SUPPLEMENT dated December 17, 1997
To the PROSPECTUS of
STANDISH FIXED INCOME FUND
STANDISH FIXED INCOME FUND II
STANDISH SHORT-TERM ASSET RESERVE FUND
STANDISH CONTROLLED MATURITY FUND
STANDISH SECURITIZED FUND
Dated May 1, 1997
Standish Controlled Maturity Fund
The following information replaces the Expense Information table with
respect to the Controlled Maturity Fund on page 3 of the attached Prospectus:
Annual Operating Expenses Controlled Maturity
(as a percentage of average net assets) Fund
Management Fees (after fee reduction)* 0.00%
12b-1 Fees None
Other Expenses+ (after expense limitation)* 0.30%
Total Fund Operating Expenses (after expense 0.30%
limitation)*
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*Standish has voluntarily and temporarily agreed to limit certain expenses of
the Controlled Maturity Fund. In the absence of such agreement, the Fund's
Management Fees, Other Expenses and Total Operating Expenses (as a percentage of
average net assets) for the fiscal year ended December 31, 1996 would have been:
0.35%, 0.90% and 1.25%. The Controlled Maturity Fund was subject to different
expense limitations at various times during the fiscal year ending December 31,
1997. Standish may revise or discontinue this agreement at any time although it
has no current intention to do so.
+Other Expenses include custodian and transfer agent fees, registration costs,
payments for insurance and audit and legal services.
Example
Hypothetically assume that the Controlled Maturity Fund's annual return is
5% and that its operating expenses are exactly as described. For every $1,000
invested, an investor would have paid the following expenses if an account were
closed after the number of years indicated:
<PAGE>
Controlled Maturity
Fund
After 1 Year $3
After 3 Years 10
After 5 Years 17
After 10 Years 38
The purpose of the above table is to assist an investor in understanding
the various costs and expenses that an investor in the Controlled Maturity Fund
will bear directly or indirectly. Total operating expenses are based on expenses
for the Fund's fiscal year ended December 31, 1996 as adjusted for current
expense limitations. The example is included solely for illustrative purposes
and should not be considered a representation of future performance or expenses.
Actual expenses may be more or less than those shown. See "Management" for
additional information about the Fund's expenses.
<PAGE>
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Controlled Maturity Fund
The following disclosure replaces the information regarding the
Controlled Maturity Fund in footnote to the table on page 22 of the attached
Prospectus:
Standish has voluntarily agreed to limit Total Fund Operating
Expenses (excluding litigation, indemnification and other extraordinary
expenses) of the Controlled Maturity Fund to 0.30% of the Fund's average
daily net assets. The Fund was subject to a different expense limitation
at various times during the fiscal year ending December 31, 1997.
Standish may terminate or revise this agreement at any time although it
has no current intention to do so.
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Fixed Income Fund
The following information replaces similar disclosure with respect to
the Fixed Income Fund and the Fixed Income Portfolio under the captions "Fund
Comparison Highlights", "Investment Objectives and Policies" and "Description of
Securities and Related Risks" in the attached Prospectus:
Standish Fixed Income Portfolio may invest up to 15% of its total assets
in non-investment grade securities rated Ba or B by Moody's or below or BB or B
or below by Standard & Poor's, Duff, Fitch or IBCA or, if not rated, determined
by Standish to be of comparable credit quality. See "Investment Objectives and
Policies" and "Description of Securities and Related Risks" in the attached
prospectus and the Funds' statement of additional information for a further
discussion of the risks associated with investing in non- investment grade
securities. The Fixed Income Portfolio does not limit its investments in
non-investment grade securities to those rated Ba by Moody's or BB by Standard &
Poor's, Duff, Fitch or IBCA. Disclosure in the attached prospectus that is
inconsistent with the foregoing is hereby superseded.
