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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 8
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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 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
072AA000400 0
072BB000400 0
072CC010400 0
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072DD010400 0
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072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 0
074 M000400 0
074 N000400 0
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 0
074 S000400 0
074 T000400 0
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074 U020400 0
074 V010400 0.00
074 V020400 0.00
074 W000400 0.0000
074 X000400 0
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075 A000400 0
075 B000400 0
076 000400 0.00
028 A010500 4897
028 A020500 27
028 A030500 0
028 A040500 2591
028 B010500 2238
028 B020500 33
028 B030500 0
<PAGE> PAGE 22
028 B040500 2691
028 C010500 1250
028 C020500 32
028 C030500 0
028 C040500 1451
028 D010500 1419
028 D020500 34
028 D030500 0
028 D040500 1922
028 E010500 2974
028 E020500 32
028 E030500 0
028 E040500 1137
028 F010500 1524
028 F020500 33
028 F030500 0
028 F040500 2031
028 G010500 14302
028 G020500 191
028 G030500 0
028 G040500 11823
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.000
048 A010500 1500000
048 A020500 0.400
048 B010500 0
048 B020500 0.000
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048 D020500 0.000
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048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 1500000
048 K020500 0.350
049 000500 N
050 000500 N
051 000500 N
<PAGE> PAGE 23
052 000500 N
053 A000500 Y
054 A000500 Y
054 B000500 Y
054 C000500 N
054 D000500 N
054 E000500 N
054 F000500 N
054 G000500 Y
054 H000500 Y
054 I000500 N
054 J000500 Y
054 K000500 N
054 L000500 N
054 M000500 Y
054 N000500 Y
054 O000500 N
062 A000500 Y
062 B000500 102.7
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 27
063 B000500 0.0
064 A000500 N
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
<PAGE> PAGE 24
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 0
071 B000500 0
071 C000500 0
071 D000500 0
072 A000500 6
072 B000500 268
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 21
072 G000500 0
072 H000500 0
072 I000500 24
072 J000500 18
072 K000500 0
072 L000500 0
072 M000500 4
072 N000500 8
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072 S000500 3
072 T000500 0
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072 X000500 83
<PAGE> PAGE 25
072 Y000500 43
072 Z000500 228
072AA000500 0
072BB000500 0
072CC010500 0
072CC020500 0
072DD010500 228
072DD020500 0
072EE000500 0
073 A010500 0.0210
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 11612
074 D000500 0
074 E000500 0
074 F000500 0
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074 H000500 0
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074 M000500 8
074 N000500 11620
074 O000500 0
074 P000500 0
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074 R030500 0
074 R040500 317
074 S000500 0
074 T000500 11303
074 U010500 11303
074 U020500 0
074 V010500 1.00
074 V020500 0.00
074 W000500 1.0000
074 X000500 61
074 Y000500 0
075 A000500 10755
075 B000500 0
076 000500 0.00
028 A010600 0
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028 B010600 0
<PAGE> PAGE 26
028 B020600 0
028 B030600 0
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028 F020600 0
028 F030600 0
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028 G020600 0
028 G030600 0
028 G040600 0
028 H000600 0
045 000600 N
048 000600 0.000
048 A010600 0
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048 B020600 0.000
048 C010600 0
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048 H020600 0.000
048 I010600 0
048 I020600 0.000
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062 A000600 Y
062 B000600 0.0
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<PAGE> PAGE 27
062 D000600 0.0
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062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
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062 J000600 0.0
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062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 0.0
064 A000600 N
070 A010600 Y
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 N
070 J020600 N
070 K010600 N
070 K020600 N
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
<PAGE> PAGE 28
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 0
071 B000600 0
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<PAGE> PAGE 29
074 H000600 0
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<PAGE> PAGE 30
028 G020700 0
028 G030700 0
028 G040700 0
028 H000700 0
045 000700 N
048 000700 0.000
048 A010700 0
048 A020700 0.000
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048 B020700 0.000
048 C010700 0
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048 F010700 0
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048 I010700 0
048 I020700 0.000
048 J010700 0
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062 A000700 Y
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
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062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 0.0
064 A000700 N
070 A010700 Y
070 A020700 N
<PAGE> PAGE 31
070 B010700 N
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 N
070 J020700 N
070 K010700 N
070 K020700 N
070 L010700 N
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 0
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<PAGE> PAGE 32
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<PAGE> PAGE 33
074 W000700 0.0000
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028 A010800 280
028 A020800 15
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028 C020800 15
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028 F030800 0
028 F040800 587
028 G010800 749
028 G020800 85
028 G030800 0
028 G040800 1694
028 H000800 0
045 000800 Y
046 000800 N
047 000800 Y
048 000800 0.650
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<PAGE> PAGE 34
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048 K010800 0
048 K020800 0.000
049 000800 N
050 000800 N
051 000800 N
052 000800 N
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054 A000800 Y
054 B000800 Y
054 C000800 N
054 D000800 N
054 E000800 N
054 F000800 N
054 G000800 Y
054 H000800 Y
054 I000800 N
054 J000800 Y
054 K000800 N
054 L000800 N
054 M000800 Y
054 N000800 Y
054 O000800 N
062 A000800 Y
062 B000800 55.1
062 C000800 29.5
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 59.1
062 N000800 11.4
062 O000800 0.0
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062 R000800 0.0
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063 B000800 2.3
<PAGE> PAGE 35
070 A010800 Y
070 A020800 Y
070 B010800 N
070 B020800 N
070 C010800 N
070 C020800 N
070 D010800 N
070 D020800 N
070 E010800 N
070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 N
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 N
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 N
070 L020800 N
070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 N
070 O020800 N
070 P010800 Y
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 2526
071 B000800 7732
071 C000800 9358
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072 A000800 6
072 B000800 325
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<PAGE> PAGE 36
072 L000800 6
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072 Z000800 279
072AA000800 56
072BB000800 0
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072CC020800 191
072DD010800 279
072DD020800 0
072EE000800 0
073 A010800 0.2300
073 A020800 0.0000
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073 C000800 0.0000
074 A000800 2
074 B000800 1229
074 C000800 3198
074 D000800 6399
074 E000800 0
074 F000800 0
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074 M000800 20
074 N000800 10958
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074 R040800 69
074 S000800 0
074 T000800 10889
074 U010800 1156
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<PAGE> PAGE 37
074 V010800 9.42
074 V020800 0.00
074 W000800 0.0000
074 X000800 57
074 Y000800 0
075 A000800 0
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076 000800 0.00
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, 1996 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-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 134,859,843
<INVESTMENTS-AT-VALUE> 134,859,843
<RECEIVABLES> 1,493,582
<ASSETS-OTHER> 419,029
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 136,772,454
<PAYABLE-FOR-SECURITIES> 2,514,600
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 481,016
<TOTAL-LIABILITIES> 2,995,616
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 133,776,838
<SHARES-COMMON-STOCK> 133,776,838
<SHARES-COMMON-PRIOR> 138,392,049
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 133,776,838
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,672,730
<OTHER-INCOME> 0
<EXPENSES-NET> 550,370
<NET-INVESTMENT-INCOME> 2,122,360
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,122,360
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,122,360)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 335,974,818
<NUMBER-OF-SHARES-REDEEMED> (341,865,486)
<SHARES-REINVESTED> 1,275,457
<NET-CHANGE-IN-ASSETS> (4,615,211)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 297,307
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 550,370
<AVERAGE-NET-ASSETS> 149,453,498
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .014
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.014)
<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 Government Securities Fund
Semiannual Report for the fiscal period ended June 30,
1996 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-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 74,859,066
<INVESTMENTS-AT-VALUE> 74,859,066
<RECEIVABLES> 63,307
<ASSETS-OTHER> 861
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 74,923,234
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 388,289
<TOTAL-LIABILITIES> 388,289
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74,534,945
<SHARES-COMMON-STOCK> 74,534,945
<SHARES-COMMON-PRIOR> 49,975,724
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 74,534,945
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,644,678
<OTHER-INCOME> 0
<EXPENSES-NET> 169,217
<NET-INVESTMENT-INCOME> 1,475,461
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,475,461
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,475,461)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 191,245,781
<NUMBER-OF-SHARES-REDEEMED> (167,698,142)
<SHARES-REINVESTED> 1,011,582
<NET-CHANGE-IN-ASSETS> 24,559,221
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 206,336
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 252,489
<AVERAGE-NET-ASSETS> 61,869,998
<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> .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, 1996 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-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 336,948,656
<INVESTMENTS-AT-VALUE> 336,948,656
<RECEIVABLES> 1,454,006
<ASSETS-OTHER> 833
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 338,403,495
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,745,908
<TOTAL-LIABILITIES> 1,745,908
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 336,657,587
<SHARES-COMMON-STOCK> 336,819,667
<SHARES-COMMON-PRIOR> 371,681,175
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 336,657,587
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,377,891
<OTHER-INCOME> 0
<EXPENSES-NET> 1,056,665
<NET-INVESTMENT-INCOME> 9,321,226
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9,321,226
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,321,226)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,255,496,596
<NUMBER-OF-SHARES-REDEEMED> (1,296,013,336)
<SHARES-REINVESTED> 5,655,232
<NET-CHANGE-IN-ASSETS> (34,861,508)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 929,380
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,217,894
<AVERAGE-NET-ASSETS> 386,185,974
<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> .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,
1996 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-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 11,611,659
<INVESTMENTS-AT-VALUE> 11,611,659
<RECEIVABLES> 0
<ASSETS-OTHER> 8,307
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,619,966
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 316,892
<TOTAL-LIABILITIES> 316,892
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,303,074
<SHARES-COMMON-STOCK> 11,303,074
<SHARES-COMMON-PRIOR> 8,631,923
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 11,303,074
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 268,100
<OTHER-INCOME> 0
<EXPENSES-NET> 40,107
<NET-INVESTMENT-INCOME> 227,993
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 227,993
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (227,993)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,302,444
<NUMBER-OF-SHARES-REDEEMED> (11,822,513)
<SHARES-REINVESTED> 191,220
<NET-CHANGE-IN-ASSETS> 2,671,151
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 51,008
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 83,162
<AVERAGE-NET-ASSETS> 10,755,456
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .021
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.021)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .75
<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,
1996 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-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 10,886,247
<INVESTMENTS-AT-VALUE> 10,825,941
<RECEIVABLES> 109,950
<ASSETS-OTHER> 21,922
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,957,813
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69,182
<TOTAL-LIABILITIES> 69,182
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,534,383
<SHARES-COMMON-STOCK> 1,156,343
<SHARES-COMMON-PRIOR> 1,247,637
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,585,446)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (60,306)
<NET-ASSETS> 10,888,631
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 325,362
<OTHER-INCOME> 0
<EXPENSES-NET> 46,219
<NET-INVESTMENT-INCOME> 279,143
<REALIZED-GAINS-CURRENT> 55,910
<APPREC-INCREASE-CURRENT> (190,550)
<NET-CHANGE-FROM-OPS> 144,503
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (279,143)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 78,815
<NUMBER-OF-SHARES-REDEEMED> (179,094)
<SHARES-REINVESTED> 8,985
<NET-CHANGE-IN-ASSETS> (994,601)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,641,356)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 38,205
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 100,249
<AVERAGE-NET-ASSETS> 11,556,434
<PER-SHARE-NAV-BEGIN> 9.52
<PER-SHARE-NII> .23
<PER-SHARE-GAIN-APPREC> (.10)
<PER-SHARE-DIVIDEND> (.23)
<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>
