<PAGE> PAGE 1
000 B000000 09/30/97
000 C000000 0000799295
000 D000000 Y
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 STANDISH, AYER & WOOD INVESTMENT TRUST
001 B000000 811-4813
001 C000000 6174575007
002 A000000 ONE FINANCIAL CENTER
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002 C000000 MA
002 D010000 02111
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 B000000 16
007 C010100 1
007 C010200 2
007 C020200 STANDISH INTERNATIONAL EQUITY FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C020500 STANDISH SMALL CAPITALIZATION EQUITY FUND
007 C030500 N
007 C010600 6
007 C010700 7
007 C020700 STANDISH EQUITY FUND
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007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C021600 STANDISH SMALL CAPITALIZATION EQUITY FUND II
007 C031600 N
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
008 A00AA01 STANDISH, AYER & WOOD INC.
<PAGE> PAGE 2
008 B00AA01 A
008 C00AA01 801-584
008 D01AA01 BOSTON
008 D02AA01 MA
008 D03AA01 02111
008 A00AA02 STANDISH INTERNATIONAL MANAGEMENT COMPANY
008 B00AA02 A
008 C00AA02 801-639338
008 D01AA02 BOSTON
008 D02AA02 MA
008 D03AA02 02111
010 A00AA01 INVESTORS BANK & TRUST COMPANY
010 B00AA01 85-720
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02110
011 A00AA01 STANDISH FUND DISTRIBUTORS LP
011 B00AA01 8-48683
011 C01AA01 BOSTON
011 C02AA01 MA
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012 A00AA01 INVESTORS BANK & TRUST CO.
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012 C01AA01 BOSTON
012 C02AA01 MA
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013 B01AA01 BOSTON
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013 B03AA01 02108
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<PAGE> PAGE 3
020 C000006 16
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022 C000009 2530
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<PAGE> PAGE 4
026 F000000 N
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
070 A020200 N
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070 R020200 N
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<PAGE> PAGE 8
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<PAGE> PAGE 9
074 V020200 0.00
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015 A000501 INVESTORS BANK & TRUST CO.
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066 A000500 N
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<PAGE> PAGE 10
070 B020500 N
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<PAGE> PAGE 11
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<PAGE> PAGE 12
074 X000500 601
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015 A000701 INVESTORS BANK & TRUST CO.
015 B000701 C
015 C010701 BOSTON
015 C020701 MA
015 C030701 02111
015 E010701 X
024 000700 Y
025 A000701 BEAR STEARNS COS. INC.
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<PAGE> PAGE 13
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066 A000700 N
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<PAGE> PAGE 14
072 E000700 -651
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<PAGE> PAGE 15
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015 A001601 INVESTORS BANK & TRUST CO.
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<PAGE> PAGE 16
066 A001600 N
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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SIGNATURE KEVIN CONNERTY, INVESTORS BANK & TRUST CO.
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> 5
<NAME> Standish Small Capitalization Equity Fund
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 205,764,610
<INVESTMENTS-AT-VALUE> 274,164,195
<RECEIVABLES> 208,212
<ASSETS-OTHER> 13,706
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 274,386,113
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,947
<TOTAL-LIABILITIES> 17,947
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 182,395,989
<SHARES-COMMON-STOCK> 4,125,823
<SHARES-COMMON-PRIOR> 3,375,809
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 23,572,592
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 68,399,585
<NET-ASSETS> 274,368,166
<DIVIDEND-INCOME> 114,280
<INTEREST-INCOME> 172,824
<OTHER-INCOME> (1,240,209)
<EXPENSES-NET> 43,625
<NET-INVESTMENT-INCOME> (996,730)
<REALIZED-GAINS-CURRENT> 24,823,794
<APPREC-INCREASE-CURRENT> 36,079,031
<NET-CHANGE-FROM-OPS> 59,906,095
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 4,207,292
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 431,424
<NUMBER-OF-SHARES-REDEEMED> 988,851
<SHARES-REINVESTED> 73,437
<NET-CHANGE-IN-ASSETS> 30,237,328
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3,952,719
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,290,786
<AVERAGE-NET-ASSETS> 233,977,354
<PER-SHARE-NAV-BEGIN> 52.96
<PER-SHARE-NII> (0.23)
<PER-SHARE-GAIN-APPREC> 14.80
<PER-SHARE-DIVIDEND> (1.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 66.50
<EXPENSE-RATIO> 0.74
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<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> 2
<NAME> Standish International Equity Fund
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 48,159,981
<INVESTMENTS-AT-VALUE> 48,697,402
<RECEIVABLES> 2,725,580
<ASSETS-OTHER> 325,233
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51,748,215
<PAYABLE-FOR-SECURITIES> 1,816,611
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 434,267
<TOTAL-LIABILITIES> 2,250,878
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,624,008
<SHARES-COMMON-STOCK> 2,100,374
<SHARES-COMMON-PRIOR> 2,053,669
<ACCUMULATED-NII-CURRENT> 203,249
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,140,985
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 529,095
<NET-ASSETS> 49,497,337
<DIVIDEND-INCOME> 934,913
<INTEREST-INCOME> 49,228
<OTHER-INCOME> 0
<EXPENSES-NET> 316,034
<NET-INVESTMENT-INCOME> 668,107
<REALIZED-GAINS-CURRENT> 4,288,094
<APPREC-INCREASE-CURRENT> (806,597)
<NET-CHANGE-FROM-OPS> 4,149,604
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 601,863
<DISTRIBUTIONS-OF-GAINS> 2,427,615
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 258,881
<NUMBER-OF-SHARES-REDEEMED> 322,069
<SHARES-REINVESTED> 109,893
<NET-CHANGE-IN-ASSETS> 1,758,822
<ACCUMULATED-NII-PRIOR> 8,961
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 300,055
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 531,401
<AVERAGE-NET-ASSETS> 50,160,963
<PER-SHARE-NAV-BEGIN> 23.25
<PER-SHARE-NII> 0.39
<PER-SHARE-GAIN-APPREC> 1.44
<PER-SHARE-DIVIDEND> (0.30)
<PER-SHARE-DISTRIBUTIONS> (1.21)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 23.57
<EXPENSE-RATIO> 0.84
<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> 7
<NAME> Standish Equity Fund
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 136,107,998
<INVESTMENTS-AT-VALUE> 170,141,845
<RECEIVABLES> 51,913
<ASSETS-OTHER> 9,875
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 170,203,633
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33,837
<TOTAL-LIABILITIES> 33,837
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 114,146,424
<SHARES-COMMON-STOCK> 3,486,603
<SHARES-COMMON-PRIOR> 2,728,741
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (21,987)
<ACCUMULATED-NET-GAINS> 22,011,512
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,033,847
<NET-ASSETS> 170,169,796
<DIVIDEND-INCOME> 1,400,800
<INTEREST-INCOME> 228,206
<OTHER-INCOME> (650,790)
<EXPENSES-NET> 39,148
<NET-INVESTMENT-INCOME> 939,068
<REALIZED-GAINS-CURRENT> 22,264,592
<APPREC-INCREASE-CURRENT> 16,959,255
<NET-CHANGE-FROM-OPS> 40,162,915
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,270,347
<DISTRIBUTIONS-OF-GAINS> 7,692,777
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 979,248
<NUMBER-OF-SHARES-REDEEMED> 423,446
<SHARES-REINVESTED> 202,060
<NET-CHANGE-IN-ASSETS> 64,315,014
<ACCUMULATED-NII-PRIOR> 88,950
<ACCUMULATED-GAINS-PRIOR> 7,655,446
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 61,162
<AVERAGE-NET-ASSETS> 131,878,923
<PER-SHARE-NAV-BEGIN> 38.79
<PER-SHARE-NII> 0.39
<PER-SHARE-GAIN-APPREC> 12.79
<PER-SHARE-DIVIDEND> (0.43)
<PER-SHARE-DISTRIBUTIONS> (2.73)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 48.81
<EXPENSE-RATIO> 0.70
<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 Fund II Series
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 5,128,824
<INVESTMENTS-AT-VALUE> 6,296,360
<RECEIVABLES> 38,400
<ASSETS-OTHER> 700
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,335,460
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21,902
<TOTAL-LIABILITIES> 21,902
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,010,315
<SHARES-COMMON-STOCK> 216,818
<SHARES-COMMON-PRIOR> 23,750
<ACCUMULATED-NII-CURRENT> 6,541
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 129,163
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,167,539
<NET-ASSETS> 6,313,558
<DIVIDEND-INCOME> 1,471
<INTEREST-INCOME> 7,017
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 8,488
<REALIZED-GAINS-CURRENT> 129,163
<APPREC-INCREASE-CURRENT> 1,158,569
<NET-CHANGE-FROM-OPS> 1,296,220
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,145
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 222,940
<NUMBER-OF-SHARES-REDEEMED> 29,941
<SHARES-REINVESTED> 69
<NET-CHANGE-IN-ASSETS> 5,829,390
<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> 61,639
<AVERAGE-NET-ASSETS> 2,312,057
<PER-SHARE-NAV-BEGIN> 20.39
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 8.71
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 29.12
<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: 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
