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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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SIGNATURE GEORGE M. BOYD
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Merrimac Cash Fund Premium Class,
form N-SAR for the period ended December 31, 1996
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Merrimac Cash Fund Premium Class
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1,006,310,145
<INVESTMENTS-AT-VALUE> 1,006,310,145
<RECEIVABLES> 0
<ASSETS-OTHER> 68,427
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,006,378,572
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 875,936,001
<SHARES-COMMON-STOCK> 875,936,001
<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> 875,936,001
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 632,709
<OTHER-INCOME> 0
<EXPENSES-NET> 45,118
<NET-INVESTMENT-INCOME> 587,591
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 587,591
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 587,591
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 916,936,001
<NUMBER-OF-SHARES-REDEEMED> 41,000,000
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 875,936,001
<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> 80,427
<AVERAGE-NET-ASSETS> 469,665,172
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.006
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.006)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Merrimac Cash Fund Institutional Class,
form N-SAR for the period ended December 31, 1996
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> Merrimac Cash Fund Institutional Class
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1,006,310,145
<INVESTMENTS-AT-VALUE> 1,006,310,145
<RECEIVABLES> 0
<ASSETS-OTHER> 68,427
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,006,378,572
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 127,409,933
<SHARES-COMMON-STOCK> 127,409,933
<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> 127,409,933
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,939,956
<OTHER-INCOME> 0
<EXPENSES-NET> 80,427
<NET-INVESTMENT-INCOME> 2,859,529
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,859,529
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,859,529
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 155,789,923
<NUMBER-OF-SHARES-REDEEMED> 23,379,990
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 127,409,933
<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> 45,118
<AVERAGE-NET-ASSETS> 101,473,916
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.006
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.006)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
Board of Trustees
Merrimac Funds
In planning and performing our audits of the financial statements of the
Merrimac Cash Fund (one of the series of the Merrimac Funds) for the period
ended December 31, 1996, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide assurance on
the internal control structure.
The management of the Merrimac Cash Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements 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 the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above at
December 31, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/S/ ERNST & YOUNG LLP
February 21, 1997
Merrimac Funds
Special Meeting of Sole Shareholder
October 30, 1996
A meeting of the sole Shareholder of the Merrimac Funds (the
"Trust") was held at 4:00 p.m. on October 30, 1996 at 89 South
Street, Boston, Massachusetts to consider the election of
Trustees and the selection of independent auditors for the Trust.
After the meeting was called to order, Francis J. Gaul, Jr., the
only Shareholder of the Trust, took the following actions, upon
motion duly made and seconded:
RESOLVED, That the following persons be, and hereby are,
elected to serve as Trustees of the Trust to serve until
the next meeting of Shareholders called for the purpose
of electing Trustees or until he sooner dies, resigns
or is removed from office: Edward F. Hines, Jr., Francis
J. Gaul, Jr., Kevin J. Sheehan and Thomas E. Sinton; and
RESOLVED FURTHER, That the firm of Ernst & Young LLP be,
and hereby is, appointed as the independent auditor for
the Trust for the fiscal year ended December 31, 1996.
There being no further business to come before the meeting, the
meeting was adjourned.
/s/ George M. Boyd
-----------------
George M. Boyd
Secretary
The undersigned, being the sole Shareholder of the Trust, hereby
waives notice of the foregoing meeting, approves the minutes
thereof and ratifies and confirms all actions taken at such
meeting.
/s/ Francis J. Gaul, Jr.
- ------------------------
Francis J. Gaul, Jr.
Sole Shareholder
