<PAGE> PAGE 1
000 A000000 03/31/96
000 C000000 0000799295
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 STANDISH, AYER & WOOD
001 B000000 811-4813
001 C000000 6173506100
002 A000000 ONE FINANCIAL CENTER
002 B000000 BOSTON
002 C000000 MA
002 D010000 02111
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 15
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C020800 STANDISH MASS INTERMEDIATE TAX EX BOND FUND
007 C030800 N
007 C010900 9
007 C020900 STANDISH INTERMEDIATE TAX EXEMPT BOND FUND
007 C030900 N
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C021400 STANDISH SMALL CAP TAX-SENSITIVE EQUITY FUND
007 C031400 N
007 C011500 15
007 C021500 STANDISH TAX-SENSITIVE EQUITY FUND
007 C031500 N
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
008 A00AA01 STANDISH, AYER & WOOD
<PAGE> PAGE 2
008 B00AA01 A
008 C00AA01 801-584
008 D01AA01 BOSTON
008 D02AA01 MA
008 D03AA01 02111
012 A00AA01 INVESTORS BANK & TRUST CO.
012 B00AA01 85-00720
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02110
013 A00AA01 COOPERS & LYBRAND LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02108
015 A00AA01 INVESTORS BANK & TRUST
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 15
019 C00AA00 STANDISH,A
020 A000001 BROADCORT
020 C000001 34
020 A000002 INSTINET
020 B000002 13-2596491
020 C000002 26
020 A000003 WEEDEN & CO.
020 C000003 25
020 A000004 SALOMON BROTHERS INC.
020 B000004 13-3082694
020 C000004 23
020 A000005 NEWBRIDGE SECURITIES
020 C000005 19
020 A000006 PAINE WEBBER INC.
020 C000006 18
020 A000007 GOLDMAN SACHS
020 B000007 13-5108880
020 C000007 12
020 A000008 MERRILL LYNCH PIERCE FENNER & SMITH
020 C000008 11
020 A000009 CORRESPONDENT SERVICES CO.
020 C000009 7
020 A000010 ALFRED BERG
020 C000010 7
021 000000 1257
022 A000001 PRUDENTIAL SECURITIES
022 B000001 22-2347336
022 C000001 3462508
<PAGE> PAGE 3
022 D000001 876
022 A000002 GOLDMAN SACHS & CO.
022 B000002 13-510888
022 C000002 839538
022 D000002 411757
022 A000003 MORGAN, J.P.
022 B000003 13-3224016
022 C000003 670995
022 D000003 433693
022 A000004 HARRIS BANK & TRUST
022 C000004 501198
022 D000004 74709
022 A000005 NATWEST SECURITIES
022 C000005 274041
022 D000005 79297
022 A000006 CHEMICAL BANK
022 C000006 254000
022 D000006 90722
022 A000007 LEHMAN BROTHERS INC.
022 B000007 13-2518466
022 C000007 178923
022 D000007 120725
022 A000008 MERRILL LYNCH, PIERCE, FENNER
022 C000008 156961
022 D000008 89331
022 A000009 MORGAN STANLEY & CO. INC.
022 C000009 76126
022 D000009 157203
022 A000010 CITIBANK N.A.
022 C000010 145866
022 D000010 32549
023 C000000 7946536
023 D000000 2446184
026 A000000 N
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026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
<PAGE> PAGE 4
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
054 A00AA00 Y
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 Y
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 Y
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
077 A000000 N
078 000000 N
024 000800 N
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028 D020800 32
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<PAGE> PAGE 5
028 D040800 771
028 E010800 713
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062 A000800 Y
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062 D000800 0.0
062 E000800 1.2
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062 M000800 0.0
062 N000800 0.0
062 O000800 97.6
062 P000800 0.0
062 Q000800 1.2
062 R000800 0.0
063 A000800 0
063 B000800 6.7
064 A000800 N
066 A000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 Y
070 B010800 Y
070 B020800 N
070 C010800 Y
070 C020800 N
070 D010800 Y
070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 Y
<PAGE> PAGE 6
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 N
070 L020800 N
070 M010800 N
070 M020800 N
070 N010800 N
070 N020800 N
070 O010800 N
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 5108
071 B000800 4772
071 C000800 31860
071 D000800 15
072 A000800 3
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<PAGE> PAGE 7
072 W000800 1
072 X000800 58
072 Y000800 6
072 Z000800 369
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072BB000800 0
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072CC020800 628
072DD010800 369
072DD020800 0
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074 C000800 400
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074 K000800 0
074 L000800 486
074 M000800 4
074 N000800 32383
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074 R040800 127
074 S000800 0
074 T000800 32256
074 U010800 1562
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074 V020800 0.00
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074 X000800 87
074 Y000800 642
075 A000800 0
075 B000800 31900
076 000800 0.00
024 000900 N
028 A010900 0
028 A020900 0
<PAGE> PAGE 8
028 A030900 0
028 A040900 0
028 B010900 0
028 B020900 0
028 B030900 0
028 B040900 0
028 C010900 0
028 C020900 0
028 C030900 0
028 C040900 0
028 D010900 3627
028 D020900 40
028 D030900 0
028 D040900 5355
028 E010900 1574
028 E020900 42
028 E030900 0
028 E040900 1247
028 F010900 166
028 F020900 44
028 F030900 0
028 F040900 30
028 G010900 5367
028 G020900 126
028 G030900 0
028 G040900 6632
028 H000900 0
062 A000900 Y
062 B000900 0.0
062 C000900 0.0
062 D000900 0.2
062 E000900 3.2
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
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062 K000900 0.0
062 L000900 0.0
062 M000900 0.0
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062 O000900 98.6
062 P000900 0.0
062 Q000900 -2.0
062 R000900 0.0
063 A000900 0
063 B000900 7.0
064 A000900 N
066 A000900 N
067 000900 N
068 A000900 N
<PAGE> PAGE 9
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 Y
070 B010900 Y
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 Y
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 Y
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 N
070 L010900 N
070 L020900 N
070 M010900 N
070 M020900 N
070 N010900 N
070 N020900 N
070 O010900 N
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 7044
071 B000900 7625
071 C000900 31452
071 D000900 22
072 A000900 3
072 B000900 435
072 C000900 0
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<PAGE> PAGE 10
072 J000900 20
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072 X000900 63
072 Y000900 12
072 Z000900 385
072AA000900 81
072BB000900 0
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072CC020900 601
072DD010900 385
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073 A010900 0.2600
073 A020900 0.0000
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074 B000900 50
074 C000900 1000
074 D000900 30777
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074 J000900 518
074 K000900 0
074 L000900 445
074 M000900 6
074 N000900 32796
074 O000900 1481
074 P000900 0
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074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 110
074 S000900 0
074 T000900 31205
<PAGE> PAGE 11
074 U010900 1482
074 U020900 0
074 V010900 21.05
074 V020900 0.00
074 W000900 0.0000
074 X000900 100
074 Y000900 2345
075 A000900 0
075 B000900 31452
076 000900 0.00
024 001400 N
028 A011400 0
028 A021400 0
028 A031400 0
028 A041400 0
028 B011400 0
028 B021400 0
028 B031400 0
028 B041400 0
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028 F011400 177
028 F021400 0
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028 G011400 1464
028 G021400 0
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028 H001400 0
045 001400 Y
046 001400 N
047 001400 Y
048 001400 0.600
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<PAGE> PAGE 12
048 D021400 0.000
048 E011400 0
048 E021400 0.000
048 F011400 0
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048 G011400 0
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048 H011400 0
048 H021400 0.000
048 I011400 0
048 I021400 0.000
048 J011400 0
048 J021400 0.000
048 K011400 0
048 K021400 0.000
049 001400 N
050 001400 N
051 001400 N
052 001400 N
053 A001400 Y
053 B001400 Y
058 A001400 N
059 001400 Y
060 A001400 Y
060 B001400 Y
061 001400 100000
062 A001400 N
062 B001400 0.0
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062 D001400 0.0
062 E001400 0.0
062 F001400 0.0
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062 H001400 0.0
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062 K001400 0.0
062 L001400 0.0
062 M001400 0.0
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062 O001400 0.0
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062 Q001400 0.0
062 R001400 0.0
066 A001400 Y
066 D001400 Y
067 001400 N
068 A001400 N
068 B001400 N
069 001400 N
070 A011400 Y
<PAGE> PAGE 13
070 A021400 N
070 B011400 Y
070 B021400 N
070 C011400 Y
070 C021400 N
070 D011400 Y
070 D021400 N
070 E011400 Y
070 E021400 N
070 F011400 Y
070 F021400 N
070 G011400 Y
070 G021400 N
070 H011400 Y
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 Y
070 K021400 N
070 L011400 N
070 L021400 Y
070 M011400 N
070 M021400 N
070 N011400 N
070 N021400 N
070 O011400 N
070 O021400 N
070 P011400 N
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
071 A001400 1587
071 B001400 185
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<PAGE> PAGE 14
072 M001400 0
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<PAGE> PAGE 15
074 V021400 0.00
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024 001500 N
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<PAGE> PAGE 16
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049 001500 N
050 001500 N
051 001500 N
052 001500 N
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058 A001500 N
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060 A001500 Y
060 B001500 Y
061 001500 100000
062 A001500 N
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062 D001500 0.0
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<PAGE> PAGE 17
067 001500 N
068 A001500 N
068 B001500 N
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070 D021500 N
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070 E021500 N
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070 G011500 Y
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070 H021500 N
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070 I021500 N
070 J011500 Y
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070 K011500 Y
070 K021500 N
070 L011500 Y
070 L021500 N
070 M011500 N
070 M021500 N
070 N011500 N
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070 O011500 N
070 O021500 N
070 P011500 N
070 P021500 N
070 Q011500 N
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070 R011500 N
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<PAGE> PAGE 18
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<PAGE> PAGE 19
074 S001500 0
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SIGNATURE BASIL MURRAY
TITLE ADMINISTRATOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> Mass Intermediate Fund
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<EXCHANGE-RATE> $1
<INVESTMENTS-AT-COST> $31,562,673
<INVESTMENTS-AT-VALUE> $31,877,985
<RECEIVABLES> $500,793
<ASSETS-OTHER> $4,558
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $32,383,336
<PAYABLE-FOR-SECURITIES> $0
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $127,175
<TOTAL-LIABILITIES> $127,175
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $32,492,810
<SHARES-COMMON-STOCK> 1,561,989
<SHARES-COMMON-PRIOR> 1,549,512
<ACCUMULATED-NII-CURRENT> $0
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> ($551,961)
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $315,312
<NET-ASSETS> $32,256,161
<DIVIDEND-INCOME> $0
<INTEREST-INCOME> $420,796
<OTHER-INCOME> $0
<EXPENSES-NET> $51,733
<NET-INVESTMENT-INCOME> $369,063
<REALIZED-GAINS-CURRENT> $56,314
<APPREC-INCREASE-CURRENT> ($627,738)
<NET-CHANGE-FROM-OPS> ($202,361)
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $369,063
<DISTRIBUTIONS-OF-GAINS> $0
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 59,506
<NUMBER-OF-SHARES-REDEEMED> 51,877
<SHARES-REINVESTED> 4,848
<NET-CHANGE-IN-ASSETS> ($308,876)
<ACCUMULATED-NII-PRIOR> $0
<ACCUMULATED-GAINS-PRIOR> ($608,275)
<OVERDISTRIB-NII-PRIOR> $0
<OVERDIST-NET-GAINS-PRIOR> $0
<GROSS-ADVISORY-FEES> $32,020
<INTEREST-EXPENSE> $0
<GROSS-EXPENSE> $57,957
<AVERAGE-NET-ASSETS> $32,143,127
<PER-SHARE-NAV-BEGIN> $21.02
<PER-SHARE-NII> $0.24
<PER-SHARE-GAIN-APPREC> ($0.37)
<PER-SHARE-DIVIDEND> $0.24
<PER-SHARE-DISTRIBUTIONS> $0
<RETURNS-OF-CAPITAL> $0
<PER-SHARE-NAV-END> $20.65
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> $0
<AVG-DEBT-PER-SHARE> $0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> Intermediate Tax Exempt
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<EXCHANGE-RATE> $1
<INVESTMENTS-AT-COST> $31,324,021
<INVESTMENTS-AT-VALUE> $31,826,312
<RECEIVABLES> $963,630
<ASSETS-OTHER> $6,226
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $32,796,168
<PAYABLE-FOR-SECURITIES> $1,480,931
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $109,779
<TOTAL-LIABILITIES> $1,590,710
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $30,656,811
<SHARES-COMMON-STOCK> 1,482,288
<SHARES-COMMON-PRIOR> 1,535,830
<ACCUMULATED-NII-CURRENT> $0
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> $46,356
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $502,291
<NET-ASSETS> $31,205,458
<DIVIDEND-INCOME> $0
<INTEREST-INCOME> $435,296
<OTHER-INCOME> $0
<EXPENSES-NET> $50,457
<NET-INVESTMENT-INCOME> $384,839
<REALIZED-GAINS-CURRENT> $80,744
<APPREC-INCREASE-CURRENT> ($601,328)
<NET-CHANGE-FROM-OPS> ($135,745)
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $384,839
<DISTRIBUTIONS-OF-GAINS> $0
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 250,443
<NUMBER-OF-SHARES-REDEEMED> 309,938
<SHARES-REINVESTED> 5,953
<NET-CHANGE-IN-ASSETS> ($1,659,935)
<ACCUMULATED-NII-PRIOR> $0
<ACCUMULATED-GAINS-PRIOR> ($34,388)
<OVERDISTRIB-NII-PRIOR> $0
<OVERDIST-NET-GAINS-PRIOR> $0
<GROSS-ADVISORY-FEES> $31,253
<INTEREST-EXPENSE> $0
<GROSS-EXPENSE> $62,577
<AVERAGE-NET-ASSETS> $31,247,126
<PER-SHARE-NAV-BEGIN> $21.40
<PER-SHARE-NII> $0.26
<PER-SHARE-GAIN-APPREC> ($0.35)
<PER-SHARE-DIVIDEND> $0.26
<PER-SHARE-DISTRIBUTIONS> $0
<RETURNS-OF-CAPITAL> $0
<PER-SHARE-NAV-END> $21.05
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> $0
<AVG-DEBT-PER-SHARE> $0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 14
<NAME> Small Cap Tax-Sensitive Eq
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> JAN-02-1996
<PERIOD-END> MAR-31-1996
<EXCHANGE-RATE> $1
<INVESTMENTS-AT-COST> $1,374,109
<INVESTMENTS-AT-VALUE> $1,515,597
<RECEIVABLES> $23,693
<ASSETS-OTHER> $82,708
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> $1,621,998
<PAYABLE-FOR-SECURITIES> $29,574
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $12,553
<TOTAL-LIABILITIES> $42,127
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $1,463,581
<SHARES-COMMON-STOCK> 73,454
<SHARES-COMMON-PRIOR> $0
<ACCUMULATED-NII-CURRENT> $1,769
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> ($26,967)
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $141,488
<NET-ASSETS> $1,579,871
<DIVIDEND-INCOME> $466
<INTEREST-INCOME> $1,303
<OTHER-INCOME> $0
<EXPENSES-NET> $0
<NET-INVESTMENT-INCOME> $1,769
<REALIZED-GAINS-CURRENT> ($26,967)
<APPREC-INCREASE-CURRENT> $141,488
<NET-CHANGE-FROM-OPS> $116,290
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $0
<DISTRIBUTIONS-OF-GAINS> $0
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 73,454
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> $1,579,871
<ACCUMULATED-NII-PRIOR> $0
<ACCUMULATED-GAINS-PRIOR> $0
<OVERDISTRIB-NII-PRIOR> $0
<OVERDIST-NET-GAINS-PRIOR> $0
<GROSS-ADVISORY-FEES> $1,672
<INTEREST-EXPENSE> $0
<GROSS-EXPENSE> $23,075
<AVERAGE-NET-ASSETS> $1,347,697
<PER-SHARE-NAV-BEGIN> $20
<PER-SHARE-NII> $0.02
<PER-SHARE-GAIN-APPREC> $1.49
<PER-SHARE-DIVIDEND> $0
<PER-SHARE-DISTRIBUTIONS> $0
<RETURNS-OF-CAPITAL> $0
<PER-SHARE-NAV-END> $21.51
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> $0
<AVG-DEBT-PER-SHARE> $0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 15
<NAME> Tax-Sensitive Equity
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> JAN-02-1996
<PERIOD-END> MAR-31-1996
<EXCHANGE-RATE> $1
<INVESTMENTS-AT-COST> $1,143,438
<INVESTMENTS-AT-VALUE> $1,203,344
<RECEIVABLES> $36,357
<ASSETS-OTHER> $18,662
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $1,258,363
<PAYABLE-FOR-SECURITIES> $0
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $11,140
<TOTAL-LIABILITIES> $11,140
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $1,175,439
<SHARES-COMMON-STOCK> 58,508
<SHARES-COMMON-PRIOR> $0
<ACCUMULATED-NII-CURRENT> $7,057
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> $4,821
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $59,906
<NET-ASSETS> $1,247,223
<DIVIDEND-INCOME> $6,158
<INTEREST-INCOME> $899
<OTHER-INCOME> $0
<EXPENSES-NET> $0
<NET-INVESTMENT-INCOME> $7,057
<REALIZED-GAINS-CURRENT> $4,821
<APPREC-INCREASE-CURRENT> $59,906
<NET-CHANGE-FROM-OPS> $71,784
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $0
<DISTRIBUTIONS-OF-GAINS> $0
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 59,072
<NUMBER-OF-SHARES-REDEEMED> 564
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> $1,247,223
<ACCUMULATED-NII-PRIOR> $0
<ACCUMULATED-GAINS-PRIOR> $0
<OVERDISTRIB-NII-PRIOR> $0
<OVERDIST-NET-GAINS-PRIOR> $0
<GROSS-ADVISORY-FEES> $1,279
<INTEREST-EXPENSE> $0
<GROSS-EXPENSE> $19,210
<AVERAGE-NET-ASSETS> $1,194,537
<PER-SHARE-NAV-BEGIN> $20
<PER-SHARE-NII> $0.12
<PER-SHARE-GAIN-APPREC> $1.20
<PER-SHARE-DIVIDEND> $0
<PER-SHARE-DISTRIBUTIONS> $0
<RETURNS-OF-CAPITAL> $0
<PER-SHARE-NAV-END> $21.32
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> $0
<AVG-DEBT-PER-SHARE> $0
</TABLE>
