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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 20
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064 B000400 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 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
<PAGE> PAGE 21
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
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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
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<PAGE> PAGE 22
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076 000400 0.00
008 A000501 STANDISH, AYER & WOOD INC.
008 B000501 A
008 C000501 801-584
008 D010501 BOSTON
008 D020501 MA
008 D030501 02111
<PAGE> PAGE 23
015 A000501 INVESTORS BANK & TRUST COMPANY
015 B000501 C
015 C010501 BOSTON
015 C020501 MA
015 C030501 02110
015 E010501 X
024 000500 N
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<PAGE> PAGE 24
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050 000500 N
051 000500 N
052 000500 N
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<PAGE> PAGE 25
068 B000500 N
069 000500 N
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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SIGNATURE KEVIN CONNERTY
TITLE FUND ADMINISTRATOR
<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 December 31, 1996
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Standish Equity Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 89,087,411
<INVESTMENTS-AT-VALUE> 106,151,419
<RECEIVABLES> 219,299
<ASSETS-OTHER> 65,853
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 106,436,571
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 158,937
<TOTAL-LIABILITIES> 158,937
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 89,203,038
<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> 17,074,596
<NET-ASSETS> 106,277,634
<DIVIDEND-INCOME> 1,453,074
<INTEREST-INCOME> 117,893
<OTHER-INCOME> 0
<EXPENSES-NET> 479,297
<NET-INVESTMENT-INCOME> 1,091,670
<REALIZED-GAINS-CURRENT> 13,302,616
<APPREC-INCREASE-CURRENT> 3,404,699
<NET-CHANGE-FROM-OPS> 17,798,985
<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> 106,277,634
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 345,301
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 479,297
<AVERAGE-NET-ASSETS> 104,446,313
<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
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<PER-SHARE-NAV-END> 0.00
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<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 December 31, 1996
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> Standish Small Capitalization Equity Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 216,079,036
<INVESTMENTS-AT-VALUE> 248,332,065
<RECEIVABLES> 16,905
<ASSETS-OTHER> 65,859
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 248,414,829
<PAYABLE-FOR-SECURITIES> 1,611,865
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 150,544
<TOTAL-LIABILITIES> 1,762,409
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 214,331,867
<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> 32,320,553
<NET-ASSETS> 246,652,420
<DIVIDEND-INCOME> 153,520
<INTEREST-INCOME> 305,276
<OTHER-INCOME> 0
<EXPENSES-NET> 1,112,861
<NET-INVESTMENT-INCOME> (654,065)
<REALIZED-GAINS-CURRENT> 21,512,706
<APPREC-INCREASE-CURRENT> (23,038,475)
<NET-CHANGE-FROM-OPS> (2,179,834)
<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> 246,652,420
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 920,742
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,112,861
<AVERAGE-NET-ASSETS> 232,087,933
<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> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.73
<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 December 31, 1996
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> Standish Fixed Income Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 2,549,046,911
<INVESTMENTS-AT-VALUE> 2,579,824,678
<RECEIVABLES> 56,070,866
<ASSETS-OTHER> 3,878,523
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,639,774,067
<PAYABLE-FOR-SECURITIES> 19,979,132
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,683,346
<TOTAL-LIABILITIES> 23,662,478
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,584,284,775
<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> 31,826,814
<NET-ASSETS> 2,616,111,589
<DIVIDEND-INCOME> 3,449,029
<INTEREST-INCOME> 118,492,713
<OTHER-INCOME> 0
<EXPENSES-NET> 5,959,995
<NET-INVESTMENT-INCOME> 115,981,747
<REALIZED-GAINS-CURRENT> 1,871,609
<APPREC-INCREASE-CURRENT> 87,004,141
<NET-CHANGE-FROM-OPS> 204,857,497
<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> 2,616,111,589
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,121,756
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,959,995
<AVERAGE-NET-ASSETS> 2,457,038,226
<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> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.37
<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 December 31, 1996
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> Standish Global Fixed Income Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 150,927,301
<INVESTMENTS-AT-VALUE> 156,731,655
<RECEIVABLES> 5,210,493
<ASSETS-OTHER> 2,158,691
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 164,100,839
<PAYABLE-FOR-SECURITIES> 1,729,890
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,556,451
<TOTAL-LIABILITIES> 4,286,341
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 153,707,995
<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> 6,106,503
<NET-ASSETS> 159,814,498
<DIVIDEND-INCOME> 59,537
<INTEREST-INCOME> 7,969,915
<OTHER-INCOME> 0
<EXPENSES-NET> 639,252
<NET-INVESTMENT-INCOME> 7,390,200
<REALIZED-GAINS-CURRENT> 4,871,948
<APPREC-INCREASE-CURRENT> 6,373,075
<NET-CHANGE-FROM-OPS> 18,635,223
<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> 159,814,498
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 412,216
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 639,252
<AVERAGE-NET-ASSETS> 155,858,482
<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> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.62
<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 December 31, 1996
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> Standish Small Capitalization Equity II Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 456,074
<INVESTMENTS-AT-VALUE> 465,044
<RECEIVABLES> 15,920
<ASSETS-OTHER> 49,519
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 530,483
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46,315
<TOTAL-LIABILITIES> 46,315
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 475,198
<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> 8,970
<NET-ASSETS> 484,168
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 198
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 198
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 8,970
<NET-CHANGE-FROM-OPS> 9,168
<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> 484,168
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 62
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 472,510
<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> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<PAGE>
<128>
February 25, 1997
Report of Independent Accountants
To the Investors and Trustees of Standish, Ayer & Wood Investment Trust Master
Portfolio
Re: Standish Small Capitalization Equity Portfolio
Standish Small Capitalization Equity Portfolio II
Standish Equity Portfolio
Standish Fixed Income Portfolio
Standish Global Fixed Income Portfolio
In planning and performing our audit of the financial statements and
supplementary data of the above referenced portfolios, for the period from the
start of business May 3, 1996, through December 31, 1996, we considered their
internal control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and supplementary data and to comply with
the requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of the portfolios referenced above 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 operation may deteriorate.
<PAGE>
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 supplementary data
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 December 31, 1996.
<PAGE>
Page
February 25, 1997
This report is intended solely for the information and use of management of the
portfolios referenced above and the Securities and Exchange Commission.
/S/ Coopers & Lybrand L.L.P.
Chartered Accountants
Toronto, Ontario
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