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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 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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072BB000600 0
072CC010600 0
072CC020600 25009
072DD010600 133233
072DD020600 0
072EE000600 12277
073 A010600 2.8600
073 A020600 0.0000
073 B000600 0.2800
073 C000600 0.0000
074 A000600 0
074 B000600 9985
074 C000600 98403
074 D000600 1012090
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 12610
074 J000600 69
074 K000600 0
074 L000600 31139
074 M000600 55128
074 N000600 1219424
074 O000600 0
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 5989
074 R040600 40740
<PAGE> PAGE 21
074 S000600 0
074 T000600 1172695
074 U010600 51420
074 U020600 0
074 V010600 22.81
074 V020600 0.00
074 W000600 0.0000
074 X000600 224
074 Y000600 629999
075 A000600 0
075 B000600 1004237
076 000600 0.00
015 A001001 INVESTORS BANK & TRUST CO.
015 B001001 C
015 C011001 BOSTON
015 C021001 MA
015 C031001 02116
015 E041001 X
024 001000 N
028 A011000 2132
028 A021000 -1
028 A031000 0
028 A041000 13
028 B011000 3079
028 B021000 0
028 B031000 0
028 B041000 6795
028 C011000 2767
028 C021000 1020
028 C031000 0
028 C041000 43
028 D011000 17103
028 D021000 -3
028 D031000 0
028 D041000 9368
028 E011000 28662
028 E021000 0
028 E031000 0
028 E041000 28
028 F011000 16586
028 F021000 8211
028 F031000 0
028 F041000 1856
028 G011000 70329
028 G021000 9227
028 G031000 0
028 G041000 18103
028 H001000 0
058 A001000 N
059 001000 Y
060 A001000 Y
<PAGE> PAGE 22
060 B001000 Y
061 001000 100000
062 A001000 N
062 B001000 0.0
062 C001000 0.0
062 D001000 0.0
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 0.0
062 N001000 0.0
062 O001000 0.0
062 P001000 0.0
062 Q001000 0.0
062 R001000 0.0
066 A001000 N
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 Y
070 A021000 N
070 B011000 Y
070 B021000 N
070 C011000 Y
070 C021000 N
070 D011000 Y
070 D021000 N
070 E011000 Y
070 E021000 N
070 F011000 Y
070 F021000 N
070 G011000 Y
070 G021000 N
070 H011000 Y
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 Y
070 J021000 N
070 K011000 Y
070 K021000 N
070 L011000 Y
070 L021000 N
070 M011000 Y
070 M021000 N
<PAGE> PAGE 23
070 N011000 Y
070 N021000 N
070 O011000 N
070 O021000 N
070 P011000 N
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 Y
070 R021000 N
071 A001000 0
071 B001000 0
071 C001000 0
071 D001000 0
072 A001000 12
072 B001000 14121
072 C001000 76
072 D001000 0
072 E001000 -1226
072 F001000 0
072 G001000 3
072 H001000 0
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072 J001000 12
072 K001000 0
072 L001000 0
072 M001000 0
072 N001000 64
072 O001000 0
072 P001000 0
072 Q001000 0
072 R001000 0
072 S001000 4
072 T001000 0
072 U001000 2
072 V001000 0
072 W001000 3
072 X001000 99
072 Y001000 12
072 Z001000 12884
072AA001000 10547
072BB001000 0
072CC011000 0
072CC021000 1137
072DD011000 22206
072DD021000 0
072EE001000 227
073 A011000 1.9800
073 A021000 0.0000
073 B001000 0.0200
073 C001000 0.0000
<PAGE> PAGE 24
074 A001000 0
074 B001000 0
074 C001000 0
074 D001000 0
074 E001000 0
074 F001000 0
074 G001000 0
074 H001000 0
074 I001000 262553
074 J001000 0
074 K001000 0
074 L001000 674
074 M001000 14
074 N001000 263241
074 O001000 0
074 P001000 0
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 7479
074 S001000 0
074 T001000 255762
074 U011000 12540
074 U021000 0
074 V011000 20.39
074 V021000 0.00
074 W001000 0.0000
074 X001000 67
074 Y001000 0
075 A001000 0
075 B001000 200558
076 001000 0.00
015 A001201 INVESTORS BANK & TRUST CO.
015 B001201 C
015 C011201 BOSTON
015 C021201 MA
015 C031201 02116
015 E011201 X
024 001200 Y
025 A001201 SALOMON BROTHERS
025 C001201 D
025 D001201 1153
025 A001202 BEAR STEARNS
025 C001202 D
025 D001202 153
025 D001203 0
025 D001204 0
025 D001205 0
025 D001206 0
025 D001207 0
<PAGE> PAGE 25
025 D001208 0
028 A011200 67
028 A021200 0
028 A031200 0
028 A041200 1055
028 B011200 2
028 B021200 0
028 B031200 0
028 B041200 567
028 C011200 3300
028 C021200 587
028 C031200 0
028 C041200 326
028 D011200 838
028 D021200 0
028 D031200 0
028 D041200 91
028 E011200 17007
028 E021200 0
028 E031200 0
028 E041200 83
028 F011200 50
028 F021200 1004
028 F031200 0
028 F041200 178
028 G011200 21264
028 G021200 1591
028 G031200 0
028 G041200 2300
028 H001200 0
045 001200 Y
046 001200 N
047 001200 Y
048 001200 0.400
048 A011200 0
048 A021200 0.000
048 B011200 0
048 B021200 0.000
048 C011200 0
048 C021200 0.000
048 D011200 0
048 D021200 0.000
048 E011200 0
048 E021200 0.000
048 F011200 0
048 F021200 0.000
048 G011200 0
048 G021200 0.000
048 H011200 0
048 H021200 0.000
048 I011200 0
<PAGE> PAGE 26
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
058 A001200 N
059 001200 Y
060 A001200 Y
060 B001200 Y
061 001200 100000
062 A001200 Y
062 B001200 0.0
062 C001200 2.3
062 D001200 1.4
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 2.0
062 J001200 0.0
062 K001200 0.0
062 L001200 0.0
062 M001200 29.0
062 N001200 10.9
062 O001200 0.0
062 P001200 34.5
062 Q001200 20.5
062 R001200 0.4
063 A001200 0
063 B001200 13.9
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
070 B021200 N
070 C011200 Y
070 C021200 Y
070 D011200 Y
070 D021200 N
<PAGE> PAGE 27
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 85718
071 B001200 47475
071 C001200 46190
071 D001200 103
072 A001200 12
072 B001200 3478
072 C001200 26
072 D001200 0
072 E001200 0
072 F001200 200
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072 I001200 11
072 J001200 85
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072 L001200 0
072 M001200 5
072 N001200 21
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072 Q001200 0
072 R001200 24
072 S001200 12
<PAGE> PAGE 28
072 T001200 0
072 U001200 2
072 V001200 0
072 W001200 9
072 X001200 373
072 Y001200 173
072 Z001200 3304
072AA001200 76
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072CC011200 1060
072CC021200 0
072DD011200 3319
072DD021200 0
072EE001200 58
073 A011200 1.1100
073 A021200 0.0000
073 B001200 0.0200
073 C001200 0.0000
074 A001200 66
074 B001200 1065
074 C001200 3181
074 D001200 70804
074 E001200 213
074 F001200 0
074 G001200 0
074 H001200 0
074 I001200 36
074 J001200 255
074 K001200 0
074 L001200 911
074 M001200 8
074 N001200 76539
074 O001200 1493
074 P001200 0
074 Q001200 0
074 R011200 0
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074 R031200 40
074 R041200 426
074 S001200 0
074 T001200 74580
074 U011200 3890
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074 V011200 19.17
074 V021200 0.00
074 W001200 0.0000
074 X001200 12
074 Y001200 16794
075 A001200 0
075 B001200 50229
076 001200 0.00
<PAGE> PAGE 29
015 A001301 INVESTORS BANK & TRUST CO.
015 B001301 C
015 C011301 BOSTON
015 C021301 MA
015 C031301 02116
015 E011301 X
024 001300 Y
025 A001301 LEHMAN BROTHERS
025 C001301 D
025 D001301 254
025 A001302 SALOMON BROTHERS
025 C001302 D
025 D001302 77
025 A001303 GOLDMAN SACHS & CO.
025 C001303 D
025 D001303 56
025 D001304 0
025 D001305 0
025 D001306 0
025 D001307 0
025 D001308 0
028 A011300 0
028 A021300 0
028 A031300 0
028 A041300 36
028 B011300 0
028 B021300 0
028 B031300 0
028 B041300 93
028 C011300 0
028 C021300 69
028 C031300 0
028 C041300 159
028 D011300 0
028 D021300 0
028 D031300 0
028 D041300 63
028 E011300 0
028 E021300 0
028 E031300 0
028 E041300 50
028 F011300 1837
028 F021300 100
028 F031300 0
028 F041300 125
028 G011300 1837
028 G021300 169
028 G031300 0
028 G041300 526
028 H001300 0
045 001300 Y
<PAGE> PAGE 30
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
058 A001300 N
059 001300 Y
060 A001300 Y
060 B001300 Y
061 001300 100000
062 A001300 Y
062 B001300 0.0
062 C001300 1.4
062 D001300 2.5
062 E001300 0.0
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
062 I001300 0.4
062 J001300 0.0
062 K001300 0.0
062 L001300 0.0
062 M001300 4.8
062 N001300 2.5
062 O001300 0.0
<PAGE> PAGE 31
062 P001300 32.0
062 Q001300 43.5
062 R001300 0.0
063 A001300 0
063 B001300 7.8
064 A001300 N
064 B001300 N
066 A001300 N
067 001300 N
068 A001300 N
068 B001300 N
069 001300 N
070 A011300 Y
070 A021300 Y
070 B011300 Y
070 B021300 N
070 C011300 Y
070 C021300 Y
070 D011300 Y
070 D021300 N
070 E011300 Y
070 E021300 Y
070 F011300 Y
070 F021300 N
070 G011300 Y
070 G021300 N
070 H011300 Y
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 Y
070 K011300 Y
070 K021300 N
070 L011300 N
070 L021300 N
070 M011300 N
070 M021300 N
070 N011300 N
070 N021300 N
070 O011300 N
070 O021300 N
070 P011300 N
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
071 A001300 11126
071 B001300 12936
071 C001300 11865
<PAGE> PAGE 32
071 D001300 94
072 A001300 12
072 B001300 861
072 C001300 0
072 D001300 0
072 E001300 7
072 F001300 43
072 G001300 1
072 H001300 0
072 I001300 10
072 J001300 58
072 K001300 0
072 L001300 0
072 M001300 4
072 N001300 9
072 O001300 0
072 P001300 0
072 Q001300 0
072 R001300 20
072 S001300 6
072 T001300 0
072 U001300 2
072 V001300 0
072 W001300 6
072 X001300 159
072 Y001300 112
072 Z001300 821
072AA001300 0
072BB001300 94
072CC011300 72
072CC021300 0
072DD011300 820
072DD021300 0
072EE001300 0
073 A011300 1.3400
073 A021300 0.0000
073 B001300 0.0000
073 C001300 0.0000
074 A001300 0
074 B001300 347
074 C001300 250
074 D001300 11520
074 E001300 0
074 F001300 0
074 G001300 0
074 H001300 0
074 I001300 0
074 J001300 0
074 K001300 0
074 L001300 1984
074 M001300 7
<PAGE> PAGE 33
074 N001300 14108
074 O001300 0
074 P001300 0
074 Q001300 0
074 R011300 0
074 R021300 0
074 R031300 0
074 R041300 192
074 S001300 0
074 T001300 13916
074 U011300 698
074 U021300 0
074 V011300 19.95
074 V021300 0.00
074 W001300 0.0000
074 X001300 18
074 Y001300 519
075 A001300 0
075 B001300 12446
076 001300 0.00
015 A001701 INVESTORS BANK & TRUST CO.
015 B001701 C
015 C011701 BOSTON
015 C021701 MA
015 C031701 02116
015 E041701 X
024 001700 N
028 A011700 192
028 A021700 0
028 A031700 0
028 A041700 0
028 B011700 1025
028 B021700 0
028 B031700 0
028 B041700 0
028 C011700 9801
028 C021700 116
028 C031700 0
028 C041700 0
028 D011700 9025
028 D021700 0
028 D031700 0
028 D041700 0
028 E011700 125
028 E021700 0
028 E031700 0
028 E041700 0
028 F011700 1500
028 F021700 338
028 F031700 0
028 F041700 138
<PAGE> PAGE 34
028 G011700 21668
028 G021700 454
028 G031700 0
028 G041700 138
028 H001700 0
058 A001700 N
059 001700 Y
060 A001700 Y
060 B001700 Y
061 001700 100000
062 A001700 N
062 B001700 0.0
062 C001700 0.0
062 D001700 0.0
062 E001700 0.0
062 F001700 0.0
062 G001700 0.0
062 H001700 0.0
062 I001700 0.0
062 J001700 0.0
062 K001700 0.0
062 L001700 0.0
062 M001700 0.0
062 N001700 0.0
062 O001700 0.0
062 P001700 0.0
062 Q001700 0.0
062 R001700 0.0
066 A001700 N
067 001700 N
068 A001700 N
068 B001700 N
069 001700 N
070 A011700 Y
070 A021700 N
070 B011700 Y
070 B021700 N
070 C011700 Y
070 C021700 N
070 D011700 Y
070 D021700 N
070 E011700 Y
070 E021700 N
070 F011700 Y
070 F021700 N
070 G011700 Y
070 G021700 N
070 H011700 Y
070 H021700 N
070 I011700 Y
070 I021700 N
<PAGE> PAGE 35
070 J011700 Y
070 J021700 N
070 K011700 Y
070 K021700 N
070 L011700 Y
070 L021700 N
070 M011700 Y
070 M021700 N
070 N011700 N
070 N021700 N
070 O011700 N
070 O021700 N
070 P011700 N
070 P021700 N
070 Q011700 N
070 Q021700 N
070 R011700 Y
070 R021700 N
071 A001700 0
071 B001700 0
071 C001700 0
071 D001700 0
072 A001700 12
072 B001700 665
072 C001700 80
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072 E001700 0
072 F001700 0
072 G001700 2
072 H001700 0
072 I001700 8
072 J001700 0
072 K001700 0
072 L001700 0
072 M001700 0
072 N001700 10
072 O001700 0
072 P001700 0
072 Q001700 0
072 R001700 11
072 S001700 5
072 T001700 0
072 U001700 2
072 V001700 0
072 W001700 5
072 X001700 43
072 Y001700 43
072 Z001700 745
072AA001700 132
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072CC011700 0
<PAGE> PAGE 36
072CC021700 378
072DD011700 679
072DD021700 0
072EE001700 129
073 A011700 0.6300
073 A021700 0.0000
073 B001700 0.1000
073 C001700 0.0000
074 A001700 0
074 B001700 0
074 C001700 0
074 D001700 0
074 E001700 0
074 F001700 0
074 G001700 0
074 H001700 0
074 I001700 27784
074 J001700 0
074 K001700 0
074 L001700 0
074 M001700 20
074 N001700 27804
074 O001700 0
074 P001700 0
074 Q001700 0
074 R011700 0
074 R021700 0
074 R031700 0
074 R041700 406
074 S001700 0
074 T001700 27398
074 U011700 1336
074 U021700 0
074 V011700 20.51
074 V021700 0.00
074 W001700 0.0000
074 X001700 13
074 Y001700 0
075 A001700 0
075 B001700 15806
076 001700 0.00
SIGNATURE KEVIN CONNERTY
TITLE DIRECTOR
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Standish, Ayer & Wood Investment Trust
form N-SAR for the period ended December 31, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Standish Fixed Income Fund Series
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 3,325,622,596
<RECEIVABLES> 3,510,591
<ASSETS-OTHER> 89,188
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,329,222,375
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40,904,732
<TOTAL-LIABILITIES> 40,904,732
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,223,554,659
<SHARES-COMMON-STOCK> 158,068,105
<SHARES-COMMON-PRIOR> 126,807,250
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2,421,313)
<ACCUMULATED-NET-GAINS> 7,600,878
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 59,583,419
<NET-ASSETS> 3,288,317,643
<DIVIDEND-INCOME> 6,202,602
<INTEREST-INCOME> 199,818,078
<OTHER-INCOME> (10,313,208)
<EXPENSES-NET> 519,642
<NET-INVESTMENT-INCOME> 195,187,830
<REALIZED-GAINS-CURRENT> 42,948,049
<APPREC-INCREASE-CURRENT> 27,756,607
<NET-CHANGE-FROM-OPS> 265,892,486
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 217,278,174
<DISTRIBUTIONS-OF-GAINS> 17,660,360
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 43,977,522
<NUMBER-OF-SHARES-REDEEMED> 21,760,201
<SHARES-REINVESTED> 9,043,534
<NET-CHANGE-IN-ASSETS> 684,689,374
<ACCUMULATED-NII-PRIOR> 5,299,151
<ACCUMULATED-GAINS-PRIOR> (1,219,259)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 519,642
<AVERAGE-NET-ASSETS> 2,889,390,986
<PER-SHARE-NAV-BEGIN> 20.53
<PER-SHARE-NII> 1.46
<PER-SHARE-GAIN-APPREC> 0.45
<PER-SHARE-DIVIDEND> (1.52)
<PER-SHARE-DISTRIBUTIONS> (0.12)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.80
<EXPENSE-RATIO> 0.37
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<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, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 10
<NAME> Standish Global Fixed Income Fund Series
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 262,553,031
<RECEIVABLES> 674,414
<ASSETS-OTHER> 14,061
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 263,241,506
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,479,083
<TOTAL-LIABILITIES> 7,479,083
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 249,924,233
<SHARES-COMMON-STOCK> 12,540,458
<SHARES-COMMON-PRIOR> 7,752,638
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (667,896)
<ACCUMULATED-NET-GAINS> 1,536,278
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,969,808
<NET-ASSETS> 255,762,423
<DIVIDEND-INCOME> 75,945
<INTEREST-INCOME> 14,121,346
<OTHER-INCOME> (1,226,099)
<EXPENSES-NET> 87,135
<NET-INVESTMENT-INCOME> 12,884,057
<REALIZED-GAINS-CURRENT> 10,546,991
<APPREC-INCREASE-CURRENT> (1,136,691)
<NET-CHANGE-FROM-OPS> 22,294,357
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 22,206,015
<DISTRIBUTIONS-OF-GAINS> 226,915
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,385,323
<NUMBER-OF-SHARES-REDEEMED> 1,149,790
<SHARES-REINVESTED> 552,287
<NET-CHANGE-IN-ASSETS> 100,031,860
<ACCUMULATED-NII-PRIOR> 364,160
<ACCUMULATED-GAINS-PRIOR> (493,895)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 98,621
<AVERAGE-NET-ASSETS> 200,557,833
<PER-SHARE-NAV-BEGIN> 20.09
<PER-SHARE-NII> 1.34
<PER-SHARE-GAIN-APPREC> 0.96
<PER-SHARE-DIVIDEND> (1.98)
<PER-SHARE-DISTRIBUTIONS> (0.02)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.39
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<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, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> Standish Short Term Asset Reserve Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 245,907,796
<INVESTMENTS-AT-VALUE> 246,021,693
<RECEIVABLES> 2,226,859
<ASSETS-OTHER> 49,161
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 248,297,713
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,540,712
<TOTAL-LIABILITIES> 2,540,712
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 257,120,139
<SHARES-COMMON-STOCK> 12,616,483
<SHARES-COMMON-PRIOR> 9,953,704
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (159,329)
<ACCUMULATED-NET-GAINS> (11,317,706)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 113,897
<NET-ASSETS> 245,757,001
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,450,396
<OTHER-INCOME> 121,700
<EXPENSES-NET> 849,852
<NET-INVESTMENT-INCOME> 13,722,244
<REALIZED-GAINS-CURRENT> (544,274)
<APPREC-INCREASE-CURRENT> 355,566
<NET-CHANGE-FROM-OPS> 13,533,536
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,714,508
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,681,922
<NUMBER-OF-SHARES-REDEEMED> 9,519,545
<SHARES-REINVESTED> 500,402
<NET-CHANGE-IN-ASSETS> 51,683,396
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (10,808,680)
<OVERDISTRIB-NII-PRIOR> (131,817)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 582,254
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 849,852
<AVERAGE-NET-ASSETS> 233,051,945
<PER-SHARE-NAV-BEGIN> 19.50
<PER-SHARE-NII> 1.15
<PER-SHARE-GAIN-APPREC> (0.02)
<PER-SHARE-DIVIDEND> (1.15)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.48
<EXPENSE-RATIO> 0.36
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<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, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> Standish Securitized Fund Series
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 42,107,026
<INVESTMENTS-AT-VALUE> 43,014,774
<RECEIVABLES> 356,822
<ASSETS-OTHER> 1,518
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 43,373,114
<PAYABLE-FOR-SECURITIES> 1,996,250
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,252,092
<TOTAL-LIABILITIES> 3,248,342
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,099,182
<SHARES-COMMON-STOCK> 1,996,268
<SHARES-COMMON-PRIOR> 2,569,380
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (21,338)
<ACCUMULATED-NET-GAINS> (1,886,361)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 933,289
<NET-ASSETS> 40,124,772
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,267,056
<OTHER-INCOME> 0
<EXPENSES-NET> 212,566
<NET-INVESTMENT-INCOME> 3,054,490
<REALIZED-GAINS-CURRENT> 183,436
<APPREC-INCREASE-CURRENT> 910,398
<NET-CHANGE-FROM-OPS> 4,148,324
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,102,532
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 591,543
<SHARES-REINVESTED> 18,431
<NET-CHANGE-IN-ASSETS> (10,492,484)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,053,795)
<OVERDISTRIB-NII-PRIOR> (97,839)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 118,095
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 267,978
<AVERAGE-NET-ASSETS> 47,210,038
<PER-SHARE-NAV-BEGIN> 19.70
<PER-SHARE-NII> 1.46
<PER-SHARE-GAIN-APPREC> 0.37
<PER-SHARE-DIVIDEND> (1.43)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.10
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<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, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> Standish International Fixed Income Fund Series
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 1,161,001,560
<INVESTMENTS-AT-VALUE> 1,133,087,451
<RECEIVABLES> 31,208,838
<ASSETS-OTHER> 55,127,936
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,219,424,225
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46,729,164
<TOTAL-LIABILITIES> 46,729,164
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,152,336,236
<SHARES-COMMON-STOCK> 51,419,630
<SHARES-COMMON-PRIOR> 36,136,500
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,556,611)
<ACCUMULATED-NET-GAINS> 7,681,493
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14,233,943
<NET-ASSETS> 1,172,695,061
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 69,288,492
<OTHER-INCOME> 0
<EXPENSES-NET> 5,314,793
<NET-INVESTMENT-INCOME> 63,973,699
<REALIZED-GAINS-CURRENT> 74,075,302
<APPREC-INCREASE-CURRENT> (25,008,757)
<NET-CHANGE-FROM-OPS> 113,040,244
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 133,232,541
<DISTRIBUTIONS-OF-GAINS> 12,277,114
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,174,061
<NUMBER-OF-SHARES-REDEEMED> 5,647,545
<SHARES-REINVESTED> 4,756,614
<NET-CHANGE-IN-ASSETS> 332,562,243
<ACCUMULATED-NII-PRIOR> 7,509,300
<ACCUMULATED-GAINS-PRIOR> 6,107,628
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,012,641
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,314,793
<AVERAGE-NET-ASSETS> 1,004,236,786
<PER-SHARE-NAV-BEGIN> 23.25
<PER-SHARE-NII> 1.54
<PER-SHARE-GAIN-APPREC> 1.16
<PER-SHARE-DIVIDEND> (2.86)
<PER-SHARE-DISTRIBUTIONS> (0.28)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 22.81
<EXPENSE-RATIO> 0.53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<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, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 12
<NAME> Standish Fixed Income Fund Series II Fund Series
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 74,290,782
<INVESTMENTS-AT-VALUE> 75,298,626
<RECEIVABLES> 1,166,625
<ASSETS-OTHER> 73,696
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 76,538,947
<PAYABLE-FOR-SECURITIES> 1,492,654
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 466,058
<TOTAL-LIABILITIES> 1,958,712
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 73,455,327
<SHARES-COMMON-STOCK> 3,890,376
<SHARES-COMMON-PRIOR> 1,894,219
<ACCUMULATED-NII-CURRENT> 4,599
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 68,177
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,052,132
<NET-ASSETS> 74,580,235
<DIVIDEND-INCOME> 25,552
<INTEREST-INCOME> 3,478,395
<OTHER-INCOME> 0
<EXPENSES-NET> 199,639
<NET-INVESTMENT-INCOME> 3,304,308
<REALIZED-GAINS-CURRENT> 76,622
<APPREC-INCREASE-CURRENT> 1,060,405
<NET-CHANGE-FROM-OPS> 4,441,335
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,318,681
<DISTRIBUTIONS-OF-GAINS> 57,788
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,028,481
<NUMBER-OF-SHARES-REDEEMED> 175,022
<SHARES-REINVESTED> 142,698
<NET-CHANGE-IN-ASSETS> 39,094,931
<ACCUMULATED-NII-PRIOR> 11,552
<ACCUMULATED-GAINS-PRIOR> 56,763
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 200,481
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 372,464
<AVERAGE-NET-ASSETS> 50,228,917
<PER-SHARE-NAV-BEGIN> 18.73
<PER-SHARE-NII> 1.11
<PER-SHARE-GAIN-APPREC> 0.46
<PER-SHARE-DIVIDEND> (1.11)
<PER-SHARE-DISTRIBUTIONS> (0.02)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.17
<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<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, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 13
<NAME> Standish Controlled Maturity Fund Series
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 12,105,637
<INVESTMENTS-AT-VALUE> 12,117,121
<RECEIVABLES> 1,984,007
<ASSETS-OTHER> 6,587
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,107,715
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 191,720
<TOTAL-LIABILITIES> 191,720
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,996,584
<SHARES-COMMON-STOCK> 697,521
<SHARES-COMMON-PRIOR> 626,464
<ACCUMULATED-NII-CURRENT> 14,993
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (109,109)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,527
<NET-ASSETS> 13,915,995
<DIVIDEND-INCOME> 6,817
<INTEREST-INCOME> 860,867
<OTHER-INCOME> 0
<EXPENSES-NET> 46,508
<NET-INVESTMENT-INCOME> 821,176
<REALIZED-GAINS-CURRENT> (93,752)
<APPREC-INCREASE-CURRENT> 72,254
<NET-CHANGE-FROM-OPS> 799,678
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 819,657
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 102,366
<NUMBER-OF-SHARES-REDEEMED> 47,171
<SHARES-REINVESTED> 15,862
<NET-CHANGE-IN-ASSETS> 1,391,120
<ACCUMULATED-NII-PRIOR> 14,419
<ACCUMULATED-GAINS-PRIOR> (16,302)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 43,478
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 158,968
<AVERAGE-NET-ASSETS> 12,445,988
<PER-SHARE-NAV-BEGIN> 19.99
<PER-SHARE-NII> 1.34
<PER-SHARE-GAIN-APPREC> (0.04)
<PER-SHARE-DIVIDEND> (1.34)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.95
<EXPENSE-RATIO> 0.37
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<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, 1997
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 17
<NAME> Standish Diversified Income Fund Series
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 27,784,237
<RECEIVABLES> 3,763
<ASSETS-OTHER> 15,971
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,803,971
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 406,307
<TOTAL-LIABILITIES> 406,307
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,706,832
<SHARES-COMMON-STOCK> 1,336,114
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 64,032
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,724
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (377,924)
<NET-ASSETS> 27,397,664
<DIVIDEND-INCOME> 79,562
<INTEREST-INCOME> 665,243
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 744,805
<REALIZED-GAINS-CURRENT> 132,118
<APPREC-INCREASE-CURRENT> (377,924)
<NET-CHANGE-FROM-OPS> 498,999
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 678,973
<DISTRIBUTIONS-OF-GAINS> 129,194
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,320,752
<NUMBER-OF-SHARES-REDEEMED> 6,730
<SHARES-REINVESTED> 22,092
<NET-CHANGE-IN-ASSETS> 27,397,664
<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> 42,939
<AVERAGE-NET-ASSETS> 15,806,394
<PER-SHARE-NAV-BEGIN> 20.00
<PER-SHARE-NII> 0.98
<PER-SHARE-GAIN-APPREC> 0.26
<PER-SHARE-DIVIDEND> (0.63)
<PER-SHARE-DISTRIBUTIONS> (0.10)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.51
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
REPORT OF INDEPENDENT ACCOUNTANTS
TO ACCOMPANY FORM N-SAR
To the Trustees of Standish, Ayer & Wood Investment Trust: Standish Fixed
Income Fund II Standish Short-Term Asset Reserve Fund Standish
Controlled Maturity Fund Standish Securitized Fund Standish
International Fixed Income Fund Standish Global Fixed Income Fund
Standish Fixed Income Fund Standish Diversified Income Fund
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, 1997, we considered its internal
control, including control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and financial highlights and to comply with the
requirements of the Form N-SAR, not to provide assurance on the internal
control.
The management of Standish, Ayer & Wood Investment Trust is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in any internal control, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of internal control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control would not necessarily disclose all
matters in the internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that errors or irregularities in amounts that would be material
in relation to the financial statements being audited may occur and not be
detected within a timely period by the employees in the normal course of
performing their assigned functions. However, we noted no matters involving the
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above.
This report is solely for the information and use of management, the Board of
Trustees of Standish, Ayer & Wood Investment Trust and the Securities and
Exchange Commission.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
February 19, 1998
