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<PAGE> PAGE 2
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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 9
SIGNATURE ERIC C. JONES
TITLE DIR. MUTUAL FUNDS
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000715974
<NAME> MANAGED FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 727,854,714
<INVESTMENTS-AT-VALUE> 936,486,315
<RECEIVABLES> 6,255,310
<ASSETS-OTHER> 162,027
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 942,903,652
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 335,995
<TOTAL-LIABILITIES> 335,995
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 695,681,832
<SHARES-COMMON-STOCK> 49,995,287
<SHARES-COMMON-PRIOR> 44,065,341
<ACCUMULATED-NII-CURRENT> 15,065,570
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 23,188,654
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 208,631,601
<NET-ASSETS> 942,567,657
<DIVIDEND-INCOME> 4,158,195
<INTEREST-INCOME> 12,761,319
<OTHER-INCOME> 0
<EXPENSES-NET> (1,853,944)
<NET-INVESTMENT-INCOME> 15,065,570
<REALIZED-GAINS-CURRENT> 23,188,654
<APPREC-INCREASE-CURRENT> 38,396,647
<NET-CHANGE-FROM-OPS> 76,650,871
<EQUALIZATION> 106,566,497
<DISTRIBUTIONS-OF-INCOME> (29,120,567)
<DISTRIBUTIONS-OF-GAINS> (62,174,659)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,518,870
<NUMBER-OF-SHARES-REDEEMED> (705,186)
<SHARES-REINVESTED> 5,116,262
<NET-CHANGE-IN-ASSETS> 91,922,142
<ACCUMULATED-NII-PRIOR> 29,120,567
<ACCUMULATED-GAINS-PRIOR> 62,174,659
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,626,356
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,853,944
<AVERAGE-NET-ASSETS> 905,981,270
<PER-SHARE-NAV-BEGIN> 19.304
<PER-SHARE-NII> 0.297
<PER-SHARE-GAIN-APPREC> 1.311
<PER-SHARE-DIVIDEND> (0.657)
<PER-SHARE-DISTRIBUTIONS> (1.402)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.853
<EXPENSE-RATIO> 0.41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
