<PAGE> PAGE 1
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001 A000000 THE ARCH FUND, INC.
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007 C020200 THE ARCH GROWTH AND INCOME EQUITY PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 THE ARCH GOVERNMENT & CORPORATE BOND PORT.
007 C030300 N
007 C010400 4
007 C020400 THE U.S. GOVERNMENT SECURITIES PORTFOLIO
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007 C010500 5
007 C020500 THE ARCH TREASURY MONEY MARKET PORTFOLIO
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007 C020600 THE ARCH EMERGING GROWTH PORTFOLIO
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007 C020700 THE ARCH BALANCED PORTFOLIO
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007 C020800 THE ARCH INTERNATIONAL EQUITY PORTFOLIO
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007 C020900 THE ARCH TAX-EXEMPT MONEY MARKET PORTFOLIO
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007 C011000 10
<PAGE> PAGE 2
007 C021000 THE ARCH MISSOURI TAX-EXEMPT BOND PORTFOLIO
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007 C021100 THE ARCH SHORT-INTERMEDIATE MUNICIPAL PORT.
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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 10
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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 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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SIGNATURE JOHN SIEBERT
TITLE COORDINATOR
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<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 022
<NAME> THE ARCH FUND GROWTH & INCOME EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
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<SHARES-REINVESTED> 984090<F1>
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<F1>Class Trust Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 023
<NAME> THE ARCH FUND GROWTH & INCOME EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
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<FN>
<F1>Class Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 024
<NAME> THE ARCH FUND GROWTH & INCOME EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 031
<NAME> THE ARCH FUND GOVERNMENT & CORPORATE BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 032
<NAME> THE ARCH FUND GOVERNMENT & CORPORATE BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
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<FN>
<F1>Class Trust Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 033
<NAME> THE ARCH FUND GOVERNMENT & CORPORATE BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
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<FN>
<F1>Class Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 034
<NAME> THE ARCH FUND GOVERNMENT & CORPORATE BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 041
<NAME> THE ARCH FUND U.S. GOVERNMENT SECURITIES PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
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<F1>Class A Shares
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 042
<NAME> THE ARCH FUND U.S. GOVERNMENT SECURITIES PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
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<F1>Class Trust Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 043
<NAME> THE ARCH FUND U.S. GOVERNMENT SECURITIES PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
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<F1>Class Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 044
<NAME> THE ARCH FUND U.S. GOVERNMENT SECURITIES PORTFOLIO
<S> <C>
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<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 051
<NAME> THE ARCH FUND TREASURY MONEY MARKET PORTFOLIO
<S> <C>
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<F1>Class A Shares
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 052
<NAME> THE ARCH FUND TREASURY MONEY MARKET PORTFOLIO
<S> <C>
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<F1>Class Trust Shares
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 053
<NAME> THE ARCH FUND TREASURY MONEY MARKET PORTFOLIO
<S> <C>
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<FN>
<F1>Class Institutional Shares
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 061
<NAME> THE ARCH FUND EMERGING GROWTH PORTFOLIO
<S> <C>
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 062
<NAME> THE ARCH FUND EMERGING GROWTH PORTFOLIO
<S> <C>
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<TOTAL-LIABILITIES> 312960
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<SHARES-REINVESTED> 782325<F1>
<NET-CHANGE-IN-ASSETS> 47474873
<ACCUMULATED-NII-PRIOR> 163419
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 737312
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<GROSS-EXPENSE> 1097583
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<PER-SHARE-NAV-END> 13.370<F1>
<EXPENSE-RATIO> .960<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class Trust Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 063
<NAME> THE ARCH FUND EMERGING GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 201314188
<INVESTMENTS-AT-VALUE> 218288764
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<ASSETS-OTHER> 31392
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<PAID-IN-CAPITAL-COMMON> 197430312
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<NUMBER-OF-SHARES-SOLD> 461785<F1>
<NUMBER-OF-SHARES-REDEEMED> 134021<F1>
<SHARES-REINVESTED> 114943<F1>
<NET-CHANGE-IN-ASSETS> 47474873
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 737312
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<GROSS-EXPENSE> 1097583
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<PER-SHARE-NII> .010<F1>
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<PER-SHARE-DISTRIBUTIONS> 1.050<F1>
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<PER-SHARE-NAV-END> 13.250<F1>
<EXPENSE-RATIO> 1.260<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 064
<NAME> THE ARCH FUND EMERGING GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 201314188
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<SHARES-REINVESTED> 4217<F1>
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<ACCUMULATED-NII-PRIOR> 163419
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<EXPENSE-RATIO> 1.950<F1>
<AVG-DEBT-OUTSTANDING> 0
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 071
<NAME> THE ARCH FUND BALANCED PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAY-31-1996
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<SHARES-REINVESTED> 37479<F1>
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<EXPENSE-RATIO> 1.270<F1>
<AVG-DEBT-OUTSTANDING> 0
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 072
<NAME> THE ARCH FUND BALANCED PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAY-31-1996
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<FN>
<F1>Class Trust Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 073
<NAME> THE ARCH FUND BALANCED PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
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<FN>
<F1>Class Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 074
<NAME> THE ARCH FUND BALANCED PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
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<AVG-DEBT-OUTSTANDING> 0
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 081
<NAME> THE ARCH FUND INTERNATIONAL EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 082
<NAME> THE ARCH FUND INTERNATIONAL EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
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<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 16710611
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (697502)
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<GROSS-EXPENSE> 355284
<AVERAGE-NET-ASSETS> 42541952<F1>
<PER-SHARE-NAV-BEGIN> 10.790<F1>
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<EXPENSE-RATIO> 1.160<F1>
<AVG-DEBT-OUTSTANDING> 0
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<FN>
<F1>Class Trust Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 083
<NAME> THE ARCH FUND INTERNATIONAL EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 48449611
<INVESTMENTS-AT-VALUE> 56576242
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<OTHER-ITEMS-LIABILITIES> 68093
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<NUMBER-OF-SHARES-SOLD> 126156<F1>
<NUMBER-OF-SHARES-REDEEMED> 12325<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 16710611
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<OVERDIST-NET-GAINS-PRIOR> (697502)
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<AVERAGE-NET-ASSETS> 2973307<F1>
<PER-SHARE-NAV-BEGIN> 10.750<F1>
<PER-SHARE-NII> .010<F1>
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<PER-SHARE-NAV-END> 11.600<F1>
<EXPENSE-RATIO> 1.460<F1>
<AVG-DEBT-OUTSTANDING> 0
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<FN>
<F1>Class Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 084
<NAME> THE ARCH FUND INTERNATIONAL EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAY-31-1996
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<SHARES-REINVESTED> 0<F1>
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<AVERAGE-NET-ASSETS> 183030<F1>
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<EXPENSE-RATIO> 2.150<F1>
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 091
<NAME> THE ARCH FUND TAX-EXEMPT MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 86151840
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<SHARES-REINVESTED> 89655<F1>
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<GROSS-EXPENSE> 270085
<AVERAGE-NET-ASSETS> 6405700<F1>
<PER-SHARE-NAV-BEGIN> 1.000<F1>
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 092
<NAME> THE ARCH FUND TAX-EXEMPT MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAY-31-1996
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<FN>
<F1>Class Trust Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 101
<NAME> THE ARCH FUND MISSOURI TAX-EXEMPT BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 68933856
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<AVG-DEBT-OUTSTANDING> 0
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 102
<NAME> THE ARCH FUND MISSOURI TAX-EXEMPT BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
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<INVESTMENTS-AT-COST> 68933856
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<FN>
<F1>Class Trust Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 103
<NAME> THE ARCH FUND MISSOURI TAX-EXEMPT BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 111
<NAME> THE ARCH FUND SHORT INTERMEDIATE MUNICIPAL BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
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<ACCUM-APPREC-OR-DEPREC> (325250)
<NET-ASSETS> 27227414
<DIVIDEND-INCOME> 18233
<INTEREST-INCOME> 550849
<OTHER-INCOME> 0
<EXPENSES-NET> 38025
<NET-INVESTMENT-INCOME> 531058
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (549389)
<NET-CHANGE-FROM-OPS> (18331)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 531058
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4943<F1>
<NUMBER-OF-SHARES-REDEEMED> 0<F1>
<SHARES-REINVESTED> 34<F1>
<NET-CHANGE-IN-ASSETS> 3473729
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 71186
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 122166
<AVERAGE-NET-ASSETS> 25810<F1>
<PER-SHARE-NAV-BEGIN> 10.080<F1>
<PER-SHARE-NII> .210<F1>
<PER-SHARE-GAIN-APPREC> (.190)<F1>
<PER-SHARE-DIVIDEND> .000<F1>
<PER-SHARE-DISTRIBUTIONS> .210<F1>
<RETURNS-OF-CAPITAL> .000<F1>
<PER-SHARE-NAV-END> 9.890<F1>
<EXPENSE-RATIO> .530<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 112
<NAME> THE ARCH FUND SHORT INTERMEDIATE MUNICIPAL BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 27185148
<INVESTMENTS-AT-VALUE> 26859898
<RECEIVABLES> 387456
<ASSETS-OTHER> 80272
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27327626
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 100212
<TOTAL-LIABILITIES> 100212
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27552664
<SHARES-COMMON-STOCK> 2750133<F1>
<SHARES-COMMON-PRIOR> 2358291<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (325250)
<NET-ASSETS> 27227414
<DIVIDEND-INCOME> 18233
<INTEREST-INCOME> 550849
<OTHER-INCOME> 0
<EXPENSES-NET> 38025
<NET-INVESTMENT-INCOME> 531058
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (549389)
<NET-CHANGE-FROM-OPS> (18331)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 531058
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 613744<F1>
<NUMBER-OF-SHARES-REDEEMED> 225597<F1>
<SHARES-REINVESTED> 3695<F1>
<NET-CHANGE-IN-ASSETS> 3473729
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 71186
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 122166
<AVERAGE-NET-ASSETS> 25859605<F1>
<PER-SHARE-NAV-BEGIN> 10.070<F1>
<PER-SHARE-NII> .210<F1>
<PER-SHARE-GAIN-APPREC> (.190)<F1>
<PER-SHARE-DIVIDEND> .000<F1>
<PER-SHARE-DISTRIBUTIONS> .210<F1>
<RETURNS-OF-CAPITAL> .000<F1>
<PER-SHARE-NAV-END> 9.880<F1>
<EXPENSE-RATIO> .290<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class Trust Shares
</FN>
</TABLE>
