SUPPLEMENT dated July 25, 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
Fund Comparison Highlights, Investment Objectives and Policies, and Description
of Securities and Related Risks
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 BB or B 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hereby superseded.
