KEMPER ADJUSTABLE RATE U S GOVERNMENT FUND
NSAR-A, 1995-04-27
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<PAGE>      PAGE  1
000 A000000 02/28/95
000 C000000 0000814955
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 KEMPER ADJUSTABLE RATE U.S. GOVERNMENT FUND
001 B000000 811-5195
001 C000000 3127811121
002 A000000 120 SOUTH LASALLE STREET
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60603
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
008 A000001 KEMPER FINANCIAL SERVICES, INC.
008 B000001 A
008 C000001 801-6634
008 D010001 CHICAGO
008 D020001 IL
008 D030001 60603
010 A000001 KEMPER DISTRIBUTORS, INC.
010 B000001 8-47765
010 C010001 CHICAGO
<PAGE>      PAGE  2
010 C020001 IL
010 C030001 60603
011 A000001 KEMPER DISTRIBUTORS, INC.
011 B000001 8-47765
011 C010001 CHICAGO
011 C020001 IL
011 C030001 60603
012 A000001 KEMPER SERVICE COMPANY
012 B000001 84-1713
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64105
013 A000001 ERNST & YOUNG LLP
013 B010001 CHICAGO
013 B020001 IL
013 B030001 60606
014 A000001 KEMPER FINANCIAL SERVICES, INC.
014 B000001 8-15830
014 A000002 KEMPER SECURITIES, INC.
014 B000002 8-837180
014 A000003 KEMPER DISTRIBUTORS, INC.
014 B000003 8-47765
015 A000001 INVESTORS FIDUCIARY TRUST COMPANY
015 B000001 C
015 C010001 KANSAS CITY
015 C020001 MO
015 C030001 64105
015 E010001 X
015 A000002 UNITED MISSOURI BANK, N.A.
015 B000002 S
015 C010002 KANSAS CITY
015 C020002 MO
015 C030002 64106
015 E010002 X
015 A000003 STATE STREET BANK AND TRUST COMPANY
015 B000003 S
015 C010003 BOSTON
015 C020003 MA
015 C030003 02110
015 E010003 X
018  000000 Y
019 A000000 Y
019 B000000   42
019 C000000 KEMPERFNDS
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000001 13-5674085
020 C000001     41
020 A000002 GOLDMAN, SACHS & CO.
020 B000002 13-5108880
020 C000002     32
020 A000003 PAINEWEBBER INCORPORATED
<PAGE>      PAGE  3
020 B000003 13-2638166
020 C000003      8
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000       81
022 A000001 GOLDMAN SACHS & CO.
022 B000001 13-5108880
022 C000001    137637
022 D000001     41098
022 A000002 LEHMAN BROTHERS
022 B000002 13-2518466
022 C000002     48613
022 D000002     58001
022 A000003 KIDDER PEABODY & CO., INC.
022 B000003 13-5650440
022 C000003     29735
022 D000003     45098
022 A000004 PAINEWEBBER INCORPORATED
022 B000004 13-2638166
022 C000004     26655
022 D000004     48166
022 A000005 FREDDIE MAC SECURITIES SALES & TREASURY
022 B000005 UNKNOWN
022 C000005     33808
022 D000005     37053
022 A000006 J.P. MORGAN SECURITIES INC.
022 B000006 13-3224016
022 C000006     34182
022 D000006     35520
022 A000007 FIRST BOSTON CORPORATION
022 B000007 13-5659485
022 C000007     29713
022 D000007     39126
022 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000008 13-5674085
022 C000008     39472
022 D000008     15961
022 A000009 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000009 13-2741729
022 C000009     18957
022 D000009     29127
022 A000010 BEAR, STEARNS & CO., INC.
022 B000010 13-3299429
022 C000010     18644
022 D000010      8785
023 C000000     439458
<PAGE>      PAGE  4
023 D000000     388038
024  000000 N
025 D000001       0
025 D000002       0
025 D000003       0
025 D000004       0
025 D000005       0
025 D000006       0
025 D000007       0
025 D000008       0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 Y
028 A010000      2234
028 A020000       561
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028 A040000      6266
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028 B040000     19045
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028 F040000     20930
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028 G030000         0
028 G040000     77314
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029  000000 Y
030 A000000    105
<PAGE>      PAGE  5
030 B000000  3.50
030 C000000  0.00
031 A000000     18
031 B000000      0
032  000000     59
033  000000     28
034  000000 Y
035  000000     17
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042 H000000 100
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047  000000 Y
048  000000  0.000
048 A010000   250000
048 A020000 0.550
048 B010000   750000
048 B020000 0.520
048 C010000  1500000
048 C020000 0.500
048 D010000  2500000
048 D020000 0.480
048 E010000  2500000
048 E020000 0.450
048 F010000  2500000
048 F020000 0.430
048 G010000  2500000
048 G020000 0.410
048 H010000        0
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048 K010000 12500000
048 K020000 0.400
<PAGE>      PAGE  6
049  000000 N
050  000000 N
051  000000 N
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054 A000000 Y
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054 C000000 N
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054 E000000 N
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062 M000000  10.4
062 N000000  98.8
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062 P000000   1.4
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062 R000000   0.0
063 A000000   0
063 B000000  5.1
064 A000000 N
064 B000000 N
<PAGE>      PAGE  7
066 A000000 N
067  000000 N
068 A000000 N
068 B000000 N
069  000000 N
070 A010000 Y
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070 D020000 N
070 E010000 Y
070 E020000 Y
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 Y
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 Y
070 Q020000 N
070 R010000 Y
070 R020000 N
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071 C000000    169112
071 D000000  368
072 A000000  6
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072 C000000        0
072 D000000        0
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072 F000000      485
<PAGE>      PAGE  8
072 G000000      164
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074 K000000        0
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<PAGE>      PAGE  9
074 R040000     5846
074 S000000        0
074 T000000   155393
074 U010000    18086
074 U020000      737
074 V010000     0.00
074 V020000     0.00
074 W000000   0.0000
074 X000000    15329
074 Y000000        0
075 A000000        0
075 B000000   177694
076  000000     0.00
077 A000000 N
080 C000000        0
081 B000000   0
082 B000000        0
083 B000000        0
084 B000000        0
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
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086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
SIGNATURE   JEROME L. DUFFY                              
TITLE       TREASURER           
 


<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL.  ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES.  THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE 1995 SEMI-ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000814955
<NAME> KEMPER ADJUSTABLE RATE U.S. GOVERNMENT FUND
<SERIES>
   <NUMBER> 0
   <NAME> COMBINED FOR ALL CLASSES
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                          178,842
<INVESTMENTS-AT-VALUE>                         178,935
<RECEIVABLES>                                   15,329
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 194,264
<PAYABLE-FOR-SECURITIES>                        32,846
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        6,025
<TOTAL-LIABILITIES>                             38,871
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       165,957
<SHARES-COMMON-STOCK>                                0
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                        1,233
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (11,890)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                            93
<NET-ASSETS>                                   155,393
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                5,933
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   (944)
<NET-INVESTMENT-INCOME>                          4,989
<REALIZED-GAINS-CURRENT>                       (3,598)
<APPREC-INCREASE-CURRENT>                        1,412
<NET-CHANGE-FROM-OPS>                            2,803
<EQUALIZATION>                                   (369)
<DISTRIBUTIONS-OF-INCOME>                      (4,750)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                        (47,422)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            (485)
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  (944)
<AVERAGE-NET-ASSETS>                           177,694
<PER-SHARE-NAV-BEGIN>                                0
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                                  0
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL.  ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES.  THIS SCHEDULE CONTAINS SUMMARY
INFROMATION EXTRACTED FROM THE FEBRUARY SEMI-ANNUAL REPORT TO SHAREHOLDERS AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000814955
<NAME> KEMPER ADJUSTABLE RATE U.S. GOVERNMENT FUND
<SERIES>
   <NUMBER> 01
   <NAME> CLASS A
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                                0
<INVESTMENTS-AT-VALUE>                               0
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                       0
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                                  0
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                           18,086
<SHARES-COMMON-PRIOR>                           23,791
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                   149,310
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                       0
<NET-INVESTMENT-INCOME>                              0
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                                0
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          3,056
<NUMBER-OF-SHARES-REDEEMED>                    (9,155)
<SHARES-REINVESTED>                                393
<NET-CHANGE-IN-ASSETS>                               0
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                             8.33
<PER-SHARE-NII>                                    .23
<PER-SHARE-GAIN-APPREC>                          (.08)
<PER-SHARE-DIVIDEND>                             (.22)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               8.26
<EXPENSE-RATIO>                                   .011
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL.  ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES.  THIS SCHEDULE CONTAINS FUMMARY
FINANCIAL INFORMATION EXTRACTED FROM THE FEBRUARY SEMI-ANNUAL REPORT TO
SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<CIK> 0000814955
<NAME> KEMPER ADJUSTABLE RATE U.S. GOVERNMENT FUND
<SERIES>
   <NUMBER> 02
   <NAME> CLASS B
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                                0
<INVESTMENTS-AT-VALUE>                               0
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                       0
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                                  0
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                              591
<SHARES-COMMON-PRIOR>                              462
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                     4,879
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                       0
<NET-INVESTMENT-INCOME>                              0
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                                0
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            436
<NUMBER-OF-SHARES-REDEEMED>                      (317)
<SHARES-REINVESTED>                                 10
<NET-CHANGE-IN-ASSETS>                               0
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                             8.32
<PER-SHARE-NII>                                    .20
<PER-SHARE-GAIN-APPREC>                          (.08)
<PER-SHARE-DIVIDEND>                             (.18)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               8.26
<EXPENSE-RATIO>                                   .018
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
PER SHARE AND RATIO INFORMATION IS SHOWN AT THE CLASS LEVEL.  ALL OTHER
INFORMATION IS COMBINED FOR ALL CLASSES.  THIS SCHEDULE CONTAINS FINANCIAL
INFORMATION EXTRACTED FROM THE FEBRUARY SEMI-ANNUAL REPORT TO SHAREHOLDERS AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000814955
<NAME> KEMPER ADJUSTABLE RATE U.S. GOVERNMENT FUND
<SERIES>
   <NUMBER> 03
   <NAME> CLASS C
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1995
<PERIOD-END>                               FEB-28-1995
<INVESTMENTS-AT-COST>                                0
<INVESTMENTS-AT-VALUE>                               0
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                       0
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                                  0
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                              146
<SHARES-COMMON-PRIOR>                              101
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                     1,205
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                       0
<NET-INVESTMENT-INCOME>                              0
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                                0
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                             91
<NUMBER-OF-SHARES-REDEEMED>                       (49)
<SHARES-REINVESTED>                                  3
<NET-CHANGE-IN-ASSETS>                               0
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                      0
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                             8.33
<PER-SHARE-NII>                                    .20
<PER-SHARE-GAIN-APPREC>                          (.08)
<PER-SHARE-DIVIDEND>                             (.19)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               8.26
<EXPENSE-RATIO>                                   .018
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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