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<PAGE> PAGE 3
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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 10
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<PAGE> PAGE 11
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<PAGE> PAGE 13
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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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070 F020400 N
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070 G020400 N
070 H010400 N
070 H020400 N
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070 I020400 N
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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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070 I020500 N
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
042 B000600 0
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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
076 000700 0.00
SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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<NAME> THE MARYLAND MUNI. BOND FUND TRUST SHARES
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<TABLE> <S> <C>
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<NAME> THE MARYLAND MUNI. BOND FUND INVMNT SHARES
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<AVERAGE-NET-ASSETS> 47,245,475
<PER-SHARE-NAV-BEGIN> 11.240
<PER-SHARE-NII> .450
<PER-SHARE-GAIN-APPREC> (.970)
<PER-SHARE-DIVIDEND> .450
<PER-SHARE-DISTRIBUTIONS> .100
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.170
<EXPENSE-RATIO> 117
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> THE MONEY MARKET FUND TRUST SHARES
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 146,798,566
<INVESTMENTS-AT-VALUE> 146,798,566
<RECEIVABLES> 1,744,751
<ASSETS-OTHER> 9,189
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 148,552,506
<PAYABLE-FOR-SECURITIES> 419,789
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 452,145
<TOTAL-LIABILITIES> 871,934
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 147,680,572
<SHARES-COMMON-STOCK> 132,445,041
<SHARES-COMMON-PRIOR> 134,397,424
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 132,445,041
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,407,210
<OTHER-INCOME> 0
<EXPENSES-NET> 807,118
<NET-INVESTMENT-INCOME> 4,600,092
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,600,092
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,275,163
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 276,276,617
<NUMBER-OF-SHARES-REDEEMED> 278,229,002
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 3,378,172
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 709,679
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,161,957
<AVERAGE-NET-ASSETS> 141,935,846
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .030
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> .030
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> THE MONEY MARKET FUND INVESTMENT SHARES
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 146,798,566
<INVESTMENTS-AT-VALUE> 146,798,566
<RECEIVABLES> 1,744,751
<ASSETS-OTHER> 9,189
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 148,552,506
<PAYABLE-FOR-SECURITIES> 419,789
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 452,145
<TOTAL-LIABILITIES> 871,934
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 147,680,572
<SHARES-COMMON-STOCK> 15,235,531
<SHARES-COMMON-PRIOR> 9,904,976
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 15,235,531
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,407,210
<OTHER-INCOME> 0
<EXPENSES-NET> 807,118
<NET-INVESTMENT-INCOME> 4,600,092
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,600,092
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 324,929
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25,429,884
<NUMBER-OF-SHARES-REDEEMED> 20,417,859
<SHARES-REINVESTED> 318,530
<NET-CHANGE-IN-ASSETS> 3,378,172
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 709,679
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,161,957
<AVERAGE-NET-ASSETS> 141,935,846
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .030
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> .030
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> THE STOCK FUND TRUST SHARES
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 96,189,162
<INVESTMENTS-AT-VALUE> 97,200,334
<RECEIVABLES> 311,761
<ASSETS-OTHER>20,415
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 97,532,510
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 419,517
<TOTAL-LIABILITIES> 419,517
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 93,775,042
<SHARES-COMMON-STOCK> 5,961,603
<SHARES-COMMON-PRIOR> 5,315,955
<ACCUMULATED-NII-CURRENT> 145,067
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,181,712
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,011,172
<NET-ASSETS> 70,373,732
<DIVIDEND-INCOME> 2,199,603
<INTEREST-INCOME> 257,160
<OTHER-INCOME> 0
<EXPENSES-NET> 948,650
<NET-INVESTMENT-INCOME> 1,508,113
<REALIZED-GAINS-CURRENT> 2,244,847
<APPREC-INCREASE-CURRENT> (4,568,297)
<NET-CHANGE-FROM-OPS> (815,337)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,098,902
<DISTRIBUTIONS-OF-GAINS> 1,031,282
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,077,354
<NUMBER-OF-SHARES-REDEEMED> 3,511,622
<SHARES-REINVESTED> 79,916
<NET-CHANGE-IN-ASSETS> 12,581,258
<ACCUMULATED-NII-PRIOR> 71,243
<ACCUMULATED-GAINS-PRIOR> 1,325,437
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 703,937
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,163,016
<AVERAGE-NET-ASSETS> 94,059,597
<PER-SHARE-NAV-BEGIN> 12.390
<PER-SHARE-NII> .200
<PER-SHARE-GAIN-APPREC> (.400)
<PER-SHARE-DIVIDEND> .190
<PER-SHARE-DISTRIBUTIONS> .200
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.800
<EXPENSE-RATIO> 95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> THE STOCK FUND INVESTMENT SHARES
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 96,189,162
<INVESTMENTS-AT-VALUE> 97,200,334
<RECEIVABLES> 311,761
<ASSETS-OTHER>20,415
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 97,532,510
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 419,517
<TOTAL-LIABILITIES> 419,517
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 93,775,042
<SHARES-COMMON-STOCK> 2,265,177
<SHARES-COMMON-PRIOR> 1,509,120
<ACCUMULATED-NII-CURRENT> 145,067
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,181,712
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,011,172
<NET-ASSETS> 26,739,261
<DIVIDEND-INCOME> 2,199,603
<INTEREST-INCOME> 257,160
<OTHER-INCOME> 0
<EXPENSES-NET> 948,650
<NET-INVESTMENT-INCOME> 1,508,113
<REALIZED-GAINS-CURRENT> 2,244,847
<APPREC-INCREASE-CURRENT> (4,568,297)
<NET-CHANGE-FROM-OPS> (815,337)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 335,387
<DISTRIBUTIONS-OF-GAINS> 352,939
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 991,369
<NUMBER-OF-SHARES-REDEEMED> 291,272
<SHARES-REINVESTED> 55,960
<NET-CHANGE-IN-ASSETS> 12,581,258
<ACCUMULATED-NII-PRIOR> 71,243
<ACCUMULATED-GAINS-PRIOR> 1,325,437
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 703,937
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,163,016
<AVERAGE-NET-ASSETS> 94,059,597
<PER-SHARE-NAV-BEGIN> 12.390
<PER-SHARE-NII> .170
<PER-SHARE-GAIN-APPREC> (.390)
<PER-SHARE-DIVIDEND> .170
<PER-SHARE-DISTRIBUTIONS> .200
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.800
<EXPENSE-RATIO> 120
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> THE TAX-FREE MONEY MARKET FUND
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 23,489,051
<INVESTMENTS-AT-VALUE> 23,489,051
<RECEIVABLES> 201,034
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,690,085
<PAYABLE-FOR-SECURITIES> 1,670,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53,445
<TOTAL-LIABILITIES> 1,723,445
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,966,640
<SHARES-COMMON-STOCK> 21,966,640
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 21,966,640
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 126,835
<OTHER-INCOME> 0
<EXPENSES-NET> 15,297
<NET-INVESTMENT-INCOME> 111,538
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 111,538
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 111,538
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32,866,117
<NUMBER-OF-SHARES-REDEEMED> 10,916,585
<SHARES-REINVESTED> 17,108
<NET-CHANGE-IN-ASSETS> 21,966,640
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21,033
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 44,709
<AVERAGE-NET-ASSETS> 23,621,734
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .010
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> .010
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 36
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> THE TREASURY MONEY MARKET FUND TRUST SHARES
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 324,801,639
<INVESTMENTS-AT-VALUE> 324,801,639
<RECEIVABLES> 2,745,409
<ASSETS-OTHER> 13,397
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 327,560,445
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,392,961
<TOTAL-LIABILITIES> 1,392,961
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 326,167,484
<SHARES-COMMON-STOCK> 304,284,576
<SHARES-COMMON-PRIOR> 152,920,569
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 304,284,576
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,755,740
<OTHER-INCOME> 0
<EXPENSES-NET> 1,677,886
<NET-INVESTMENT-INCOME> 9,077,854
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9,077,854
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,479,888
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,045,478,085
<NUMBER-OF-SHARES-REDEEMED> 894,114,112
<SHARES-REINVESTED> 34
<NET-CHANGE-IN-ASSETS> 152,864,828
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,388,302
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,185,976
<AVERAGE-NET-ASSETS> 277,660,461
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .030
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> .030
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> THE TREASURY MONEY MARKET FUND INVMNT SHARES
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 324,801,639
<INVESTMENTS-AT-VALUE> 324,801,639
<RECEIVABLES> 2,745,409
<ASSETS-OTHER> 13,397
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 327,560,445
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,392,961
<TOTAL-LIABILITIES> 1,392,961
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 326,167,484
<SHARES-COMMON-STOCK> 21,882,908
<SHARES-COMMON-PRIOR> 20,382,087
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 21,882,908
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,755,740
<OTHER-INCOME> 0
<EXPENSES-NET> 1,677,886
<NET-INVESTMENT-INCOME> 9,077,854
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9,077,854
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 597,966
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25,345,275
<NUMBER-OF-SHARES-REDEEMED> 24,442,899
<SHARES-REINVESTED> 598,444
<NET-CHANGE-IN-ASSETS> 152,864,828
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,388,302
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,185,976
<AVERAGE-NET-ASSETS> 277,660,461
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .030
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> .030
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> U.S. GOVT SECURITIES FUND TRUST SHARES
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 225,898,019
<INVESTMENTS-AT-VALUE> 216,831,635
<RECEIVABLES> 3,892,194
<ASSETS-OTHER> 6,640
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 220,730,469
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,188,255
<TOTAL-LIABILITIES> 1,188,255
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 238,332,359
<SHARES-COMMON-STOCK> 10,891,884
<SHARES-COMMON-PRIOR> 10,303,166
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (9,723,761)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (9,066,384)
<NET-ASSETS> 107,103,288
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 16,014,630
<OTHER-INCOME> 0
<EXPENSES-NET> 2,001,932
<NET-INVESTMENT-INCOME> 14,012,698
<REALIZED-GAINS-CURRENT> (7,736,461)
<APPREC-INCREASE-CURRENT> (13,610,731)
<NET-CHANGE-FROM-OPS> (7,334,494)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,839,985
<DISTRIBUTIONS-OF-GAINS> 1,411,493
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,770,940
<NUMBER-OF-SHARES-REDEEMED> 3,182,224
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> (11,978,464)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 769,729
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,734,083
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,736,676
<AVERAGE-NET-ASSETS> 111,350,857
<PER-SHARE-NAV-BEGIN> 10.900
<PER-SHARE-NII> .640
<PER-SHARE-GAIN-APPREC> (.950)
<PER-SHARE-DIVIDEND> .630
<PER-SHARE-DISTRIBUTIONS> .130
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.830
<EXPENSE-RATIO> 74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> U.S. GOVT SECURITIES FUND INVESTMENT SHARES
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 225,898,019
<INVESTMENTS-AT-VALUE> 216,831,635
<RECEIVABLES> 3,892,194
<ASSETS-OTHER> 6,640
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 220,730,469
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,188,255
<TOTAL-LIABILITIES> 1,188,255
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 238,332,359
<SHARES-COMMON-STOCK> 11,434,415
<SHARES-COMMON-PRIOR> 10,931,662
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (9,723,761)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (9,066,384)
<NET-ASSETS> 112,438,926
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 16,014,630
<OTHER-INCOME> 0
<EXPENSES-NET> 2,001,932
<NET-INVESTMENT-INCOME> 14,012,698
<REALIZED-GAINS-CURRENT> (7,736,461)
<APPREC-INCREASE-CURRENT> (13,610,731)
<NET-CHANGE-FROM-OPS> (7,334,494)
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<TABLE> <S> <C>
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<NAME>THE VIRGINIA MUNICIPAL BOND FUND INVMNT SHARES
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<SERIES>
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<NAME> THE VIRGINIA MUNICIPAL BOND FUND TRUST SHARES
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