<PAGE> PAGE 1
000 A000000 06/30/98
000 C000000 0000718824
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 FUND FOR TAX-FREE INVESTORS, INC.
001 B000000 811-03720
001 C000000 3016571500
002 A000000 4922 FAIRMONT AVENUE
002 B000000 BETHESDA
002 C000000 MD
002 D010000 20814
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 MONEY MARKET PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 VIRGINIA PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 MARYLAND PORTFOLIO
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 MONEY MANAGEMENT ASSOCIATES
008 B00AA01 A
008 C00AA01 801-10219
008 D01AA01 PALM BEACH GARDENS
008 D02AA01 FL
008 D03AA01 33420
010 A00AA01 RUSHMORE TRUST AND SAVINGS FSB
010 B00AA01 84-5451
010 C01AA01 BETHESDA
010 C02AA01 MD
010 C03AA01 20814
012 A00AA01 RUSHMORE TRUST AND SAVINGS FSB
012 B00AA01 84-5451
<PAGE> PAGE 2
012 C01AA01 BETHESDA
012 C02AA01 MD
012 C03AA01 20814
013 A00AA01 DELOITTE & TOUCHE LLP
013 B01AA01 PRINCETON
013 B02AA01 NJ
013 B03AA01 08540
015 A00AA01 RUSHMORE TRUST AND SAVINGS FSB
015 B00AA01 C
015 C01AA01 BETHESDA
015 C02AA01 MD
015 C03AA01 20814
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 10
019 C00AA00 MONEYMANAG
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 LAFAYETTE SQUARE PARTNERS
022 B000001 52-1568449
022 C000001 6347
022 D000001 5162
022 A000002 SMITH BARNEY AND CO.
022 B000002 13-1912900
022 C000002 4104
022 D000002 3038
022 A000003 PIPER JAFFRAY
022 C000003 4409
022 D000003 1002
022 A000004 NORWEST
022 C000004 1896
022 D000004 0
022 A000005 CRAIGIE, INC
022 C000005 1876
022 D000005 0
022 A000006 STEPHENS
022 C000006 0
022 D000006 903
022 A000007 DAVENPORT
022 C000007 0
022 D000007 627
<PAGE> PAGE 3
022 A000008 RAYMOND JAMES
022 C000008 516
022 D000008 0
022 A000009 WHEAT FIRST
022 B000009 54-0796506
022 C000009 497
022 D000009 0
022 A000010 SCOTT AND STR
022 C000010 0
022 D000010 334
023 C000000 23772
023 D000000 18621
024 00AA00 N
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 N
040 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
<PAGE> PAGE 4
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 N
060 B00AA00 N
061 00AA00 2500
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 N
070 J02AA00 N
070 K01AA00 N
070 K02AA00 N
070 L01AA00 N
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 N
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 Y
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 N
078 000000 N
080 A00AA00 FEDERAL INSURANCE CO.
080 C00AA00 3500
<PAGE> PAGE 5
081 A00AA00 Y
081 B00AA00 24
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 3972
028 A020100 44
028 A030100 0
028 A040100 5776
028 B010100 2079
028 B020100 35
028 B030100 0
028 B040100 1419
028 C010100 1802
028 C020100 40
028 C030100 0
028 C040100 1882
028 D010100 3567
028 D020100 42
028 D030100 0
028 D040100 4429
028 E010100 2455
028 E020100 43
028 E030100 0
028 E040100 1580
028 F010100 3211
<PAGE> PAGE 6
028 F020100 42
028 F030100 0
028 F040100 3258
028 G010100 17086
028 G020100 246
028 G030100 0
028 G040100 18344
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.500
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
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 0
048 K020100 0.000
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 Y
054 I000100 Y
054 J000100 Y
054 K000100 Y
054 L000100 Y
<PAGE> PAGE 7
054 M000100 Y
054 N000100 Y
054 O000100 Y
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 100.4
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
063 A000100 64
063 B000100 0.0
064 A000100 Y
064 B000100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 6
072 B000100 327
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 45
072 G000100 23
072 H000100 0
072 I000100 0
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 0
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 0
072 S000100 0
072 T000100 0
072 U000100 0
072 V000100 0
<PAGE> PAGE 8
072 W000100 0
072 X000100 68
072 Y000100 0
072 Z000100 259
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 259
072DD020100 0
072EE000100 0
073 A010100 0.0100
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 566
074 B000100 0
074 C000100 18242
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 42
074 M000100 134
074 N000100 18984
074 O000100 806
074 P000100 13
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 0
074 S000100 0
074 T000100 18165
074 U010100 18165
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 1.0000
074 X000100 486
074 Y000100 0
075 A000100 18165
075 B000100 0
076 000100 0.00
025 D000201 0
025 D000202 0
025 D000203 0
<PAGE> PAGE 9
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 1209
028 A020200 99
028 A030200 0
028 A040200 3430
028 B010200 383
028 B020200 89
028 B030200 0
028 B040200 368
028 C010200 855
028 C020200 101
028 C030200 0
028 C040200 782
028 D010200 799
028 D020200 99
028 D030200 0
028 D040200 368
028 E010200 1758
028 E020200 103
028 E030200 0
028 E040200 788
028 F010200 3607
028 F020200 103
028 F030200 0
028 F040200 3680
028 G010200 8611
028 G020200 594
028 G030200 0
028 G040200 9416
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.625
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
<PAGE> PAGE 10
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
054 A000200 Y
054 B000200 Y
054 C000200 Y
054 D000200 Y
054 E000200 Y
054 F000200 Y
054 G000200 Y
054 H000200 Y
054 I000200 Y
054 J000200 Y
054 K000200 Y
054 L000200 Y
054 M000200 Y
054 N000200 Y
054 O000200 Y
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 97.5
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 16.1
064 A000200 Y
064 B000200 N
<PAGE> PAGE 11
071 A000200 5917
071 B000200 6305
071 C000200 31614
071 D000200 19
072 A000200 6
072 B000200 860
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 98
072 G000200 47
072 H000200 0
072 I000200 0
072 J000200 0
072 K000200 0
072 L000200 0
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 0
072 S000200 0
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 0
072 X000200 145
072 Y000200 0
072 Z000200 715
072AA000200 360
072BB000200 0
072CC010200 0
072CC020200 272
072DD010200 715
072DD020200 0
072EE000200 0
073 A010200 0.2600
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 54
074 B000200 0
074 C000200 0
074 D000200 31956
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
<PAGE> PAGE 12
074 K000200 0
074 L000200 820
074 M000200 0
074 N000200 32830
074 O000200 0
074 P000200 26
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 20
074 S000200 0
074 T000200 32784
074 U010200 2854
074 U020200 0
074 V010200 11.49
074 V020200 0.00
074 W000200 0.0000
074 X000200 690
074 Y000200 0
075 A000200 0
075 B000200 31614
076 000200 0.00
025 D000301 0
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 669
028 A020300 149
028 A030300 0
028 A040300 647
028 B010300 878
028 B020300 135
028 B030300 0
028 B040300 529
028 C010300 548
028 C020300 153
028 C030300 0
028 C040300 699
028 D010300 433
028 D020300 147
028 D030300 0
028 D040300 826
028 E010300 978
028 E020300 150
028 E030300 0
028 E040300 689
<PAGE> PAGE 13
028 F010300 942
028 F020300 142
028 F030300 0
028 F040300 1110
028 G010300 4448
028 G020300 876
028 G030300 0
028 G040300 4500
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.625
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 N
054 A000300 Y
054 B000300 Y
054 C000300 Y
054 D000300 Y
054 E000300 Y
054 F000300 Y
054 G000300 Y
054 H000300 Y
054 I000300 Y
054 J000300 Y
054 K000300 Y
<PAGE> PAGE 14
054 L000300 Y
054 M000300 Y
054 N000300 Y
054 O000300 Y
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.4
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 98.5
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 14.8
064 A000300 Y
064 B000300 N
071 A000300 2334
071 B000300 2406
071 C000300 45885
071 D000300 5
072 A000300 6
072 B000300 1253
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 142
072 G000300 68
072 H000300 0
072 I000300 0
072 J000300 0
072 K000300 0
072 L000300 0
072 M000300 0
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 0
072 S000300 0
072 T000300 0
072 U000300 0
<PAGE> PAGE 15
072 V000300 0
072 W000300 0
072 X000300 210
072 Y000300 0
072 Z000300 1043
072AA000300 60
072BB000300 0
072CC010300 69
072CC020300 0
072DD010300 1043
072DD020300 0
072EE000300 0
073 A010300 0.2500
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 2
074 B000300 0
074 C000300 0
074 D000300 45602
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 759
074 M000300 0
074 N000300 46363
074 O000300 0
074 P000300 38
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 28
074 S000300 0
074 T000300 46297
074 U010300 4159
074 U020300 0
074 V010300 11.13
074 V020300 0.00
074 W000300 0.0000
074 X000300 835
074 Y000300 0
075 A000300 0
075 B000300 45885
076 000300 0.00
SIGNATURE RICHARD J. GARVEY
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000718824
<NAME> FUND FOR TAX FREE INVESTORS, INC.
<SERIES>
<NUMBER> 1
<NAME> MONEY MARKET PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 18,241,986
<INVESTMENTS-AT-VALUE> 18,241,986
<RECEIVABLES> 42,418
<ASSETS-OTHER> 699,675
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,984,079
<PAYABLE-FOR-SECURITIES> 805,856
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,565
<TOTAL-LIABILITIES> 819,421
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,164,658
<SHARES-COMMON-STOCK> 18,164,658
<SHARES-COMMON-PRIOR> 19,177,146
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 18,164,658
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 326,335
<OTHER-INCOME> 0
<EXPENSES-NET> (67,702)
<NET-INVESTMENT-INCOME> 258,633
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 258,633
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (258,633)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,085,825
<NUMBER-OF-SHARES-REDEEMED> (18,344,416)
<SHARES-REINVESTED> 246,103
<NET-CHANGE-IN-ASSETS> (1,012,488)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 45,054
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 67,702
<AVERAGE-NET-ASSETS> 18,164,692
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.010
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.010)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.750
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000718824
<NAME> FUND FOR TAX FREE INVESTORS, INC.
<SERIES>
<NUMBER> 2
<NAME> VIRGINIA PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 30,038,232
<INVESTMENTS-AT-VALUE> 31,956,164
<RECEIVABLES> 478,735
<ASSETS-OTHER> 395,689
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,830,588
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46,515
<TOTAL-LIABILITIES> 46,515
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,506,096
<SHARES-COMMON-STOCK> 2,854,512
<SHARES-COMMON-PRIOR> 2,872,241
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 360,045
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,917,932
<NET-ASSETS> 32,784,073
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 859,746
<OTHER-INCOME> 0
<EXPENSES-NET> (144,893)
<NET-INVESTMENT-INCOME> 714,853
<REALIZED-GAINS-CURRENT> 360,045
<APPREC-INCREASE-CURRENT> (272,104)
<NET-CHANGE-FROM-OPS> 802,794
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (714,853)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 750,122
<NUMBER-OF-SHARES-REDEEMED> (819,768)
<SHARES-REINVESTED> 51,817
<NET-CHANGE-IN-ASSETS> (123,245)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 97,901
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 144,893
<AVERAGE-NET-ASSETS> 31,614,378
<PER-SHARE-NAV-BEGIN> 11.460
<PER-SHARE-NII> 0.260
<PER-SHARE-GAIN-APPREC> 0.030
<PER-SHARE-DIVIDEND> (0.260)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.490
<EXPENSE-RATIO> 0.930
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000718824
<NAME> FUND FOR TAX FREE INVESTORS, INC.
<SERIES>
<NUMBER> 3
<NAME> MARYLAND PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 43,036,472
<INVESTMENTS-AT-VALUE> 45,601,565
<RECEIVABLES> 306,963
<ASSETS-OTHER> 453,849
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 46,362,377
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 65,147
<TOTAL-LIABILITIES> 65,147
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43,802,932
<SHARES-COMMON-STOCK> 4,159,189
<SHARES-COMMON-PRIOR> 4,085,544
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (70,795)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,565,093
<NET-ASSETS> 46,297,230
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,253,318
<OTHER-INCOME> 0
<EXPENSES-NET> (210,426)
<NET-INVESTMENT-INCOME> 1,042,892
<REALIZED-GAINS-CURRENT> 59,623
<APPREC-INCREASE-CURRENT> 69,140
<NET-CHANGE-FROM-OPS> 1,171,655
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,042,892)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 399,791
<NUMBER-OF-SHARES-REDEEMED> (405,025)
<SHARES-REINVESTED> 78,879
<NET-CHANGE-IN-ASSETS> 953,173
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (130,418)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 142,180
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 210,426
<AVERAGE-NET-ASSETS> 45,885,297
<PER-SHARE-NAV-BEGIN> 11.100
<PER-SHARE-NII> 0.250
<PER-SHARE-GAIN-APPREC> 0.030
<PER-SHARE-DIVIDEND> (0.250)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.130
<EXPENSE-RATIO> 0.930
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
