GNA VARIABLE SERIES TRUST
NSAR-A, 1997-08-26
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<PAGE>      PAGE  1
000 A000000 06/30/97
000 C000000 0000921131
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 2.2
000 J000000 A
001 A000000 GNA VARIABLE SERIES TRUST
001 B000000 811-8456
001 C000000 2066251755
002 A000000 SUITE 9000 TWO UNION SQUARE
002 B000000 SEATTLE
002 C000000 WA
002 D010000 98101
002 D020000 2336
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  4
007 C010100  1
007 C020100 GNA GROWTH PORTFOLIO
007 C030100 N
007 C010200  2
007 C020200 GNA VALUE PORTFOLIO
007 C030200 N
007 C010300  3
007 C020300 GNA GOVERNMENT PORTFOLIO
007 C030300 N
007 C010400  4
007 C020400 GNA ADJUSTABLE RATE PORTFOLIO
007 C030400 N
011 A00AA01 GNA DISTRIBUTORS, INC.
011 B00AA01 8-46211
011 C01AA01 SEATTLE
011 C02AA01 WA
011 C03AA01 98101
011 C04AA01 2336
012 A00AA01 NATIONAL FINANCIAL DATA SERVICES
012 B00AA01 84-1078
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64196
012 C04AA01 6070
013 A00AA01 COOPERS & LYBRAND L.L.P.
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
<PAGE>      PAGE  2
014 A00AA01 GNA DISTRIBUTORS, INC.
014 B00AA01 8-46211
014 A00AA02 PAINE WEBBER, INCORPORATED
014 B00AA02 8-16267
014 A00AA03 MITCHELL HUTCHINS ASSET MANAGEMENT, INC.
014 B00AA03 8-21901
014 A00AA04 FORTH FINANCIAL SECURITIES, CORP.
014 B00AA04 8-30557
014 A00AA05 GECC CAPITAL MARKETS GROUP,INC.
014 B00AA05 8-29149
014 A00AA06 GE INVESTMENT SERVICES, INC.
014 B00AA06 8-45710
014 A00AA07 GNA SECURITIES, INC.
014 B00AA07 8-26614
014 A00AA21 DELETE
014 A00AA22 DELETE
015 A00AA01 STATE STREET BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00    9
019 C00AA00 INVTRSTGNA
020 A000001 MESIROW CAPITAL INC.
020 B000001 36-3194849
020 C000001      2
020 A000002 SMITH BARNEY INC.
020 B000002 13-2726611
020 C000002      2
020 A000003 OPPENHEIMER & CO, INC.
020 B000003 13-2798343
020 C000003      2
020 A000004 HOENIG & CO.
020 B000004 13-2656060
020 C000004      1
020 A000005 GOLDMAN SACHS
020 B000005 13-5108880
020 C000005      1
020 A000006 HSBC FUTURES INC.
020 B000006 13-2650272
020 C000006      1
020 A000007 PRUDENTIAL SECURITIES INC.
020 B000007 22-2347336
020 C000007      1
020 A000008 LEWCO SECS
020 B000008 22-3039058
020 C000008      1
020 A000009 ROBERT W BAIRD & CO., INC.
<PAGE>      PAGE  3
020 B000009 39-6037917
020 C000009      0
020 A000010 THOMASON INSTITUTIONAL
020 B000010 13-3566424
020 C000010      0
021  000000       13
022 A000001 STATE STREET BANK & TRUST CO
022 B000001 04-1867445
022 C000001     12321
022 D000001      4468
022 A000002 LEHMAN BROTHERS INC.
022 B000002 13-2518466
022 C000002       561
022 D000002       680
022 A000003 MORGAN STANLEY & CO.
022 B000003 13-2655998
022 C000003       430
022 D000003       316
022 A000004 GOLDMAN SACHS
022 B000004 13-5108880
022 C000004       535
022 D000004       202
022 A000005 MERRILL, LYNCH, PIERCE, FENNER, & SMITH
022 B000005 13-5674085
022 C000005       516
022 D000005       201
022 A000006 SALOMON BROTHERS INC.
022 B000006 13-3082694
022 C000006       275
022 D000006       349
022 A000007 CS FIRST BOSTON CORPORATION
022 B000007 13-5659485
022 C000007       346
022 D000007         0
022 A000008 BEAR STEARNS SECURITIES
022 B000008 13-4946705
022 C000008       130
022 D000008       149
022 A000009 TROSTER SINGER CORP
022 B000009 13-5515160
022 C000009       181
022 D000009        91
022 A000010 HERZOG HEINE GEDULD INC.
022 B000010 13-1955436
022 C000010       129
022 D000010       127
023 C000000      16492
023 D000000       7278
024  00AA00 N
025 D00AA01       0
025 D00AA02       0
<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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008 B000101 A
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008 D040101 2336
008 A000102 VALUE LINE, INC.
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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008 A000201 GNA CAPITAL MANAGEMENT, INC.
008 B000201 A
008 C000201 801-29116
008 D010201 SEATTLE
008 D020201 WA
008 D030201 98101
<PAGE>      PAGE  10
008 D040201 2336
008 A000202 DUFF & PHELPS INVESTMENT MANAGEMENT CO.
008 B000202 S
008 C000202 801-14813
008 D010202 CHICAGO
008 D020202 IL
008 D030202 60603
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<PAGE>      PAGE  11
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066 D000200 N
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066 G000200 N
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068 A000200 N
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069  000200 N
070 A010200 Y
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<PAGE>      PAGE  12
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070 D010200 Y
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070 E010200 Y
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
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008 A000301 GNA CAPITAL MANAGEMENT, INC.
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<PAGE>      PAGE  15
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<PAGE>      PAGE  16
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<PAGE>      PAGE  17
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<PAGE>      PAGE  18
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008 A000401 GNA CAPITAL MANAGEMENT, INC.
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008 C000401 801-29116
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008 D030401 98101
008 D040401 2336
008 A000402 STANDISH, AYER & WOOD, INC.
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008 D020402 MA
008 D030402 02111
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028 G040400        96
028 H000400         0
045  000400 Y
<PAGE>      PAGE  19
046  000400 N
047  000400 Y
048  000400  0.400
048 A010400        0
048 A020400 0.000
048 B010400        0
048 B020400 0.000
048 C010400        0
048 C020400 0.000
048 D010400        0
048 D020400 0.000
048 E010400        0
048 E020400 0.000
048 F010400        0
048 F020400 0.000
048 G010400        0
048 G020400 0.000
048 H010400        0
048 H020400 0.000
048 I010400        0
048 I020400 0.000
048 J010400        0
048 J020400 0.000
048 K010400        0
048 K020400 0.000
049  000400 N
050  000400 N
051  000400 N
052  000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
062 A000400 Y
062 B000400   0.0
062 C000400   0.0
062 D000400   0.0
062 E000400   0.0
062 F000400   0.0
062 G000400   0.0
062 H000400   0.0
062 I000400   0.0
062 J000400   0.0
062 K000400   0.0
062 L000400   1.5
062 M000400   0.0
062 N000400  69.6
062 O000400   0.0
062 P000400   0.0
062 Q000400  28.9
062 R000400   0.0
063 A000400   0
<PAGE>      PAGE  20
063 B000400  1.7
064 A000400 Y
064 B000400 N
066 A000400 N
067  000400 N
068 A000400 N
068 B000400 N
069  000400 N
070 A010400 Y
070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 N
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 Y
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400      2393
071 B000400      1763
071 C000400      6334
071 D000400   28
072 A000400  6
072 B000400      218
072 C000400        2
<PAGE>      PAGE  21
072 D000400        0
072 E000400        0
072 F000400       13
072 G000400        0
072 H000400        0
072 I000400        5
072 J000400       24
072 K000400        0
072 L000400        0
072 M000400        1
072 N000400        0
072 O000400        0
072 P000400        0
072 Q000400        0
072 R000400        5
072 S000400        1
072 T000400        0
072 U000400        1
072 V000400        0
072 W000400        0
072 X000400       50
072 Y000400       27
072 Z000400      198
072AA000400        9
072BB000400        0
072CC010400        4
072CC020400        0
072DD010400      198
072DD020400        0
072EE000400        0
073 A010400   0.8000
073 A020400   0.0000
073 B000400   0.0000
073 C000400   0.0000
074 A000400        0
074 B000400        0
074 C000400       95
074 D000400     6380
074 E000400        0
074 F000400        0
074 G000400        0
074 H000400        0
074 I000400        0
074 J000400        0
074 K000400        5
074 L000400       42
074 M000400        6
074 N000400     6528
074 O000400        0
074 P000400        2
074 Q000400        0
<PAGE>      PAGE  22
074 R010400        0
074 R020400        0
074 R030400        0
074 R040400       20
074 S000400        0
074 T000400     6506
074 U010400      250
074 U020400        0
074 V010400    26.02
074 V020400     0.00
074 W000400   0.0000
074 X000400        6
074 Y000400        0
075 A000400        0
075 B000400     6447
076  000400     0.00
SIGNATURE   EUNICE TSANG                                 
TITLE       ACCOUNTING MANAGER  
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000921131
<NAME> GNA VARIABLE SERIES TRUST
<SERIES>
   <NUMBER> 1
   <NAME> VARIABLE SERIES TRUST GROWTH
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                          9496265
<INVESTMENTS-AT-VALUE>                        14009706
<RECEIVABLES>                                   317201
<ASSETS-OTHER>                                    5927
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                14332834
<PAYABLE-FOR-SECURITIES>                         82500
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        40538
<TOTAL-LIABILITIES>                             123038
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       9713239
<SHARES-COMMON-STOCK>                           319457
<SHARES-COMMON-PRIOR>                           321744
<ACCUMULATED-NII-CURRENT>                         2800
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                       (19684)
<ACCUM-APPREC-OR-DEPREC>                       4513441
<NET-ASSETS>                                  14209796
<DIVIDEND-INCOME>                                55577
<INTEREST-INCOME>                                  535
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   70591
<NET-INVESTMENT-INCOME>                        (14479)
<REALIZED-GAINS-CURRENT>                        323696
<APPREC-INCREASE-CURRENT>                      1547810
<NET-CHANGE-FROM-OPS>                          1857027
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           7813
<NUMBER-OF-SHARES-REDEEMED>                    (10100)
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         1768131
<ACCUMULATED-NII-PRIOR>                          17279
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                    (343380)
<GROSS-ADVISORY-FEES>                            51337
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  93182
<AVERAGE-NET-ASSETS>                          12940946
<PER-SHARE-NAV-BEGIN>                           38.670
<PER-SHARE-NII>                                (0.040)
<PER-SHARE-GAIN-APPREC>                          5.850
<PER-SHARE-DIVIDEND>                             0.000
<PER-SHARE-DISTRIBUTIONS>                        0.000
<RETURNS-OF-CAPITAL>                             0.000
<PER-SHARE-NAV-END>                             44.480
<EXPENSE-RATIO>                                   1.10
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000921131
<NAME> GNA VARIABLE SERIES TRUST
<SERIES>
   <NUMBER> 2
   <NAME> VARIABLE SERIES TRUST VALUE
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                          9750136
<INVESTMENTS-AT-VALUE>                        13212546
<RECEIVABLES>                                    23992
<ASSETS-OTHER>                                    5869
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                13242407
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        46367
<TOTAL-LIABILITIES>                              46367
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       9148018
<SHARES-COMMON-STOCK>                           300944
<SHARES-COMMON-PRIOR>                           294649
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                           (671)
<ACCUMULATED-NET-GAINS>                         586283
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       3462410
<NET-ASSETS>                                  13196040
<DIVIDEND-INCOME>                               112406
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   64045
<NET-INVESTMENT-INCOME>                          48361
<REALIZED-GAINS-CURRENT>                        514329
<APPREC-INCREASE-CURRENT>                      1937164
<NET-CHANGE-FROM-OPS>                          2499854
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (49032)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          13259
<NUMBER-OF-SHARES-REDEEMED>                     (8158)
<SHARES-REINVESTED>                               1194
<NET-CHANGE-IN-ASSETS>                         2701852
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                        71954
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            46551
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  85589
<AVERAGE-NET-ASSETS>                          11741006
<PER-SHARE-NAV-BEGIN>                           35.620
<PER-SHARE-NII>                                  0.160
<PER-SHARE-GAIN-APPREC>                          8.230
<PER-SHARE-DIVIDEND>                           (0.160)
<PER-SHARE-DISTRIBUTIONS>                        0.000
<RETURNS-OF-CAPITAL>                             0.000
<PER-SHARE-NAV-END>                             43.850
<EXPENSE-RATIO>                                   1.10
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000921131
<NAME> GNA VARIABLE SERIES TRUST
<SERIES>
   <NUMBER> 3
   <NAME> VARIABLE SERIES TRUST GOVERNMENT
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                          8026907
<INVESTMENTS-AT-VALUE>                         8123879
<RECEIVABLES>                                    97847
<ASSETS-OTHER>                                    5949
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 8227675
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        56944
<TOTAL-LIABILITIES>                              56944
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       8093003
<SHARES-COMMON-STOCK>                           316285
<SHARES-COMMON-PRIOR>                           312621
<ACCUMULATED-NII-CURRENT>                         5438
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                       (20941)
<ACCUM-APPREC-OR-DEPREC>                         93231
<NET-ASSETS>                                   8170731
<DIVIDEND-INCOME>                                11996
<INTEREST-INCOME>                               271434
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   36035
<NET-INVESTMENT-INCOME>                         247395
<REALIZED-GAINS-CURRENT>                        (1031)
<APPREC-INCREASE-CURRENT>                      (12067)
<NET-CHANGE-FROM-OPS>                           234297
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (247395)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           1291
<NUMBER-OF-SHARES-REDEEMED>                     (7285)
<SHARES-REINVESTED>                               9658
<NET-CHANGE-IN-ASSETS>                           81146
<ACCUMULATED-NII-PRIOR>                           5438
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                     (19910)
<GROSS-ADVISORY-FEES>                            24023
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  65086
<AVERAGE-NET-ASSETS>                           8074171
<PER-SHARE-NAV-BEGIN>                           25.880
<PER-SHARE-NII>                                  0.790
<PER-SHARE-GAIN-APPREC>                        (0.050)
<PER-SHARE-DIVIDEND>                           (0.790)
<PER-SHARE-DISTRIBUTIONS>                        0.000
<RETURNS-OF-CAPITAL>                             0.000
<PER-SHARE-NAV-END>                             25.830
<EXPENSE-RATIO>                                   0.90
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000921131
<NAME> GNA VARIABLE SERIES TRUST
<SERIES>
   <NUMBER> 4
   <NAME> VARIABLE SERIES TRUST ADJUSTABLE RATE
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                          6268865
<INVESTMENTS-AT-VALUE>                         6475324
<RECEIVABLES>                                    47071
<ASSETS-OTHER>                                    5946
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 6528341
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        22376
<TOTAL-LIABILITIES>                              22376
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       6304772
<SHARES-COMMON-STOCK>                           250036
<SHARES-COMMON-PRIOR>                           245516
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                          (2855)
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                        (2411)
<ACCUM-APPREC-OR-DEPREC>                        206459
<NET-ASSETS>                                   6505965
<DIVIDEND-INCOME>                                 2464
<INTEREST-INCOME>                               218097
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   22380
<NET-INVESTMENT-INCOME>                         198181
<REALIZED-GAINS-CURRENT>                          8536
<APPREC-INCREASE-CURRENT>                         4421
<NET-CHANGE-FROM-OPS>                           211138
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (198181)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            555
<NUMBER-OF-SHARES-REDEEMED>                     (3696)
<SHARES-REINVESTED>                               7661
<NET-CHANGE-IN-ASSETS>                          130541
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                         (2855)
<OVERDIST-NET-GAINS-PRIOR>                     (10947)
<GROSS-ADVISORY-FEES>                            12787
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  49534
<AVERAGE-NET-ASSETS>                           6446728
<PER-SHARE-NAV-BEGIN>                           25.970
<PER-SHARE-NII>                                  0.800
<PER-SHARE-GAIN-APPREC>                          0.050
<PER-SHARE-DIVIDEND>                           (0.800)
<PER-SHARE-DISTRIBUTIONS>                        0.000
<RETURNS-OF-CAPITAL>                             0.000
<PER-SHARE-NAV-END>                             26.020
<EXPENSE-RATIO>                                  0.700
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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