<PAGE> 1
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INVESTMENT ADVISER AND MANAGER
Cardinal Management Corp.
155 East Broad Street
Columbus, Ohio 43215
DISTRIBUTOR
The Ohio Company
155 East Broad Street
Columbus, Ohio 43215
TRANSFER AGENT AND DIVIDEND PAYING AGENT
Cardinal Management Corp.
215 East Capital Street
Columbus, Ohio 43215
CUSTODIAN
The Fifth Third Bank
38 Fountain Square Plaza
Cincinnati, Ohio 45263
LEGAL COUNSEL
Baker & Hostetler
65 East State Street
Columbus, Ohio 43215
INDEPENDENT AUDITORS
KPMG Peat Marwick LLP
Two Nationwide Plaza
Columbus, Ohio 43215
------------------------
This report has been prepared for the information of shareholders of Cardinal
Government Obligations Fund and is not authorized for distribution to
prospective investors unless preceded or accompanied by an effective Prospectus.
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CARDINAL FUNDS [LOGO]
CARDINAL
GOVERNMENT
OBLIGATIONS
FUND
----------------------------------
SEMI-ANNUAL REPORT
----------------------------------
MARCH 31, 1995
THE OHIO COMPANY
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<PAGE> 2
DEAR SHAREHOLDER:
- --------------------------------------------------------------------------------
Each day brings new challenges, and the past six months have been no exception.
During the first half of our fiscal year, we witnessed the stabilization of
interest rates, improved corporate profitability, record highs for the stock
market and moderate inflation. Our outlook for the next six months calls for a
continuation of this favorable investment environment.
Against this backdrop, assets invested in mutual funds continued to rise.
According to recent industry studies, about one-fourth of Americans own mutual
funds today. Most cite investing for retirement and college education as their
primary goals. Over eight out of ten mutual fund investors rely upon a financial
advisor for mutual fund advice.
As a shareholder of Cardinal Government Obligations Fund, your investment seeks
to maximize safety of capital and earn the highest available current income
obtainable from government securities. We remain dedicated to achieving these
objectives and will continue to work hard on your behalf.
The challenges Cardinal Government Obligations Fund faces today seem more
exciting than ever. We have a sound operations staff, a strong portfolio
management team, dedicated employees and an excellent shareholder base. By
maintaining our focus on providing consistent performance and quality service,
we hope to meet your investment needs in the years to come.
Thank you for your investment in Cardinal Government Obligations Fund.
/s/ Walter R. Chambers
Walter R. Chambers
Chairman
/s/ Frank W. Siegel
Frank W. Siegel
President
1
<PAGE> 3
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MESSAGE FROM THE FUND'S PORTFOLIO MANAGER
On behalf of the Cardinal Government Obligations Fund Trustees and Officers we
are pleased to present our March 31, 1995 Semi-Annual Report which contains
financial statements and the portfolio of investments.
The first six months of our current fiscal year, which ended March 31, 1995,
were good ones for the fixed-income markets and the Cardinal Government
Obligations Fund. Fixed income prices were somewhat oversold during October,
1994, but have rallied steadily since early November as the ten-year U.S.
Treasury Note gained 5.9% in price while current GNMA pools gained about 5%
since that time. This rally helped mortgage rates decline sharply as the yield
on current coupon GNMA mortgage-backed securities fell from over 9.00% in early
November to 8.25% on March 31, 1995. The rally allowed the Cardinal Government
Obligations Fund to produce a 4.54% total return for the six months ending March
31, 1995.
Your Fund's management anticipates a generally positive environment for
fixed-income securities over the coming months. The Federal Reserve has been
raising the cost of borrowing for over a year, and the economy has shown signs
of slowing with little evidence of inflationary problems appearing. With this
outlook, we have positioned the Fund's portfolio of mortgage-backed securities
to respond to these encouraging conditions. The portfolio's project-loan
representation provides needed call protection, while the balance of the
portfolio is positioned to keep the average-life within the less volatile
intermediate-term time horizon. Maintaining a portfolio with these
characteristics allows the fund the flexibility to produce attractive returns
over the long term by minimizing price volatility while producing a high level
of current income.
Presently, the Fund's annual dividend of $0.645 per share provides a
distribution return of 8.07% (based upon the March 31, 1995 net asset value of
$7.99 per share). Recall that your Fund provides the convenience of a dividend
reinvestment plan at net asset value so additional shares provide the same
attractive distribution return. We believe the current level of interest rates
combined with low price volatility in the fixed-income markets present an
excellent opportunity for the patient investor.
Thank you for your confidence and support.
/s/ John R. Carle
John R. Carle
Executive Vice President
As a portfolio manager for Cardinal Government Obligations Fund, John R. Carle
is primarily responsible for the day-to-day management of the Fund's portfolio.
Mr. Carle has 23 years of investment management experience and has been the
portfolio manager for Cardinal Government Obligations Fund since its inception
in 1986.
2
<PAGE> 4
CARDINAL GOVERNMENT OBLIGATIONS FUND
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STATEMENT OF INVESTMENTS (AMOUNTS IN THOUSANDS)
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MARCH 31, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
SECURITIES AMOUNT (NOTE 1)
- ------------------------------------------------------------------------------------------------- --------- -----------
<S> <C> <C>
DIRECT U.S. GOVERNMENT OBLIGATIONS 0.65%
U.S. Treasury Notes, 7.50%, maturing 11/15/01.................................................... $ 1,000 $ 1,018
--------- -----------
U.S. GOVERNMENT AGENCY OBLIGATIONS 98.37%
GNMA I PL Notes, 7.00% maturing 8/15/95 through 7/15/22.......................................... 10,017 9,066
GNMA I PL Notes, 7.25% maturing 5/15/22.......................................................... 730 671
GNMA I PL Notes, 7.875% maturing 7/15/23......................................................... 824 788
GNMA I PL Notes, 8.00% maturing 9/15/23.......................................................... 1,404 1,370
GNMA I PL Notes, 8.125% maturing 5/15/29......................................................... 2,001 1,979
GNMA I PL Notes, 8.15% maturing 1/15/24.......................................................... 2,344 2,329
GNMA I PL Notes, 8.25% maturing 7/15/27.......................................................... 2,814 2,779
GNMA I PL Notes, 8.50% maturing 6/15/22 through 9/15/29.......................................... 6,517 6,536
GNMA I PL Notes, 8.75% maturing 8/15/24.......................................................... 3,625 3,690
GNMA I PL Notes, 9.00% maturing 10/15/21 through 12/15/34........................................ 8,013 8,184
GNMA I PL Notes, 9.25% maturing 3/15/30 through 2/15/33.......................................... 1,661 1,706
GNMA I PL Notes, 9.50% maturing 1/15/19 through 8/15/22.......................................... 1,314 1,350
GNMA I PL Notes, 9.75% maturing 12/15/25......................................................... 1,883 1,954
GNMA I PL Notes, 10.25% maturing 2/15/17 through 12/15/22........................................ 2,131 2,184
GNMA I PL Notes, 10.50% maturing 7/15/14......................................................... 1,047 1,088
GNMA I PL Notes, 11.00% maturing 9/15/06......................................................... 1,102 1,142
GNMA I Notes, 8.00% maturing 11/15/24............................................................ 2,034 2,015
GNMA I Notes, 8.50% maturing 5/15/16 through 8/15/17............................................. 12,686 12,864
GNMA I Notes, 8.75% maturing 12/15/16 through 1/15/25............................................ 2,209 2,260
GNMA I Notes, 9.00% maturing 5/15/16 through 4/15/21............................................. 25,221 26,040
GNMA I Notes, 9.50% maturing 4/15/16 through 3/15/20............................................. 2,236 2,345
GNMA I Notes, 10.00% maturing 12/15/17 through 11/15/20.......................................... 1,032 1,108
GNMA I Notes, 11.00% maturing 1/15/10 through 6/15/20............................................ 7,218 7,957
GNMA I Notes, 11.50% maturing 10/15/10 through 3/15/16........................................... 1,482 1,647
GNMA I Notes, 12.00% maturing 1/15/13 through 7/15/15............................................ 1,494 1,672
GNMA II Notes, 9.00% maturing 10/20/15 through 10/20/19.......................................... 12,522 12,804
GNMA II Notes, 9.50% maturing 1/20/16 through 12/20/22........................................... 6,269 6,512
GNMA II Notes, 10.00% maturing 5/20/14 through 12/20/21.......................................... 12,676 13,429
GNMA II Notes, 10.50% maturing 9/20/13 through 9/20/19........................................... 2,619 2,800
GNMA II Notes, 11/00% maturing 10/20/13 through 1/20/21.......................................... 3,204 3,444
Federal Home Loan Mortgage Corp., 8.00% maturing 11/01/09 through 3/01/10........................ 4,525 4,556
Federal Home Loan Mortgage Corp., 8.50% maturing 4/01/07 through 12/01/09........................ 2,645 2,705
--------- -----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS.................................................. 147,499 150,974
--------- -----------
REPURCHASE AGREEMENTS, FULLY COLLATERALIZED BY U.S. GOVERNMENT OBLIGATIONS 4.79%
Fifth Third Bank, 6.15%, dated 3/31/95, due 4/03/95.............................................. 7,500 7,500
--------- -----------
TOTAL INVESTMENTS (COST $163,313) 101.81%................................................. $ 155,999 $ 159,492
========== ============
</TABLE>
GNMA -- Government National Mortgage Association
PL -- Project Loan
Cost also represents cost for Federal income tax purposes.
See accompanying notes to financial statements.
3
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CARDINAL GOVERNMENT OBLIGATIONS FUND
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STATEMENT OF ASSETS & LIABILITIES (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
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MARCH 31, 1995 (UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investments in securities, at value (cost $163,313)..................................... $ 159,492
Cash.................................................................................... 273
Interest receivable..................................................................... 1,200
Receivable for Fund shares sold......................................................... 36
Other assets............................................................................ 116
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Total assets.................................................................. 161,117
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LIABILITIES
Payable for Fund shares redeemed........................................................ 142
Payable for investment securities purchased............................................. 3,728
Dividends payable....................................................................... 441
Accrued investment management, accounting and transfer agent fees (note 3).............. 106
Other accrued expenses.................................................................. 42
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Total liabilities............................................................. 4,459
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COMMITMENTS AND CONTINGENCIES (NOTE 4)
NET ASSETS--applicable to 19,615,619 outstanding no par value shares of beneficial
interest (unlimited number of shares authorized)...................................... $ 156,658
=========
NET ASSET VALUE PER SHARE............................................................... $ 7.99
=========
</TABLE>
See accompanying notes to financial statements.
4
<PAGE> 6
CARDINAL GOVERNMENT OBLIGATIONS FUND
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STATEMENT OF OPERATIONS (AMOUNTS IN THOUSANDS)
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SIX MONTHS ENDED MARCH 31, 1995 (UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME:
Interest............................................................... $7,120
------
EXPENSES:
Investment management fees (note 3).................................... 398
Transfer agent fees and expenses (note 3).............................. 93
Accounting fees (note 3)............................................... 21
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Total affiliated expenses.................................. 512
------
Custodian fees......................................................... 20
Professional fees...................................................... 26
Reports to shareholders................................................ 26
Directors' fees........................................................ 9
Other expenses......................................................... 26
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Total non-affiliated expenses.............................. 107
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Total expenses............................................. 619
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Net investment income...................................... 6,501
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REALIZED LOSS AND UNREALIZED GAIN ON INVESTMENTS (NOTE 2):
Net realized loss from security transactions........................... (3,370)
Increase in unrealized gain on investments............................. 3,987
------
Net realized loss and increase in unrealized gain on
investments............................................. 617
------
Net increase in net assets from operations................. $7,118
======
</TABLE>
See accompanying notes to financial statements.
5
<PAGE> 7
CARDINAL GOVERNMENT OBLIGATIONS FUND
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STATEMENTS OF CHANGES IN NET ASSETS (AMOUNTS IN THOUSANDS)
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FOR THE SIX MONTHS ENDED MARCH 31, 1995 (UNAUDITED)
AND FOR THE YEAR ENDED SEPTEMBER 30, 1994
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
MARCH 31, SEPTEMBER 30,
1995 1994
---------------- ----------------
<S> <C> <C>
FROM OPERATIONS:
Net investment income........................................ $ 6,501 $ 14,842
Net realized loss from security transactions................. (3,370) (5,070)
Increase (decrease) in unrealized gain on investments........ 3,987 (10,125)
---------------- ----------------
Net increase (decrease) in net assets from operations... 7,118 (353)
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FROM DISTRIBUTIONS TO SHAREHOLDERS:
Distributions of net investment income ($.323 and $.645 per
share, respectively)....................................... (6,539) (14,708)
---------------- ----------------
FROM CAPITAL SHARE TRANSACTIONS (NOTE 5):
Proceeds from sale of Fund shares............................ 2,531 12,690
Net asset value of Fund shares issued in connection with
reinvestment of distributions to shareholders.............. 3,796 8,662
---------------- ----------------
6,327 21,352
Cost of Fund shares redeemed................................. (19,777) (45,645)
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Decrease in net assets derived from capital share
transactions............................................... (13,450) (24,293)
---------------- ----------------
Net decrease in net assets.............................. (12,871) (39,354)
NET ASSETS--beginning of period.............................. 169,529 208,883
---------------- ----------------
NET ASSETS--end of period (over distributed net investment
income of $39 and $2, respectively)........................ $156,658 $169,529
================ ================
</TABLE>
See accompanying notes to financial statements.
6
<PAGE> 8
CARDINAL GOVERNMENT OBLIGATIONS FUND
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NOTES TO FINANCIAL STATEMENTS
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MARCH 31, 1995 (UNAUDITED)
(1) -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cardinal Government Obligations Fund (the "Fund") is a diversified, open-end
investment company created under the laws of Ohio by a Declaration of Trust
dated November 15, 1985 and is registered under the Investment Company Act of
1940. The following is a summary of significant accounting policies followed by
the Fund in the preparation of its financial statements. The policies are in
conformity with generally accepted accounting principles for investment
companies.
Security Valuation -- Portfolio securities for which over-the-counter market
quotations are readily available are valued at the bid price. If no quotations
are available, portfolio securities are valued in good faith by the Board of
Trustees of the Fund to reflect their fair value.
Security Transactions and Investment Income -- Security transactions are
recorded on the trade date. Interest income is recorded on the accrual basis.
Premiums and discounts are recognized as realized gains or losses from security
transactions as securities are sold or as principal reductions are received. In
determining the net realized gain or loss on securities sold, the cost of the
securities has been determined on the first in, first out (FIFO) cost basis.
Federal Income Taxes -- No provision has been made for Federal taxes on the
Fund's income, since it is the policy of the Fund to comply with the provisions
of the Internal Revenue Code applicable to regulated investment companies and to
make sufficient distributions of taxable income and capital gains within the
required time to relieve it from all, or substantially all, Federal income
taxes.
Dividends to Shareholders -- Dividends are declared and accrued daily and (for
those shareholders not electing cash distribution of dividends) automatically
reinvested monthly, at net asset value, in additional shares of the Fund.
(2) -- PURCHASES AND SALES OF SECURITIES
Purchases and sales of U.S. government agency obligations (excluding short-term
obligations) during the six months ended March 31, 1995 aggregated $38,506,331
and $32,408,710, respectively.
As of March 31, 1995, gross unrealized gains and gross unrealized losses on
investment securities were $848,100 and $4,669,701, respectively; resulting in a
net unrealized loss of $3,821,601 on investment securities with a cost basis of
$163,313,421.
(3) -- TRANSACTIONS WITH AFFILIATES
As investment manager for the Fund, Cardinal Management Corp. (CMC), an
affiliated company, is allowed an annual fee of 0.5% of the average daily net
assets of the Fund. CMC has agreed that if the aggregate expenses of the Fund,
as defined, for any fiscal year exceed the expense limitation of any state
having jurisdiction over the Fund, CMC will refund to the Fund, or otherwise
bear, such excess. This limitation did not affect the calculation of the
management fee during the six months ended March 31, 1995.
(continued)
7
<PAGE> 9
CARDINAL GOVERNMENT OBLIGATIONS FUND
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NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
MARCH 31, 1995 (UNAUDITED)
CMC also serves the Fund as transfer agent and fund accountant. Transfer agent
service fees are based on a monthly charge per shareholder account plus
out-of-pocket expenses. Accounting service fees are based on the monthly average
net assets of the Fund. For the six months ended March 31, 1995 the Fund paid or
accrued $92,694 and $20,674 for transfer agent and fund accounting services,
respectively.
The Ohio Company, sole shareholder of CMC, acting as distributor for the Fund,
reported that it received commissions after discounts to dealers from the sale
of shares of the Fund of $73,264 for the six months ended March 31, 1995.
(4) -- COMMITMENTS AND CONTINGENCIES
The Fund has an available $5,000,000 line of credit with its custodian, Fifth
Third Bank, which was unused at March 31, 1995. When used, borrowings under this
arrangement are secured by portfolio securities and can be used only for short
term needs of the Fund. No compensating balances are required and the
arrangement bears an interest rate of 106% of the custodian's prime lending
rate.
Fidelity Bond and Errors and Omissions insurance coverage for the Fund and its
officers and trustees has been obtained through ICI Mutual Insurance Company
(ICI Mutual), an industry-sponsored mutual insurance company. Included in other
assets of the Fund is a deposit of $30,644, for the initial capital of ICI
Mutual. The Fund is also committed to provide $91,932 should ICI Mutual
experience the need for additional capital contributions.
Included in other assets is a $61,000 certificate of deposit which
collateralizes a standby letter of credit in connection with the Fund's
participation in ICI Mutual. This amount is not available for investment.
(5) -- CAPITAL STOCK
At March 31, 1995, there were an unlimited number of shares of no par value
capital stock authorized and the capital amounts were as follows:
<TABLE>
<S> <C>
Paid in capital.................................................................... $ 185,543,791
Accumulated net realized loss on investments....................................... (25,025,715)
Unrealized loss on investments..................................................... (3,821,601)
Over distributed net investment income............................................. (38,520)
-------------
Net Assets......................................................................... $ 156,657,955
=============
</TABLE>
Transactions in capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
MARCH 31, SEPTEMBER 30,
1995 1994
----------- -------------
<S> <C> <C>
Shares sold.......................................................... 320,991 1,514,461
Shares issued in connection with reinvestment of distributions to
shareholders....................................................... 480,515 1,045,107
----------- -------------
801,506 2,559,568
Shares repurchased................................................... (2,471,813) (5,478,768)
----------- -------------
Net decrease......................................................... (1,670,307) (2,919,200)
Shares outstanding:
Beginning of period.................................................. 21,285,926 24,205,126
----------- -------------
End of period........................................................ 19,615,619 21,285,926
========== ==============
</TABLE>
8
<PAGE> 10
CARDINAL GOVERNMENT OBLIGATIONS FUND
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FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for each share of capital stock outstanding throughout each
period:
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEARS ENDED SEPTEMBER 30,
MARCH 31, ------------------------------------------------------------
1995 1994 1993 1992 1991 1990
---------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, beginning............... $ 7.96 $ 8.63 $ 8.95 $ 8.99 $ 8.71 $ 8.71
---------- -------- -------- -------- -------- --------
Income from investment operations:
Net Investment income.................. 0.33 0.66 0.74 0.80 0.81 0.84
Net realized and unrealized gains
(losses) on securities............. 0.03 (0.68) (0.32) (0.04) 0.28 --
---------- -------- -------- -------- -------- --------
Total from investment operations......... 0.36 (0.02) 0.42 0.76 1.09 0.84
---------- -------- -------- -------- -------- --------
Less distributions:
Dividends.............................. (0.33) (0.65) (0.74) (0.80) (0.81) (0.84)
---------- -------- -------- -------- -------- --------
Net Asset Value, ending.................. $ 7.99 $ 7.96 $ 8.63 $ 8.95 $ 8.99 $ 8.71
========= ======== ======== ======== ======== ========
Ratios/Supplemental Data:
Total return............................. 4.54% (0.27%) 4.83% 8.87% 13.07% 10.03%
========= ======== ======== ======== ======== ========
Net assets, ending (000)................. $156,658 $169,529 $208,883 $172,139 $128,569 $114,890
========= ======== ======== ======== ======== ========
Ratio of expenses to average net
assets................................. 0.77% 0.75% 0.73% 0.76% 0.76% 0.76%
========= ======== ======== ======== ======== ========
Ratio of net investment income to
average net assets..................... 8.14% 7.88% 8.32% 8.89% 9.20% 9.55%
========= ======== ======== ======== ======== ========
Portfolio turnover rate.................. 15.03% 21.95% 24.94% 17.15% 34.81% 30.90%
========= ======== ======== ======== ======== ========
</TABLE>
See accompanying notes to financial statements.
9
<PAGE> 11
[LOGO]
THE CARDINAL FUND INC.
CARDINAL GOVERNMENT SECURITIES TRUST
CARDINAL TAX EXEMPT MONEY TRUST
CARDINAL GOVERNMENT OBLIGATIONS FUND
CARDINAL BALANCED FUND
CARDINAL AGGRESSIVE GROWTH FUND
155 E. Broad St. Columbus, Ohio 43215
<TABLE>
<S> <C>
New Accounts and Toll-free Lines
General Information: In Ohio 800-282-9446
(614) 464-5511 Outside Ohio 800-848-7734
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000783413
<NAME> CARDINAL GOVERNMENT OBLIGATIONS FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 159,492
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 1,509
<ASSETS-OTHER> 116
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 161,117
<PAYABLE-FOR-SECURITIES> 3,728
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 731
<TOTAL-LIABILITIES> 4,459
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 165,928
<SHARES-COMMON-STOCK> 19,616
<SHARES-COMMON-PRIOR> 21,286
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 38
<ACCUMULATED-NET-GAINS> (25,026)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,822)
<NET-ASSETS> 156,658
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,120
<OTHER-INCOME> 0
<EXPENSES-NET> 619
<NET-INVESTMENT-INCOME> 6,501
<REALIZED-GAINS-CURRENT> (3,370)
<APPREC-INCREASE-CURRENT> 3,987
<NET-CHANGE-FROM-OPS> 7,118
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,539
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,531
<NUMBER-OF-SHARES-REDEEMED> 19,777
<SHARES-REINVESTED> 3,796
<NET-CHANGE-IN-ASSETS> (12,871)
<ACCUMULATED-NII-PRIOR> 14,842
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 2
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 398
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 619
<AVERAGE-NET-ASSETS> 159,295
<PER-SHARE-NAV-BEGIN> 7.96
<PER-SHARE-NII> 0.33
<PER-SHARE-GAIN-APPREC> 0.03
<PER-SHARE-DIVIDEND> 0.33
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.99
<EXPENSE-RATIO> 0.77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
