<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
074 A000800 0
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015 A000901 INVESTORS BANK & TRUST CO.
015 B000901 C
015 C010901 BOSTON
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015 E010901 X
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<PAGE> PAGE 22
028 C040900 564
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050 000900 N
051 000900 N
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<PAGE> PAGE 23
054 C000900 N
054 D000900 N
054 E000900 N
054 F000900 N
054 G000900 Y
054 H000900 Y
054 I000900 N
054 J000900 Y
054 K000900 Y
054 L000900 N
054 M000900 Y
054 N000900 N
054 O000900 N
058 A000900 N
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063 B000900 10.3
064 A000900 N
064 B000900 N
066 A000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 Y
070 B010900 Y
070 B020900 N
070 C010900 Y
070 C020900 N
<PAGE> PAGE 24
070 D010900 Y
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 Y
070 K010900 Y
070 K020900 N
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
070 R010900 N
070 R020900 N
071 A000900 13761
071 B000900 5423
071 C000900 80880
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072 B000900 1987
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<PAGE> PAGE 25
072 R000900 15
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073 A010900 0.4700
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<PAGE> PAGE 26
075 B000900 82180
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015 A001401 INVESTORS BANK & TRUST CO.
015 B001401 C
015 C011401 BOSTON
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015 C031401 02117
015 E011401 X
024 001400 N
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<PAGE> PAGE 27
048 E021400 0.000
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<PAGE> PAGE 28
062 L001400 0.0
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067 001400 N
068 A001400 N
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069 001400 N
070 A011400 Y
070 A021400 Y
070 B011400 Y
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070 F021400 Y
070 G011400 Y
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070 H011400 Y
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 Y
070 K021400 Y
070 L011400 Y
070 L021400 N
070 M011400 Y
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<PAGE> PAGE 29
070 Q021400 N
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070 R021400 N
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<PAGE> PAGE 30
074 H001400 0
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015 A001501 INVESTORS BANK & TRUST CO.
015 B001501 C
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024 001500 Y
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<PAGE> PAGE 31
028 B031500 0
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<PAGE> PAGE 32
051 001500 N
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<PAGE> PAGE 33
068 A001500 N
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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
048 B011600 0
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<PAGE> PAGE 37
070 B021600 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 K011800 Y
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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 6
072 B001800 250
072 C001800 432
072 D001800 0
072 E001800 -244
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072 G001800 103
072 H001800 0
072 I001800 3
072 J001800 5
072 K001800 0
072 L001800 0
072 M001800 2
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<PAGE> PAGE 42
072 U001800 1
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072 W001800 12
072 X001800 140
072 Y001800 14
072 Z001800 312
072AA001800 1198
072BB001800 0
072CC011800 11044
072CC021800 0
072DD011800 232
072DD021800 0
072EE001800 1737
073 A011800 0.0600
073 A021800 0.0000
073 B001800 0.4100
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 72421
074 J001800 0
074 K001800 0
074 L001800 0
074 M001800 4
074 N001800 72425
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074 R021800 0
074 R031800 0
074 R041800 166
074 S001800 0
074 T001800 72256
074 U011800 3810
074 U021800 0
074 V011800 18.96
074 V021800 0.00
074 W001800 0.0000
074 X001800 3
074 Y001800 0
075 A001800 0
075 B001800 82928
076 001800 0.00
015 A002001 INVESTORS BANK & TRUST CO.
<PAGE> PAGE 43
015 B002001 C
015 C012001 BOSTON
015 C022001 MA
015 C032001 02117
015 E012001 X
024 002000 N
028 A012000 0
028 A022000 0
028 A032000 0
028 A042000 176
028 B012000 56
028 B022000 0
028 B032000 0
028 B042000 63
028 C012000 76
028 C022000 0
028 C032000 0
028 C042000 170
028 D012000 70
028 D022000 0
028 D032000 0
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028 E012000 88
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028 E032000 0
028 E042000 432
028 F012000 108
028 F022000 0
028 F032000 0
028 F042000 7828
028 G012000 398
028 G022000 0
028 G032000 0
028 G042000 8827
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
048 E022000 0.000
048 F012000 0
048 F022000 0.000
048 G012000 0
048 G022000 0.000
<PAGE> PAGE 44
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
070 F012000 Y
070 F022000 N
070 G012000 Y
070 G022000 N
070 H012000 Y
<PAGE> PAGE 45
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
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<PAGE> PAGE 46
072AA002000 0
072BB002000 1
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072CC022000 0
072DD012000 0
072DD022000 0
072EE002000 0
073 A012000 0.0000
073 A022000 0.0000
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074 A002000 0
074 B002000 0
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074 D002000 0
074 E002000 0
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074 H002000 0
074 I002000 23
074 J002000 0
074 K002000 0
074 L002000 0
074 M002000 0
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074 R032000 0
074 R042000 12
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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
<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
<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
<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
<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
<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
<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
<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
<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
<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
<PER-SHARE-NAV-END> 22.22
<EXPENSE-RATIO> 0.58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
