|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: PIONEER FINANCIAL SERVICES INC /DE, 4, 1997-06-10 |
Next: MICHAEL ANTHONY JEWELERS INC, 10-Q, 1997-06-10 |
STANDISH, AYER & WOOD INVESTMENT TRUST
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
Financial Statements for the Six Months Ended
March 31, 1997
(Unaudited)
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Financial Statements
Table of Contents
Page
Selected Financial Information.......................................3
Statements of Assets and Liabilities.................................4
Statements of Operations.............................................5
Statements of Changes in Net Assets..................................6
Financial Highlights:
Standish Massachusetts Intermediate Tax Exempt Bond Fund......10
Standish Intermediate Tax Exempt Bond Fund....................11
Standish Small Cap Tax-Sensitive Equity Fund..................12
Standish Tax-Sensitive Equity Fund............................13
Portfolio of Investments:
Standish Massachusetts Intermediate Tax Exempt Bond Fund......14
Standish Intermediate Tax Exempt Bond Fund....................17
Standish Small Cap Tax-Sensitive Equity Fund..................20
Standish Tax-Sensitive Equity Fund............................23
Notes to Financial Statements.......................................25
<PAGE>
<TABLE>
<CAPTION>
STANDISH, AYER & WOOD INVESTMENT TRUST
Selected Financial Information
for the Six Month period ended March 31, 1997
(Unaudited)
Standish
Massachusetts Standish Standish
Intermediate Intermediate Small Cap Standish
Tax Exempt Tax Exempt Tax-Sensitive Tax-Sensitive
Bond Fund Bond Fund Equity Fund Equity Fund
- --------------------------------------------------- ----------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Net asset value - beginning of period $20.63 $21.12 $23.57 $23.60
Income from investment operations
Net investment income * 0.49 0.51 0.00 0.00
Net realized and unrealized gain (loss) (0.05) (0.05) (1.90) 2.87
----------------- --------------- --------------- ---------------
Total from investment operations 0.44 0.46 (1.90) 2.87
----------------- --------------- --------------- ---------------
Less distributions declared to shareholders
From net investment income (0.49) (0.51) - -
----------------- --------------- --------------- ---------------
Net asset value - end of period $20.58 $21.07 $21.67 $26.47
================= =============== =============== ===============
Total return 2.12% 2.27% (7.96%) 12.94%
Ratios to average net assets
Expenses *t 0.65% 0.65% 0.00% 0.00%
Net investment income *t 4.70% 4.77% 0.35% 1.68%
Net assets at end of period (000 omitted) $34,777 $43,014 $14,006 $5,521
Portfolio turnover 10% 27% 56% 13%
Average broker commission paid per share - - $0.0431 $0.0491
* The investment adviser voluntarily did not impose a portion of its fee and/or reimbursed the Funds for their operating expenses.
Please refer to the Financial Highlights for additional disclosure regarding these ratios.
t Computed on an annualized basis
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Statements of Assets and Liabilities
March 31, 1997
(Unaudited)
Massachusetts
Intermediate Intermediate Small Cap
Tax Exempt Tax Exempt Tax-Sensitive Tax-Sensitive
Bond Fund Bond Fund Equity Fund Equity Fund
- -------------------------------------------------- ----------------- -------------- -------------- ---------------
Assets:
Investments, at value (Note 1A) * $ 34,352,456 $ 45,164,066 13,047,259 5,209,736
Cash - - 1,650,338 286,789
Receivable for investments sold - - 72,316 -
Receivable for Fund shares sold 25,000 250,000 21,589 -
Dividends & interest receivable 522,938 633,905 5,435 5,328
Deferred organization expense (Note 1E) 1,667 2,241 14,191 14,200
Receivable from investment adviser (Note 3) - - 20,969 16,270
----------------- -------------- -------------- ---------------
Total Assets 34,902,061 46,050,212 14,832,097 5,532,323
----------------- -------------- -------------- ---------------
Liabilities:
Distributions payable 72,208 97,463 - -
Payable for investments purchased - 1,034,120 813,469 -
Payable for daily variation margin on open
financial futures contracts (Note 7) 1,344 344 - -
Payable for delayed delivery transactions (Note 8) - 1,650,245 - -
Payable for Fund shares redeemed - 195,000 1,100 650
Accrued custodian fee 15,475 16,329 10,321 9,245
Accrued investment advisory fee (Note 3) 27,631 31,715 - -
Accrued trustees' fees (Note 3) 224 226 9 4
Other accrued expenses and other liabilities 8,416 11,240 1,098 1,734
----------------- -------------- -------------- ---------------
Total Liabilities 125,298 3,036,682 825,997 11,633
----------------- -------------- -------------- ---------------
Net assets $ 34,776,763 $ 43,013,530 14,006,100 5,520,690
================= ============== ============== ===============
Net assets consist of:
Paid-in capital $ 35,164,775 $ 42,472,874 15,030,998 4,832,795
Accumulated undistributed net investment income - 554 11,839 21,502
Accumulated net realized investment gain (loss) (492,508) 79,485 (774,517) (8,189)
Net unrealized appreciation (depreciation) 104,496 460,617 (262,220) 674,582
----------------- -------------- -------------- ---------------
Net Assets $ 34,776,763 $ 43,013,530 14,006,100 5,520,690
================= ============== ============== ===============
Shares of beneficial interest outstanding 1,689,909 2,041,222 646,248 208,539
================= ============== ============== ===============
Net asset value, offering price,
and redemption price per share $ 20.5$ 21.07 21.67 26.47
================= ============== ============== ===============
(Net assets/Shares outstanding)
* Identified cost of investments $ 34,212,730 $ 44,690,791 13,309,479 4,535,154
================= ============== ============== ===============
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Statements of Operations
For the Six Months Ended March 31, 1997
(Unaudited)
Massachusetts
Intermediate Intermediate Small Cap
Tax Exempt Tax Exempt Tax-Sensitive Tax-Sensitive
Bond Fund Bond Fund Equity Fund Equity Fund
- --------------------------------------------------- ------------------ --------------- --------------- --------------
Investment Income
Interest income 905,875 1,061,775 11,826 $ 4,095
Dividend income - - 6,497 31,907
------------------ --------------- --------------- --------------
Total investment income 905,875 1,061,775 18,323 36,002
------------------ --------------- --------------- --------------
Expenses
Investment advisory fee (Note 3) 67,641 78,219 31,370 10,742
Trustees' fees (Note 3) 552 652 205 68
Accounting, custody and transfer agent fees 39,210 41,339 30,483 20,140
Registration costs 254 10,209 3,842 3,262
Audit services 8,488 9,873 9,025 9,025
Legal fees 4,302 3,540 1,616 1,616
Amortization of organization costs 1,425 1,922 1,882 1,882
Miscellaneous 2,199 3,495 646 213
------------------ --------------- --------------- --------------
Total Expenses 124,071 149,249 79,069 46,948
------------------ --------------- --------------- --------------
Deduct:
Waiver of investment advisory fee (Note 3) 13,915 21,918 31,370 10,742
Reimbursement of Fund operating expenses - - 47,699 36,206
------------------ --------------- --------------- --------------
Total waiver of investment advisory fee and
reimbursement of operating expenses 13,915 21,918 79,069 46,948
------------------ --------------- --------------- --------------
Net Expenses 110,156 127,331 0 0
------------------ --------------- --------------- --------------
Net investment income 795,719 934,444 18,323 36,002
------------------ --------------- --------------- --------------
Realized and unrealized gain (loss):
Realized gain (loss)
Investment securities 28,630 81,818 (485,477) 13,687
Financial futures 66,618 21,802 - -
------------------ --------------- --------------- --------------
Net realized gain (loss) 95,248 103,620 (485,477) 13,687
Change in net unrealized appreciation (depreciation)
Investment securities (138,435) (161,651) (621,236) 361,308
Financial futures (69,004) (21,938) - -
------------------ --------------- --------------- --------------
Change in net unrealized appreciation (depreciation) (207,439) (183,589) (621,236) 361,308
Net realized and unrealized gain (loss) (112,191) (79,969) (1,106,713) 374,995
------------------ --------------- --------------- --------------
Net increase (decrease) in net assets from operations 683,528 854,475 (1,088,390) $ 410,997
================== =============== =============== ==============
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Standish Massachusetts Intermediate Tax Exempt Bond Fund
Statements of Changes in Net Assets
Six Months
Ended Nine Months Year
3/31/97 Ended Ended
(Unaudited) 9/30/96 12/31/95
- --------------------------------------------------------- ------------------ ----------------- -----------------
Increase (decrease) in Net Assets
From Operations:
Net investment income 795,719 1,168,180 1,451,879
Net realized gain (loss) 95,248 20,518 (144,169)
Change in net unrealized appreciation (depreciation) (207,439) (631,115) 2,339,720
------------------ ----------------- -----------------
Net increase in net assets from operations 683,528 557,583 3,647,430
------------------ ----------------- -----------------
Distributions to shareholders:
From net investment income (795,719) (1,168,180) (1,451,879)
From realized capital gains - - -
------------------ ----------------- -----------------
Total distributions to shareholders (795,719) (1,168,180) (1,451,879)
------------------ ----------------- -----------------
Fund share (principal) transactions (Note 5)
Net proceeds from sale of shares 7,428,226 7,839,919 10,781,062
Net asset value of shares issued to shareholders in
payment of distributions declared 308,034 354,227 371,483
Cost of shares redeemed (4,983,389) (8,012,503) (8,558,571)
------------------ ----------------- -----------------
Increase in net assets from Fund share transactions 2,752,871 181,643 2,593,974
------------------ ----------------- -----------------
Net increase (decrease) in net assets 2,640,680 (428,954) 4,789,525
Net assets:
Beginning of period 32,136,083 32,565,037 27,775,512
------------------ ----------------- -----------------
End of period 34,776,763 32,136,083 32,565,037
================== ================= =================
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Standish Intermediate Tax Exempt Bond Fund
Statements of Changes in Net Assets
Six Months
Ended Nine Months Year
3/31/97 Ended Ended
(Unaudited) 9/30/96 12/31/95
- ------------------------------------------------------------ ------------------ ------------------ -----------------
Increase (decrease) in Net Assets
From Operations:
Net investment income 934,444 1,219,159 1,363,479
Net realized gain 103,620 53,135 199,896
Change in net unrealized appreciation (depreciation) (183,589) (459,413) 1,841,975
------------------ ------------------ -----------------
Net increase in net assets from operations 854,475 812,881 3,405,350
------------------ ------------------ -----------------
Distributions to shareholders:
From net investment income (933,890) (1,219,159) (1,363,479)
From realized capital gains (42,882) - -
------------------ ------------------ -----------------
Total distributions to shareholders (976,772) (1,219,159) (1,363,479)
------------------ ------------------ -----------------
Fund share (principal) transactions (Note 5)
Net proceeds from sale of shares 12,183,038 11,111,750 16,771,357
Net asset value of shares issued to shareholders in
payment of distributions declared 392,581 428,110 316,498
Cost of shares redeemed (4,282,504) (9,156,263) (6,778,640)
------------------ ------------------ -----------------
Increase in net assets from Fund share transactions 8,293,115 2,383,597 10,309,215
------------------ ------------------ -----------------
Net increase in net assets 8,170,818 1,977,319 12,351,086
Net assets:
Beginning of period 34,842,712 32,865,393 20,514,307
------------------ ------------------ -----------------
End of period (including undistributed net
investment income of $554, $0 and $0, respectively) 43,013,530 34,842,712 32,865,393
================== ================== =================
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Standish Small Cap Tax-Sensitive Equity Fund
Statements of Changes in Net Assets
Six Months
Ended
3/31/97 Period Ended
(Unaudited) 9/30/96 (a)
- --------------------------------------------------------------------------- ----------------- -----------------
Increase (decrease) in Net Assets
From Operations:
Net investment income 18,323 9,219
Net realized loss (485,477) (289,040)
Change in net unrealized appreciation (depreciation) (621,236) 359,016
----------------- -----------------
Net increase (decrease) in net assets from operations (1,088,390) 79,195
----------------- -----------------
Distributions to shareholders:
From net investment income (11,664) (4,039)
----------------- -----------------
Fund share (principal) transactions (Note 5)
Net proceeds from sale of shares 8,760,520 6,823,260
Net asset value of shares issued to shareholders in
payment of distributions declared 9,364 2,858
Cost of shares redeemed (559,597) (5,407)
----------------- -----------------
Increase in net assets from Fund share transactions 8,210,287 6,820,711
----------------- -----------------
Net increase in net assets 7,110,233 6,895,867
Net assets:
Beginning of period 6,895,867 0
----------------- -----------------
End of period (including undistributed net
investment income of $11,839 and $5,180, respectively) 14,006,100 6,895,867
================= =================
(a) For the period January 2, 1996, commencement of investment operations, through September 30, 1996.
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Standish Tax-Sensitive Equity Fund
Statements of Changes in Net Assets
Six Months
Ended
3/31/97 Period Ended
(Unaudited) 9/30/96 (a)
- ------------------------------------------------------------------------------- ----------------- -----------------
Increase (decrease) in Net Assets
From Operations:
Net investment income $ 36,002 $ 28,037
Net realized gain (loss) 13,687 (21,876)
Change in net unrealized appreciation 361,308 313,274
----------------- -----------------
Net increase in net assets from operations 410,997 319,435
----------------- -----------------
Distributions to shareholders:
From net investment income (27,085) (15,453)
----------------- -----------------
Fund share (principal) transactions (Note 5)
Net proceeds from sale of shares 2,275,352 2,539,035
Net asset value of shares issued to shareholders in
payment of distributions declared 23,335 14,425
Cost of shares redeemed (4,851) (14,500)
----------------- -----------------
Increase in net assets from Fund share transactions 2,293,836 2,538,960
----------------- -----------------
Net increase in net assets 2,677,748 2,842,942
Net assets:
Beginning of period 2,842,942 0
----------------- -----------------
End of period (including undistributed net
investment income of $21,502, and $12,585, respectively) $ 5,520,690 $ 2,842,942
================= =================
(a) For the period January 2, 1996, commencement of investment operations, through September 30, 1996.
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Standish Massachusetts Intermediate Tax Exempt Bond Fund
Financial Highlights
Six Months
Ended Nine Months Ended
March 31, 1997 September 30, 1996 Year Ended December 31,
-------------------------------
(Unaudited) (Note 1F) 1995 1994
-------------- -------------- ------------ ------------
Net asset value - beginning of period $ 20.63 $ 21.02 $ 19.55 $ 21.31
Income from investment operations
Net investment income + 0.49 0.74 0.94 0.94
Net realized and unrealized gain (loss) (0.05) (0.39) 1.47 (1.75)
-------------- -------------- ------------ ------------
Total from investment operations 0.44 0.35 2.41 (0.81)
-------------- -------------- ------------ ------------
Less distributions declared to shareholders
From net investment income (0.49) (0.74) (0.94) (0.94)
From realized capital gains - - - (0.01)
-------------- -------------- ------------ ------------
Total distributions declared to shareholders (0.49) (0.74) (0.94) (0.95)
-------------- -------------- ------------ ------------
Net asset value - end of period $ 20.58 $ 20.63 $ 21.02 $ 19.55
============== ============== ============ ============
Total return 2.12% 1.70% 12.64% (3.84%)
Ratios (to average net assets)/Supplemental Data
Expenses + 0.65% t 0.65% t 0.65% 0.65%
Net investment income + 4.70% t 4.78% t 4.71% 4.67%
Net assets at end of period (000 omitted) $ 34,777 $ 32,136 $ 32,565 $ 27,776
Portfolio turnover 10% x 35% x 77% 84%
+ The investment adviser voluntarily did not impose a portion of
its investment advisory fee. If this reduction had not been
undertaken, the net investment income per share
and the ratios would have been:
Net investment income per share $0.48 $0.72 $0.95 $0.91
Ratios (to average net assets):
Expenses 0.73% t 0.73% t 0.72% 0.78%
Net investment income 4.61% t 4.70% t 4.64% 4.54%
* Audited by other auditors
t Computed on an annualized basis
x Commencing in fiscal 1996, securities which are puttable on demand have been excluded from the portfolio turnover calculation
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Standish Massachusetts Intermediate Tax Exempt Bond Fund
Financial Highlights
(continued)
November 2, 1992
Year Ended December 31, (start of business) to
--------------- December 31, 1992*+
Net asset value - beginning of period $ 20.32 $ 20.00
Income from investment operations
Net investment income + 0.92 0.13
Net realized and unrealized gain (loss) 1.13 0.32
------------ ------------------
Total from investment operations 2.05 0.45
------------ ------------------
Less distributions declared to shareholders
From net investment income (0.92) (0.13)
From realized capital gains (0.14) -
------------ ------------------
Total distributions declared to shareholders (1.06) (0.13)
------------ ------------------
Net asset value - end of period $ 21.31 $ 20.32
============ ==================
Total return 10.24% 13.85% t
Ratios (to average net assets)/Supplemental Data
Expenses + 0.65% 0.65% t
Net investment income + 4.35% 4.05% t
Net assets at end of period (000 omitted) $ 29,627 $ 6,537
Portfolio turnover 94% 31%
+ The investment adviser voluntarily did not impose a portion of
its investment advisory fee. If this reduction had not been
undertaken, the net investment income per share
and the ratios would have been:
Net investment income per share $0.86 $0.11
Ratios (to average net assets):
Expenses 0.95% 1.37% t
Net investment income 4.05% 3.33% t
* Audited by other auditors
t Computed on an annualized basis
x Commencing in fiscal 1996, securities which are puttable on demand have been excluded from the portfolio turnover calculation
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Standish Intermediate Tax Exempt Bond Fund
Financial Highlights
Six Months
Ended Nine Months Ended
March 31, 1997 September 30, 1996 Year Ended December 31,
------------------------
(Unaudited) (Note 1F) 1995 1994
--------------- ----------------- ----------- -----------
Net asset value - beginning of period $21.12 $21.40 $19.91 $21.44
Income from investment operations
Net investment income + 0.51 0.79 0.98 0.95
Net realized and unrealized gain (loss) (0.05) (0.28) 1.49 (1.51)
--------------- ----------------- ----------- -----------
Total from investment operations 0.46 0.51 2.47 (0.56)
--------------- ----------------- ----------- -----------
Less distributions declared to shareholders
From net investment income (0.51) (0.79) (0.98) (0.95)
From realized capital gains - - - (0.02)
--------------- ----------------- ----------- -----------
Total distributions declared to shareholders (0.51) (0.79) (0.98) (0.97)
--------------- ----------------- ----------- -----------
Net asset value - end of period $21.07 $21.12 $21.40 $19.91
=============== ================= =========== ===========
Total return 2.27% 2.43% 12.65% (2.68%)
Ratios (to average net assets)/Supplemental Data
Expenses + 0.65t 0.65t 0.65% 0.65%
Net investment income + 4.77t 4.99t 4.75% 4.62%
Net assets at end of period (000 omitted) $43,014 $34,843 $32,865 $20,514
Portfolio turnover 27% x 43% x 140% 157%
+ The investment adviser voluntarily did not impose a portion
of its investment advisory fee. If this reduction had not been
undertaken, the net investment income per share
and the ratios would have been:
Net investment income per share $0.49 $0.76 $0.95 $0.90
Ratios (to average net assets):
Expenses 0.76t 0.82t 0.79% 0.89%
Net investment income 4.66t 4.82t 4.61% 4.38%
* Audited by other auditors
t Computed on an annualized basis
x Commencing in fiscal 1996, securities which are puttable on demand have been excluded from the portfolio turnover calculation
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Standish Intermediate Tax Exempt Bond Fund
Financial Highlights
(continued)
November 2, 1992
Year Ended (start of business) to
December 31,
1993 December 31, 1992*
----------- ------------------
Net asset value - beginning of period $20.42 $20.00
Income from investment operations
Net investment income + 0.93 0.14
Net realized and unrealized gain (loss) 1.24 0.42
----------- ---------------
Total from investment operations 2.17 0.56
----------- ---------------
Less distributions declared to shareholders
From net investment income (0.93) (0.14)
From realized capital gains (0.22) -
----------- ---------------
Total distributions declared to shareholders (1.15) (0.14)
----------- ---------------
Net asset value - end of period $21.44 $20.42
=========== ===============
Total return 10.78% 17.0t%
Ratios (to average net assets)/Supplemental Data
Expenses + 0.65% 0.6t%
Net investment income + 4.36% 4.1t%
Net assets at end of period (000 omitted) $17,132 $5,577
Portfolio turnover 126% 62%
+ The investment adviser voluntarily did not impose a portion
of its investment advisory fee. If this reduction had not been
undertaken, the net investment income per share
and the ratios would have been:
Net investment income per share $0.85 $0.12
Ratios (to average net assets):
Expenses 1.15% 1.4t%
Net investment income 3.86% 3.3t%
* Audited by other auditors
t Computed on an annualized basis
x Commencing in fiscal 1996, securities which are puttable on demand have been excluded from the portfolio turnover calculation
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Standish Small Cap Tax-Sensitive Equity Fund
Financial Highlights
For the Period
Six Months January 2, 1996
Ended (commencement of
March 31, 1997 investment operations)
(Unaudited) to September 30, 1996
---------------- -------------------------
Net asset value - beginning of period $23.57 $20.00
Income from investment operations
Net investment income + 0.00 0.04
Net realized and unrealized gain (loss) (1.90) 3.55
---------------- -------------------------
Total from investment operations (1.90) 3.59
---------------- -------------------------
Less distributions declared to shareholders
From net investment income - (0.02)
---------------- -------------------------
Total distributions declared to shareholders - (0.02)
---------------- -------------------------
Net asset value - end of period $21.67 $23.57
================ =========================
Total return (7.96%) 17.95%
Ratios (to average net assets)/Supplemental Data
Expenses + 0.00% t 0.00% t
Net investment income + 0.35% t 0.41% t
Net assets at end of period (000 omitted) $14,006 $6,896
Portfolio turnover 56% 57%
Average broker commission paid per share $0.0431 $0.1058
+ The investment adviser voluntarily did not impose its investment advisory fee and
reimbursed the Fund for its operating expenses. Had these actions not been
undertaken, the net investment income per share and the ratios would have been:
Net investment income (loss) per share - ($0.28)
Ratios (to average net assets):
Expenses 1.51% t 3.45%
Net investment loss (1.16%)t (3.04%)
t Computed on an annualized basis
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Standish Tax-Sensitive Equity Fund
Financial Highlights
For the Period
Six Months January 2, 1996
Ended (commencement of
March 31, 1997 investment operations)
(Unaudited) to September 30, 1996
------------------- ------------------------
Net asset value - beginning of period $23.60 $20.00
Income from investment operations
Net investment income + - 0.28
Net realized and unrealized gain (loss) 2.87 3.50
------------------- ------------------------
Total from investment operations 2.87 3.78
------------------- ------------------------
Less distributions declared to shareholders
From net investment income - (0.18)
------------------- ------------------------
Total distributions declared to shareholders - (0.18)
------------------- ------------------------
Net asset value - end of period $26.47 $23.60
=================== ========================
Total return 12.94% 18.97%
Ratios (to average net assets)/Supplemental Data
Expenses + 0.00% t 0.00% t
Net investment income + 1.68% t 2.27% t
Net assets at end of period (000 omitted) $5,521 $2,843
Portfolio turnover 13% 17%
Average broker commission paid per share $0.0491 $0.0419
+ The investment adviser voluntarily did not impose its investment advisory fee and
reimbursed the Fund for its operating expenses. Had these actions not been
undertaken, the net investment income per share and the ratios would have been:
Net investment income (loss) per share $0.00 ($0.36)
Ratios (to average net assets):
Expenses 2.19% t 5.15% t
Net investment loss (0.51%) t (2.88%) t
t Computed on an annualized basis
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STANDISH, AYER & WOOD INVESTMENT TRUST
Standish Massachusetts Intermediate Tax Exempt Bond Fund
Portfolio of Investments
March 31, 1997
(Unaudited)
Par Value
Security Rate Maturity Value (Note 1A)
- ------------------------------------------- -------------- --------------- --------------- ---------------
Bonds - 97.2%
- -------------------------------------------
General Obligations - 36.4%
- -------------------------------------------
<S> <C> <C> <C> <C>
Amesbury MA State Qualified 5.300% 06/01/2003 $ 750,000 $ 748,125
Brockton MA State Qualified 5.550% 12/15/2003 270,000 267,638
Brockton MA State Qualified 5.650% 12/15/2004 300,000 297,375
Brockton MA State Qualified 5.700% 06/15/2002 160,000 163,400
Brockton MA State Qualified 6.125% 06/15/2018 250,000 251,875
Commonwealth of Massachusetts 7.500% 06/01/2004 700,000 799,750
Commonwealth of Massachusetts 3.800% 12/01/1997 200,000 200,000
Commonwealth of Massachusetts 5.000% 11/01/2009 1,000,000 953,750
Commonwealth of Massachusetts 5.400% 11/01/2006 600,000 611,250
Commonwealth of Massachusetts 6.250% 07/01/2002 750,000 795,938
Commonwealth of Massachusetts 6.500% 08/01/2001 480,000 510,600
Commonwealth of Massachusetts 6.900% 10/01/2000 200,000 215,000
Commonwealth of Massachusetts 7.500% 12/01/2000 400,000 436,500
Lawrence MA 5.000% 09/15/2002 250,000 248,125
Lawrence MA State Qualified t 5.125% 09/15/2003 1,250,000 1,243,750
Lowell MA State Qualified 6.000% 08/15/1999 775,000 798,250
Mass St College Bldg Authority Project 7.500% 05/01/2006 500,000 588,125
Mass St College Bldg Authority Project 7.500% 05/01/2007 250,000 293,438
Massachusetts Bay Transportation Authority 6.250% 03/01/2004 475,000 510,031
Springfield MA 6.250% 08/01/2006 1,000,000 1,078,750
University of Mass Building Authority State Guarantee 6.625% 05/01/2007 1,000,000 1,105,000
Worcester, MA 6.000% 07/01/2005 500,000 526,875
---------------
12,643,545
---------------
Housing Revenue - 6.9%
- -------------------------------------------
Mass HFA Residential Development FNMA 6.500% 12/01/2014 595,000 609,131
Mass HFA Residential Development FNMA t 6.875% 11/15/2011 500,000 533,750
Mass HFA Residential Development FNMA 6.875% 11/15/2011 450,000 480,375
Mass HFA Residential Development FNMA 7.600% 12/01/2014 490,000 521,850
Mass HFA Residential Development FNMA 8.800% 08/01/2021 250,000 262,128
---------------
2,407,234
---------------
Insured Bonds - 14.5%
- -------------------------------------------
Bridgewater MA FGIC t 7.000% 06/01/2001 555,000 599,400
Chelsea MA School District AMBAC 6.000% 06/15/2002 225,000 235,688
Chelsea MA School District AMBAC t 6.000% 06/15/2004 750,000 791,250
Holyoke MA FSA 6.000% 06/15/2006 600,000 630,750
Holyoke MA FSA 6.000% 06/15/2007 800,000 841,000
Mass Educational Loan Authority AMBAC 5.250% 07/01/1999 545,000 551,131
Milford MA AMBAC 5.125% 12/15/2014 500,000 467,500
New Bedford MA AMBAC 6.000% 10/15/2005 575,000 608,063
Rockport MA AMBAC 6.800% 12/15/2003 300,000 325,500
---------------
5,050,282
---------------
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Standish Massachusetts Intermediate Tax Exempt Bond Fund
Portfolio of Investments
March 31, 1997
(Unaudited)
Par Value
Security Rate Maturity Value (Note 1A)
- ------------------------------------------- -------------- --------------- --------------- ---------------
Lease Revenue - 2.8%
- -------------------------------------------
Puerto Rico Housing Bank Appropriation 5.125% 12/01/2004 $ 250,000 $ 244,375
Puerto Rico Housing Bank Appropriation 5.125% 12/01/2005 750,000 726,563
---------------
970,938
---------------
LOC GIC - 7.6%
- -------------------------------------------
Mass IFA Amesbury LOC: State Street 5.350% 09/01/2005 455,000 460,688
Mass IFA Human Development LOC: Shawmut 6.250% 04/15/2009 805,000 805,000
Mass IFA IBEW LOC: State Street 5.875% 01/01/2005 200,000 203,250
Mass IFA Orchard Cove Project LOC: Fleet National Bank 5.000% 05/01/2026 415,000 410,850
Northborough MA IFA LOC: Bank of Boston 5.750% 09/01/2002 765,000 779,344
---------------
2,659,132
---------------
Revenue Bonds - 29.0%
- -------------------------------------------
Mass Bay Transportation Authority 5.250% 03/01/2012 500,000 481,250
Mass HEFA Anna Jaques Hospital 5.750% 10/01/1998 440,000 442,750
Mass HEFA Central New England Health Systems 5.750% 08/01/2003 500,000 486,250
Mass HEFA Charlton Hospital 7.000% 07/01/2000 300,000 315,750
Mass HEFA Charlton Hospital 7.100% 07/01/2001 300,000 319,875
Mass HEFA Daughters of Charity Hospital 5.500% 07/01/2004 600,000 613,500
Mass HEFA Melrose Wakefield Hospital 6.350% 07/01/2006 310,000 321,238
Mass HEFA New England Baptist Hospital 7.300% 07/01/2011 715,000 758,794
Mass HEFA Youville Hospital FHA Secured 6.125% 02/15/2015 835,000 848,569
Mass IFA Berskshire Retirement Development 5.125% 07/01/2018 530,000 529,338
Mass IFA Brooks School 5.600% 07/01/2005 245,000 251,738
Mass IFA Brooks School 5.900% 07/01/2013 410,000 407,438
Mass IFA Clark University 6.450% 07/01/2001 300,000 317,250
Mass IFA Loomis Project 6.500% 07/01/2002 350,000 364,000
Mass IFA Resource Recovery 6.150% 07/01/2002 1,000,000 1,031,250
Mass IFA Springfield College 4.900% 09/15/1999 715,000 710,525
Mass Municipal Wholesale Electric Co Power 6.375% 07/01/2001 300,000 313,500
Mass Water Resource Authority 5.250% 03/01/2013 500,000 471,875
Mass Water Resource Authority 7.250% 04/01/2001 200,000 217,750
New England Loan Marketing MA Student Loan 5.800% 03/01/2002 850,000 875,500
---------------
10,078,140
---------------
TOTAL Bonds (Cost $33,669,545) 33,809,271
---------------
Short-Term Investments - 1.6%
- -------------------------------------------
Repurchase Agreements - 0.1%
- -------------------------------------------
Prudential-Bache Repurchase Agreement, dated 03/31/97,
5.80% due 4/01/97, to pay $43,192 (Collateralized by
FMAC FGPC with a rate of 6.50% and a maturity date of
04/01/08 with a market value of $44,049) at cost 43,185 43,185
---------------
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Standish Massachusetts Intermediate Tax Exempt Bond Fund
Portfolio of Investments
March 31, 1997
(Unaudited)
Par Value
Security Rate Maturity Value (Note 1A)
- ------------------------------------------- -------------- --------------- --------------- ---------------
Short Term - 1.5%
- -------------------------------------------
Mass St Updates 3.800% 12/01/1997* 500,000 $ 500,000
---------------
TOTAL Short-Term Investments (Premiums Received $543,185) 543,185
---------------
TOTAL INVESTMENTS (Cost $34,212,730) - 98.8% 34,352,456
Other Assets Less Liabilities - 1.2% 424,307
---------------
NET ASSETS - 100.0% $ 34,776,763
===============
The following abbreviations are used in this portfolio:
t Denotes all or part of security pledged as a margin deposit (see Note 7).
* Date shown reflects actual maturity date. Security puttable on a daily basis.
AMBAC - American Municipal Bond Assurance Corp. HFA - Housing Finance Agency
FGIC - Financial Guaranty Insurance Corporation IBEW - International Brotherhood of Electrical Workers
FNMA - Federal National Mortgage Association IFA - Industrial Finance Authority
FSA - Financial Security Association LOC - Letter of Credit
HEFA - Health & Educational Facilities Authority GIC - Guaranteed Investment Contract
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Standish Intermediate Tax Exempt Bond Fund
Portfolio of Investments
March 31, 1997
(Unaudited)
Par Value
Security Rate Maturity Value (Note 1A)
- ------------------------------------------------- ---------------- --------------- --------------- ---------------
Bonds - 97.4%
- -------------------------------------------------
General Obligations - 12.1%
- -------------------------------------------------
California State NC 5.250% 06/01/2012 $ 500,000 $ 481,250
Cincinnati Public Schools OH 6.150% 06/15/2002 600,000 634,500
Commonwealth of Massachusetts 7.500% 06/01/2004 500,000 571,250
Commonwealth of Massachusetts 3.800% 12/01/1997 100,000 100,000
Denison Texas Hospital Authority 5.900% 08/15/2007 500,000 495,000
Detroit MI 6.000% 04/01/2000 250,000 256,250
District of Columbia 5.800% 06/01/2004 500,000 500,625
Honolulu HI 5.400% 09/27/2007 500,000 501,875
Lawrence MA 5.375% 09/15/2005 500,000 500,625
Lone Star Texas Airport Import Authority 3.550% 12/01/2014 100,000 100,000
Lowell MA State Qualified 7.200% 02/15/2000 500,000 531,250
Texas State Turnpike Authority **t 12.625% 01/01/2020 400,000 544,500
---------------
5,217,125
---------------
Housing Revenue - 10.3%
- -------------------------------------------------
CA Housing Authority Summit Medical Center 5.500% 05/01/2005 615,000 628,069
Colorado HEFA Rocky Mountain Adventist Hospital 6.000% 02/01/1998 120,000 120,602
Colorado HFA Multi Family Insured Mortgage 7.900% 10/01/2000 225,000 242,438
Florida HFA 0.000% 07/15/2016 1,000,000 115,000
Houston, TX Housing Finance Corp. 8.000% 06/01/2014 500,000 531,875
Mass HFA 7.600% 12/01/2014 395,000 420,675
MI Housing Authority AMBAC 5.500% 06/01/2018 490,000 489,388
MI Housing Authority AMBAC 6.400% 04/01/2005 250,000 263,125
Michigan State Housing Development Authority 0.000% 04/01/2015 350,000 45,938
New Hampshire HFA 6.600% 01/01/2000 400,000 414,000
New Mexico Mortgage Finance Authority 5.750% 07/01/2014 470,000 474,700
Penn Housing Finance Agency 5.350% 10/01/2008 500,000 506,875
Texas Dept Housing & Community 0.000% 03/01/2015 315,000 94,894
Virginia Housing Development Authority 0.000% 11/01/2017 575,000 100,625
---------------
4,448,204
---------------
Insured Bonds - 23.5%
- -------------------------------------------------
Benton County WA School District AMBAC t 6.700% 12/01/2006 580,000 648,875
CA Housing Authority MBIA 5.650% 08/01/2025 395,000 396,481
Chicago IL O'Hare Airport MBIA 6.750% 01/01/2006 500,000 553,125
Commonwealth of Massachussetts MBIA 6.000% 11/01/2008 500,000 531,250
Contra Costa CA Merrithew Hospital MBIA t 6.000% 11/01/2006 750,000 794,063
DC Medlantic Hospital MBIA 7.000% 08/15/2005 500,000 546,875
Denver CO Airport MBIA 7.500% 11/15/2006 500,000 570,625
District of Columbia FSA 5.300% 06/01/2004 500,000 501,250
Grand Prairie TX Health AMBAC t 6.000% 11/01/1999 360,000 365,850
Greater Detroit Resource Recovery AMBAC 6.250% 12/13/2007 400,000 432,000
Highlands Ranch CO AMBAC * 5.500% 09/01/2007 720,000 729,900
Jefferson County OH Asset Guaranty 6.625% 12/01/2005 345,000 358,800
NH HEFA Allegheny Health MBIA 6.250% 10/01/2008 300,000 304,125
OK Industrial Authority Health System AMBAC 7.000% 08/15/2006 500,000 561,250
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Standish Intermediate Tax Exempt Bond Fund
Portfolio of Investments
March 31, 1997
(Unaudited)
Par Value
Security Rate Maturity Value (Note 1A)
- ------------------------------------------------- ---------------- --------------- --------------- ---------------
Insured Bonds - continued
- -------------------------------------------------
Rancho Mirage CA MBIA 5.250% 07/01/2010 $ 750,000 $ 724,688
SD HEFA Mckennan Hosp MBIA 6.000% 07/01/2007 500,000 530,625
Tucson AZ COP Asset Guaranty 6.000% 07/01/2004 500,000 518,750
Utah Student Loan AMBAC 7.450% 11/01/2008 500,000 525,000
West Virginia Building Commission MBIA 5.500% 07/01/2006 500,000 509,375
---------------
10,102,907
---------------
LOC GIC - 1.6%
- -------------------------------------------------
Emphoria VA IDB LOC: Bank of Boston 5.800% 04/01/2004 60,000 60,070
Emphoria VA IDB LOC: Bank of Boston 5.800% 04/01/2004 200,000 200,206
Northborough MA IFA LOC: Bank of Boston 5.750% 09/01/2002 440,000 448,250
---------------
708,526
---------------
Revenue Bonds - 49.9%
- -------------------------------------------------
Alaska Industrial Development and Export Authority 5.250% 04/01/1998 215,000 216,155
Alaska Industrial Development and Export Authority 5.500% 04/01/2001 500,000 505,625
Alaska Industrial Development and Export Authority 6.200% 04/01/2003 150,000 157,500
Battery Park NY Authority Junior Lien 5.200% 11/01/2023 500,000 500,000
Bloomington MN Port Authority FSA t 5.300% 02/01/2007 845,000 849,225
Camden County NJ Health Care Redevelopment 5.600% 02/15/2007 600,000 577,500
Castle Rock CO Import Authority 5.750% 12/01/2001 500,000 509,375
College Park GA Business & Industrial Development* 5.000% 09/01/2002 905,000 903,869
Dayton Ohio Special Facilities 6.050% 10/01/2009 500,000 503,125
DC Medlantic Hospital 7.000% 08/15/2005 500,000 531,875
District of Columbia Redevelopment Agency 5.625% 11/01/2010 495,000 472,725
Eddyville Iowa Pollution Control Revenue 5.400% 10/01/2006 500,000 508,125
Foothills CA Transportation Agency 0.000% 01/01/2007 500,000 323,125
Gateway OH Special Tax 7.500% 09/01/2005 500,000 535,000
Hendersonville Tennessee Industrial Development 5.950% 12/15/2008 365,000 359,981
Hot Springs AK Sales & Use 4.950% 12/01/2008 250,000 250,000
Long Beach CA Aquarium 5.750% 07/01/2005 200,000 197,250
Los Angeles CA Building Authority 5.600% 05/01/2004 500,000 509,375
Mashantucket CT Pequot 6.250% 09/01/2003 300,000 311,250
Mass IFA Berskshire Retirement Development 5.125% 07/01/2018 500,000 499,375
Mass IFA Loomis Project 6.500% 07/01/2002 250,000 260,000
Mass IFA Resource Recovery 6.150% 07/01/2002 150,000 154,688
Met Pier IL 6.250% 07/01/2017 300,000 295,500
MT Higher Education 5.950% 12/01/2012 410,000 411,538
New York Dormitory Authority t 5.500% 07/01/2003 500,000 509,375
New York Dormitory Authority 6.000% 07/01/2006 500,000 513,125
New York Med Center Long Island FHA 6.400% 08/15/2014 485,000 506,825
New York Med Center Mercy FHA 5.400% 08/15/2005 335,000 336,675
New York Med Center Mt. Sinai FHA 5.950% 08/15/2009 215,000 223,014
New York Med Center St. Luke's FHA 5.600% 08/15/2013 460,000 450,800
New York Med Center St. Vincent FHA 6.125% 02/15/2014 495,000 505,519
New York State Energy Research & Development 3.650% 06/01/2029 1,800,000 1,800,000
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Standish Intermediate Tax Exempt Bond Fund
Portfolio of Investments
March 31, 1997
(Unaudited)
Par Value
Security Rate Maturity Value (Note 1A)
- ------------------------------------------------- ---------------- --------------- --------------- ---------------
Revenue Bonds - continued
- -------------------------------------------------
New York Urban Development Corp. 6.000% 01/01/2004 $ 500,000 $ 517,500
New York Urban Development Corp. t 6.250% 04/01/2002 500,000 522,500
NH Education Auth. Brewster Acadamy 5.400% 06/01/2001 505,000 506,894
NY Metropolitan Tran Authority 5.750% 07/01/2015 500,000 476,250
OH Development Commission 5.450% 06/01/1999 200,000 201,750
Orange County CA Recovery 5.800% 07/01/2016 400,000 395,000
Orange County CA Transportation Sales Tax 6.000% 02/15/2007 500,000 530,000
Palm Beach County Solid Waste 6.000% 10/01/2009 500,000 525,625
San Bernadino CA Certificates of Participation 5.250% 08/01/2004 500,000 494,375
Scranton Pennsylvania Allied Skilled Services 7.125% 09/15/2005 500,000 530,625
Stanislaus CA 7.625% 01/01/2001 400,000 425,000
Volusia FL HEFA - Embry Project 5.500% 10/15/2004 400,000 401,000
WA Public Power Supply Project 5.300% 07/01/2002 500,000 503,750
Weld County Colorado IDA Conagra 6.750% 12/15/2001 200,000 211,500
---------------
21,429,283
---------------
TOTAL Bonds (Cost $41,432,770) 41,906,045
---------------
Short-Term Investments - 7.6%
- -------------------------------------------------
Repurchase Agreements - 0.6%
- -------------------------------------------------
Prudential-Bache Repurchase Agreement, dated 03/31/97,
5.80% due 4/01/97, to pay $258,021 (Collateralized by
FMAC FGPC with a rate of 6.500% and a maturity date of
04/01/08 with a market value of $263,182) at cost 258,021 258,021
---------------
Short Term - 7.0%
- -------------------------------------------------
Mass St Updates 3.800% 12/01/1997*** 2,800,000 2,800,000
Wilmington DE LOC: Toronto Dominion 3.800% 07/01/2011*** 200,000 200,000
---------------
3,000,000
---------------
TOTAL Short-Term Investments (Cost $3,258,021) 3,258,021
---------------
TOTAL INVESTMENTS (Cost $44,690,791) - 105.0% 45,164,066
Other Assets Less Liabilities - (5.0)% (2,150,536)
---------------
NET ASSETS - 100.0% $ 43,013,530
===============
The following abbreviations are used in this portfolio:
t Denotes all or part of security pledged as a margin deposit (see Note 7).
* Delayed delivery contract
** Prerefunded security.
*** Date shown reflects actual maturity date. Security puttable on a daily basis.
AMBAC - American Municipal Bond Assurance Corp. HFA - Housing Finance Agency
COP - Certificate of Participation IDB - Industrial Development Bond
FHA - Federal Housing Authority IFA - Industrial Finance Authority
FSA - Financial Security Association LOC - Letter of Credit
HEFA - Health & Educational Facilities Authority MBIA - Municipal Bond Insurance Association
GIC - Guaranteed Investment Contract
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Standish Small Cap Tax-Sensitive Equity Fund
Portfolio of Investments
March 31, 1997
(Unaudited)
Value
Security Shares (Note 1A)
- ------------------------------------------------- --------------- --------------
Common Stock - 93.2%
- -------------------------------------------------
Basic Industry - 0.9%
- -------------------------------------------------
OM Group Inc. 4,450 $ 125,156
--------------
Capital Goods - 6.6%
- -------------------------------------------------
BE Aerospace Inc. * 3,000 73,500
Coach USA Inc. * 7,400 214,600
Kellstrom Industries Inc. * 9,100 123,988
Newpark Resources Inc. * 4,100 179,367
SBS Technologies Inc. * 3,000 45,750
Superior Services Inc. * 6,200 137,950
Triumph Group Inc. * 5,800 145,725
--------------
920,880
--------------
Consumer Services - 0.6%
- -------------------------------------------------
Logan's Roadhouse Inc. * 3,700 77,700
--------------
Consumer Stable - 5.9%
Arbor Drugs Inc. 8,400 147,000
Aviation Sales Company * 6,000 150,750
Hughes Supply Inc. 5,700 185,963
Robert Mondavi Corp. Cl A * 5,600 203,000
Suiza Foods Corp. * 5,300 141,775
--------------
828,488
--------------
Early Cyclical - 2.9%
- -------------------------------------------------
Atlantic Coast Airlines Inc. * 7,300 98,550
Midwest Express Holdings * 3,100 117,413
NCI Building Systems Inc. * 5,800 187,775
--------------
403,738
--------------
Financial - 6.3%
- -------------------------------------------------
CCC Information Services Group * 3,600 45,000
Interwest Bancorp Inc. 7,200 232,200
Rental Service Corp. * 6,300 119,700
S&P 400 Mid-Cap Depository Receipt * 5,700 278,944
Texas Regional Bancshares 6,400 208,000
--------------
883,844
--------------
Growth Cyclical - 8.2%
- -------------------------------------------------
Apple South Inc. 12,200 160,125
Cannondale Corp. * 6,800 125,800
Cost Plus Inc. * 7,500 116,250
Gadzooks Inc. * 3,700 116,550
Golden Bear Golf Inc. * 7,600 86,450
North Face Inc. * 5,400 89,775
Scientific Games Holdings Corp. * 7,300 155,125
Sonic Corp. * 5,900 80,388
Steiner Leisure Ltd * 4,800 116,400
Suburban Lodges of America * 5,400 97,200
--------------
1,144,063
--------------
STANDISH, AYER & WOOD INVESTMENT TRUST
Standish Small Cap Tax-Sensitive Equity Fund
Portfolio of Investments
March 31, 1997
(Unaudited)
Value
Security Shares (Note 1A)
- ------------------------------------------------- --------------- --------------
Health Care - 25.9%
- -------------------------------------------------
Affymetrix Inc. * 5,100 $ 137,700
Agouron Pharmaceuticals Inc. * 2,000 141,250
Alternative Living Services * 5,500 89,375
Arbor Health Care Company * 5,500 139,563
Arris Pharmaceutical Corp. * 9,700 118,825
Atria Communities Inc. * 5,600 58,800
Ballard Medical Products 6,700 139,863
Chirex Inc. * 12,200 125,050
CN Bioscience Inc. * 8,700 125,063
Conmed Corp. * 7,000 104,125
Dura Pharmaceuticals Inc. * 5,000 178,750
Guilford Pharmaceuticals Inc. * 5,600 116,200
Healthplan Services Corp. * 5,500 92,813
Horizon Mental Health Management * 6,750 103,781
Ilex Oncology Inc. * 6,600 80,025
Impath Inc. * 9,000 162,000
Inhale Therapeutic Systems * 6,700 128,138
Medarex Inc. * 10,200 73,950
Medcath Inc. * 7,000 104,125
Medquist Inc. * 6,500 143,000
National Surgery Centers Inc. * 2,700 78,300
Neurogen Corp * 6,400 121,600
Parexel International Corp. * 5,200 119,600
Pediatrix Medical Group Inc. * 3,700 121,638
Pharmaceutical Product Development * 7,000 140,000
Possis Medical Inc. * 4,300 57,513
Rochester Medical Corp. * 6,400 103,200
Sepracor Inc. * 7,300 168,356
Sunrise Assisted Living Inc. * 4,500 126,000
Urologix Inc. * 7,100 120,700
Vertex Pharmaceuticals Inc. * 2,800 112,700
--------------
3,632,003
--------------
Services - 16.3%
- -------------------------------------------------
Analysts International Corp. 5,000 110,000
Barrett Business Services Inc. * 8,400 121,800
BET Holdings Inc. * 5,300 157,013
BTG Inc. * 2,200 38,500
Central Parking Corp. 5,350 131,075
Computer Horizons Corp. * 4,600 142,600
Computer Task Group Inc. 2,000 71,000
Cotelligent Group Inc. * 2,300 21,275
Data Processing Resources Corp. * 5,400 101,250
Devry Inc. * 5,500 121,000
Emmis Broadcasting Corp. * 4,700 181,831
Evergreen Media Corp. * 5,550 161,991
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Standish Small Cap Tax-Sensitive Equity Fund
Portfolio of Investments
March 31, 1997
(Unaudited)
Value
Security Shares (Note 1A)
- ------------------------------------------------- --------------- --------------
Services - 16.3% - continued
- -------------------------------------------------
F.Y.I. Inc. * 5,600 $ 115,500
On Assignment Inc. * 4,500 113,625
Pacific Gateway Exchange Inc. * 3,900 97,500
Personnel Group of America Inc. * 4,800 94,200
Remedy Temp Inc. * 5,400 83,700
Right Management Consultants * 12,400 119,350
Rural/Metro Corp. * 4,200 128,100
Scandinavian Broadcast Systems Corp. * 9,600 172,800
--------------
2,284,110
--------------
Technology - 19.6%
- -------------------------------------------------
Advanced Technology Material * 5,900 101,775
Aspen Technologies Inc. * 2,900 79,025
Asyst Technologies Inc. * 4,900 95,550
Brooks Automation Inc. * 6,000 89,250
Burr - Brown Corp. * 3,100 101,138
CFM Technologies Inc * 3,900 115,538
Computational Systems Inc. * 4,400 79,200
Dallas Semiconductor Corp. 6,000 159,000
Datastream Systems Inc. * 5,600 89,600
Digital Lightware Inc. * 5,000 38,125
Hadco Corporation * 4,400 170,500
Indus Group Inc. * 5,400 78,300
Integrated Process Equipment * 6,000 100,500
Kulicke & Soffa Industries * 5,600 118,300
Lecroy Corp. * 5,200 135,200
Natural Microsystems Corp. * 4,000 79,500
P-Com Inc. * 1,300 33,800
Perceptron Inc. * 3,100 81,375
Periphonics Corp. * 6,300 92,925
Photronics Inc. * 1,900 55,813
PRI Automation Inc. * 2,000 95,500
Project Software & Development * 2,000 64,000
Quickturn Design Systems Inc. * 6,100 97,600
Sanmina Corp. * 2,000 89,500
Stanford Telecommunications * 4,800 80,400
Triquint Semiconductor Inc. * 3,200 76,400
Ultrak Inc. * 3,000 54,000
Unitrode Corp. * 3,000 97,500
Videoserver Inc. * 5,800 137,025
Viisage Technology Inc. * 6,500 60,938
--------------
2,747,277
--------------
TOTAL INVESTMENTS (Cost $13,309,479) - 93.2% 13,047,259
Other Assets Less Liabilities - 6.8% 958,841
--------------
NET ASSETS - 100.0% $ 14,006,100
==============
* Non-income producing security
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Standish Tax-Sensitive Equity Fund
Portfolio of Investments
March 31, 1997
(Unaudited)
Value
Security Shares (Note 1A)
- ------------------------------------------------- --------------- ---------------
Common Stock - 94.4%
- -------------------------------------------------
Basic Industry - 4.2%
Morton International Inc. 2,200 92,950
Potash Corp. of Saskatchewan 1,000 76,000
Praxair, Inc. 1,400 62,825
---------------
231,775
---------------
Capital Goods - 11.3%
- -------------------------------------------------
Crane Company 3,775 118,441
Deere & Co. 2,400 104,400
Dover Corp. 1,500 78,750
Harris Corp. Inc. 1,500 115,313
Textron Inc. 900 94,500
United Technologies Corp. 1,500 112,875
---------------
624,279
---------------
Consumer Cyclical - 15.0%
- -------------------------------------------------
Carnival Corp. 3,100 114,700
Claire's Stores Inc. 8,000 134,000
Clayton Homes 7,000 89,250
Consolidated Stores Corp. * 875 30,844
Costco Companies Inc. * 4,000 110,500
Jones Apparel Group Inc. * 1,200 44,550
Leggett & Platt Inc. 3,000 97,500
Pier 1 Imports Inc. 6,450 113,681
Waban Inc. * 3,400 94,775
---------------
829,800
---------------
Consumer Stable - 8.4%
- -------------------------------------------------
First Brands Corp. 4,100 100,450
General Nutrition Companies * 3,700 74,925
Kroger Co. * 1,000 50,750
Philip Morris Companies Inc. 450 51,356
Richfood Holdings Inc. 4,500 84,375
Wallace Computer Services 3,000 99,375
---------------
461,231
---------------
Energy - 9.9%
- -------------------------------------------------
Amoco Corp. 1,700 147,263
British Petroleum Plc * 1,118 153,446
Mobil Corp. 900 117,563
Texaco Inc. 1,150 125,925
---------------
544,197
---------------
Financial - 16.3%
- -------------------------------------------------
Advanta Corp. 2,100 56,438
Allied Group 3,500 120,750
American Bankers Insurance Group 1,700 82,875
Bank of Boston Corp. 1,200 80,400
BankAmerica Corp. 700 70,525
Chase Manhattan Corp. 1,100 102,982
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Standish Tax-Sensitive Equity Fund
Portfolio of Investments
March 31, 1997
(Unaudited)
Value
Security Shares (Note 1A)
- ------------------------------------------------- --------------- ---------------
Common Stock - 94.4% - continued
- -------------------------------------------------
Conseco Inc. 3,070 109,369
Dean Witter Discover & Co. 3,000 104,625
Northern Trust 1,400 52,500
Reliastar Financial Corp. 2,000 118,250
---------------
898,714
---------------
Health Care - 10.2%
- -------------------------------------------------
Abbott Laboratories 1,100 61,738
Bristol-Myers Squibb Co. 1,800 106,200
Columbia/HCA Healthcare Corp. 1,350 45,394
Schering-Plough Corp. 1,500 109,125
Sofamor/Danek Group, Inc. * 3,000 108,375
Steris Corp. * 3,000 73,125
Watson Pharmaceutical Inc. * 1,500 53,625
---------------
557,582
---------------
Real Estate Investment Trust - 3.5%
- -------------------------------------------------
Beacon Properties Corp. 1,500 49,688
Macerich Company (The) 1,900 53,200
Patriot American Hospitality 1,600 38,800
Starwood Lodging Trust 1,350 52,650
---------------
194,338
---------------
Restaurants - 1.5%
- -------------------------------------------------
Lone Star Steakhouse & Saloon * 3,700 84,638
---------------
Specialty Chemicals - 1.5%
- -------------------------------------------------
Hanna (M. A.) Co. 4,000 85,000
---------------
Technology - 12.6%
- -------------------------------------------------
Adaptec Inc. * 2,000 71,500
Belden Inc. 3,050 108,656
Ceridian Corp * 3,000 107,625
Compaq Computer * 1,400 107,275
Computer Associates Intl Inc. 1,000 38,875
Intel Corp. 700 97,388
International Business Machine 500 68,688
Sun Microsystems Corp. * 3,400 98,175
---------------
698,182
---------------
TOTAL INVESTMENTS (Cost $4,535,154) - 94.4% 5,209,736
Other Assets Less Liabilities - 5.6% 310,954
---------------
NET ASSETS - 100.0% 5,520,690
===============
* Non-income producing security
</TABLE>
<PAGE>
STANDISH, AYER & WOOD INVESTMENT TRUST
Notes to Financial Statements
(Unaudited)
(1) Significant Accounting Policies:
Standish, Ayer & Wood Investment Trust (Trust) is organized as a
Massachusetts business trust and is registered under the Investment
Company Act of 1940, as amended, as an open-end, management investment
company. Standish Massachusetts Intermediate Tax Exempt Bond Fund
(Massachusetts Intermediate Tax Exempt Bond Fund) is a separate
non-diversified investment series of the Trust. Standish Intermediate
Tax Exempt Bond Fund (Intermediate Tax Exempt Bond Fund), Standish
Small Cap Tax-Sensitive Equity Fund (Small Cap Tax-Sensitive Equity
Fund) and Standish Tax-Sensitive Equity Fund (Tax-Sensitive Equity
Fund) are separate diversified investment series of the Trust (together
with the Massachusetts Intermediate Tax Exempt Bond Fund, individually
a "Fund" and collectively, the "Funds"). The following is a summary of
significant accounting policies consistently followed by the Funds in
the preparation of the financial statements. The preparation of
financial statements in accordance with generally accepted accounting
principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
A. Investment security valuations--
Municipal bonds are normally valued on the basis of valuations
furnished by a pricing service. Taxable obligations, if any, for which
price quotations are readily available are normally valued at the last
sales prices on the exchange or market on which they are primarily
traded, or if not listed or no sale, at the last quoted bid prices.
Equity securities for which quotations are readily available are valued
at the last sale price or if no sale, at the closing bid prices in the
principal market in which such securities are normally traded.
Securities (including restricted securities) for which quotations are
not readily available are valued at their fair value as determined in
good faith under consistently applied procedures under the general
supervision of the Board of Trustees. Short term instruments with less
than sixty-one days remaining to maturity when acquired by a Fund are
valued on an amortized cost basis. If a Fund acquires a short term
instrument with more than sixty days remaining to its maturity, it is
valued at current market value until the sixtieth day prior to maturity
and will then be valued at amortized cost based upon the value on such
date unless the Trustees determine during such sixty-day period that
amortized cost does not represent fair value.
B. Repurchase agreements--
It is the policy of each Fund to require the custodian bank to take
possession, to have legally segregated in the Federal Reserve Book
Entry System, or to have segregated within the custodian bank's vault,
all securities held as collateral in support of repurchase agreement
investments. Additionally, procedures have been established by each
Fund to monitor on a daily basis, the market value of the repurchase
agreement's underlying investments to ensure the existence of a proper
level of collateral.
C. Securities transactions and income--
Securities transactions are recorded as of the trade date. Interest
income is determined on the basis of interest accrued, adjusted for
amortization of premium or discount on long-term debt securities when
required for federal income tax purposes. Realized gains and losses
from securities sold are recorded on the identified cost basis.
D. Federal taxes--
As qualified regulated investment companies under Subchapter M of the
Internal Revenue Code, the Funds are not subject to income taxes to the
extent that each Fund distributes all of its taxable income for its
fiscal year. Dividends paid by the Massachusetts Intermediate Tax
Exempt Bond Fund and the Intermediate Tax Exempt Bond Fund
(collectively the "Bond Funds") from net interest earned on tax-exempt
municipal bonds are not includable by shareholders as gross income for
Federal income tax purposes because the Bond Funds intend to meet
certain requirements of the Internal Revenue Code applicable to
regulated investment companies which will enable the Bond Funds to pay
exempt-interest dividends. At September 30, 1996, the following Funds,
for federal income tax purposes, had capital loss carryovers as
follows:
<PAGE>
<TABLE>
<CAPTION>
Expiration Date September 30,
2002 2003 2004 Total
----------- ------------ ------------ -----------
<S> <C> <C> <C> <C>
Massachusetts Intermediate Tax Exempt Bond Fund $ 375,094 $ 178,890 $ ----- $ 553,984
Small Cap Tax-Sensitive Equity Fund ----- ----- $ 240,551 $ 240,551
Tax-Sensitive Equity Fund ----- ----- $ 21,876 $ 21,876
</TABLE>
Such carryovers will reduce each Fund's taxable income arising from
future net realized gain on investments, if any, to the extent
permitted by the Internal Revenue Code and thus will reduce the amount
of distributions to shareholders which would otherwise be necessary to
relieve the Funds of any liability for federal income tax.
E. Deferred organization expense--
Costs associated with the Funds' organization and initial registration
are being amortized, on a straight-line basis, through October, 1997
for the Massachusetts Intermediate Tax Exempt Bond Fund and the
Intermediate Tax Exempt Bond Fund and through December, 2000 for the
Small Cap Tax-Sensitive Equity Fund and the Tax-Sensitive Equity Fund .
F. Change in fiscal year end--
The Board of Trustees voted on February 9, 1996 to change the fiscal
year end of the Massachusetts Intermediate Tax Exempt Bond Fund and
Intermediate Tax Exempt Bond Fund from December 31 to September 30.
(2) Distributions to Shareholders:
Distributions on shares of the Bond Funds are declared daily from net
investment income and distributed monthly. Dividends from net
investment income, if any, will be distributed at least annually for
the Small Cap Tax-Sensitive Equity Fund and the Tax-Sensitive Equity
Fund. Distributions on capital gains, if any, will be distributed
annually by all of the Funds. Distributions from net investment income
and capital gains, if any, are automatically reinvested in additional
shares of the applicable Fund unless the shareholder elects to receive
them in cash.
Distributions are recorded on the ex-dividend date.
Income and capital gain distributions are determined in accordance with
income tax regulations which may differ from generally accepted
accounting principles. Permanent book and tax differences relating to
shareholder distributions will result in reclassifications to paid-in
capital.
(3) Investment Advisory Fee:
The investment advisory fee paid to Standish, Ayer & Wood, Inc. (SA&W)
for overall investment advisory and administrative services, and
general office facilities, is paid at the following annual rates of
each Fund's average daily net assets: 0.40% for the Massachusetts
Intermediate Tax Exempt Bond Fund and the Intermediate Tax Exempt Bond
Fund, 0.60% for the Small Cap Tax-Sensitive Equity Fund and 0.50% for
the Tax-Sensitive Equity Fund. SA&W has voluntarily agreed to limit the
total Fund operating expenses (excluding litigation, indemnification
and other extraordinary expenses) to the following percentages of
average daily net assets: 0.65% for the Massachusetts Intermediate Tax
Exempt Bond Fund and the Intermediate Tax Exempt Bond Fund, 0.00% for
the Small Cap Tax-Sensitive Equity Fund and the Tax-Sensitive Equity
Fund. For the six months ended March 31, 1997, SA&W voluntarily did not
impose $13,915, $21,918, $31,370 and $10,742 of its advisory fee to the
Massachusetts Tax Exempt Bond Fund, Intermediate Tax Exempt Bond Fund,
Small Cap Tax-Sensitive Equity Fund and Tax-Sensitive Equity Fund,
respectively, and reimbursed operating expenses of $47,699 and $36,206
for the Small Cap Tax-Sensitive Equity Fund and Tax-Sensitive Equity
Fund, respectively, which are reflected as reductions of expenses in
the respective Statements of Operations. These agreements are voluntary
and temporary and may be discontinued or revised by SA&W at any time.
The Funds pay no compensation directly to the Trust's Trustees who are
affiliated with SA&W or to its officers, all of whom receive
remuneration for their services to the Funds from SA&W. Certain of the
Trustees and officers of the Trust are directors or officers of SA&W.
<PAGE>
4) Purchases and Sales of Investments:
Purchases and sales of investments, other than short-term obligations,
were as follows:
<TABLE>
<CAPTION>
Six Months Ended
March 31, 1997
--------------------------------------
Purchases Sales
----------------- -----------------
<S> <C> <C>
Massachusetts Intermediate Tax Exempt Bond Fund $ 5,797,734 $ 3,352,606
================= =================
Intermediate Tax Exempt Bond Fund $ 19,020,083 $ 10,855,922
================= =================
Small Cap Tax-Sensitive Equity Fund $ 13,011,427 $ 5,578,419
================= =================
Tax-Sensitive Equity Fund $ 2,602,792 $ 550,136
================= =================
</TABLE>
5) Shares of Beneficial Interest:
The Declaration of Trust permits the Trustees to issue an unlimited
number of full and fractional shares of beneficial interest having a
par value of one cent per share. Transactions in each Funds' shares
were as follows:
<TABLE>
<CAPTION>
Six Months Ended Period Ended Year Ended
March 31, 1997 (a) September 30, 1996 December 31, 1995
Massachusetts Intermediate Tax Exempt Bond Fund
<S> <C> <C> <C>
Shares sold 356,970 379,843 534,346
Shares issued to shareholders in payment of distributions declared 14,794 17,163 18,097
Shares redeemed (239,650) (388,723) (423,607)
------------------ ------------------- -------------------
Net increase 132,114 8,283 128,836
================== =================== ===================
Intermediate Tax Exempt Bond Fund
Shares sold 574,209 524,041 821,564
Shares issued to shareholders in payment of distributions declared 18,423 20,313 15,149
Shares redeemed (201,048) (430,546) (331,012)
------------------ ------------------- -------------------
Net increase 391,584 113,808 505,701
================== =================== ===================
Small Cap Tax-Sensitive Equity Fund
Shares sold 376,099 292,713
Shares issued to shareholders in payment of distributions declared 387 119
Shares redeemed (22,802) (268)
------------------ -------------------
Net increase 353,684 292,564
================== ===================
Tax-Sensitive Equity Fund
Shares sold 87,365 120,464
Shares issued to shareholders in payment of distributions declared 907 660
Shares redeemed (179) (678)
------------------ -------------------
Net increase 88,093 120,446
================== ===================
</TABLE>
(a) For the nine months ended September 30, 1996 for the Bond Funds and for
the period from January 2, 1996, commencement of investment operations,
to September 30, 1996 for the Small Cap Tax-Sensitive Equity Fund and
Tax-Sensitive Equity Fund.
At March 31, 1997, the Massachusetts Intermediate Tax Exempt Bond Fund and the
Small Cap Tax-Sensitive Equity Fund each had a shareholder of record owning
approximately 33% and 21% of the respective Funds' outstanding voting shares.
<PAGE>
(6) Federal Income Tax Basis of Investment Securities:
The cost and unrealized appreciation (depreciation) in value of the
investment securities owned at March 31, 1997, as computed on a federal
income tax basis, were as follows:
<TABLE>
<CAPTION>
Net
Gross Gross Unrealized
Aggregate Unrealized Unrealized Appreciation
Cost Appreciation Depreciation (Depreciation)
---------------- ------------------ ----------------- -----------------
<S> <C> <C> <C> <C>
Massachusetts Intermediate Tax Exempt Bond Fund$ 34,212,730 $ 322,870 $ (183,144) $ 139,726
Intermediate Tax Exempt Bond Fund $ 44,690,791 $ 617,808 $ (144,533) $ 473,275
Small Cap Tax-Sensitive Equity Fund $ 13,357,968 $ 778,231 $ (1,088,940) $ (310,709)
Tax-Sensitive Equity Fund $ 4,535,154 $ 802,218 $ (127,636) $ 674,582
</TABLE>
(7) Financial Instruments:
In general, the following instruments are used for hedging purposes as
described below. However, these instruments may also be used to enhance
potential gain in circumstances where hedging is not involved. The
nature, risks and objectives of these investments are set forth more
fully in the Funds' Prospectuses and Statements of Additional
Information. The Funds may trade the following financial instruments
with off-balance sheet risk:
.........Futures contracts--
The Funds may enter into financial futures contracts for the delayed
sale or delivery of securities or contracts based on financial indices
at a fixed price on a future date. The Funds are required to deposit
either cash or securities in an amount equal to a certain percentage of
the contract amount. Subsequent payments are made or received by the
Funds each day, dependent on the daily fluctuations in the value of the
underlying security or index, and are recorded for financial statement
purposes as unrealized gains or losses by each Fund. There are several
risks in connection with the use of futures contracts. The change in
value of futures contracts primarily corresponds with the value of
their underlying instruments or indices, which may not correlate with
changes in the value of hedged investments. In addition, there is the
risk that a Fund may not be able to enter into a closing transaction
because of an illiquid secondary market. The Funds enter into financial
futures transactions primarily to manage their exposure to certain
markets and to changes in security prices and, with respect to the
Small Cap Tax-Sensitive Equity Fund and the Tax-Sensitive Equity Fund,
to changes in foreign currencies. At March 31, 1997 the Massachusetts
Intermediate Tax Exempt Bond Fund held the following futures contracts:
<TABLE>
<CAPTION>
Massachusetts Intermediate Tax Exempt Bond Fund
Contract Position Expiration Date Underlying Face Amount Unrealized
at Value (loss)
- -------------------------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Treasury Note Long 6/2/97 104,297 $ (1,338)
5 year U.S. Treasury Note (11 contracts) Long 6/2/97 1,147,265 (13,344)
U.S. Treasury Bond Long 6/17/97 536,094 (13,956)
10 year U.S. Treasury Note Long 6/30/97 105,500 (2,135)
10 year U.S. Treasury Note (2 contracts) Long 6/30/97 211,000 (4,457)
----------------- ----------------
2,104,156 $ (35,230)
================= ================
</TABLE>
<PAGE>
At March 31, 1997 the Intermediate Tax Exempt Bond Fund held the following
futures contracts:
<TABLE>
<CAPTION>
Intermediate Tax Exempt Bond Fund
Contract Position Expiration Date Underlying Face Unrealized
Amount at Value (Loss)
- -------------------------------------------------------- ----------------------------------------------------------------
<C> <C> <C> <C> <C>
5 year U.S. Treasury Note (5 contracts) Long 6/2/97 521,484 $ (6,066)
10 year U.S. Treasury Note (3 contracts) Long 6/30/97 316,500 (6,592)
----------------- ----------------
837,984 $ (12,658)
================= ================
</TABLE>
At March 31, 1997, the Bond Funds had segregated sufficient cash and/or
securities to cover margin requirements on open future contracts.
At March 31, 1997, the Small Cap Tax-Sensitive Equity Fund and the Tax-Sensitive
Equity Fund had no open futures contracts.
Since the Massachusetts Intermediate Tax Exempt Bond Fund may invest a
substantial portion of its assets in issuers located in one state, it will be
more susceptible to factors adversely affecting issuers of that state than would
be a comparable general tax-exempt mutual fund.
(8) Delayed Delivery Transactions:
The Bond Funds may purchase securities on a when-issued or forward
commitment basis. Payment and delivery may take place a month or more
after the date of the transactions. The price of the underlying
securities and the date when the securities will be delivered and paid
for are fixed at the time the transaction is negotiated. The Fund
instructs its custodian to segregate securities having a value at least
equal to the amount of the purchase commitment. At March 31, 1997, the
Intermediate Tax Exempt Bond Fund had entered into the following
delayed delivery transactions:
<TABLE>
<CAPTION>
Type Security Settlement Date Amount
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Buy College Park, GA Business & Industrial Development 6/4/97 $903,688
Buy Highlands Ranch, CO 6/10/97 746,557
================
$1,650,245
================
</TABLE>
|
|