Notes to Financial Statements (Unaudited)
(1) Significant Accounting Policies:
Standish, Ayer & Wood Master Portfolio (the "Portfolio Trust") was organized as a master trust fund under the
laws of the State of New York on January 18, 1996 and is registered under the Investment Company Act of
1940, as amended, as an open-end, management investment company. Standish Equity Portfolio (the "Portfolio")
is a separate diversified investment series of the Portfolio Trust.
The following is a summary of significant accounting policies followed by the Portfolio in the preparation of the
financial statements. The preparation of financial statements in accordance with generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported amounts and
disclosures in the financial statements. Actual results could differ from those estimates.
A. Investment security valuations
Securities for which quotations are readily available are valued at the last sale price, or if no sale, at the closing
bid price in the principal market in which such securities are normally traded. Securities (including restricted
securities) for which quotations are not readily available are valued at their fair value as determined in good faith
under consistently applied procedures under the general supervision of the Board of Trustees.
Short-term instruments with less than sixty-one days remaining to maturity when acquired by the Portfolio are
valued on an amortized cost basis. If the Portfolio acquires a short-term instrument with more than sixty days
remaining to its maturity, it is valued at current market value until the sixtieth day prior to maturity and will then be
valued at amortized cost based upon the value on such date unless the trustees determine during such sixty-day
period that amortized cost does not represent fair value.
B. Repurchase agreements
It is the policy of the Portfolio to require the custodian bank to take possession, to have legally segregated in th