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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 19
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<PAGE> PAGE 20
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062 Q000400 -19.3
062 R000400 0.0
063 A000400 0
063 B000400 9.7
064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 Y
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
<PAGE> PAGE 21
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 67681
071 B000400 67587
071 C000400 453761
071 D000400 15
072 A000400 6
072 B000400 2006
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 67
072 G000400 0
072 H000400 0
072 I000400 0
072 J000400 44
072 K000400 0
072 L000400 0
072 M000400 1
072 N000400 1
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 16
072 S000400 4
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 2
072 X000400 135
072 Y000400 16
072 Z000400 1887
072AA000400 0
<PAGE> PAGE 22
072BB000400 380
072CC010400 0
072CC020400 1958
072DD010400 1325
072DD020400 0
072EE000400 0
073 A010400 0.5000
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 988
074 C000400 54
074 D000400 60094
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 4
074 J000400 2488
074 K000400 0
074 L000400 433
074 M000400 1
074 N000400 64062
074 O000400 2484
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 9
074 R040400 10358
074 S000400 0
074 T000400 51211
074 U010400 2613
074 U020400 0
074 V010400 19.60
074 V020400 0.00
074 W000400 0.0000
074 X000400 14
074 Y000400 15095
075 A000400 0
075 B000400 453761
076 000400 0.00
024 000500 N
028 A010500 3490
028 A020500 0
028 A030500 0
028 A040500 4702
028 B010500 5504
028 B020500 0
028 B030500 0
<PAGE> PAGE 23
028 B040500 287
028 C010500 1286
028 C020500 0
028 C030500 0
028 C040500 2386
028 D010500 13804
028 D020500 0
028 D030500 0
028 D040500 440
028 E010500 11507
028 E020500 0
028 E030500 0
028 E040500 6728
028 F010500 2640
028 F020500 6240
028 F030500 0
028 F040500 3601
028 G010500 38231
028 G020500 6240
028 G030500 0
028 G040500 18144
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.600
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
<PAGE> PAGE 24
052 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 100000
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
066 A000500 Y
066 D000500 Y
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 Y
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 Y
070 K010500 Y
<PAGE> PAGE 25
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 N
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 83846
071 B000500 54112
071 C000500 208514
071 D000500 26
072 A000500 6
072 B000500 108
072 C000500 90
072 D000500 0
072 E000500 -158
072 F000500 397
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072 I000500 0
072 J000500 64
072 K000500 0
072 L000500 0
072 M000500 4
072 N000500 2
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072 P000500 0
072 Q000500 0
072 R000500 0
072 S000500 19
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 3
072 X000500 489
072 Y000500 0
072 Z000500 -449
072AA000500 27386
072BB000500 0
072CC010500 6350
072CC020500 0
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072DD020500 0
<PAGE> PAGE 26
072EE000500 6669
073 A010500 0.0000
073 A020500 0.0000
073 B000500 1.7800
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 234154
074 J000500 5
074 K000500 0
074 L000500 0
074 M000500 6
074 N000500 234165
074 O000500 0
074 P000500 0
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074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 749
074 S000500 0
074 T000500 233416
074 U010500 3824
074 U020500 0
074 V010500 61.04
074 V020500 0.00
074 W000500 0.0000
074 X000500 427
074 Y000500 188
075 A000500 0
075 B000500 208514
076 000500 0.00
024 000600 N
028 A010600 6923
028 A020600 0
028 A030600 0
028 A040600 3839
028 B010600 1862
028 B020600 0
028 B030600 0
028 B040600 18299
028 C010600 30453
028 C020600 4583
028 C030600 0
028 C040600 66193
<PAGE> PAGE 27
028 D010600 4179
028 D020600 0
028 D030600 0
028 D040600 9995
028 E010600 0
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028 E030600 0
028 E040600 36890
028 F010600 80
028 F020600 13414
028 F030600 0
028 F040600 2771
028 G010600 43497
028 G020600 17997
028 G030600 0
028 G040600 137987
028 H000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.400
048 A010600 0
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048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
<PAGE> PAGE 28
060 B000600 Y
061 000600 100000
062 A000600 Y
062 B000600 0.0
062 C000600 7.1
062 D000600 1.3
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.4
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 91.2
062 R000600 0.0
063 A000600 0
063 B000600 7.3
064 A000600 N
064 B000600 N
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 Y
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 Y
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 Y
070 K010600 Y
070 K020600 Y
<PAGE> PAGE 29
070 L010600 Y
070 L020600 Y
070 M010600 Y
070 M020600 Y
070 N010600 N
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 Y
070 R020600 Y
071 A000600 963310
071 B000600 1056536
071 C000600 774248
071 D000600 124
072 A000600 6
072 B000600 30006
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072 S000600 54
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072 W000600 21
072 X000600 2023
072 Y000600 0
072 Z000600 27983
072AA000600 24649
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072CC020600 21411
072DD010600 12664
072DD020600 0
072EE000600 9229
<PAGE> PAGE 30
073 A010600 0.4000
073 A020600 0.0000
073 B000600 0.3000
073 C000600 0.0000
074 A000600 12741
074 B000600 9304
074 C000600 55746
074 D000600 641163
074 E000600 0
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074 G000600 0
074 H000600 0
074 I000600 6776
074 J000600 15309
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074 L000600 18451
074 M000600 13088
074 N000600 772578
074 O000600 19719
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074 R030600 3008
074 R040600 13479
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074 T000600 736372
074 U010600 31342
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074 V020600 0.00
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074 X000600 195
074 Y000600 428778
075 A000600 0
075 B000600 774248
076 000600 0.00
024 000700 N
028 A010700 2900
028 A020700 0
028 A030700 0
028 A040700 301
028 B010700 560
028 B020700 0
028 B030700 0
028 B040700 1266
028 C010700 1048
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028 C040700 36
028 D010700 1505
<PAGE> PAGE 31
028 D020700 301
028 D030700 0
028 D040700 2154
028 E010700 1107
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028 E040700 367
028 F010700 637
028 F020700 2858
028 F030700 0
028 F040700 336
028 G010700 7757
028 G020700 3159
028 G030700 0
028 G040700 4460
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045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.500
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048 B010700 0
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048 E010700 0
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048 F010700 0
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048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 N
058 A000700 N
059 000700 Y
060 A000700 Y
060 B000700 Y
<PAGE> PAGE 32
061 000700 100000
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
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062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
066 A000700 Y
066 D000700 Y
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 Y
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 Y
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 N
070 M010700 Y
070 M020700 N
<PAGE> PAGE 33
070 N010700 N
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 Y
070 R020700 N
071 A000700 38138
071 B000700 37335
071 C000700 97048
071 D000700 38
072 A000700 6
072 B000700 78
072 C000700 612
072 D000700 0
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072 F000700 164
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072 S000700 26
072 T000700 0
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072 X000700 220
072 Y000700 0
072 Z000700 826
072AA000700 5408
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072CC010700 2665
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072DD010700 791
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072EE000700 2605
073 A010700 0.3000
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073 B000700 0.9800
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<PAGE> PAGE 34
074 A000700 0
074 B000700 0
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074 D000700 0
074 E000700 0
074 F000700 0
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074 H000700 0
074 I000700 100677
074 J000700 0
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074 L000700 10
074 M000700 3
074 N000700 100690
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074 R010700 0
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074 R030700 0
074 R040700 197
074 S000700 0
074 T000700 100493
074 U010700 2723
074 U020700 0
074 V010700 36.90
074 V020700 0.00
074 W000700 0.0000
074 X000700 150
074 Y000700 1318
075 A000700 0
075 B000700 97048
076 000700 0.00
024 001000 Y
025 A001001 MERRILL LYNCH & CO.
025 C001001 D
025 D001001 476
025 A001002 MORGAN STANLEY
025 C001002 D
025 D001002 892
025 A001003 SALOMON BROTHERS
025 C001003 D
025 D001003 499
025 D001004 0
025 D001005 0
025 D001006 0
025 D001007 0
025 D001008 0
028 A011000 1062
028 A021000 0
028 A031000 0
<PAGE> PAGE 35
028 A041000 3092
028 B011000 13850
028 B021000 0
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028 B041000 1394
028 C011000 1364
028 C021000 978
028 C031000 0
028 C041000 108
028 D011000 432
028 D021000 0
028 D031000 0
028 D041000 38
028 E011000 0
028 E021000 0
028 E031000 0
028 E041000 73
028 F011000 1920
028 F021000 981
028 F031000 0
028 F041000 1992
028 G011000 18628
028 G021000 1959
028 G031000 0
028 G041000 6697
028 H001000 0
045 001000 Y
046 001000 N
047 001000 Y
048 001000 0.400
048 A011000 0
048 A021000 0.000
048 B011000 0
048 B021000 0.000
048 C011000 0
048 C021000 0.000
048 D011000 0
048 D021000 0.000
048 E011000 0
048 E021000 0.000
048 F011000 0
048 F021000 0.000
048 G011000 0
048 G021000 0.000
048 H011000 0
048 H021000 0.000
048 I011000 0
048 I021000 0.000
048 J011000 0
048 J021000 0.000
048 K011000 0
<PAGE> PAGE 36
048 K021000 0.000
049 001000 N
050 001000 N
051 001000 N
052 001000 N
053 A001000 N
058 A001000 N
059 001000 Y
060 A001000 Y
060 B001000 Y
061 001000 100000
062 A001000 Y
062 B001000 0.0
062 C001000 3.3
062 D001000 3.3
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 5.3
062 N001000 3.0
062 O001000 0.0
062 P001000 14.3
062 Q001000 69.3
062 R001000 0.7
063 A001000 0
063 B001000 7.2
064 A001000 N
064 B001000 N
066 A001000 N
067 001000 N
068 A001000 N
068 B001000 Y
069 001000 N
070 A011000 Y
070 A021000 Y
070 B011000 Y
070 B021000 N
070 C011000 Y
070 C021000 Y
070 D011000 Y
070 D021000 N
070 E011000 Y
070 E021000 N
070 F011000 Y
070 F021000 Y
070 G011000 Y
<PAGE> PAGE 37
070 G021000 N
070 H011000 Y
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 Y
070 J021000 Y
070 K011000 Y
070 K021000 Y
070 L011000 Y
070 L021000 Y
070 M011000 Y
070 M021000 Y
070 N011000 N
070 N021000 N
070 O011000 N
070 O021000 N
070 P011000 N
070 P021000 N
070 Q011000 N
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070 R011000 Y
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071 A001000 118359
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<PAGE> PAGE 38
072 Y001000 0
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072DD011000 3841
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024 001200 Y
025 A001201 GOLDMAN SACHS
025 C001201 D
025 D001201 195
025 A001202 MERRILL LYNCH
<PAGE> PAGE 39
025 C001202 D
025 D001202 72
025 A001203 MORGAN STANLEY
025 C001203 D
025 D001203 95
025 A001204 SALOMON BROTHERS
025 C001204 D
025 D001204 100
025 A001205 SMITH BARNEY
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025 D001205 99
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028 A011200 2248
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028 G011200 2507
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045 001200 Y
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<PAGE> PAGE 40
048 C011200 0
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049 001200 N
050 001200 N
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052 001200 N
053 A001200 Y
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060 A001200 Y
060 B001200 Y
061 001200 100000
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<PAGE> PAGE 41
064 B001200 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 Y
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
070 Q011200 N
070 Q021200 N
070 R011200 Y
070 R021200 N
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071 C001200 12689
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<PAGE> PAGE 42
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072 W001200 4
072 X001200 75
072 Y001200 55
072 Z001200 334
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073 A021200 0.0000
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<PAGE> PAGE 43
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024 001300 Y
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025 C001302 D
025 D001302 180
025 A001303 MERRILL LYNCH
025 C001303 D
025 D001303 50
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025 D001306 0
025 D001307 0
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<PAGE> PAGE 44
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047 001300 Y
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048 I021300 0.000
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048 J021300 0.000
048 K011300 0
048 K021300 0.000
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050 001300 N
051 001300 N
052 001300 N
053 A001300 Y
053 B001300 Y
053 C001300 N
058 A001300 N
059 001300 Y
060 A001300 Y
060 B001300 Y
061 001300 100000
062 A001300 Y
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<PAGE> PAGE 45
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063 A001300 0
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064 A001300 N
064 B001300 N
066 A001300 N
067 001300 N
068 A001300 N
068 B001300 N
069 001300 N
070 A011300 Y
070 A021300 Y
070 B011300 Y
070 B021300 N
070 C011300 Y
070 C021300 Y
070 D011300 Y
070 D021300 N
070 E011300 Y
070 E021300 N
070 F011300 Y
070 F021300 N
070 G011300 Y
070 G021300 N
070 H011300 Y
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 Y
070 K011300 Y
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070 L021300 N
070 M011300 N
070 M021300 N
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070 N021300 N
<PAGE> PAGE 46
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070 O021300 N
070 P011300 N
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 Y
070 R021300 N
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SIGNATURE J. BASIL MURRAY
TITLE ADMINISTRATOR
Special Meeting of Fund Shareholders for the Standish Fixed Income Fund,
Standish Small Capitalization Equity Fund, Standish Equity Fund and Standish
Global Fixed Income Fund.
On March 7, 1996, a special meeting of Fund shareholders was held at which
shareholders: (1) adopted a new investment policy that authorized the Fund to
invest all its investable assets in the Portfolio and amend certain investment
restrictions that would permit such investment; (2) authorized the Portfolio to
vote as a holder of an interest in the Portfolio (a) to elect trustees of
Standish, Ayer & Wood Master Portfolio, (b) to ratify the selection of
accountants of the Portfolio and (c) to approve the investment advisory
agreement between the Portfolio and SA&W; and (3) eliminated the Fund's
fundmental investment restriction regarding investment in investment companies.
All proposals were passed.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> Fixed
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Dec-31-1996
<PERIOD-END> Jun-30-1996
<INVESTMENTS-AT-COST> 2,386,329,149
<INVESTMENTS-AT-VALUE> 2,365,565,370
<RECEIVABLES> 12,411,687
<ASSETS-OTHER> 70,146
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,378,047,203
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,532,307
<TOTAL-LIABILITIES> 9,532,307
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,376,748,980
<SHARES-COMMON-STOCK> 117,489,432
<SHARES-COMMON-PRIOR> 108,347,706
<ACCUMULATED-NII-CURRENT> 16,884,353
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 4,354,658
<ACCUM-APPREC-OR-DEPREC> (20,763,779)
<NET-ASSETS> 2,368,514,896
<DIVIDEND-INCOME> 1,705,120
<INTEREST-INCOME> 83,820,275
<OTHER-INCOME> 0
<EXPENSES-NET> 4,252,751
<NET-INVESTMENT-INCOME> 81,272,644
<REALIZED-GAINS-CURRENT> 11,362,278
<APPREC-INCREASE-CURRENT> (109,889,928)
<NET-CHANGE-FROM-OPS> 17,255,006
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 68,187,264
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,336,885
<NUMBER-OF-SHARES-REDEEMED> 3,650,245
<SHARES-REINVESTED> 2,455,086
<NET-CHANGE-IN-ASSETS> 101,408,009
<ACCUMULATED-NII-PRIOR> 3,798,973
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 15,716,937
<GROSS-ADVISORY-FEES> 3,623,010
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,252,751
<AVERAGE-NET-ASSETS> 2,304,988,528
<PER-SHARE-NAV-BEGIN> 20.92
<PER-SHARE-NII> 0.71
<PER-SHARE-GAIN-APPREC> (0.87)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.60
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.16
<EXPENSE-RATIO> 0.38
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> International Equity
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 42,919,195
<INVESTMENTS-AT-VALUE> 46,719,677
<RECEIVABLES> 803,251
<ASSETS-OTHER> 1,519,494
<OTHER-ITEMS-ASSETS> 1,460
<TOTAL-ASSETS> 49,043,882
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 410,970
<TOTAL-LIABILITIES> 410,970
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,455,301
<SHARES-COMMON-STOCK> 1,990,174
<SHARES-COMMON-PRIOR> 2,526,165
<ACCUMULATED-NII-CURRENT> 161,195
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,102,830
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,913,586
<NET-ASSETS> 48,632,912
<DIVIDEND-INCOME> 530,331
<INTEREST-INCOME> 224,951
<OTHER-INCOME> 0
<EXPENSES-NET> 135,531
<NET-INVESTMENT-INCOME> 619,751
<REALIZED-GAINS-CURRENT> 2,198,366
<APPREC-INCREASE-CURRENT> 1,064,930
<NET-CHANGE-FROM-OPS> 388,047
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 561,582
<DISTRIBUTIONS-OF-GAINS> 1,060,286
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,259
<NUMBER-OF-SHARES-REDEEMED> 607,036
<SHARES-REINVESTED> 53,786
<NET-CHANGE-IN-ASSETS> (10,840,354)
<ACCUMULATED-NII-PRIOR> 103,026
<ACCUMULATED-GAINS-PRIOR> 964,750
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 218,031
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 340,387
<AVERAGE-NET-ASSETS> 54,355,380
<PER-SHARE-NAV-BEGIN> 23.54
<PER-SHARE-NII> 0.33
<PER-SHARE-GAIN-APPREC> 0.55
<PER-SHARE-DIVIDEND> 0.29
<PER-SHARE-DISTRIBUTIONS> 0.84
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.44
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> STAR Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 272,877,030
<INVESTMENTS-AT-VALUE> 272,016,982
<RECEIVABLES> 3,509,447
<ASSETS-OTHER> 5,728
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 275,532,157
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 432,560
<TOTAL-LIABILITIES> 432,560
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 286,771,222
<SHARES-COMMON-STOCK> 14,137,148
<SHARES-COMMON-PRIOR> 12,455,005
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 74,571
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 10,740,357
<ACCUM-APPREC-OR-DEPREC> (856,697)
<NET-ASSETS> 275,099,597
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,196,011
<OTHER-INCOME> 0
<EXPENSES-NET> 469,500
<NET-INVESTMENT-INCOME> 7,726,511
<REALIZED-GAINS-CURRENT> 29,908
<APPREC-INCREASE-CURRENT> (1,390,671)
<NET-CHANGE-FROM-OPS> 6,365,748
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,728,992
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,585,501
<NUMBER-OF-SHARES-REDEEMED> 5,199,242
<SHARES-REINVESTED> 295,883
<NET-CHANGE-IN-ASSETS> 31,600,077
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 72,090
<OVERDIST-NET-GAINS-PRIOR> 10,489,862
<GROSS-ADVISORY-FEES> 338,458
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 469,500
<AVERAGE-NET-ASSETS> 268,045,303
<PER-SHARE-NAV-BEGIN> 19.55
<PER-SHARE-NII> 0.55
<PER-SHARE-GAIN-APPREC> (0.09)
<PER-SHARE-DIVIDEND> 0.55
<PER-SHARE-DISTRIBUTIONS> 0.55
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.46
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> Securitized
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 61,936,149
<INVESTMENTS-AT-VALUE> 61,139,773
<RECEIVABLES> 2,920,634
<ASSETS-OTHER> 1,278
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 64,061,685
<PAYABLE-FOR-SECURITIES> 2,483,890
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,366,925
<TOTAL-LIABILITIES> 12,850,815
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53,649,464
<SHARES-COMMON-STOCK> 2,613,230
<SHARES-COMMON-PRIOR> 2,725,447
<ACCUMULATED-NII-CURRENT> 399,046
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 2,056,665
<ACCUM-APPREC-OR-DEPREC> (780,975)
<NET-ASSETS> 51,210,870
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,006,229
<OTHER-INCOME> 0
<EXPENSES-NET> 118,956
<NET-INVESTMENT-INCOME> 1,887,273
<REALIZED-GAINS-CURRENT> (379,987)
<APPREC-INCREASE-CURRENT> (1,957,548)
<NET-CHANGE-FROM-OPS> (450,262)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,325,133
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,450
<NUMBER-OF-SHARES-REDEEMED> 123,505
<SHARES-REINVESTED> 7,838
<NET-CHANGE-IN-ASSETS> (3,989,829)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 163,094
<OVERDIST-NET-GAINS-PRIOR> 1,676,678
<GROSS-ADVISORY-FEES> 66,443
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 134,646
<AVERAGE-NET-ASSETS> 453,761,288
<PER-SHARE-NAV-BEGIN> 20.25
<PER-SHARE-NII> 0.71
<PER-SHARE-GAIN-APPREC> (0.86)
<PER-SHARE-DIVIDEND> 0.50
<PER-SHARE-DISTRIBUTIONS> 0.50
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.60
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> Small Cap Equity
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 193,070,387
<INVESTMENTS-AT-VALUE> 234,153,798
<RECEIVABLES> 5,000
<ASSETS-OTHER> 5,781
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 234,164,579
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 749,052
<TOTAL-LIABILITIES> 749,052
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 165,482,036
<SHARES-COMMON-STOCK> 3,823,952
<SHARES-COMMON-PRIOR> 3,375,809
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 448,846
<ACCUMULATED-NET-GAINS> 27,298,926
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 41,083,411
<NET-ASSETS> 233,415,527
<DIVIDEND-INCOME> 144,350
<INTEREST-INCOME> 164,170
<OTHER-INCOME> 0
<EXPENSES-NET> 757,366
<NET-INVESTMENT-INCOME> (448,846)
<REALIZED-GAINS-CURRENT> 27,386,067
<APPREC-INCREASE-CURRENT> 6,350,440
<NET-CHANGE-FROM-OPS> 33,287,661
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 6,669,173
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 652,148
<NUMBER-OF-SHARES-REDEEMED> 306,233
<SHARES-REINVESTED> 102,228
<NET-CHANGE-IN-ASSETS> 945,561
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 87,141
<GROSS-ADVISORY-FEES> 620,602
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 757,366
<AVERAGE-NET-ASSETS> 208,513,603
<PER-SHARE-NAV-BEGIN> 53.46
<PER-SHARE-NII> (0.12)
<PER-SHARE-GAIN-APPREC> 9.48
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.78)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 61.04
<EXPENSE-RATIO> 0.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> International Fixed
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 708,352,661
<INVESTMENTS-AT-VALUE> 712,988,973
<RECEIVABLES> 33,759,645
<ASSETS-OTHER> 25,829,772
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 772,578,390
<PAYABLE-FOR-SECURITIES> 19,718,818
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,487,626
<TOTAL-LIABILITIES> 36,206,444
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 677,809,924
<SHARES-COMMON-STOCK> 31,341,760
<SHARES-COMMON-PRIOR> 34,623,407
<ACCUMULATED-NII-CURRENT> 17,796,549
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 24,566,763
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,198,710
<NET-ASSETS> 736,371,946
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 30,006,422
<OTHER-INCOME> 0
<EXPENSES-NET> 2,023,097
<NET-INVESTMENT-INCOME> 27,983,325
<REALIZED-GAINS-CURRENT> 24,649,244
<APPREC-INCREASE-CURRENT> (21,410,671)
<NET-CHANGE-FROM-OPS> 31,221,898
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12,663,865
<DISTRIBUTIONS-OF-GAINS> 9,229,188
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<NUMBER-OF-SHARES-SOLD> 1,857,429
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<NET-CHANGE-IN-ASSETS> (67,164,929)
<ACCUMULATED-NII-PRIOR> 2,477,089
<ACCUMULATED-GAINS-PRIOR> 9,146,707
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<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 2,023,097
<AVERAGE-NET-ASSETS> 774,247,757
<PER-SHARE-NAV-BEGIN> 23.21
<PER-SHARE-NII> 0.90
<PER-SHARE-GAIN-APPREC> 0.08
<PER-SHARE-DIVIDEND> 0.40
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<PER-SHARE-NAV-END> 23.49
<EXPENSE-RATIO> 0.52
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> Equity
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 87,633,728
<INVESTMENTS-AT-VALUE> 100,676,859
<RECEIVABLES> 10,000
<ASSETS-OTHER> 2,721
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 100,689,580
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<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 196,720
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 82,146,942
<SHARES-COMMON-STOCK> 2,723,227
<SHARES-COMMON-PRIOR> 2,543,181
<ACCUMULATED-NII-CURRENT> 14,379
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,288,408
<OVERDISTRIBUTION-GAINS> 741,532
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<NET-ASSETS> 100,492,860
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<NET-INVESTMENT-INCOME> 825,905
<REALIZED-GAINS-CURRENT> 5,408,094
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<DISTRIBUTIONS-OF-GAINS> 2,604,831
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<NUMBER-OF-SHARES-REDEEMED> 119,096
<SHARES-REINVESTED> 85,596
<NET-CHANGE-IN-ASSETS> 11,960,477
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,485,145
<OVERDISTRIB-NII-PRIOR> 20,724
<OVERDIST-NET-GAINS-PRIOR> 0
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<AVERAGE-NET-ASSETS> 97,047,934
<PER-SHARE-NAV-BEGIN> 34.81
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 3.06
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.28)
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<PER-SHARE-NAV-END> 36.90
<EXPENSE-RATIO> 0.69
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> Global Fixed
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 151,308,753
<INVESTMENTS-AT-VALUE> 152,749,344
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<SHARES-REINVESTED> 100,894
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<PER-SHARE-NAV-BEGIN> 19.53
<PER-SHARE-NII> 0.66
<PER-SHARE-GAIN-APPREC> (0.14)
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<PER-SHARE-NAV-END> 19.55
<EXPENSE-RATIO> 0.65
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> Fixed Income II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 10,167,700
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 52,994
<ACCUM-APPREC-OR-DEPREC> (231,120)
<NET-ASSETS> 9,996,518
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<INTEREST-INCOME> 353,537
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<EXPENSES-NET> 19,962
<NET-INVESTMENT-INCOME> 333,575
<REALIZED-GAINS-CURRENT> (52,994)
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<NUMBER-OF-SHARES-SOLD> 121,787
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<NET-CHANGE-IN-ASSETS> 1,950,034
<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-GAIN-APPREC> (0.99)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> Controlled Maturity
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 9,759,634
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<ACCUM-APPREC-OR-DEPREC> (109,324)
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<EXPENSES-NET> 18,831
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<REALIZED-GAINS-CURRENT> (3,126)
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</TABLE>
