<PAGE> PAGE 1
000 B000000 12/31/1999
000 C000000 0001012705
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
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 26
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 C020700 STANDISH SHORT TERM ASSET RESERVE PORTFOLIO
007 C030700 N
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
010 A00AA01 INVESTORS BANK & TRUST COMPANY
<PAGE> PAGE 2
010 B00AA01 85-720
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02117
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
012 C02AA01 MA
012 C03AA01 02117
013 A00AA01 PRICEWATERHOUSECOOPERS L.L.P.
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 26
019 C00AA00 STANDISH,A
020 A000001 PAINE WEBBER INC.
020 C000001 155
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 156
022 A000001 PRUDENTIAL SECURITIES INC
022 B000001 22-2347336
022 C000001 15855869
022 D000001 20330
022 A000002 GOLDMAN SACHS & CO
022 C000002 2398220
022 D000002 1004265
022 A000003 SALOMON BROTHERS INC
022 C000003 1584680
022 D000003 1335612
022 A000004 J.P. MORGAN
022 C000004 1262631
022 D000004 754388
022 A000005 MERILL LYNCH PIERCE FENNER & SMITH INC
022 C000005 2454772
022 D000005 1039109
022 A000006 LEHMAN BROTHERS INC
<PAGE> PAGE 3
022 C000006 1167606
022 D000006 473475
022 A000007 MORGAN STANLEY & CO
022 C000007 729963
022 D000007 446087
022 A000008 FIRST BOSTON
022 C000008 961877
022 D000008 163069
022 A000009 HSBC SECURITIES INC
022 C000009 560530
022 D000009 171256
022 A000010 BANK OF MONTREAL - TORONTO BRANCH
022 C000010 400011
022 D000010 114885
023 C000000 29883552
023 D000000 7009568
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
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
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 Y
054 C00AA00 N
<PAGE> PAGE 4
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
077 A000000 Y
077 B000000 Y
077 Q010000 Y
080 A00AA00 CNA / CONTINENTAL
080 C00AA00 10000
081 A00AA00 Y
081 B00AA00 17
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 Y
008 A000301 STANDISH, AYER & WOOD
008 B000301 A
008 C000301 801-584
008 D010301 BOSTON
008 D020301 MA
008 D030301 02111
015 A000301 INVESTORS BANK & TRUST COMPANY
015 B000301 C
015 C010301 BOSTON
015 C020301 MA
015 C030301 02117
015 E010301 X
024 000300 Y
025 A000301 BEAR STEARNS
025 C000301 D
025 D000301 27764
025 A000302 CHASE
025 C000302 D
025 D000302 12023
025 A000303 GOLDMAN
<PAGE> PAGE 5
025 C000303 D
025 D000303 5005
025 A000304 LEHMAN
025 C000304 D
025 D000304 13467
025 A000305 MERRILL LYNCH
025 C000305 D
025 D000305 2475
025 A000306 MORGAN STANLEY
025 C000306 D
025 D000306 4959
025 A000307 PAINE WEBBER
025 C000307 D
025 D000307 3895
025 A000308 PRUDENTIAL
025 C000308 D
025 D000308 16016
028 A010300 15943
028 A020300 0
028 A030300 0
028 A040300 41655
028 B010300 41232
028 B020300 0
028 B030300 0
028 B040300 48916
028 C010300 50074
028 C020300 0
028 C030300 0
028 C040300 80470
028 D010300 53699
028 D020300 0
028 D030300 0
028 D040300 159030
028 E010300 12180
028 E020300 0
028 E030300 0
028 E040300 44913
028 F010300 27808
028 F020300 0
028 F030300 0
028 F040300 112312
028 G010300 200936
028 G020300 0
028 G030300 0
028 G040300 487296
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.000
048 A010300 250000
<PAGE> PAGE 6
048 A020300 0.400
048 B010300 250000
048 B020300 0.350
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 500000
048 K020300 0.300
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 100000
062 A000300 Y
062 B000300 0.0
062 C000300 5.1
062 D000300 0.3
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 8.6
062 N000300 39.6
062 O000300 0.0
062 P000300 22.2
062 Q000300 26.3
062 R000300 2.1
063 A000300 0
063 B000300 16.5
<PAGE> PAGE 7
064 A000300 N
064 B000300 Y
065 000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 Y
070 D010300 Y
070 D020300 N
070 E010300 Y
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
070 N010300 N
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 4996419
071 B000300 5078903
071 C000300 3151821
071 D000300 159
072 A000300 12
072 B000300 227058
072 C000300 5197
<PAGE> PAGE 8
072 D000300 0
072 E000300 0
072 F000300 10050
072 G000300 84
072 H000300 0
072 I000300 0
072 J000300 927
072 K000300 0
072 L000300 0
072 M000300 93
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 78
072 S000300 0
072 T000300 0
072 U000300 15
072 V000300 0
072 W000300 46
072 X000300 11293
072 Y000300 0
072 Z000300 220962
072AA000300 0
072BB000300 113318
072CC010300 0
072CC020300 129552
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 8968
074 C000300 0
074 D000300 2816113
074 E000300 57717
074 F000300 0
074 G000300 0
074 H000300 3300
074 I000300 148698
074 J000300 54122
074 K000300 0
074 L000300 44774
074 M000300 27
074 N000300 3133719
074 O000300 204460
074 P000300 22
074 Q000300 0
<PAGE> PAGE 9
074 R010300 0
074 R020300 0
074 R030300 12839
074 R040300 4693
074 S000300 0
074 T000300 2911705
074 U010300 0
074 U020300 0
074 V010300 0.00
074 V020300 0.00
074 W000300 0.0000
074 X000300 0
074 Y000300 618713
075 A000300 0
075 B000300 3223571
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 02117
015 E040401 X
024 000400 Y
025 A000401 BEAR STEARNS
025 C000401 D
025 D000401 1449
025 A000402 CHASE
025 C000402 D
025 D000402 448
025 A000403 NATWEST
025 C000403 D
025 D000403 1537
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 1696
028 A020400 0
028 A030400 0
028 A040400 7376
028 B010400 711
028 B020400 0
028 B030400 0
028 B040400 10629
<PAGE> PAGE 10
028 C010400 182
028 C020400 0
028 C030400 0
028 C040400 210
028 D010400 145
028 D020400 0
028 D030400 0
028 D040400 18784
028 E010400 56
028 E020400 0
028 E030400 0
028 E040400 11527
028 F010400 8213
028 F020400 0
028 F030400 0
028 F040400 41621
028 G010400 11003
028 G020400 0
028 G030400 0
028 G040400 90147
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.400
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
<PAGE> PAGE 11
053 A000400 N
058 A000400 N
059 000400 Y
060 A000400 N
060 B000400 N
061 000400 100000
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 7.4
062 N000400 8.2
062 O000400 0.0
062 P000400 9.7
062 Q000400 72.0
062 R000400 1.5
063 A000400 0
063 B000400 9.7
064 A000400 N
064 B000400 Y
065 000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 Y
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 Y
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
<PAGE> PAGE 12
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
070 N010400 Y
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 746922
071 B000400 778959
071 C000400 434437
071 D000400 172
072 A000400 12
072 B000400 30602
072 C000400 83
072 D000400 0
072 E000400 0
072 F000400 1794
072 G000400 12
072 H000400 0
072 I000400 0
072 J000400 418
072 K000400 0
072 L000400 0
072 M000400 24
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 39
072 S000400 0
072 T000400 0
072 U000400 15
072 V000400 0
072 W000400 26
072 X000400 2328
072 Y000400 0
072 Z000400 28357
072AA000400 0
072BB000400 21650
<PAGE> PAGE 13
072CC010400 0
072CC020400 9743
072DD010400 0
072DD020400 0
072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 156
074 C000400 0
074 D000400 369240
074 E000400 1063
074 F000400 0
074 G000400 0
074 H000400 4731
074 I000400 0
074 J000400 74
074 K000400 0
074 L000400 6779
074 M000400 11907
074 N000400 393950
074 O000400 0
074 P000400 7
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 7282
074 R040400 7057
074 S000400 0
074 T000400 379604
074 U010400 0
074 U020400 0
074 V010400 0.00
074 V020400 0.00
074 W000400 0.0000
074 X000400 0
074 Y000400 197429
075 A000400 0
075 B000400 448252
076 000400 0.00
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
<PAGE> PAGE 14
015 C020601 MA
015 C030601 02117
015 E040601 X
024 000600 Y
025 A000601 LEHMAN BROTHERS
025 C000601 D
025 D000601 750
025 D000602 0
025 D000603 0
025 D000604 0
025 D000605 0
025 D000606 0
025 D000607 0
025 D000608 0
028 A010600 0
028 A020600 0
028 A030600 0
028 A040600 465
028 B010600 10
028 B020600 0
028 B030600 0
028 B040600 1
028 C010600 0
028 C020600 0
028 C030600 0
028 C040600 0
028 D010600 0
028 D020600 0
028 D030600 0
028 D040600 472
028 E010600 0
028 E020600 0
028 E030600 0
028 E040600 855
028 F010600 0
028 F020600 0
028 F030600 0
028 F040600 1679
028 G010600 10
028 G020600 0
028 G030600 0
028 G040600 3472
028 H000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.500
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
<PAGE> PAGE 15
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 Y
053 B000600 Y
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 100000
062 A000600 Y
062 B000600 0.0
062 C000600 0.0
062 D000600 0.4
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 1.6
062 N000600 0.0
062 O000600 0.0
062 P000600 49.0
062 Q000600 42.7
062 R000600 5.1
063 A000600 0
063 B000600 11.2
064 A000600 N
064 B000600 N
<PAGE> PAGE 16
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
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 N
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 N
071 A000600 44294
071 B000600 50316
071 C000600 32221
071 D000600 137
072 A000600 12
072 B000600 3284
072 C000600 63
072 D000600 0
072 E000600 0
072 F000600 170
<PAGE> PAGE 17
072 G000600 1
072 H000600 0
072 I000600 0
072 J000600 75
072 K000600 0
072 L000600 0
072 M000600 6
072 N000600 0
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 32
072 S000600 0
072 T000600 0
072 U000600 1
072 V000600 0
072 W000600 6
072 X000600 291
072 Y000600 291
072 Z000600 3347
072AA000600 0
072BB000600 1917
072CC010600 0
072CC020600 751
072DD010600 0
072DD020600 0
072EE000600 0
073 A010600 0.0000
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 0
074 B000600 118
074 C000600 0
074 D000600 29054
074 E000600 1228
074 F000600 0
074 G000600 0
074 H000600 359
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 746
074 M000600 121
074 N000600 31626
074 O000600 0
074 P000600 2
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 429
<PAGE> PAGE 18
074 R040600 51
074 S000600 0
074 T000600 31144
074 U010600 0
074 U020600 0
074 V010600 0.00
074 V020600 0.00
074 W000600 0.0000
074 X000600 0
074 Y000600 8107
075 A000600 0
075 B000600 34044
076 000600 0.00
008 A000701 STANDISH, AYER & WOOD
008 B000701 A
008 C000701 801-584
008 D010701 BOSTON
008 D020701 MA
008 D030701 02111
015 A000701 INVESTORS BANK & TRUST COMPANY
015 B000701 C
015 C010701 BOSTON
015 C020701 MA
015 C030701 02117
015 E010701 X
024 000700 Y
025 A000701 BEAR STEARNS
025 C000701 D
025 D000701 5849
025 A000702 CHASE
025 C000702 D
025 D000702 10483
025 A000703 CITICORP
025 C000703 D
025 D000703 2467
025 A000704 LEHMAN BROTHERS
025 C000704 D
025 D000704 7189
025 A000705 MORGAN STANLEY
025 C000705 D
025 D000705 8218
025 D000706 0
025 D000707 0
025 D000708 0
028 A010700 61243
028 A020700 0
028 A030700 0
028 A040700 17404
028 B010700 2750
028 B020700 0
028 B030700 0
<PAGE> PAGE 19
028 B040700 34629
028 C010700 20277
028 C020700 0
028 C030700 0
028 C040700 17372
028 D010700 29673
028 D020700 0
028 D030700 0
028 D040700 11956
028 E010700 12439
028 E020700 0
028 E030700 0
028 E040700 9537
028 F010700 23521
028 F020700 0
028 F030700 0
028 F040700 16484
028 G010700 149903
028 G020700 0
028 G030700 0
028 G040700 107382
028 H000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.250
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
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
<PAGE> PAGE 20
052 000700 N
053 A000700 N
058 A000700 N
059 000700 Y
060 A000700 Y
060 B000700 Y
061 000700 100000
062 A000700 Y
062 B000700 0.0
062 C000700 9.3
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 11.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 2.5
062 N000700 5.6
062 O000700 0.0
062 P000700 37.7
062 Q000700 32.9
062 R000700 0.0
063 A000700 0
063 B000700 3.9
064 A000700 N
064 B000700 N
066 A000700 N
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 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
<PAGE> PAGE 21
070 I020700 N
070 J010700 Y
070 J020700 Y
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 Y
070 M020700 N
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 180823
071 B000700 177738
071 C000700 206225
071 D000700 86
072 A000700 12
072 B000700 15757
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 663
072 G000700 7
072 H000700 0
072 I000700 0
072 J000700 128
072 K000700 0
072 L000700 0
072 M000700 18
072 N000700 0
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 25
072 S000700 1
072 T000700 0
072 U000700 2
072 V000700 0
072 W000700 10
072 X000700 854
072 Y000700 0
072 Z000700 14903
072AA000700 0
072BB000700 940
<PAGE> PAGE 22
072CC010700 0
072CC020700 1863
072DD010700 0
072DD020700 0
072EE000700 0
073 A010700 0.0000
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 0
074 B000700 91
074 C000700 61247
074 D000700 237976
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 237
074 K000700 0
074 L000700 2755
074 M000700 9
074 N000700 302315
074 O000700 0
074 P000700 5
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 66
074 S000700 0
074 T000700 302244
074 U010700 0
074 U020700 0
074 V010700 0.00
074 V020700 0.00
074 W000700 0.0000
074 X000700 0
074 Y000700 13598
075 A000700 0
075 B000700 265147
076 000700 0.00
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 year ended December 31, 1999
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 003
<NAME> Standish Fixed Income Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 3,218,315,117
<INVESTMENTS-AT-VALUE> 3,034,796,013
<RECEIVABLES> 90,267,396
<ASSETS-OTHER> 8,655,346
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,133,718,755
<PAYABLE-FOR-SECURITIES> 204,459,931
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,553,412
<TOTAL-LIABILITIES> 222,013,343
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,286,707,223
<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> 624,998,189
<NET-ASSETS> 2,911,705,412
<DIVIDEND-INCOME> 5,197,031
<INTEREST-INCOME> 227,058,347
<OTHER-INCOME> 0
<EXPENSES-NET> 11,293,055
<NET-INVESTMENT-INCOME> 220,962,323
<REALIZED-GAINS-CURRENT> (113,317,673)
<APPREC-INCREASE-CURRENT> (129,552,131)
<NET-CHANGE-FROM-OPS> (21,907,481)
<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> (504,756,549)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,049,882
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,293,055
<AVERAGE-NET-ASSETS> 3,223,570,629
<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
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.35
</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 year ended December 31, 1999
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 004
<NAME> Standish Global Fixed Income Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 388,508,250
<INVESTMENTS-AT-VALUE> 375,190,278
<RECEIVABLES> 6,852,866
<ASSETS-OTHER> 11,906,876
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 393,950,020
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,345,966
<TOTAL-LIABILITIES> 14,345,966
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 316,309,553
<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> 63,294,501
<NET-ASSETS> 379,604,054
<DIVIDEND-INCOME> 82,908
<INTEREST-INCOME> 30,602,354
<OTHER-INCOME> 0
<EXPENSES-NET> 2,327,730
<NET-INVESTMENT-INCOME> 28,357,532
<REALIZED-GAINS-CURRENT> (21,650,045)
<APPREC-INCREASE-CURRENT> (9,743,044)
<NET-CHANGE-FROM-OPS> (3,035,557)
<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> (81,983,662)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,793,905
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,327,730
<AVERAGE-NET-ASSETS> 448,251,676
<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
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.52
</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 year ended December 31, 1999
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 006
<NAME> Standish Diversified Income Portfolio
<S>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 33,347,576
<INVESTMENTS-AT-VALUE> 30,759,284
<RECEIVABLES> 745,688
<ASSETS-OTHER> 120,659
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31,625,631
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 481,858
<TOTAL-LIABILITIES> 481,858
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,226,430
<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> 917,343
<NET-ASSETS> 31,143,773
<DIVIDEND-INCOME> 62,803
<INTEREST-INCOME> 3,284,269
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 3,347,072
<REALIZED-GAINS-CURRENT> (1,916,917)
<APPREC-INCREASE-CURRENT> (751,087)
<NET-CHANGE-FROM-OPS> 679,068
<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> (10,496,814)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 170,359
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 291,153
<AVERAGE-NET-ASSETS> 34,043,614
<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
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 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 year ended December 31, 1999
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 007
<NAME> Standish Short Term Asset Reserve Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 301,696,388
<INVESTMENTS-AT-VALUE> 299,314,183
<RECEIVABLES> 2,991,571
<ASSETS-OTHER> 8,769
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 302,314,523
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 70,794
<TOTAL-LIABILITIES> 70,794
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 274,159,689
<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> 28,084,040
<NET-ASSETS> 302,243,729
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,757,659
<OTHER-INCOME> 0
<EXPENSES-NET> 854,199
<NET-INVESTMENT-INCOME> 14,903,460
<REALIZED-GAINS-CURRENT> (939,658)
<APPREC-INCREASE-CURRENT> (1,863,362)
<NET-CHANGE-FROM-OPS> 12,100,440
<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> 40,505,309
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 662,590
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 854,199
<AVERAGE-NET-ASSETS> 265,149,964
<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
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.32
</TABLE>
Report of Independent Accountants
To the Trustees and Shareholders
of Standish, Ayer & Wood Master Portfolio:
Re: Standish Fixed Income Portfolio
Standish Global Fixed Income Portfolio
Standish Diversified Income Portfolio
Standish Short Term Asset Reserve Portfolio
(hereafter, the "Portfolios")
In planning and performing our audits of the financial statements of Standish,
Ayer & Wood Master Portfolio (the "Portfolios") for the year ended December 31,
1999, 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 to comply with
the requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Portfolios is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments 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, errors 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 controls may become inadequate
because of changes in conditions or that the effectiveness of their 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 being audited may occur and not
be detected within a timely period by 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
December 31, 1999.
This report is intended solely for the information and use of the Trustees,
management and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified parties.
Boston, Massachusetts
February 18, 2000
