<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 0001012705
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 MASTER PORTFOLIO
001 B000000 811-07603
001 C000000 8002214795
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 19
007 C010100 1
007 C010200 2
007 C010300 3
007 C020300 STANDISH FIXED INCOME PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 STANDISH GLOBAL FIXED INCOME PORTFOLIO
007 C030400 N
007 C010500 5
007 C010600 6
007 C020600 STANDISH DIVERSIFIED INCOME PORTFOLIO
007 C030600 N
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 INVESTORS BANK & TRUST COMPANY
010 B00AA01 85-720
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02110
011 A00AA01 STANDISH FUND DISTRIBUTORS, L.P.
011 B00AA01 8-48683
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02111
012 A00AA01 INVESTORS BANK & TRUST COMPANY
012 B00AA01 85-720
012 C01AA01 BOSTON
<PAGE> PAGE 2
012 C02AA01 MA
012 C03AA01 02110
013 A00AA01 COOPERS & LYBRAND L.L.P.
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 19
019 C00AA00 STANDISH,A
020 A000001 PAINE WEBBER INC.
020 C000001 29
020 A000002 JEFFRIES & COMPANY INC.
020 C000002 3
020 A000003 GOLDMAN SACHS & CO.
020 C000003 3
020 A000004 J.P. MORGAN
020 C000004 1
020 A000005 FIRST BOSTON
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021 000000 37
022 A000001 PRUDENTIAL SECURITIES INC
022 B000001 22-2347336
022 C000001 2492501
022 D000001 1766
022 A000002 CANTOR FITZGERALD & CO INC
022 C000002 255030
022 D000002 1967
022 A000003 ALEX BROWN & SONS INC
022 C000003 25752
022 D000003 28708
022 A000004 COWEN & CO
022 C000004 11185
022 D000004 17856
022 A000005 RAYMOND JAMES AND ASSOCIATES
022 C000005 11641
022 D000005 9467
022 A000006 MONTGOMERY SECURITIES
022 C000006 12997
022 D000006 5407
022 A000007 SMITH BARNEY INC.
022 C000007 7815
022 D000007 10324
022 A000008 PERSHING DIVISION OF DLJ
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<PAGE> PAGE 3
022 A000009 TROSTER SINGER CORP
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022 D000009 8002
022 A000010 ADAMS HARKNESS & HILL INC
022 C000010 7862
022 D000010 6384
023 C000000 2935937
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<PAGE> PAGE 4
054 H00AA00 Y
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015 C010301 BOSTON
<PAGE> PAGE 5
015 C020301 MA
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015 E010301 X
024 000300 Y
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<PAGE> PAGE 6
047 000300 Y
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050 000300 N
051 000300 N
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<PAGE> PAGE 7
063 A000300 0
063 B000300 11.0
064 A000300 N
064 B000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
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070 A020300 Y
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070 E020300 Y
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 Y
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070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 2810273
071 B000300 2530092
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<PAGE> PAGE 8
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<PAGE> PAGE 9
074 Q000300 0
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076 000300 0.00
008 A000401 STANDISH INTERNATIONAL MANAGEMENT CO, L.P.
008 B000401 A
008 C000401 801-639338
008 D010401 BOSTON
008 D020401 MA
008 D030401 02111
015 A000401 INVESTORS BANK & TRUST COMPANY
015 B000401 C
015 C010401 BOSTON
015 C020401 MA
015 C030401 02110
015 E040401 X
024 000400 N
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<PAGE> PAGE 10
028 F020400 0
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045 000400 Y
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050 000400 N
051 000400 N
052 000400 N
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057 000400 N
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062 C000400 9.5
062 D000400 1.3
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<PAGE> PAGE 11
062 I000400 3.6
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 13.6
062 N000400 0.3
062 O000400 0.0
062 P000400 13.0
062 Q000400 53.3
062 R000400 1.7
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063 B000400 9.3
064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 Y
069 000400 N
070 A010400 Y
070 A020400 Y
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070 C010400 Y
070 C020400 Y
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070 E020400 Y
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070 F020400 N
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070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
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070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 N
070 P020400 N
<PAGE> PAGE 12
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 381114
071 B000400 308668
071 C000400 175310
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072 B000400 14121
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<PAGE> PAGE 13
074 G000400 0
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008 A000601 STANDISH INTERNATIONAL MANAGEMENT CO, L.P.
008 B000601 A
008 C000601 801-639338
008 D010601 BOSTON
008 D020601 MA
008 D030601 02111
015 A000601 INVESTORS BANK & TRUST COMAPNY
015 B000601 C
015 C010601 BOSTON
015 C020601 MA
015 C030601 02110
015 E040601 X
024 000600 Y
025 A000601 GOLDMAN SACHS
025 C000601 D
025 D000601 1800
025 A000602 SALOMON BROS.
025 C000602 D
025 D000602 500
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<PAGE> PAGE 14
025 D000608 0
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045 000600 Y
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<PAGE> PAGE 15
048 I020600 0.000
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049 000600 N
050 000600 N
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052 000600 N
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055 B000600 N
056 000600 Y
057 000600 N
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064 A000600 N
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066 A000600 Y
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066 D000600 N
066 E000600 N
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066 G000600 Y
067 000600 N
068 A000600 N
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069 000600 N
070 A010600 Y
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<PAGE> PAGE 16
070 B020600 N
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070 E020600 Y
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070 I020600 N
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070 M020600 Y
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070 P020600 N
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070 Q020600 N
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070 R020600 N
071 A000600 16851
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<PAGE> PAGE 17
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<PAGE> PAGE 18
074 X000600 0
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SIGNATURE KEVIN CONNERTY
TITLE DIRECTOR
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Standish, Ayer & Wood Investment Trust
form N-SAR for the period ended December 31, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> Standish Fixed Income Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 3,263,787,091
<INVESTMENTS-AT-VALUE> 3,309,841,243
<RECEIVABLES> 45,795,070
<ASSETS-OTHER> 14,474,530
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,370,110,843
<PAYABLE-FOR-SECURITIES> 38,330,133
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,157,995
<TOTAL-LIABILITIES> 44,488,128
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,854,353,074
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 471,269,641
<NET-ASSETS> 3,325,622,715
<DIVIDEND-INCOME> 6,202,603
<INTEREST-INCOME> 199,818,084
<OTHER-INCOME> 0
<EXPENSES-NET> 10,313,208
<NET-INVESTMENT-INCOME> 195,707,479
<REALIZED-GAINS-CURRENT> 42,948,051
<APPREC-INCREASE-CURRENT> 27,756,610
<NET-CHANGE-FROM-OPS> 266,412,140
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 709,511,126
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9,043,263
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10,313,208
<AVERAGE-NET-ASSETS> 2,891,364,715
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.36
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Standish, Ayer & Wood Investment Trust
form N-SAR for the period ended December 31, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> Standish Diversified Income Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 25,932,408
<INVESTMENTS-AT-VALUE> 25,485,999
<RECEIVABLES> 574,795
<ASSETS-OTHER> 1,824,929
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,885,723
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 101,381
<TOTAL-LIABILITIES> 101,381
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,285,338
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 499,004
<NET-ASSETS> 27,784,342
<DIVIDEND-INCOME> 79,562
<INTEREST-INCOME> 665,247
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 744,809
<REALIZED-GAINS-CURRENT> 132,120
<APPREC-INCREASE-CURRENT> (377,925)
<NET-CHANGE-FROM-OPS> 499,004
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 27,784,342
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 45,742
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 138,250
<AVERAGE-NET-ASSETS> 15,807,206
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Standish, Ayer & Wood Investment Trust
form N-SAR for the period ended December 31, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> Standish Global Fixed Income Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 254,293,024
<INVESTMENTS-AT-VALUE> 252,858,535
<RECEIVABLES> 4,708,681
<ASSETS-OTHER> 8,540,415
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 266,107,631
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,554,474
<TOTAL-LIABILITIES> 3,554,474
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 221,536,429
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 41,016,728
<NET-ASSETS> 262,553,157
<DIVIDEND-INCOME> 75,945
<INTEREST-INCOME> 14,121,353
<OTHER-INCOME> 0
<EXPENSES-NET> 1,226,099
<NET-INVESTMENT-INCOME> 12,971,199
<REALIZED-GAINS-CURRENT> 10,546,998
<APPREC-INCREASE-CURRENT> (1,136,692)
<NET-CHANGE-FROM-OPS> 22,381,505
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 102,738,659
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 802,027
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,226,099
<AVERAGE-NET-ASSETS> 200,788,140
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
February 19, 1998
February 19, 1998
REPORT OF INDEPENDENT ACCOUNTANTS
TO ACCOMPANY FORM N-SAR
To the Investors & Trustees of Standish, Ayer & Wood Master Portfolio:
Standish Global Fixed Income Portfolio
Standish Fixed Income Portfolio
Standish Diversified Income Portfolio
In planning and performing our audits of the financial statements and
supplemental data of the above referenced Portfolio of Standish, Ayer & Wood
Master Portfolio for the periods ended December 31, 1997, we considered its
internal control, including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and supplemental data and to comply with the
requirements of the Form N-SAR, not to provide assurance on the internal
control.
The management of Standish, Ayer & Wood Master Portfolio is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgements by management are required to assess
the expected benefits and related costs of controls. Generally, controls that
are relevant to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those controls include
the safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in any internal control, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of internal control 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 would not necessarily disclose all
matters in the internal control 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 one or
more of the internal control components does not reduce to a relatively low
level the risk that errors or irregularities in amounts that would be
<PAGE>
material in relation to the financial statements and supplemental data being
audited may occur and not be detected within a timely period by the employees in
the normal course of performing their assigned functions. However, we noted no
matters involving the internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as defined
above.
This report is solely for the information and use of management, the Board of
Trustees of Standish, Ayer & Wood Master Portfolio and the Securities and
Exchange Commission.
COOPERS & LYBRAND
Chartered Accountants
Toronto, Ontario
