EXCELSIOR TAX EXEMPT FUNDS INC
NSAR-A, 1998-12-14
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<PAGE>      PAGE  1
000 A000000 09/30/98
000 C000000 0000752322
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 EXCELSIOR TAX-EXEMPT FUNDS, INC.
001 B000000 811-4101
001 C000000 6175578732
002 A000000 73 TREMONT STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02108
002 D020000 3913
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  7
007 C010100  1
007 C020100 TAX-EXEMPT MONEY FUND
007 C030100 N
007 C010200  2
007 C020200 INTERMEDIATE-TERM TAX-EXEMPT FUND
007 C030200 N
007 C010300  3
007 C020300 LONG-TERM TAX-EXEMPT FUND
007 C030300 N
007 C010400  4
007 C020400 NEW YORK INTERMEDIATE-TERM TAX-EXEMPT FUND
007 C030400 N
007 C010500  5
007 C010600  6
007 C020600 SHORT-TERM TAX-EXEMPT SECURITIES FUND
007 C030600 N
007 C010700  7
007 C020700 CALIFORNIA TAX-EXEMPT INCOME FUND
007 C030700 N
007 C010800  8
007 C020800 NEW YORK TAX-EXEMPT MONEY FUND
007 C030800 N
007 C010900  9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
<PAGE>      PAGE  2
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
010 A00AA01 CHASE GLOBAL FUNDS SERVICES COMPANY
010 B00AA01 84-1719
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02108
010 C04AA01 3913
010 A00AA02 FEDERATIVE ADMINISTRATIVE SERVICES
010 C01AA02 PITTSBURGH
010 C02AA02 PA
010 C03AA02 15222
010 C04AA02 3779
010 A00AA03 U.S. TRUST COMPANY OF CONNECTICUT
010 C01AA03 STAMFORD
010 C02AA03 CT
010 C03AA03 06905
011 A00AA01 EDGEWOOD SERVICES, INC.
011 B00AA01 8-469850
011 C01AA01 PITTSBURGH
011 C02AA01 PA
011 C03AA01 15237
011 C04AA01 5829
012 A00AA01 UNITED STATES TRUST COMPANY OF NEW YORK
012 B00AA01 85-1740000
012 C01AA01 NEW YORK
012 C02AA01 NY
012 C03AA01 10036
012 C04AA01 1532
012 A00AA02 CHASE GLOBAL FUNDS SERVICES COMPANY
012 B00AA02 84-1719
012 C01AA02 BOSTON
012 C02AA02 MA
012 C03AA02 02108
012 C04AA02 3913
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02116
015 A00AA01 CHASE MANHATTAN BANK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 11245
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
<PAGE>      PAGE  3
019 B00AA00   33
019 C00AA00 EXCELSIORF
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021  000000        0
022 A000001 GOLDMAN SACHS
022 B000001 13-5108880
022 C000001   1251160
022 D000001    130956
022 A000002 NUVEEN (JOHN) & CO., INC.
022 B000002 36-2639476
022 C000002    442718
022 D000002    464070
022 A000003 MORGAN STANLEY & CO., INC.
022 B000003 13-2655998
022 C000003    531355
022 D000003    311404
022 A000004 DREYFUS INVESTMENT SERVICES
022 C000004    267889
022 D000004    256274
022 A000005 SMITH BARNEY, HARRIS, UPHAM & CO., INC.
022 B000005 13-0624016
022 C000005    366062
022 D000005    146275
022 A000006 MORGAN (J.P.) SECURITIES, INC.
022 B000006 13-3224016
022 C000006    319794
022 D000006     66008
022 A000007 LEHMAN BROTHERS, INC.
022 B000007 94-2537674
022 C000007    224770
022 D000007     82866
022 A000008 PROVIDENCE CAPITAL, INC.
022 C000008    134661
022 D000008    157167
022 A000009 PAINE WEBBER, INC.
022 B000009 13-2638166
022 C000009    127887
022 D000009     95940
022 A000010 CITIBANK
022 C000010    113832
022 D000010    108650
023 C000000    4272589
<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  23
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<PAGE>      PAGE  27
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SIGNATURE   JOHN CORCORAN                                
TITLE       ASSISTANT TREASURER 
 


<TABLE> <S> <C>

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<NAME> EXCELSIOR TAX-EXEMPT FUNDS, INC.
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<NAME> EXCELSIOR TAX-EXEMPT FUNDS, INC.
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   <NAME> INTERMEDIATE-TERM TAX-EXEMPT FUND 
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1999
<PERIOD-START>                             APR-01-1998
<PERIOD-END>                               SEP-30-1998
<INVESTMENTS-AT-COST>                      272,386,867
<INVESTMENTS-AT-VALUE>                     286,506,540
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<TOTAL-ASSETS>                             290,867,950
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<PAID-IN-CAPITAL-COMMON>                   272,332,114
<SHARES-COMMON-STOCK>                       29,920,334
<SHARES-COMMON-PRIOR>                       28,580,318
<ACCUMULATED-NII-CURRENT>                            0
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<OVERDISTRIBUTION-GAINS>                             0
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<NET-ASSETS>                               289,748,289
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            6,407,819
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (800,146)
<NET-INVESTMENT-INCOME>                      5,607,673
<REALIZED-GAINS-CURRENT>                     5,005,239
<APPREC-INCREASE-CURRENT>                      927,102 
<NET-CHANGE-FROM-OPS>                       11,540,014
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                  (5,607,673)
<DISTRIBUTIONS-OF-GAINS>                             0
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<NUMBER-OF-SHARES-SOLD>                      4,067,431
<NUMBER-OF-SHARES-REDEEMED>                (2,757,416)
<SHARES-REINVESTED>                             30,001
<NET-CHANGE-IN-ASSETS>                      18,732,452
<ACCUMULATED-NII-PRIOR>                              0
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<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          479,833
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                882,909
<AVERAGE-NET-ASSETS>                       273,518,920
<PER-SHARE-NAV-BEGIN>                             9.48
<PER-SHARE-NII>                                   0.19
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<PER-SHARE-DIVIDEND>                            (0.19)
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<EXPENSE-RATIO>                                   0.58
<AVG-DEBT-OUTSTANDING>                               0
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000752322
<NAME> EXCELSIOR TAX-EXEMPT FUNDS, INC.
<SERIES>
   <NUMBER> 3
   <NAME> LONG-TERM TAX-EXEMPT FUND
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1999
<PERIOD-START>                             APR-01-1998
<PERIOD-END>                               SEP-30-1998
<INVESTMENTS-AT-COST>                      176,662,140
<INVESTMENTS-AT-VALUE>                     185,841,551
<RECEIVABLES>                                8,094,742
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                             3,726
<TOTAL-ASSETS>                             193,940,019
<PAYABLE-FOR-SECURITIES>                    22,310,247
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      704,005
<TOTAL-LIABILITIES>                         23,014,252
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   157,973,588
<SHARES-COMMON-STOCK>                       16,572,618
<SHARES-COMMON-PRIOR>                       14,908,458
<ACCUMULATED-NII-CURRENT>                       55,607
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      3,717,161
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     9,179,411
<NET-ASSETS>                               170,925,767
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            3,969,980
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (594,566)
<NET-INVESTMENT-INCOME>                      3,375,414
<REALIZED-GAINS-CURRENT>                     3,766,650
<APPREC-INCREASE-CURRENT>                      837,365
<NET-CHANGE-FROM-OPS>                        7,979,429
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                  (3,375,414)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      3,508,178
<NUMBER-OF-SHARES-REDEEMED>                (1,904,402)
<SHARES-REINVESTED>                             60,384
<NET-CHANGE-IN-ASSETS>                      21,390,602
<ACCUMULATED-NII-PRIOR>                         55,607
<ACCUMULATED-GAINS-PRIOR>                     (49,489)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          394,633
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                657,629
<AVERAGE-NET-ASSETS>                       157,484,390
<PER-SHARE-NAV-BEGIN>                            10.03
<PER-SHARE-NII>                                   0.22
<PER-SHARE-GAIN-APPREC>                           0.28
<PER-SHARE-DIVIDEND>                            (0.22)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.31
<EXPENSE-RATIO>                                   0.75
<AVG-DEBT-OUTSTANDING>                               0
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000752322
<NAME> EXCELSIOR TAX-EXEMPT FUNDS, INC.
<SERIES>
   <NUMBER> 1
   <NAME> TAX-EXEMPT MONEY FUND 
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1999
<PERIOD-START>                             APR-01-1998
<PERIOD-END>                               SEP-30-1998
<INVESTMENTS-AT-COST>                    1,373,449,808
<INVESTMENTS-AT-VALUE>                   1,373,449,808
<RECEIVABLES>                                5,620,988
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            30,391
<TOTAL-ASSETS>                           1,379,101,187
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    5,451,249
<TOTAL-LIABILITIES>                          5,451,249
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                 1,373,847,666
<SHARES-COMMON-STOCK>                    1,374,516,827
<SHARES-COMMON-PRIOR>                    1,396,917,742
<ACCUMULATED-NII-CURRENT>                     (30,728)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      (167,000)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                             1,373,649,938
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                           25,173,783
<OTHER-INCOME>                                       0
<EXPENSES-NET>                             (3,279,353)
<NET-INVESTMENT-INCOME>                     21,894,430
<REALIZED-GAINS-CURRENT>                      (30,844)
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                       21,863,586
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                 (21,925,170)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                  2,619,196,826
<NUMBER-OF-SHARES-REDEEMED>            (2,643,214,232)
<SHARES-REINVESTED>                          1,197,884
<NET-CHANGE-IN-ASSETS>                    (22,881,106)
<ACCUMULATED-NII-PRIOR>                             12 
<ACCUMULATED-GAINS-PRIOR>                    (136,156)  
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,747,300
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              3,620,158
<AVERAGE-NET-ASSETS>                     1,394,019,416
<PER-SHARE-NAV-BEGIN>                            1.000
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<PER-SHARE-GAIN-APPREC>                              0
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<PER-SHARE-DISTRIBUTIONS>                            0
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<EXPENSE-RATIO>                                   0.47
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000752322
<NAME> EXCELSIOR TAX-EXEMPT FUNDS, INC.
<SERIES>
   <NUMBER> 4
   <NAME> NEW YORK INTERMEDIATE-TERM TAX-EXEMPT FUND 
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1999
<PERIOD-START>                             APR-01-1998
<PERIOD-END>                               SEP-30-1998
<INVESTMENTS-AT-COST>                      139,203,188
<INVESTMENTS-AT-VALUE>                     144,916,827
<RECEIVABLES>                               10,527,899
<ASSETS-OTHER>                                      72
<OTHER-ITEMS-ASSETS>                             3,305
<TOTAL-ASSETS>                             155,448,103
<PAYABLE-FOR-SECURITIES>                     5,389,628
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      576,645
<TOTAL-LIABILITIES>                          5,966,273
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   142,100,182
<SHARES-COMMON-STOCK>                       16,645,333
<SHARES-COMMON-PRIOR>                       14,940,460
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                            (32)
<ACCUMULATED-NET-GAINS>                      1,668,041
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     5,713,639
<NET-ASSETS>                               149,481,830
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            3,148,303
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (498,220)
<NET-INVESTMENT-INCOME>                      2,650,083
<REALIZED-GAINS-CURRENT>                     1,951,687
<APPREC-INCREASE-CURRENT>                    1,262,775
<NET-CHANGE-FROM-OPS>                        5,864,545
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                  (2,650,083)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      3,702,858
<NUMBER-OF-SHARES-REDEEMED>                (2,027,342)
<SHARES-REINVESTED>                             29,357
<NET-CHANGE-IN-ASSETS>                      18,188,075
<ACCUMULATED-NII-PRIOR>                           (32)
<ACCUMULATED-GAINS-PRIOR>                    (283,646) 
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          347,677
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                516,697
<AVERAGE-NET-ASSETS>                       138,731,709
<PER-SHARE-NAV-BEGIN>                             8.79
<PER-SHARE-NII>                                   0.17
<PER-SHARE-GAIN-APPREC>                           0.19
<PER-SHARE-DIVIDEND>                            (0.17)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               8.98
<EXPENSE-RATIO>                                   0.72
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000752322
<NAME> EXCELSIOR TAX-EXEMPT FUNDS, INC.
<SERIES>
   <NUMBER> 8
   <NAME> NEW YORK TAX-EXEMPT MONEY FUND
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                  OTHER
<FISCAL-YEAR-END>                          MAR-31-1999
<PERIOD-START>                             AUG-03-1998
<PERIOD-END>                               SEP-30-1998
<INVESTMENTS-AT-COST>                      224,860,368
<INVESTMENTS-AT-VALUE>                     224,860,368
<RECEIVABLES>                                  777,905
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
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<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      591,393
<TOTAL-LIABILITIES>                            591,393
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   225,046,880
<SHARES-COMMON-STOCK>                      225,046,880
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                               225,046,880
<DIVIDEND-INCOME>                                    0
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<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (132,858)
<NET-INVESTMENT-INCOME>                        883,792
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                          883,792
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (883,792)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                    348,678,058
<NUMBER-OF-SHARES-REDEEMED>              (123,635,502)
<SHARES-REINVESTED>                              4,324
<NET-CHANGE-IN-ASSETS>                     225,046,880
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          156,633
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                240,564
<AVERAGE-NET-ASSETS>                       193,811,666
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                  0.005
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                           (0.005)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                   0.77
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000752322
<NAME> EXCELSIOR TAX-EXEMPT FUNDS, INC.
<SERIES>
   <NUMBER> 6
   <NAME> SHORT-TERM TAX-EXEMPT SECURITIES FUND 
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1999
<PERIOD-START>                             APR-01-1998
<PERIOD-END>                               SEP-30-1998
<INVESTMENTS-AT-COST>                       38,569,980
<INVESTMENTS-AT-VALUE>                      39,174,979
<RECEIVABLES>                                  647,401
<ASSETS-OTHER>                                   9,653
<OTHER-ITEMS-ASSETS>                             1,204
<TOTAL-ASSETS>                              39,833,237
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      152,240
<TOTAL-LIABILITIES>                            152,240
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    39,542,290
<SHARES-COMMON-STOCK>                        5,534,674
<SHARES-COMMON-PRIOR>                        5,957,618
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                           (121)
<ACCUMULATED-NET-GAINS>                      (466,171)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       604,999
<NET-ASSETS>                                39,680,997
<DIVIDEND-INCOME>                                    0
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<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (118,276)
<NET-INVESTMENT-INCOME>                        730,756
<REALIZED-GAINS-CURRENT>                        96,716
<APPREC-INCREASE-CURRENT>                      239,203
<NET-CHANGE-FROM-OPS>                        1,066,675
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (730,756)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,090,309
<NUMBER-OF-SHARES-REDEEMED>                (1,521,189)
<SHARES-REINVESTED>                              7,936
<NET-CHANGE-IN-ASSETS>                     (2,664,480)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                    (562,887)
<OVERDISTRIB-NII-PRIOR>                          (121)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           60,079
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                132,110
<AVERAGE-NET-ASSETS>                        39,920,487
<PER-SHARE-NAV-BEGIN>                             7.11
<PER-SHARE-NII>                                   0.13
<PER-SHARE-GAIN-APPREC>                           0.06
<PER-SHARE-DIVIDEND>                            (0.13)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               7.17
<EXPENSE-RATIO>                                   0.59
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>


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