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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 16
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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070 H020600 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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SIGNATURE LINDA A. DURKIN
TITLE FUNDS ADMINISTATOR
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
M.S.D.&T Funds, Inc.
In planning and performing our audit of the financial statements and financial
highlights of the M.S.D.&T. Funds, Inc. (Prime Money Market Fund, Government
Money Market Fund, Tax-Exempt Money Market Fund, Tax-Exempt Money Market Fund
(Trust), Value Equity Fund, International Equity Fund, Intermediate Fixed Income
Fund and Maryland Tax-Exempt Bond Fund) for the year ended May 31, 1997, we
considered its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and financial highlights and
to comply with the requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of M.S.D.&T. Funds, Inc. is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements and financial
highlights being audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions. However,
we noted no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be material
weaknesses, as defined above, as of May 31, 1997.
This report is intended solely for the information and use of management and the
Board of Directors of M.S.D.&T. Funds, Inc. and for the Securities and Exchange
Commission.
COOPERS & LYBRAND L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
July 18, 1997
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<EXPENSE-RATIO> .43
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> TAX-EXEMPT MONEY MARKET FD (TRUST)
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 49,239
<INVESTMENTS-AT-VALUE> 49,239
<RECEIVABLES> 470
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 49,709
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 165
<TOTAL-LIABILITIES> 165
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 49,544
<SHARES-COMMON-STOCK> 49,544
<SHARES-COMMON-PRIOR> 46,539
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 49,544
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,710
<OTHER-INCOME> 0
<EXPENSES-NET> 108
<NET-INVESTMENT-INCOME> 1,602
<REALIZED-GAINS-CURRENT> (1)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,601
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,602
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 174,864
<NUMBER-OF-SHARES-REDEEMED> (171,859)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,002
<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> 141
<AVERAGE-NET-ASSETS> 49,385
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.03)
<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>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 051
<NAME> VALUE EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 99,416
<INVESTMENTS-AT-VALUE> 145,784
<RECEIVABLES> 358
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 146,142
<PAYABLE-FOR-SECURITIES> 1,729
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 168
<TOTAL-LIABILITIES> 1,897
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 94,213
<SHARES-COMMON-STOCK> 7,806
<SHARES-COMMON-PRIOR> 7,356
<ACCUMULATED-NII-CURRENT> 323
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,889
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 46,368
<NET-ASSETS> 144,245
<DIVIDEND-INCOME> 2,497
<INTEREST-INCOME> 195
<OTHER-INCOME> 0
<EXPENSES-NET> 875
<NET-INVESTMENT-INCOME> 1,817
<REALIZED-GAINS-CURRENT> 4,814
<APPREC-INCREASE-CURRENT> 27,165
<NET-CHANGE-FROM-OPS> 33,796
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,864
<DISTRIBUTIONS-OF-GAINS> 3,679
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,687
<NUMBER-OF-SHARES-REDEEMED> (1,465)
<SHARES-REINVESTED> 226
<NET-CHANGE-IN-ASSETS> 36,682
<ACCUMULATED-NII-PRIOR> 384
<ACCUMULATED-GAINS-PRIOR> 799
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 717
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,071
<AVERAGE-NET-ASSETS> 119,626
<PER-SHARE-NAV-BEGIN> 14.58
<PER-SHARE-NII> .74
<PER-SHARE-GAIN-APPREC> 3.68
<PER-SHARE-DIVIDEND> (.25)
<PER-SHARE-DISTRIBUTIONS> (.50)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.25
<EXPENSE-RATIO> .73
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 052
<NAME> VALUE EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 99,416
<INVESTMENTS-AT-VALUE> 145,784
<RECEIVABLES> 358
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 146,142
<PAYABLE-FOR-SECURITIES> 1,729
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 168
<TOTAL-LIABILITIES> 1,897
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,452
<SHARES-COMMON-STOCK> 98
<SHARES-COMMON-PRIOR> 23
<ACCUMULATED-NII-CURRENT> 323
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,889
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 46,368
<NET-ASSETS> 144,245
<DIVIDEND-INCOME> 2,497
<INTEREST-INCOME> 195
<OTHER-INCOME> 0
<EXPENSES-NET> 875
<NET-INVESTMENT-INCOME> 1,817
<REALIZED-GAINS-CURRENT> 4,814
<APPREC-INCREASE-CURRENT> 27,165
<NET-CHANGE-FROM-OPS> 33,796
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 14
<DISTRIBUTIONS-OF-GAINS> 44
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 75
<NUMBER-OF-SHARES-REDEEMED> (2)
<SHARES-REINVESTED> 4
<NET-CHANGE-IN-ASSETS> 36,682
<ACCUMULATED-NII-PRIOR> 384
<ACCUMULATED-GAINS-PRIOR> 799
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 717
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,071
<AVERAGE-NET-ASSETS> 119,626
<PER-SHARE-NAV-BEGIN> 14.56
<PER-SHARE-NII> .62
<PER-SHARE-GAIN-APPREC> 3.75
<PER-SHARE-DIVIDEND> (.21)
<PER-SHARE-DISTRIBUTIONS> (.50)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.22
<EXPENSE-RATIO> .98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 061
<NAME> INTERMEDIATE FIXED INCOME
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 43,481
<INVESTMENTS-AT-VALUE> 43,424
<RECEIVABLES> 675
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44,099
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 250
<TOTAL-LIABILITIES> 250
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43,142
<SHARES-COMMON-STOCK> 4,172
<SHARES-COMMON-PRIOR> 4,327
<ACCUMULATED-NII-CURRENT> 5
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (80)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (57)
<NET-ASSETS> 43,849
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,795
<OTHER-INCOME> 0
<EXPENSES-NET> 267
<NET-INVESTMENT-INCOME> 2,528
<REALIZED-GAINS-CURRENT> 93
<APPREC-INCREASE-CURRENT> 418
<NET-CHANGE-FROM-OPS> 3,039
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,490
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 843
<NUMBER-OF-SHARES-REDEEMED> (1,122)
<SHARES-REINVESTED> 122
<NET-CHANGE-IN-ASSETS> (599)
<ACCUMULATED-NII-PRIOR> 3
<ACCUMULATED-GAINS-PRIOR> (171)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 155
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 333
<AVERAGE-NET-ASSETS> 44,202
<PER-SHARE-NAV-BEGIN> 10.19
<PER-SHARE-NII> .59
<PER-SHARE-GAIN-APPREC> .12
<PER-SHARE-DIVIDEND> (.59)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.31
<EXPENSE-RATIO> .60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 062
<NAME> INTERMEDIATE FIXED INCOME
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 43,481
<INVESTMENTS-AT-VALUE> 43,424
<RECEIVABLES> 675
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44,099
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 250
<TOTAL-LIABILITIES> 250
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 839
<SHARES-COMMON-STOCK> 81
<SHARES-COMMON-PRIOR> 34
<ACCUMULATED-NII-CURRENT> 5
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (80)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (57)
<NET-ASSETS> 43,849
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,795
<OTHER-INCOME> 0
<EXPENSES-NET> 267
<NET-INVESTMENT-INCOME> 2,528
<REALIZED-GAINS-CURRENT> 93
<APPREC-INCREASE-CURRENT> 418
<NET-CHANGE-FROM-OPS> 3,039
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 38
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 46
<NUMBER-OF-SHARES-REDEEMED> (1)
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> (599)
<ACCUMULATED-NII-PRIOR> 3
<ACCUMULATED-GAINS-PRIOR> (171)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 155
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 333
<AVERAGE-NET-ASSETS> 44,202
<PER-SHARE-NAV-BEGIN> 10.20
<PER-SHARE-NII> .55
<PER-SHARE-GAIN-APPREC> .13
<PER-SHARE-DIVIDEND> (.55)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.33
<EXPENSE-RATIO> .90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 052
<NAME> VALUE EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1997
<PERIOD-END> MAY-21-1997
<INVESTMENTS-AT-COST> 99,416
<INVESTMENTS-AT-VALUE> 145,784
<RECEIVABLES> 358
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 146,142
<PAYABLE-FOR-SECURITIES> 1,729
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 168
<TOTAL-LIABILITIES> 1,897
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,452
<SHARES-COMMON-STOCK> 98
<SHARES-COMMON-PRIOR> 23
<ACCUMULATED-NII-CURRENT> 323
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,889
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 46,368
<NET-ASSETS> 144,245
<DIVIDEND-INCOME> 2,497
<INTEREST-INCOME> 195
<OTHER-INCOME> 0
<EXPENSES-NET> 875
<NET-INVESTMENT-INCOME> 1,817
<REALIZED-GAINS-CURRENT> 4,814
<APPREC-INCREASE-CURRENT> 27,165
<NET-CHANGE-FROM-OPS> 33,796
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 14
<DISTRIBUTIONS-OF-GAINS> 44
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 75
<NUMBER-OF-SHARES-REDEEMED> 2
<SHARES-REINVESTED> 4
<NET-CHANGE-IN-ASSETS> 36,682
<ACCUMULATED-NII-PRIOR> 384
<ACCUMULATED-GAINS-PRIOR> 799
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 717
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,071
<AVERAGE-NET-ASSETS> 119,626
<PER-SHARE-NAV-BEGIN> 14.56
<PER-SHARE-NII> .62
<PER-SHARE-GAIN-APPREC> 3.75
<PER-SHARE-DIVIDEND> (.21)
<PER-SHARE-DISTRIBUTIONS> (.50)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.22
<EXPENSE-RATIO> .98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 081
<NAME> INTERNATIONAL EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 71,191
<INVESTMENTS-AT-VALUE> 83,197
<RECEIVABLES> 1,315
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 84,512
<PAYABLE-FOR-SECURITIES> 966
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 233
<TOTAL-LIABILITIES> 1,199
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70,904
<SHARES-COMMON-STOCK> 6,320
<SHARES-COMMON-PRIOR> 6,066
<ACCUMULATED-NII-CURRENT> 14
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 392
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,003
<NET-ASSETS> 83,313
<DIVIDEND-INCOME> 1,172
<INTEREST-INCOME> 380
<OTHER-INCOME> 0
<EXPENSES-NET> 808
<NET-INVESTMENT-INCOME> 744
<REALIZED-GAINS-CURRENT> 854
<APPREC-INCREASE-CURRENT> 5,810
<NET-CHANGE-FROM-OPS> 7,408
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,565
<DISTRIBUTIONS-OF-GAINS> 1,380
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 840
<NUMBER-OF-SHARES-REDEEMED> (627)
<SHARES-REINVESTED> 41
<NET-CHANGE-IN-ASSETS> 7,637
<ACCUMULATED-NII-PRIOR> 1,015
<ACCUMULATED-GAINS-PRIOR> 738
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 616
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 890
<AVERAGE-NET-ASSETS> 77,225
<PER-SHARE-NAV-BEGIN> 12.47
<PER-SHARE-NII> .31
<PER-SHARE-GAIN-APPREC> .88
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> (.24)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.18
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE>
77D Policies with respect to security investment
Effective January 24, 1997, the Prime Money Market Fund may invest in
short-term high quality U.S. dollar denominated obligations of foreign issuers
where the Fund's adviser deems the investment to present minimal credit risks.
