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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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015 A000501 INVESTORS BANK & TRUST COMPANY
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<PAGE> PAGE 24
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<PAGE> PAGE 25
066 G000500 N
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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015 A000601 INVESTORS BANK & TRUST CO.
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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015 A000701 INVESTORS BANK & TRUST COMPANY
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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015 A001001 INVESTORS BANK & TRUST CO.
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<PAGE> PAGE 36
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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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015 A001201 INVESTORS BANK & TRUST CO.
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<PAGE> PAGE 40
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048 D011200 0
048 D021200 0.000
048 E011200 0
048 E021200 0.000
048 F011200 0
048 F021200 0.000
048 G011200 0
<PAGE> PAGE 41
048 G021200 0.000
048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 0
048 K021200 0.000
049 001200 N
050 001200 N
051 001200 N
052 001200 N
053 A001200 Y
053 B001200 Y
053 C001200 N
058 A001200 N
059 001200 Y
060 A001200 Y
060 B001200 Y
061 001200 100000
062 A001200 Y
062 B001200 0.0
062 C001200 0.0
062 D001200 1.2
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 15.3
062 J001200 0.0
062 K001200 0.0
062 L001200 0.0
062 M001200 6.6
062 N001200 35.5
062 O001200 0.0
062 P001200 36.7
062 Q001200 3.3
062 R001200 0.6
063 A001200 0
063 B001200 6.4
064 A001200 N
064 B001200 N
066 A001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
070 A021200 Y
070 B011200 Y
<PAGE> PAGE 42
070 B021200 N
070 C011200 Y
070 C021200 Y
070 D011200 Y
070 D021200 N
070 E011200 Y
070 E021200 Y
070 F011200 Y
070 F021200 N
070 G011200 Y
070 G021200 N
070 H011200 Y
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 Y
070 K011200 Y
070 K021200 N
070 L011200 N
070 L021200 N
070 M011200 N
070 M021200 N
070 N011200 N
070 N021200 N
070 O011200 N
070 O021200 N
070 P011200 N
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 Y
070 R021200 N
071 A001200 39434
071 B001200 17441
071 C001200 13994
071 D001200 124
072 A001200 12
072 B001200 1052
072 C001200 3
072 D001200 0
072 E001200 0
072 F001200 61
072 G001200 0
072 H001200 0
072 I001200 0
072 J001200 61
072 K001200 0
072 L001200 0
072 M001200 1
072 N001200 3
<PAGE> PAGE 43
072 O001200 0
072 P001200 0
072 Q001200 0
072 R001200 25
072 S001200 3
072 T001200 0
072 U001200 2
072 V001200 0
072 W001200 5
072 X001200 161
072 Y001200 100
072 Z001200 994
072AA001200 59
072BB001200 0
072CC011200 0
072CC021200 237
072DD011200 939
072DD021200 0
072EE001200 679
073 A011200 1.1500
073 A021200 0.0000
073 B001200 1.2800
073 C001200 0.0000
074 A001200 0
074 B001200 437
074 C001200 5431
074 D001200 29120
074 E001200 207
074 F001200 0
074 G001200 0
074 H001200 0
074 I001200 0
074 J001200 347
074 K001200 6
074 L001200 360
074 M001200 8
074 N001200 35916
074 O001200 357
074 P001200 0
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 74
074 S001200 0
074 T001200 35485
074 U011200 1894
074 U021200 0
074 V011200 18.73
074 V021200 0.00
074 W001200 0.0000
<PAGE> PAGE 44
074 X001200 4
074 Y001200 3963
075 A001200 0
075 B001200 15143
076 001200 0.00
015 A001301 INVESTORS BANK & TRUST CO.
015 B001301 C
015 C011301 BOSTON
015 C021301 MA
015 C031301 02111
015 E011301 X
024 001300 Y
025 A001301 SALOMON BROTHERS
025 C001301 D
025 D001301 252
025 A001302 BEAR STEARNS
025 C001302 D
025 D001302 226
025 A001303 GOLDMAN SACHS
025 C001303 D
025 D001303 182
025 A001304 SMITH BARNEY
025 C001304 D
025 D001304 99
025 A001305 MERRILL LYNCH
025 C001305 D
025 D001305 50
025 D001306 0
025 D001307 0
025 D001308 0
028 A011300 10
028 A021300 0
028 A031300 0
028 A041300 178
028 B011300 1750
028 B021300 0
028 B031300 0
028 B041300 743
028 C011300 0
028 C021300 47
028 C031300 0
028 C041300 0
028 D011300 898
028 D021300 0
028 D031300 0
028 D041300 0
028 E011300 0
028 E021300 0
028 E031300 0
028 E041300 3
028 F011300 948
<PAGE> PAGE 45
028 F021300 85
028 F031300 0
028 F041300 3
028 G011300 3606
028 G021300 132
028 G031300 0
028 G041300 927
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
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 1.0
062 E001300 0.0
<PAGE> PAGE 46
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 16.1
062 N001300 6.2
062 O001300 0.0
062 P001300 77.2
062 Q001300 0.0
062 R001300 0.0
063 A001300 0
063 B001300 2.4
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
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
<PAGE> PAGE 47
070 O021300 N
070 P011300 N
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
071 A001300 13895
071 B001300 9533
071 C001300 8909
071 D001300 107
072 A001300 12
072 B001300 715
072 C001300 0
072 D001300 0
072 E001300 0
072 F001300 36
072 G001300 0
072 H001300 0
072 I001300 0
072 J001300 59
072 K001300 0
072 L001300 0
072 M001300 0
072 N001300 0
072 O001300 0
072 P001300 0
072 Q001300 0
072 R001300 22
072 S001300 1
072 T001300 0
072 U001300 2
072 V001300 0
072 W001300 7
072 X001300 127
072 Y001300 86
072 Z001300 674
072AA001300 0
072BB001300 22
072CC011300 0
072CC021300 125
072DD011300 653
072DD021300 0
072EE001300 5
073 A011300 1.2400
073 A021300 0.0000
073 B001300 0.0100
073 C001300 0.0000
074 A001300 0
074 B001300 126
074 C001300 0
<PAGE> PAGE 48
074 D001300 12463
074 E001300 0
074 F001300 0
074 G001300 0
074 H001300 0
074 I001300 0
074 J001300 0
074 K001300 1
074 L001300 160
074 M001300 8
074 N001300 12758
074 O001300 79
074 P001300 0
074 Q001300 0
074 R011300 0
074 R021300 0
074 R031300 0
074 R041300 154
074 S001300 0
074 T001300 12525
074 U011300 626
074 U021300 0
074 V011300 19.99
074 V021300 0.00
074 W001300 0.0000
074 X001300 16
074 Y001300 1563
075 A001300 0
075 B001300 10204
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 0
028 A021600 0
028 A031600 0
028 A041600 0
028 B011600 0
028 B021600 0
028 B031600 0
028 B041600 0
028 C011600 0
028 C021600 0
028 C031600 0
028 C041600 0
028 D011600 0
028 D021600 0
<PAGE> PAGE 49
028 D031600 0
028 D041600 0
028 E011600 0
028 E021600 0
028 E031600 0
028 E041600 0
028 F011600 475
028 F021600 0
028 F031600 0
028 F041600 0
028 G011600 475
028 G021600 0
028 G031600 0
028 G041600 0
028 H001600 0
045 001600 Y
046 001600 N
047 001600 Y
048 001600 0.600
048 A011600 0
048 A021600 0.000
048 B011600 0
048 B021600 0.000
048 C011600 0
048 C021600 0.000
048 D011600 0
048 D021600 0.000
048 E011600 0
048 E021600 0.000
048 F011600 0
048 F021600 0.000
048 G011600 0
048 G021600 0.000
048 H011600 0
048 H021600 0.000
048 I011600 0
048 I021600 0.000
048 J011600 0
048 J021600 0.000
048 K011600 0
048 K021600 0.000
049 001600 N
050 001600 N
051 001600 N
052 001600 N
053 A001600 Y
053 B001600 Y
053 C001600 N
062 A001600 N
062 B001600 0.0
062 C001600 0.0
<PAGE> PAGE 50
062 D001600 0.0
062 E001600 0.0
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
063 A001600 0
063 B001600 0.0
066 A001600 Y
066 B001600 N
066 C001600 N
066 D001600 Y
066 E001600 N
066 F001600 N
066 G001600 N
067 001600 N
068 A001600 N
068 B001600 Y
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
<PAGE> PAGE 51
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
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 1
072 C001600 0
072 D001600 0
072 E001600 0
072 F001600 0
072 G001600 0
072 H001600 0
072 I001600 0
072 J001600 1
072 K001600 0
072 L001600 0
072 M001600 0
072 N001600 0
072 O001600 0
072 P001600 0
072 Q001600 0
072 R001600 8
072 S001600 0
072 T001600 0
072 U001600 0
072 V001600 0
072 W001600 0
072 X001600 8
072 Y001600 8
072 Z001600 0
072AA001600 0
072BB001600 0
072CC011600 9
072CC021600 0
072DD011600 0
072DD021600 0
072EE001600 0
073 A011600 0.0000
<PAGE> PAGE 52
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
074 F001600 0
074 G001600 0
074 H001600 0
074 I001600 484
074 J001600 0
074 K001600 8
074 L001600 0
074 M001600 9
074 N001600 501
074 O001600 0
074 P001600 9
074 Q001600 0
074 R011600 0
074 R021600 0
074 R031600 0
074 R041600 8
074 S001600 0
074 T001600 484
074 U011600 24
074 U021600 0
074 V011600 20.39
074 V021600 0.00
074 W001600 0.0000
074 X001600 0
074 Y001600 0
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076 001600 0.00
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 December 31, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 2,616,111,481
<RECEIVABLES> 11,189,329
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 65,572
<TOTAL-ASSETS> 2,627,366,382
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 23,738,113
<TOTAL-LIABILITIES> 23,738,113
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,567,721,565
<SHARES-COMMON-STOCK> 126,807,250
<SHARES-COMMON-PRIOR> 108,347,706
<ACCUMULATED-NII-CURRENT> 5,299,151
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,219,259)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31,826,812
<NET-ASSETS> 2,603,628,269
<DIVIDEND-INCOME> 4,118,221
<INTEREST-INCOME> 176,069,782
<OTHER-INCOME> (5,959,995)
<EXPENSES-NET> 3,092,201
<NET-INVESTMENT-INCOME> 171,135,807
<REALIZED-GAINS-CURRENT> 21,284,879
<APPREC-INCREASE-CURRENT> (57,299,336)
<NET-CHANGE-FROM-OPS> 135,121,350
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (176,422,831)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20,679,081
<NUMBER-OF-SHARES-REDEEMED> 8,638,095
<SHARES-REINVESTED> 6,418,558
<NET-CHANGE-IN-ASSETS> 336,521,382
<ACCUMULATED-NII-PRIOR> 3,798,973
<ACCUMULATED-GAINS-PRIOR> (15,716,937)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,493,743
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,092,201
<AVERAGE-NET-ASSETS> 2,400,243,906
<PER-SHARE-NAV-BEGIN> 20.92
<PER-SHARE-NII> 1.46
<PER-SHARE-GAIN-APPREC> (0.37)
<PER-SHARE-DIVIDEND> (1.48)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.53
<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 December 31, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 246,652,321
<RECEIVABLES> 43,945
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 5,407
<TOTAL-ASSETS> 246,701,673
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,570,835
<TOTAL-LIABILITIES> 2,570,835
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 207,857,565
<SHARES-COMMON-STOCK> 4,609,813
<SHARES-COMMON-PRIOR> 3,375,809
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,952,719
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 32,320,554
<NET-ASSETS> 244,130,838
<DIVIDEND-INCOME> 243,441
<INTEREST-INCOME> 413,624
<OTHER-INCOME> (1,112,861)
<EXPENSES-NET> 515,768
<NET-INVESTMENT-INCOME> (971,564)
<REALIZED-GAINS-CURRENT> 37,360,958
<APPREC-INCREASE-CURRENT> (2,412,418)
<NET-CHANGE-FROM-OPS> 33,976,976
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (39,018,707)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,100,618
<NUMBER-OF-SHARES-REDEEMED> 531,585
<SHARES-REINVESTED> 562,742
<NET-CHANGE-IN-ASSETS> 63,660,872
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 6,582,032
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 396,796
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 528,886
<AVERAGE-NET-ASSETS> 218,548,363
<PER-SHARE-NAV-BEGIN> 53.46
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 9.29
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (9.79)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 52.96
<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 December 31, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 106,277,516
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,576
<TOTAL-ASSETS> 106,280,092
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 425,310
<TOTAL-LIABILITIES> 425,310
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 81,035,794
<SHARES-COMMON-STOCK> 2,728,741
<SHARES-COMMON-PRIOR> 2,543,181
<ACCUMULATED-NII-CURRENT> 88,950
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,655,446
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,074,592
<NET-ASSETS> 105,854,782
<DIVIDEND-INCOME> 2,065,076
<INTEREST-INCOME> 195,682
<OTHER-INCOME> (479,297)
<EXPENSES-NET> 231,781
<NET-INVESTMENT-INCOME> 1,549,680
<REALIZED-GAINS-CURRENT> 16,774,749
<APPREC-INCREASE-CURRENT> 6,696,912
<NET-CHANGE-FROM-OPS> 25,021,341
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,481,454
<DISTRIBUTIONS-OF-GAINS> 11,604,448
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 561,325
<NUMBER-OF-SHARES-REDEEMED> 701,269
<SHARES-REINVESTED> 325,504
<NET-CHANGE-IN-ASSETS> 17,322,399
<ACCUMULATED-NII-PRIOR> (20,724)
<ACCUMULATED-GAINS-PRIOR> 2,485,145
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 163,530
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 231,781
<AVERAGE-NET-ASSETS> 101,289,914
<PER-SHARE-NAV-BEGIN> 34.81
<PER-SHARE-NII> 0.58
<PER-SHARE-GAIN-APPREC> 8.54
<PER-SHARE-DIVIDEND> (0.56)
<PER-SHARE-DISTRIBUTIONS> (4.58)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 38.79
<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 December 31, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 159,814,385
<RECEIVABLES> 43,750
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 8,299
<TOTAL-ASSETS> 159,866,434
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,135,871
<TOTAL-LIABILITIES> 4,135,871
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 149,753,799
<SHARES-COMMON-STOCK> 7,752,638
<SHARES-COMMON-PRIOR> 7,060,025
<ACCUMULATED-NII-CURRENT> 364,160
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (493,895)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,106,499
<NET-ASSETS> 155,730,563
<DIVIDEND-INCOME> 71,795
<INTEREST-INCOME> 11,719,970
<OTHER-INCOME> (639,252)
<EXPENSES-NET> 348,557
<NET-INVESTMENT-INCOME> 10,803,956
<REALIZED-GAINS-CURRENT> 7,333,996
<APPREC-INCREASE-CURRENT> 825,965
<NET-CHANGE-FROM-OPS> 18,963,917
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 14,538,791
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,015,265
<NUMBER-OF-SHARES-REDEEMED> 706,939
<SHARES-REINVESTED> 384,287
<NET-CHANGE-IN-ASSETS> 17,831,541
<ACCUMULATED-NII-PRIOR> (424,310)
<ACCUMULATED-GAINS-PRIOR> (3,304,586)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 198,747
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 348,557
<AVERAGE-NET-ASSETS> 151,941,833
<PER-SHARE-NAV-BEGIN> 19.53
<PER-SHARE-NII> 1.42
<PER-SHARE-GAIN-APPREC> 1.05
<PER-SHARE-DIVIDEND> (1.91)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.09
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Standish, Ayer & Wood Investment Trust
form N-SAR for the period ended December 31, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 46,228,039
<INVESTMENTS-AT-VALUE> 47,362,901
<RECEIVABLES> 158,439
<ASSETS-OTHER> 502,452
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 48,023,792
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 285,277
<TOTAL-LIABILITIES> 285,277
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43,985,314
<SHARES-COMMON-STOCK> 2,053,669
<SHARES-COMMON-PRIOR> 2,526,165
<ACCUMULATED-NII-CURRENT> 8,961
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,408,548
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,335,692
<NET-ASSETS> 47,738,515
<DIVIDEND-INCOME> 771,708
<INTEREST-INCOME> 403,047
<OTHER-INCOME> 0
<EXPENSES-NET> 254,914
<NET-INVESTMENT-INCOME> 919,841
<REALIZED-GAINS-CURRENT> 4,520,530
<APPREC-INCREASE-CURRENT> (1,512,964)
<NET-CHANGE-FROM-OPS> 3,927,407
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 993,584
<DISTRIBUTIONS-OF-GAINS> 2,991,390
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 147,664
<NUMBER-OF-SHARES-REDEEMED> 764,772
<SHARES-REINVESTED> 144,612
<NET-CHANGE-IN-ASSETS> (11,734,751)
<ACCUMULATED-NII-PRIOR> 103,026
<ACCUMULATED-GAINS-PRIOR> 964,750
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 410,099
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 657,172
<AVERAGE-NET-ASSETS> 50,982,304
<PER-SHARE-NAV-BEGIN> 23.54
<PER-SHARE-NII> 0.47
<PER-SHARE-GAIN-APPREC> 1.28
<PER-SHARE-DIVIDEND> (0.51)
<PER-SHARE-DISTRIBUTIONS> (1.53)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 23.25
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Standish, Ayer & Wood Investment Trust
form N-SAR for the period ended December 31, 1996
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> Standish Short Term Asset Reserve Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 192,433,110
<INVESTMENTS-AT-VALUE> 192,191,441
<RECEIVABLES> 2,291,124
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 194,482,565
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 408,960
<TOTAL-LIABILITIES> 408,960
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 205,255,771
<SHARES-COMMON-STOCK> 9,953,704
<SHARES-COMMON-PRIOR> 12,455,005
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (131,817)
<ACCUMULATED-NET-GAINS> (10,808,680)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (241,669)
<NET-ASSETS> 194,073,605
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,608,502
<OTHER-INCOME> 0
<EXPENSES-NET> 884,920
<NET-INVESTMENT-INCOME> 14,723,582
<REALIZED-GAINS-CURRENT> (378,935)
<APPREC-INCREASE-CURRENT> (495,240)
<NET-CHANGE-FROM-OPS> 13,849,407
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 14,723,192
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,748,426
<NUMBER-OF-SHARES-REDEEMED> 12,798,043
<SHARES-REINVESTED> 548,316
<NET-CHANGE-IN-ASSETS> (49,425,915)
<ACCUMULATED-NII-PRIOR> (72,090)
<ACCUMULATED-GAINS-PRIOR> (10,489,862)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 643,488
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 884,920
<AVERAGE-NET-ASSETS> 256,073,048
<PER-SHARE-NAV-BEGIN> 19.55
<PER-SHARE-NII> 1.11
<PER-SHARE-GAIN-APPREC> (0.04)
<PER-SHARE-DIVIDEND> (1.12)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.50
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Standish, Ayer & Wood Investment Trust
form N-SAR for the period ended December 31, 1996
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> Standish Securitized Fund Series
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 58,186,030
<INVESTMENTS-AT-VALUE> 58,137,917
<RECEIVABLES> 366,836
<ASSETS-OTHER> 27,790
<OTHER-ITEMS-ASSETS> 2,488
<TOTAL-ASSETS> 58,535,031
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,917,775
<TOTAL-LIABILITIES> 7,917,775
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 52,745,999
<SHARES-COMMON-STOCK> 2,569,380
<SHARES-COMMON-PRIOR> 2,725,447
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (97,839)
<ACCUMULATED-NET-GAINS> (2,053,795)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22,891
<NET-ASSETS> 50,617,256
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,921,909
<OTHER-INCOME> 0
<EXPENSES-NET> 237,256
<NET-INVESTMENT-INCOME> 3,684,653
<REALIZED-GAINS-CURRENT> (333,340)
<APPREC-INCREASE-CURRENT> (1,153,682)
<NET-CHANGE-FROM-OPS> 2,197,631
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,663,175
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,450
<NUMBER-OF-SHARES-REDEEMED> 179,930
<SHARES-REINVESTED> 20,413
<NET-CHANGE-IN-ASSETS> (4,583,443)
<ACCUMULATED-NII-PRIOR> (163,094)
<ACCUMULATED-GAINS-PRIOR> (1,676,678)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 132,516
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 266,791
<AVERAGE-NET-ASSETS> 52,720,638
<PER-SHARE-NAV-BEGIN> 20.25
<PER-SHARE-NII> 1.43
<PER-SHARE-GAIN-APPREC> (0.57)
<PER-SHARE-DIVIDEND> (1.41)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.70
<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 December 31, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 805,784,715
<INVESTMENTS-AT-VALUE> 841,758,824
<RECEIVABLES> 25,371,596
<ASSETS-OTHER> 1,815,644
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 868,946,064
<PAYABLE-FOR-SECURITIES> 6,048,938
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,764,308
<TOTAL-LIABILITIES> 28,813,246
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 787,273,190
<SHARES-COMMON-STOCK> 36,136,500
<SHARES-COMMON-PRIOR> 34,623,407
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 7,407,224
<ACCUMULATED-NET-GAINS> 6,107,628
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39,344,776
<NET-ASSETS> 840,132,818
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 61,878,253
<OTHER-INCOME> 0
<EXPENSES-NET> 4,242,990
<NET-INVESTMENT-INCOME> 57,635,263
<REALIZED-GAINS-CURRENT> 57,382,433
<APPREC-INCREASE-CURRENT> 1,735,395
<NET-CHANGE-FROM-OPS> 116,753,091
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 88,136,980
<DISTRIBUTIONS-OF-GAINS> 24,989,660
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,454,273
<NUMBER-OF-SHARES-REDEEMED> 10,643,614
<SHARES-REINVESTED> 3,702,434
<NET-CHANGE-IN-ASSETS> 36,595,943
<ACCUMULATED-NII-PRIOR> 2,477,089
<ACCUMULATED-GAINS-PRIOR> 9,146,707
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,234,397
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,242,990
<AVERAGE-NET-ASSETS> 804,353,284
<PER-SHARE-NAV-BEGIN> 23.21
<PER-SHARE-NII> 1.72
<PER-SHARE-GAIN-APPREC> 1.73
<PER-SHARE-DIVIDEND> (3.41)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 23.25
<EXPENSE-RATIO> 0.53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Standish, Ayer & Wood Investment Trust
form N-SAR for the period ended December 31, 1996
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 12
<NAME> Standish Fixed Income Fund Series II Fund Series
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 35,203,789
<INVESTMENTS-AT-VALUE> 35,194,915
<RECEIVABLES> 712,807
<ASSETS-OTHER> 8,692
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 35,916,414
<PAYABLE-FOR-SECURITIES> 357,069
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 74,041
<TOTAL-LIABILITIES> 431,110
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,425,262
<SHARES-COMMON-STOCK> 1,894,219
<SHARES-COMMON-PRIOR> 392,216
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 11,552
<ACCUMULATED-NET-GAINS> 56,763
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8,273)
<NET-ASSETS> 35,485,304
<DIVIDEND-INCOME> 3,360
<INTEREST-INCOME> 1,051,457
<OTHER-INCOME> 0
<EXPENSES-NET> 60,575
<NET-INVESTMENT-INCOME> 994,242
<REALIZED-GAINS-CURRENT> 58,954
<APPREC-INCREASE-CURRENT> (236,747)
<NET-CHANGE-FROM-OPS> 816,449
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 938,752
<DISTRIBUTIONS-OF-GAINS> 678,707
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,494,596
<NUMBER-OF-SHARES-REDEEMED> 77,808
<SHARES-REINVESTED> 85,215
<NET-CHANGE-IN-ASSETS> 27,438,820
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 632,578
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 61,291
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 160,555
<AVERAGE-NET-ASSETS> 15,143,150
<PER-SHARE-NAV-BEGIN> 20.52
<PER-SHARE-NII> 1.18
<PER-SHARE-GAIN-APPREC> (0.54)
<PER-SHARE-DIVIDEND> (2.43)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 18.73
<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 December 31, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 12,648,225
<INVESTMENTS-AT-VALUE> 12,589,498
<RECEIVABLES> 160,541
<ASSETS-OTHER> 8,205
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,758,244
<PAYABLE-FOR-SECURITIES> 79,240
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 154,129
<TOTAL-LIABILITIES> 233,369
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,585,485
<SHARES-COMMON-STOCK> 626,464
<SHARES-COMMON-PRIOR> 438,093
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 14,419
<ACCUMULATED-NET-GAINS> (16,302)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (58,727)
<NET-ASSETS> 12,524,875
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 714,652
<OTHER-INCOME> 0
<EXPENSES-NET> 40,816
<NET-INVESTMENT-INCOME> 673,836
<REALIZED-GAINS-CURRENT> (22,349)
<APPREC-INCREASE-CURRENT> (124,788)
<NET-CHANGE-FROM-OPS> 526,699
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 653,352
<DISTRIBUTIONS-OF-GAINS> 5,114
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 241,487
<NUMBER-OF-SHARES-REDEEMED> 64,441
<SHARES-REINVESTED> 11,325
<NET-CHANGE-IN-ASSETS> 3,657,028
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 5,096
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 35,907
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 127,333
<AVERAGE-NET-ASSETS> 10,204,221
<PER-SHARE-NAV-BEGIN> 20.24
<PER-SHARE-NII> 1.27
<PER-SHARE-GAIN-APPREC> (0.27)
<PER-SHARE-DIVIDEND> (1.25)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.99
<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 December 31, 1996
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 484,168
<RECEIVABLES> 7,588
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 9,180
<TOTAL-ASSETS> 500,936
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,768
<TOTAL-LIABILITIES> 16,768
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 475,000
<SHARES-COMMON-STOCK> 23,750
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 198
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,970
<NET-ASSETS> 484,168
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 198
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 198
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 8,970
<NET-CHANGE-FROM-OPS> 9,168
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23,750
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 484,168
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,588
<AVERAGE-NET-ASSETS> 472,510
<PER-SHARE-NAV-BEGIN> 20.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.39
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.39
<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 and Shareholders of:
Standish Securitized Fund Standish Short-Term Asset Reserve Fund
Standish International Fixed Income Fund Standish International Equity
Fund Standish Controlled Maturity Fund Standish Fixed Income Fund II
Standish Equity Fund Standish Fixed Income Fund Standish Global Fixed
Income 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 December 31, 1996, we considered its internal
control structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing an 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
structure.
The management of Standish, Ayer and Wood Investment Trust is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in accordance
with general accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operations may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements and 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 structure, including
procedures for safeguarding securities, that we consider to be material
weaknesses, as defined above, as of December 31, 1996.
This report is solely for the information and use of management of Standish,
Ayer and Wood Investment Trust and the Securities and Exchange Commission.
/S/ COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
February 25, 1997
