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<PAGE> PAGE 2
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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 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 21
062 J000800 0.0
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063 B000800 9.3
064 A000800 N
064 B000800 N
066 A000800 N
067 000800 N
068 A000800 N
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070 H010800 Y
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070 I020800 N
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070 J020800 Y
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070 L010800 N
070 L020800 N
070 M010800 N
070 M020800 N
070 N010800 N
070 N020800 N
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070 P010800 N
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<PAGE> PAGE 22
070 Q020800 N
070 R010800 N
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<PAGE> PAGE 23
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015 A000901 INVESTORS BANK & TRUST CO.
015 B000901 C
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<PAGE> PAGE 24
028 C030900 0
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<PAGE> PAGE 25
048 J010900 0
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054 E000900 N
054 F000900 N
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054 I000900 N
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<PAGE> PAGE 26
066 A000900 N
067 000900 N
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069 000900 N
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070 H020900 N
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070 I020900 N
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070 J020900 Y
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070 M010900 N
070 M020900 N
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070 N020900 N
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070 P010900 N
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<PAGE> PAGE 27
072 G000900 5
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<PAGE> PAGE 28
074 R040900 203
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015 A001401 INVESTORS BANK & TRUST CO.
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<PAGE> PAGE 29
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<PAGE> PAGE 30
054 C001400 N
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<PAGE> PAGE 31
070 C011400 Y
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<PAGE> PAGE 32
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<PAGE> PAGE 33
074 Y001400 198
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015 A001501 INVESTORS BANK & TRUST CO.
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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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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015 A001601 INVESTORS BANK & TRUST CO.
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
074 R041600 14
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015 A001801 INVESTORS BANK & TRUST CO.
015 B001801 C
015 C011801 BOSTON
015 C021801 MA
015 C031801 02117
015 E011801 X
024 001800 N
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<PAGE> PAGE 43
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045 001800 N
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048 H021800 0.000
048 I011800 0
048 I021800 0.000
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048 K021800 0.000
058 A001800 N
059 001800 Y
060 A001800 Y
060 B001800 Y
061 001800 100000
062 A001800 N
062 B001800 0.0
062 C001800 0.0
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<PAGE> PAGE 44
062 G001800 0.0
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066 A001800 N
067 001800 N
068 A001800 N
068 B001800 N
069 001800 N
070 A011800 Y
070 A021800 N
070 B011800 Y
070 B021800 N
070 C011800 Y
070 C021800 N
070 D011800 Y
070 D021800 N
070 E011800 Y
070 E021800 N
070 F011800 Y
070 F021800 N
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 Y
070 O021800 N
070 P011800 N
070 P021800 N
070 Q011800 N
070 Q021800 N
<PAGE> PAGE 45
070 R011800 Y
070 R021800 N
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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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, 1999
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-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 35,020,185
<INVESTMENTS-AT-VALUE> 37,101,124
<RECEIVABLES> 1,506,468
<ASSETS-OTHER> 2,484,038
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41,091,630
<PAYABLE-FOR-SECURITIES> 1,964,989
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 108,207
<TOTAL-LIABILITIES> 2,073,196
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,407,855
<SHARES-COMMON-STOCK> 1,641,724
<SHARES-COMMON-PRIOR> 1,825,507
<ACCUMULATED-NII-CURRENT> 400,152
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,189,910
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,020,517
<NET-ASSETS> 39,018,434
<DIVIDEND-INCOME> 814,934
<INTEREST-INCOME> 58,212
<OTHER-INCOME> 0
<EXPENSES-NET> 397,639
<NET-INVESTMENT-INCOME> 475,507
<REALIZED-GAINS-CURRENT> 2,575,469
<APPREC-INCREASE-CURRENT> 4,604,532
<NET-CHANGE-FROM-OPS> 7,655,508
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (563,638)
<DISTRIBUTIONS-OF-GAINS> (567,620)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 158,473
<NUMBER-OF-SHARES-REDEEMED> 378,286
<SHARES-REINVESTED> 36,030
<NET-CHANGE-IN-ASSETS> 2,202,431
<ACCUMULATED-NII-PRIOR> 192,475
<ACCUMULATED-GAINS-PRIOR> 477,869
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 318,110
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 561,666
<AVERAGE-NET-ASSETS> 39,769,951
<PER-SHARE-NAV-BEGIN> 20.17
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> 3.98
<PER-SHARE-DIVIDEND> (0.33)
<PER-SHARE-DISTRIBUTIONS> (0.32)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.77
<EXPENSE-RATIO> 1.00
</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, 1999
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-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 147,562,088
<RECEIVABLES> 0
<ASSETS-OTHER> 312
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 147,562,400
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 230,506
<TOTAL-LIABILITIES> 230,506
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 103,135,939
<SHARES-COMMON-STOCK> 2,705,327
<SHARES-COMMON-PRIOR> 3,522,001
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 27,266,760
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,929,195
<NET-ASSETS> 147,331,894
<DIVIDEND-INCOME> 61,717
<INTEREST-INCOME> 235,001
<OTHER-INCOME> (1,233,978)
<EXPENSES-NET> 3,335
<NET-INVESTMENT-INCOME> (940,595)
<REALIZED-GAINS-CURRENT> 28,751,722
<APPREC-INCREASE-CURRENT> 32,959,364
<NET-CHANGE-FROM-OPS> 60,770,491
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (15,623,361)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 469,529
<NUMBER-OF-SHARES-REDEEMED> (1,608,974)
<SHARES-REINVESTED> 322,771
<NET-CHANGE-IN-ASSETS> 331,730
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 15,272,937
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 83,378
<AVERAGE-NET-ASSETS> 167,213,445
<PER-SHARE-NAV-BEGIN> 41.74
<PER-SHARE-NII> (0.28)
<PER-SHARE-GAIN-APPREC> 17.77
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (4.77)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 54.46
<EXPENSE-RATIO> 0.74
</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, 1999
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-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 130,710,310
<RECEIVABLES> 1,439
<ASSETS-OTHER> 560
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 130,712,309
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 156,132
<TOTAL-LIABILITIES> 156,132
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 118,631,861
<SHARES-COMMON-STOCK> 3,455,227
<SHARES-COMMON-PRIOR> 5,293,383
<ACCUMULATED-NII-CURRENT> 275,671
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,714,205
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,934,440
<NET-ASSETS> 130,556,177
<DIVIDEND-INCOME> 2,031,141
<INTEREST-INCOME> 734,475
<OTHER-INCOME> (1,185,448)
<EXPENSES-NET> 120,193
<NET-INVESTMENT-INCOME> 1,459,975
<REALIZED-GAINS-CURRENT> 6,409,910
<APPREC-INCREASE-CURRENT> 19,682,441
<NET-CHANGE-FROM-OPS> 27,552,326
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,120,754)
<DISTRIBUTIONS-OF-GAINS> (21,379,747)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,077,765
<NUMBER-OF-SHARES-REDEEMED> 3,470,039
<SHARES-REINVESTED> 554,118
<NET-CHANGE-IN-ASSETS> (67,765,595)
<ACCUMULATED-NII-PRIOR> (57,846)
<ACCUMULATED-GAINS-PRIOR> 17,161,224
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 120,193
<AVERAGE-NET-ASSETS> 198,085,858
<PER-SHARE-NAV-BEGIN> 37.47
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> 4.49
<PER-SHARE-DIVIDEND> (0.23)
<PER-SHARE-DISTRIBUTIONS> (4.23)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 37.79
<EXPENSE-RATIO> 0.66
</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, 1999
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-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 62,605,489
<INVESTMENTS-AT-VALUE> 62,045,744
<RECEIVABLES> 1,110,440
<ASSETS-OTHER> 3,362
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 63,159,546
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 154,164
<TOTAL-LIABILITIES> 154,164
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 63,668,071
<SHARES-COMMON-STOCK> 3,022,260
<SHARES-COMMON-PRIOR> 2,460,826
<ACCUMULATED-NII-CURRENT> 1,180
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (104,124)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (559,745)
<NET-ASSETS> 63,005,382
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,816,471
<OTHER-INCOME> 0
<EXPENSES-NET> 379,907
<NET-INVESTMENT-INCOME> 2,436,564
<REALIZED-GAINS-CURRENT> 172,363
<APPREC-INCREASE-CURRENT> (2,765,327)
<NET-CHANGE-FROM-OPS> (156,400)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,436,564)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 754,858
<NUMBER-OF-SHARES-REDEEMED> 365,904
<SHARES-REINVESTED> 40,334
<NET-CHANGE-IN-ASSETS> 9,405,326
<ACCUMULATED-NII-PRIOR> 1,180
<ACCUMULATED-GAINS-PRIOR> (276,487)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 232,763
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 379,907
<AVERAGE-NET-ASSETS> 58,216,525
<PER-SHARE-NAV-BEGIN> 21.78
<PER-SHARE-NII> 0.90
<PER-SHARE-GAIN-APPREC> (0.93)
<PER-SHARE-DIVIDEND> (0.90)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.85
<EXPENSE-RATIO> 0.65
</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, 1999
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-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 81,810,728
<INVESTMENTS-AT-VALUE> 80,744,242
<RECEIVABLES> 1,473,023
<ASSETS-OTHER> 3,833
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 82,221,098
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 302,653
<TOTAL-LIABILITIES> 302,653
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 82,758,086
<SHARES-COMMON-STOCK> 3,880,328
<SHARES-COMMON-PRIOR> 3,523,504
<ACCUMULATED-NII-CURRENT> 8,266
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 218,579
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,066,486)
<NET-ASSETS> 81,918,445
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,051,804
<OTHER-INCOME> 0
<EXPENSES-NET> 524,679
<NET-INVESTMENT-INCOME> 3,527,125
<REALIZED-GAINS-CURRENT> 361,582
<APPREC-INCREASE-CURRENT> (4,200,130)
<NET-CHANGE-FROM-OPS> (311,423)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,527,125)
<DISTRIBUTIONS-OF-GAINS> (723,687)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,550,662
<NUMBER-OF-SHARES-REDEEMED> 1,339,693
<SHARES-REINVESTED> 92,432
<NET-CHANGE-IN-ASSETS> 3,339,269
<ACCUMULATED-NII-PRIOR> 8,266
<ACCUMULATED-GAINS-PRIOR> 453,994
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 332,383
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 524,679
<AVERAGE-NET-ASSETS> 83,105,176
<PER-SHARE-NAV-BEGIN> 22.30
<PER-SHARE-NII> 0.92
<PER-SHARE-GAIN-APPREC> (0.99)
<PER-SHARE-DIVIDEND> (0.92)
<PER-SHARE-DISTRIBUTIONS> (0.20)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.11
<EXPENSE-RATIO> 0.63
</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, 1999
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 14
<NAME> Standish Small Cap Tax-Sensitive Equity Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 103,394,973
<INVESTMENTS-AT-VALUE> 142,314,452
<RECEIVABLES> 7,042,478
<ASSETS-OTHER> 9,257
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 149,366,187
<PAYABLE-FOR-SECURITIES> 6,137,264
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 154,288
<TOTAL-LIABILITIES> 6,291,552
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 99,528,805
<SHARES-COMMON-STOCK> 3,515,711
<SHARES-COMMON-PRIOR> 2,567,161
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,749,031
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38,796,799
<NET-ASSETS> 143,074,635
<DIVIDEND-INCOME> 74,961
<INTEREST-INCOME> 135,328
<OTHER-INCOME> 0
<EXPENSES-NET> 879,136
<NET-INVESTMENT-INCOME> (668,847)
<REALIZED-GAINS-CURRENT> 6,278,877
<APPREC-INCREASE-CURRENT> 39,513,446
<NET-CHANGE-FROM-OPS> 45,123,476
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,188,251
<NUMBER-OF-SHARES-REDEEMED> 287,283
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 76,616,353
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,451,487)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 673,023
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 892,740
<AVERAGE-NET-ASSETS> 112,376,680
<PER-SHARE-NAV-BEGIN> 25.89
<PER-SHARE-NII> (0.21)
<PER-SHARE-GAIN-APPREC> 15.02
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 40.70
<EXPENSE-RATIO> 0.78
</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, 1999
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-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 24,173,644
<INVESTMENTS-AT-VALUE> 29,584,322
<RECEIVABLES> 31,751
<ASSETS-OTHER> 8,494
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29,624,567
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 56,007
<TOTAL-LIABILITIES> 56,007
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26,038,033
<SHARES-COMMON-STOCK> 799,329
<SHARES-COMMON-PRIOR> 974,125
<ACCUMULATED-NII-CURRENT> 60,096
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,940,247)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,410,678
<NET-ASSETS> 29,568,560
<DIVIDEND-INCOME> 377,002
<INTEREST-INCOME> 38,659
<OTHER-INCOME> 0
<EXPENSES-NET> 191,379
<NET-INVESTMENT-INCOME> 224,282
<REALIZED-GAINS-CURRENT> (1,097,849)
<APPREC-INCREASE-CURRENT> 5,465,603
<NET-CHANGE-FROM-OPS> 4,592,036
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (221,630)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 394,885
<NUMBER-OF-SHARES-REDEEMED> 415,674
<SHARES-REINVESTED> 4,581
<NET-CHANGE-IN-ASSETS> (2,090,046)
<ACCUMULATED-NII-PRIOR> 62,979
<ACCUMULATED-GAINS-PRIOR> (847,933)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 191,380
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 323,163
<AVERAGE-NET-ASSETS> 38,268,440
<PER-SHARE-NAV-BEGIN> 32.50
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> 4.49
<PER-SHARE-DIVIDEND> (0.22)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 36.99
<EXPENSE-RATIO> 0.50
</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, 1999
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-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 43,931,930
<RECEIVABLES> 112,392
<ASSETS-OTHER> 151
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44,044,473
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,751
<TOTAL-LIABILITIES> 13,751
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,720,462
<SHARES-COMMON-STOCK> 1,150,164
<SHARES-COMMON-PRIOR> 537,602
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,743,641
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,566,619
<NET-ASSETS> 44,030,722
<DIVIDEND-INCOME> 28,761
<INTEREST-INCOME> 50,200
<OTHER-INCOME> (274,343)
<EXPENSES-NET> 15,712
<NET-INVESTMENT-INCOME> (211,094)
<REALIZED-GAINS-CURRENT> 5,339,363
<APPREC-INCREASE-CURRENT> 7,689,250
<NET-CHANGE-FROM-OPS> 12,817,519
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 801,425
<NUMBER-OF-SHARES-REDEEMED> 188,863
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 32,086,739
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (384,658)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 68,202
<AVERAGE-NET-ASSETS> 29,022,176
<PER-SHARE-NAV-BEGIN> 22.22
<PER-SHARE-NII> (0.24)
<PER-SHARE-GAIN-APPREC> 16.30
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 38.28
<EXPENSE-RATIO> 1.00
</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, 1999
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-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 57,293,836
<RECEIVABLES> 0
<ASSETS-OTHER> 3,926
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57,297,762
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 82,985
<TOTAL-LIABILITIES> 82,985
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 47,854,074
<SHARES-COMMON-STOCK> 2,991,624
<SHARES-COMMON-PRIOR> 502,462
<ACCUMULATED-NII-CURRENT> 24,276
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,280,052
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,056,375
<NET-ASSETS> 57,214,777
<DIVIDEND-INCOME> 747,956
<INTEREST-INCOME> 295,865
<OTHER-INCOME> (437,399)
<EXPENSES-NET> 227,270
<NET-INVESTMENT-INCOME> 379,152
<REALIZED-GAINS-CURRENT> 8,222,287
<APPREC-INCREASE-CURRENT> 5,483,473
<NET-CHANGE-FROM-OPS> 14,084,912
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (355,195)
<DISTRIBUTIONS-OF-GAINS> (1,736,620)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,004,819
<NUMBER-OF-SHARES-REDEEMED> 2,620,073
<SHARES-REINVESTED> 104,416
<NET-CHANGE-IN-ASSETS> 48,415,819
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (687,795)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 249,486
<AVERAGE-NET-ASSETS> 73,063,624
<PER-SHARE-NAV-BEGIN> 17.51
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 2.02
<PER-SHARE-DIVIDEND> (0.10)
<PER-SHARE-DISTRIBUTIONS> (0.41)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.12
<EXPENSE-RATIO> 0.91
</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 Fund II
In planning and performing our audit of the financial statements and
financial highlights 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, and Standish Small
Capitalization Equity Fund II (collectively, the "Funds") for the year ended
September 30, 1999, we considered its internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and financial highlights and to comply with the requirements of Form N-SAR, not
to provide assurance on internal control.
The management of the Funds 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 and financial
highlights 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 employees
in the normal course of performing their assigned functions. However, we noted
no matters involving internal control and its operation, including controls over
safeguarding securities, that we consider to be material weaknesses as defined
above as of September 30, 1999.
This report is intended solely for the information and use of the Board
of Trustees of Standish, Ayer & Wood Investment Trust, management, and the
Securities and Exchange Commission.
PricewaterhouseCoopers LLP
Boston, MA
November 19, 1999
