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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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 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 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
028 H000900 0
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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008 A001001 MERCANTILE-SAFE DEPOSIT & TRUST CO
008 B001001 A
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015 A001001 FIFTH THIRD BANK
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
070 N021000 N
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<PAGE> PAGE 48
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008 A001101 MERCANTILE-SAFE DEPOSIT & TRUST CO
008 B001101 A
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024 001100 Y
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
070 D011100 N
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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008 A001201 MERCANTILE-SAFE DEPOSIT & TRUST CO
008 B001201 A
008 C001201 801-000000
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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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074 O001300 0
074 P001300 168
074 Q001300 0
074 R011300 0
074 R021300 0
074 R031300 0
074 R041300 30
074 S001300 0
074 T001300 310926
074 U011300 29408
074 U021300 0
074 V011300 10.57
074 V021300 0.00
074 W001300 0.0000
074 X001300 1964
074 Y001300 0
075 A001300 0
075 B001300 301083
076 001300 0.00
008 A001401 MERCANTILE-SAFE DEPOSIT & TRUST CO
008 B001401 A
008 C001401 801-000000
008 D011401 BALTIMORE
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 231
<PAGE> PAGE 62
028 A021400 0
028 A031400 0
028 A041400 1940
028 B011400 418
028 B021400 0
028 B031400 0
028 B041400 1198
028 C011400 677
028 C021400 0
028 C031400 0
028 C041400 640
028 D011400 1378
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028 D031400 0
028 D041400 1041
028 E011400 762
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028 E031400 0
028 E041400 986
028 F011400 557
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028 F031400 0
028 F041400 809
028 G011400 4023
028 G021400 0
028 G031400 0
028 G041400 6614
028 H001400 0
045 001400 Y
046 001400 N
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
<PAGE> PAGE 63
048 J021400 0.000
048 K011400 0
048 K021400 0.000
055 A001400 N
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 2.2
062 F001400 0.0
062 G001400 0.0
062 H001400 0.0
062 I001400 0.0
062 J001400 0.0
062 K001400 0.0
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062 N001400 0.0
062 O001400 93.4
062 P001400 0.0
062 Q001400 0.0
062 R001400 0.0
063 A001400 0
063 B001400 4.5
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 N
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
<PAGE> PAGE 64
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
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071 B001400 77235
071 C001400 90794
071 D001400 81
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072 B001400 2005
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<PAGE> PAGE 65
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072 Y001400 150
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073 B001400 0.0000
073 C001400 0.0000
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SIGNATURE LINDA A. DURKIN
TITLE FUND ADMINISTRATOR
<PAGE>
M.S.D. & T. FUNDS, INC.
("Registrant")
Form N-SAR
For the Six-Month Period Ended November 30, 1998
Sub-Item 77C: Submission of matters to a vote of security holders.
An Annual Meeting of Shareholders (the "Meeting") of Registrant was held on July
24, 1998. At the Meeting, Registrant's shareholders voted upon the following
matters: (i) the election of a Board of five (5) directors; (ii) the
ratification or rejection of the selection of Coopers & Lybrand L.L.P. as
Registrant's independent accountants for the fiscal year ending May 31, 1999;
and (iii) the approval or disapproval of a new investment advisory agreement
between Registrant and Mercantile Safe-Deposit & Trust Company with respect to
the Prime Money Market, Government Money Market, Tax-Exempt Money Market, Growth
& Income, International Equity, Limited Maturity Bond, Maryland Tax-Exempt Bond,
Diversified Real Estate, Equity Income, Equity Growth, Total Return Bond,
National Tax-Exempt Bond and Intermediate Tax-Exempt Bond Funds. The results of
the voting were as follows:
1. In the election of a Board of five (5) directors:
<TABLE>
<CAPTION>
Name of Candidate Number of Votes For Number of Votes Withheld
----------------- ------------------- ------------------------
<S> <C> <C>
Leslie B. Disharoon 748,167,433.377 129,206.503
Decatur H. Miller 748,167,433.377 129,206.503
Edward D. Miller 748,167,433.377 129,206.503
John R. Murphy 748,167,433.377 129,206.503
George R. Packard III 748,167,433.377 129,206.503
</TABLE>
2. As to the ratification or rejection of the selection of Coopers & Lybrand
L.L.P. as independent accountants for the fiscal year ending May 31, 1999:
<TABLE>
<CAPTION>
For Against Abstain
--- ------- -------
<S> <C> <C>
650,377,137.925 1,641,620.311 96,277,891.643
</TABLE>
3. As to the approval or disapproval of a new investment advisory agreement
between Registrant and Mercantile-Safe Deposit & Trust Company:
<TABLE>
<CAPTION>
Fund For Against Abstain
- -------------------------------- ------------------------------ ----------------------- -----------------------
<S> <C> <C> <C>
Prime Money Market 322,685,516.117 913,283.150 100,411.422
Government Money Market 181,636,308.998 341,398.959 59,586,451.063
Tax-Exempt Money Market 50,722,877.380 0 0
Growth & Income 14,461,930.075 78,927.841 78,419.498
International Equity 5,026,099.229 8,018.184 3,309.817
Limited Maturity Bond 11,746,716.514 43,463.748 116,231.366
Maryland Tax-Exempt Bond 1,131,566.218 16,861.722 17,387.656
Diversified Real Estate 624,173.863 0 0
Equity Income 25,865,046.939 141,168.112 103,054.879
Equity Growth 2,540,801.315 0 228,444.907
Total Return Bond 8,900,277.853 221,131.336 93,888.530
National Tax-Exempt Bond 14,189,546.828 0 162,787.925
Intermediate Tax-Exempt Bond 7,523,315.004 0 345,094.364
</TABLE>
M.S.D. & T. FUNDS, INC.
("Registrant")
Form N-SAR
For the Six-Month Period Ended November 30, 1998
Sub-Item 77D: Policies with respect to security investments.
By unanimous written consent dated September 25, 1998, Registrant's Board of
Directors approved a change in the investment policies of Registrant's Growth &
Income, Equity Growth and Equity Income Funds by authorizing each Fund to
purchase Standard & Poor's Depository Receipts ("SPDRs"), Standard & Poor's
MidCap 400 Depository Receipts ("MidCap SPDRs") and The Dow Industrials DIAMONDS
("DIAMONDS") when deemed appropriate by the Fund's adviser.
M.S.D. & T. FUNDS, INC.
("Registrant")
Form N-SAR
For the Six-Month Period Ended November 30, 1998
Sub-Item 77Q1: Exhibits
(b) Copies of the text of any proposal described in answer to sub-item 77D.
Approval of Standard & Poor's Depository Receipts, Standard & Poor's
--------------------------------------------------------------------
MidCap 400 Depository Receipts and The Dow Industrials DIAMONDS as
-------------------------------------------------------------------
Permitted Investments for the Growth & Income, Equity Income and Equity
-----------------------------------------------------------------------
Growth Funds.
------------
RESOLVED, that when deemed appropriate by Mercantile-Safe Deposit &
Trust Company, the investment adviser for the Company's Growth & Income
Fund, Equity Growth Fund and Equity Income Fund, such Funds be, and each of
them hereby is, authorized to purchase Standard & Poor's Depository
Receipts ("SPDRs"), Standard & Poor's MidCap 400 Depository Receipts
("MidCap SPDRs") and The Dow Industrials DIAMONDS ("DIAMONDS"); and
FURTHER RESOLVED, that the officers of the Company be, and each of them
hereby is, authorized, with the assistance of counsel to the Company, to
prepare disclosure with respect to such instruments to be included in the
Company's prospectuses to be dated on or about October 1, 1998.
(e) Copies of any new or amended Registrant investment advisory agreement.
Advisory Agreement dated as of July 24, 1998 between Registrant and
Mercantile-Safe Deposit & Trust Company is incorporated herein by reference
to Exhibit 5(b) to Post-Effective Amendment No. 22 to Registrant's
Registration Statement on Form N-1A filed with the Commission on July 31,
1998.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> M.S.D.&T. PRIME MONEY MARKET FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 482,745
<INVESTMENTS-AT-VALUE> 482,745
<RECEIVABLES> 1,796
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 484,541
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,083
<TOTAL-LIABILITIES> 2,083
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 482,564
<SHARES-COMMON-STOCK> 482,564
<SHARES-COMMON-PRIOR> 448,859
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (106)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 482,458
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,788
<OTHER-INCOME> 0
<EXPENSES-NET> 874
<NET-INVESTMENT-INCOME> 11,915
<REALIZED-GAINS-CURRENT> 3
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 11,918
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11,915
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 367,041
<NUMBER-OF-SHARES-REDEEMED> 333,816
<SHARES-REINVESTED> 479
<NET-CHANGE-IN-ASSETS> 33,707
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (109)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 582
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,045
<AVERAGE-NET-ASSETS> 464,662
<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> .375
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> M.S.D.&T. GOVERNMENT MONEY MAEKET FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 432,976
<INVESTMENTS-AT-VALUE> 432,976
<RECEIVABLES> 885
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 433,861
<PAYABLE-FOR-SECURITIES> 15,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,763
<TOTAL-LIABILITIES> 16,763
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 417,224
<SHARES-COMMON-STOCK> 417,224
<SHARES-COMMON-PRIOR> 391,259
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (126)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 417,098
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,713
<OTHER-INCOME> 0
<EXPENSES-NET> 746
<NET-INVESTMENT-INCOME> 9,967
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9,967
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,967
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 279,192
<NUMBER-OF-SHARES-REDEEMED> 254,022
<SHARES-REINVESTED> 795
<NET-CHANGE-IN-ASSETS> 25,965
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (126)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 497
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 892
<AVERAGE-NET-ASSETS> 396,833
<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> .375
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> M.S.D.&T. TAX-EXEMPT MONEY MARKET FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 88,495
<INVESTMENTS-AT-VALUE> 88,495
<RECEIVABLES> 438
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 88,933
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 246
<TOTAL-LIABILITIES> 246
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 88,695
<SHARES-COMMON-STOCK> 88,695
<SHARES-COMMON-PRIOR> 89,972
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 88,687
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,558
<OTHER-INCOME> 0
<EXPENSES-NET> 172
<NET-INVESTMENT-INCOME> 1,386
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,386
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,386
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 67,461
<NUMBER-OF-SHARES-REDEEMED> 68,748
<SHARES-REINVESTED> 9
<NET-CHANGE-IN-ASSETS> (1,278)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (8)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 115
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 222
<AVERAGE-NET-ASSETS> 91,356
<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> .375
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> M.S.D.& T. TAX-EXEMPT MONEY MARKET (TRUST)
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 65,598
<INVESTMENTS-AT-VALUE> 65,598
<RECEIVABLES> 358
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 65,956
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 192
<TOTAL-LIABILITIES> 192
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 65,765
<SHARES-COMMON-STOCK> 65,765
<SHARES-COMMON-PRIOR> 58,223
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 65,764
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,063
<OTHER-INCOME> 0
<EXPENSES-NET> 69
<NET-INVESTMENT-INCOME> 994
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 994
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 994
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 36,122
<NUMBER-OF-SHARES-REDEEMED> 28,579
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7,543
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 77
<AVERAGE-NET-ASSETS> 62,544
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .375
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> M.S.D.&T. GROWTH & INCOME FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 230,136
<INVESTMENTS-AT-VALUE> 390,188
<RECEIVABLES> 535
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 390,723
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 236
<TOTAL-LIABILITIES> 236
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 295,210
<SHARES-COMMON-STOCK> 17,176
<SHARES-COMMON-PRIOR> 17,497
<ACCUMULATED-NII-CURRENT> 324
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,181
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 83,772
<NET-ASSETS> 390,487
<DIVIDEND-INCOME> 2,602
<INTEREST-INCOME> 102
<OTHER-INCOME> 0
<EXPENSES-NET> 1,282
<NET-INVESTMENT-INCOME> 1,422
<REALIZED-GAINS-CURRENT> 10,572
<APPREC-INCREASE-CURRENT> 12,619
<NET-CHANGE-FROM-OPS> 24,614
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,251
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,016
<NUMBER-OF-SHARES-REDEEMED> 1,355
<SHARES-REINVESTED> 18
<NET-CHANGE-IN-ASSETS> 16,622
<ACCUMULATED-NII-PRIOR> 153
<ACCUMULATED-GAINS-PRIOR> 609
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,099
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,473
<AVERAGE-NET-ASSETS> 363,086
<PER-SHARE-NAV-BEGIN> 21.37
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 1.35
<PER-SHARE-DIVIDEND> (.07)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.73
<EXPENSE-RATIO> .70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> M.S.D.&T. LIMITED MATURITY BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> M.S.D.&T. MARYLAND TAX-EXEMPT BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
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<PERIOD-START> JUN-01-1998
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<SHARES-REINVESTED> 5
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<PER-SHARE-NAV-BEGIN> 10.82
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> M.S.D&T. INTERNATIONAL EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> NOV-30-1998
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<SENIOR-EQUITY> 0
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<AVERAGE-NET-ASSETS> 80,220
<PER-SHARE-NAV-BEGIN> 13.90
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> (.74)
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<EXPENSE-RATIO> 1.00
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> M.S.D.&T. DIVERSIFIED REAL ESTATE FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> NOV-30-1998
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<APPREC-INCREASE-CURRENT> (729)
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> M.S.D.&T. NATIONAL TAX-EXEMPT BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> NOV-30-1998
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<PER-SHARE-NAV-BEGIN> 10.05
<PER-SHARE-NII> .22
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> M.S.D.&T. TOTAL RETURN BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
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<PER-SHARE-NAV-BEGIN> 10.02
<PER-SHARE-NII> .29
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<PER-SHARE-DIVIDEND> (.29)
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<EXPENSE-RATIO> .45
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> M.S.D.&T. EQUITY GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> M.S.D.&T. EQUITY INCOME FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 14
<NAME> M.S.D.&T. INTERMEDIATE TAX-EXEMPT BOND FUND
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<S> <C>
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</TABLE>
