SUPPLEMENT DATED APRIL 29, 1996
TO THE PROSPECTUS OF
STANDISH FIXED INCOME FUND (THE "FUND")
DATED APRIL 29, 1996
At a Special Meeting of Shareholders held on March 29, 1996, the Fund's
shareholders authorized, among other things, the Fund to invest all of its
investable assets in Standish Fixed Income Portfolio (the "Portfolio"), thereby
converting the Fund to the Hub and Spoke1 master-feeder fund structure. As of
the date of the attached Prospectus the Fund has not yet converted to the Hub
and Spoke master-feeder fund structure as described in the Prospectus.
Accordingly, the Fund continues to retain Standish, Ayer & Wood, Inc.
("Standish") as its investment adviser and to invest its assets directly in the
types of securities in which it may invest. The Fund currently intends to
convert to the Hub and Spoke master-feeder fund structure as soon as reasonably
practicable.
The following sections of the attached Prospectus are hereby revised as
follows:
GENERAL
All references in the attached Prospectus to the Fund seeking to
achieve its investment objective by investing in the Portfolio are hereby
deleted.
EXPENSE INFORMATION
The following information replaces the section of the attached
Prospectus captioned "Expense Information":
SHAREHOLDER TRANSACTION EXPENSES
Maximum Sales Load Imposed on Purchases None
Maximum Sales Load Imposed on Reinvested Dividends None
Deferred Sales Load None
Redemption Fees None
ANNUAL FUND OPERATING EXPENSES (as a percentage of average net assets)
Management Fees 0.32%
12b-1 Fees None
Other Expenses 0.06%
-----
Total Fund Operating Expenses 0.38%
=====
- -----------------
{R}Hub and Spoke is a registered service mark of Signature Financial Group, Inc.
<PAGE>
EXAMPLE 1 yr. 3 yrs. 5yrs. 10 yrs.
- ------- ----- ------ ----- -------
You would pay the following expenses on $4 $12 $21 $48
a $1,000 investment, assuming (1) 5%
annual return and (2) redemption at
the end of each time period:
The purpose of the above table is to assist the investor in
understanding the various costs and expenses of the Fund that an investor in the
Fund will bear directly or indirectly. See "Management -- Investment Adviser"
and "Management -- Expenses." The figure shown in the caption "Other Expenses,"
which includes, among other things, custodian and transfer agent fees,
registration costs and payments for insurance and audit and legal services, is
based on the Fund's expenses for the fiscal year ended December 31, 1995.
THE INFORMATION IN THE TABLE AND HYPOTHETICAL EXAMPLE ABOVE SHOULD NOT
BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE EXPENSES AND ACTUAL EXPENSES
MAY BE GREATER OR LESS THAN THOSE SHOWN. MOREOVER, WHILE THE EXAMPLE ASSUMES A
5% ANNUAL RETURN, THE FUND'S ACTUAL PERFORMANCE WILL VARY AND MAY RESULT IN AN
ACTUAL RETURN GREATER OR LESS THAN 5%.
INVESTMENT OBJECTIVE AND POLICIES
The description of the Portfolio's investment objective, policies and
restrictions under the section captioned "Investment Objective and Policies" is
hereby made applicable solely to the Fund.
SPECIAL INFORMATION CONCERNING THE HUB AND SPOKE(R) MASTER-FEEDER FUND STRUCTURE
The section of the Prospectus captioned "Special Information Concerning
the Hub and Spoke(R) Master-Feeder Fund Structure" is hereby deleted.
PURCHASE OF SHARES
The description of how the Portfolio values its portfolio securities
under the section captioned "Purchase of Shares" is hereby made applicable
solely to the Fund.
MANAGEMENT
All references to (i) Standish serving as the Portfolio's investment
adviser, (ii) the Portfolio's portfolio manager, (iii) the services provided by
Standish to the Portfolio, and (iv) the fees paid to Standish by the Portfolio
are hereby made applicable solely to the Fund.
The paragraph captioned "Administrator of the Fund" is hereby deleted.
The two paragraphs under the caption "Expenses" are hereby deleted are
replaced with the following:
The Fund bears all expenses of its operations other than those incurred
by the Adviser under the investment advisory agreement. Among other expenses,
the Fund will pay investment advisory fees, bookkeeping, share pricing and
shareholder servicing fees and expenses; custodian fees and expenses; legal and
auditing fees; expenses of prospectuses, statements of additional information
and shareholder reports
<PAGE>
which are furnished to shareholders; registration and reporting fees and
expenses; and Trustees' fees and expenses. The Trust's Principal Underwriter,
Standish Fund Distributors, L.P., bears without subsequent reimbursement the
distribution expenses attributable to the offering and sale of Fund shares.
Expenses of the Trust which relate to more than one series are allocated among
such series by the Adviser and SIMCO in an equitable manner, primarily on the
basis of relative net asset values. For the fiscal year ended December 31, 1995,
expenses borne by the Fund represented 0.38% of the Fund's average daily net
assets.
THE FUND AND THE PORTFOLIO
All references to the Portfolio are hereby deleted.
<PAGE>
SUPPLEMENT DATED APRIL 29, 1996
TO THE STATEMENT OF ADDITIONAL INFORMATION OF
STANDISH FIXED INCOME FUND (THE "FUND")
DATED APRIL 29, 1996
At a Special Meeting of Shareholders held on March 29, 1996, the Fund's
shareholders authorized, among other things, the Fund to invest all of its
investable assets in Standish Fixed Income Portfolio (the "Portfolio"), thereby
converting the Fund to the Hub and Spoke1 master-feeder fund structure. As of
the date of the attached Statement of Additional Information ("SAI") the Fund
has not yet converted to the Hub and Spoke master-feeder fund structure as
described in the SAI. Accordingly, the Fund continues to retain Standish, Ayer &
Wood, Inc. ("Standish") as its investment adviser and to invest its assets
directly in the types of securities in which it may invest. The Fund currently
intends to convert to the Hub and Spoke master-feeder fund structure as soon as
reasonably practicable.
The following sections of the attached SAI are hereby revised as
follows:
GENERAL
All references in the attached SAI to the Fund seeking to achieve its
investment objective by investing in the Portfolio are hereby deleted.
INVESTMENT OBJECTIVE AND POLICIES
The description of the Portfolio's investment objective, policies and
restrictions under the section captioned "Investment Objective and Policies" is
hereby made applicable solely to the Fund.
INVESTMENT RESTRICTIONS
The description of the Portfolio's restrictions under the section
captioned "Investment Restrictions" is hereby made applicable solely to the
Fund.
MANAGEMENT
The description of the Portfolio Trust's officers and Trustees is
hereby deleted.
All references to (i) Standish serving as the Portfolio's investment
adviser, (ii) the services provided by Standish to the Portfolio, and (iii) the
fees paid to Standish by the Portfolio are hereby made applicable solely to the
Fund. The Fund's investment advisory agreement with Standish continues in full
force and effect for successive
- --------------
{R}Hub and Spoke is a registered service mark of Signature Financial Group, Inc.
periods of one year, but only so long as each such continuance is approved
annually in the manner described in the fifth paragraph under the caption
"Investment Adviser of the Portfolio Trust."
The paragraph captioned "Administrator of the Fund" is hereby deleted.
The paragraph captioned "Administrator of the Portfolio" is hereby
deleted.
PORTFOLIO TRANSACTIONS
The description of Standish placing the Portfolio's portfolio
transactions under the section captioned "Portfolio Transactions" is hereby made
applicable solely to the Fund.
DETERMINATION OF NET ASSET VALUE
The second, third and forth paragraphs under the section captioned
"Determination of Net Asset Value" are hereby deleted. Reference is made to the
Prospectus for the times at which and how the Fund determines its net asset
value.
THE PORTFOLIO AND ITS INVESTORS
The section of the SAI captioned "The Portfolio and Its Investors" is
hereby deleted.
TAXATION
The second paragraph under the section captioned "Taxation" is hereby
deleted. All references to the Fund investing in the Portfolio are hereby
deleted. The tax consequences associated with the Portfolio investing in the
securities described under the section captioned "Taxation" are hereby made
applicable to the Fund investing in such securities.
<PAGE>
SUPPLEMENT DATED APRIL 29, 1996
TO THE PROSPECTUS OF
STANDISH GLOBAL FIXED INCOME FUND (THE "FUND")
DATED APRIL 29, 1996
At a Special Meeting of Shareholders held on March 29, 1996, the Fund's
shareholders authorized, among other things, the Fund to invest all of its
investable assets in Standish Global Fixed Income Portfolio (the "Portfolio"),
thereby converting the Fund to the Hub and Spoke1 master-feeder fund structure.
As of the date of the attached Prospectus the Fund has not yet converted to the
Hub and Spoke master-feeder fund structure as described in the Prospectus.
Accordingly, the Fund continues to retain Standish International Management
Company, L.P. (the "Adviser") as its investment adviser and to invest its assets
directly in the types of securities in which it may invest. The Fund currently
intends to convert to the Hub and Spoke master-feeder fund structure as soon as
reasonably practicable.
The following sections of the attached Prospectus are hereby revised as
follows:
GENERAL
All references in the attached Prospectus to the Fund seeking to
achieve its investment objective by investing in the Portfolio are hereby
deleted.
EXPENSE INFORMATION
The following information replaces the section of the attached
Prospectus captioned "Expense Information":
SHAREHOLDER TRANSACTION EXPENSES
Maximum Sales Load Imposed on Purchases None
Maximum Sales Load Imposed on Reinvested Dividends None
Deferred Sales Load None
Redemption Fees None
ANNUAL FUND OPERATING EXPENSES (as a percentage of average net assets)
Management Fees 0.40%
12b-1 Fees None
Other Expenses 0.22%
-----
Total Fund Operating Expenses 0.62%
=====
- --------------
{R}Hub and Spoke is a registered service mark of Signature Financial Group, Inc.
<PAGE>
EXAMPLE 1 yr. 3 yrs. 5yrs. 10 yrs.
- ------- ----- ------ ----- -------
You would pay the following expenses on $6 $20 $35 $77
a $1,000 investment, assuming (1) 5%
annual return and (2) redemption at
the end of each time period:
The purpose of the above table is to assist the investor in
understanding the various costs and expenses of the Fund that an investor in the
Fund will bear directly or indirectly. See "Management -- Investment Adviser"
and "Management -- Expenses." The figure shown in the caption "Other Expenses,"
which includes, among other things, custodian and transfer agent fees,
registration costs and payments for insurance and audit and legal services, is
based on the Fund's expenses for the fiscal year ended December 31, 1995.
THE INFORMATION IN THE TABLE AND HYPOTHETICAL EXAMPLE ABOVE SHOULD NOT
BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE EXPENSES AND ACTUAL EXPENSES
MAY BE GREATER OR LESS THAN THOSE SHOWN. MOREOVER, WHILE THE EXAMPLE ASSUMES A
5% ANNUAL RETURN, THE FUND'S ACTUAL PERFORMANCE WILL VARY AND MAY RESULT IN AN
ACTUAL RETURN GREATER OR LESS THAN 5%.
INVESTMENT OBJECTIVE AND POLICIES
The description of the Portfolio's investment objective, policies and
restrictions under the section captioned "Investment Objective and Policies" is
hereby made applicable solely to the Fund.
SPECIAL INFORMATION CONCERNING THE HUB AND SPOKE(R) MASTER-FEEDER FUND STRUCTURE
The section of the Prospectus captioned "Special Information Concerning
the Hub and Spoke(R) Master-Feeder Fund Structure" is hereby deleted.
PURCHASE OF SHARES
The description of how the Portfolio values its portfolio securities
under the section captioned "Purchase of Shares" is hereby made applicable
solely to the Fund.
MANAGEMENT
All references to (i) the Adviser serving as the Portfolio's investment
adviser, (ii) the Portfolio's portfolio manager, (iii) the services provided by
the Adviser to the Portfolio, and (iv) the fees paid to the Adviser by the
Portfolio are hereby made applicable solely to the Fund.
The paragraph captioned "Administrator of the Fund" is hereby deleted.
The two paragraphs under the caption "Expenses" are hereby deleted are
replaced with the following:
The Fund bears all expenses of its operations other than those incurred
by the Adviser under the investment advisory agreement. Among other expenses,
the Fund will pay investment advisory fees, bookkeeping, share pricing and
shareholder servicing fees and expenses; custodian fees and expenses; legal and
auditing fees; expenses of prospectuses, statements of additional information
and shareholder reports
<PAGE>
which are furnished to shareholders; registration and reporting fees and
expenses; and Trustees' fees and expenses. The Trust's Principal Underwriter,
Standish Fund Distributors, L.P., bears without subsequent reimbursement the
distribution expenses attributable to the offering and sale of Fund shares.
Expenses of the Trust which relate to more than one series are allocated among
such series by the Adviser and Standish in an equitable manner, primarily on the
basis of relative net asset values. For the fiscal year ended December 31, 1995,
expenses borne by the Fund represented 0.62% of the Fund's average daily net
assets. The Adviser has agreed in the advisory agreement to limit the Fund's
total annual operating expenses (excluding brokerage commissions, taxes and
extraordinary expenses) to 0.65% of the Fund's average daily net assets. If the
expense limit is exceeded, the compensation due the Adviser for such fiscal year
shall be proportionately reduced by the amount of such excess by a reduction or
refund thereof at the time such compensation is payable after the end of each
calendar month, subject to readjustment during such fiscal year.
THE FUND AND THE PORTFOLIO
All references to the Portfolio are hereby deleted.
<PAGE>
SUPPLEMENT DATED APRIL 29, 1996
TO THE STATEMENT OF ADDITIONAL INFORMATION OF
STANDISH GLOBAL FIXED INCOME FUND (THE "FUND")
DATED APRIL 29, 1996
At a Special Meeting of Shareholders held on March 29, 1996, the Fund's
shareholders authorized, among other things, the Fund to invest all of its
investable assets in Standish Global Fixed Income Portfolio (the "Portfolio"),
thereby converting the Fund to the Hub and Spoke1 master-feeder fund structure.
As of the date of the attached Statement of Additional Information ("SAI") the
Fund has not yet converted to the Hub and Spoke master-feeder fund structure as
described in the SAI. Accordingly, the Fund continues to retain Standish
International Management Company, L.P. (the "Adviser") as its investment adviser
and to invest its assets directly in the types of securities in which it may
invest. The Fund currently intends to convert to the Hub and Spoke master-feeder
fund structure as soon as reasonably practicable.
The following sections of the attached SAI are hereby revised as
follows:
GENERAL
All references in the attached SAI to the Fund seeking to achieve its
investment objective by investing in the Portfolio are hereby deleted.
INVESTMENT OBJECTIVE AND POLICIES
The description of the Portfolio's investment objective, policies and
restrictions under the section captioned "Investment Objective and Policies" is
hereby made applicable solely to the Fund.
INVESTMENT RESTRICTIONS
The description of the Portfolio's restrictions under the section
captioned "Investment Restrictions" is hereby made applicable solely to the
Fund.
MANAGEMENT
The description of the Portfolio Trust's officers and Trustees is
hereby deleted.
All references to the Adviser serving as the Portfolio's investment
adviser, (ii) the services provided by the Adviser to the Portfolio, and
(iii) the fees paid to the Adviser by the Portfolio are hereby made applicable
solely to the Fund. The Fund's investment advisory agreement with the Adviser
continues in full force and effect for successive
- --------
{R}Hub and Spoke is a registered service mark of Signature Financial Group, Inc.
<PAGE>
periods of one year, but only so long as each such continuance is approved
annually in the manner described in the fifth paragraph under the caption
"Investment Adviser of the Portfolio Trust."
The paragraph captioned "Administrator of the Fund" is hereby deleted.
The paragraph captioned "Administrator of the Portfolio" is hereby
deleted.
PORTFOLIO TRANSACTIONS
The description of the Adviser placing the Portfolio's portfolio
transactions under the section captioned "Portfolio Transactions" is hereby made
applicable solely to the Fund.
DETERMINATION OF NET ASSET VALUE
The second, third and forth paragraphs under the section captioned
"Determination of Net Asset Value" are hereby deleted. Reference is made to the
Prospectus for the times at which and how the Fund determines its net asset
value.
THE PORTFOLIO AND ITS INVESTORS
The section of the SAI captioned "The Portfolio and Its Investors" is
hereby deleted.
TAXATION
The second paragraph under the section captioned "Taxation" is hereby
deleted. All references to the Fund investing in the Portfolio are hereby
deleted. The tax consequences associated with the Portfolio investing in the
securities described under the section captioned "Taxation" are hereby made
applicable to the Fund investing in such securities.
<PAGE>
SUPPLEMENT DATED APRIL 29, 1996
TO THE PROSPECTUS OF
STANDISH SMALL CAPITALIZATION EQUITY FUND (THE "FUND")
DATED APRIL 29, 1996
At a Special Meeting of Shareholders held on March 29, 1996, the Fund's
shareholders authorized, among other things, the Fund to invest all of its
investable assets in Standish Small Capitalization Equity Portfolio (the
"Portfolio"), thereby converting the Fund to the Hub and Spoke1 master-feeder
fund structure. As of the date of the attached Prospectus the Fund has not yet
converted to the Hub and Spoke master-feeder fund structure as described in the
Prospectus. Accordingly, the Fund continues to retain Standish, Ayer & Wood,
Inc. ("Standish") as its investment adviser and to invest its assets directly in
the types of securities in which it may invest. The Fund currently intends to
convert to the Hub and Spoke master-feeder fund structure as soon as reasonably
practicable.
The following sections of the attached Prospectus are hereby revised as
follows:
GENERAL
All references in the attached Prospectus to the Fund seeking to
achieve its investment objective by investing in the Portfolio are hereby
deleted.
EXPENSE INFORMATION
The following information replaces the section of the attached
Prospectus captioned "Expense Information":
SHAREHOLDER TRANSACTION EXPENSES
Maximum Sales Load Imposed on Purchases None
Maximum Sales Load Imposed on Reinvested Dividends None
Deferred Sales Load None
Redemption Fees None
ANNUAL FUND OPERATING EXPENSES (as a percentage of average net assets)
Management Fees 0.60%
12b-1 Fees None
Other Expenses 0.15%
-----
Total Fund Operating Expenses 0.75%
=====
- -------------
{R}Hub and Spoke is a registered service mark of Signature Financial Group, Inc.
<PAGE>
EXAMPLE 1 yr. 3 yrs. 5yrs. 10 yrs.
- ------- ----- ------ ----- -------
You would pay the following expenses on $8 $24 $42 $93
a $1,000 investment, assuming (1) 5%
annual return and (2) redemption at
the end of each time period:
The purpose of the above table is to assist the investor in
understanding the various costs and expenses of the Fund that an investor in the
Fund will bear directly or indirectly. See "Management -- Investment Adviser"
and "Management -- Expenses." The figure shown in the caption "Other Expenses,"
which includes, among other things, custodian and transfer agent fees,
registration costs and payments for insurance and audit and legal services, is
based on the Fund's expenses for the fiscal year ended December 31, 1995.
THE INFORMATION IN THE TABLE AND HYPOTHETICAL EXAMPLE ABOVE SHOULD NOT
BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE EXPENSES AND ACTUAL EXPENSES
MAY BE GREATER OR LESS THAN THOSE SHOWN. MOREOVER, WHILE THE EXAMPLE ASSUMES A
5% ANNUAL RETURN, THE FUND'S ACTUAL PERFORMANCE WILL VARY AND MAY RESULT IN AN
ACTUAL RETURN GREATER OR LESS THAN 5%.
INVESTMENT OBJECTIVE AND POLICIES
The description of the Portfolio's investment objective, policies and
restrictions under the section captioned "Investment Objective and Policies" is
hereby made applicable solely to the Fund.
SPECIAL INFORMATION CONCERNING THE HUB AND SPOKE(R) MASTER-FEEDER FUND STRUCTURE
The section of the Prospectus captioned "Special Information Concerning
the Hub and Spoke(R) Master-Feeder Fund Structure" is hereby deleted.
PURCHASE OF SHARES
The description of how the Portfolio values its portfolio securities
under the section captioned "Purchase of Shares" is hereby made applicable
solely to the Fund.
MANAGEMENT
All references to (i) Standish serving as the Portfolio's investment
adviser, (ii) the Portfolio's portfolio manager, (iii) the services provided by
Standish to the Portfolio, and (iv) the fees paid to Standish by the Portfolio
are hereby made applicable solely to the Fund.
The paragraph captioned "Administrator of the Fund" is hereby deleted.
The two paragraphs under the caption "Expenses" are hereby deleted are
replaced with the following:
The Fund bears all expenses of its operations other than those incurred
by the Adviser under the investment advisory agreement. Among other expenses,
the Fund will pay investment advisory fees, bookkeeping, share pricing and
shareholder servicing fees and expenses; custodian fees and expenses; legal and
auditing fees; expenses of prospectuses, statements of additional information
and shareholder reports
<PAGE>
which are furnished to shareholders; registration and reporting fees and
expenses; and Trustees' fees and expenses. The Trust's Principal Underwriter,
Standish Fund Distributors, L.P., bears without subsequent reimbursement the
distribution expenses attributable to the offering and sale of Fund shares.
Expenses of the Trust which relate to more than one series are allocated among
such series by the Adviser and SIMCO in an equitable manner, primarily on the
basis of relative net asset values. For the fiscal year ended December 31, 1995,
expenses borne by the Fund represented 0.75% of the Fund's average daily net
assets. The Adviser has agreed in the advisory agreement to limit the Fund's
total annual operating expenses (excluding brokerage commissions, taxes and
extraordinary expenses) to 1.50% of the Fund's average daily net assets. If the
expense limit is exceeded, the compensation due the Adviser for such fiscal year
shall be proportionately reduced by the amount of such excess by a reduction or
refund thereof at the time such compensation is payable after the end of each
calendar month, subject to readjustment during such fiscal year.
THE FUND AND THE PORTFOLIO
All references to the Portfolio are hereby deleted.
<PAGE>
SUPPLEMENT DATED APRIL 29, 1996
TO THE STATEMENT OF ADDITIONAL INFORMATION OF
STANDISH SMALL CAPITALIZATION EQUITY FUND (THE "FUND")
DATED APRIL 29, 1996
At a Special Meeting of Shareholders held on March 29, 1996, the Fund's
shareholders authorized, among other things, the Fund to invest all of its
investable assets in Standish Small Capitalization Equity Portfolio (the
"Portfolio"), thereby converting the Fund to the Hub and Spoke1 master-feeder
fund structure. As of the date of the attached Statement of Additional
Information ("SAI") the Fund has not yet converted to the Hub and Spoke
master-feeder fund structure as described in the SAI. Accordingly, the Fund
continues to retain Standish, Ayer & Wood, Inc. ("Standish") as its investment
adviser and to invest its assets directly in the types of securities in which it
may invest. The Fund currently intends to convert to the Hub and Spoke
master-feeder fund structure as soon as reasonably practicable.
The following sections of the attached SAI are hereby revised as
follows:
GENERAL
All references in the attached SAI to the Fund seeking to achieve its
investment objective by investing in the Portfolio are hereby deleted.
INVESTMENT OBJECTIVE AND POLICIES
The description of the Portfolio's investment objective, policies and
restrictions under the section captioned "Investment Objective and Policies" is
hereby made applicable solely to the Fund.
INVESTMENT RESTRICTIONS
The description of the Portfolio's restrictions under the section
captioned "Investment Restrictions" is hereby made applicable solely to the
Fund.
MANAGEMENT
The description of the Portfolio Trust's officers and Trustees is
hereby deleted.
All references to (i) Standish serving as the Portfolio's investment
adviser, (ii) the services provided by Standish to the Portfolio, and (iii) the
fees paid to Standish by the Portfolio are hereby made applicable solely to the
Fund. The Fund's investment advisory agreement with Standish continues in full
force and effect for successive
- --------
{R}Hub and Spoke is a registered service mark of Signature Financial Group, Inc.
<PAGE>
periods of one year, but only so long as each such continuance is approved
annually in the manner described in the fifth paragraph under the caption
"Investment Adviser of the Portfolio Trust."
The paragraph captioned "Administrator of the Fund" is hereby deleted.
The paragraph captioned "Administrator of the Portfolio" is hereby
deleted.
PORTFOLIO TRANSACTIONS
The description of Standish placing the Portfolio's portfolio
transactions under the section captioned "Portfolio Transactions" is hereby made
applicable solely to the Fund.
DETERMINATION OF NET ASSET VALUE
The second, third and forth paragraphs under the section captioned
"Determination of Net Asset Value" are hereby deleted. Reference is made to the
Prospectus for the times at which and how the Fund determines its net asset
value.
THE PORTFOLIO AND ITS INVESTORS
The section of the SAI captioned "The Portfolio and Its Investors" is
hereby deleted.
TAXATION
The second paragraph under the section captioned "Taxation" is hereby
deleted. All references to the Fund investing in the Portfolio are hereby
deleted. The tax consequences associated with the Portfolio investing in the
securities described under the section captioned "Taxation" are hereby made
applicable to the Fund investing in such securities.
<PAGE>
SUPPLEMENT DATED APRIL 29, 1996
TO THE PROSPECTUS OF
STANDISH EQUITY FUND (THE "FUND")
DATED APRIL 29, 1996
At a Special Meeting of Shareholders held on March 29, 1996, the Fund's
shareholders authorized, among other things, the Fund to invest all of its
investable assets in Standish Equity Portfolio (the "Portfolio"), thereby
converting the Fund to the Hub and Spoke1 master-feeder fund structure. As of
the date of the attached Prospectus the Fund has not yet converted to the Hub
and Spoke master-feeder fund structure as described in the Prospectus.
Accordingly, the Fund continues to retain Standish, Ayer & Wood, Inc.
("Standish") as its investment adviser and to invest its assets directly in the
types of securities in which it may invest. The Fund currently intends to
convert to the Hub and Spoke master-feeder fund structure as soon as reasonably
practicable.
The following sections of the attached Prospectus are hereby revised as
follows:
GENERAL
All references in the attached Prospectus to the Fund seeking to achieve
its investment objective by investing in the Portfolio are hereby deleted.
EXPENSE INFORMATION
The following information replaces the section of the attached Prospectus
captioned "Expense Information":
SHAREHOLDER TRANSACTION EXPENSES
Maximum Sales Load Imposed on Purchases None
Maximum Sales Load Imposed on Reinvested Dividends None
Deferred Sales Load None
Redemption Fees None
ANNUAL FUND OPERATING EXPENSES (as a percentage of average net assets)
Management Fees 0.50%
12b-1 Fees None
Other Expenses 0.19%
-----
Total Fund Operating Expenses 0.69%
=====
- ------------------
{R}Hub and Spoke is a registered service mark of Signature Financial Group, Inc.
<PAGE>
EXAMPLE 1 yr. 3 yrs. 5yrs. 10 yrs.
- ------- ----- ------ ----- -------
You would pay the following expenses on $7 $22 $38 $86
a $1,000 investment, assuming (1) 5%
annual return and (2) redemption at
the end of each time period:
The purpose of the above table is to assist the investor in understanding
the various costs and expenses of the Fund that an investor in the Fund will
bear directly or indirectly. See "Management -- Investment Adviser" and
"Management -- Expenses." The figure shown in the caption "Other Expenses,"
which includes, among other things, custodian and transfer agent fees,
registration costs and payments for insurance and audit and legal services, is
based on the Fund's expenses for the fiscal year ended December 31, 1995.
THE INFORMATION IN THE TABLE AND HYPOTHETICAL EXAMPLE ABOVE SHOULD NOT BE
CONSIDERED A REPRESENTATION OF PAST OR FUTURE EXPENSES AND ACTUAL EXPENSES MAY
BE GREATER OR LESS THAN THOSE SHOWN. MOREOVER, WHILE THE EXAMPLE ASSUMES A 5%
ANNUAL RETURN, THE FUND'S ACTUAL PERFORMANCE WILL VARY AND MAY RESULT IN AN
ACTUAL RETURN GREATER OR LESS THAN 5%.
INVESTMENT OBJECTIVE AND POLICIES
The description of the Portfolio's investment objective, policies and
restrictions under the section captioned "Investment Objective and Policies" is
hereby made applicable solely to the Fund.
SPECIAL INFORMATION CONCERNING THE HUB AND SPOKE(R) MASTER-FEEDER FUND STRUCTURE
The section of the Prospectus captioned "Special Information Concerning the
Hub and Spoke(R) Master-Feeder Fund Structure" is hereby deleted.
PURCHASE OF SHARES
The description of how the Portfolio values its portfolio securities under
the section captioned "Purchase of Shares" is hereby made applicable solely to
the Fund.
MANAGEMENT
All references to (i) Standish serving as the Portfolio's investment
adviser, (ii) the Portfolio's portfolio manager, (iii) the services provided by
Standish to the Portfolio, and (iv) the fees paid to Standish by the Portfolio
are hereby made applicable solely to the Fund.
The paragraph captioned "Administrator of the Fund" is hereby deleted.
The two paragraphs under the caption "Expenses" are hereby deleted are
replaced with the following:
The Fund bears all expenses of its operations other than those incurred by
the Adviser under the investment advisory agreement. Among other expenses, the
Fund will pay investment advisory fees, bookkeeping, share pricing and
shareholder servicing fees and expenses; custodian fees and expenses; legal and
auditing fees; expenses of prospectuses, statements of additional information
and shareholder reports
<PAGE>
which are furnished to shareholders; registration and reporting fees and
expenses; and Trustees' fees and expenses. The Trust's Principal Underwriter,
Standish Fund Distributors, L.P., bears without subsequent reimbursement the
distribution expenses attributable to the offering and sale of Fund shares.
Expenses of the Trust which relate to more than one series are allocated among
such series by the Adviser and SIMCO in an equitable manner, primarily on the
basis of relative net asset values. For the fiscal year ended December 31, 1995,
expenses borne by the Fund represented 0.69% of the Fund's average daily net
assets.
THE FUND AND THE PORTFOLIO
All references to the Portfolio are hereby deleted.
<PAGE>
SUPPLEMENT DATED APRIL 29, 1996
TO THE STATEMENT OF ADDITIONAL INFORMATION OF
STANDISH EQUITY FUND (THE "FUND")
DATED APRIL 29, 1996
At a Special Meeting of Shareholders held on March 29, 1996, the Fund's
shareholders authorized, among other things, the Fund to invest all of its
investable assets in Standish Equity Portfolio (the "Portfolio"), thereby
converting the Fund to the Hub and Spoke1 master-feeder fund structure. As of
the date of the attached Statement of Additional Information ("SAI") the Fund
has not yet converted to the Hub and Spoke master-feeder fund structure as
described in the SAI. Accordingly, the Fund continues to retain Standish, Ayer &
Wood, Inc. ("Standish") as its investment adviser and to invest its assets
directly in the types of securities in which it may invest. The Fund currently
intends to convert to the Hub and Spoke master-feeder fund structure as soon as
reasonably practicable.
The following sections of the attached SAI are hereby revised as
follows:
GENERAL
All references in the attached SAI to the Fund seeking to achieve its
investment objective by investing in the Portfolio are hereby deleted.
INVESTMENT OBJECTIVE AND POLICIES
The description of the Portfolio's investment objective, policies and
restrictions under the section captioned "Investment Objective and Policies" is
hereby made applicable solely to the Fund.
INVESTMENT RESTRICTIONS
The description of the Portfolio's restrictions under the section
captioned "Investment Restrictions" is hereby made applicable solely to the
Fund.
MANAGEMENT
The description of the Portfolio Trust's officers and Trustees is
hereby deleted.
All references to (i) Standish serving as the Portfolio's investment
adviser, (ii) the services provided by Standish to the Portfolio, and (iii) the
fees paid to Standish by the Portfolio are hereby made applicable solely to the
Fund. The Fund's investment advisory agreement with Standish continues in full
force and effect for successive
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{R}Hub and Spoke is a registered service mark of Signature Financial Group, Inc.
<PAGE>
periods of one year, but only so long as each such continuance is approved
annually in the manner described in the fifth paragraph under the caption
"Investment Adviser of the Portfolio Trust."
The paragraph captioned "Administrator of the Fund" is hereby deleted.
The paragraph captioned "Administrator of the Portfolio" is hereby
deleted.
PORTFOLIO TRANSACTIONS
The description of Standish placing the Portfolio's portfolio
transactions under the section captioned "Portfolio Transactions" is hereby made
applicable solely to the Fund.
DETERMINATION OF NET ASSET VALUE
The second, third and forth paragraphs under the section captioned
"Determination of Net Asset Value" are hereby deleted. Reference is made to the
Prospectus for the times at which and how the Fund determines its net asset
value.
THE PORTFOLIO AND ITS INVESTORS
The section of the SAI captioned "The Portfolio and Its Investors" is
hereby deleted.
TAXATION
The second paragraph under the section captioned "Taxation" is hereby
deleted. All references to the Fund investing in the Portfolio are hereby
deleted. The tax consequences associated with the Portfolio investing in the
securities described under the section captioned "Taxation" are hereby made
applicable to the Fund investing in such securities.