STANDISH AYER & WOOD INVESTMENT TRUST
N-18F1, 1996-04-25
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AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 25, 1996

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


              NOTIFICATION OF ELECTION PURSUANT TO RULE 18F-1 UNDER
                       THE INVESTMENT COMPANY ACT OF 1940





                     STANDISH, AYER & WOOD MASTER PORTFOLIO
                            EXACT NAME OF REGISTRANT





                            NOTIFICATION OF ELECTION


         The undersigned registered open-end investment company hereby notifies
the Securities and Exchange Commission that it elects to commit itself to pay in
cash all redemptions by a shareholder of record as provided by Rule 18f-1 under
the Investment Company Act of 1940. It is understood that this election is
irrevocable while such Rule is in effect unless the Commission by order upon
application permits the withdrawal of this Notification of Election.



                                    SIGNATURE

         Pursuant to the requirements of Rule 18f-1 under the Investment Company
Act of 1940, the registrant has caused this notification of election to be duly
executed on its behalf in the city of George Town, Grand Cayman, B.W.I. on the
25th day of April, 1996.

STANDISH, AYER & WOOD MASTER PORTFOLIO


By: RICHARD S. WOOD*
    Richard S. Wood
    Trustee
 
By: /S/SUSAN JAKUBOSKI
    Susan Jakuboski, Attorney in Fact




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