<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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074 D001500 0
074 E001500 0
074 F001500 12226
074 G001500 0
074 H001500 0
074 I001500 0
074 J001500 0
074 K001500 0
074 L001500 11
074 M001500 13
074 N001500 12834
074 O001500 0
074 P001500 0
<PAGE> PAGE 21
074 Q001500 0
074 R011500 0
074 R021500 0
074 R031500 0
074 R041500 15
074 S001500 0
074 T001500 12819
074 U011500 364
074 U021500 0
074 V011500 35.24
074 V021500 0.00
074 W001500 0.0000
074 X001500 145
074 Y001500 0
075 A001500 0
075 B001500 16772
076 001500 0.00
SIGNATURE KEVIN CONNERTY, INVESTORS BANK & TRUST
TITLE DIRECTOR
<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, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 8
<NAME> Standish Mass. Int. Tax Exempt Bond Fund Series
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 38,496,820
<INVESTMENTS-AT-VALUE> 39,524,101
<RECEIVABLES> 757,142
<ASSETS-OTHER> 2,485
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 40,283,728
<PAYABLE-FOR-SECURITIES> 1,684,647
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 198,453
<TOTAL-LIABILITIES> 1,883,100
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,779,238
<SHARES-COMMON-STOCK> 1,812,636
<SHARES-COMMON-PRIOR> 1,557,795
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (414,831)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,036,221
<NET-ASSETS> 38,400,628
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,805,757
<OTHER-INCOME> 38,495
<EXPENSES-NET> 225,632
<NET-INVESTMENT-INCOME> 1,618,620
<REALIZED-GAINS-CURRENT> 172,925
<APPREC-INCREASE-CURRENT> 724,286
<NET-CHANGE-FROM-OPS> 2,515,831
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,618,620
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 664,860
<NUMBER-OF-SHARES-REDEEMED> 440,478
<SHARES-REINVESTED> 30,459
<NET-CHANGE-IN-ASSETS> 6,264,545
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (587,756)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 138,703
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 259,480
<AVERAGE-NET-ASSETS> 34,713,780
<PER-SHARE-NAV-BEGIN> 20.63
<PER-SHARE-NII> 0.97
<PER-SHARE-GAIN-APPREC> 0.55
<PER-SHARE-DIVIDEND> (0.97)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 21.18
<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, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 9
<NAME> Standish Intermediate Tax Exempt Bond Fund Series
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 54,267,827
<INVESTMENTS-AT-VALUE> 56,214,689
<RECEIVABLES> 787,064
<ASSETS-OTHER> 2,957
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57,004,710
<PAYABLE-FOR-SECURITIES> 4,122,936
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 158,482
<TOTAL-LIABILITIES> 4,281,418
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 50,625,414
<SHARES-COMMON-STOCK> 2,420,468
<SHARES-COMMON-PRIOR> 1,649,638
<ACCUMULATED-NII-CURRENT> 8,268
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 142,748
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,946,862
<NET-ASSETS> 52,723,292
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,337,745
<OTHER-INCOME> 0
<EXPENSES-NET> 281,987
<NET-INVESTMENT-INCOME> 2,055,758
<REALIZED-GAINS-CURRENT> 194,930
<APPREC-INCREASE-CURRENT> 1,302,656
<NET-CHANGE-FROM-OPS> 3,553,344
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,055,758
<DISTRIBUTIONS-OF-GAINS> 61,613
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,093,993
<NUMBER-OF-SHARES-REDEEMED> 361,805
<SHARES-REINVESTED> 38,642
<NET-CHANGE-IN-ASSETS> 17,880,580
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 18,747
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 173,394
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 322,539
<AVERAGE-NET-ASSETS> 43,383,490
<PER-SHARE-NAV-BEGIN> 21.12
<PER-SHARE-NII> 1.01
<PER-SHARE-GAIN-APPREC> 0.74
<PER-SHARE-DIVIDEND> (1.01)
<PER-SHARE-DISTRIBUTIONS> (0.08)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 21.78
<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, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 14
<NAME> StandishSmall Cap Tax-Sensitive Equity Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 23,792,834
<INVESTMENTS-AT-VALUE> 32,277,528
<RECEIVABLES> 218,285
<ASSETS-OTHER> 367,735
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,863,548
<PAYABLE-FOR-SECURITIES> 78,662
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,369
<TOTAL-LIABILITIES> 103,031
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24,102,658
<SHARES-COMMON-STOCK> 1,004,501
<SHARES-COMMON-PRIOR> 292,564
<ACCUMULATED-NII-CURRENT> 7,577
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 165,588
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,484,694
<NET-ASSETS> 32,760,517
<DIVIDEND-INCOME> 18,755
<INTEREST-INCOME> 30,560
<OTHER-INCOME> 0
<EXPENSES-NET> 35,254
<NET-INVESTMENT-INCOME> 14,061
<REALIZED-GAINS-CURRENT> 454,628
<APPREC-INCREASE-CURRENT> 8,125,678
<NET-CHANGE-FROM-OPS> 8,594,367
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11,664
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 763,163
<NUMBER-OF-SHARES-REDEEMED> 51,613
<SHARES-REINVESTED> 387
<NET-CHANGE-IN-ASSETS> 25,864,650
<ACCUMULATED-NII-PRIOR> 5,180
<ACCUMULATED-GAINS-PRIOR> (289,040)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 100,630
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 208,781
<AVERAGE-NET-ASSETS> 6,527,068
<PER-SHARE-NAV-BEGIN> 23.57
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 9.05
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 32.61
<EXPENSE-RATIO> 0.21
<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, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 15
<NAME> Standish Tax-Sensitive Equity Fund Series
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 9,046,078
<INVESTMENTS-AT-VALUE> 12,225,812
<RECEIVABLES> 11,633
<ASSETS-OTHER> 597,030
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,834,475
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,535
<TOTAL-LIABILITIES> 15,535
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,735,808
<SHARES-COMMON-STOCK> 363,730
<SHARES-COMMON-PRIOR> 120,446
<ACCUMULATED-NII-CURRENT> 24,409
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (121,011)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,179,734
<NET-ASSETS> 12,818,940
<DIVIDEND-INCOME> 85,447
<INTEREST-INCOME> 13,204
<OTHER-INCOME> 0
<EXPENSES-NET> 13,288
<NET-INVESTMENT-INCOME> 85,363
<REALIZED-GAINS-CURRENT> (99,250)
<APPREC-INCREASE-CURRENT> 2,866,460
<NET-CHANGE-FROM-OPS> 2,852,573
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 73,042
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 244,525
<NUMBER-OF-SHARES-REDEEMED> 3,376
<SHARES-REINVESTED> 2,135
<NET-CHANGE-IN-ASSETS> 9,975,998
<ACCUMULATED-NII-PRIOR> 12,585
<ACCUMULATED-GAINS-PRIOR> (21,876)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 32,635
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 113,037
<AVERAGE-NET-ASSETS> 12,523,411
<PER-SHARE-NAV-BEGIN> 23.60
<PER-SHARE-NII> 0.39
<PER-SHARE-GAIN-APPREC> 11.58
<PER-SHARE-DIVIDEND> (0.33)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 35.24
<EXPENSE-RATIO> 0.20
<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: Standish
Small Capitalization Tax -Sensitive Equity Fund Standish Tax
-Sensitive Equity Fund Standish International Equity Fund Standish
Massachusetts Intermediate Tax Exempt Bond Fund Standish
Intermediate Tax Exempt Bond Fund Standish Equity Fund Standish
Small Capitalization Equity Fund Standish Small Capitalization
Equity Fund II
In planning and performing our audits of the financial statements and financial
highlights of the above referenced Funds of Standish, Ayer & Wood Investment
Trust for the periods ended September 30, 1997, 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 financial highlights and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control.
The management of Standish, Ayer & Wood Investment Trust 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 irregularities
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 the internal control would not necessarily disclose all
matters in the 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 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 and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses, as defined
above.
This report is solely for the information and use of management, the Trustees of
Standish, Ayer & Wood Investment Trust and the Securities and Exchange
Commission.
/S/ COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
November 11, 1997
