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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
072BB000800 0
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015 A000901 INVESTORS BANK & TRUST CO.
015 B000901 C
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<PAGE> PAGE 22
028 A020900 0
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<PAGE> PAGE 23
048 J020900 0.000
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<PAGE> PAGE 24
066 A000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 Y
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070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
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070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
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070 L010900 N
070 L020900 N
070 M010900 N
070 M020900 N
070 N010900 N
070 N020900 N
070 O010900 N
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
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070 R020900 N
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<PAGE> PAGE 25
072 G000900 4
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<PAGE> PAGE 26
074 R040900 186
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015 A001401 INVESTORS BANK & TRUST CO.
015 B001401 C
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<PAGE> PAGE 27
047 001400 Y
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<PAGE> PAGE 28
062 A001400 N
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070 A011400 Y
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070 F021400 N
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070 G021400 N
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070 I021400 N
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<PAGE> PAGE 29
070 L011400 Y
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<PAGE> PAGE 30
073 A011400 0.0100
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015 A001501 INVESTORS BANK & TRUST CO.
015 B001501 C
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<PAGE> PAGE 31
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<PAGE> PAGE 32
048 J021500 0.000
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066 A001500 Y
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<PAGE> PAGE 33
066 D001500 Y
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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015 A001601 INVESTORS BANK & TRUST CO.
015 B001601 C
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<PAGE> PAGE 36
028 H001600 0
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<PAGE> PAGE 37
068 B001600 N
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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015 A001801 INVESTORS BANK & TRUST CO.
015 B001801 C
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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070 G011800 Y
070 G021800 N
070 H011800 Y
070 H021800 N
070 I011800 N
070 I021800 N
070 J011800 Y
070 J021800 N
070 K011800 Y
070 K021800 N
070 L011800 Y
070 L021800 N
070 M011800 Y
070 M021800 N
070 N011800 N
070 N021800 N
070 O011800 N
070 O021800 N
070 P011800 N
070 P021800 N
070 Q011800 N
070 Q021800 N
070 R011800 Y
070 R021800 N
071 A001800 0
071 B001800 0
071 C001800 0
071 D001800 0
072 A001800 12
072 B001800 8
072 C001800 28
072 D001800 0
072 E001800 -17
072 F001800 0
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072 H001800 0
072 I001800 5
072 J001800 6
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<PAGE> PAGE 42
072 P001800 0
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072 Y001800 47
072 Z001800 13
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072BB001800 786
072CC011800 0
072CC021800 1427
072DD011800 14
072DD021800 0
072EE001800 0
073 A011800 0.1200
073 A021800 0.0000
073 B001800 0.0000
073 C001800 0.0000
074 A001800 0
074 B001800 0
074 C001800 0
074 D001800 0
074 E001800 0
074 F001800 0
074 G001800 0
074 H001800 0
074 I001800 8839
074 J001800 0
074 K001800 14
074 L001800 0
074 M001800 5
074 N001800 8858
074 O001800 0
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074 R011800 0
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074 R031800 0
074 R041800 59
074 S001800 0
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074 V011800 17.51
074 V021800 0.00
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074 X001800 2
<PAGE> PAGE 43
074 Y001800 0
075 A001800 0
075 B001800 2894
076 001800 0.00
015 A002001 INVESTORS BANK & TRUST CO.
015 B002001 C
015 C012001 BOSTON
015 C022001 MA
015 C032001 02117
015 E012001 X
024 002000 N
028 A012000 10272
028 A022000 0
028 A032000 0
028 A042000 31
028 B012000 1
028 B022000 0
028 B032000 0
028 B042000 216
028 C012000 95
028 C022000 0
028 C032000 0
028 C042000 46
028 D012000 18
028 D022000 0
028 D032000 0
028 D042000 235
028 E012000 586
028 E022000 0
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028 E042000 663
028 F012000 71
028 F022000 0
028 F032000 0
028 F042000 259
028 G012000 11043
028 G022000 0
028 G032000 0
028 G042000 1450
028 H002000 0
045 002000 N
048 002000 0.000
048 A012000 0
048 A022000 0.000
048 B012000 0
048 B022000 0.000
048 C012000 0
048 C022000 0.000
048 D012000 0
048 D022000 0.000
048 E012000 0
<PAGE> PAGE 44
048 E022000 0.000
048 F012000 0
048 F022000 0.000
048 G012000 0
048 G022000 0.000
048 H012000 0
048 H022000 0.000
048 I012000 0
048 I022000 0.000
048 J012000 0
048 J022000 0.000
048 K012000 0
048 K022000 0.000
058 A002000 N
059 002000 Y
060 A002000 Y
060 B002000 Y
061 002000 100000
062 A002000 N
062 B002000 0.0
062 C002000 0.0
062 D002000 0.0
062 E002000 0.0
062 F002000 0.0
062 G002000 0.0
062 H002000 0.0
062 I002000 0.0
062 J002000 0.0
062 K002000 0.0
062 L002000 0.0
062 M002000 0.0
062 N002000 0.0
062 O002000 0.0
062 P002000 0.0
062 Q002000 0.0
062 R002000 0.0
066 A002000 N
067 002000 N
068 A002000 N
068 B002000 N
069 002000 N
070 A012000 Y
070 A022000 N
070 B012000 Y
070 B022000 N
070 C012000 Y
070 C022000 N
070 D012000 Y
070 D022000 N
070 E012000 Y
070 E022000 N
<PAGE> PAGE 45
070 F012000 Y
070 F022000 N
070 G012000 Y
070 G022000 N
070 H012000 Y
070 H022000 N
070 I012000 N
070 I022000 N
070 J012000 Y
070 J022000 N
070 K012000 Y
070 K022000 N
070 L012000 Y
070 L022000 N
070 M012000 Y
070 M022000 N
070 N012000 N
070 N022000 N
070 O012000 N
070 O022000 N
070 P012000 N
070 P022000 N
070 Q012000 N
070 Q022000 N
070 R012000 Y
070 R022000 N
071 A002000 0
071 B002000 0
071 C002000 0
071 D002000 0
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072 B002000 7
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<PAGE> PAGE 46
072 V002000 0
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073 A012000 0.0000
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074 B002000 0
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SIGNATURE DENISE KNEELAND
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Standish, Ayer & Wood Investment Trust
form N-SAR for the year ended September 30, 1998
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> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 37,969,368
<INVESTMENTS-AT-VALUE> 35,519,822
<RECEIVABLES> 358,151
<ASSETS-OTHER> 1,596,545
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37,474,518
<PAYABLE-FOR-SECURITIES> 552,867
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 105,648
<TOTAL-LIABILITIES> 658,515
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 38,729,674
<SHARES-COMMON-STOCK> 1,825,507
<SHARES-COMMON-PRIOR> 2,100,374
<ACCUMULATED-NII-CURRENT> 192,475
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 477,869
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,584,015)
<NET-ASSETS> 36,816,003
<DIVIDEND-INCOME> 913,622
<INTEREST-INCOME> 50,711
<OTHER-INCOME> 0
<EXPENSES-NET> 420,056
<NET-INVESTMENT-INCOME> 544,277
<REALIZED-GAINS-CURRENT> 565,185
<APPREC-INCREASE-CURRENT> (3,113,110)
<NET-CHANGE-FROM-OPS> (2,003,648)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (567,912)
<DISTRIBUTIONS-OF-GAINS> (4,215,438)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 264,292
<NUMBER-OF-SHARES-REDEEMED> 770,220
<SHARES-REINVESTED> 231,061
<NET-CHANGE-IN-ASSETS> (12,681,334)
<ACCUMULATED-NII-PRIOR> 203,249
<ACCUMULATED-GAINS-PRIOR> 4,140,985
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 336,046
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 595,635
<AVERAGE-NET-ASSETS> 41,970,584
<PER-SHARE-NAV-BEGIN> 23.57
<PER-SHARE-NII> 0.32
<PER-SHARE-GAIN-APPREC> (1.17)
<PER-SHARE-DIVIDEND> (0.31)
<PER-SHARE-DISTRIBUTIONS> (2.24)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.17
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Standish, Ayer & Wood Investment Trust
form N-SAR for the year ended September 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> Standish Small Capitalization Equity Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 147,039,456
<RECEIVABLES> 13,336
<ASSETS-OTHER> 391
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 147,053,183
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53,019
<TOTAL-LIABILITIES> 53,019
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 147,757,396
<SHARES-COMMON-STOCK> 3,522,001
<SHARES-COMMON-PRIOR> 4,125,823
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,272,937
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (16,030,169)
<NET-ASSETS> 147,000,164
<DIVIDEND-INCOME> 98,958
<INTEREST-INCOME> 286,405
<OTHER-INCOME> (1,645,345)
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> (1,259,982)
<REALIZED-GAINS-CURRENT> 25,168,219
<APPREC-INCREASE-CURRENT> (84,429,754)
<NET-CHANGE-FROM-OPS> (60,521,517)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (32,065,343)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 584,804
<NUMBER-OF-SHARES-REDEEMED> 1,780,964
<SHARES-REINVESTED> 592,338
<NET-CHANGE-IN-ASSETS> (127,368,002)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 23,572,592
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 91,641
<AVERAGE-NET-ASSETS> 222,238,070
<PER-SHARE-NAV-BEGIN> 66.50
<PER-SHARE-NII> (0.31)
<PER-SHARE-GAIN-APPREC> (16.57)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (7.88)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 41.74
<EXPENSE-RATIO> 0.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Standish, Ayer & Wood Investment Trust
form N-SAR for the period ended September 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 20
<NAME> Standish Small Capitalization Equity Asset F
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 6,757,265
<RECEIVABLES> 14,045
<ASSETS-OTHER> 5,432
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,776,742
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53,800
<TOTAL-LIABILITIES> 53,800
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,426,700
<SHARES-COMMON-STOCK> 473,926
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (950,192)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,753,566)
<NET-ASSETS> 6,722,942
<DIVIDEND-INCOME> 1,156
<INTEREST-INCOME> 6,915
<OTHER-INCOME> (31,707)
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> (23,636)
<REALIZED-GAINS-CURRENT> (1,092,749)
<APPREC-INCREASE-CURRENT> (1,753,566)
<NET-CHANGE-FROM-OPS> (2,869,951)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<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> 0
<AVERAGE-NET-ASSETS> 13,544,352
<PER-SHARE-NAV-BEGIN> 20.00
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> (5.76)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.19
<EXPENSE-RATIO> 0.72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Standish, Ayer & Wood Investment Trust
form N-SAR for the period ended September 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 7
<NAME> Standish Equity Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 198,773,089
<RECEIVABLES> 209,801
<ASSETS-OTHER> 390
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 198,983,280
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 661,508
<TOTAL-LIABILITIES> 661,508
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 191,872,989
<SHARES-COMMON-STOCK> 5,293,383
<SHARES-COMMON-PRIOR> 3,486,603
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (57,846)
<ACCUMULATED-NET-GAINS> 16,687,243
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (10,180,614)
<NET-ASSETS> 198,321,772
<DIVIDEND-INCOME> 2,219,683
<INTEREST-INCOME> 594,052
<OTHER-INCOME> (1,298,402)
<EXPENSES-NET> 126,748
<NET-INVESTMENT-INCOME> 1,388,585
<REALIZED-GAINS-CURRENT> 19,863,808
<APPREC-INCREASE-CURRENT> (44,214,461)
<NET-CHANGE-FROM-OPS> (22,962,068)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,424,444)
<DISTRIBUTIONS-OF-GAINS> (25,188,077)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 120,195,070
<NUMBER-OF-SHARES-REDEEMED> (67,419,444)
<SHARES-REINVESTED> 24,950,939
<NET-CHANGE-IN-ASSETS> 77,726,565
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 22,011,512
<OVERDISTRIB-NII-PRIOR> (21,987)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 126,748
<AVERAGE-NET-ASSETS> 200,587,386
<PER-SHARE-NAV-BEGIN> 48.81
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> (4.30)
<PER-SHARE-DIVIDEND> (0.30)
<PER-SHARE-DISTRIBUTIONS> (7.04)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 37.47
<EXPENSE-RATIO> 0.71
<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 year ended September 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 18
<NAME> Standish Equity Asset Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 8,838,589
<RECEIVABLES> 14,334
<ASSETS-OTHER> 4,873
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,857,796
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 58,838
<TOTAL-LIABILITIES> 58,838
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,913,851
<SHARES-COMMON-STOCK> 502,462
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (687,795)
<ACCUM-APPREC-OR-DEPREC> (1,427,098)
<NET-ASSETS> 8,798,958
<DIVIDEND-INCOME> 28,260
<INTEREST-INCOME> 8,376
<OTHER-INCOME> (17,351)
<EXPENSES-NET> 6,242
<NET-INVESTMENT-INCOME> 13,043
<REALIZED-GAINS-CURRENT> (785,859)
<APPREC-INCREASE-CURRENT> (1,427,098)
<NET-CHANGE-FROM-OPS> (2,199,914)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,387)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 535,327
<NUMBER-OF-SHARES-REDEEMED> 33,638
<SHARES-REINVESTED> 773
<NET-CHANGE-IN-ASSETS> 8,798,958
<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> 53,277
<AVERAGE-NET-ASSETS> 2,893,723
<PER-SHARE-NAV-BEGIN> 20.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> (2.42)
<PER-SHARE-DIVIDEND> (0.12)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.51
<EXPENSE-RATIO> 0.83
<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 year ended September 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 8
<NAME> Standish Mass. Int. Tax Exempt Bond Fund Ser
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 50,644,059
<INVESTMENTS-AT-VALUE> 52,849,641
<RECEIVABLES> 897,662
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,267
<TOTAL-ASSETS> 53,749,570
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 149,514
<TOTAL-LIABILITIES> 149,514
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51,669,781
<SHARES-COMMON-STOCK> 2,460,826
<SHARES-COMMON-PRIOR> 1,812,636
<ACCUMULATED-NII-CURRENT> 1,180
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (276,487)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,205,582
<NET-ASSETS> 53,600,056
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,264,228
<OTHER-INCOME> 0
<EXPENSES-NET> 291,375
<NET-INVESTMENT-INCOME> 1,972,853
<REALIZED-GAINS-CURRENT> 138,343
<APPREC-INCREASE-CURRENT> 1,169,361
<NET-CHANGE-FROM-OPS> 3,280,557
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,972,853)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 866,950
<NUMBER-OF-SHARES-REDEEMED> 257,536
<SHARES-REINVESTED> 38,776
<NET-CHANGE-IN-ASSETS> 15,199,428
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (414,831)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 179,308
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 342,489
<AVERAGE-NET-ASSETS> 44,868,446
<PER-SHARE-NAV-BEGIN> 21.18
<PER-SHARE-NII> 0.94
<PER-SHARE-GAIN-APPREC> 0.60
<PER-SHARE-DIVIDEND> (0.94)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 21.78
<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 year ended September 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 9
<NAME> Standish Intermediate Tax Exempt Bond Fund S
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 77,753,582
<INVESTMENTS-AT-VALUE> 80,887,226
<RECEIVABLES> 3,065,609
<ASSETS-OTHER> 2,623
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 83,955,458
<PAYABLE-FOR-SECURITIES> 5,189,273
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 187,009
<TOTAL-LIABILITIES> 5,376,282
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74,983,272
<SHARES-COMMON-STOCK> 3,523,504
<SHARES-COMMON-PRIOR> 2,420,468
<ACCUMULATED-NII-CURRENT> 8,266
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 453,994
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,133,644
<NET-ASSETS> 78,579,176
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,324,174
<OTHER-INCOME> 0
<EXPENSES-NET> 430,104
<NET-INVESTMENT-INCOME> 2,894,070
<REALIZED-GAINS-CURRENT> 589,639
<APPREC-INCREASE-CURRENT> 1,186,782
<NET-CHANGE-FROM-OPS> 4,670,491
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,894,070)
<DISTRIBUTIONS-OF-GAINS> (151,703)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,865,702
<NUMBER-OF-SHARES-REDEEMED> 831,605
<SHARES-REINVESTED> 68,939
<NET-CHANGE-IN-ASSETS> 25,855,884
<ACCUMULATED-NII-PRIOR> 8,268
<ACCUMULATED-GAINS-PRIOR> 142,748
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 264,680
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 458,039
<AVERAGE-NET-ASSETS> 66,239,425
<PER-SHARE-NAV-BEGIN> 21.78
<PER-SHARE-NII> 0.96
<PER-SHARE-GAIN-APPREC> 0.58
<PER-SHARE-DIVIDEND> (0.96)
<PER-SHARE-DISTRIBUTIONS> (0.06)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 22.30
<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 year ended September 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 15
<NAME> Standish Tax-Sensitive Equity Fund Series
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 31,700,057
<INVESTMENTS-AT-VALUE> 31,645,132
<RECEIVABLES> 41,079
<ASSETS-OTHER> 9,909
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31,696,120
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37,514
<TOTAL-LIABILITIES> 37,514
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,498,485
<SHARES-COMMON-STOCK> 974,125
<SHARES-COMMON-PRIOR> 363,730
<ACCUMULATED-NII-CURRENT> 62,979
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (847,933)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (54,925)
<NET-ASSETS> 31,658,606
<DIVIDEND-INCOME> 295,883
<INTEREST-INCOME> 32,451
<OTHER-INCOME> 0
<EXPENSES-NET> 128,459
<NET-INVESTMENT-INCOME> 199,875
<REALIZED-GAINS-CURRENT> (726,922)
<APPREC-INCREASE-CURRENT> (3,234,659)
<NET-CHANGE-FROM-OPS> (3,761,706)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (161,305)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 706,407
<NUMBER-OF-SHARES-REDEEMED> 99,734
<SHARES-REINVESTED> 3,722
<NET-CHANGE-IN-ASSETS> 18,839,666
<ACCUMULATED-NII-PRIOR> 24,409
<ACCUMULATED-GAINS-PRIOR> (121,011)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 128,459
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 269,853
<AVERAGE-NET-ASSETS> 25,743,169
<PER-SHARE-NAV-BEGIN> 35.24
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> (2.77)
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 32.50
<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 year ended September 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 14
<NAME> StandishSmall Cap Tax-Sensitive Equity Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 67,830,679
<INVESTMENTS-AT-VALUE> 67,114,032
<RECEIVABLES> 671,807
<ASSETS-OTHER> 10,671
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 67,796,510
<PAYABLE-FOR-SECURITIES> 1,294,226
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44,002
<TOTAL-LIABILITIES> 1,338,228
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68,626,416
<SHARES-COMMON-STOCK> 2,567,161
<SHARES-COMMON-PRIOR> 1,004,501
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,451,487)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (716,647)
<NET-ASSETS> 66,458,282
<DIVIDEND-INCOME> 33,224
<INTEREST-INCOME> 84,461
<OTHER-INCOME> 0
<EXPENSES-NET> 364,141
<NET-INVESTMENT-INCOME> (246,456)
<REALIZED-GAINS-CURRENT> (1,446,306)
<APPREC-INCREASE-CURRENT> (9,201,341)
<NET-CHANGE-FROM-OPS> (10,894,103)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,582)
<DISTRIBUTIONS-OF-GAINS> (170,781)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,919,939
<NUMBER-OF-SHARES-REDEEMED> 363,050
<SHARES-REINVESTED> 5,771
<NET-CHANGE-IN-ASSETS> 44,770,231
<ACCUMULATED-NII-PRIOR> 7,577
<ACCUMULATED-GAINS-PRIOR> 165,588
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 291,323
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 473,404
<AVERAGE-NET-ASSETS> 48,644,446
<PER-SHARE-NAV-BEGIN> 32.61
<PER-SHARE-NII> (0.15)
<PER-SHARE-GAIN-APPREC> (6.42)
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> (0.14)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 25.89
<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 year ended September 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 16
<NAME> Standish Small Capitalization Equity Fund II
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 11,922,801
<RECEIVABLES> 35,113
<ASSETS-OTHER> 113
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,958,027
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,044
<TOTAL-LIABILITIES> 14,044
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,451,272
<SHARES-COMMON-STOCK> 537,602
<SHARES-COMMON-PRIOR> 216,818
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (384,658)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,122,631)
<NET-ASSETS> 11,943,983
<DIVIDEND-INCOME> 8,756
<INTEREST-INCOME> 25,398
<OTHER-INCOME> (59,876)
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> (25,722)
<REALIZED-GAINS-CURRENT> 36,806
<APPREC-INCREASE-CURRENT> (2,290,170)
<NET-CHANGE-FROM-OPS> (2,279,086)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,372)
<DISTRIBUTIONS-OF-GAINS> (550,627)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 373,288
<NUMBER-OF-SHARES-REDEEMED> 75,976
<SHARES-REINVESTED> 23,472
<NET-CHANGE-IN-ASSETS> 5,630,425
<ACCUMULATED-NII-PRIOR> 6,541
<ACCUMULATED-GAINS-PRIOR> 129,163
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 56,020
<AVERAGE-NET-ASSETS> 10,283,049
<PER-SHARE-NAV-BEGIN> 29.12
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> (5.01)
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> (1.78)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 22.22
<EXPENSE-RATIO> 0.58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO ACCOMPANY FORM N-SAR
To the Shareholders and Board of Trustees
of 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 Standish International
Equity Fund Standish Equity Fund Standish Equity Asset Fund Standish
Small Capitalization Equity Fund Standish Small Capitalization Equity
Asset Fund Standish Small Capitalization Equity Fund II, collectively
(the "Funds")
In planning and performing our audits of the financial statements and financial
highlights of the above referenced Funds of Standish, Ayer & Wood Investment
Trust for the periods ended September 30, 1998, 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 internal control.
The management of Standish, Ayer & Wood Investment Trust is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud 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 internal control would not necessarily disclose all matters
in 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 misstatements caused by error or fraud 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 the employees in
the normal course of performing their assigned functions. However, we noted no
matters involving internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as defined
above as of September 30, 1998
This report is intended solely for the information and use of management, the
Board of Trustees of Standish, Ayer & Wood Investment Trust and the Securities
and Exchange Commission.
PRICEWATERHOUSECOOPERS LLP
Boston, Massachusetts
November 20, 1998
