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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 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
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008 A001201 STANDISH, AYER, & WOOD INC.
008 B001201 A
008 C001201 801-584
008 D011201 BOSTON
008 D021201 MA
008 D031201 02111
012 A001201 INVESTORS BANK & TRUST CO.
012 B001201 85-00720
012 C011201 BOSTON
012 C021201 MA
012 C031201 02110
013 A001201 COOPERS & LYBRAND L.L.P
013 B011201 BOSTON
013 B021201 MA
013 B031201 02108
015 A001201 INVESTORS BANK & TRUST CO.
015 B001201 C
015 C011201 BOSTON
015 C021201 MA
015 C031201 02110
015 E011201 X
018 001200 Y
019 A001200 Y
019 B001200 13
019 C001200 STANDISH,A
024 001200 Y
025 A001201 SALOMON
025 C001201 D
025 D001201 101
025 A001202 SMITH BARNEY
025 C001202 D
025 D001202 103
025 A001203 GOLDMAN SACHS
025 C001203 D
025 D001203 202
025 A001204 BEAR STERNS
025 C001204 D
025 D001204 103
025 D001205 0
025 D001206 0
025 D001207 0
025 D001208 0
028 A011200 3800
028 A021200 0
<PAGE> PAGE 42
028 A031200 0
028 A041200 0
028 B011200 22413
028 B021200 0
028 B031200 0
028 B041200 46
028 C011200 144
028 C021200 132
028 C031200 0
028 C041200 123
028 D011200 770
028 D021200 0
028 D031200 0
028 D041200 60
028 E011200 28
028 E021200 0
028 E031200 0
028 E041200 61
028 F011200 0
028 F021200 196
028 F031200 0
028 F041200 20034
028 G011200 27155
028 G021200 328
028 G031200 0
028 G041200 20324
028 H001200 0
029 001200 N
030 A001200 0
030 B001200 0.00
030 C001200 0.00
034 001200 N
035 001200 0
036 B001200 0
037 001200 N
038 001200 0
039 001200 N
040 001200 N
041 001200 N
045 001200 Y
046 001200 N
047 001200 Y
048 001200 1.250
048 A011200 0
048 A021200 0.000
048 B011200 0
048 B021200 0.000
048 C011200 0
048 C021200 0.000
048 D011200 0
048 D021200 0.000
<PAGE> PAGE 43
048 E011200 0
048 E021200 0.000
048 F011200 0
048 F021200 0.000
048 G011200 0
048 G021200 0.000
048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 0
048 K021200 0.000
049 001200 N
050 001200 N
051 001200 N
052 001200 N
053 A001200 Y
053 B001200 Y
054 A001200 Y
054 B001200 N
054 C001200 N
054 D001200 N
054 E001200 N
054 F001200 N
054 G001200 Y
054 H001200 Y
054 I001200 N
054 J001200 Y
054 K001200 Y
054 L001200 N
054 M001200 Y
054 N001200 Y
054 O001200 N
055 A001200 N
055 B001200 N
056 001200 Y
057 001200 N
058 A001200 N
059 001200 Y
060 A001200 Y
060 B001200 Y
061 001200 100000
062 A001200 Y
062 B001200 0.0
062 C001200 0.0
062 D001200 4.3
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
<PAGE> PAGE 44
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 0.0
062 M001200 3.5
062 N001200 47.9
062 O001200 0.0
062 P001200 45.9
062 Q001200 -1.6
062 R001200 0.0
063 A001200 0
063 B001200 9.5
064 A001200 N
066 A001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
070 A021200 Y
070 B011200 Y
070 B021200 N
070 C011200 Y
070 C021200 N
070 D011200 Y
070 D021200 N
070 E011200 Y
070 E021200 N
070 F011200 Y
070 F021200 N
070 G011200 Y
070 G021200 N
070 H011200 Y
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 Y
070 K011200 Y
070 K021200 N
070 L011200 N
070 L021200 N
070 M011200 N
070 M021200 N
070 N011200 N
070 N021200 N
070 O011200 N
070 O021200 N
070 P011200 N
070 P021200 N
<PAGE> PAGE 45
070 Q011200 N
070 Q021200 N
070 R011200 Y
070 R021200 N
071 A001200 63818
071 B001200 56830
071 C001200 14605
071 D001200 389
072 A001200 6
072 B001200 750
072 C001200 0
072 D001200 0
072 E001200 0
072 F001200 43
072 G001200 0
072 H001200 0
072 I001200 0
072 J001200 36
072 K001200 0
072 L001200 0
072 M001200 0
072 N001200 13
072 O001200 0
072 P001200 0
072 Q001200 0
072 R001200 35
072 S001200 8
072 T001200 0
072 U001200 1
072 V001200 0
072 W001200 1
072 X001200 137
072 Y001200 95
072 Z001200 708
072AA001200 806
072BB001200 0
072CC011200 228
072CC021200 0
072DD011200 705
072DD021200 0
072EE001200 177
073 A011200 0.5300
073 A021200 0.0000
073 B001200 0.1200
073 C001200 0.0000
074 A001200 8
074 B001200 349
074 C001200 0
074 D001200 8034
074 E001200 0
074 F001200 0
<PAGE> PAGE 46
074 G001200 0
074 H001200 0
074 I001200 0
074 J001200 19829
074 K001200 0
074 L001200 403
074 M001200 11
074 N001200 28634
074 O001200 0
074 P001200 0
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 20588
074 S001200 0
074 T001200 8046
074 U011200 392
074 U021200 0
074 V011200 20.52
074 V021200 0.00
074 W001200 0.0000
074 X001200 3
074 Y001200 1215
075 A001200 0
075 B001200 14605
076 001200 0.00
008 A001301 STANDISH, AYER, & WOOD, INC.
008 B001301 A
008 C001301 801-584
008 D011301 BOSTON
008 D021301 MA
008 D031301 02111
012 A001301 INVESTOR BANK & TRUST CO.
012 B001301 85-00720
012 C011301 BOSTON
012 C021301 MA
012 C031301 02110
013 A001301 COOPERS & LYBRAND L.L.P.
013 B011301 BOSTON
013 B021301 MA
013 B031301 02108
015 A001301 INVESTORS BANK & TRUST, CO.
015 B001301 C
015 C011301 BOSTON
015 C021301 MA
015 C031301 02110
015 E011301 X
018 001300 Y
019 A001300 Y
019 B001300 13
<PAGE> PAGE 47
019 C001300 STANDISH,A
024 001300 Y
025 A001301 MORGAN STANLEY
025 C001301 D
025 D001301 102
025 A001302 SMITH BARNEY
025 C001302 D
025 D001302 100
025 A001303 SALOMON BROTHERS
025 C001303 D
025 D001303 127
025 A001304 GOLDMAN SACHS
025 C001304 D
025 D001304 151
025 A001305 MERRILL LYNCH
025 C001305 D
025 D001305 50
025 D001306 0
025 D001307 0
025 D001308 0
028 A011300 5714
028 A021300 0
028 A031300 0
028 A041300 0
028 B011300 100
028 B021300 0
028 B031300 0
028 B041300 0
028 C011300 100
028 C021300 16
028 C031300 0
028 C041300 0
028 D011300 1686
028 D021300 0
028 D031300 0
028 D041300 10
028 E011300 200
028 E021300 0
028 E031300 0
028 E041300 202
028 F011300 1500
028 F021300 52
028 F031300 0
028 F041300 360
028 G011300 9300
028 G021300 68
028 G031300 0
028 G041300 572
028 H001300 0
029 001300 N
030 A001300 0
<PAGE> PAGE 48
030 B001300 0.00
030 C001300 0.00
034 001300 N
035 001300 0
036 B001300 0
037 001300 N
038 001300 0
039 001300 N
040 001300 N
041 001300 N
045 001300 Y
046 001300 N
047 001300 Y
048 001300 1.250
048 A011300 0
048 A021300 0.000
048 B011300 0
048 B021300 0.000
048 C011300 0
048 C021300 0.000
048 D011300 0
048 D021300 0.000
048 E011300 0
048 E021300 0.000
048 F011300 0
048 F021300 0.000
048 G011300 0
048 G021300 0.000
048 H011300 0
048 H021300 0.000
048 I011300 0
048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 0
048 K021300 0.000
049 001300 N
050 001300 N
051 001300 N
052 001300 N
053 A001300 Y
053 B001300 Y
054 A001300 Y
054 B001300 N
054 C001300 N
054 D001300 N
054 E001300 N
054 F001300 N
054 G001300 Y
054 H001300 Y
054 I001300 N
<PAGE> PAGE 49
054 J001300 Y
054 K001300 Y
054 L001300 N
054 M001300 Y
054 N001300 Y
054 O001300 N
055 A001300 N
055 B001300 N
056 001300 Y
057 001300 N
058 A001300 N
059 001300 Y
060 A001300 Y
060 B001300 Y
061 001300 100000
062 A001300 Y
062 B001300 0.5
062 C001300 0.0
062 D001300 0.5
062 E001300 0.0
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
062 I001300 0.0
062 J001300 0.0
062 K001300 0.0
062 L001300 0.0
062 M001300 29.8
062 N001300 7.7
062 O001300 0.0
062 P001300 58.6
062 Q001300 2.9
062 R001300 0.0
063 A001300 0
063 B001300 2.7
064 A001300 N
066 A001300 N
067 001300 N
068 A001300 N
068 B001300 N
069 001300 N
071 A001300 15087
071 B001300 6320
071 C001300 4975
071 D001300 127
072 A001300 6
072 B001300 226
072 C001300 0
072 D001300 0
072 E001300 0
072 F001300 12
<PAGE> PAGE 50
072 G001300 0
072 H001300 0
072 I001300 0
072 J001300 33
072 K001300 0
072 L001300 0
072 M001300 0
072 N001300 4
072 O001300 0
072 P001300 0
072 Q001300 0
072 R001300 28
072 S001300 7
072 T001300 0
072 U001300 1
072 V001300 0
072 W001300 0
072 X001300 85
072 Y001300 72
072 Z001300 213
072AA001300 15
072BB001300 0
072CC011300 66
072CC021300 0
072DD011300 213
072DD021300 0
072EE001300 10
073 A011300 0.5700
073 A021300 0.0000
073 B001300 0.0000
073 C001300 0.0000
074 A001300 2
074 B001300 41
074 C001300 49
074 D001300 8806
074 E001300 0
074 F001300 0
074 G001300 0
074 H001300 0
074 I001300 0
074 J001300 0
074 K001300 0
074 L001300 177
074 M001300 10
074 N001300 9085
074 O001300 0
074 P001300 0
074 Q001300 0
074 R011300 0
074 R021300 0
074 R031300 0
<PAGE> PAGE 51
074 R041300 217
074 S001300 0
074 T001300 8868
074 U011300 438
074 U021300 0
074 V011300 20.24
074 V021300 0.00
074 W001300 0.0000
074 X001300 9
074 Y001300 394
075 A001300 0
075 B001300 4974
076 001300 0.00
SIGNATURE BASIL MURRAY
TITLE MUTUAL FUNDS
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> Standish Controlled Maturity Fund
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JUL-3-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 8,829,327
<INVESTMENTS-AT-VALUE> 8,895,388
<RECEIVABLES> 60,510
<ASSETS-OTHER> 128,922
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,084,820
<PAYABLE-FOR-SECURITIES> 80,810
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 136,163
<TOTAL-LIABILITIES> 216,973
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,796,690
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,096
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 66,061
<NET-ASSETS> 8,867,847
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 226,617
<OTHER-INCOME> 0
<EXPENSES-NET> 13,277
<NET-INVESTMENT-INCOME> 213,340
<REALIZED-GAINS-CURRENT> 15,239
<APPREC-INCREASE-CURRENT> 66,061
<NET-CHANGE-FROM-OPS> 294,640
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 213,237
<DISTRIBUTIONS-OF-GAINS> 10,245
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 462,667
<NUMBER-OF-SHARES-REDEEMED> 27,970
<SHARES-REINVESTED> 3,396
<NET-CHANGE-IN-ASSETS> 8,867,847
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,617
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 85,188
<AVERAGE-NET-ASSETS> 6,806,256
<PER-SHARE-NAV-BEGIN> 20
<PER-SHARE-NII> 0.57
<PER-SHARE-GAIN-APPREC> 0.24
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.57
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.24
<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> Standish Fixed Income Fund II
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JUL-3-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 8,155,308
<INVESTMENTS-AT-VALUE> 8,383,782
<RECEIVABLES> 20,231,265
<ASSETS-OTHER> 19,222
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,634,269
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20,587,785
<TOTAL-LIABILITIES> 20,587,785
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,185,432
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 632,578
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 228,474
<NET-ASSETS> 8,046,484
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 750,353
<OTHER-INCOME> 0
<EXPENSES-NET> 42,629
<NET-INVESTMENT-INCOME> 707,724
<REALIZED-GAINS-CURRENT> 806,785
<APPREC-INCREASE-CURRENT> 228,474
<NET-CHANGE-FROM-OPS> 1,742,983
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 705,113
<DISTRIBUTIONS-OF-GAINS> 176,818
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,367,590
<NUMBER-OF-SHARES-REDEEMED> 991,477
<SHARES-REINVESTED> 16,103
<NET-CHANGE-IN-ASSETS> 8,046,484
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 42,628
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 137,046
<AVERAGE-NET-ASSETS> 17,284,680
<PER-SHARE-NAV-BEGIN> 20.00
<PER-SHARE-NII> 0.53
<PER-SHARE-GAIN-APPREC> 0.64
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.65
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.52
<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> Standish Intermediate Tax Exempt Bond Fund
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 31,265,182
<INVESTMENTS-AT-VALUE> 32,368,801
<RECEIVABLES> 1,613,361
<ASSETS-OTHER> 7,078
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33,537,240
<PAYABLE-FOR-SECURITIES> 519,239
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 152,608
<TOTAL-LIABILITIES> 671,847
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,796,162
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (34,388)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,103,619
<NET-ASSETS> 32,865,393
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,550,770
<OTHER-INCOME> 0
<EXPENSES-NET> 187,291
<NET-INVESTMENT-INCOME> 1,363,479
<REALIZED-GAINS-CURRENT> 199,896
<APPREC-INCREASE-CURRENT> 1,841,975
<NET-CHANGE-FROM-OPS> 3,405,350
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,363,479
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 821,564
<NUMBER-OF-SHARES-REDEEMED> 331,012
<SHARES-REINVESTED> 15,149
<NET-CHANGE-IN-ASSETS> 12,351,086
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (234,284)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 115,482
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 225,717
<AVERAGE-NET-ASSETS> 28,728,554
<PER-SHARE-NAV-BEGIN> 19.91
<PER-SHARE-NII> 0.98
<PER-SHARE-GAIN-APPREC> 1.49
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.98
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.40
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> Standish International Fixed Income Fund
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 752,275,103
<INVESTMENTS-AT-VALUE> 783,149,278
<RECEIVABLES> 40,126,677
<ASSETS-OTHER> 13,958,441
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 837,234,396
<PAYABLE-FOR-SECURITIES> 10,217,938
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 23,479,583
<TOTAL-LIABILITIES> 33,697,521
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 754,303,698
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2,477,089
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,146,707
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 37,609,381
<NET-ASSETS> 803,536,875
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 84,285,898
<OTHER-INCOME> 0
<EXPENSES-NET> 5,025,342
<NET-INVESTMENT-INCOME> 79,260,556
<REALIZED-GAINS-CURRENT> 18,355,655
<APPREC-INCREASE-CURRENT> 62,727,279
<NET-CHANGE-FROM-OPS> 160,343,490
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 69,501,890
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,493,337
<NUMBER-OF-SHARES-REDEEMED> 21,174,451
<SHARES-REINVESTED> 2,095,788
<NET-CHANGE-IN-ASSETS> (265,879,588)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (16,490,525)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,916,500
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,025,342
<AVERAGE-NET-ASSETS> 979,339,175
<PER-SHARE-NAV-BEGIN> 21.30
<PER-SHARE-NII> 1.96
<PER-SHARE-GAIN-APPREC> 1.84
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.89
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.21
<EXPENSE-RATIO> 0.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> Standish Mass. Intermediate Tax Exempt Bond Fund
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 31,237,726
<INVESTMENTS-AT-VALUE> 32,180,776
<RECEIVABLES> 542,649
<ASSETS-OTHER> 5,473
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,728,898
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 163,861
<TOTAL-LIABILITIES> 163,861
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,230,262
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (608,275)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 943,050
<NET-ASSETS> 32,565,037
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,653,234
<OTHER-INCOME> 0
<EXPENSES-NET> 201,355
<NET-INVESTMENT-INCOME> 1,451,879
<REALIZED-GAINS-CURRENT> (144,169)
<APPREC-INCREASE-CURRENT> 2,339,720
<NET-CHANGE-FROM-OPS> 3,647,430
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,451,879
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 534,346
<NUMBER-OF-SHARES-REDEEMED> 423,607
<SHARES-REINVESTED> 18,097
<NET-CHANGE-IN-ASSETS> 4,789,525
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (464,106)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 124,213
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 223,173
<AVERAGE-NET-ASSETS> 30,840,402
<PER-SHARE-NAV-BEGIN> 19.55
<PER-SHARE-NII> 0.94
<PER-SHARE-GAIN-APPREC> 1.47
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.94
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.02
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> Standish Securitized Fund
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 65,198,772
<INVESTMENTS-AT-VALUE> 66,470,007
<RECEIVABLES> 430,101
<ASSETS-OTHER> 421
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 66,900,529
<PAYABLE-FOR-SECURITIES> 10,484,023
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,215,807
<TOTAL-LIABILITIES> 11,699,830
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 55,863,898
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 163,094
<ACCUMULATED-NET-GAINS> (1,676,678)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,176,573
<NET-ASSETS> 55,200,699
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,031,340
<OTHER-INCOME> 0
<EXPENSES-NET> 251,117
<NET-INVESTMENT-INCOME> 3,780,223
<REALIZED-GAINS-CURRENT> 1,131,513
<APPREC-INCREASE-CURRENT> 3,537,677
<NET-CHANGE-FROM-OPS> 8,449,413
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,731,675
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 64,329
<NUMBER-OF-SHARES-REDEEMED> 258,806
<SHARES-REINVESTED> 29,757
<NET-CHANGE-IN-ASSETS> 1,421,743
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,906,470)
<OVERDISTRIB-NII-PRIOR> 113,363
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 139,890
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 283,115
<AVERAGE-NET-ASSETS> 55,761,722
<PER-SHARE-NAV-BEGIN> 18.61
<PER-SHARE-NII> 1.32
<PER-SHARE-GAIN-APPREC> 1.66
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.34
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.25
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> Standish Short Term Asset Reserve Fund
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 240,533,158
<INVESTMENTS-AT-VALUE> 241,145,560
<RECEIVABLES> 11,969,851
<ASSETS-OTHER> 2,240
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 253,117,651
<PAYABLE-FOR-SECURITIES> 9,059,383
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 558,748
<TOTAL-LIABILITIES> 9,618,131
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 253,807,901
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 72,090
<ACCUMULATED-NET-GAINS> (10,489,862)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 253,571
<NET-ASSETS> 243,499,520
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 17,344,905
<OTHER-INCOME> 0
<EXPENSES-NET> 922,826
<NET-INVESTMENT-INCOME> 16,422,079
<REALIZED-GAINS-CURRENT> 91,489
<APPREC-INCREASE-CURRENT> 4,729,922
<NET-CHANGE-FROM-OPS> 21,243,490
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 16,408,848
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 72,090
<NUMBER-OF-SHARES-SOLD> 11,547,118
<NUMBER-OF-SHARES-REDEEMED> 14,122,510
<SHARES-REINVESTED> 614,434
<NET-CHANGE-IN-ASSETS> (33,517,249)
<ACCUMULATED-NII-PRIOR> 3,143
<ACCUMULATED-GAINS-PRIOR> (10,597,725)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 705,129
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 922,826
<AVERAGE-NET-ASSETS> 246,630,818
<PER-SHARE-NAV-BEGIN> 19.22
<PER-SHARE-NII> 1.13
<PER-SHARE-GAIN-APPREC> 0.33
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.13
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.55
<EXPENSE-RATIO> 0.33
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> Standish Small Capitilization Equity Fund
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 140,875,466
<INVESTMENTS-AT-VALUE> 175,580,488
<RECEIVABLES> 7,356,501
<ASSETS-OTHER> 1,003
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 182,937,992
<PAYABLE-FOR-SECURITIES> 1,917,395
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 550,631
<TOTAL-LIABILITIES> 2,468,026
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 139,154,962
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,582,032
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,732,972
<NET-ASSETS> 180,469,966
<DIVIDEND-INCOME> 353,726
<INTEREST-INCOME> 302,991
<OTHER-INCOME> 0
<EXPENSES-NET> 1,093,006
<NET-INVESTMENT-INCOME> (436,289)
<REALIZED-GAINS-CURRENT> 12,833,607
<APPREC-INCREASE-CURRENT> 27,572,436
<NET-CHANGE-FROM-OPS> 39,969,754
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 4,170,634
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,215,183
<NUMBER-OF-SHARES-REDEEMED> 465,355
<SHARES-REINVESTED> 73,432
<NET-CHANGE-IN-ASSETS> 72,878,656
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,644,652)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 871,879
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,093,006
<AVERAGE-NET-ASSETS> 145,484,130
<PER-SHARE-NAV-BEGIN> 42.15
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 12.57
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.26
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 53.46
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> Standish International Equity Fund
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 53,840,967
<INVESTMENTS-AT-VALUE> 56,557,883
<RECEIVABLES> 811,547
<ASSETS-OTHER> 2,488,387
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 59,857,817
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 384,551
<TOTAL-LIABILITIES> 384,551
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 55,556,834
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 103,026
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 964,750
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,848,656
<NET-ASSETS> 59,473,266
<DIVIDEND-INCOME> 1,568,774
<INTEREST-INCOME> 1,033,239
<OTHER-INCOME> 0
<EXPENSES-NET> 1,066,088
<NET-INVESTMENT-INCOME> 1,535,925
<REALIZED-GAINS-CURRENT> 555,805
<APPREC-INCREASE-CURRENT> (1,331,247)
<NET-CHANGE-FROM-OPS> 760,483
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 293,380
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 535,762
<NUMBER-OF-SHARES-REDEEMED> 2,539,577
<SHARES-REINVESTED> 12,155
<NET-CHANGE-IN-ASSETS> (44,961,251)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,653,431)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 704,283
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,066,088
<AVERAGE-NET-ASSETS> 87,491,876
<PER-SHARE-NAV-BEGIN> 23.12
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.45
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.07
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.54
<EXPENSE-RATIO> 1.22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> Standish Equity Fund
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 79,797,103
<INVESTMENTS-AT-VALUE> 90,172,258
<RECEIVABLES> 4,290,315
<ASSETS-OTHER> 7,939
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 94,470,512
<PAYABLE-FOR-SECURITIES> 4,112,823
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,825,306
<TOTAL-LIABILITIES> 5,938,129
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 75,690,282
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 20,724
<ACCUMULATED-NET-GAINS> 2,485,145
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,377,680
<NET-ASSETS> 88,532,383
<DIVIDEND-INCOME> 2,587,046
<INTEREST-INCOME> 354,705
<OTHER-INCOME> 0
<EXPENSES-NET> 745,641
<NET-INVESTMENT-INCOME> 2,196,110
<REALIZED-GAINS-CURRENT> 21,564,705
<APPREC-INCREASE-CURRENT> 10,229,026
<NET-CHANGE-FROM-OPS> 33,989,841
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,203,103
<DISTRIBUTIONS-OF-GAINS> 8,605,084
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 932,595
<NUMBER-OF-SHARES-REDEEMED> 1,705,536
<SHARES-REINVESTED> 294,939
<NET-CHANGE-IN-ASSETS> 1,941,626
<ACCUMULATED-NII-PRIOR> 27,644
<ACCUMULATED-GAINS-PRIOR> (503,470)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 555,164
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 745,641
<AVERAGE-NET-ASSETS> 107,354,842
<PER-SHARE-NAV-BEGIN> 28.66
<PER-SHARE-NII> 0.76
<PER-SHARE-GAIN-APPREC> 9.94
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 4.55
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 34.81
<EXPENSE-RATIO> 0.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> Standish Fixed Income Fund
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 2,202,180,228
<INVESTMENTS-AT-VALUE> 2,290,782,421
<RECEIVABLES> 75,371,896
<ASSETS-OTHER> 2,643,852
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,368,798,169
<PAYABLE-FOR-SECURITIES> 75,832,612
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25,858,670
<TOTAL-LIABILITIES> 101,691,282
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,189,898,702
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3,798,973
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (15,716,937)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 89,126,149
<NET-ASSETS> 2,267,106,887
<DIVIDEND-INCOME> 2,549,708
<INTEREST-INCOME> 150,691,965
<OTHER-INCOME> 0
<EXPENSES-NET> 7,404,762
<NET-INVESTMENT-INCOME> 145,836,911
<REALIZED-GAINS-CURRENT> 23,525,323
<APPREC-INCREASE-CURRENT> 166,624,878
<NET-CHANGE-FROM-OPS> 335,987,112
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 142,241,343
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28,240,659
<NUMBER-OF-SHARES-REDEEMED> 11,707,017
<SHARES-REINVESTED> 4,933,561
<NET-CHANGE-IN-ASSETS> 624,173,605
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (39,038,855)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,321,967
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,404,762
<AVERAGE-NET-ASSETS> 1,976,135,297
<PER-SHARE-NAV-BEGIN> 18.91
<PER-SHARE-NII> 1.35
<PER-SHARE-GAIN-APPREC> 2.08
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.42
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.92
<EXPENSE-RATIO> 0.38
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> Standish Global Fixed Income Fund
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 132,363,100
<INVESTMENTS-AT-VALUE> 137,098,681
<RECEIVABLES> 4,934,405
<ASSETS-OTHER> 988,319
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 143,021,405
<PAYABLE-FOR-SECURITIES> 1,616,615
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,505,768
<TOTAL-LIABILITIES> 5,122,383
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 136,347,384
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 424,310
<ACCUMULATED-NET-GAINS> (3,304,586)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,280,534
<NET-ASSETS> 137,899,022
<DIVIDEND-INCOME> 78,598
<INTEREST-INCOME> 11,448,898
<OTHER-INCOME> 0
<EXPENSES-NET> 834,547
<NET-INVESTMENT-INCOME> 10,692,949
<REALIZED-GAINS-CURRENT> 1,595,141
<APPREC-INCREASE-CURRENT> 10,169,602
<NET-CHANGE-FROM-OPS> 22,457,692
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10,692,949
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 736,162
<NUMBER-OF-SHARES-SOLD> 558,609
<NUMBER-OF-SHARES-REDEEMED> 1,332,915
<SHARES-REINVESTED> 317,125
<NET-CHANGE-IN-ASSETS> 2,667,509
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,587,876)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 535,630
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 834,547
<AVERAGE-NET-ASSETS> 134,323,863
<PER-SHARE-NAV-BEGIN> 17.99
<PER-SHARE-NII> 1.59
<PER-SHARE-GAIN-APPREC> 1.60
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.65
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.53
<EXPENSE-RATIO> 0.62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
