<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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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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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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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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<PAGE> PAGE 19
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<PAGE> PAGE 20
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SIGNATURE THOMAS F. MCDONOUGH
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from the Managed Tax-Free Fund Semiannual
Report for the fiscal period ended June 30, 1995 and is
qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> MANAGED TAX-FREE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 129,079,462
<INVESTMENTS-AT-VALUE> 129,079,462
<RECEIVABLES> 1,172,514
<ASSETS-OTHER> 130,352
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 130,382,328
<PAYABLE-FOR-SECURITIES> 3,019,620
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 542,145
<TOTAL-LIABILITIES> 3,561,765
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 126,693,742
<SHARES-COMMON-STOCK> 126,820,563
<SHARES-COMMON-PRIOR> 124,596,732
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 126,820,563
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,736,554
<OTHER-INCOME> 0
<EXPENSES-NET> 538,120
<NET-INVESTMENT-INCOME> 2,198,434
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,198,434
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,198,434)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 343,039,194
<NUMBER-OF-SHARES-REDEEMED> 341,923,341
<SHARES-REINVESTED> 1,107,978
<NET-CHANGE-IN-ASSETS> 2,223,831
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 269,282
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 538,120
<AVERAGE-NET-ASSETS> 135,709,909
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .016
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.016)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Managed Government Securities Fund
Semiannual Report for the fiscal period ended June 30,
1995 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME>MANAGED GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 65,967,834
<INVESTMENTS-AT-VALUE> 65,967,834
<RECEIVABLES> 62,433
<ASSETS-OTHER> 453
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 66,030,720
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 461,036
<TOTAL-LIABILITIES> 461,036
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 65,504,114
<SHARES-COMMON-STOCK> 65,569,684
<SHARES-COMMON-PRIOR> 68,556,977
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 65,569,684
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,054,501
<OTHER-INCOME> 0
<EXPENSES-NET> 187,546
<NET-INVESTMENT-INCOME> 1,866,955
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,866,955
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,866,955)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 105,021,398
<NUMBER-OF-SHARES-REDEEMED> 109,312,825
<SHARES-REINVESTED> 1,304,134
<NET-CHANGE-IN-ASSETS> (2,987,293)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 136,393
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 299,221
<AVERAGE-NET-ASSETS> 68,761,814
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .027
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.027)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from the Managed Cash Fund Semiannual Report
for the fiscal period ended June 30, 1995 and is
qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> MANAGED CASH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 401,448,416
<INVESTMENTS-AT-VALUE> 401,448,416
<RECEIVABLES> 1,573,545
<ASSETS-OTHER> 2,717
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 401,824,928
<PAYABLE-FOR-SECURITIES> 6,895,350
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,763,586
<TOTAL-LIABILITIES> 11,658,936
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 390,974,214
<SHARES-COMMON-STOCK> 391,527,821
<SHARES-COMMON-PRIOR> 367,269,010
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 391,365,742
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,783,206
<OTHER-INCOME> 0
<EXPENSES-NET> 1,057,850
<NET-INVESTMENT-INCOME> 10,725,356
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10,725,356
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,725,356)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,037,786,954
<NUMBER-OF-SHARES-REDEEMED> 1,019,409,307
<SHARES-REINVESTED> 5,881,165
<NET-CHANGE-IN-ASSETS> 24,258,812
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 769,024
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,332,931
<AVERAGE-NET-ASSETS> 387,698,890
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .028
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.028)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from the Managed Federal Securities Fund
Semiannual Report for the fiscal period ended June 30,
1995 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> MANAGED FEDERAL SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 11,340,319
<INVESTMENTS-AT-VALUE> 11,340,319
<RECEIVABLES> 0
<ASSETS-OTHER> 2,471
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,342,790
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 82,836
<TOTAL-LIABILITIES> 82,836
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,248,694
<SHARES-COMMON-STOCK> 11,259,954
<SHARES-COMMON-PRIOR> 12,805,227
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 11,259,954
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 322,897
<OTHER-INCOME> 0
<EXPENSES-NET> 43,750
<NET-INVESTMENT-INCOME> 279,145
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 279,145
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (279,145)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,817,118
<NUMBER-OF-SHARES-REDEEMED> 10,602,655
<SHARES-REINVESTED> 240,264
<NET-CHANGE-IN-ASSETS> (1,545,273)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 23,518
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 80,932
<AVERAGE-NET-ASSETS> 11,889,037
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .024
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.024)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from the Managed Intermediate Government Fund
Semiannual Report for the fiscal period ended June 30,
1995 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 8
<NAME> MANAGED INTERMEDIATE GOVERNMENT FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 13,765,612
<INVESTMENTS-AT-VALUE> 13,893,070
<RECEIVABLES> 135,679
<ASSETS-OTHER> 34,228
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,062,977
<PAYABLE-FOR-SECURITIES> 504,430
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 97,156
<TOTAL-LIABILITIES> 601,586
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,100,099
<SHARES-COMMON-STOCK> 1,428,280
<SHARES-COMMON-PRIOR> 2,416,466
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,766,166)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 127,458
<NET-ASSETS> 13,461,391
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 394,245
<OTHER-INCOME> 0
<EXPENSES-NET> 52,612
<NET-INVESTMENT-INCOME> 341,633
<REALIZED-GAINS-CURRENT> 16,797
<APPREC-INCREASE-CURRENT> 335,487
<NET-CHANGE-FROM-OPS> 693,917
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (341,633)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 219,175
<NUMBER-OF-SHARES-REDEEMED> 1,238,513
<SHARES-REINVESTED> 31,152
<NET-CHANGE-IN-ASSETS> (988,186)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,782,963)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 42,675
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 100,085
<AVERAGE-NET-ASSETS> 13,239,388
<PER-SHARE-NAV-BEGIN> 9.18
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> .24
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.42
<EXPENSE-RATIO> .80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
