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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<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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SIGNATURE DENISE KNEELAND
TITLE VICE PRESIDENT
<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 September 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> Standish Small Capitalization Equity Portfol
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</TABLE>
<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 September 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Standish Equity Portfolio
<S> <C>
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<GROSS-ADVISORY-FEES> 1,017,136
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,315,751
<AVERAGE-NET-ASSETS> 203,530,051
<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> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Standish, Ayer & Wood Investment Trust
form N-SAR for the period ended September 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> Standish Small Capitalization Equity Portfol
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 12,971,571
<INVESTMENTS-AT-VALUE> 11,848,939
<RECEIVABLES> 84,024
<ASSETS-OTHER> 152,395
<OTHER-ITEMS-ASSETS> 16,357
<TOTAL-ASSETS> 12,101,715
<PAYABLE-FOR-SECURITIES> 156,734
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,073
<TOTAL-LIABILITIES> 178,807
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,045,540
<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> (1,122,632)
<NET-ASSETS> 11,922,908
<DIVIDEND-INCOME> 8,756
<INTEREST-INCOME> 25,400
<OTHER-INCOME> 0
<EXPENSES-NET> 59,878
<NET-INVESTMENT-INCOME> (25,722)
<REALIZED-GAINS-CURRENT> 36,810
<APPREC-INCREASE-CURRENT> (2,290,197)
<NET-CHANGE-FROM-OPS> (2,279,109)
<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> 5,626,418
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 61,698
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 143,441
<AVERAGE-NET-ASSETS> 10,299,349
<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> 0.58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO ACCOMPANY FORM N-SAR
To the Investors and Board of Trustees
of Standish, Ayer & Wood Master Portfolio:
Standish Equity Portfolio
Standish Small Capitalization Equity Portfolio
Standish Small Capitalization Equity Portfolio II, collectively (the
"Portfolios")
In planning and performing our audits of the financial statements and
supplemental data of the above referenced Portfolios of Standish, Ayer & Wood
Master Portfolio for the periods ended September 30, 1998, 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 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 internal control, error or fraud 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 internal control would not necessarily disclose all matters
in 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 misstatements caused by error or fraud in amounts that would be
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 internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as defined
above as of September 30, 1998
This report is intended solely for the information and use of management, the
Board of Trustees of Standish, Ayer & Wood Master Portfolio and the Securities
and Exchange Commission.
PRICEWATERHOUSECOOPERS LLP
Boston, Massachusetts
November 20, 1998
