SUPPLEMENT dated August 5, 1996
to the PROSPECTUS of each of the
following funds in the
Standish, Ayer & Wood family of funds:
Standish Equity Fund
Standish International Equity Fund
Standish Small Capitalization Equity Fund
Standish Small Cap Tax-Sensitive Equity Fund
Standish Tax-Sensitive Equity Fund
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To the extent that a Fund is required by policies of the staff of the Securities
and Exchange Commission to cover its obligations under certain securities
transactions, the Fund may maintain in a segregated account with its custodian
either cash or liquid securities having a value at least equal to the amount of
the Fund's obligation.
