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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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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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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
070 C020900 N
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
066 A001000 N
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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008 B001101 A
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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008 A001401 MERCANTILE-SAFE DEPOSIT & TRUST CO
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008 D021401 MD
008 D031401 21201
015 A001401 FIFTH THIRD BANK
015 B001401 C
015 C011401 CINCINNATI
015 C021401 OH
015 C031401 45263
015 E011401 X
024 001400 N
028 A011400 0
028 A021400 0
028 A031400 0
028 A041400 0
028 B011400 0
028 B021400 0
028 B031400 0
028 B041400 0
028 C011400 0
028 C021400 0
028 C031400 0
028 C041400 0
028 D011400 99243
028 D021400 0
028 D031400 0
028 D041400 504
028 E011400 795
028 E021400 0
028 E031400 0
028 E041400 1602
028 F011400 546
028 F021400 0
028 F031400 0
028 F041400 4563
028 G011400 100584
028 G021400 0
028 G031400 0
028 G041400 6669
028 H001400 0
045 001400 Y
046 001400 N
<PAGE> PAGE 62
047 001400 Y
048 001400 0.500
048 A011400 0
048 A021400 0.000
048 B011400 0
048 B021400 0.000
048 C011400 0
048 C021400 0.000
048 D011400 0
048 D021400 0.000
048 E011400 0
048 E021400 0.000
048 F011400 0
048 F021400 0.000
048 G011400 0
048 G021400 0.000
048 H011400 0
048 H021400 0.000
048 I011400 0
048 I021400 0.000
048 J011400 0
048 J021400 0.000
048 K011400 0
048 K021400 0.000
055 A001400 Y
055 B001400 N
056 001400 Y
057 001400 N
058 A001400 N
059 001400 N
060 A001400 Y
060 B001400 Y
061 001400 25000
062 A001400 Y
062 B001400 0.0
062 C001400 0.0
062 D001400 0.0
062 E001400 19.1
062 F001400 0.0
062 G001400 0.0
062 H001400 0.0
062 I001400 0.0
062 J001400 0.0
062 K001400 0.0
062 L001400 1.0
062 M001400 0.0
062 N001400 0.0
062 O001400 78.4
062 P001400 0.0
062 Q001400 0.0
062 R001400 0.0
<PAGE> PAGE 63
063 A001400 0
063 B001400 2.8
064 A001400 Y
064 B001400 N
066 A001400 N
067 001400 N
068 A001400 N
068 B001400 N
069 001400 N
070 A011400 Y
070 A021400 Y
070 B011400 N
070 B021400 N
070 C011400 Y
070 C021400 N
070 D011400 N
070 D021400 N
070 E011400 Y
070 E021400 N
070 F011400 N
070 F021400 N
070 G011400 Y
070 G021400 N
070 H011400 N
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 Y
070 K021400 Y
070 L011400 N
070 L021400 N
070 M011400 N
070 M021400 N
070 N011400 Y
070 N021400 N
070 O011400 Y
070 O021400 N
070 P011400 Y
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
071 A001400 9596
071 B001400 14108
071 C001400 94686
071 D001400 10
072 A001400 3
072 B001400 1054
<PAGE> PAGE 64
072 C001400 0
072 D001400 0
072 E001400 0
072 F001400 123
072 G001400 31
072 H001400 0
072 I001400 5
072 J001400 2
072 K001400 0
072 L001400 4
072 M001400 0
072 N001400 18
072 O001400 0
072 P001400 0
072 Q001400 10
072 R001400 9
072 S001400 2
072 T001400 0
072 U001400 9
072 V001400 0
072 W001400 2
072 X001400 215
072 Y001400 105
072 Z001400 944
072AA001400 44
072BB001400 0
072CC011400 33
072CC021400 0
072DD011400 944
072DD021400 0
072EE001400 0
073 A011400 0.0969
073 A021400 0.0000
073 B001400 0.0000
073 C001400 0.0000
074 A001400 0
074 B001400 0
074 C001400 17919
074 D001400 73736
074 E001400 0
074 F001400 0
074 G001400 0
074 H001400 0
074 I001400 939
074 J001400 4527
074 K001400 0
074 L001400 1627
074 M001400 0
074 N001400 98748
074 O001400 4317
074 P001400 13
<PAGE> PAGE 65
074 Q001400 0
074 R011400 0
074 R021400 0
074 R031400 0
074 R041400 426
074 S001400 0
074 T001400 93992
074 U011400 9391
074 U021400 0
074 V011400 10.01
074 V021400 0.00
074 W001400 0.0000
074 X001400 1167
074 Y001400 0
075 A001400 0
075 B001400 97146
076 001400 0.00
SIGNATURE LINDA A. DURKIN
TITLE FUND ADMINISTRATOR
<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), Growth & Income Fund, Equity Income Fund, Equity Growth Fund,
International Equity Fund, Diversified Real Estate Fund, Limited Maturity Bond
Fund, Total Return Bond Fund, Maryland Tax-Exempt Bond Fund, Intermediate Tax-
Exempt Fund, and National Tax-Exempt Fund) for the year ended May 31, 1998, we
considered its internal control, including control over 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 internal control.
The management of M.S.D.&T. Funds, Inc. is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external purposes
that are fairly presented in conformity with accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in internal controls, errors or fraud may occur
and may not be detected. Also, projection of any evaluation of internal control
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 internal control would not necessarily disclose all matters
in internal control 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 any
specific internal control component does not reduce to a relatively low level
the risk that errors or fraud 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
internal control, including procedures for safeguarding securities, that we
consider to be material weaknesses, as defined above, as of May 31, 1998.
This report is intended solely for the information and use of management, the
Board of Directors of M.S.D.&T. Funds, Inc. and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
2400 Eleven Penn Center
Philadelphia, Pennsylvania
<PAGE>
EXHIBIT 99.1
M.S.D. & T. FUNDS, INC.
FORM N-SAR
FOR THE FISCAL YEAR ENDING MAY 31, 1998
Sub-Item 77D: Policies with respect to security investments
At a meeting of Registrant's Board of Directors held on April 24, 1998, the
following investment policy changes were approved: (i) with respect to Growth &
Income Fund, Equity Income Fund and Equity Growth Fund, each Fund may invest in
debt obligations convertible into common stock that are rated at the time of
purchase in the fourth highest rating category or lower by one or more
nationally recognized statistical rating organizations; (ii) with respect to the
Limited Maturity Bond Fund, the Fund may invest in debt obligations rated in one
of the four highest rating categories by one or more nationally recognized
statistical rating organizations; and (iii) with respect to the Limited Maturity
Bond Fund, the Fund's average weighted portfolio maturity is expected to be
between two and five years.
Sub-Item 77I: Terms of new or amended securities
Articles Supplementary relating to the Equity Income, Equity Growth, Total
Return Bond, Intermediate Tax-Exempt Bond and National Tax-Exempt Bond Funds are
incorporated herein by reference to Exhibit (1)(i) of Post-Effective Amendment
No. 20 to the Registrant's Registration Statement on Form N-1A filed on December
5, 1997.
Sub-Item 77Q1: Exhibits
(a) Copies of any material amendments to the Registrant's charter or
by-laws.
See response to Sub-Item 77I.
(d) Copies of all constituent instruments defining the rights of the
holders of any new class of securities and of any amendments to
constituent instruments referred to in answer to Sub-Item 77J.
See response to Sub-Item 77I.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 010
<NAME> PRIME MONEY MARKET FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 449,026
<INVESTMENTS-AT-VALUE> 449,026
<RECEIVABLES> 1,888
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 450,914
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,164
<TOTAL-LIABILITIES> 2,164
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 448,859
<SHARES-COMMON-STOCK> 448,859
<SHARES-COMMON-PRIOR> 368,932
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (109)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 448,750
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 22,570
<OTHER-INCOME> 0
<EXPENSES-NET> 1,684
<NET-INVESTMENT-INCOME> 20,886
<REALIZED-GAINS-CURRENT> (30)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 20,856
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 20,886
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 576,075
<NUMBER-OF-SHARES-REDEEMED> (497,024)
<SHARES-REINVESTED> 876
<NET-CHANGE-IN-ASSETS> 79,898
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (79)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,002
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,874
<AVERAGE-NET-ASSETS> 400,965
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 020
<NAME> GOVERNMENT MONEY MARKET FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 392,140
<INVESTMENTS-AT-VALUE> 392,140
<RECEIVABLES> 892
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 393,032
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,899
<TOTAL-LIABILITIES> 1,899
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 391,259
<SHARES-COMMON-STOCK> 391,259
<SHARES-COMMON-PRIOR> 340,935
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (126)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 391,133
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 19,979
<OTHER-INCOME> 0
<EXPENSES-NET> 1,507
<NET-INVESTMENT-INCOME> 18,472
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 18,472
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 18,472
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 565,932
<NUMBER-OF-SHARES-REDEEMED> (516,413)
<SHARES-REINVESTED> 805
<NET-CHANGE-IN-ASSETS> 50,324
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (126)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 897
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,663
<AVERAGE-NET-ASSETS> 358,831
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 030
<NAME> TAX-EXEMPT MONEY MARKET FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 89,546
<INVESTMENTS-AT-VALUE> 89,546
<RECEIVABLES> 714
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 90,260
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 296
<TOTAL-LIABILITIES> 296
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 89,972
<SHARES-COMMON-STOCK> 89,972
<SHARES-COMMON-PRIOR> 79,498
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 89,964
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,109
<OTHER-INCOME> 0
<EXPENSES-NET> 371
<NET-INVESTMENT-INCOME> 2,738
<REALIZED-GAINS-CURRENT> (1)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,737
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,738
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 130,462
<NUMBER-OF-SHARES-REDEEMED> (119,995)
<SHARES-REINVESTED> 7
<NET-CHANGE-IN-ASSETS> 10,473
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (7)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 216
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 432
<AVERAGE-NET-ASSETS> 86,302
<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> .43
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 040
<NAME> TAX-EXEMPT MONEY MARKET FUND (TRUST)
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 57,964
<INVESTMENTS-AT-VALUE> 57,964
<RECEIVABLES> 464
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<TOTAL-ASSETS> 58,428
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 206
<TOTAL-LIABILITIES> 206
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58,223
<SHARES-COMMON-STOCK> 58,223
<SHARES-COMMON-PRIOR> 49,544
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 58,222
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,019
<OTHER-INCOME> 0
<EXPENSES-NET> 124
<NET-INVESTMENT-INCOME> 1,895
<REALIZED-GAINS-CURRENT> (1)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,894
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,895
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 57,910
<NUMBER-OF-SHARES-REDEEMED> (49,231)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8,678
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 152
<AVERAGE-NET-ASSETS> 56,264
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.03)
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<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> 050
<NAME> GROWTH & INCOME FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 225,362
<INVESTMENTS-AT-VALUE> 372,795
<RECEIVABLES> 1,337
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 374,132
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 267
<TOTAL-LIABILITIES> 267
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 301,950
<SHARES-COMMON-STOCK> 17,497
<SHARES-COMMON-PRIOR> 7,904
<ACCUMULATED-NII-CURRENT> 153
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 609
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 71,153
<NET-ASSETS> 373,865
<DIVIDEND-INCOME> 2,788
<INTEREST-INCOME> 237
<OTHER-INCOME> 0
<EXPENSES-NET> 1,261
<NET-INVESTMENT-INCOME> 1,764
<REALIZED-GAINS-CURRENT> 14,390
<APPREC-INCREASE-CURRENT> 24,785
<NET-CHANGE-FROM-OPS> 40,939
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,933
<DISTRIBUTIONS-OF-GAINS> 15,671
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,855
<NUMBER-OF-SHARES-REDEEMED> (1,774)
<SHARES-REINVESTED> 512
<NET-CHANGE-IN-ASSETS> 229,619
<ACCUMULATED-NII-PRIOR> 322
<ACCUMULATED-GAINS-PRIOR> 1,889
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,064
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,558
<AVERAGE-NET-ASSETS> 187,151
<PER-SHARE-NAV-BEGIN> 18.25
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> 5.01
<PER-SHARE-DIVIDEND> (.23)
<PER-SHARE-DISTRIBUTIONS> (1.86)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.37
<EXPENSE-RATIO> .71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 060
<NAME> LIMITED MATURITY BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 148,813
<INVESTMENTS-AT-VALUE> 150,373
<RECEIVABLES> 1,917
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 152,290
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 368
<TOTAL-LIABILITIES> 368
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 151,316
<SHARES-COMMON-STOCK> 14,543
<SHARES-COMMON-PRIOR> 4,253
<ACCUMULATED-NII-CURRENT> 8
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 595
<NET-ASSETS> 151,922
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,694
<OTHER-INCOME> 0
<EXPENSES-NET> 218
<NET-INVESTMENT-INCOME> 2,476
<REALIZED-GAINS-CURRENT> 415
<APPREC-INCREASE-CURRENT> 653
<NET-CHANGE-FROM-OPS> 3,544
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,476
<DISTRIBUTIONS-OF-GAINS> 328
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,509
<NUMBER-OF-SHARES-REDEEMED> (1,362)
<SHARES-REINVESTED> 143
<NET-CHANGE-IN-ASSETS> 108,074
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (80)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 152
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 337
<AVERAGE-NET-ASSETS> 50,156
<PER-SHARE-NAV-BEGIN> 10.31
<PER-SHARE-NII> .60
<PER-SHARE-GAIN-APPREC> .22
<PER-SHARE-DIVIDEND> (.60)
<PER-SHARE-DISTRIBUTIONS> (.08)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.45
<EXPENSE-RATIO> .50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 070
<NAME> MARYLAND TAX-EXEMPT BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 14,828
<INVESTMENTS-AT-VALUE> 15,239
<RECEIVABLES> 303
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,542
<PAYABLE-FOR-SECURITIES> 493
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69
<TOTAL-LIABILITIES> 562
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,020
<SHARES-COMMON-STOCK> 1,384
<SHARES-COMMON-PRIOR> 799
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (450)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 410
<NET-ASSETS> 14,980
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 507
<OTHER-INCOME> 0
<EXPENSES-NET> 50
<NET-INVESTMENT-INCOME> 457
<REALIZED-GAINS-CURRENT> 115
<APPREC-INCREASE-CURRENT> 267
<NET-CHANGE-FROM-OPS> 839
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 457
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 653
<NUMBER-OF-SHARES-REDEEMED> (77)
<SHARES-REINVESTED> 9
<NET-CHANGE-IN-ASSETS> 6,683
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (565)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 51
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 105
<AVERAGE-NET-ASSETS> 10,342
<PER-SHARE-NAV-BEGIN> 10.38
<PER-SHARE-NII> .48
<PER-SHARE-GAIN-APPREC> .44
<PER-SHARE-DIVIDEND> (.48)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.82
<EXPENSE-RATIO> .49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 080
<NAME> INTERNATIONAL EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 66,104
<INVESTMENTS-AT-VALUE> 82,859
<RECEIVABLES> 6,929
<ASSETS-OTHER> 433
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 90,221
<PAYABLE-FOR-SECURITIES> 1,301
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,518
<TOTAL-LIABILITIES> 4,819
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68,538
<SHARES-COMMON-STOCK> 6,145
<SHARES-COMMON-PRIOR> 6,320
<ACCUMULATED-NII-CURRENT> 168
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (202)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,898
<NET-ASSETS> 85,402
<DIVIDEND-INCOME> 1,526
<INTEREST-INCOME> 88
<OTHER-INCOME> 0
<EXPENSES-NET> 851
<NET-INVESTMENT-INCOME> 763
<REALIZED-GAINS-CURRENT> 3,708
<APPREC-INCREASE-CURRENT> 4,894
<NET-CHANGE-FROM-OPS> 9,365
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 940
<DISTRIBUTIONS-OF-GAINS> 3,971
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 899
<NUMBER-OF-SHARES-REDEEMED> (1,136)
<SHARES-REINVESTED> 62
<NET-CHANGE-IN-ASSETS> 2,089
<ACCUMULATED-NII-PRIOR> 14
<ACCUMULATED-GAINS-PRIOR> 392
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 661
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 942
<AVERAGE-NET-ASSETS> 82,485
<PER-SHARE-NAV-BEGIN> 13.18
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> 1.42
<PER-SHARE-DIVIDEND> (.15)
<PER-SHARE-DISTRIBUTIONS> (.67)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.90
<EXPENSE-RATIO> 1.03
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 090
<NAME> DIVERSIFIED REAL ESTATE FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 6,666
<INVESTMENTS-AT-VALUE> 6,672
<RECEIVABLES> 11
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,683
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6
<TOTAL-LIABILITIES> 6
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,640
<SHARES-COMMON-STOCK> 659
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 29
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6
<NET-ASSETS> 6,677
<DIVIDEND-INCOME> 234
<INTEREST-INCOME> 24
<OTHER-INCOME> 0
<EXPENSES-NET> 50
<NET-INVESTMENT-INCOME> 208
<REALIZED-GAINS-CURRENT> 2
<APPREC-INCREASE-CURRENT> 6
<NET-CHANGE-FROM-OPS> 216
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 157
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 22
<NUMBER-OF-SHARES-SOLD> 680
<NUMBER-OF-SHARES-REDEEMED> (21)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 6,677
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 40
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 112
<AVERAGE-NET-ASSETS> 5,974
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .32
<PER-SHARE-GAIN-APPREC> .12
<PER-SHARE-DIVIDEND> (.28)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (.03)
<PER-SHARE-NAV-END> 10.13
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 100
<NAME> NATIONAL TAX-EXEMPT BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> MAR-01-1998
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 167,598
<INVESTMENTS-AT-VALUE> 175,953
<RECEIVABLES> 2,910
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 178,863
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 747
<TOTAL-LIABILITIES> 747
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 177,166
<SHARES-COMMON-STOCK> 17,716
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 438
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 512
<NET-ASSETS> 178,116
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,196
<OTHER-INCOME> 0
<EXPENSES-NET> 200
<NET-INVESTMENT-INCOME> 1,996
<REALIZED-GAINS-CURRENT> 437
<APPREC-INCREASE-CURRENT> 512
<NET-CHANGE-FROM-OPS> 2,945
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,996
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,087
<NUMBER-OF-SHARES-REDEEMED> (371)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 178,116
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 222
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 382
<AVERAGE-NET-ASSETS> 176,580
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> .05
<PER-SHARE-DIVIDEND> (.11)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.05
<EXPENSE-RATIO> .45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 110
<NAME> TOTAL RETURN BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> MAR-01-1998
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 98,626
<INVESTMENTS-AT-VALUE> 100,932
<RECEIVABLES> 984
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 101,916
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 553
<TOTAL-LIABILITIES> 553
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 101,196
<SHARES-COMMON-STOCK> 10,120
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 6
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 158
<NET-ASSETS> 101,363
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,612
<OTHER-INCOME> 0
<EXPENSES-NET> 114
<NET-INVESTMENT-INCOME> 1,498
<REALIZED-GAINS-CURRENT> 9
<APPREC-INCREASE-CURRENT> 158
<NET-CHANGE-FROM-OPS> 1,665
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,498
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,575
<NUMBER-OF-SHARES-REDEEMED> (455)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 101,363
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 89
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 185
<AVERAGE-NET-ASSETS> 100,829
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> .02
<PER-SHARE-DIVIDEND> (.15)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.02
<EXPENSE-RATIO> .45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 120
<NAME> EQUITY GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> MAR-01-1998
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 23,429
<INVESTMENTS-AT-VALUE> 34,856
<RECEIVABLES> 50
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 34,906
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30
<TOTAL-LIABILITIES> 30
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33,880
<SHARES-COMMON-STOCK> 3,392
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 30
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,420
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,454)
<NET-ASSETS> 34,876
<DIVIDEND-INCOME> 113
<INTEREST-INCOME> 12
<OTHER-INCOME> 0
<EXPENSES-NET> 63
<NET-INVESTMENT-INCOME> 62
<REALIZED-GAINS-CURRENT> 2,420
<APPREC-INCREASE-CURRENT> (1,455)
<NET-CHANGE-FROM-OPS> 1,027
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 32
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,556
<NUMBER-OF-SHARES-REDEEMED> (164)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 34,876
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 54
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 92
<AVERAGE-NET-ASSETS> 35,673
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> .27
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.28
<EXPENSE-RATIO> .70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 130
<NAME> EQUITY INCOME FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> MAR-01-1998
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 161,323
<INVESTMENTS-AT-VALUE> 318,579
<RECEIVABLES> 2,142
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 320,721
<PAYABLE-FOR-SECURITIES> 426
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 324
<TOTAL-LIABILITIES> 750
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 312,783
<SHARES-COMMON-STOCK> 31,332
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 618
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,571
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (7,001)
<NET-ASSETS> 319,971
<DIVIDEND-INCOME> 1,636
<INTEREST-INCOME> 162
<OTHER-INCOME> 0
<EXPENSES-NET> 585
<NET-INVESTMENT-INCOME> 1,213
<REALIZED-GAINS-CURRENT> 13,571
<APPREC-INCREASE-CURRENT> (7,001)
<NET-CHANGE-FROM-OPS> 7,783
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 595
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32,901
<NUMBER-OF-SHARES-REDEEMED> (1,569)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 319,971
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 502
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 777
<AVERAGE-NET-ASSETS> 329,546
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> .19
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.21
<EXPENSE-RATIO> .70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 140
<NAME> INTERMEDIATE TAX-EXEMPT BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> MAR-01-1998
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 91,685
<INVESTMENTS-AT-VALUE> 92,594
<RECEIVABLES> 6,153
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 98,747
<PAYABLE-FOR-SECURITIES> 4,317
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 438
<TOTAL-LIABILITIES> 4,755
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 93,915
<SHARES-COMMON-STOCK> 9,391
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 44
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33
<NET-ASSETS> 93,992
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,054
<OTHER-INCOME> 0
<EXPENSES-NET> 110
<NET-INVESTMENT-INCOME> 944
<REALIZED-GAINS-CURRENT> 44
<APPREC-INCREASE-CURRENT> 33
<NET-CHANGE-FROM-OPS> 1,021
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 944
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,058
<NUMBER-OF-SHARES-REDEEMED> (667)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 93,992
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 123
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 215
<AVERAGE-NET-ASSETS> 97,146
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> .01
<PER-SHARE-DIVIDEND> (.10)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.01
<EXPENSE-RATIO> .45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
