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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 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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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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<PAGE> PAGE 21
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015 A000501 INVESTORS BANK & TRUST COMPANY
<PAGE> PAGE 22
015 B000501 C
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<PAGE> PAGE 23
062 L000500 0.0
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070 M010500 Y
070 M020500 N
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070 N020500 N
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<PAGE> PAGE 24
071 B000500 0
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<PAGE> PAGE 25
074 L000500 1227
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015 A000601 INVESTORS BANK & TRUST CO.
015 B000601 C
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015 C030601 02111
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<PAGE> PAGE 26
028 F030600 0
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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015 A000701 INVESTORS BANK & TRUST COMPANY
015 B000701 C
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015 C030701 02111
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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015 A001001 INVESTORS BANK & TRUST CO.
015 B001001 C
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<PAGE> PAGE 33
015 C021001 MA
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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015 A001201 INVESTORS BANK & TRUST CO.
015 B001201 C
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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015 A001301 INVESTORS BANK & TRUST CO.
015 B001301 C
015 C011301 BOSTON
015 C021301 MA
015 C031301 02111
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025 D001304 49
025 A001305 BEAR STEARNS
<PAGE> PAGE 41
025 C001305 D
025 D001305 26
025 D001306 0
025 D001307 0
025 D001308 0
028 A011300 25
028 A021300 0
028 A031300 0
028 A041300 103
028 B011300 50
028 B021300 0
028 B031300 0
028 B041300 3
028 C011300 0
028 C021300 75
028 C031300 0
028 C041300 63
028 D011300 130
028 D021300 0
028 D031300 0
028 D041300 191
028 E011300 0
028 E021300 0
028 E031300 0
028 E041300 0
028 F011300 0
028 F021300 72
028 F031300 0
028 F041300 61
028 G011300 205
028 G021300 147
028 G031300 0
028 G041300 421
028 H001300 0
045 001300 Y
046 001300 N
047 001300 Y
048 001300 0.350
048 A011300 0
048 A021300 0.000
048 B011300 0
048 B021300 0.000
048 C011300 0
048 C021300 0.000
048 D011300 0
048 D021300 0.000
048 E011300 0
048 E021300 0.000
048 F011300 0
048 F021300 0.000
048 G011300 0
<PAGE> PAGE 42
048 G021300 0.000
048 H011300 0
048 H021300 0.000
048 I011300 0
048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 0
048 K021300 0.000
049 001300 N
050 001300 N
051 001300 N
052 001300 N
053 A001300 Y
053 B001300 Y
053 C001300 N
058 A001300 N
059 001300 Y
060 A001300 Y
060 B001300 Y
061 001300 100000
062 A001300 Y
062 B001300 0.0
062 C001300 0.0
062 D001300 2.2
062 E001300 0.0
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
062 I001300 0.0
062 J001300 0.0
062 K001300 0.0
062 L001300 0.0
062 M001300 10.8
062 N001300 7.9
062 O001300 0.0
062 P001300 79.1
062 Q001300 2.0
062 R001300 0.0
063 A001300 0
063 B001300 1.8
064 A001300 N
064 B001300 N
066 A001300 N
067 001300 N
068 A001300 N
068 B001300 N
069 001300 N
070 A011300 Y
070 A021300 Y
070 B011300 Y
<PAGE> PAGE 43
070 B021300 N
070 C011300 Y
070 C021300 Y
070 D011300 Y
070 D021300 N
070 E011300 Y
070 E021300 N
070 F011300 Y
070 F021300 N
070 G011300 Y
070 G021300 N
070 H011300 Y
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 Y
070 K011300 Y
070 K021300 N
070 L011300 N
070 L021300 N
070 M011300 N
070 M021300 N
070 N011300 N
070 N021300 N
070 O011300 N
070 O021300 N
070 P011300 N
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
071 A001300 8175
071 B001300 8185
071 C001300 12017
071 D001300 68
072 A001300 6
072 B001300 428
072 C001300 0
072 D001300 0
072 E001300 0
072 F001300 22
072 G001300 0
072 H001300 0
072 I001300 3
072 J001300 31
072 K001300 0
072 L001300 0
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072 N001300 3
<PAGE> PAGE 44
072 O001300 0
072 P001300 0
072 Q001300 0
072 R001300 6
072 S001300 2
072 T001300 0
072 U001300 1
072 V001300 0
072 W001300 4
072 X001300 72
072 Y001300 47
072 Z001300 403
072AA001300 0
072BB001300 73
072CC011300 23
072CC021300 0
072DD011300 373
072DD021300 0
072EE001300 0
073 A011300 0.6000
073 A021300 0.0000
073 B001300 0.0000
073 C001300 0.0000
074 A001300 0
074 B001300 269
074 C001300 0
074 D001300 12416
074 E001300 0
074 F001300 0
074 G001300 0
074 H001300 0
074 I001300 0
074 J001300 100
074 K001300 0
074 L001300 131
074 M001300 7
074 N001300 12922
074 O001300 358
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074 R011300 0
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074 R031300 0
074 R041300 128
074 S001300 0
074 T001300 12436
074 U011300 623
074 U021300 0
074 V011300 19.96
074 V021300 0.00
074 W001300 0.0000
<PAGE> PAGE 45
074 X001300 16
074 Y001300 0
075 A001300 0
075 B001300 12523
076 001300 0.00
015 A001601 INVESTORS BANK & TRUST COMPANY
015 B001601 C
015 C011601 BOSTON
015 C021601 MA
015 C031601 02111
015 E011601 X
024 001600 N
028 A011600 17
028 A021600 0
028 A031600 0
028 A041600 0
028 B011600 583
028 B021600 0
028 B031600 0
028 B041600 0
028 C011600 91
028 C021600 0
028 C031600 0
028 C041600 0
028 D011600 316
028 D021600 0
028 D031600 0
028 D041600 0
028 E011600 572
028 E021600 0
028 E031600 0
028 E041600 598
028 F011600 513
028 F021600 0
028 F031600 0
028 F041600 44
028 G011600 2092
028 G021600 0
028 G031600 0
028 G041600 642
028 H001600 0
058 A001600 N
059 001600 Y
060 A001600 Y
060 B001600 Y
061 001600 100000
062 A001600 N
062 B001600 0.0
062 C001600 0.0
062 D001600 0.0
062 E001600 0.0
<PAGE> PAGE 46
062 F001600 0.0
062 G001600 0.0
062 H001600 0.0
062 I001600 0.0
062 J001600 0.0
062 K001600 0.0
062 L001600 0.0
062 M001600 0.0
062 N001600 0.0
062 O001600 0.0
062 P001600 0.0
062 Q001600 0.0
062 R001600 0.0
066 A001600 N
067 001600 N
068 A001600 N
068 B001600 N
069 001600 N
070 A011600 Y
070 A021600 N
070 B011600 Y
070 B021600 N
070 C011600 N
070 C021600 N
070 D011600 Y
070 D021600 N
070 E011600 N
070 E021600 N
070 F011600 Y
070 F021600 N
070 G011600 Y
070 G021600 N
070 H011600 Y
070 H021600 N
070 I011600 N
070 I021600 N
070 J011600 Y
070 J021600 N
070 K011600 Y
070 K021600 N
070 L011600 Y
070 L021600 N
070 M011600 Y
070 M021600 N
070 N011600 N
070 N021600 N
070 O011600 N
070 O021600 N
070 P011600 N
070 P021600 N
070 Q011600 N
<PAGE> PAGE 47
070 Q021600 N
070 R011600 Y
070 R021600 N
071 A001600 0
071 B001600 0
071 C001600 0
071 D001600 0
072 A001600 1
072 B001600 2
072 C001600 1
072 D001600 0
072 E001600 0
072 F001600 0
072 G001600 0
072 H001600 0
072 I001600 3
072 J001600 15
072 K001600 3
072 L001600 0
072 M001600 0
072 N001600 27
072 O001600 0
072 P001600 0
072 Q001600 0
072 R001600 0
072 S001600 0
072 T001600 0
072 U001600 0
072 V001600 0
072 W001600 1
072 X001600 46
072 Y001600 46
072 Z001600 0
072AA001600 25
072BB001600 0
072CC011600 243
072CC021600 0
072DD011600 0
072DD021600 0
072EE001600 0
073 A011600 0.0000
073 A021600 0.0000
073 B001600 0.0000
073 C001600 0.0000
074 A001600 0
074 B001600 0
074 C001600 0
074 D001600 0
074 E001600 0
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074 G001600 0
<PAGE> PAGE 48
074 H001600 0
074 I001600 2252
074 J001600 0
074 K001600 5
074 L001600 0
074 M001600 0
074 N001600 2257
074 O001600 0
074 P001600 0
074 Q001600 0
074 R011600 0
074 R021600 0
074 R031600 0
074 R041600 51
074 S001600 0
074 T001600 2206
074 U011600 93
074 U021600 0
074 V011600 23.79
074 V021600 0.00
074 W001600 0.0000
074 X001600 30
074 Y001600 0
075 A001600 0
075 B001600 1094
076 001600 0.00
015 A001701 INVESTORS BANK & TRUST
015 B001701 C
015 C011701 BOSTON
015 C021701 MA
015 C031701 02111
015 E041701 X
024 001700 N
028 A011700 0
028 A021700 0
028 A031700 0
028 A041700 0
028 B011700 0
028 B021700 0
028 B031700 0
028 B041700 0
028 C011700 0
028 C021700 0
028 C031700 0
028 C041700 0
028 D011700 0
028 D021700 0
028 D031700 0
028 D041700 0
028 E011700 0
028 E021700 0
<PAGE> PAGE 49
028 E031700 0
028 E041700 0
028 F011700 5722
028 F021700 0
028 F031700 0
028 F041700 0
028 G011700 5722
028 G021700 0
028 G031700 0
028 G041700 0
028 H001700 0
058 A001700 N
059 001700 Y
060 A001700 Y
060 B001700 Y
061 001700 100000
062 A001700 N
062 B001700 0.0
062 C001700 0.0
062 D001700 0.0
062 E001700 0.0
062 F001700 0.0
062 G001700 0.0
062 H001700 0.0
062 I001700 0.0
062 J001700 0.0
062 K001700 0.0
062 L001700 0.0
062 M001700 0.0
062 N001700 0.0
062 O001700 0.0
062 P001700 0.0
062 Q001700 0.0
062 R001700 0.0
066 A001700 N
067 001700 N
068 A001700 N
068 B001700 N
069 001700 N
070 A011700 Y
070 A021700 N
070 B011700 Y
070 B021700 N
070 C011700 Y
070 C021700 N
070 D011700 Y
070 D021700 N
070 E011700 Y
070 E021700 N
070 F011700 Y
070 F021700 N
<PAGE> PAGE 50
070 G011700 Y
070 G021700 N
070 H011700 Y
070 H021700 N
070 I011700 Y
070 I021700 N
070 J011700 Y
070 J021700 N
070 K011700 Y
070 K021700 N
070 L011700 Y
070 L021700 N
070 M011700 Y
070 M021700 N
070 N011700 N
070 N021700 N
070 O011700 N
070 O021700 N
070 P011700 N
070 P021700 N
070 Q011700 N
070 Q021700 N
070 R011700 Y
070 R021700 N
071 A001700 0
071 B001700 0
071 C001700 0
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072 A001700 6
072 B001700 32
072 C001700 4
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<PAGE> PAGE 51
072 X001700 5
072 Y001700 5
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072DD021700 0
072EE001700 0
073 A011700 0.0000
073 A021700 0.0000
073 B001700 0.0000
073 C001700 0.0000
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074 D001700 0
074 E001700 0
074 F001700 0
074 G001700 0
074 H001700 0
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074 J001700 0
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074 U011700 286
074 U021700 0
074 V011700 20.30
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074 X001700 2098
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SIGNATURE KEVIN M. CONNERTY
TITLE FUND ADMIN. 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 June 30, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Standish Fixed Income Fund Series
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 2,883,066,066
<RECEIVABLES> 12,794,651
<ASSETS-OTHER> 64,747
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,895,925,464
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,125,356
<TOTAL-LIABILITIES> 10,125,356
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,834,448,501
<SHARES-COMMON-STOCK> 139,701,137
<SHARES-COMMON-PRIOR> 126,807,250
<ACCUMULATED-NII-CURRENT> 19,287,148
<OVERDISTRIBUTION-NII> 8,557,729
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23,506,730
<NET-ASSETS> 2,885,800,108
<DIVIDEND-INCOME> 2,578,687
<INTEREST-INCOME> 97,127,177
<OTHER-INCOME> (4,779,217)
<EXPENSES-NET> 336,647
<NET-INVESTMENT-INCOME> 94,590,000
<REALIZED-GAINS-CURRENT> 9,776,988
<APPREC-INCREASE-CURRENT> (8,320,082)
<NET-CHANGE-FROM-OPS> 96,046,906
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 80,602,003
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,431,010
<NUMBER-OF-SHARES-REDEEMED> 5,551,774
<SHARES-REINVESTED> 3,014,651
<NET-CHANGE-IN-ASSETS> 282,171,839
<ACCUMULATED-NII-PRIOR> 5,299,151
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 336,647
<AVERAGE-NET-ASSETS> 2,714,357,689
<PER-SHARE-NAV-BEGIN> 20.53
<PER-SHARE-NII> 0.70
<PER-SHARE-GAIN-APPREC> 0.03
<PER-SHARE-DIVIDEND> (0.60)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.66
<EXPENSE-RATIO> 0.38
<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 June 30, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> Standish Small Capitalization Equity Fund Series
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 229,271,497
<RECEIVABLES> 1,227,136
<ASSETS-OTHER> 6,078
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 230,504,711
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,239,389
<TOTAL-LIABILITIES> 1,239,389
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 184,808,994
<SHARES-COMMON-STOCK> 4,162,944
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (593,083)
<ACCUMULATED-NET-GAINS> 3,289,874
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 41,759,537
<NET-ASSETS> 229,265,322
<DIVIDEND-INCOME> 87,252
<INTEREST-INCOME> 164,245
<OTHER-INCOME> (792,852)
<EXPENSES-NET> 51,728
<NET-INVESTMENT-INCOME> (593,083)
<REALIZED-GAINS-CURRENT> 3,544,447
<APPREC-INCREASE-CURRENT> 9,438,983
<NET-CHANGE-FROM-OPS> 12,390,347
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 4,207,292
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 279,417
<NUMBER-OF-SHARES-REDEEMED> 799,723
<SHARES-REINVESTED> 73,437
<NET-CHANGE-IN-ASSETS> (14,865,516)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 63,259
<AVERAGE-NET-ASSETS> 227,672,157
<PER-SHARE-NAV-BEGIN> 52.96
<PER-SHARE-NII> (0.14)
<PER-SHARE-GAIN-APPREC> 3.28
<PER-SHARE-DIVIDEND> (1.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 55.07
<EXPENSE-RATIO> 0.76
<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 June 30, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 7
<NAME> Standish Equity Fund Series
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 132,467,762
<RECEIVABLES> 203,920
<ASSETS-OTHER> 3,280
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 132,674,962
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 234,309
<TOTAL-LIABILITIES> 234,309
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 95,530,489
<SHARES-COMMON-STOCK> 3,078,888
<SHARES-COMMON-PRIOR> 2,728,741
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (388,390)
<ACCUMULATED-NET-GAINS> 12,971,135
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 24,327,419
<NET-ASSETS> 132,440,653
<DIVIDEND-INCOME> 923,309
<INTEREST-INCOME> 125,268
<OTHER-INCOME> (392,876)
<EXPENSES-NET> 37,486
<NET-INVESTMENT-INCOME> 618,215
<REALIZED-GAINS-CURRENT> 13,008,466
<APPREC-INCREASE-CURRENT> 7,252,827
<NET-CHANGE-FROM-OPS> 20,879,508
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,095,555
<DISTRIBUTIONS-OF-GAINS> 7,692,777
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 455,575
<NUMBER-OF-SHARES-REDEEMED> 304,347
<SHARES-REINVESTED> 198,919
<NET-CHANGE-IN-ASSETS> 26,585,871
<ACCUMULATED-NII-PRIOR> 88,950
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 42,937
<AVERAGE-NET-ASSETS> 120,314,065
<PER-SHARE-NAV-BEGIN> 52.96
<PER-SHARE-NII> (0.14)
<PER-SHARE-GAIN-APPREC> 3.28
<PER-SHARE-DIVIDEND> (1.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 55.07
<EXPENSE-RATIO> 0.75
<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 June 30, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 10
<NAME> Standish Global Fixed Income Fund Series
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 199,750,897
<RECEIVABLES> 0
<ASSETS-OTHER> 4,527
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 199,755,424
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,379,250
<TOTAL-LIABILITIES> 1,379,250
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 188,470,791
<SHARES-COMMON-STOCK> 9,632,966
<SHARES-COMMON-PRIOR> 7,752,638
<ACCUMULATED-NII-CURRENT> 1,681,611
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,836,889
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,386,883
<NET-ASSETS> 198,376,174
<DIVIDEND-INCOME> 29,890
<INTEREST-INCOME> 6,676,460
<OTHER-INCOME> (526,837)
<EXPENSES-NET> 34,846
<NET-INVESTMENT-INCOME> 6,144,667
<REALIZED-GAINS-CURRENT> 6,330,784
<APPREC-INCREASE-CURRENT> (3,719,616)
<NET-CHANGE-FROM-OPS> 8,755,835
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,827,216
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,069,453
<NUMBER-OF-SHARES-REDEEMED> 291,204
<SHARES-REINVESTED> 102,079
<NET-CHANGE-IN-ASSETS> 42,645,611
<ACCUMULATED-NII-PRIOR> 364,160
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 39,792
<AVERAGE-NET-ASSETS> 182,894,983
<PER-SHARE-NAV-BEGIN> 20.09
<PER-SHARE-NII> 0.63
<PER-SHARE-GAIN-APPREC> 0.37
<PER-SHARE-DIVIDEND> (0.50)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.59
<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 June 30, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> Standish International Equity Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 50,653,581
<RECEIVABLES> 5,395,113
<ASSETS-OTHER> 649,513
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 56,698,207
<PAYABLE-FOR-SECURITIES> 1,826,131
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,906,503
<TOTAL-LIABILITIES> 5,732,634
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,006,899
<SHARES-COMMON-STOCK> 2,117,496
<SHARES-COMMON-PRIOR> 2,053,669
<ACCUMULATED-NII-CURRENT> 7,798
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,785,712
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,165,164
<NET-ASSETS> 50,965,573
<DIVIDEND-INCOME> 754,359
<INTEREST-INCOME> 35,296
<OTHER-INCOME> 0
<EXPENSES-NET> 188,955
<NET-INVESTMENT-INCOME> 600,700
<REALIZED-GAINS-CURRENT> 2,804,779
<APPREC-INCREASE-CURRENT> 1,829,472
<NET-CHANGE-FROM-OPS> 5,234,951
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 601,863
<DISTRIBUTIONS-OF-GAINS> 2,427,615
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 205,310
<NUMBER-OF-SHARES-REDEEMED> 251,289
<SHARES-REINVESTED> 109,806
<NET-CHANGE-IN-ASSETS> 3,227,058
<ACCUMULATED-NII-PRIOR> 8,961
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 198,471
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 365,970
<AVERAGE-NET-ASSETS> 50,027,197
<PER-SHARE-NAV-BEGIN> 23.25
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 2.03
<PER-SHARE-DIVIDEND> (0.30)
<PER-SHARE-DISTRIBUTIONS> (1.21)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 24.07
<EXPENSE-RATIO> 0.76
<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 June 30, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> Standish Short Term Asset Reserve Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 237,913,603
<INVESTMENTS-AT-VALUE> 237,818,052
<RECEIVABLES> 8,291,221
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 134,913
<TOTAL-ASSETS> 246,244,186
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 644,130
<TOTAL-LIABILITIES> 644,130
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 256,988,623
<SHARES-COMMON-STOCK> 12,609,611
<SHARES-COMMON-PRIOR> 9,953,704
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (131,833)
<ACCUMULATED-NET-GAINS> (11,161,183)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (95,551)
<NET-ASSETS> 245,600,056
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,746,089
<OTHER-INCOME> 0
<EXPENSES-NET> 402,829
<NET-INVESTMENT-INCOME> 6,343,260
<REALIZED-GAINS-CURRENT> (352,503)
<APPREC-INCREASE-CURRENT> 146,118
<NET-CHANGE-FROM-OPS> 6,136,875
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,343,276
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,151,460
<NUMBER-OF-SHARES-REDEEMED> 4,715,285
<SHARES-REINVESTED> 219,732
<NET-CHANGE-IN-ASSETS> 51,526,451
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (131,817)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 273,655
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 402,829
<AVERAGE-NET-ASSETS> 220,738,631
<PER-SHARE-NAV-BEGIN> 19.50
<PER-SHARE-NII> 0.56
<PER-SHARE-GAIN-APPREC> (0.02)
<PER-SHARE-DIVIDEND> (0.56)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.48
<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 June 30, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> Standish Securitized Fund Series
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 52,346,171
<INVESTMENTS-AT-VALUE> 52,318,434
<RECEIVABLES> 1,455,357
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 53,773,791
<PAYABLE-FOR-SECURITIES> 4,362,303
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 569,957
<TOTAL-LIABILITIES> 4,932,260
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 50,684,068
<SHARES-COMMON-STOCK> 2,465,013
<SHARES-COMMON-PRIOR> 2,569,380
<ACCUMULATED-NII-CURRENT> 264,205
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,088,819)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (17,923)
<NET-ASSETS> 48,841,531
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,731,602
<OTHER-INCOME> 0
<EXPENSES-NET> 111,864
<NET-INVESTMENT-INCOME> 1,619,738
<REALIZED-GAINS-CURRENT> (35,024)
<APPREC-INCREASE-CURRENT> (40,814)
<NET-CHANGE-FROM-OPS> 1,543,900
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,257,694
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 111,615
<SHARES-REINVESTED> 7,248
<NET-CHANGE-IN-ASSETS> (1,775,725)
<ACCUMULATED-NII-PRIOR> 97,839
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 62,147
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 140,258
<AVERAGE-NET-ASSETS> 50,121,657
<PER-SHARE-NAV-BEGIN> 19.70
<PER-SHARE-NII> 0.65
<PER-SHARE-GAIN-APPREC> (0.04)
<PER-SHARE-DIVIDEND> (0.50)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.81
<EXPENSE-RATIO> 0.45
<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 June 30, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> Standish International Fixed Income Fund Series
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 936,397,122
<INVESTMENTS-AT-VALUE> 930,187,815
<RECEIVABLES> 31,396,658
<ASSETS-OTHER> 13,740,164
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 975,324,637
<PAYABLE-FOR-SECURITIES> 9,471,506
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,628,093
<TOTAL-LIABILITIES> 16,099,599
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 885,216,051
<SHARES-COMMON-STOCK> 40,300,952
<SHARES-COMMON-PRIOR> 36,136,500
<ACCUMULATED-NII-CURRENT> 18,491,118
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 48,797,089
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,720,780
<NET-ASSETS> 959,225,038
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 32,947,027
<OTHER-INCOME> 0
<EXPENSES-NET> 2,448,414
<NET-INVESTMENT-INCOME> 30,498,613
<REALIZED-GAINS-CURRENT> 49,203,482
<APPREC-INCREASE-CURRENT> (32,521,920)
<NET-CHANGE-FROM-OPS> 47,180,175
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 19,516,795
<DISTRIBUTIONS-OF-GAINS> 6,514,021
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,425,587
<NUMBER-OF-SHARES-REDEEMED> 3,131,504
<SHARES-REINVESTED> 870,369
<NET-CHANGE-IN-ASSETS> 119,092,220
<ACCUMULATED-NII-PRIOR> 7,509,300
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,808,114
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,448,414
<AVERAGE-NET-ASSETS> 911,549,166
<PER-SHARE-NAV-BEGIN> 23.25
<PER-SHARE-NII> 0.75
<PER-SHARE-GAIN-APPREC> 0.30
<PER-SHARE-DIVIDEND> (0.50)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 23.80
<EXPENSE-RATIO> 0.54
<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 June 30, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 12
<NAME> Standish Fixed Income Fund Series II Fund Series
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 54,507,526
<INVESTMENTS-AT-VALUE> 54,734,914
<RECEIVABLES> 1,461,186
<ASSETS-OTHER> 7,463
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 56,203,563
<PAYABLE-FOR-SECURITIES> 2,770,821
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 338,210
<TOTAL-LIABILITIES> 3,109,031
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 52,911,499
<SHARES-COMMON-STOCK> 2,826,306
<SHARES-COMMON-PRIOR> 1,894,219
<ACCUMULATED-NII-CURRENT> 136,996
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (175,393)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 221,430
<NET-ASSETS> 53,094,532
<DIVIDEND-INCOME> 16,492
<INTEREST-INCOME> 1,407,318
<OTHER-INCOME> 0
<EXPENSES-NET> 79,863
<NET-INVESTMENT-INCOME> 1,343,947
<REALIZED-GAINS-CURRENT> (174,368)
<APPREC-INCREASE-CURRENT> 229,703
<NET-CHANGE-FROM-OPS> 1,399,282
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,218,503
<DISTRIBUTIONS-OF-GAINS> 57,788
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 927,069
<NUMBER-OF-SHARES-REDEEMED> 54,799
<SHARES-REINVESTED> 59,817
<NET-CHANGE-IN-ASSETS> 17,609,228
<ACCUMULATED-NII-PRIOR> 11,552
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 80,704
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 147,938
<AVERAGE-NET-ASSETS> 40,686,642
<PER-SHARE-NAV-BEGIN> 18.73
<PER-SHARE-NII> 0.54
<PER-SHARE-GAIN-APPREC> 0.04
<PER-SHARE-DIVIDEND> (0.52)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 18.79
<EXPENSE-RATIO> 0.40
<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 June 30, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 13
<NAME> Standish Controlled Maturity Fund Series
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 12,720,168
<INVESTMENTS-AT-VALUE> 12,684,664
<RECEIVABLES> 230,695
<ASSETS-OTHER> 7,046
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,922,405
<PAYABLE-FOR-SECURITIES> 358,226
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 128,380
<TOTAL-LIABILITIES> 486,606
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,516,404
<SHARES-COMMON-STOCK> 623,029
<SHARES-COMMON-PRIOR> 626,464
<ACCUMULATED-NII-CURRENT> 44,316
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (89,417)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (35,504)
<NET-ASSETS> 12,435,799
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 427,851
<OTHER-INCOME> 0
<EXPENSES-NET> 24,706
<NET-INVESTMENT-INCOME> 403,145
<REALIZED-GAINS-CURRENT> (73,115)
<APPREC-INCREASE-CURRENT> 23,223
<NET-CHANGE-FROM-OPS> 353,253
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 373,248
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,284
<NUMBER-OF-SHARES-REDEEMED> 21,138
<SHARES-REINVESTED> 7,419
<NET-CHANGE-IN-ASSETS> (89,076)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21,696
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 72,163
<AVERAGE-NET-ASSETS> 12,523,411
<PER-SHARE-NAV-BEGIN> 19.99
<PER-SHARE-NII> 0.65
<PER-SHARE-GAIN-APPREC> (0.08)
<PER-SHARE-DIVIDEND> (0.60)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.96
<EXPENSE-RATIO> 0.40
<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 June 30, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 16
<NAME> Standish Small Capitalization Equity II Fund Series
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 2,252,313
<RECEIVABLES> 0
<ASSETS-OTHER> 4,831
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,257,144
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51,484
<TOTAL-LIABILITIES> 51,484
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,925,106
<SHARES-COMMON-STOCK> 92,713
<SHARES-COMMON-PRIOR> 3,864,501
<ACCUMULATED-NII-CURRENT> 3,467
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 25,055
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 252,032
<NET-ASSETS> 2,205,660
<DIVIDEND-INCOME> 671
<INTEREST-INCOME> 2,598
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 3,269
<REALIZED-GAINS-CURRENT> 25,055
<APPREC-INCREASE-CURRENT> 243,062
<NET-CHANGE-FROM-OPS> 271,386
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 98,843
<NUMBER-OF-SHARES-REDEEMED> 29,880
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,721,492
<ACCUMULATED-NII-PRIOR> 198
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45,656
<AVERAGE-NET-ASSETS> 1,093,726
<PER-SHARE-NAV-BEGIN> 20.39
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 3.37
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 23.79
<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, Ayer & Wood Investment Trust
form N-SAR for the period ended June 30, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 17
<NAME> Standish Diversified Income Institutional Fund Series
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 5,812,111
<RECEIVABLES> 13,443
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,825,554
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,080
<TOTAL-LIABILITIES> 14,080
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,725,000
<SHARES-COMMON-STOCK> 286,250
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 36,058
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,442
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 36,974
<NET-ASSETS> 5,811,474
<DIVIDEND-INCOME> 3,716
<INTEREST-INCOME> 32,342
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 36,058
<REALIZED-GAINS-CURRENT> 13,442
<APPREC-INCREASE-CURRENT> 36,974
<NET-CHANGE-FROM-OPS> 86,474
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 286,250
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5,811,474
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,513
<AVERAGE-NET-ASSETS> 5,573,659
<PER-SHARE-NAV-BEGIN> 20.00
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 0.17
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.30
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>