<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS June 30 1996 (Unaudited)
NAME OF ISSUER
Percentages represent the market value
of each investment category to total RATING COUPON PRINCIPAL
net assets MOODY'S/S&P RATE MATURITY AMOUNT MARKET VALUE
- -------------------------------------------------------------------------------------------------------------
MONTANA MUNICIPAL BONDS (98.2%)
ENERGY (6.9%)
<S> <C> <C> <C> <C> <C>
Anaconda-Deer River Cty. (Arco) Solid
Waste Rev. A/A+ 6.375% 10/01/16 $1,500,000 $1,549,710
MT (Broadwater Power) Coal Severance
Tax Ref. A1/AA- 6.875 12/01/17 445,000 474,330
--------------
$2,024,040
--------------
GENERAL OBLIGATION (1.5%)
Missoula, MT General Obligation NR/NR 5.250% 07/01/15 $ 150,000 $ 146,141
Missoula, MT General Obligation NR/NR 5.250 07/01/16 295,000 284,291
--------------
$ 430,432
--------------
HEALTH CARE (10.7%)
MT St. Hlth. Fac. Auth. (MT Devl. Ctr.)
Rev. A/NR 6.300% 06/01/14 $ 500,000 $ 533,020
MT St. Hlth. Fac. Auth. (MT Devl. Ctr.)
Rev. A/NR 6.400 06/01/19 1,000,000 1,041,710
MT Hlth. Fac. Auth. (Master Loan Pgm.)
Rev. A/NR 6.400 10/01/14 450,000 475,259
MT Hlth. Fac. Auth. (Northern Montana
Care Ctr.) Rev. Baa/NR 6.350 09/01/15 1,000,000 995,300
MT Hlth. Fac. Auth. (Bozeman Deaconess)
Rev. Baa /NR 5.750 06/01/08 100,000 102,320
---------------
$3,147,609
---------------
HOUSING (24.8%)
MT Board of Housing, Single Family
Program Aa/A+ 6.250% 12/01/17 $2,930,000 $2,944,855
MT Board of Housing, Single Family
Program Aa/AA+ 6.350 06/01/27 1,465,000 1,468,853
MT Board of Housing, Single Family
Program Aa/AA+ 6.550 12/01/25 95,000 95,424
MT Board of Housing, Single Family
Program Aa/AA+ 6.400 12/01/35 500,000 496,405
MT Board of Housing, Single Family
Program Aa/AA+ 6.400 12/01/27 310,000 309,144
MT Board of Housing, Single Family
Program Aa/AA 6.500 12/01/32 150,000 149,574
MT Board of Housing, Single Family
Program Aa/AA+ 6.100 12/01/24 685,000 680,664
MT Board of Housing, Single Family
Program Aa/AA+ 6.300 06/01/08 225,000 231,395
MT Board of Housing, Single Family
Program Aa/AA+ 6.750 12/01/14 220,000 230,410
MT Board of Housing, Single Family
Program Aa/AA+ 6.900 06/01/25 95,000 92,854
MT Board of Housing, Single Family
Program Aa/AA+ 6.700 12/01/26 580,000 600,764
--------------
$7,300,342
--------------
POLLUTION CONTROL (4.3%)
Forsyth, MT (Montana Power) PCR Baa1/BBB+ 6.125% 05/01/23 $ 720,000 $ 730,080
Forsyth, MT (Montana Power) PCR Baa1/BBB+ 5.900 12/01/23 300,000 295,008
Lewis & Clark Co. (Asarco Inc.) PCR Baa/BBB 6.750 12/01/06 240,000 239,153
--------------
$1,264,241
--------------
REAL ESTATE (2.4%)
Billings Tax Increment Urban Renewal
Ref. Baa/NR 7.100% 03/01/08 $ 650,000 $ 704,236
--------------
$ 704,236
--------------
STATE EDUCATION (2.6%)
MT Hgr. Educ. Student Assistance Corp.
Rev. A/NR 6.500% 12/01/12 $ 250,000 $ 257,910
MT Hgr. Educ. Student Assistance Corp.
Rev. A/NR 6.500 12/01/14 500,000 518,470
---------------
$ 776,380
---------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
UTILITIES (3.9%)
Lewis & Clark Co. Solid Waste Fac. Rev. A/ NR 6.100% 10/01/14 $ 250,000 $ 258,268
Lewistown, MT Water System Rev. NR/NR 5.700 07/01/15 435,000 432,437
Lewistown, MT Water System Rev. NR/NR 5.700 07/01/16 460,000 457,751
-----------
$ 1,148,456
-----------
INSURED/GUARANTEED (41.1%)
Forsyth, MT (Puget Sound Pwr. & Lt.) PCR (AMBAC) Aaa/AAA 7.050% 08/01/21 $ 750,000 $ 841,830
Forsyth, MT (Puget Sound Pwr. & Lt.) PCR (AMBAC) Aaa/AAA 6.800 03/01/22 1,125,000 1,219,162
Forsyth, MT (Puget Sound Pwr. & Lt.) PCR (MBIA) Aaa/AAA 5.875 04/01/20 540,000 535,275
Forsyth, MT (Montana Power) PCR (AMBAC) Aaa/AAA 5.900 12/01/23 225,000 224,858
Forsyth, MT (Montana Power) PCR (MBIA) Aaa/AAA 6.125 05/01/23 1,500,000 1,551,555
Forsyth, MT (Montana Power) PCR Ref. (AMBAC) Aaa/AAA 6.125 05/01/23 4,000,000 3,620,295
*Great Falls, Water & Sewerage Rev. (FGIC) Aaa/AAA 6.400 08/01/12 300,000 320,061
MT Hlth. Fac. Auth. (St. Pat's) Rev. (AMBAC) Aaa/AAA 6.625 09/01/12 195,000 209,537
MT Hlth. Fac. Auth. (Holy Rosary) Rev. (MBIA) Aaa/AAA 5.250 07/01/20 250,000 238,835
MT Hlth. Fac. Auth. (Deaconess Clinic) Rev. (AMBAC) Aaa/AAA 5.250 02/15/20 1,700,000 1,624,605
MT Board of Investments (Workers Comp.) (MBIA) Aaa/AAA 6.875 06/01/11 200,000 220,666
MT Board of Investments (Workers Comp.)(ESCRWD) Aaa/AAA 6.875 06/01/20 145,000 156,961
MT Board of Investments (Workers Comp.)(ESCRWD) Aaa/AAA 6.875 06/01/20 355,000 384,284
*Richland Cty. (Mon.-Dak. Utilities) PCR (FGIC) Aaa/AAA 6.650 06/01/22 600,000 643,542
Silver Bow, (Butte-Silver Bow) Water Rev. (FGIC) Aaa/AAA 6.500 11/01/14 275,000 294,044
-----------
$12,085,510
-----------
-----------
TOTAL MONTANA MUNICIPAL BONDS (COST: $28,488,445) $28,881,246
-----------
SHORT-TERM SECURITIES (2.7%)
Federated Tax-Free Trust $ 294,489
Federated Intermediate Muni Trust 500,000
-----------
TOTAL SHORT-TERM SECURITIES (COST: $794,489) $ 794,489
-----------
TOTAL INVESTMENTS IN SECURITIES (COST: $29,282,934) $29,675,735
===========
*Indicates bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases.
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
FINANCIAL STATEMENTS June 30 1996
STATEMENT OF ASSETS AND LIABILITIES June 30, 1996 (Unaudited)
- -------------------------------------------------------------
<TABLE>
<CAPTION>
ASSETS
<S> <C>
Investments in securities, at $ 29,675,735
value (cost:$29,282,934 )
Accrued dividends receivable 3,402
Accrued interest receivable 315,617
Receivable for fund shares sold 74,574
-------------
Total Assets $ 30,069,328
-------------
LIABILITIES
Dividends payable $ 116,900
Accrued expenses 25,558
Security purchases payable 509,374
-------------
Total Liabilities $ 651,832
-------------
NET ASSETS $ 29,417,496
=============
Net asset value per share,
2,948,447 shares outstanding $ 9.98
=============
STATEMENT OF OPERATIONS for the six months ended June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------
INVESTMENT INCOME
Interest $ 750,746
Dividends 26,913
-------------
Total Investment Income $ 777,659
-------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXPENSES
<S> <C>
Distribution (12b-1 fees) $ 40,721
Investment advisory fees 81,443
Custodian fees 2,858
Transfer agent fees 19,234
Accounting service fees 18,852
Audit and legal fees 5,520
Insurance 3,532
Directors fees 50
Printing and postage 3,453
License, fees, and registrations 6,554
Amortization of organization costs 905
---------
Total expenses $ 183,122
Less expenses waived or absorbed
by the Fund's manager 60,741
---------
Total Net Expenses $ 122,381
---------
NET INVESTMENT INCOME $ 655,278
---------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FUTURES:
Net realized gain (loss) from:
Investment transactions $ 5,080
Futures transactions 605,104
Net change in unrealized appreciation
(depreciation) of investments (735,184)
---------
Net Realized And Unrealized Gain
(Loss)on Investments AND Futures $(125,000)
---------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 530,278
=========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
FINANCIAL STATEMENTS June 30, 1996
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS for the six months ended June 30, 1996 and
year ended December 31, 1995
For The Six
Months Ended
June 30, 1996 For the Year Ended
(Unaudited) December 31, 1995
------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income $ 655,278 $ 910,650
Net realized gain (loss) on
investment and futures transactions 610,184 (714,078)
Net unrealized appreciation
(depreciation) on investments (735,184) 1,845,230
------------------------------------------------
Net Increase (Decrease) in Net Assets Resulting
From Operations $ 530,278 $ 2,041,802
------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income $ (655,278) $ (910,650)
Distributions in excess of net investment income (40,721) (42,685)
Distributions from net realized
gain on investment and futures transactions 0 0
------------------------------------------------
Total Dividends and Distributions $ (695,999) $ (953,335)
------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares $ 5,555,023 $10,719,956
Proceeds from reinvested dividends 439,118 603,502
Cost of shares redeemed (466,313) (312,363)
------------------------------------------------
Net Increase (Decrease) in Net
Assets Resulting From Capital
Share Transactions $ 5,527,828 $11,011,095
------------------------------------------------
TOTAL INCREASE IN NET ASSETS $ 5,362,107 $12,099,562
NET ASSETS, BEGINNING OF PERIOD 24,055,389 11,955,827
------------------------------------------------
NET ASSETS, END OF PERIOD $29,417,496 $24,055,389
================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
NOTES TO FINANCIAL STATEMENTS June 30, 1996 (Unaudited)
Note 1. ORGANIZATION
Montana Tax-Free Fund, Inc. (the Fund) is registered under the
Investment Company Act of 1940 as a non-diversified, open-end management
investment company. The Fund incorporated under the laws of the State of
North Dakota on April 15, 1993 and commenced operations on August 12,
1993. The Fund's objective is to provide as high a level of current
income exempt from federal and Montana income taxes as is consistent
with preservation of capital. The Fund will seek to achieve this by
investing primarily in a portfolio of Montana tax-exempt securities.
Shares of the Fund are offered with no initial sales charge. Shares may
be subject to a contingent deferred sales charge, if those shares are
redeemed within five years of purchase.
Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
INVESTMENT SECURITY VALUATION - Investments in securities traded on
national securities exchanges are valued at the last reported sales
price at the close of each business day. Securities for which market
quotations are not readily available are valued at fair value as
determined in good faith by the portfolio management team. The Fund
follows industry practice and records security transactions on the
trade date.
The Fund concentrates its investments in a single state. This
concentration may result in the Fund investing a relatively high
percentage of its assets in a limited number of issuers.
FEDERAL AND STATE INCOME TAXES - The Fund's policy is to comply with the
requirements of the Internal Revenue Code that are applicable to
regulated investment companies, and to distribute all of its net
investment income and any net realized gain on investments, to its
shareholders. Therefore, no provision for income taxes is required.
DISTRIBUTION TO SHAREHOLDERS -Dividends from net investment income,
declared daily and payable monthly, are reinvested in additional shares
of the Fund at net asset value or payable in cash. Capital gains, when
available, are distributed along with the last income dividend of the
calendar year.
INVESTMENT INCOME - Dividend income is recognized on the ex-dividend
date and interest income is recognized daily on an accrual basis.
Premiums and discounts on securities purchased are amortized using the
effective interest method over the life of the respective securities,
unless callable, in which case they are amortized to the earliest call
date.
FUTURES CONTRACTS AND OPTIONS - The Fund may purchase and sell financial
futures and option contracts to hedge against changes in the values of
tax-exempt municipal securities the Fund owns or expects to purchase.
<PAGE>
A futures contract is an agreement between two parties to buy or sell
units of a particular index or a certain amount of U.S. Government or
Municipal securities at a set price on a future date. Upon entering into
a futures contract, the Fund is required to deposit with a broker an
amount of cash or securities equal to the minimum "initial margin"
requirement of the futures exchange on which the contract is traded.
Subsequent payments ("variation margin") are made or received by the
Fund, dependent on the fluctuations in the value of the underlying
index, and are recorded for financial reporting purposes as unrealized
gains or losses by the Fund. When entering into a closing transaction,
the Fund will realize, for book purposes, a gain or loss equal to the
difference between the value of the futures contracts sold and the
futures contracts to buy.
The Fund may purchase options on financial futures contracts. Daily
fluctuations in the value of the options are recorded for financial
reporting purposes as unrealized gains or losses by the fund. Upon sale
or expiration of the option, the Fund will realize, for book purposes, a
gain or loss equal to the difference between the cost of the option and
the value on sale or expiration date.
Certain risks may arise upon entering into futures contracts and
options. These risks may include changes in the value of the futures
contracts or options that may not directly correlate with changes in the
value of the underlying securities.
USE OF ESTIMATES--The preparation of financial statements in conformity
with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
Note 3. CAPITAL SHARE TRANSACTIONS
As of June 30, 1996, there were 200,000,000 shares of $.001 par
authorized; 2,948,447 and 2,395,706 were outstanding at June 30, 1996
and December 31, 1995, respectively.
Transactions in capital shares were as follows:
<TABLE>
<CAPTION>
Shares Amount
------ ------
For The Six For The Six
Months Ended For the Year Ended Months Ended For the Year Ended
June 30, 1996 December 31, 1995 June 30, 1996 December 31, 1995
----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold 555,839 1,093,033 $5,555,023 $10,719,956
Shares issued on reinvestment
of dividends 43,953 61,616 439,118 603,502
Shares redeemed (47,051) (31,894) (466,313) (312,363)
----------------------------------------------------------------------------
Net increase 552,741 1,122,755 $5,527,828 $11,011,095
============================================================================
</TABLE>
<PAGE>
Note 4. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES
ND Money Management, Inc., the Fund's investment adviser, ND Capital,
Inc., the Fund's underwriter, and ND Resources, Inc., the Fund's
transfer agent, are subsidiaries of ND Holdings, Inc., the Fund's
sponsor.
The Fund has engaged ND Money Management, Inc., to provide investment
advisory and management services to the Fund. The Investment Advisory
Agreement provides for fees to be computed at an annual rate of 0.60% of
the Fund's average daily net assets. The Fund has recognized $74,872 of
investment advisory and management fees for the six months ended June
30, 1996. The Fund has a payable to ND Money Management, Inc. of $13,568
at June 30, 1996 for investment advisory fees. Certain officers and
directors of the Fund are also officers and directors of the investment
adviser.
The Fund has adopted a distribution plan pursuant to Rule 12b-1 under
the 1940 Act (the Plan), whereby the Fund shall pay at the annual rate
of 0.75% of the average daily net assets of the Fund to ND Capital, Inc.
(Capital), its principal underwriter, for expenses incurred in the
distribution of the Fund's shares. Pursuant to the Plan, Capital is
entitled to reimbursement each month for its actual expenses incurred in
the distribution and promotion of the Fund's shares, including the
printing of prospectuses and reports used for sales purposes, expenses
of preparation and printing of sales literature and other such
distribution related expenses, including any distribution or service
fees paid to securities dealers who have executed a dealer sales
agreement with Capital. Capital will be reimbursed at a rate not to
exceed 0.75% of the average daily net assets of the Fund for the prior
month. The Fund has recognized $40,721 of 12b-1 fee expenses for the six
months ended June 30, 1996. The Fund has a payable to ND Capital, Inc.
of $6,784 at June 30, 1996 for 12b-1 fees.
ND Holdings, Inc. has elected to reimburse certain administrative costs
incurred by the Fund to provide a fair return to the investors during
the growth stage of the Fund. As the Fund grows, these expenses will be
assumed gradually by the Fund. The expenses reimbursed by ND Holdings,
Inc. for the six months ended June 30, 1996 amounted to $60,741.
ND Resources, Inc., (the transfer agent), provides shareholder services
for a monthly fee equal to an annual rate of .16% of the Fund's first
$10 million of net assets, .13% of the Fund's net assets on the next $15
million, .11% of the Fund's net assets on the next $15 million, .10% of
the Fund's net assets on the next $10 million, and .09% of the Fund's
net assets in excess of $50 million. The Fund has recognized $19,234 of
transfer agency fees for the six months ended June 30, 1996. ND
Resources, Inc. also acts as the Fund's accounting services agent for a
monthly fee equal to the sum of a fixed fee of $2,000, and a variable
fee equal to .05% of the Fund's average daily net assets on an annual
basis for the Fund's first $50 million and at a lower rate on the
average daily net assets in excess of $50 million. The Fund has
recognized $18,852 of accounting service fees for the six months ended
June 30, 1996.
<PAGE>
Note 5. INVESTMENT SECURITY TRANSACTIONS
The cost of purchases and proceeds from the sales of investment
securities (excluding short-term securities) aggregated $7,275,206, and
$195,000, respectively, for the six months ended June 30, 1996.
Note 6. INVESTMENT IN SECURITIES
At June 30, 1996, the aggregate cost of securities for federal income
tax purposes was $29,282,934, and the net unrealized appreciation of
investments based on the cost was $392,801, which is comprised of
$610,798 aggregate gross unrealized appreciation and $217,997 aggregate
gross unrealized depreciation.
<PAGE>
FINANCIAL HIGHLIGHTS Selected per share data and ratios for the period indicated
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the Period Since
Inception
For The Six Months For The Year Ended For The Year Ended (August 12, 1993)
Ended June 30, 1996 December 31, 1995 December 31, 1994 through
(Unaudited) December 31, 1993
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING
OF PERIOD $ 10.04 $ 9.39 $ 10.07 $10.00
-------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT
OPERATIONS:
Net Investment Income $ .24 $ .51 $ .50 $ .19
Net realized and
unrealized gain
(loss) on
investment and
futures
transactions (.04) .67 (.66) .09
-------------------------------------------------------------------------------------------------
Total From
Investment
Operations $ .20 $ 1.18 $ (.16) $ .28
-------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from net
investment income $ (.24) $ (.51) $ (.50) $ (.19)
Distributions in
excess of net
investment income (.02) (.02) (.02) (.01)
Distributions from
realized gains .00 .00 .00 (.01)
--------------------------------------------------------------------------------------------------
Total Distributions $ (.26) $ (.53) $ (.52) $ (.21)
--------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF
PERIOD $ 9.98 $ 10.04 $ 9.39 $10.07
==================================================================================================
TOTAL RETURN 3.96%(A)(C) 12.85%(C) (1.70)%(C) 7.00%(A)(C)
Ratios/Supplemental Data:
Net assets, end of
period (in thousands) $29,417 $24,055 $11,956 $5,235
Ratio of net expenses
(after expense
assumption) to
average net assets .90%(A)(B) .66%(B) .46%(B) .12%(A)(B)
Ratio of net
investment income to
average net assets 4.82%(A) 5.11% 5.06% 4.84%(A)
Portfolio turnover rate .75% 7.39% 12.46% 26.05%
</TABLE>
(A) Ratio was annualized.
(B) During the periods indicated above, ND Holdings, Inc. assumed expenses of
$60,741, $99,757, $87,483, and $21,944. If the expenses had not been
assumed, the annualized ratio of total expenses to average net assets would
have been 1.34%, 1.22%, 1.46% and 1.71%, respectively.
(C) Excludes contingent deferred sales charge of 4%.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 29282934
<INVESTMENTS-AT-VALUE> 29675735
<RECEIVABLES> 393593
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30069328
<PAYABLE-FOR-SECURITIES> 509374
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 142458
<TOTAL-LIABILITIES> 651832
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 2948447
<SHARES-COMMON-PRIOR> 2395706
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (162505)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 392801
<NET-ASSETS> 29417496
<DIVIDEND-INCOME> 26913
<INTEREST-INCOME> 750746
<OTHER-INCOME> 0
<EXPENSES-NET> 122381
<NET-INVESTMENT-INCOME> 655278
<REALIZED-GAINS-CURRENT> 610184
<APPREC-INCREASE-CURRENT> (735184)
<NET-CHANGE-FROM-OPS> 530278
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 655278
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 40721
<NUMBER-OF-SHARES-SOLD> 555839
<NUMBER-OF-SHARES-REDEEMED> 47051
<SHARES-REINVESTED> 43953
<NET-CHANGE-IN-ASSETS> 5362107
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 81443
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 183122
<AVERAGE-NET-ASSETS> 27177107
<PER-SHARE-NAV-BEGIN> 10.04
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> .24
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .02
<PER-SHARE-NAV-END> 9.98
<EXPENSE-RATIO> .90<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1> Ratio of net expenses to average net assets, annualized.
</FN>
</TABLE>
