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1933 Act File No. 33-21321
1940 Act File No. 811-5536
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 X
Pre-Effective Amendment No. ..........
Post-Effective Amendment No. 14 .......... X
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. ...........................
TOWER MUTUAL FUNDS
(Exact Name of Registrant as Specified in Charter)
Federated Investors Tower, Pittsburgh, Pennsylvania 15222-3779
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire,
Federated Investors Tower,
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
It is proposed that this filing will become effective:
X immediately upon filing pursuant to paragraph (b)
on pursuant to paragraph (b)
-----------------
60 days after filing pursuant to paragraph (a) (i)
on pursuant to paragraph (a) (i).
75 days after filing pursuant to paragraph (a)(ii)
on pursuant to paragraph (a)(ii) of Rule 485.
-----------------
If appropriate, check the following box:
This post-effective amendment designates a new effective date for a
previously filed post-effective amendment.
Registrant has filed with the Securities and Exchange Commission a
declaration pursuant to Rule 24f-2 under the Investment Company Act of
1940, and:
X filed the Notice required by that Rule on October 15, 1996; or
intends to file the Notice required by that Rule on or about
; or
------------
during the most recent fiscal year did not sell any securities pursuant
to Rule 24f-2 under the Investment Company Act of 1940, and, pursuant to
Rule 24f-2(b)(2), need not file the Notice.
Copies To:
Matthew G. Maloney, Esquire
Dickstein Shapiro Morin & Oshinsky LLP
2101 L Street, N.W.
Washington, D.C. 20037
CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933
Proposed
Title of Proposed Maximum
Securities Amount Maximum Aggregate Amount of
Being Being Offering Price Offering Registration
Registered Registered Per Unit Price* Fee
Shares of
beneficial
interest
(no par value) 2,950,899 $19.72 $58,191,728 $100
*Registrant has elected to calculate its filing fee in the manner described
in Rule 24e-2 of the Investment Company Act of 1940. The total amount of
securities redeemed during the previous fiscal year was 761,027,327. The
total amount of redeemed securities used for reductions pursuant to
paragraph (a) of Rule 24e-2 or paragraph (c) of Rule 24f-2 during the
current year was 758,076,428. The amount of redeemed securities being used
for reduction of the registration fee in this Amendment is 2,950,899.
CONTENTS OF AMENDMENT
This Post-Effective Amendment No. 14 to the Registration Statement of
the Tower Mutual Funds is comprised of the following papers and documents:
1.The facing sheet to register a definite
number of shares of beneficial interest,no par value of
Tower Mutual Funds;
2.The legal opinion of counsel for the Registrant, as
to the legality of shares being offered; and as to
the eligibility to become effective pursuant to
Paragraph (b) of Rule 485; and
3.Signature page.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
Registrant, Tower Mutual Funds certifies that it meets all of the
requirements for effectiveness of this Amendment to its Registration
Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has
duly caused this Amendment to its Registration Statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of
Pittsburgh and Commonwealth of Pennsylvania on the 15th day of October,
1996.
TOWER MUTUAL FUNDS
BY: /s/ Gail Cagney
Gail Cagney, Assistant Secretary
Attorney in Fact for John F. Donahue
October 15, 1996
Pursuant to the requirements of the Securities Act of 1933, this
Amendment to its Registration Statement has been signed below by the
following person in the capacity and on the date indicated:
NAME TITLE DATE
By: /s/ Gail Cagney
Gail Cagney Attorney In Fact October 15,1996
Assistant Secretary For the Persons
Listed Below
NAME TITLE
Edward C. Gonzales* Chief Executive Officer, Chief Financial
Officer, President, Treasurer & Trustee
Robert L. di Benedetto, M.D.* Trustee October 15, 1996
James A. Gayle, Sr.* Trustee October 15, 1996
J. Gordon Reisch* Trustee October 15, 1996
* By Power of Attorney
FEDERATED ADMINISTRATIVE
SERVICES
FEDERATED INVESTORS TOWER
PITTSBURGH, PA 15222-3779
412-288-1900
October 15, 1996
Tower Mutual Funds
Federated Investors Tower
Pittsburgh, PA 15222-3779
Gentlemen:
You have requested my opinion in connection with the registration by Tower
Mutual Funds (`Trust'') of an additional 2,950,899 Shares of Beneficial
Interest (`Shares'') pursuant to Post-effective Amendment No. 14 to the Trust's
registration statement filed with the Securities and Exchange Commission under
the Securities Act of 1933 (File No. 33-21321). The subject Post-effective
Amendment will be filed pursuant to Paragraph (b) of Rule 485 and become
effective pursuant to said Rule immediately upon filing.
As counsel I have participated in the preparation and filing of the Trust's
amended registration statement under the Securities Act of 1933 referred to
above. Further, I have examined and am familiar with the provisions of the
Declaration of Trust dated March 22, 1988, (`Declaration of Trust''), the
Bylaws of the Trust and such other documents and records deemed relevant. I have
also reviewed questions of law and consulted with counsel thereon as deemed
necessary or appropriate by me for the purposes of this opinion.
On the basis of the foregoing, it is my opinion that:
1. The Trust is duly organized and validly existing under the laws of the
Commonwealth of Massachusetts.
2. The Shares which are currently being registered by the Registration
Statement referred to above may be legally and validly issued from time to time
in accordance with the Declaration of Trust upon receipt of consideration
sufficient to comply with the Declaration of Trust and subject to compliance
with the Securities Act of 1933, as amended, the Investment Company Act of 1940,
as amended, and applicable state laws regulating the sale of securities. Such
Shares, when so issued, will be fully paid and non-assessable by the Trust.
I hereby consent to the filing of this opinion as a part of the Trust's
registration statement referred to above and as a part of any application or
registration statement filed under the securities laws of the States of the
United States.
The foregoing opinion is limited to the Federal laws of the United States
and the laws of the Commonwealth of Massachusetts, and I am expressing no
opinion as to the effect of the laws of any other jurisdiction.
Very truly yours,
/s/ Gail Cagney
Gail Cagney
Fund Attorney
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> Tower Mutual Funds
Tower Capital Appreciation Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 136,126,092
<INVESTMENTS-AT-VALUE> 169,311,351
<RECEIVABLES> 415,352
<ASSETS-OTHER> 4,978
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 169,731,681
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 83,955
<TOTAL-LIABILITIES> 83,955
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 118,027,192
<SHARES-COMMON-STOCK> 9,491,485
<SHARES-COMMON-PRIOR> 8,977,933
<ACCUMULATED-NII-CURRENT> 91,333
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,343,942
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33,185,259
<NET-ASSETS> 169,647,726
<DIVIDEND-INCOME> 3,523,749
<INTEREST-INCOME> 203,388
<OTHER-INCOME> 0
<EXPENSES-NET> 1,994,891
<NET-INVESTMENT-INCOME> 1,732,246
<REALIZED-GAINS-CURRENT> 21,484,071
<APPREC-INCREASE-CURRENT> 2,454,787
<NET-CHANGE-FROM-OPS> 25,671,104
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,745,652
<DISTRIBUTIONS-OF-GAINS> 7,513,977
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,892,875
<NUMBER-OF-SHARES-REDEEMED> 1,820,179
<SHARES-REINVESTED> 440,856
<NET-CHANGE-IN-ASSETS> 25,172,037
<ACCUMULATED-NII-PRIOR> 104,739
<ACCUMULATED-GAINS-PRIOR> 4,373,848
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,204,309
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,994,891
<AVERAGE-NET-ASSETS> 160,588,543
<PER-SHARE-NAV-BEGIN> 16.090
<PER-SHARE-NII> 0.190
<PER-SHARE-GAIN-APPREC> 2.620
<PER-SHARE-DIVIDEND> 0.190
<PER-SHARE-DISTRIBUTIONS> 0.840
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 17.870
<EXPENSE-RATIO> 1.24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> Tower Funds
Tower Cash Reserve Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 168,925,992
<INVESTMENTS-AT-VALUE> 168,925,992
<RECEIVABLES> 254,018
<ASSETS-OTHER> 3,988
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 169,183,998
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 840,130
<TOTAL-LIABILITIES> 840,130
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 168,343,868
<SHARES-COMMON-STOCK> 168,343,868
<SHARES-COMMON-PRIOR> 191,242,362
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 168,343,868
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,828,277
<OTHER-INCOME> 0
<EXPENSES-NET> 1,695,780
<NET-INVESTMENT-INCOME> 9,132,497
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9,132,497
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,132,497
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 432,905,070
<NUMBER-OF-SHARES-REDEEMED> 457,274,889
<SHARES-REINVESTED> 1,471,325
<NET-CHANGE-IN-ASSETS> (22,898,494)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 778,592
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,695,780
<AVERAGE-NET-ASSETS> 194,647,891
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> Tower Mutual Funds
Tower Louisiana Municipal Income Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 66,803,432
<INVESTMENTS-AT-VALUE> 66,803,432
<RECEIVABLES> 1,051,932
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 67,855,364
<PAYABLE-FOR-SECURITIES> 1,900,429
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 238,269
<TOTAL-LIABILITIES> 2,138,698
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 63,791,872
<SHARES-COMMON-STOCK> 6,005,790
<SHARES-COMMON-PRIOR> 6,150,962
<ACCUMULATED-NII-CURRENT> 75,517
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (324,586)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,173,863
<NET-ASSETS> 65,716,666
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,055,332
<OTHER-INCOME> 0
<EXPENSES-NET> 492,821
<NET-INVESTMENT-INCOME> 3,562,511
<REALIZED-GAINS-CURRENT> 328,333
<APPREC-INCREASE-CURRENT> (599,781)
<NET-CHANGE-FROM-OPS> 3,291,063
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,561,907
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 709,049
<NUMBER-OF-SHARES-REDEEMED> 1,009,008
<SHARES-REINVESTED> 154,787
<NET-CHANGE-IN-ASSETS> (1,883,545)
<ACCUMULATED-NII-PRIOR> 74,742
<ACCUMULATED-GAINS-PRIOR> (652,748)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 298,550
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 545,897
<AVERAGE-NET-ASSETS> 66,339,395
<PER-SHARE-NAV-BEGIN> 10.990
<PER-SHARE-NII> 0.600
<PER-SHARE-GAIN-APPREC> (0.050)
<PER-SHARE-DIVIDEND> 0.600
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.940
<EXPENSE-RATIO> 0.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Tower Mutual Funds
Tower Total Return Bond Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 69,685,482
<INVESTMENTS-AT-VALUE> 69,140,441
<RECEIVABLES> 3,732,188
<ASSETS-OTHER> 961
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 72,873,590
<PAYABLE-FOR-SECURITIES> 1,494,720
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 190,615
<TOTAL-LIABILITIES> 1,685,335
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 72,494,170
<SHARES-COMMON-STOCK> 7,286,550
<SHARES-COMMON-PRIOR> 6,910,624
<ACCUMULATED-NII-CURRENT> 58,437
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (819,311)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (545,041)
<NET-ASSETS> 71,188,255
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,912,617
<OTHER-INCOME> 0
<EXPENSES-NET> 922,673
<NET-INVESTMENT-INCOME> 3,989,944
<REALIZED-GAINS-CURRENT> 562,208
<APPREC-INCREASE-CURRENT> (2,533,917)
<NET-CHANGE-FROM-OPS> 2,018,235
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,074,428
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,539,679
<NUMBER-OF-SHARES-REDEEMED> 1,507,834
<SHARES-REINVESTED> 344,081
<NET-CHANGE-IN-ASSETS> 1,733,613
<ACCUMULATED-NII-PRIOR> 142,921
<ACCUMULATED-GAINS-PRIOR> (1,381,519)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 501,491
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 922,673
<AVERAGE-NET-ASSETS> 71,714,274
<PER-SHARE-NAV-BEGIN> 10.050
<PER-SHARE-NII> 0.560
<PER-SHARE-GAIN-APPREC> (0.270)
<PER-SHARE-DIVIDEND> 0.570
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.770
<EXPENSE-RATIO> 1.29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> Tower Mutual Funds
Tower U.S. Government Income Fund
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 38,017,661
<INVESTMENTS-AT-VALUE> 37,340,834
<RECEIVABLES> 355,655
<ASSETS-OTHER> 1,805
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37,698,294
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 154,419
<TOTAL-LIABILITIES> 154,419
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,702,183
<SHARES-COMMON-STOCK> 3,823,561
<SHARES-COMMON-PRIOR> 4,199,561
<ACCUMULATED-NII-CURRENT> 41,122
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,522,603)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (676,827)
<NET-ASSETS> 37,543,875
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,067,843
<OTHER-INCOME> 0
<EXPENSES-NET> 356,172
<NET-INVESTMENT-INCOME> 2,711,671
<REALIZED-GAINS-CURRENT> (474,449)
<APPREC-INCREASE-CURRENT> (734,318)
<NET-CHANGE-FROM-OPS> 1,502,904
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,789,759
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 465,362
<NUMBER-OF-SHARES-REDEEMED> 931,881
<SHARES-REINVESTED> 90,519
<NET-CHANGE-IN-ASSETS> (5,049,255)
<ACCUMULATED-NII-PRIOR> 119,210
<ACCUMULATED-GAINS-PRIOR> (3,048,154)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 183,788
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 380,677
<AVERAGE-NET-ASSETS> 40,743,678
<PER-SHARE-NAV-BEGIN> 10.140
<PER-SHARE-NII> 0.670
<PER-SHARE-GAIN-APPREC> (0.300)
<PER-SHARE-DIVIDEND> 0.690
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.820
<EXPENSE-RATIO> 0.87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> Tower Mutual Funds
Tower U.S. Treasury Money Market Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 136,173,706
<INVESTMENTS-AT-VALUE> 136,173,706
<RECEIVABLES> 235,555
<ASSETS-OTHER> 6,924
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 136,416,185
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 347,824
<TOTAL-LIABILITIES> 347,824
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 136,068,361
<SHARES-COMMON-STOCK> 136,068,361
<SHARES-COMMON-PRIOR> 116,489,072
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 136,068,361
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,739,912
<OTHER-INCOME> 0
<EXPENSES-NET> 545,304
<NET-INVESTMENT-INCOME> 6,194,608
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,194,608
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,194,608
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 315,672,475
<NUMBER-OF-SHARES-REDEEMED> 298,483,536
<SHARES-REINVESTED> 2,390,350
<NET-CHANGE-IN-ASSETS> 19,579,289
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 500,504
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 820,581
<AVERAGE-NET-ASSETS> 125,125,617
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.44
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
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