MERRIMAC SERIES
MERRIMAC CASH SERIES
MERRIMAC TREASURY SERIES
MERRIMAC TREASURY PLUS SERIES
MERRIMAC U.S. GOVERNMENT SERIES
MERRIMAC SHORT-TERM ASSET RESERVE (STAR) SERIES
SUPPLEMENT DATED NOVEMBER 2, 2000 TO THE
PROSPECTUS DATED MAY 1, 2000
In the Prospectus under section "Shareholder Information" the last paragraph on
page 23 "Investment Minimum" is amended to read as follows:
A bank may impose a charge to execute a wire transfer. A purchaser must call
1-888-MERRMAC to inform Investors Bank of an incoming wire transfer. A
purchase order for shares received in proper form by 4:00 p.m. (ET) for the
Cash Series and the Treasury Plus Series, by 2:00 p.m. (ET) for the Treasury
Series, by the close of trading on the New York Stock Exchange (NYSE)
(normally 4:00 p.m. (ET)) for the STAR Series, and by 5:00 p.m. (ET) for the
U.S. Government Series, on a Business Day will be executed at the NAV per
share next determined after receipt of the order, provided that Investors
Bank receives the wire by the close of business on the day the purchase
order is received. A Business Day is any day on which both the NYSE and the
New York Federal Reserve Bank are open, except that the STAR Series is open
on any day on which the NYSE is open. Purchase orders received after 4:00
p.m. (ET) for the Cash Series and the Treasury Plus Series, after 2:00 p.m.
(ET) for the Treasury Series, after the close of trading on the NYSE for the
STAR Series and after 5:00 p.m. (ET) for the U.S. Government Series will be
effected on the next Business Day if cleared funds are received before the
close of business on the next Business Day. Purchase orders for shares for
which payment has not been received by the close of business will not be
accepted, and notice thereof will be given to the purchaser. The Cash Series
and the Treasury Plus Series also may limit the amount of a purchase order
received between 3:00 p.m.and 4:00 p.m. (ET). The U.S. Government Series may
limit the amount of a purchase order received between 3:00 p.m. and 5:00
p.m. (ET).
In the Prospectus under section "Shareholder Information" the first, second and
third paragraphs under "Redemptions" are amended to read as follows:
Shareholders may redeem all or a portion of their shares on any Business
Day. Shares will be redeemed at the NAV next determined after Investors Bank
has received a proper notice of redemption as described below. If notice of
redemption is received prior to 4:00 p.m. (ET) for the Cash Series and the
Treasury Plus Series, prior to 2:00 p.m. (ET) for the Treasury Series, prior
to the close of trading on the NYSE for the STAR Series, and prior to 5:00
p.m. (ET) for the U.S. Government Series, on a Business Day, the redemption
will be effective on the date of receipt. Proceeds of the redemption will
ordinarily be made by wire on the date of receipt, but in any event within
three Business Days from the date of receipt.
Shareholder redemption requests received after 4:00 p.m. (ET) for the Cash
Series and the Treasury Plus Series, after 2:00 p.m. (ET) for the Treasury
Series, after the close of trading on the NYSE for the STAR Series, and
after 5:00 p.m. (ET) for the U.S. Government Series, on a Business Day, will
ordinarily receive payment by wire on the next Business Day, but, in any
event, within four Business Days from the date of receipt of a proper notice
of redemption, except for the STAR Series wherein payment will ordinarily be
received by wire on the second Business Day after the date of receipt, but
in any event within four Business Days from the date of receipt. All
redemption requests regarding shares of the Cash Series and the Treasury
Plus Series placed between 3:00 p.m. and 4:00 p.m. (ET) and for the U.S.
Government Series between 3:00 p.m. and 5:00 p.m. (ET) may only be placed by
telephone.
Each Fund reserves the right in its sole discretion to suspend redemptions
or postpone payments when the NYSE is closed or when trading is restricted
for any reason or under emergency circumstances as determined by the SEC.
The Cash Series and the Treasury Plus Series each reserve the right to
postpone payments for redemption requests received between 3:00 p.m. and
4:00 p.m. (ET) until the next Business Day. The U.S. Government Series
reserves the right to postpone payments for redemption requests received
between 3:00 p.m. and 5:00 p.m.
<PAGE>
(ET) until the next Business Day.
In the Prospectus under section "Valuation of Shares" is amended to read as
follows:
Each Fund offers its shares at the NAV per share of the Fund, as determined
once each Business Day. This determination is made as of 4:00 p.m. (ET) for
the Cash Series and the Treasury Plus Series, as of 2:00 p.m. (ET) for the
Treasury Series, as of the close of trading on the NYSE (normally 4:00 p.m.
(ET)) for the STAR Series and as of 5:00 p.m. (ET) for the U.S. Government
Series. Securities purchased by the Cash Portfolio, Treasury Portfolio,
Treasury Plus Portfolio and U.S. Government Portfolio are stated at
amortized cost, which approximates market value. Securities purchased by the
STAR Portfolio are stated at either amortized cost or market value depending
on the nature of the security. If market quotations are not readily
available, the STAR Portfolio may value its assets by a method that its
Trustees believe accurately reflects fair value. If the STAR Portfolio uses
fair value to price securities, it may value those securities higher or
lower than another mutual fund that uses market quotations. For more
information on how securities are valued, see the Statement of Additional
Information (SAI).
