SCOUT
TAX-FREE
MONEY MARKET
FUND
A no-load mutual fund
principally invested in
short-term municipal
securities seeking to provide
maximum income exempt
from federal income tax
consistent with safety of
principal and maintenance
of liquidity.
Annual Report
June 30, 1998
TO THE SHAREHOLDERS
Scout Tax-Free Money Market Fund earned 0.78% for the quarter ended June
30,1998. The Fund's 7-day current yield on June 30 was 3.12%. The Fund
principally invests in short-term municipal securities, and seeks to
provide maximum investment income exempt from federal income tax
consistent with safety of principal and liquidity.
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. Income from the fund may be
subject to the federal Alternative Minimum Tax as well as state and
local taxes.
The Fund finished the quarter with a 30-day annualized yield of 3.14%,
versus an average of 3.08% for tax-free money market funds overall.
Short-term tax-free yields were roughly 30 basis points higher than at
the close of the first quarter. While the availability of attractive
assets was low, cash in-flows also were light and this supported short-
term rates.
The broad market appears to be positioning for a reduction of the Fed
Funds target rate, now at 5.50%. We still do not believe that economic
data point clearly to a rate move in either direction by the policy-
making Federal Open Market Committee (FOMC). In fact, the FOMC has kept
a bias toward increasing the Fed Funds rate.
The Fund has maintained what we consider a substantially higher level of
credit quality than the average fund. We do so by avoiding "weak"
issuers that rely heavily on credit enhancement for their ratings. The
Fund also will maintain a moderate average maturity in the 15- to 25-day
range, consistent with our reluctance to predict the direction of
interest rates.
The Fund's investment management style should continue to make it an
outstanding option for investors in the upper tax brackets who seek
solid yields with top-tier credit quality.
Investment Officer J. Eric Kelley of UMB Investment Advisors has
participated in managing the Fund during the past two years. He will be
responsible for the Fund in the future, continuing the investment style
that our shareholders have come to expect. Look for his name on future
shareholder letters.
We appreciate your continued interest in the Scout Tax-Free Money Market
Fund and we welcome your comments and questions.
Sincerely,
/s/William A. Faust
William A. Faust
UMB Investment Advisors
CHART - Fund Diversification
Commercial Paper 66%
Demand Notes 34%
As of June 30, 1998, statement of assets.
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 insured by the Federal Deposit Insurance Corporation ("FDIC").
These shares involve investment risks, including the possible loss of
the principal amount invested.
FINANCIAL STATEMENTS
Statement of Net Assets
June 30, 1998
<TABLE>
<CAPTION>
Face Market
State Amount Description Value
</CAPTION>
<S> <C>
ALASKA
$ 1,000,000 Alaska State, Tax-Exempt Commercial Paper,
5.00%, due July 1, 1998 $ 1,000,000
ALABAMA
1,400,000 Columbia Alabama Industrial Development Board,
Pollution Control Rev. (Alabama Power), Series D,
Var. Rate, due October 1, 2022 1,400,000
ARIZONA
1,000,000 Maricopa County Arizona (Southern California Edison),
Tax-Exempt Commercial Paper,
3.50%, due July 13, 1998 1,000,000
1,000,000 Maricopa County Arizona (Southern California Edison),
Tax-Exempt Commercial Paper,
3.50%, due July 15, 1998 1,000,000
2,600,000 Maricopa County Arizona (Southern California Edison),
Tax-Exempt Commercial Paper,
3.55%, due August 6, 1998 2,600,000
1,000,000 Salt River Project Agricultural Improvement & Power District,
Arizona Tax-Exempt Commercial Paper,
3.55%, due August 6, 1998 1,000,000
FLORIDA 3,500,000 Gainsville Florida, Utility Bonds, Series C,
3.55%, due July 9, 1998 3,500,000
2,500,000 Jacksonville Florida, Pollution Control Rev. (FPL),
Tax-Exempt Commercial Paper, 3.65%, due July 1, 1998 2,500,000
1,000,000 Jacksonville Florida, Pollution Control Rev., Series 94,
Tax-Exempt Commercial Paper, 3.80%, due August 3, 1998 1,000,000
1,000,000 Jacksonville Florida, Pollution Control Rev., Series 92,
Tax-Exempt Commercial Paper, 3.60%, due August 4, 1998 1,000,000
3,000,000 Jacksonville Florida, Electric Auth., Series 94A,
Tax-Exempt Commercial Paper, 3.60%, due July 13, 1998 3,000,000
GEORGIA 1,000,000 Burke County Georgia, Pollution Control Rev.
(Georgia Power Co.),
Var. Rate, due July 1, 2024 1,000,000
1,400,000 Burke County Georgia, Pollution Control Rev.
(Georgia Power Co.), Series 5,
Var. Rate, due July 1, 2024 1,400,000
5,000,000 Effingham County Georgia, Pollution Control Rev.
(Savannah Electric & Power),
Var. Rate, due April 1, 2037 5,000,000
ILLINOIS
500,000 Sauget Illinois, Pollution Control Rev.
(Monsanto Co. Project),
Var. Rate, due September 1, 2014 500,000
1,500,000 Sauget Illinois, Pollution Control Rev.
(Monsanto Co. Project),
Var. Rate, due May 1, 2028 1,500,000
INDIANA 1,000,000 Hammond Indiana, Pollution Control Rev. (Amoco),
Var. Rate, due February 1, 2022 1,000,000
1,000,000 Jasper County Indiana, Pollution Control Rev.,
Tax-Exempt Commercial Paper,
3.70%, due July 9, 1998 1,000,000
1,000,000 Jasper County Indiana, Pollution Control Rev.,
Tax-Exempt Commercial Paper,
3.55%, due July 15 1998 1,000,000
900,000 Rockport Indiana, Pollution Control Rev. (AEP),
Var. Rate, due July 1, 2025 900,000
2,000,000 Sullivan County Indiana, Pollution Control Rev, Series 85 L3,
Tax-Exempt Commercial Paper, 3.40%, due July 15, 1998 2,000,000
1,000,000 Sullivan County Indiana, Pollution Control Rev, Series 85 L2,
Tax-Exempt Commercial Paper, 3.55%, due August 4, 1998 1,000,000
KENTUCKY
3,500,000 Trimble County Kentucky, Pollution Control Rev. (LG&E),
Tax-Exempt Commercial Paper, 3.85%, due July 2, 1998 3,500,000
2,000,000 Trimble County Kentucky, Pollution Control Rev., Series 92A,
Tax-Exempt Commercial Paper, 3.60%, due July 14, 1998 2,000,000
LOUISIANA
1,300,000 West Baton Rouge Louisiana, Industrial Dist.
(Dow Chemical), Series B,
Var. Rate, due December 1, 2016 1,300,000
MARYLAND
2,000,000 Baltimore County Maryland, Construction Improvement,
Series 95,
3.80%, due July 2, 1998 2,000,000
MASSACHUSETTS
4,000,000 Massachusetts State Industrial Finance Agency, Series 93A,
Tax-Exempt Commercial Paper, 3.75%, due July 10, 1998 4,000,000
1,500,000 Massachusetts State Industrial Finance Agency, Series 93B,
Tax-Exempt Commercial Paper, 3.75%, due July 8, 1998 1,500,000
5,900,000 Massachusetts State Health & Education Auth.
(Amherst College),
Var. Rate, due November 1, 2026 5,900,000
MISSOURI
1,000,000 Missouri Environment Improvement Rev.,
Tax-Exempt Commercial Paper,
3.75%, due July 1, 1998 1,000,000
2,000,000 Missouri Environment Improvement Rev.,
Tax-Exempt Commercial Paper,
3.75%, due July 7, 1998 2,000,000
1,000,000 Missouri Environment Improvement Rev.,
Tax-Exempt Commercial Paper,
3.70%, due July 16, 1998 1,000,000
1,000,000 Missouri Environment Improvement Rev.
(Monsanto Co.),
Var. Rate, due June 1, 2023 1,000,000
1,200,000 St. Charles Missouri, Industrial Development Auth,
Pollution Control Rev. (Monsanto Co.),
Var. Rate, due July 1, 2021 1,200,000
NEBRASKA
1,000,000 Omaha Public Power District Electric Rev.,
Tax-Exempt Commercial Paper,
3.60%, due August 5, 1998 1,000,000
NORTH CAROLINA
2,500,000 Wake County North Carolina,
Industrial Facility & Pollution Control Auth.
(Carolina Power & Light),
Var. Rate, due May 1, 2015 2,500,000
OKLAHOMA
500,000 Garfield County Oklahoma, Industrial Auth.,
Pollution Control Rev.
(Oklahoma Gas & Electric Company),
Var. Rate, due January 1, 2025 500,000
SOUTH CAROLINA
1,000,000 South Carolina Public Services Auth.,
Tax-Exempt Commercial Paper,
3.60%, due August 4, 1998 1,000,000
2,100,000 York County South Carolina (Duke Power),
Tax-Exempt Commercial Paper,
3.75%, due July 7, 1998 2,100,000
2,000,000 York County South Carolina (Duke Power),
Tax-Exempt Commercial Paper,
3.75%, due July 21, 1998 2,000,000
TENNESSEE
1,000,000 Metro Government, Nashville Tennessee, Series 89A,
Tax-Exempt Commercial Paper,
3.80%, due July 28, 1998 1,000,000
1,000,000 Shelby County Tennessee, Series 97A,
Tax-Exempt Commercial Paper,
3.50%, due July 14, 1998 1,000,000
2,000,000 Shelby County Tennessee, Series 97A,
Tax-Exempt Commercial Paper,
3.55%, due August 4, 1998 2,000,000
TEXAS
1,950,000 Austin Texas Combined Utility Rev., Series A,
Tax-Exempt Commercial Paper,
3.45%, due July 15, 1998 1,950,000
1,500,000 Austin Texas, Utility System Rev.,
Tax-Exempt Commercial Paper,
3.65%, due July 8, 1998 1,500,000
1,100,000 Brazos River Auth. Texas (Monsanto Co.),
Var. Rate, due February 1, 2004 1,100,000
1,100,000 Brazos River Harbor Texas,
Industrial Development Corporation
(Monsanto Co.),
Var. Rate, due March 1, 2021 1,100,000
900,000 Gulf Coast Texas Waste Disposal Auth.
(Monsanto Co.),
Var. Rate, due July 1, 2001 900,000
1,700,000 Lower Neches Valley Texas Auth.,
Pollution Control Rev.
(River Treatment Industrial Dev. Corp.),
Var. Rate, due February 1, 2004 1,700,000
1,000,000 San Antonio Texas Water Systems,
Tax-Exempt Commercial Paper,
3.80%, due July 1, 1998 1,000,000
1,000,000 San Antonio Texas Water Systems,
Tax-Exempt Commercial Paper,
3.55%, due July 6, 1998 1,000,000
1,000,000 San Antonio Texas Water Systems, Series 95,
Tax-Exempt Commercial Paper,
3.50%, due September 15, 1998 1,000,000
1,400,000 Texas A&M University,
Tax-Exempt Commercial Paper,
3.70%, due July 22, 1998 1,400,000
2,100,000 Texas A&M University,
Tax-Exempt Commercial Paper,
3.65%, due July 29, 1998 2,100,000
1,000,000 Texas Public Finance Auth.,
Tax-Exempt Commercial Paper,
3.70%, due July 30, 1998 1,000,000
2,000,000 Texas State, Series A, T/RAN,
4.75%, due August 31, 1998 2,013,620
2,000,000 University of Texas Sys. Rev.,
Tax-Exempt Commercial Paper,
3.60%, due August 3, 1998 2,000,000
2,000,000 University of Texas Sys. Rev.,
Tax-Exempt Commercial Paper,
3.60%, due August 5, 1998 2,000,000
UTAH
1,000,000 Intermountain Power,
Tax-Exempt Commercial Paper,
3.65%, due July 6, 1998 1,000,000
2,000,000 Intermountain Power, Series 97B,
Tax-Exempt Commercial Paper,
3.80%, due July 6, 1998 2,000,000
2,000,000 Intermountain Power,
Tax-Exempt Commercial Paper,
3.45%, due September 7, 1998 2,000,000
1,700,000 Salt Lake City Utah,
Pollution Control Rev.
(British Petroleum),
Var. Rate, due February 1, 2008 1,700,000
1,000,000 Utah State, Series A,
Tax-Exempt Commercial Paper,
3.60%, due September 30, 1998 1,000,000
VIRGINIA
1,300,000 Chesterfield County Virginia, I
ndustrial Development Auth. (VEPCO),
Tax-Exempt Commercial Paper,
3.60%, due August 5, 1998 1,300,000
1,800,000 Louisa Virginia, Industrial Development Auth. (VEPCO),
Tax-Exempt Commercial Paper, 3.70%, due July 2, 1998 1,800,000
500,000 Louisa Virginia, Industrial Development Auth. (VEPCO),
Tax-Exempt Commercial Paper, 3.65%, due July 6, 1998 500,000
WASHINGTON
2,500,000 Seattle Municipal Power & Light,
Tax-Exempt Commercial Paper,
3.75%, due July 8, 1998 2,500,000
2,250,000 Seattle Municipal Power & Light,
Tax-Exempt Commercial Paper,
3.75%, due July 9, 1998 2,250,000
2,200,000 Seattle Municipal Power & Light Rev.,
Var. Rate, due November 1, 2018 2,200,000
500,000 Washington State, Series A,
Var. Rate, due June 1, 2020 500,000
2,000,000 Washington State Public Power Supply, Electric Rev.,
Var. Rate, due July 1, 2012 2,000,000
WISCONSIN
1,400,000 Oak Creek Wisconsin, Pollution Control Rev.
(Wisconsin Electric Power Co.),
Var. Rate, due August 1, 2016 1,400,000
1,600,000 Sheboygan Wisconsin, Pollution Control Rev.
(Wisconsin Power & Light Co.),
Var. Rate, due August 1, 2014 1,600,000
1,500,000 Sheboygan Wisconsin, Pollution Control Rev.
(Wisconsin Electric Power Co.),
Var. Rate, due September 1, 2015 1,500,000
1,026,000 Wisconsin G.O., Tax-Exempt Commercial Paper,
3.65%, due July 23, 1998 1,026,000
TOTAL INVESTMENTS (Cost $122,839,620) - 99.81% $ 122,839,620
Other assets less liabilities - 0.19% 228,213
TOTAL NET ASSETS - 100.00%
(equivalent to $1.00 per share;
1,000,000,000 shares of $0.01 par value
capital shares authorized;
123,167,662 shares outstanding) $ 123,067,833
</TABLE>
See accompanying Notes to Financial Statements.
FINANCIAL STATEMENTS
Statement of Assets and Liabilties
June 30, 1998
ASSETS:
Investment securities, at market value $ 122,839,620
Interest receivable 433,135
Total assets 123,272,755
LIABILITIES:
Disbursements in excess of demand deposit cash 204,922
Total liabilities 204,922
NET ASSETS $ 123,067,833
NET ASSETS CONSIST OF:
Capital (capital stock and paid-in capital) $ 123,168,799
Accumulated net realized loss on investment transactions (100,966)
NET ASSETS APPLICABLE TO OUTSTANDING SHARES $ 123,067,833
Capital shares, $0.01 par value
Authorized 1,000,000,000
Outstanding 123,167,662
NET ASSET VALUE PER SHARE $ 1.00
See accompanying Notes to Financial Statements.
FINANCIAL STATEMENTS
Statement of Operations
Year Ended June 30, 1998
INVESTMENT INCOME:
Income:
Interest $ 5,968,141
Expenses:
Management fees 833,818
Government fees 24,040
857,858
Net investment income 5,110,283
Net increase in net assets resulting from operations $ 5,110,283
See accompanying Notes to Financial Statements.
FINANCIAL STATEMENTS
Statements of Changes in Net Assets
For the Years Ended June 30, 1998 and 1997
<TABLE>
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income $ 5,110,283 $ 3,858,121
Net realized loss from investment transactions - (23,173)
Net increase in net assets resulting from operations 5,110,283 3,834,948
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (5,110,283) (3,858,121)
INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold ($1.00 per share) 341,343,451 349,106,370
Net asset value of shares issued for reinvestment
of distributions ($1.00 per share) 491,717 350,045
341,835,168 349,456,415
Cost of shares redeemed ($1.00 per share) (381,116,251) (315,092,608)
Net increase (decrease) in net assets from
capital share transactions (39,281,083) 34,363,807
Net increase (decrease) in net assets (39,281,083) 34,340,634
NET ASSETS:
Beginning of year 162,348,916 128,008,282
End of year $ 123,067,833 $ 162,348,916
</TABLE>
See accompanying Notes to Financial Statements.
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - The
Fund is registered under the Investment Company Act of 1940, as amended,
as a diversified open-end management investment company. The following
is a summary of significant accounting policies consistently followed by
the Fund in the preparation of its financial statements. The policies
are in conformity with generally accepted accounting principles.
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 amortized cost
basis, which is also used for federal income tax purposes.
Federal Income Taxes - The Fund's policy is to comply with the
requirements of the Internal Revenue Code that are applicable to
regulated investment companies and to distribute all of its taxable
income to its shareholders. Therefore, no federal income tax provision
is required. At June 30, 1998, the Fund has an accumulated net realized
loss on sale of investments for federal income tax pur-poses of
$100,966, which is available to offset future taxable gains.
Amortization - Discounts and premiums on securities purchased are
amortized over the life of the respective securities.
Estimates - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of income and
expenses during the reporting period. Actual results could differ from
those estimates.
2. PURCHASES AND SALES OF SECURITIES -The aggregate amounts of security
transactions during the year ended June 30, 1998, were as follows:
Other than
U.S. Government U.S. Government
Securities Securities
Purchases $ 225,245,715 $ -
Proceeds from sales 267,297,450 -
3. MANAGEMENT FEES - UMB Bank, n.a. is the Fund's manager and
investment adviser and provides or pays the cost of all management,
supervisory and administrative services required in the normal operation
of the Fund. This includes investment management; fees of the custodian,
independent public accountants and legal counsel; remuneration of
officers and directors; rent; and shareholder services, including
maintenance of the shareholder accounting system and transfer agency.
Not considered normal operating expenses and therefore payable by the
Fund are taxes, interest, fees and the other charges of governments and
their agencies for qualifying the fund's shares for sale, special
accounting and legal fees and brokerage com-
missions. UMB Bank's management fees are based on average daily net
assets of the Fund at the annual rate of .50 of one percent of net
assets. Certain officers and/or directors of the Fund are also officers
and/or directors of Jones & Babson, Inc., which serves as the Fund's
underwriter and distributor.
4. SUBSEQUENT EVENT - Subsequent to the Fund's year-end, the Fund name
will change to UMB Scout Tax-Free Money Market Fund, Inc.
FINANCIAL HIGHLIGHTS
Per share income and capital changes for a share
outstanding throughout the period.
<TABLE>
<CAPTION>
1998 1997 1996 1995 1994
</CAPTION>
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Income from investment operations:
Net investment income 0.03 0.03 0.03 0.03 0.02
Distributions from:
Net investment income (0.03) (0.03) (0.03) (0.03) (0.02)
Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return 3% 3% 3% 3% 2%
Ratios/Supplemental Data
Net assets, end of year (in millions) $ 123 $ 162 $ 128 $ 78 $ 94
Ratio of expenses to average net assets 0.54% 0.55% 0.52% 0.54% 0.53%
Ratio of net investment income to average net assets 3.21% 3.16% 3.13% 3.20% 2.06%
</TABLE>
See accompanying Notes to Financial Statements.
INDEPENDENT ACCOUNTANTS' REPORT
To the Shareholders and Board of Directors
of Scout Tax-Free Money Market Fund, Inc.:
We have audited the accompanying statement of assets and liabilities of
Scout Tax-Free Money Market Fund, Inc., including the statement of net
assets, as of June 30, 1998 and the related statement of operations,
statements of changes in net assets and the financial highlights for the
periods indicated thereon (periods presented prior to June 30, 1996 were
audited by other independent accountants whose reports thereon expressed
unqualified opinions). These financial statements and financial
highlights are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements
and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
verification of securities owned as of June 30, 1998, by confirmation,
or by the application of alternative auditing procedures with respect to
unsettled portfolio security transactions. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of Scout Tax-Free Money Market Fund, Inc. as of June
30, 1998, the results of its operations, the changes in its net assets
and the financial highlights for the periods indicated in the first
paragraph, in conformity with generally accepted accounting principles.
BAIRD, KURTZ & DOBSON
Kansas City, Missouri
July 24, 1998
This report has been prepared for the information of the Shareholders of
Scout Tax-Free 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.
BOARD OF DIRECTORS
AND OFFICERS
Board of Directors
Larry D. Armel
William E. Hoffman, D.D.S.
Eric T. Jager
Stephen F. Rose
Stuart Wien
Officers
Larry D. Armel, President
P. Bradley Adams, Vice President & Treasurer
Martin A. Cramer, Vice President & Secretary
Constance E. Martin, Vice President
Investment Counsel
UMB Bank, n.a., Kansas City, Missouri
Auditors
Baird, Kurtz & Dobson, Kansas City, Missouri
Legal Counsel
Stradley, Ronon, Stevens & Young,
Philadelphia, Pennsylvania
Custodian
UMB Bank, n.a., Kansas City, Missouri
SCOUT FUNDS
P.O. Box 410498
Kansas City, MO 64141-0498
TOLL-FREE (800) 996-2862
www.umb.com
Underwriter & Distributor: Jones & Babson, Inc., Kansas City, Missouri
JB26B 8/98
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706126
<NAME> SCOUT TAX-FREE MONEY MARKET FUND INC
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 122839620
<INVESTMENTS-AT-VALUE> 122839620
<RECEIVABLES> 433135
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 123272755
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 204922
<TOTAL-LIABILITIES> 204922
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 123168799
<SHARES-COMMON-STOCK> 123167662
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (100966)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 123067833
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5968141
<OTHER-INCOME> 0
<EXPENSES-NET> 857858
<NET-INVESTMENT-INCOME> 5110283
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5110283
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5110283
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 341343451
<NUMBER-OF-SHARES-REDEEMED> 381116251
<SHARES-REINVESTED> 491717
<NET-CHANGE-IN-ASSETS> (39281083)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 833818
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 857858
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .03
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .54
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
