Notes to Financial Statements
(1) Significant Accounting Policies:
Standish, Ayer & Wood Investment Trust (the "Trust") is organized as a Massachusetts business trust and is
registered under the Investment Company Act of 1940, as amended, as an open-end, management investment
company. Standish International Fixed Income Fund (the "Fund") is a separate non-diversified investment series
of the Trust.
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation
of its 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, or if no sale price, at the closing
bid price in the principal market in which such securities are primarily 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 Fund are valued
at amortized cost. If the Fund 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 Fund to require the custodian bank to take possession, to have legally segregated in the
Federal Reserve Book Entry System or to have segregated within the custodian ban