SUPPLEMENT dated February 4, 1997
TO THE PROSPECTUSES OF
STANDISH EQUITY FUND ("EQUITY FUND")
STANDISH SMALL CAPITALIZATION EQUITY FUND ("SMALL CAP FUND")
Dated May 1, 1996
and
STANDISH SMALL CAPITALIZATION EQUITY FUND II ("SMALL FUND")
Dated October 11, 1996
Each of the above-referenced Funds may invest in shares of real estate
investment trusts ("REITs"), which are pooled investment vehicles that invest in
real estate or real estate loans or interests. Investing in REITs involves risks
similar to those associated with investing in equity securities of small
capitalization companies. REITs are dependent upon management skills, are not
diversified, and are subject to risks of project financing, default by
borrowers, self-liquidation, and the possibility of failing to qualify for the
exemption from taxation under the Internal Revenue Code.
