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<PAGE> PAGE 2
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SIGNATURE A. S. FILEAN
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 106,875,148
<INVESTMENTS-AT-VALUE> 106,875,148
<RECEIVABLES> 965,588
<ASSETS-OTHER> 6,412
<OTHER-ITEMS-ASSETS> 93,966
<TOTAL-ASSETS> 107,941,114
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 58,263
<TOTAL-LIABILITIES> 58,263
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 107,882,851
<SHARES-COMMON-STOCK> 107,856,061
<SHARES-COMMON-PRIOR> 99,887,179
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 107,882,851
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,034,753
<OTHER-INCOME> 0
<EXPENSES-NET> (406,065)
<NET-INVESTMENT-INCOME> 1,628,688
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,628,688
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,628,385)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 223,619,048
<NUMBER-OF-SHARES-REDEEMED> (217,253,493)
<SHARES-REINVESTED> 1,603,327
<NET-CHANGE-IN-ASSETS> 7,969,167
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 276,788
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 449,799
<AVERAGE-NET-ASSETS> 113,187,643
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .014
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.014)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>Without the Manager's volunteer waiver of a portion of certain expenses for
this period, this fund would have had per share net investment income of $.014
and a ratio of expenses to average net assets of .80%. The amount waived was
$41,893.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 106,875,148
<INVESTMENTS-AT-VALUE> 106,875,148
<RECEIVABLES> 965,588
<ASSETS-OTHER> 6,412
<OTHER-ITEMS-ASSETS> 93,966
<TOTAL-ASSETS> 107,941,114
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 58,263
<TOTAL-LIABILITIES> 58,263
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 107,882,851
<SHARES-COMMON-STOCK> 26,790
<SHARES-COMMON-PRIOR> 26,505
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 107,882,851
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,034,753
<OTHER-INCOME> 0
<EXPENSES-NET> (406,065)
<NET-INVESTMENT-INCOME> 1,628,688
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<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,628,688
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (303)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 41,568
<NUMBER-OF-SHARES-REDEEMED> (41,568)
<SHARES-REINVESTED> 285
<NET-CHANGE-IN-ASSETS> 7,969,167
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 276,788
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 449,799
<AVERAGE-NET-ASSETS> 113,187,643
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .011
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.011)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.47
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>Without the Manager's volunteer waiver of a portion of certain expenses for
this period, this fund would have had per share net investment income of $(.058)
and a ratio of expenses to average net assets of 14.58%. The amount waived was
$1,841.
</FN>
</TABLE>
