,999,219
2,500,000 Hewlett Packard Company, 5.68%,
due January 25, 1996 2,490,533
2,000,000 Hewlett Packard Company, 5.60%,
due February 29, 1996 1,981,644
2,860,000 IBM Corporation, 5.76%, due January 3, 1996 2,859,085
2,500,000 IBM Corporation, 5.71%, due January 26, 1996 2,490,087
5,000,000 IBM Corporation, 5.70%, due February 2, 1996 4,974,667
5,000,000 KN Energy, Incorporated, 5.78%,
due January 8, 1996 4,994,381
4,000,000 KN Energy, Incorporated, 5.73%,
due January 26, 1996 3,984,083
5,000,000 Knight-Ridder, Incorporated,
5.70%, due January 12, 1996 4,991,292
5,000,000 Knight-Ridder, Incorporated,
5.72%, due January 12, 1996 4,991,261
3,000,000 Laclede Gas & Company, 5.75%,
due January 22, 1996 2,989,938
4,500,000 Laclede Gas & Company, 5.67%,
due January 24, 1996 4,483,699
5,000,000 Lilly (Eli) & Company, 5.70%,
due February 7, 1996 4,970,708
5,000,000 Lilly (Eli) & Company, 5.61%,
due February 21, 1996 4,960,263
10,000,000 Marsh & McClennan Companies,
Incorporated, 5.85%, due January 2, 1996 9,998,375
2,500,000 Marsh & McClennan Companies,
Incorporated, 5.52%, due March 14, 1996 2,472,017
9,000,000 May Department Stores, 5.65%,
due January 22, 1996 8,970,338
12,500,000 Pacific Bell Telephone, 5.70%,
due January 24, 1996 12,454,479
2,500,000 Penney (J.C.) & Company, 5.68%,
due January 17, 1996 2,493,689
5,000,000 Penney (J.C.) & Company, 5.68%,
due January 23, 1996 4,982,644
1,000,000 Penney (J.C.) & Company, 5.66%,
due February 9, 1996 993,868
5,000,000 Penney (J.C.) & Company, 5.65%,
due February 14, 1996 4,965,472
4,100,000 PepsiCo, Incorporated, 5.70%,
due January 12, 1996 4,092,859
4,000,000 PepsiCo, Incorporated, 5.63%,
due May 10, 1996 3,918,678
5,000,000 Proctor & Gamble Company, 5.67%,
due January 19, 1996 4,985,825
1,000,000 Proctor & Gamble Company, 5.62%,
due February 2, 1996 995,004
5,000,000 Progress Capital Holdings, Incorporated,
5.77%, due January 11, 1996 4,991,986
2,000,000 Progress Capital Holdings, Incorporated,
5.75%, due January 12, 1996 1,996,486
5,000,000 Progress Capital Holdings, Incorporated,
5.80%, due January 18, 1996 4,986,306
2,500,000 South Carolina Electric & Gas Company,
5.80%, due January 26, 1996 2,489,931
5,000,000 U.S. West Communications, Incorporated,
5.72%, due January 12, 1996 4,991,261
251,810,000 250,992,059
GOVERNMENT SPONSORED ENTERPRISES _ 16.43%
2,500,000 Federal Farm Credit Banks Discount Notes,
4.095%, due January 18, 1996 2,498,055
3,000,000 Federal Farm Credit Banks Discount Notes,
5.66%, due February 1, 1996 2,999,743
5,000,000 Federal Farm Credit Banks Discount Notes,
7.56%, due March 1, 1996 5,015,505
GOVERNMENT SPONSORED ENTERPRISES (Continued)
2,000,000 Federal Home Loan Banks Discount Notes,
7.145%, due January 26, 1996 2,001,746
2,000,000 Federal Home Loan Banks Discount Notes,
6.28%, due February 2, 1996 1,988,836
2,000,000 Federal Home Loan Banks Discount Notes,
6.30%, due February 2, 1996 1,988,800
1,900,000 Federal Home Loan Banks Discount Notes,
4.22%, due February 14, 1996 1,896,420
2,300,000 Federal Home Loan Mortgage Corporation
Discount Notes, 5.56%, due January 2, 1996 2,288,633
7,500,000 Federal Home Loan Mortgage Corporation
Discount Notes, 5.55%, due February 5, 1996 7,459,531
3,620,000 Federal National Mortgage Association
Discount Notes, 5.56%, due February 12, 1996 3,596,518
7,500,000 Federal National Mortgage Association
Discount Notes, 5.44%, due March 6, 1996 7,426,333
3,000,000 Federal National Mortgage Association
Discount Notes, 5.47%, due March 13, 1996 2,967,180
5,000,000 Federal National Mortgage Association
Discount Notes, 5.66%, due March 15, 1996 5,000,000
2,500,000 Federal National Mortgage Association
Discount Notes, 5.68%, due October 7, 1996 2,502,116
49,820,000 49,629,416
TOTAL INVESTMENTS _ 99.50% $ 300,621,475
Other assets less liabilities _ 0.50% 1,520,888
TOTAL NET ASSETS _ 100.00%
(equivalent to $1.00 per share;
750,000,000 shares of $0.01 par value
capital shares authorized;
304,052,290 shares outstanding) $ 302,142,363
FEDERAL PORTFOLIO
GOVERNMENT SPONSORED ENTERPRISES _ 92.92%
$ 14,000,000 Federal Agricultural Mortgage Corporation,
5.60%, due January 2, 1996 $ 13,997,822
5,000,000 Federal Farm Credit Banks Discount Notes,
5.60%, due January 16, 1996 4,988,333
2,500,000 Federal Farm Credit Banks Discount Notes,
4.095%, due January 18, 1996 2,498,055
5,000,000 Federal Farm Credit Banks Discount Notes,
5.64%, due January 18, 1996 4,986,683
8,500,000 Federal Farm Credit Banks Discount Notes,
5.44%, due February 1, 1996 8,460,182
1,000,000 Federal Farm Credit Banks Discount Notes,
5.66%, due February 1, 1996 999,914
15,000,000 Federal Farm Credit Banks Discount Notes,
5.43%, due February 2, 1996 14,927,600
5,000,000 Federal Farm Credit Banks Discount Notes,
5.53%, due February 12, 1996 4,967,742
15,000,000 Federal Farm Credit Banks Discount Notes,
7.56%, due March 1, 1996 15,046,514
5,000,000 Federal Home Loan Banks Discount Notes,
5.69%, due January 2, 1996 4,999,210
8,000,000 Federal Home Loan Banks Discount Notes,
5.67%, due January 16, 1996 7,981,100
25,000,000 Federal Home Loan Banks Discount Notes,
5.50%, due January 23, 1996 24,915,972
10,600,000 Federal Home Loan Banks Discount Notes,
5.52%, due January 29, 1996 10,554,491
5,000,000 Federal Home Loan Banks Discount Notes,
6.28%, due February 2, 1996 4,972,000
10,000,000 Federal Home Loan Banks Discount Notes,
5.55%, due February 9, 1996 9,939,875
1,000,000 Federal Home Loan Mortgage Corporation Discount
Notes, 5.58%, due January 2, 1996 999,845
5,000,000 Federal Home Loan Mortgage Corporation Discount
Notes, 5.60%, due January 2, 1996 4,999,222
4,550,000 Federal Home Loan Mortgage Corporation Discount
Notes, 5.63%, due January 2, 1996 4,549,289
10,000,000 Federal Home Loan Mortgage Corporation Discount
Notes, 5.58%, due January 5, 1996 9,993,800
5,000,000 Federal Home Loan Mortgage Corporation Discount
Notes, 5.60%, due January 5, 1996 4,996,889
5,000,000 Federal Home Loan Mortgage Corporation Discount
Notes, 5.57%, due January 24, 1996 4,982,207
7,500,000 Federal Home Loan Mortgage Corporation Discount
Notes, 5.56%, due February 2, 1996 7,462,933
5,000,000 Federal Home Loan Mortgage Corporation Discount
Notes, 5.55%, due February 5, 1996 4,973,021
5,000,000 Federal National Mortgage Association Discount
Notes, 5.67%, due January 3, 1996 4,998,425
2,500,000 Federal National Mortgage Association Discount
Notes, 5.57%, due January 5, 1996 2,498,453
5,000,000 Federal National Mortgage Association Discount
Notes, 5.63%, due January 8, 1996 4,994,526
5,000,000 Federal National Mortgage Association Discount
Notes, 5.67%, due January 9, 1996 4,993,700
5,000,000 Federal National Mortgage Association Discount
Notes, 5.44%, due March 6, 1996 4,950,889
2,000,000 Federal National Mortgage Association Discount
Notes, 5.47%, due March 13, 1996 1,978,120
3,500,000 Federal National Mortgage Association Discount
Notes, 5.66%, due March 15, 1996 3,500,000
5,815,000 Federal National Mortgage Association Discount
Notes, 5.56%, due March 25, 1996 5,739,560
5,000,000 Federal National Mortgage Association Discount
Notes, 5.45%, due March 28, 1996 4,934,146
3,000,000 Federal National Mortgage Association Discount
Notes, 8.00%, due July 10, 1996 3,037,164
1,000,000 Federal National Mortgage Association Discount
Notes, 5.68%, due October 7, 1996 1,000,846
220,465,000 219,818,528
REPURCHASE AGREEMENT _ 7.61%
18,000,000 Harris Bank, 5.75%, due January 3, 1996
(Collateralized by U.S. Treasury Notes,
7.875%, due July 31, 1996) 18,000,000
TOTAL INVESTMENTS _ 100.53% $ 237,818,528
Other assets less liabilities _ (0.53%) (1,252,861)
TOTAL NET ASSETS _ 100.00%
(equivalent to $1.00 per share;
750,000,000 shares of $0.01 par value
capital shares authorized;
236,613,791 shares outstanding) $ 236,565,667
<PAGE>
Statement of Assets and Liabilities
December 31, 1995 (unaudited)
Prime Federal
Portfolio Portfolio
ASSETS:
Investment securities, at market value
(identified cost of $300,621,475 and $237,818,528,
respectively) $ 300,621,475 $ 237,818,528
Cash 1,110,362 _
Interest receivable 411,288 631,777
Other assets 11,774 14,372
Total assets 302,154,899 238,464,677
LIABILITIES AND NET ASSETS:
Cash overdraft _ 1,899,010
Payable to shareholders 12,536 _
Total liabilities 12,536 1,899,010
NET ASSETS $ 302,142,363 $ 236,565,667
NET ASSETS CONSIST OF:
Capital (capital stock and paid-in capital) $ 302,175,409 $ 236,614,452
Accumulated net realized loss on investment
transactions (33,046) (48,785)
NET ASSETS APPLICABLE TO OUTSTANDING SHARES $ 302,142,363 $ 236,565,667
Capital shares, $0.01 par value
Authorized 750,000,000 750,000,000
Outstanding 304,052,290 236,613,791
NET ASSET VALUE PER SHARE $ 1.00 $ 1.00
See accompanying Notes to Financial Statements.
<PAGE>
Statement of Operations
Six Months Ended December 31, 1995 (unaudited)
Prime Federal
Portfolio Portfolio
INVESTMENT INCOME:
Income:
Interest $ 8,871,009 $ 6,537,904
Expenses:
Management fees (Note 3) 754,262 560,981
Registration fees and other expenses 10,880 8,032
765,142 569,013
Net investment income 8,105,867 5,968,891
REALIZED GAIN ON INVESTMENTS (Note 1):
Realized gain from investment transactions:
Proceeds from sales of investments 2,767,826,000 2,910,959,000
Cost of investments sold 2,767,826,000 2,910,959,000
Net realized gain from investment
transactions _ _
Increase in net assets resulting from
operations $ 8,105,867 $ 5,968,891
<PAGE>
Statements of Changes in Net Assets
Six Months Ended December 31, 1995
(unaudited) and Year Ended June 30, 1995
Prime Federal
Portfolio Portfolio
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income $ 10,169,309 $ 9,474,283
Net realized loss from investment transactions (29,424) (27,752)
Net increase in net assets resulting from
operations 10,139,885 9,446,531
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (10,169,309) (9,474,283)
INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold ($1.00 per share) 525,233,291 369,926,500
Net asset value of shares issued for reinvestment
of distributions ($1.00 per share) 1,242,170 603,541
526,475,461 370,530,041
Cost of shares redeemed ($1.00 per share) (453,266,957)(382,978,355)
Net increase (decrease) from capital share
transactions 73,208,504 (12,448,314)
Total increase (decrease) in net assets 73,179,080 (12,476,066)
NET ASSETS _ June 30, 1994 172,287,625 195,147,667
NET ASSETS _ June 30, 1995 $245,466,705 $182,671,601
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income $ 8,105,867 $ 5,968,891
Net realized gain from investment transactions _ _
Net increase in net assets resulting from
operations 8,105,867 5,968,891
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (8,105,867) (5,968,891)
INCREASE FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold ($1.00 per share) 370,672,548 251,078,870
Net asset value of shares issued for reinvestment
of distributions ($1.00 per share) 1,504,570 653,565
372,177,118 251,732,441
Cost of shares redeemed ($1.00 per share) (315,501,460)(197,838,375)
Net increase from capital share
transactions 56,675,658 53,894,066
Total increase in net assets 56,675,658 53,894,066
NET ASSETS _ June 30, 1995 245,466,705 182,671,601
NET ASSETS _ December 31, 1995 $302,142,363 $236,565,667
<PAGE>
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
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.
2. PURCHASES AND SALES OF SECURITIES _ The aggregate amounts of security
transactions during the period ended December 31, 1995, were as follows:
Prime Portfolio
Purchases $ 2,816,749,747
Proceeds from sales 2,767,826,000
Federal Portfolio
Purchases $ 2,959,167,885
Proceeds from sales 2,910,959,000
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 one-half 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.
This report has been prepared for the information of the Shareholders of
Scout 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 Scout Funds
are offered only by the Prospectus, a copy of which may be obtained from
Jones & Babson, Inc.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000704773
<NAME> SCOUT MONEY MARKET FUND INC
<SERIES>
<NUMBER> 2
<NAME> PRIME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 300621475
<INVESTMENTS-AT-VALUE> 300621475
<RECEIVABLES> 411288
<ASSETS-OTHER> 1122136
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 302154899
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12536
<TOTAL-LIABILITIES> 12536
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 302175409
<SHARES-COMMON-STOCK> 304052290
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (33046)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 302142363
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8871009
<OTHER-INCOME> 0
<EXPENSES-NET> 765142
<NET-INVESTMENT-INCOME> 8105867
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8105867
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8105867
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 56675658
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 754262
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 765142
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000704773
<NAME> SCOUT MONEY MARKET FUND INC
<SERIES>
<NUMBER> 1
<NAME> FEDERAL PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 237818528
<INVESTMENTS-AT-VALUE> 237818528
<RECEIVABLES> 631777
<ASSETS-OTHER> 14372
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 238464677
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1899010
<TOTAL-LIABILITIES> 1899010
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 236614452
<SHARES-COMMON-STOCK> 236613791
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (48785)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 236565667
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6537904
<OTHER-INCOME> 0
<EXPENSES-NET> 569013
<NET-INVESTMENT-INCOME> 5968891
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5968891
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5968891
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 53894066
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 560981
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 569013
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
