<PAGE> PAGE 1
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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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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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028 G011500 1351
028 G021500 14
028 G031500 0
028 G041500 3
028 H001500 0
029 001500 N
030 A001500 0
030 B001500 0.00
030 C001500 0.00
034 001500 N
035 001500 0
036 B001500 0
037 001500 N
038 001500 0
039 001500 N
040 001500 N
045 001500 Y
046 001500 N
047 001500 Y
048 001500 0.500
048 A011500 0
048 A021500 0.000
048 B011500 0
048 B021500 0.000
<PAGE> PAGE 21
048 C011500 0
048 C021500 0.000
048 D011500 0
048 D021500 0.000
048 E011500 0
048 E021500 0.000
048 F011500 0
048 F021500 0.000
048 G011500 0
048 G021500 0.000
048 H011500 0
048 H021500 0.000
048 I011500 0
048 I021500 0.000
048 J011500 0
048 J021500 0.000
048 K011500 0
048 K021500 0.000
049 001500 N
050 001500 N
051 001500 N
052 001500 N
053 A001500 Y
053 B001500 Y
054 A001500 Y
054 B001500 N
054 C001500 N
054 D001500 N
054 E001500 N
054 F001500 N
054 G001500 Y
054 H001500 Y
054 I001500 N
054 J001500 Y
054 K001500 Y
054 L001500 N
054 M001500 Y
054 N001500 Y
054 O001500 N
055 A001500 N
055 B001500 N
056 001500 Y
057 001500 N
058 A001500 N
059 001500 Y
060 A001500 Y
060 B001500 Y
061 001500 100000
062 A001500 N
062 B001500 0.0
062 C001500 0.0
<PAGE> PAGE 22
062 D001500 0.0
062 E001500 0.0
062 F001500 0.0
062 G001500 0.0
062 H001500 0.0
062 I001500 0.0
062 J001500 0.0
062 K001500 0.0
062 L001500 0.0
062 M001500 0.0
062 N001500 0.0
062 O001500 0.0
062 P001500 0.0
062 Q001500 0.0
062 R001500 0.0
066 A001500 Y
066 D001500 Y
067 001500 N
068 A001500 N
068 B001500 N
069 001500 N
070 A011500 Y
070 A021500 N
070 B011500 Y
070 B021500 N
070 C011500 Y
070 C021500 N
070 D011500 Y
070 D021500 N
070 E011500 Y
070 E021500 N
070 F011500 Y
070 F021500 N
070 G011500 Y
070 G021500 N
070 H011500 Y
070 H021500 N
070 I011500 N
070 I021500 N
070 J011500 Y
070 J021500 N
070 K011500 Y
070 K021500 N
070 L011500 Y
070 L021500 N
070 M011500 N
070 M021500 N
070 N011500 N
070 N021500 N
070 O011500 N
070 O021500 N
<PAGE> PAGE 23
070 P011500 N
070 P021500 N
070 Q011500 N
070 Q021500 N
071 A001500 8507
071 B001500 1856
071 C001500 3277
071 D001500 57
072 A001500 9
072 B001500 3
072 C001500 25
072 D001500 0
072 E001500 0
072 F001500 6
072 G001500 0
072 H001500 0
072 I001500 0
072 J001500 31
072 K001500 0
072 L001500 0
072 M001500 0
072 N001500 2
072 O001500 0
072 P001500 0
072 Q001500 0
072 R001500 19
072 S001500 2
072 T001500 0
072 U001500 3
072 V001500 0
072 W001500 1
072 X001500 64
072 Y001500 64
072 Z001500 28
072AA001500 10
072BB001500 32
072CC011500 313
072CC021500 0
072DD011500 15
072DD021500 0
072EE001500 0
073 A011500 0.1800
073 A021500 0.0000
073 B001500 0.0000
073 C001500 0.0000
074 A001500 37
074 B001500 0
074 C001500 0
074 D001500 0
074 E001500 0
074 F001500 2782
<PAGE> PAGE 24
074 G001500 0
074 H001500 0
074 I001500 0
074 J001500 0
074 K001500 0
074 L001500 43
074 M001500 0
074 N001500 2862
074 O001500 0
074 P001500 0
074 Q001500 0
074 R011500 0
074 R021500 0
074 R031500 0
074 R041500 19
074 S001500 0
074 T001500 2843
074 U011500 120
074 U021500 0
074 V011500 23.60
074 V021500 0.00
074 W001500 0.0000
074 X001500 97
074 Y001500 0
075 A001500 0
075 B001500 1656
076 001500 0.00
SIGNATURE KEVIN CONNERTY
TITLE ADMINISTRATOR
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Standish Massachusetts Intermediate
Tax Exempt Bond Fund form N-SAR for the period ended
September 30, 1996 and is qualified in its entirety
by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 08
<NAME> Standish Mass. Int. Tax Exempt Bond Fund
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 31,629,887
<INVESTMENTS-AT-VALUE> 31,908,048
<RECEIVABLES> 489,513
<ASSETS-OTHER> 3,092
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,400,653
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 264,570
<TOTAL-LIABILITIES> 264,570
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,411,904
<SHARES-COMMON-STOCK> 1,557,795
<SHARES-COMMON-PRIOR> 1,549,512
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (587,756)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 311,935
<NET-ASSETS> 32,136,083
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,327,319
<OTHER-INCOME> 0
<EXPENSES-NET> 159,139
<NET-INVESTMENT-INCOME> 1,168,180
<REALIZED-GAINS-CURRENT> 20,518
<APPREC-INCREASE-CURRENT> (631,115)
<NET-CHANGE-FROM-OPS> 557,583
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,168,180
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 379,843
<NUMBER-OF-SHARES-REDEEMED> 388,723
<SHARES-REINVESTED> 17,163
<NET-CHANGE-IN-ASSETS> (428,954)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (608,275)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 98,478
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 179,514
<AVERAGE-NET-ASSETS> 32,644,004
<PER-SHARE-NAV-BEGIN> 21.02
<PER-SHARE-NII> 0.74
<PER-SHARE-GAIN-APPREC> (0.39)
<PER-SHARE-DIVIDEND> (0.74)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.63
<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 Intermediate Tax Exempt Bond
Fund form N-SAR for the period ended September 30,
1996 and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 09
<NAME> Standish Intermediate Tax Exempt Bond Fund
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 34,401,415
<INVESTMENTS-AT-VALUE> 35,036,341
<RECEIVABLES> 545,442
<ASSETS-OTHER> 4,163
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 35,585,946
<PAYABLE-FOR-SECURITIES> 97,050
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 646,184
<TOTAL-LIABILITIES> 743,234
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,179,759
<SHARES-COMMON-STOCK> 1,649,638
<SHARES-COMMON-PRIOR> 1,535,830
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,747
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 644,206
<NET-ASSETS> 34,842,712
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,378,131
<OTHER-INCOME> 0
<EXPENSES-NET> 158,972
<NET-INVESTMENT-INCOME> 1,219,159
<REALIZED-GAINS-CURRENT> 53,135
<APPREC-INCREASE-CURRENT> (459,413)
<NET-CHANGE-FROM-OPS> 812,881
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,219,159
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 524,041
<NUMBER-OF-SHARES-REDEEMED> 430,546
<SHARES-REINVESTED> 20,313
<NET-CHANGE-IN-ASSETS> 1,977,319
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (34,388)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 98,399
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 200,657
<AVERAGE-NET-ASSETS> 32,609,508
<PER-SHARE-NAV-BEGIN> 21.40
<PER-SHARE-NII> 0.79
<PER-SHARE-GAIN-APPREC> (0.28)
<PER-SHARE-DIVIDEND> (0.79)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 21.12
<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 Small Cap Tax-Sensitive
Equity Fund form N-SAR for the period ended
September 30, 1996 and is qualified in its entirety
by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 14
<NAME> Standish Small Cap Tax-Sensitive Equity Fund
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 6,361,949
<INVESTMENTS-AT-VALUE> 6,720,966
<RECEIVABLES> 436,604
<ASSETS-OTHER> 160,068
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,317,638
<PAYABLE-FOR-SECURITIES> 403,754
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18,017
<TOTAL-LIABILITIES> 421,771
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,820,711
<SHARES-COMMON-STOCK> 292,564
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 5,180
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (289,040)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 359,016
<NET-ASSETS> 6,895,867
<DIVIDEND-INCOME> 2,631
<INTEREST-INCOME> 6,588
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 9,219
<REALIZED-GAINS-CURRENT> (289,040)
<APPREC-INCREASE-CURRENT> 359,016
<NET-CHANGE-FROM-OPS> 79,195
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,039
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 292,713
<NUMBER-OF-SHARES-REDEEMED> 268
<SHARES-REINVESTED> 119
<NET-CHANGE-IN-ASSETS> 6,895,867
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13,510
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 77,562
<AVERAGE-NET-ASSETS> 3,017,742
<PER-SHARE-NAV-BEGIN> 20.00
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 3.55
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 23.57
<EXPENSE-RATIO> 0.00
<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 Tax-Sensitive Equity Fund
form N-SAR for the period ended September 30, 1996
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 15
<NAME> Standish Tax-Sensitive Equity Fund
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 2,468,754
<INVESTMENTS-AT-VALUE> 2,782,028
<RECEIVABLES> 27,169
<ASSETS-OTHER> 52,674
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,861,871
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18,929
<TOTAL-LIABILITIES> 18,929
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,538,959
<SHARES-COMMON-STOCK> 120,446
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 12,585
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (21,876)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 313,274
<NET-ASSETS> 2,842,942
<DIVIDEND-INCOME> 25,160
<INTEREST-INCOME> 2,877
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 28,037
<REALIZED-GAINS-CURRENT> (21,876)
<APPREC-INCREASE-CURRENT> 313,274
<NET-CHANGE-FROM-OPS> 319,435
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 15,453
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 120,464
<NUMBER-OF-SHARES-REDEEMED> 678
<SHARES-REINVESTED> 660
<NET-CHANGE-IN-ASSETS> 2,842,942
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,161
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 63,605
<AVERAGE-NET-ASSETS> 1,655,556
<PER-SHARE-NAV-BEGIN> 20.00
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> 3.50
<PER-SHARE-DIVIDEND> (0.18)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 23.60
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO ACCOMPANY FORM N-SAR
The Trustees of Standish, Ayer and
Wood Investment Trust and Shareholders of:
Standish Massachusetts Intermediate Tax Exempt Bond Fund
Standish Intermediate Tax Exempt Bond Fund
Standish Small Cap Tax-Sensitive Equity Fund
Standish Tax-Sensitive Equity Fund:
In planning and performing our audits of the financial statements and financial
highlights of the above referenced Funds of Standish, Ayer and Wood Investment
Trust for the periods ended September 30, 1996, we considered its internal
control structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing an opinion on
the financial statements and financial highlights and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of Standish, Ayer and Wood Investment Trust is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in accordance
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure 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 operations may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements and financial
highlights 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 the internal control structure, including
procedures for safeguarding securities, that we consider to be material
weaknesses, as defined above, as of September 30, 1996.
<PAGE>
This report is solely for the information and use of management of Standish,
Ayer and Wood Investment Trust and the Securities and Exchange Commission.
/S/
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
November 19, 1996