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 Fund currently offers two different classes of shares: Institutional Class and Service Class. The Service Class
of shares are subject to an account service fee of 0.25% of the average daily net assets of that class of shares. At
December 31, 1999, there were no Service Class of shares outstanding.
The following is a summary of significant accounting policies 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 price, or if no sale price, at the
closing bid price in the principal market in which such securities are primarily traded. Securities (including illiquid
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, which approximates market value. 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 value based upon the value on such date un