<PAGE> PAGE 1
000 A000000 11/30/96
000 C000000 0000847090
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 M.S.D.&T. FUNDS, INC.
001 B000000 811-5782
001 C000000 4102375226
002 A000000 2 HOPKINS PLAZA, PAV. 2
002 B000000 BALTIMORE
002 C000000 MD
002 D010000 21201
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 8
007 C010100 1
007 C020100 PRIME MONEY MARKET FUND
007 C030100 N
007 C010200 2
007 C020200 GOVERNMENT MONEY MARKET FUND
007 C030200 N
007 C010300 3
007 C020300 TAX-EXEMPT MONEY MARKET FUND
007 C030300 N
007 C010400 4
007 C020400 TAX-EXEMPT MONEY MARKET FUND (TRUST)
007 C030400 N
007 C010500 5
007 C020500 VALUE EQUITY FUND
007 C030500 N
007 C010600 6
007 C020600 INTERMEDIATE FIXED INCOME FUND
007 C030600 N
007 C010700 7
007 C020700 MARYLAND TAX-EXEMPT BOND FUND
007 C030700 N
007 C010800 8
007 C020800 INTERNATIONAL EQUITY FUND
007 C030800 N
007 C010900 9
007 C011000 10
015 B00AA01 C
018 00AA00 Y
019 A00AA00 N
<PAGE> PAGE 2
019 B00AA00 0
020 A000001 WARBURG SECURITIES
020 B000001 13-3340045
020 C000001 25
020 A000002 ROBERT FLEMING & CO
020 B000002 13-3298866
020 C000002 21
020 A000003 JAMES CAPEL
020 C000003 17
020 A000004 NOMURA INTERNATIONAL
020 B000004 13-2642206
020 C000004 16
020 A000005 BARING SECURITIES
020 C000005 10
020 A000006 BROCKHOUSE COOPER
020 C000006 9
020 A000007 HOARE GOVETT
020 C000007 8
020 A000008 FIRST BOSTON
020 B000008 13-5659485
020 C000008 7
020 A000009 MERRILL LYNCH
020 B000009 13-5674085
020 C000009 7
020 A000010 BZW SECURITIES
020 B000010 13-3551367
020 C000010 6
021 000000 243
022 A000001 WACHOVIA SECURITIES
022 B000001 56-0927594
022 C000001 4605991
022 D000001 0
022 A000002 GOLDMAN SACHS & CO
022 B000002 13-5108880
022 C000002 4358602
022 D000002 61896
022 A000003 MORGAN (JP) SECURITIES INC
022 B000003 13-3224016
022 C000003 4289444
022 D000003 25792
022 A000004 MERRILL LYNCH & CO.
022 B000004 13-5674085
022 C000004 3792668
022 D000004 38206
022 A000005 REPUBLIC BANK OF NY
022 B000005 13-2774276
022 C000005 3441000
022 D000005 0
022 A000006 MORGAN STANLEY & CO
022 B000006 13-2655998
022 C000006 1364490
<PAGE> PAGE 3
022 D000006 1568
022 A000007 STATE STREET
022 B000007 04-1867445
022 C000007 335900
022 D000007 24
022 A000008 LEHMAN BROTHERS
022 B000008 13-2518466
022 C000008 106074
022 D000008 0
022 A000009 SMITH BARNEY
022 B000009 13-1912900
022 C000009 88479
022 D000009 2300
022 A000010 SALOMON BROTHERS
022 B000010 13-3082694
022 C000010 35539
022 D000010 1991
023 C000000 22634282
023 D000000 171333
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
077 A000000 N
<PAGE> PAGE 4
078 000000 N
080 A00AA00 RELIANCE INSURANCE COMPANY
080 C00AA00 1250
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
024 000100 Y
025 A000101 MORGAN (JP) SECURITIES
025 B000101 13-3224016
025 C000101 D
025 D000101 10000
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 120323
028 A020100 79
028 A030100 0
028 A040100 90115
028 B010100 95162
028 B020100 75
028 B030100 0
028 B040100 114107
028 C010100 103747
028 C020100 74
028 C030100 0
028 C040100 100216
028 D010100 90499
028 D020100 75
028 D030100 0
028 D040100 97841
028 E010100 168565
028 E020100 73
028 E030100 0
028 E040100 135333
028 F010100 108749
028 F020100 75
028 F030100 0
028 F040100 128598
028 G010100 687045
028 G020100 451
028 G030100 0
<PAGE> PAGE 5
028 G040100 666210
028 H000100 0
037 000100 N
038 000100 0
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
062 A000100 Y
062 B000100 0.0
062 C000100 15.8
062 D000100 28.2
062 E000100 0.0
062 F000100 0.0
062 G000100 4.0
062 H000100 4.3
062 I000100 41.4
062 J000100 0.0
062 K000100 0.0
062 L000100 4.2
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 35
063 B000100 0.0
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
<PAGE> PAGE 6
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 6
072 B000100 9328
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 433
072 G000100 217
072 H000100 0
072 I000100 42
072 J000100 19
072 K000100 0
072 L000100 21
072 M000100 11
072 N000100 2
072 O000100 0
072 P000100 0
072 Q000100 52
072 R000100 23
072 S000100 36
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 4
072 X000100 860
072 Y000100 114
072 Z000100 8582
072AA000100 0
072BB000100 0
072CC010100 0
<PAGE> PAGE 7
072CC020100 0
072DD010100 8582
072DD020100 0
072EE000100 0
073 A010100 0.0248
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 98159
074 C000100 242829
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 7200
074 K000100 0
074 L000100 1933
074 M000100 0
074 N000100 350121
074 O000100 0
074 P000100 89
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 1868
074 S000100 0
074 T000100 348164
074 U010100 348246
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 0.9998
074 X000100 2984
074 Y000100 0
075 A000100 345837
075 B000100 0
076 000100 0.00
024 000200 N
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 97957
<PAGE> PAGE 8
028 A020200 28
028 A030200 0
028 A040200 86513
028 B010200 129158
028 B020200 31
028 B030200 0
028 B040200 137170
028 C010200 73458
028 C020200 34
028 C030200 0
028 C040200 70122
028 D010200 73034
028 D020200 34
028 D030200 0
028 D040200 74939
028 E010200 139317
028 E020200 35
028 E030200 0
028 E040200 111342
028 F010200 67721
028 F020200 39
028 F030200 0
028 F040200 67104
028 G010200 580645
028 G020200 201
028 G030200 0
028 G040200 547190
028 H000200 0
037 000200 N
038 000200 0
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
062 A000200 Y
062 B000200 7.4
062 C000200 60.3
062 D000200 30.1
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
<PAGE> PAGE 9
062 R000200 0.0
063 A000200 36
063 B000200 0.0
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 6
072 B000200 7466
072 C000200 0
<PAGE> PAGE 10
072 D000200 0
072 E000200 0
072 F000200 347
072 G000200 174
072 H000200 0
072 I000200 33
072 J000200 19
072 K000200 0
072 L000200 16
072 M000200 9
072 N000200 1
072 O000200 0
072 P000200 0
072 Q000200 42
072 R000200 18
072 S000200 29
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 3
072 X000200 691
072 Y000200 94
072 Z000200 6869
072AA000200 0
072BB000200 5
072CC010200 0
072CC020200 0
072DD010200 6869
072DD020200 0
072EE000200 0
073 A010200 0.0248
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 90016
074 C000200 201878
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 7000
074 K000200 0
074 L000200 1085
074 M000200 0
074 N000200 299979
074 O000200 0
074 P000200 73
074 Q000200 0
<PAGE> PAGE 11
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 1530
074 S000200 0
074 T000200 298376
074 U010200 298531
074 U020200 0
074 V010200 1.00
074 V020200 0.00
074 W000200 0.9995
074 X000200 2753
074 Y000200 0
075 A000200 277084
075 B000200 0
076 000200 0.00
024 000300 N
028 A010300 21528
028 A020300 1
028 A030300 0
028 A040300 20430
028 B010300 26193
028 B020300 0
028 B030300 0
028 B040300 24698
028 C010300 16817
028 C020300 1
028 C030300 0
028 C040300 14978
028 D010300 18256
028 D020300 0
028 D030300 0
028 D040300 21328
028 E010300 24508
028 E020300 0
028 E030300 0
028 E040300 22086
028 F010300 17581
028 F020300 0
028 F030300 0
028 F040300 17930
028 G010300 124883
028 G020300 2
028 G030300 0
028 G040300 121450
028 H000300 0
037 000300 N
038 000300 0
055 A000300 N
055 B000300 N
056 000300 Y
<PAGE> PAGE 12
057 000300 N
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 98.3
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 1.3
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 56
063 B000300 0.0
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 N
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 N
070 L020300 N
070 M010300 N
<PAGE> PAGE 13
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 6
072 B000300 923
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 67
072 G000300 34
072 H000300 0
072 I000300 10
072 J000300 7
072 K000300 0
072 L000300 3
072 M000300 2
072 N000300 1
072 O000300 0
072 P000300 0
072 Q000300 11
072 R000300 4
072 S000300 5
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 1
072 X000300 145
072 Y000300 29
072 Z000300 807
072AA000300 0
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 807
072DD020300 0
072EE000300 0
073 A010300 0.0150
073 A020300 0.0000
073 B000300 0.0000
<PAGE> PAGE 14
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 52651
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 705
074 J000300 0
074 K000300 0
074 L000300 485
074 M000300 0
074 N000300 53841
074 O000300 0
074 P000300 12
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 258
074 S000300 0
074 T000300 53571
074 U010300 53578
074 U020300 0
074 V010300 1.00
074 V020300 0.00
074 W000300 0.9999
074 X000300 373
074 Y000300 0
075 A000300 53717
075 B000300 0
076 000300 0.00
024 000400 N
028 A010400 13710
028 A020400 0
028 A030400 0
028 A040400 10229
028 B010400 28656
028 B020400 0
028 B030400 0
028 B040400 28090
028 C010400 11494
028 C020400 0
028 C030400 0
028 C040400 13853
028 D010400 14681
028 D020400 0
028 D030400 0
028 D040400 14417
<PAGE> PAGE 15
028 E010400 18480
028 E020400 0
028 E030400 0
028 E040400 13753
028 F010400 10768
028 F020400 0
028 F030400 0
028 F040400 9959
028 G010400 97789
028 G020400 0
028 G030400 0
028 G040400 90301
028 H000400 0
037 000400 N
038 000400 0
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 99.3
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 0.4
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 48
063 B000400 0.0
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 N
070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
<PAGE> PAGE 16
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
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 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 0
071 B000400 0
071 C000400 0
071 D000400 0
072 A000400 6
072 B000400 870
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 0
072 G000400 32
072 H000400 0
072 I000400 9
072 J000400 7
072 K000400 0
072 L000400 3
072 M000400 2
072 N000400 1
072 O000400 0
072 P000400 0
072 Q000400 10
072 R000400 3
<PAGE> PAGE 17
072 S000400 5
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 2
072 X000400 74
072 Y000400 18
072 Z000400 814
072AA000400 0
072BB000400 0
072CC010400 0
072CC020400 0
072DD010400 814
072DD020400 0
072EE000400 0
073 A010400 0.0161
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 53651
074 D000400 0
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 222
074 J000400 0
074 K000400 0
074 L000400 377
074 M000400 0
074 N000400 54250
074 O000400 0
074 P000400 2
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 218
074 S000400 0
074 T000400 54030
074 U010400 54028
074 U020400 0
074 V010400 1.00
074 V020400 0.00
074 W000400 1.0000
074 X000400 376
074 Y000400 0
075 A000400 50599
075 B000400 0
<PAGE> PAGE 18
076 000400 0.00
024 000500 Y
025 A000501 MORGAN (J.P.) SECURITIES
025 B000501 13-3224016
025 C000501 E
025 D000501 2548
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 869
028 A020500 0
028 A030500 0
028 A040500 732
028 B010500 2158
028 B020500 369
028 B030500 0
028 B040500 2573
028 C010500 2233
028 C020500 2
028 C030500 0
028 C040500 1475
028 D010500 839
028 D020500 0
028 D030500 0
028 D040500 720
028 E010500 1472
028 E020500 275
028 E030500 0
028 E040500 1609
028 F010500 1216
028 F020500 0
028 F030500 0
028 F040500 1041
028 G010500 8787
028 G020500 646
028 G030500 0
028 G040500 8150
028 H000500 0
037 000500 N
038 000500 0
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
062 A000500 N
062 B000500 0.0
062 C000500 0.0
<PAGE> PAGE 19
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
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 N
066 E000500 Y
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 N
070 M010500 Y
<PAGE> PAGE 20
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 24193
071 B000500 23251
071 C000500 108427
071 D000500 21
072 A000500 6
072 B000500 94
072 C000500 1227
072 D000500 0
072 E000500 0
072 F000500 330
072 G000500 69
072 H000500 0
072 I000500 23
072 J000500 9
072 K000500 0
072 L000500 11
072 M000500 3
072 N000500 4
072 O000500 0
072 P000500 0
072 Q000500 27
072 R000500 8
072 S000500 11
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 13
072 X000500 508
072 Y000500 105
072 Z000500 918
072AA000500 3424
072BB000500 0
072CC010500 11027
072CC020500 0
072DD010500 1031
072DD020500 6
072EE000500 0
073 A010500 0.1400
073 A020500 0.1260
073 B000500 0.0000
<PAGE> PAGE 21
073 C000500 0.0000
074 A000500 0
074 B000500 1015
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 120467
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 1760
074 K000500 0
074 L000500 369
074 M000500 0
074 N000500 123611
074 O000500 322
074 P000500 53
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 57
074 S000500 0
074 T000500 123179
074 U010500 7379
074 U020500 85
074 V010500 16.50
074 V020500 16.47
074 W000500 0.0000
074 X000500 3912
074 Y000500 0
075 A000500 0
075 B000500 110079
076 000500 0.00
024 000600 N
028 A010600 372
028 A020600 102
028 A030600 0
028 A040600 451
028 B010600 700
028 B020600 105
028 B030600 0
028 B040600 1648
028 C010600 1291
028 C020600 108
028 C030600 0
028 C040600 1154
028 D010600 135
028 D020600 105
028 D030600 0
028 D040600 504
<PAGE> PAGE 22
028 E010600 1098
028 E020600 104
028 E030600 0
028 E040600 954
028 F010600 489
028 F020600 110
028 F030600 0
028 F040600 411
028 G010600 4085
028 G020600 634
028 G030600 0
028 G040600 5122
028 H000600 0
037 000600 N
038 000600 0
055 A000600 N
055 B000600 N
056 000600 Y
057 000600 N
062 A000600 Y
062 B000600 5.1
062 C000600 0.0
062 D000600 3.3
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 2.8
062 M000600 57.6
062 N000600 19.7
062 O000600 0.0
062 P000600 11.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 4.9
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 N
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 N
<PAGE> PAGE 23
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 N
070 M010600 Y
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 4489
071 B000600 5737
071 C000600 43115
071 D000600 10
072 A000600 6
072 B000600 1407
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 78
072 G000600 28
072 H000600 0
072 I000600 17
072 J000600 5
072 K000600 0
072 L000600 8
072 M000600 1
072 N000600 4
072 O000600 0
072 P000600 0
072 Q000600 14
072 R000600 4
<PAGE> PAGE 24
072 S000600 5
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 11
072 X000600 175
072 Y000600 41
072 Z000600 1273
072AA000600 27
072BB000600 0
072CC010600 1371
072CC020600 0
072DD010600 1257
072DD020600 16
072EE000600 0
073 A010600 0.2958
073 A020600 0.2767
073 B000600 0.0000
073 C000600 0.0000
074 A000600 0
074 B000600 1516
074 C000600 3588
074 D000600 40102
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 497
074 M000600 0
074 N000600 45703
074 O000600 0
074 P000600 11
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 250
074 S000600 0
074 T000600 45442
074 U010600 4245
074 U020600 76
074 V010600 10.52
074 V020600 10.53
074 W000600 0.0000
074 X000600 2484
074 Y000600 0
075 A000600 0
075 B000600 44432
<PAGE> PAGE 25
076 000600 0.00
024 000700 N
028 A010700 104
028 A020700 12
028 A030700 0
028 A040700 731
028 B010700 0
028 B020700 11
028 B030700 0
028 B040700 156
028 C010700 28
028 C020700 11
028 C030700 0
028 C040700 45
028 D010700 224
028 D020700 13
028 D030700 0
028 D040700 613
028 E010700 19
028 E020700 9
028 E030700 0
028 E040700 586
028 F010700 37
028 F020700 11
028 F030700 0
028 F040700 16
028 G010700 412
028 G020700 67
028 G030700 0
028 G040700 2147
028 H000700 0
037 000700 N
038 000700 0
055 A000700 Y
055 B000700 N
056 000700 Y
057 000700 N
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
062 L000700 4.7
062 M000700 0.0
062 N000700 0.0
<PAGE> PAGE 26
062 O000700 94.1
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 13.3
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
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 Y
070 J020700 N
070 K010700 Y
070 K020700 Y
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 699
071 B000700 2160
071 C000700 8803
071 D000700 8
<PAGE> PAGE 27
072 A000700 6
072 B000700 251
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 23
072 G000700 6
072 H000700 0
072 I000700 10
072 J000700 2
072 K000700 0
072 L000700 1
072 M000700 0
072 N000700 3
072 O000700 0
072 P000700 0
072 Q000700 2
072 R000700 1
072 S000700 1
072 T000700 0
072 U000700 3
072 V000700 0
072 W000700 1
072 X000700 53
072 Y000700 26
072 Z000700 224
072AA000700 30
072BB000700 0
072CC010700 251
072CC020700 0
072DD010700 224
072DD020700 0
072EE000700 0
073 A010700 0.2481
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 0
074 B000700 0
074 C000700 0
074 D000700 8277
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 417
074 J000700 0
074 K000700 0
074 L000700 231
074 M000700 0
074 N000700 8925
<PAGE> PAGE 28
074 O000700 0
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 126
074 S000700 0
074 T000700 8799
074 U010700 836
074 U020700 0
074 V010700 10.53
074 V020700 0.00
074 W000700 0.0000
074 X000700 108
074 Y000700 0
075 A000700 0
075 B000700 9338
076 000700 0.00
024 000800 Y
025 A000801 STATE STREET
025 B000801 04-1867445
025 C000801 D
025 D000801 5267
025 D000802 0
025 D000803 0
025 D000804 0
025 D000805 0
025 D000806 0
025 D000807 0
025 D000808 0
028 A010800 393
028 A020800 0
028 A030800 0
028 A040800 238
028 B010800 876
028 B020800 138
028 B030800 0
028 B040800 455
028 C010800 392
028 C020800 0
028 C030800 0
028 C040800 565
028 D010800 203
028 D020800 0
028 D030800 0
028 D040800 180
028 E010800 553
028 E020800 0
028 E030800 0
028 E040800 259
<PAGE> PAGE 29
028 F010800 965
028 F020800 0
028 F030800 0
028 F040800 190
028 G010800 3382
028 G020800 138
028 G030800 0
028 G040800 1887
028 H000800 0
037 000800 N
038 000800 0
055 A000800 Y
055 B000800 N
056 000800 Y
057 000800 N
062 A000800 N
062 B000800 0.0
062 C000800 0.0
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 0.0
062 N000800 0.0
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
066 A000800 Y
066 B000800 N
066 C000800 N
066 D000800 Y
066 E000800 N
066 F000800 N
066 G000800 N
067 000800 N
068 A000800 N
068 B000800 Y
069 000800 N
070 A010800 Y
070 A020800 N
070 B010800 Y
070 B020800 N
070 C010800 Y
070 C020800 N
070 D010800 Y
<PAGE> PAGE 30
070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 Y
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 Y
070 L020800 Y
070 M010800 Y
070 M020800 Y
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 Y
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 31221
071 B000800 31359
071 C000800 73124
071 D000800 43
072 A000800 6
072 B000800 63
072 C000800 747
072 D000800 0
072 E000800 0
072 F000800 303
072 G000800 47
072 H000800 0
072 I000800 18
072 J000800 28
072 K000800 0
072 L000800 4
072 M000800 2
072 N000800 1
072 O000800 0
072 P000800 0
072 Q000800 19
072 R000800 5
<PAGE> PAGE 31
072 S000800 8
072 T000800 0
072 U000800 2
072 V000800 0
072 W000800 5
072 X000800 442
072 Y000800 44
072 Z000800 412
072AA000800 767
072BB000800 0
072CC010800 1559
072CC020800 0
072DD010800 883
072DD020800 0
072EE000800 0
073 A010800 0.1450
073 A020800 0.0000
073 B000800 0.0000
073 C000800 0.0000
074 A000800 0
074 B000800 0
074 C000800 5267
074 D000800 0
074 E000800 0
074 F000800 75938
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 0
074 K000800 0
074 L000800 229
074 M000800 0
074 N000800 81434
074 O000800 2012
074 P000800 25
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 233
074 S000800 0
074 T000800 79164
074 U010800 6195
074 U020800 0
074 V010800 12.78
074 V020800 0.00
074 W000800 0.0000
074 X000800 2776
074 Y000800 0
075 A000800 0
075 B000800 75719
<PAGE> PAGE 32
076 000800 0.00
SIGNATURE LINDA A. DURKIN
TITLE FUNDS ADMINISTATOR
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> PRIME MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 340988
<INVESTMENTS-AT-VALUE> 340988
<RECEIVABLES> 9133
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 350121
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1957
<TOTAL-LIABILITIES> 1957
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 348246
<SHARES-COMMON-STOCK> 348246
<SHARES-COMMON-PRIOR> 326960
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (82)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 348164
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9328
<OTHER-INCOME> 0
<EXPENSES-NET> 746
<NET-INVESTMENT-INCOME> 8582
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8582
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8582
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 687045
<NUMBER-OF-SHARES-REDEEMED> (666210)
<SHARES-REINVESTED> 451
<NET-CHANGE-IN-ASSETS> 21286
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (82)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 433
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 860
<AVERAGE-NET-ASSETS> 345837
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .43
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> GOVERNMENT MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 291894
<INVESTMENTS-AT-VALUE> 291894
<RECEIVABLES> 8085
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 299979
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1603
<TOTAL-LIABILITIES> 1603
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 298531
<SHARES-COMMON-STOCK> 298531
<SHARES-COMMON-PRIOR> 264875
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (155)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 298376
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7466
<OTHER-INCOME> 0
<EXPENSES-NET> 597
<NET-INVESTMENT-INCOME> 6869
<REALIZED-GAINS-CURRENT> (5)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6864
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6869
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 580645
<NUMBER-OF-SHARES-REDEEMED> (547190)
<SHARES-REINVESTED> 201
<NET-CHANGE-IN-ASSETS> 33651
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (150)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 347
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 691
<AVERAGE-NET-ASSETS> 277084
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .43
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> TAX-EXEMPT MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 53356
<INVESTMENTS-AT-VALUE> 53356
<RECEIVABLES> 485
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 53841
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 270
<TOTAL-LIABILITIES> 270
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53578
<SHARES-COMMON-STOCK> 53578
<SHARES-COMMON-PRIOR> 50143
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 53571
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 923
<OTHER-INCOME> 0
<EXPENSES-NET> 116
<NET-INVESTMENT-INCOME> 807
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 807
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 807
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 124883
<NUMBER-OF-SHARES-REDEEMED> (121450)
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 3435
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (7)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 67
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 145
<AVERAGE-NET-ASSETS> 53717
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .43
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> TAX-EXEMPT MONEY MARKET (TRUST)
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 53873
<INVESTMENTS-AT-VALUE> 53873
<RECEIVABLES> 377
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 54250
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 220
<TOTAL-LIABILITIES> 220
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 54028
<SHARES-COMMON-STOCK> 54028
<SHARES-COMMON-PRIOR> 46539
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 54030
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 870
<OTHER-INCOME> 0
<EXPENSES-NET> 56
<NET-INVESTMENT-INCOME> 814
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 814
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 814
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 97789
<NUMBER-OF-SHARES-REDEEMED> (90301)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7488
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 74
<AVERAGE-NET-ASSETS> 50599
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> VALUE EQUITY FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 91252
<INVESTMENTS-AT-VALUE> 121482
<RECEIVABLES> 2129
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 123611
<PAYABLE-FOR-SECURITIES> 322
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 110
<TOTAL-LIABILITIES> 432
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 88461
<SHARES-COMMON-STOCK> 7464
<SHARES-COMMON-PRIOR> 7379
<ACCUMULATED-NII-CURRENT> 324
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4164
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 30230
<NET-ASSETS> 123179
<DIVIDEND-INCOME> 1227
<INTEREST-INCOME> 94
<OTHER-INCOME> 0
<EXPENSES-NET> 403
<NET-INVESTMENT-INCOME> 918
<REALIZED-GAINS-CURRENT> 3424
<APPREC-INCREASE-CURRENT> 11027
<NET-CHANGE-FROM-OPS> 15369
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1037
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 595
<NUMBER-OF-SHARES-REDEEMED> (554)
<SHARES-REINVESTED> 44
<NET-CHANGE-IN-ASSETS> 15616
<ACCUMULATED-NII-PRIOR> 384
<ACCUMULATED-GAINS-PRIOR> 799
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 330
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 508
<AVERAGE-NET-ASSETS> 110079
<PER-SHARE-NAV-BEGIN> 14.58
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> 1.93
<PER-SHARE-DIVIDEND> (.14)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.50
<EXPENSE-RATIO> .73
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> INTERMEDIATE FIXED INCOME FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 44311
<INVESTMENTS-AT-VALUE> 45206
<RECEIVABLES> 497
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45703
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 261
<TOTAL-LIABILITIES> 261
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44689
<SHARES-COMMON-STOCK> 4321
<SHARES-COMMON-PRIOR> 4361
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (7)
<ACCUMULATED-NET-GAINS> (135)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 895
<NET-ASSETS> 45442
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1407
<OTHER-INCOME> 0
<EXPENSES-NET> 134
<NET-INVESTMENT-INCOME> 1273
<REALIZED-GAINS-CURRENT> 27
<APPREC-INCREASE-CURRENT> 1371
<NET-CHANGE-FROM-OPS> 2671
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1273
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 397
<NUMBER-OF-SHARES-REDEEMED> (499)
<SHARES-REINVESTED> 62
<NET-CHANGE-IN-ASSETS> 994
<ACCUMULATED-NII-PRIOR> 3
<ACCUMULATED-GAINS-PRIOR> (171)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 78
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 175
<AVERAGE-NET-ASSETS> 44432
<PER-SHARE-NAV-BEGIN> 10.19
<PER-SHARE-NII> .30
<PER-SHARE-GAIN-APPREC> .33
<PER-SHARE-DIVIDEND> (.30)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.52
<EXPENSE-RATIO> .60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> MARYLAND TAX-EXEMPT BOND FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 8389
<INVESTMENTS-AT-VALUE> 8694
<RECEIVABLES> 231
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8925
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 126
<TOTAL-LIABILITIES> 126
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9095
<SHARES-COMMON-STOCK> 836
<SHARES-COMMON-PRIOR> 998
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (601)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 305
<NET-ASSETS> 8799
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 251
<OTHER-INCOME> 0
<EXPENSES-NET> 27
<NET-INVESTMENT-INCOME> 224
<REALIZED-GAINS-CURRENT> 30
<APPREC-INCREASE-CURRENT> 251
<NET-CHANGE-FROM-OPS> 505
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 224
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 40
<NUMBER-OF-SHARES-REDEEMED> (209)
<SHARES-REINVESTED> 7
<NET-CHANGE-IN-ASSETS> (2174)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (631)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 23
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 53
<AVERAGE-NET-ASSETS> 9338
<PER-SHARE-NAV-BEGIN> 10.2
<PER-SHARE-NII> .25
<PER-SHARE-GAIN-APPREC> .33
<PER-SHARE-DIVIDEND> (.25)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.53
<EXPENSE-RATIO> .59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> INTERNATIONAL EQUITY FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 73457
<INVESTMENTS-AT-VALUE> 81205
<RECEIVABLES> 229
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 81434
<PAYABLE-FOR-SECURITIES> 2012
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 258
<TOTAL-LIABILITIES> 2270
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 69362
<SHARES-COMMON-STOCK> 6195
<SHARES-COMMON-PRIOR> 6066
<ACCUMULATED-NII-CURRENT> 544
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1505
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7753
<NET-ASSETS> 79164
<DIVIDEND-INCOME> 747
<INTEREST-INCOME> 63
<OTHER-INCOME> 0
<EXPENSES-NET> 398
<NET-INVESTMENT-INCOME> 412
<REALIZED-GAINS-CURRENT> 767
<APPREC-INCREASE-CURRENT> 1559
<NET-CHANGE-FROM-OPS> 2738
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 883
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 271
<NUMBER-OF-SHARES-REDEEMED> (154)
<SHARES-REINVESTED> 11
<NET-CHANGE-IN-ASSETS> 3487
<ACCUMULATED-NII-PRIOR> 1015
<ACCUMULATED-GAINS-PRIOR> 738
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 303
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 442
<AVERAGE-NET-ASSETS> 75719
<PER-SHARE-NAV-BEGIN> 12.47
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> .39
<PER-SHARE-DIVIDEND> (.15)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.78
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
