LIQUID INSTITUTIONAL RESERVES
NSAR-A/A, 1996-12-30
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<PAGE>      PAGE  1
000 A000000 10/31/96
000 C000000 0000872475
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 LIQUID INSTITUTIONAL RESERVES
001 B000000 811-06281
001 C000000 2127131024
002 A000000 1285 AVENUE OF THE AMERICAS
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10019
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  3
007 C010100  1
007 C020100 MONEY MARKET FUND
007 C030100 N
007 C010200  2
007 C020200 GOVERNMENT SECURITIES FUND
007 C030200 N
007 C010300  3
007 C020300 TREASURY SECURITIES FUND
007 C030300 N
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 PAINEWEBBER, INC.
008 B00AA01 A
008 C00AA01 801-01763
008 D01AA01 NEW YORK,
008 D02AA01 NY
008 D03AA01 10019
008 A00AA02 MITCHELL HUTCHINS ASSET MANAGEMENT, INC.
008 B00AA02 S
008 C00AA02 801-13219
008 D01AA02 NEW YORK,
008 D02AA02 NY
008 D03AA02 10019
010 A00AA01 PAINEWEBBER, INC.
<PAGE>      PAGE  2
010 B00AA01 16267
010 C01AA01 NEW YORK,
010 C02AA01 NY
010 C03AA01 10019
011 A00AA01 PAINEWEBBER, INC.
011 B00AA01 8-16267
011 C01AA01 NEW YORK,
011 C02AA01 NY
011 C03AA01 10019
012 A00AA01 PFPC, INC.
012 B00AA01 85-0000000
012 C01AA01 WILMINGTON,
012 C02AA01 DE
012 C03AA01 19809
013 A00AA01 ERNST & YOUNG, LLP
013 B01AA01 NEW YORK,
013 B02AA01 NY
013 B03AA01 10019
014 A00AA01 PAINEWEBBER, INC.
014 B00AA01 8-16267
015 A00AA01 STATE STREET BANK AND TRUST CO.
015 B00AA01 C
015 C01AA01 NO. QUINCY,
015 C02AA01 MA
015 C03AA01 02171
015 E01AA01 X
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019 A00AA00 Y
019 B00AA00   64
019 C00AA00 PAINEWEBBE
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020 C000003      0
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020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
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020 C000010      0
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022 B000001 94-1687665
022 C000001   2942520
022 D000001   2870779
022 A000002 CITICORP SECURITIES MARKETS
022 B000002 13-2771536
022 C000002   2345008
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022 A000003 GOLDMAN SACHS
022 B000003 13-5108880
<PAGE>      PAGE  3
022 C000003   2094909
022 D000003         0
022 A000004 NOMURA SECURITIES INT'L, INC.
022 B000004 13-2642206
022 C000004   1513590
022 D000004         0
022 A000005 MORGAN J.P. SECURITIES INC.
022 B000005 13-3224016
022 C000005   1391720
022 D000005         0
022 A000006 GENERAL MOTORS ACCEPTANCE CORP.
022 B000006 38-0572512
022 C000006   1079765
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022 A000007 LEHMAN BROS., INC.
022 B000007 13-2518466
022 C000007    752911
022 D000007         0
022 A000008 SANWA BANK LTD
022 C000008    706570
022 D000008    214644
022 A000009 DEUTSCHE BANK SECURITIES CORP.
022 C000009    697820
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022 A000010 BANKERS TRUST CO.
022 B000010 13-4941247
022 C000010    442307
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023 D000000    3136732
024  00AA00 N
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025 D00AA02       0
025 D00AA03       0
025 D00AA04       0
025 D00AA05       0
025 D00AA06       0
025 D00AA07       0
025 D00AA08       0
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026 B000000 N
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030 A00AA00      0
<PAGE>      PAGE  4
030 B00AA00  0.00
030 C00AA00  0.00
031 A00AA00      0
031 B00AA00      0
032  00AA00      0
033  00AA00      0
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035  00AA00      0
036 B00AA00      0
037  00AA00 N
038  00AA00      0
039  00AA00 N
040  00AA00 N
045  00AA00 Y
046  00AA00 N
047  00AA00 Y
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048 J02AA00 0.000
048 K01AA00        0
048 K02AA00 0.000
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050  00AA00 N
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053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
<PAGE>      PAGE  5
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
077 A000000 N
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028 B020100      1640
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028 C020100      1790
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<PAGE>      PAGE  6
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062 H000100   0.0
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062 J000100   0.0
062 K000100   0.0
062 L000100  13.2
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062 P000100   0.0
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062 R000100   0.0
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063 B000100  0.0
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064 B000100 N
066 A000100 N
067  000100 N
068 A000100 N
068 B000100 N
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070 A010100 Y
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070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
<PAGE>      PAGE  7
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100         0
071 B000100         0
071 C000100         0
071 D000100    0
072 A000100  6
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072 E000100        0
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072 J000100       30
072 K000100        5
072 L000100       17
072 M000100        6
072 N000100       53
072 O000100        0
072 P000100        0
072 Q000100        0
072 R000100        8
072 S000100        3
<PAGE>      PAGE  8
072 T000100        0
072 U000100        0
072 V000100        0
072 W000100       17
072 X000100      893
072 Y000100      150
072 Z000100    15646
072AA000100        8
072BB000100        0
072CC010100        0
072CC020100        0
072DD010100    15646
072DD020100        0
072EE000100        0
073 A010100   0.0261
073 A020100   0.0000
073 B000100   0.0000
073 C000100   0.0000
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074 B000100    19730
074 C000100   915118
074 D000100        0
074 E000100        0
074 F000100        0
074 G000100        0
074 H000100        0
074 I000100        0
074 J000100        0
074 K000100        0
074 L000100     3477
074 M000100      105
074 N000100   938431
074 O000100    16463
074 P000100      144
074 Q000100        0
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074 R020100        0
074 R030100        0
074 R040100     1903
074 S000100        0
074 T000100   919921
074 U010100   919920
074 U020100        0
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074 V020100     0.00
074 W000100   1.0000
074 X000100      729
074 Y000100        0
075 A000100   594728
075 B000100        0
076  000100     0.00
<PAGE>      PAGE  9
028 A010200     48489
028 A020200       195
028 A030200         0
028 A040200     45317
028 B010200     25968
028 B020200       187
028 B030200         0
028 B040200     20319
028 C010200     29321
028 C020200       203
028 C030200         0
028 C040200     31349
028 D010200     25642
028 D020200       258
028 D030200         0
028 D040200     27049
028 E010200     68229
028 E020200       214
028 E030200         0
028 E040200     20798
028 F010200     88499
028 F020200       368
028 F030200         0
028 F040200     95550
028 G010200    286148
028 G020200      1425
028 G030200         0
028 G040200    240382
028 H000200         0
055 A000200 Y
055 B000200 N
056  000200 Y
057  000200 N
058 A000200 N
059  000200 Y
060 A000200 Y
060 B000200 Y
061  000200  1000000
062 A000200 Y
062 B000200   0.5
062 C000200  91.5
062 D000200   0.0
062 E000200   0.0
062 F000200   0.0
062 G000200   0.0
062 H000200   0.0
062 I000200   0.0
062 J000200   0.0
062 K000200   0.0
062 L000200   8.0
062 M000200   0.0
<PAGE>      PAGE  10
062 N000200   0.0
062 O000200   0.0
062 P000200   0.0
062 Q000200   0.0
062 R000200   0.0
063 A000200  41
063 B000200  0.0
064 A000200 Y
064 B000200 N
066 A000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
070 A010200 N
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 N
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200         0
<PAGE>      PAGE  11
071 B000200         0
071 C000200         0
071 D000200    0
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072 B000200     1687
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072 M000200        6
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072AA000200        8
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072DD020200        0
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073 A010200   0.0255
073 A020200   0.0000
073 B000200   0.0000
073 C000200   0.0000
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074 C000200    83716
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074 K000200        5
<PAGE>      PAGE  12
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074 V020200     0.00
074 W000200   1.0000
074 X000200      128
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075 A000200    62314
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076  000200     0.00
028 A010300     48241
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028 G020300       592
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028 H000300         0
<PAGE>      PAGE  13
055 A000300 N
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056  000300 Y
057  000300 N
058 A000300 N
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060 A000300 Y
060 B000300 Y
061  000300   250000
062 A000300 Y
062 B000300  62.3
062 C000300   0.0
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062 G000300   0.0
062 H000300   0.0
062 I000300   0.0
062 J000300   0.0
062 K000300   0.0
062 L000300  37.7
062 M000300   0.0
062 N000300   0.0
062 O000300   0.0
062 P000300   0.0
062 Q000300   0.0
062 R000300   0.0
063 A000300  21
063 B000300  0.0
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064 B000300 N
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067  000300 N
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068 B000300 N
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070 A010300 N
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
<PAGE>      PAGE  14
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 N
070 K020300 N
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
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070 Q020300 N
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070 R020300 N
071 A000300         0
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<PAGE>      PAGE  15
072AA000300       23
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073 A010300   0.0247
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073 C000300   0.0000
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074 C000300    23894
074 D000300        0
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075 B000300        0
076  000300     0.00
SIGNATURE   AULIAN SLUYTERS                              
TITLE       TREASURER           
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000872475
<NAME> LIQUID INSTITUTIONAL RESERVES
<SERIES>
   <NUMBER> 01
   <NAME> MONEY MARKET FUND
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          APR-30-1997
<PERIOD-START>                             MAY-01-1996
<PERIOD-END>                               OCT-31-1996
<INVESTMENTS-AT-COST>                          934,848
<INVESTMENTS-AT-VALUE>                         934,848
<RECEIVABLES>                                    3,477
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                               106
<TOTAL-ASSETS>                                 938,431
<PAYABLE-FOR-SECURITIES>                        16,463
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        2,047
<TOTAL-LIABILITIES>                             18,510
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       919,920
<SHARES-COMMON-STOCK>                          919,920
<SHARES-COMMON-PRIOR>                          421,886
<ACCUMULATED-NII-CURRENT>                            0
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<ACCUMULATED-NET-GAINS>                              1
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
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<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               16,389
<OTHER-INCOME>                                       0
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<REALIZED-GAINS-CURRENT>                             8
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<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (15,646)
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<OVERDIST-NET-GAINS-PRIOR>                           0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    893
<AVERAGE-NET-ASSETS>                           594,728
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                    .03
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                             (.03)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                    .25
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000872475
<NAME> LIQUID INSTITUTIONAL RESERVES
<SERIES>
   <NUMBER> 02
   <NAME> GOVERNMENT SECURITIES FUND
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          APR-30-1997
<PERIOD-START>                             MAY-01-1996
<PERIOD-END>                               OCT-31-1996
<INVESTMENTS-AT-COST>                           83,716
<INVESTMENTS-AT-VALUE>                          83,716
<RECEIVABLES>                                    7,418
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<TOTAL-ASSETS>                                  91,165
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
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<TOTAL-LIABILITIES>                                197
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        90,959
<SHARES-COMMON-STOCK>                           90,959
<SHARES-COMMON-PRIOR>                           43,768
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              9
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                    90,968
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                1,687
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    (94)
<NET-INVESTMENT-INCOME>                          1,593
<REALIZED-GAINS-CURRENT>                             8
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                            1,601
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (1,593)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        286,148
<NUMBER-OF-SHARES-REDEEMED>                  (240,382)
<SHARES-REINVESTED>                              1,425
<NET-CHANGE-IN-ASSETS>                          47,199
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            1
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                               79
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    131
<AVERAGE-NET-ASSETS>                            62,314
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                    .03
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                             (.03)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                    .30
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000872475
<NAME> LIQUID INSTITUTIONAL RESERVES
<SERIES>
   <NUMBER> 03
   <NAME> TREASURY SECURITIES FUND
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          APR-30-1997
<PERIOD-START>                             MAY-01-1996
<PERIOD-END>                               OCT-31-1996
<INVESTMENTS-AT-COST>                           23,894
<INVESTMENTS-AT-VALUE>                          23,894
<RECEIVABLES>                                   14,519
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                37
<TOTAL-ASSETS>                                  38,450
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           83
<TOTAL-LIABILITIES>                                 83
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        38,376
<SHARES-COMMON-STOCK>                           38,376
<SHARES-COMMON-PRIOR>                           19,655
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                            (9)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                    38,367
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                  750
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    (42)
<NET-INVESTMENT-INCOME>                            708
<REALIZED-GAINS-CURRENT>                            23
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                              730
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        (708)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        215,530
<NUMBER-OF-SHARES-REDEEMED>                  (197,401)
<SHARES-REINVESTED>                                592
<NET-CHANGE-IN-ASSETS>                          18,743
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                         (31)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                               35
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    105
<AVERAGE-NET-ASSETS>                            27,988
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                    .03
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                             (.03)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                    .30
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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