<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> M.S.D.&T. TAX-EXEMPT MONEY MARKET FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-2000
<PERIOD-START> JUN-01-1999
<PERIOD-END> MAY-31-2000
<INVESTMENTS-AT-COST> 147,498
<INVESTMENTS-AT-VALUE> 147,498
<RECEIVABLES> 1,111
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 148,609
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 580
<TOTAL-LIABILITIES> 580
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 148,043
<SHARES-COMMON-STOCK> 148,044
<SHARES-COMMON-PRIOR> 143,229
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (14)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 148,029
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,671
<OTHER-INCOME> 0
<EXPENSES-NET> 602
<NET-INVESTMENT-INCOME> 5,069
<REALIZED-GAINS-CURRENT> (6)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,063
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,069
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 215,041
<NUMBER-OF-SHARES-REDEEMED> (210,257)
<SHARES-REINVESTED> 31
<NET-CHANGE-IN-ASSETS> 4,808
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (7)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 401
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 737
<AVERAGE-NET-ASSETS> 160,554
<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
</TABLE>
