SUPPLEMENT DATED DECEMBER 18, 1996
TO THE PROSPECTUS OF
STANDISH SHORT-TERM ASSET RESERVE FUND
Dated May 1, 1996
The following revises and replaces the information contained in the first
and second sentence of the paragraph under the caption "Ratings" on page 4 of
the attached Prospectus:
The Fund invests primarily in high grade securities, cash and cash
equivalents. High grade securities are those rated within the top three
investment grade ratings (i.e., Aaa, Aa, A or P-1 by Moody's Investors
Service, Inc. ("Moody's") or AAA, AA, A or A-1 by Standard & Poor's
Ratings Group ("Standard & Poor's")) or, if not rated, determined to be
of comparable investment quality by the Adviser. The Fund may, however,
invest up to 15% of its total assets in securities rated in the
investment grade category of Baa or P-2 by Moody's or BBB or A-2 by
Standard & Poor's or, if not rated, determined to be of comparable
investment quality by the Adviser.
