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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 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
072 C000800 1380
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<PAGE> PAGE 42
074 Q000800 0
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008 A000901 MERCANTILE-SAFE DEPOSIT & TRUST CO
008 B000901 A
008 C000901 801-000000
008 D010901 BALTIMORE
008 D020901 MD
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015 A000901 FIFTH THIRD BANK
015 B000901 C
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015 C020901 OH
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015 E010901 X
024 000900 N
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<PAGE> PAGE 43
028 F020900 0
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<PAGE> PAGE 44
062 I000900 0.0
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067 000900 N
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069 000900 N
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070 A020900 N
070 B010900 N
070 B020900 N
070 C010900 N
070 C020900 N
070 D010900 N
070 D020900 N
070 E010900 N
070 E020900 N
070 F010900 N
070 F020900 N
070 G010900 N
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 N
070 J020900 N
070 K010900 Y
070 K020900 Y
070 L010900 N
070 L020900 N
070 M010900 N
070 M020900 N
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<PAGE> PAGE 45
070 P010900 Y
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<PAGE> PAGE 46
074 E000900 0
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008 A001001 MERCANTILE-SAFE DEPOSIT & TRUST CO
008 B001001 A
008 C001001 801-000000
008 D011001 BALTIMORE
008 D021001 MD
008 D031001 21201
015 A001001 FIFTH THIRD BANK
015 B001001 C
015 C011001 CINCINNATI
015 C021001 OH
015 C031001 45263
015 E011001 X
024 001000 N
028 A011000 1721
028 A021000 1884
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<PAGE> PAGE 47
028 C021000 0
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045 001000 Y
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055 A001000 N
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<PAGE> PAGE 48
059 001000 N
060 A001000 Y
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064 A001000 Y
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066 A001000 N
067 001000 N
068 A001000 N
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069 001000 N
070 A011000 Y
070 A021000 N
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070 C011000 Y
070 C021000 N
070 D011000 N
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070 E011000 Y
070 E021000 N
070 F011000 N
070 F021000 N
070 G011000 Y
070 G021000 N
070 H011000 N
070 H021000 N
070 I011000 N
070 I021000 N
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<PAGE> PAGE 49
070 K011000 Y
070 K021000 Y
070 L011000 N
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070 M011000 N
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<PAGE> PAGE 50
072DD021000 0
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008 A001101 MERCANTILE-SAFE DEPOSIT & TRUST CO
008 B001101 A
008 C001101 801-000000
008 D011101 BALTIMORE
008 D021101 MD
008 D031101 21201
015 A001101 FIFTH THIRD BANK
015 B001101 C
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015 C021101 OH
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015 E011101 X
<PAGE> PAGE 51
024 001100 N
025 D001101 0
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045 001100 Y
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<PAGE> PAGE 52
048 E021100 0.000
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055 A001100 N
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<PAGE> PAGE 53
070 B011100 N
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071 A001100 84826
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<PAGE> PAGE 54
072 N001100 19
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<PAGE> PAGE 55
074 W001100 0.0000
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008 A001201 MERCANTILE-SAFE DEPOSIT & TRUST CO
008 B001201 A
008 C001201 801-000000
008 D011201 BALTIMORE
008 D021201 MD
008 D031201 21201
015 A001201 FIFTH THIRD BANK
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015 E011201 X
024 001200 Y
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<PAGE> PAGE 56
028 F021200 0
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055 A001200 Y
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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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008 A001301 MERCANTILE-SAFE DEPOSIT & TRUST CO
008 B001301 A
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008 D011301 BALTIMORE
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015 A001301 FIFTH THIRD BANK
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024 001300 Y
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<PAGE> PAGE 60
025 D001307 0
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<PAGE> PAGE 61
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070 B011300 Y
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<PAGE> PAGE 62
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070 E021300 N
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070 H011300 Y
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 N
070 K011300 Y
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070 L021300 Y
070 M011300 Y
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070 N011300 Y
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070 O011300 Y
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070 Q021300 N
070 R011300 N
070 R021300 N
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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SIGNATURE LINDA A. DURKIN
TITLE FUND ADMINISTRATOR
<PAGE>
To the Board of Directors of M.S.D.&T. Funds, Inc.:
In planning and performing our audits of the financial statements and financial
highlights of Prime Money Market Fund, Government Money Market Fund, Tax-Exempt
Money Market Fund, 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 Bond Fund, and National Tax-Exempt Bond Fund (comprising M.S.D.&T.
Funds, Inc., hereafter referred to as the "Funds") for the year ended May 31,
1999, we considered their internal control, including control activities 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 internal control.
The management of the Funds 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 and financial highlights
for external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error 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 and its operation, including controls over
safeguarding securities, that we consider to be material weaknesses, as defined
above, as of May 31, 1999.
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
Philadelphia, Pennsylvania
July 16, 1999
<PAGE>
M.S.D. & T. FUNDS, INC.
("Registrant")
Form N-SAR
For the Fiscal Year Ended May 31, 1999
Sub-Item 77D: Policies with respect to security investments.
At a regular meeting of the Registrant's Board of Directors held on January 22,
1999, the Board approved a change in the investment policies of Registrant's
equity and bond funds with respect to investments in the securities of other
investment companies to provide that in addition to money market funds, each of
Registrant's equity and bond funds is permitted to invest in the securities of
other non-money market investment companies that invest in the same type of
securities in which the particular fund is permitted to invest, subject to the
limitations imposed by the Investment Company Act of 1940, as amended.
<PAGE>
M.S.D. & T. FUNDS, INC.
("Registrant")
Form N-SAR
For the Fiscal Year Ended May 31, 1999
Sub-Item 77Q: Exhibits.
(b) Copies of the text of any proposal described in answer to sub-item 77D.
Approval of Proposed Change to Investment Policy of the Equity and Bond
-----------------------------------------------------------------------
Funds as to Investments in Other Investment Companies.
-----------------------------------------------------
RESOLVED, that the investment policy of each of the Company's Equity
and Bond Funds with respect to investments in the securities of other
investment companies be, and the same hereby is, revised to provide that,
in addition to money market funds, each of the Company's Equity and Bond
Funds is permitted to invest in the securities of other non-money market
investment companies that invest in the same type of securities in which
the particular Fund is permitted to invest, subject to the limitations
imposed by the Investment Company Act of 1940, as amended; and
FURTHER RESOLVED, that the officers of the Company be, and each of
them hereby is, authorized to prepare and file with the Securities and
Exchange Commission one or more supplements to the current prospectuses for
the Company's Equity and Bond Funds reflecting the foregoing change in the
Funds' investment policy.
-2-
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<NAME> M.S.D.&T. GOVERNMENT MONEY MARKET FUND
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
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<NUMBER> 3
<NAME> M.S.D.&T. TAX-EXEMPT MONEY MARKET FUND
<MULTIPLIER> 1,000
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<PER-SHARE-NAV-BEGIN> 21.37
<PER-SHARE-NII> .18
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<PER-SHARE-DIVIDEND> (.14)
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<EXPENSE-RATIO> .70
</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> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 165,978
<INVESTMENTS-AT-VALUE> 165,244
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 167,110
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<TOTAL-LIABILITIES> 853
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 166,744
<SHARES-COMMON-STOCK> 16,111
<SHARES-COMMON-PRIOR> 14,543
<ACCUMULATED-NII-CURRENT> 10
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 235
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (733)
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<DIVIDEND-INCOME> 0
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<EXPENSES-NET> 712
<NET-INVESTMENT-INCOME> 8,768
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<APPREC-INCREASE-CURRENT> (2,292)
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<NUMBER-OF-SHARES-SOLD> 3,238
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<NET-CHANGE-IN-ASSETS> 14,335
<ACCUMULATED-NII-PRIOR> 8
<ACCUMULATED-GAINS-PRIOR> 4
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 923
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<PER-SHARE-NAV-BEGIN> 10.45
<PER-SHARE-NII> .58
<PER-SHARE-GAIN-APPREC> (.10)
<PER-SHARE-DIVIDEND> (.58)
<PER-SHARE-DISTRIBUTIONS> (.03)
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<PER-SHARE-NAV-END> 10.32
<EXPENSE-RATIO> .45
</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> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 25,962
<INVESTMENTS-AT-VALUE> 26,200
<RECEIVABLES> 475
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26,675
<PAYABLE-FOR-SECURITIES> 0
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<TOTAL-LIABILITIES> 110
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26,763
<SHARES-COMMON-STOCK> 2,463
<SHARES-COMMON-PRIOR> 1,384
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (436)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 238
<NET-ASSETS> 26,565
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,021
<OTHER-INCOME> 0
<EXPENSES-NET> 101
<NET-INVESTMENT-INCOME> 920
<REALIZED-GAINS-CURRENT> 14
<APPREC-INCREASE-CURRENT> (173)
<NET-CHANGE-FROM-OPS> 762
<EQUALIZATION> 0
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<NUMBER-OF-SHARES-SOLD> 1,652
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<SHARES-REINVESTED> 10
<NET-CHANGE-IN-ASSETS> 11,585
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (450)
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 195
<AVERAGE-NET-ASSETS> 22,113
<PER-SHARE-NAV-BEGIN> 10.82
<PER-SHARE-NII> .45
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> (.45)
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.78
<EXPENSE-RATIO> .45
</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> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 69,691
<INVESTMENTS-AT-VALUE> 79,611
<RECEIVABLES> 1,333
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 81,846
<PAYABLE-FOR-SECURITIES> 299
<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 545
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 67,742
<SHARES-COMMON-STOCK> 6,090
<SHARES-COMMON-PRIOR> 6,145
<ACCUMULATED-NII-CURRENT> 149
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,496
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,914
<NET-ASSETS> 81,301
<DIVIDEND-INCOME> 1,380
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<OTHER-INCOME> 0
<EXPENSES-NET> 806
<NET-INVESTMENT-INCOME> 663
<REALIZED-GAINS-CURRENT> 5,446
<APPREC-INCREASE-CURRENT> (6,984)
<NET-CHANGE-FROM-OPS> (875)
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<DISTRIBUTIONS-OF-GAINS> 1,929
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<NUMBER-OF-SHARES-SOLD> 3,532
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<SHARES-REINVESTED> 130
<NET-CHANGE-IN-ASSETS> (4,101)
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<ACCUMULATED-GAINS-PRIOR> (202)
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<GROSS-EXPENSE> 917
<AVERAGE-NET-ASSETS> 80,872
<PER-SHARE-NAV-BEGIN> 13.90
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> (.27)
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> (.31)
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<PER-SHARE-NAV-END> 13.35
<EXPENSE-RATIO> 1.00
</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> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 8,032
<INVESTMENTS-AT-VALUE> 7,847
<RECEIVABLES> 12
<ASSETS-OTHER> 0
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<TOTAL-ASSETS> 7,859
<PAYABLE-FOR-SECURITIES> 0
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<TOTAL-LIABILITIES> 30
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,178
<SHARES-COMMON-STOCK> 836
<SHARES-COMMON-PRIOR> 659
<ACCUMULATED-NII-CURRENT> 62
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (166)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (245)
<NET-ASSETS> 7,829
<DIVIDEND-INCOME> 358
<INTEREST-INCOME> 23
<OTHER-INCOME> 0
<EXPENSES-NET> 63
<NET-INVESTMENT-INCOME> 318
<REALIZED-GAINS-CURRENT> (181)
<APPREC-INCREASE-CURRENT> (191)
<NET-CHANGE-FROM-OPS> (54)
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<SHARES-REINVESTED> 3
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<ACCUMULATED-NII-PRIOR> 29
<ACCUMULATED-GAINS-PRIOR> 2
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<AVERAGE-NET-ASSETS> 6,359
<PER-SHARE-NAV-BEGIN> 10.13
<PER-SHARE-NII> .53
<PER-SHARE-GAIN-APPREC> (.76)
<PER-SHARE-DIVIDEND> (.52)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (.01)
<PER-SHARE-NAV-END> 9.37
<EXPENSE-RATIO> 1.00
</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> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
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<INVESTMENTS-AT-VALUE> 175,934
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 178,830
<PAYABLE-FOR-SECURITIES> 0
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<TOTAL-LIABILITIES> 763
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 171,551
<SHARES-COMMON-STOCK> 17,937
<SHARES-COMMON-PRIOR> 17,716
<ACCUMULATED-NII-CURRENT> 15
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,727
<NET-ASSETS> 178,067
<DIVIDEND-INCOME> 0
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<EXPENSES-NET> 810
<NET-INVESTMENT-INCOME> 7,854
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<NUMBER-OF-SHARES-SOLD> 1,559
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<NET-CHANGE-IN-ASSETS> (49)
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,329
<AVERAGE-NET-ASSETS> 180,000
<PER-SHARE-NAV-BEGIN> 10.05
<PER-SHARE-NII> .44
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.44)
<PER-SHARE-DISTRIBUTIONS> (.12)
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<PER-SHARE-NAV-END> 9.93
<EXPENSE-RATIO> .45
</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> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 106,726
<INVESTMENTS-AT-VALUE> 106,665
<RECEIVABLES> 1,091
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 107,757
<PAYABLE-FOR-SECURITIES> 0
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<TOTAL-LIABILITIES> 608
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 106,937
<SHARES-COMMON-STOCK> 10,907
<SHARES-COMMON-PRIOR> 10,120
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 273
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (62)
<NET-ASSETS> 107,149
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,696
<OTHER-INCOME> 0
<EXPENSES-NET> 480
<NET-INVESTMENT-INCOME> 6,216
<REALIZED-GAINS-CURRENT> 882
<APPREC-INCREASE-CURRENT> (2,367)
<NET-CHANGE-FROM-OPS> 4,731
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<DISTRIBUTIONS-OF-GAINS> 627
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<SHARES-REINVESTED> 83
<NET-CHANGE-IN-ASSETS> 5,785
<ACCUMULATED-NII-PRIOR> 6
<ACCUMULATED-GAINS-PRIOR> 3
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 657
<AVERAGE-NET-ASSETS> 106,728
<PER-SHARE-NAV-BEGIN> 10.02
<PER-SHARE-NII> .59
<PER-SHARE-GAIN-APPREC> (.14)
<PER-SHARE-DIVIDEND> (.59)
<PER-SHARE-DISTRIBUTIONS> (.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.82
<EXPENSE-RATIO> .45
</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> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 33,023
<INVESTMENTS-AT-VALUE> 47,522
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<TOTAL-LIABILITIES> 49
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,497
<SHARES-COMMON-STOCK> 4,140
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<ACCUMULATED-NII-CURRENT> 21
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14,500
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<REALIZED-GAINS-CURRENT> 4,501
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<PER-SHARE-NAV-BEGIN> 10.28
<PER-SHARE-NII> .04
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<PER-SHARE-DIVIDEND> (.05)
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<PER-SHARE-NAV-END> 11.48
<EXPENSE-RATIO> .70
</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> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
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<PAID-IN-CAPITAL-COMMON> 139,619
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<OVERDISTRIBUTION-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 819
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<NET-CHANGE-IN-ASSETS> (5,665)
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<PER-SHARE-NAV-BEGIN> 10.21
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> 1.23
<PER-SHARE-DIVIDEND> (.17)
<PER-SHARE-DISTRIBUTIONS> (1.19)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.25
<EXPENSE-RATIO> .70
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 14
<NAME> M.S.D.&T. INTERMEDIATE TAX-EXEMPT BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
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<NET-ASSETS> 90,895
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<EXPENSES-NET> 415
<NET-INVESTMENT-INCOME> 3,503
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<APPREC-INCREASE-CURRENT> (591)
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<NUMBER-OF-SHARES-SOLD> 783
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<NET-CHANGE-IN-ASSETS> (3,097)
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<GROSS-EXPENSE> 699
<AVERAGE-NET-ASSETS> 92,253
<PER-SHARE-NAV-BEGIN> 10.01
<PER-SHARE-NII> .38
<PER-SHARE-GAIN-APPREC> .07
<PER-SHARE-DIVIDEND> (.38)
<PER-SHARE-DISTRIBUTIONS> (.08)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.00
<EXPENSE-RATIO> .45
</TABLE>
