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1933 Act File No.33-30950
1940 Act File No.811-5900
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No. ..............
Post-Effective Amendment No. 21 ............. x
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. ............................
THE STARBURST 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)
on pursuant to paragraph (a) of Rule 485.
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 December 15, 1995; 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:
Charles H. Morin, Esquire
Dickstein, Shapiro & Morin, L.L.P.
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 AggregateAmount of
Being Being Offering Price Offering Registration
Registered Registered Per Unit Price* Fee
Shares of
Beneficial 133,655,990 $1.03 $137,047,487 $100.00
Interest
(No Par Value)
*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 1,046,789,816. 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
913,133,826. The amount of redeemed securities being used for reduction of the
registration fee in this Amendment is 133,655,990.
CONTENTS OF AMENDMENT
This Post-Effective Amendment No. 21 to the Registration Statement of THE
STARBURST 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 THE STARBURST FUNDS;
2.The legal opinion of the 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 and the Investment
Company Act of 1940, the Registrant, THE STARBURST 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 December, 1995.
THE STARBURST FUNDS
BY: /s/ C. Grant Anderson
C. Grant Anderson, Assistant Secretary
Attorney in Fact for John F. Donahue
December 15, 1995
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/ C. Grant Anderson
C. Grant Anderson Attorney In Fact December 15, 1995
Assistant Secretary For the Persons
Listed Below
NAME TITLE
John F. Donahue* Chairman and Trustee
(Chief Executive Officer)
J. Christopher Donahue President
Edward C. Gonzales* Vice President and Treasurer
(Principal Financial and
Accounting Officer)
Edward L. Flaherty, Jr.* Trustee
Gregor F. Meyer* Trustee
Marjorie P. Smuts* Trustee
William J. Copeland* Trustee
James E. Dowd* Trustee
Lawrence D. Ellis, M.D.* Trustee
Wesley W. Posvar* Trustee
Peter E. Madden* Trustee
John T. Conroy, Jr.* Trustee
* By Power of Attorney
CONVERSION OF NET REDEMPTIONS ON
RULE 24f-2 NOTICE TO FILING
UNDER RULE 24e-2
When a negative amount appears on the line captioned "Total amount upon which
the fee calculated specified in Section 6(b) of the Securities Act of 1933 is
based", the following calculation should be made to determine the share
information needed to file under Rule 24e-2:
Total redemptions (per annual report) 1,046,789,816
Less: the sum of lines 10 and 11
- Rule 24f-2 notice 913,133,826
Shares available to register under
Rule 24e-2 133,655,990(a)
Fund's Current Net Asset Value $ 1.03(b)
Multiply: Shares available to register
under Rule 24e-2 by the fund's current
net asset value (a x b) to obtain Proposed
FEDERATED ADMINISTRATIVE
SERVICES
FEDERATED INVESTORS TOWER
PITTSBURGH, PA 15222-3779
412-288-1900
December 15, 1995
The Starburst Funds
Federated Investors Tower
Pittsburgh, PA 15222-3779
Gentlemen:
You have requested my opinion in connection with the registration by The
Starburst Funds ("Trust") of an additional 133,655,990 Shares of Beneficial
Interest ("Shares") pursuant to Post-effective Amendment No. 21 to the Trust's
registration statement filed with the Securities and Exchange Commission under
the Securities Act of 1933 (File No. 33-30950). 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 August 7, 1989, ("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/ C. Grant Anderson
C. Grant Anderson
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<NAME> THE STARBURST FUNDS
THE STARBURST GOVERNMENT INCOME FUND
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Oct-31-1995
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 62,725,769
<INVESTMENTS-AT-VALUE> 62,710,796
<RECEIVABLES> 982,694
<ASSETS-OTHER> 8,215
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 63,701,705
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 180,888
<TOTAL-LIABILITIES> 180,888
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 66,906,972
<SHARES-COMMON-STOCK> 6,401,551
<SHARES-COMMON-PRIOR> 6,164,088
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,371,182)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (14,973)
<NET-ASSETS> 63,520,817
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,368,686
<OTHER-INCOME> 0
<EXPENSES-NET> 603,264
<NET-INVESTMENT-INCOME> 3,765,422
<REALIZED-GAINS-CURRENT> (558,610)
<APPREC-INCREASE-CURRENT> 2,950,347
<NET-CHANGE-FROM-OPS> 6,157,159
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,765,422
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,893,494
<NUMBER-OF-SHARES-REDEEMED> 1,914,646
<SHARES-REINVESTED> 258,615
<NET-CHANGE-IN-ASSETS> 4,693,402
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,812,572)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 434,754
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 874,801
<AVERAGE-NET-ASSETS> 58,376,337
<PER-SHARE-NAV-BEGIN> 9.540
<PER-SHARE-NII> 0.630
<PER-SHARE-GAIN-APPREC> 0.380
<PER-SHARE-DIVIDEND> 0.630
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.920
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> THE STARBURST FUNDS
THE STARBURST GOVERNMENT MMKT FUND
INVESTMENT SHARES
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Oct-31-1995
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 126,399,432
<INVESTMENTS-AT-VALUE> 126,399,432
<RECEIVABLES> 533,965
<ASSETS-OTHER> 945
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 126,934,342
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 576,877
<TOTAL-LIABILITIES> 576,877
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 126,357,466
<SHARES-COMMON-STOCK> 5,283,603
<SHARES-COMMON-PRIOR> 5,759,256
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 5,283,603
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,639,506
<OTHER-INCOME> 0
<EXPENSES-NET> 1,030,566
<NET-INVESTMENT-INCOME> 7,608,940
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7,608,940
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 306,002
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 76,759,064
<NUMBER-OF-SHARES-REDEEMED> 77,494,230
<SHARES-REINVESTED> 259,513
<NET-CHANGE-IN-ASSETS> (29,908,086)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 591,636
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,036,688
<AVERAGE-NET-ASSETS> 6,121,988
<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> 0.84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> THE STARBURST FUNDS
THE STARBURST GOVERNMENT MMKT FUND
TRUST SHARES
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Oct-31-1995
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 126,399,432
<INVESTMENTS-AT-VALUE> 126,399,432
<RECEIVABLES> 533,965
<ASSETS-OTHER> 945
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 126,934,342
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 576,877
<TOTAL-LIABILITIES> 576,877
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 126,357,466
<SHARES-COMMON-STOCK> 121,073,863
<SHARES-COMMON-PRIOR> 150,506,296
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 121,073,863
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,639,506
<OTHER-INCOME> 0
<EXPENSES-NET> 1,030,566
<NET-INVESTMENT-INCOME> 7,608,940
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7,608,940
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,302,938
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 218,014,501
<NUMBER-OF-SHARES-REDEEMED> 247,446,938
<SHARES-REINVESTED> 4
<NET-CHANGE-IN-ASSETS> (29,908,086)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 591,636
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,036,688
<AVERAGE-NET-ASSETS> 141,787,142
<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> 0.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> THE STARBURST FUNDS
THE STARBURST MUNICIPAL INCOME FUND
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Oct-31-1995
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 18,677,844
<INVESTMENTS-AT-VALUE> 19,236,767
<RECEIVABLES> 311,116
<ASSETS-OTHER> 1,802
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19,549,685
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 63,990
<TOTAL-LIABILITIES> 63,990
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,258,355
<SHARES-COMMON-STOCK> 1,827,463
<SHARES-COMMON-PRIOR> 2,777,919
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (331,582)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 558,923
<NET-ASSETS> 19,485,695
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,128,995
<OTHER-INCOME> 0
<EXPENSES-NET> 202,198
<NET-INVESTMENT-INCOME> 926,797
<REALIZED-GAINS-CURRENT> (330,889)
<APPREC-INCREASE-CURRENT> 1,564,438
<NET-CHANGE-FROM-OPS> 2,160,346
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 926,797
<DISTRIBUTIONS-OF-GAINS> 10,622
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 76,118
<NUMBER-OF-SHARES-REDEEMED> 1,089,169
<SHARES-REINVESTED> 62,477
<NET-CHANGE-IN-ASSETS> (8,424,913)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 9,928
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 165,541
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 424,171
<AVERAGE-NET-ASSETS> 22,177,974
<PER-SHARE-NAV-BEGIN> 10.050
<PER-SHARE-NII> 0.430
<PER-SHARE-GAIN-APPREC> 0.610
<PER-SHARE-DIVIDEND> 0.430
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.660
<EXPENSE-RATIO> 0.92
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> THE STARBURST FUNDS
THE STARBURST MONEY MARKET FUND
INVESTMENT SHARES
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Oct-31-1995
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 196,337,764
<INVESTMENTS-AT-VALUE> 196,337,764
<RECEIVABLES> 805,162
<ASSETS-OTHER> 222
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 197,143,148
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 794,737
<TOTAL-LIABILITIES> 794,737
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 196,348,411
<SHARES-COMMON-STOCK> 54,913,875
<SHARES-COMMON-PRIOR> 39,722,540
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 54,913,875
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,576,511
<OTHER-INCOME> 0
<EXPENSES-NET> 1,161,386
<NET-INVESTMENT-INCOME> 10,415,125
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10,415,125
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,241,454
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 380,868,540
<NUMBER-OF-SHARES-REDEEMED> 367,827,708
<SHARES-REINVESTED> 2,128,994
<NET-CHANGE-IN-ASSETS> (1,740,951)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 779,414
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,392,785
<AVERAGE-NET-ASSETS> 42,922,416
<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> 0.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> THE STARBURST FUNDS
THE STARBURST MONEY MARKET FUND
TRUST SHARES
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Oct-31-1995
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 196,337,764
<INVESTMENTS-AT-VALUE> 196,337,764
<RECEIVABLES> 805,162
<ASSETS-OTHER> 222
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 197,143,148
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 794,737
<TOTAL-LIABILITIES> 794,737
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 196,348,411
<SHARES-COMMON-STOCK> 141,434,536
<SHARES-COMMON-PRIOR> 158,366,822
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 141,434,536
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,576,511
<OTHER-INCOME> 0
<EXPENSES-NET> 1,161,386
<NET-INVESTMENT-INCOME> 10,415,125
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10,415,125
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,173,671
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 334,106,344
<NUMBER-OF-SHARES-REDEEMED> 351,017,125
<SHARES-REINVESTED> 4
<NET-CHANGE-IN-ASSETS> (1,740,951)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 779,414
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,392,785
<AVERAGE-NET-ASSETS> 151,930,999
<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> 0.56
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
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