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 Intermediate Tax Exempt Bond Fund (the "Fund") is a separate, 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--
Municipal bonds are normally valued on the basis of valuations furnished by a pricing service. Taxable
obligations, if any, for which price quotations are readily available are normally valued at the mean between the
latest available bid and ask prices. Securities for which valuations or market quotations are not readily available
are valued at their fair value as determined in good faith by the investment adviser in accordance with procedures
approved by the trustees.
Short term instruments with less than sixty-one days remaining to maturity when acquired by the Fund are valued
on an amortized cost basis. 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.
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 Syste