SUPPLEMENT dated November 13, 1996
to the
Prospectus
of
STANDISH SMALL CAPITALIZATION EQUITY FUND
dated April 29, 1996
The Board of Trustees of Standish, Ayer & Wood Investment Trust has
authorized the closure of Standish Small Capitalization Equity Fund to new
investors for an indefinite period. This closure will be effective as of the
close of business on December 20, 1996. After that date, shares of the Fund may
be purchased, whether through exchange or otherwise, only by shareholder
accounts that were Fund accounts of record on that date and that continue to be
such on the date of any subsequent investment.
This action has been taken as a result of recent large inflows of cash
into the Fund. It is designed to protect existing investors from the adverse
impact that continued large inflows of cash may have on Fund performance under
current market conditions in the small cap equity sector.
