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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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070 Q010600 N
070 Q020600 N
070 R010600 Y
070 R020600 N
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<PAGE> PAGE 21
072 J000600 1087
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<PAGE> PAGE 22
074 U010600 58239
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015 A001001 INVESTORS BANK & TRUST CO.
015 B001001 C
015 C011001 BOSTON
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<PAGE> PAGE 23
048 B021000 0.000
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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
<PAGE> PAGE 24
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
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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
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
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<PAGE> PAGE 25
072 P001000 0
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<PAGE> PAGE 26
074 Y001000 0
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015 A001201 INVESTORS BANK & TRUST CO.
015 B001201 C
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015 E011201 X
024 001200 Y
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<PAGE> PAGE 27
028 G011200 1675
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054 J001200 Y
054 K001200 N
054 L001200 Y
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<PAGE> PAGE 28
054 O001200 N
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064 A001200 N
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066 A001200 N
067 001200 N
068 A001200 N
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<PAGE> PAGE 29
070 J011200 Y
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070 O021200 N
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070 P021200 N
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<PAGE> PAGE 30
072CC021200 2614
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015 A001301 INVESTORS BANK & TRUST CO.
015 B001301 C
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<PAGE> PAGE 31
025 A001302 LEHMAN BROTHERS
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<PAGE> PAGE 32
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<PAGE> PAGE 33
062 I001300 0.0
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<PAGE> PAGE 34
070 Q011300 N
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<PAGE> PAGE 35
074 G001300 0
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015 A001701 INVESTORS BANK & TRUST CO.
015 B001701 C
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<PAGE> PAGE 36
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<PAGE> PAGE 37
062 K001700 0.0
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<PAGE> PAGE 38
071 C001700 0
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<PAGE> PAGE 39
074 M001700 13
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015 A001901 INVESTORS BANK & TRUST CO.
015 B001901 C
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<PAGE> PAGE 40
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060 A001900 Y
060 B001900 Y
061 001900 100000
062 A001900 N
062 B001900 0.0
062 C001900 0.0
062 D001900 0.0
062 E001900 0.0
062 F001900 0.0
062 G001900 0.0
062 H001900 0.0
062 I001900 0.0
062 J001900 0.0
062 K001900 0.0
062 L001900 0.0
062 M001900 0.0
062 N001900 0.0
062 O001900 0.0
062 P001900 0.0
<PAGE> PAGE 41
062 Q001900 0.0
062 R001900 0.0
066 A001900 N
067 001900 N
068 A001900 N
068 B001900 N
069 001900 N
070 A011900 Y
070 A021900 N
070 B011900 Y
070 B021900 N
070 C011900 Y
070 C021900 N
070 D011900 Y
070 D021900 N
070 E011900 Y
070 E021900 N
070 F011900 Y
070 F021900 N
070 G011900 Y
070 G021900 N
070 H011900 Y
070 H021900 N
070 I011900 N
070 I021900 N
070 J011900 Y
070 J021900 N
070 K011900 Y
070 K021900 N
070 L011900 Y
070 L021900 N
070 M011900 Y
070 M021900 N
070 N011900 N
070 N021900 N
070 O011900 N
070 O021900 N
070 P011900 N
070 P021900 N
070 Q011900 N
070 Q021900 N
070 R011900 Y
070 R021900 N
071 A001900 0
071 B001900 0
071 C001900 0
071 D001900 0
072 A001900 7
072 B001900 54
072 C001900 2
072 D001900 0
<PAGE> PAGE 42
072 E001900 -3
072 F001900 0
072 G001900 1
072 H001900 0
072 I001900 2
072 J001900 3
072 K001900 0
072 L001900 0
072 M001900 0
072 N001900 10
072 O001900 0
072 P001900 0
072 Q001900 0
072 R001900 10
072 S001900 2
072 T001900 0
072 U001900 6
072 V001900 0
072 W001900 3
072 X001900 37
072 Y001900 35
072 Z001900 51
072AA001900 4
072BB001900 0
072CC011900 0
072CC021900 27
072DD011900 0
072DD021900 0
072EE001900 0
073 A011900 0.0000
073 A021900 0.0000
073 B001900 0.0000
073 C001900 0.0000
074 A001900 0
074 B001900 0
074 C001900 0
074 D001900 0
074 E001900 0
074 F001900 0
074 G001900 0
074 H001900 0
074 I001900 14
074 J001900 0
074 K001900 10
074 L001900 0
074 M001900 0
074 N001900 24
074 O001900 0
074 P001900 0
074 Q001900 0
074 R011900 0
<PAGE> PAGE 43
074 R021900 0
074 R031900 0
074 R041900 9
074 S001900 0
074 T001900 15
074 U011900 1
074 U021900 0
074 V011900 20.26
074 V021900 0.00
074 W001900 0.0000
074 X001900 1
074 Y001900 0
075 A001900 0
075 B001900 1373
076 001900 0.00
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 period ended December 31, 1998
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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 3,416,447,877
<RECEIVABLES> 471,736
<ASSETS-OTHER> 824
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,416,920,437
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,350,809
<TOTAL-LIABILITIES> 24,350,809
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,438,744,756
<SHARES-COMMON-STOCK> 168,534,473
<SHARES-COMMON-PRIOR> 158,068,105
<ACCUMULATED-NII-CURRENT> 5,803,081
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,650,702
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (53,628,911)
<NET-ASSETS> 3,392,569,628
<DIVIDEND-INCOME> 5,753,502
<INTEREST-INCOME> 231,697,454
<OTHER-INCOME> (11,831,171)
<EXPENSES-NET> 694,122
<NET-INVESTMENT-INCOME> 224,925,663
<REALIZED-GAINS-CURRENT> 63,199,662
<APPREC-INCREASE-CURRENT> (113,212,330)
<NET-CHANGE-FROM-OPS> 174,912,995
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 226,127,502
<DISTRIBUTIONS-OF-GAINS> 59,722,110
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34,411,735
<NUMBER-OF-SHARES-REDEEMED> (35,637,930)
<SHARES-REINVESTED> 11,692,563
<NET-CHANGE-IN-ASSETS> 104,251,985
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 7,600,878
<OVERDISTRIB-NII-PRIOR> 2,421,313
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 694,122
<AVERAGE-NET-ASSETS> 3,440,173,080
<PER-SHARE-NAV-BEGIN> 20.80
<PER-SHARE-NII> 1.37
<PER-SHARE-GAIN-APPREC> (0.30)
<PER-SHARE-DIVIDEND> (1.38)
<PER-SHARE-DISTRIBUTIONS> (0.36)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.13
<EXPENSE-RATIO> 0.36
<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, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 19
<NAME> Standish Fixed Income Asset Fund Series
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 13,961
<RECEIVABLES> 10,197
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24,158
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,431
<TOTAL-LIABILITIES> 9,431
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,663
<SHARES-COMMON-STOCK> 727
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2,710
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,179)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (27,467)
<NET-ASSETS> 14,727
<DIVIDEND-INCOME> 1,197
<INTEREST-INCOME> 54,324
<OTHER-INCOME> (2,749)
<EXPENSES-NET> 2,002
<NET-INVESTMENT-INCOME> 50,770
<REALIZED-GAINS-CURRENT> 3,604
<APPREC-INCREASE-CURRENT> (27,467)
<NET-CHANGE-FROM-OPS> 26,907
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 120,217
<NUMBER-OF-SHARES-REDEEMED> (119,490)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 14,727
<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> 36,619
<AVERAGE-NET-ASSETS> 1,373,230
<PER-SHARE-NAV-BEGIN> 20.00
<PER-SHARE-NII> 0.75
<PER-SHARE-GAIN-APPREC> (0.49)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.26
<EXPENSE-RATIO> 0.59
<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, 1998
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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 461,587,582
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 461,587,582
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,062,048
<TOTAL-LIABILITIES> 3,062,048
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 457,580,227
<SHARES-COMMON-STOCK> 22,610,637
<SHARES-COMMON-PRIOR> 12,540,458
<ACCUMULATED-NII-CURRENT> 3,132,422
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (81,177)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,105,938)
<NET-ASSETS> 458,525,534
<DIVIDEND-INCOME> 88,602
<INTEREST-INCOME> 25,444,254
<OTHER-INCOME> (1,949,322)
<EXPENSES-NET> 172,893
<NET-INVESTMENT-INCOME> 23,410,641
<REALIZED-GAINS-CURRENT> 8,805,534
<APPREC-INCREASE-CURRENT> (7,075,746)
<NET-CHANGE-FROM-OPS> 25,140,429
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 23,734,875
<DISTRIBUTIONS-OF-GAINS> 6,298,437
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,481,481
<NUMBER-OF-SHARES-REDEEMED> (524,367)
<SHARES-REINVESTED> 1,113,065
<NET-CHANGE-IN-ASSETS> 202,763,111
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,536,278
<OVERDISTRIB-NII-PRIOR> (667,896)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 172,893
<AVERAGE-NET-ASSETS> 378,999,493
<PER-SHARE-NAV-BEGIN> 20.39
<PER-SHARE-NII> 1.28
<PER-SHARE-GAIN-APPREC> 0.12
<PER-SHARE-DIVIDEND> (1.21)
<PER-SHARE-DISTRIBUTIONS> (0.30)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.28
<EXPENSE-RATIO> 0.56
<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, 1998
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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 260,723,259
<RECEIVABLES> 2,521,686
<ASSETS-OTHER> 245
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 263,245,190
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,241,114
<TOTAL-LIABILITIES> 3,241,114
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 271,932,991
<SHARES-COMMON-STOCK> 13,376,420
<SHARES-COMMON-PRIOR> 12,616,483
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (251,900)
<ACCUMULATED-NET-GAINS> (11,156,682)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (520,333)
<NET-ASSETS> 260,004,076
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 17,303,788
<OTHER-INCOME> (878,874)
<EXPENSES-NET> 98,793
<NET-INVESTMENT-INCOME> 16,326,121
<REALIZED-GAINS-CURRENT> 68,452
<APPREC-INCREASE-CURRENT> (634,230)
<NET-CHANGE-FROM-OPS> 15,760,343
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 16,326,120
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,063,028
<NUMBER-OF-SHARES-REDEEMED> (14,962,667)
<SHARES-REINVESTED> 659,576
<NET-CHANGE-IN-ASSETS> 14,247,075
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (159,329)
<OVERDIST-NET-GAINS-PRIOR> (11,317,706)
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 98,793
<AVERAGE-NET-ASSETS> 281,009,949
<PER-SHARE-NAV-BEGIN> 19.48
<PER-SHARE-NII> 1.13
<PER-SHARE-GAIN-APPREC> (0.04)
<PER-SHARE-DIVIDEND> (1.13)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.44
<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, 1998
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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 40,442,709
<INVESTMENTS-AT-VALUE> 40,824,836
<RECEIVABLES> 3,971,775
<ASSETS-OTHER> 1,655
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44,798,266
<PAYABLE-FOR-SECURITIES> 3,662,711
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,084,838
<TOTAL-LIABILITIES> 4,747,549
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,819,600
<SHARES-COMMON-STOCK> 1,977,246
<SHARES-COMMON-PRIOR> 1,996,268
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (144,411)
<ACCUMULATED-NET-GAINS> (1,022,869)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 398,397
<NET-ASSETS> 40,050,717
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,762,677
<OTHER-INCOME> 0
<EXPENSES-NET> 181,796
<NET-INVESTMENT-INCOME> 2,580,881
<REALIZED-GAINS-CURRENT> 881,611
<APPREC-INCREASE-CURRENT> (534,892)
<NET-CHANGE-FROM-OPS> 2,927,600
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,613,534
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,904
<NUMBER-OF-SHARES-REDEEMED> (38,245)
<SHARES-REINVESTED> 15,319
<NET-CHANGE-IN-ASSETS> (74,055)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (21,338)
<OVERDIST-NET-GAINS-PRIOR> (1,886,361)
<GROSS-ADVISORY-FEES> 100,997
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 227,287
<AVERAGE-NET-ASSETS> 40,401,060
<PER-SHARE-NAV-BEGIN> 20.10
<PER-SHARE-NII> 1.31
<PER-SHARE-GAIN-APPREC> 0.18
<PER-SHARE-DIVIDEND> (1.33)
<PER-SHARE-DISTRIBUTIONS> (0.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.24
<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, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> Standish International Fixed Income Fund Ser
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 1,332,821,811
<INVESTMENTS-AT-VALUE> 1,381,815,918
<RECEIVABLES> 39,244,487
<ASSETS-OTHER> 11,717,991
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,432,778,396
<PAYABLE-FOR-SECURITIES> 32,480
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 80,362,490
<TOTAL-LIABILITIES> 80,394,970
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,309,342,518
<SHARES-COMMON-STOCK> 58,238,602
<SHARES-COMMON-PRIOR> 51,419,630
<ACCUMULATED-NII-CURRENT> 35,089,632
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 499,887
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,451,389
<NET-ASSETS> 1,352,383,426
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 86,254,550
<OTHER-INCOME> 0
<EXPENSES-NET> 6,942,987
<NET-INVESTMENT-INCOME> 79,311,563
<REALIZED-GAINS-CURRENT> 38,368,751
<APPREC-INCREASE-CURRENT> (6,782,554)
<NET-CHANGE-FROM-OPS> 110,897,760
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 69,004,032
<DISTRIBUTIONS-OF-GAINS> 19,243,045
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19,937,369
<NUMBER-OF-SHARES-REDEEMED> (16,178,171)
<SHARES-REINVESTED> 3,059,774
<NET-CHANGE-IN-ASSETS> 179,688,365
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 7,681,493
<OVERDISTRIB-NII-PRIOR> (1,556,611)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,359,632
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,942,987
<AVERAGE-NET-ASSETS> 1,340,410,304
<PER-SHARE-NAV-BEGIN> 22.81
<PER-SHARE-NII> 1.38
<PER-SHARE-GAIN-APPREC> 0.58
<PER-SHARE-DIVIDEND> (1.21)
<PER-SHARE-DISTRIBUTIONS> (0.34)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.22
<EXPENSE-RATIO> 0.52
<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, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 12
<NAME> Standish Fixed Income Fund Series II Fund Se
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 79,377,410
<INVESTMENTS-AT-VALUE> 77,770,262
<RECEIVABLES> 5,185,005
<ASSETS-OTHER> 17,451
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 82,972,718
<PAYABLE-FOR-SECURITIES> 4,280,797
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 783,253
<TOTAL-LIABILITIES> 5,064,050
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 79,180,668
<SHARES-COMMON-STOCK> 4,189,732
<SHARES-COMMON-PRIOR> 3,890,376
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 289,521
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,561,521)
<NET-ASSETS> 77,908,668
<DIVIDEND-INCOME> 29,620
<INTEREST-INCOME> 5,132,502
<OTHER-INCOME> 0
<EXPENSES-NET> 305,339
<NET-INVESTMENT-INCOME> 4,856,783
<REALIZED-GAINS-CURRENT> 1,314,163
<APPREC-INCREASE-CURRENT> (2,613,653)
<NET-CHANGE-FROM-OPS> 3,557,293
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,892,262
<DISTRIBUTIONS-OF-GAINS> 1,061,939
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 926,615
<NUMBER-OF-SHARES-REDEEMED> (861,503)
<SHARES-REINVESTED> 234,244
<NET-CHANGE-IN-ASSETS> 3,328,433
<ACCUMULATED-NII-PRIOR> 4,599
<ACCUMULATED-GAINS-PRIOR> 68,177
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 305,342
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 470,796
<AVERAGE-NET-ASSETS> 76,342,152
<PER-SHARE-NAV-BEGIN> 19.17
<PER-SHARE-NII> 1.23
<PER-SHARE-GAIN-APPREC> (0.30)
<PER-SHARE-DIVIDEND> (1.24)
<PER-SHARE-DISTRIBUTIONS> (0.26)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.60
<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, 1998
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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 25,885,181
<INVESTMENTS-AT-VALUE> 25,771,090
<RECEIVABLES> 911,269
<ASSETS-OTHER> 4,604
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26,686,963
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 107,746
<TOTAL-LIABILITIES> 107,746
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26,805,373
<SHARES-COMMON-STOCK> 1,337,951
<SHARES-COMMON-PRIOR> 697,521
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,636)
<ACCUMULATED-NET-GAINS> (110,429)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (114,091)
<NET-ASSETS> 26,579,217
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,620,609
<OTHER-INCOME> 0
<EXPENSES-NET> 75,310
<NET-INVESTMENT-INCOME> 1,545,299
<REALIZED-GAINS-CURRENT> (1,724)
<APPREC-INCREASE-CURRENT> (127,618)
<NET-CHANGE-FROM-OPS> 1,415,957
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,561,525
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,364,193
<NUMBER-OF-SHARES-REDEEMED> (786,222)
<SHARES-REINVESTED> 62,459
<NET-CHANGE-IN-ASSETS> 12,663,222
<ACCUMULATED-NII-PRIOR> 14,993
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (109,109)
<GROSS-ADVISORY-FEES> 74,568
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 202,542
<AVERAGE-NET-ASSETS> 24,945,477
<PER-SHARE-NAV-BEGIN> 19.95
<PER-SHARE-NII> 1.25
<PER-SHARE-GAIN-APPREC> (0.16)
<PER-SHARE-DIVIDEND> (1.17)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.87
<EXPENSE-RATIO> 0.30
<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, 1998
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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 41,640,480
<RECEIVABLES> 0
<ASSETS-OTHER> 12,520
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41,653,000
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,195,660
<TOTAL-LIABILITIES> 1,195,660
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,612,272
<SHARES-COMMON-STOCK> 2,126,684
<SHARES-COMMON-PRIOR> 1,336,114
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (81,654)
<ACCUMULATED-NET-GAINS> (2,054,593)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,018,685)
<NET-ASSETS> 40,457,340
<DIVIDEND-INCOME> 88,060
<INTEREST-INCOME> 3,508,678
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 3,596,738
<REALIZED-GAINS-CURRENT> (2,216,708)
<APPREC-INCREASE-CURRENT> (1,640,761)
<NET-CHANGE-FROM-OPS> (260,731)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,585,033
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,277,800
<NUMBER-OF-SHARES-REDEEMED> (550,939)
<SHARES-REINVESTED> 63,709
<NET-CHANGE-IN-ASSETS> 13,059,676
<ACCUMULATED-NII-PRIOR> 64,032
<ACCUMULATED-GAINS-PRIOR> 4,724
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 68,978
<AVERAGE-NET-ASSETS> 42,811,176
<PER-SHARE-NAV-BEGIN> 20.51
<PER-SHARE-NII> 1.70
<PER-SHARE-GAIN-APPREC> (1.52)
<PER-SHARE-DIVIDEND> (1.67)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.02
<EXPENSE-RATIO> 0.00
<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 Fixed Income Fund Standish Global Fixed
Income Fund Standish Diversified Income Fund Standish
Securitized Fund Standish International Fixed Income
Fund Standish Short Term Asset Reserve Fund Standish
Fixed Income II Fund Standish Controlled Maturity
Fund
Standish Fixed Income Asset Fund,
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 December 31, 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 December 31, 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
February 18, 1999
