SUPPLEMENT dated October 30, 1998
To the PROSPECTUS of
STANDISH EQUITY FUND
STANDISH SMALL CAPITALIZATION EQUITY FUND
STANDISH SMALL CAPITALIZATION EQUITY FUND II
STANDISH INTERNATIONAL EQUITY FUND
Dated January 28, 1998
Revised May 15, 1998
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Standish Equity Fund:
The following information replaces the Expense Information table regarding
Standish Equity Fund ("Equity Fund") on page 3 of the attached Prospectus:
Annual Operating Expenses Equity Fund
(as a percentage of average net assets) -------------------
Management Fees (after fee reduction)* 0.50%
12b-1 Fees None
Other Expenses+ (after expense limitation)* 0.21%
-----
Total Operating Expenses (after expense limitation 0.71%
=====
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*The Adviser has voluntarily and temporarily agreed to limit certain expenses of
the Equity Fund to 0.71%. 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 September 30, 1997 would have
been: 0.50%, 0.22% and 0.72%. The Adviser 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 Equity Fund's annual return is 5% and that
its total 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>
Equity Fund
-------------------
After 1 Year $7
After 3 Years 23
After 5 Years 40
After 10 Years 88
The purpose of the table is to assist an investor in understanding the
various costs and expenses that an investor in the Equity Fund will bear
directly or indirectly. 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. On July 12, 1997, the Fund
changed its fiscal year end from December 31 to September 30.
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Standish Equity Fund:
The following disclosure replaces the information regarding the Equity
Fund in the footnote to the table on page 19 of the attached Prospectus:
The Adviser has voluntarily agreed to limit total expenses (excluding
brokerage commissions, taxes and extraordinary expenses) of the Equity
Fund to 0.71% of the Fund's average daily net assets. The Adviser may
terminate or revise this agreement at any time although it has no
current intention to do so. If the expense limit is exceeded, the
compensation due the Adviser shall be proportionately reduced by the
amount of such excess by a reduction or refund thereof, subject to
readjustment during the period during which the limit is in place.
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Standish Small Capitalization Equity Fund II:
The following information replaces the Fund Comparison Highlights table
regarding Standish Small Capitalization Equity Fund II ("Small Cap II Fund") on
page 2 of the attached Prospectus:
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Small Capitalization Equity Fund II
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Market $1.5 billion or less
Capitalization of
Companies
Focused on by
the Fund
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<PAGE>
Standish Small Capitalization Equity Fund II:
The following disclosure replaces the information regarding the Small Cap
II Fund under the caption "The Small Capitalization Equity Fund II" on page 9 of
the attached Prospectus:
Principal Investments. Under normal circumstances, at least 80% of the
Small Cap II Portfolio's total assets are invested in equity and
equity-related securities of small capitalization companies. The Small
Cap II Portfolio focuses its investments in small capitalization
companies that have total market capitalizations of $1.5 billion or
less at the time of purchase. When Standish believes that securities
of small capitalization companies are over-valued, the Small Cap II
Portfolio may invest in securities of larger, more mature companies,
provided that such investments do not exceed 20% of the Portfolio's
total assets. The Small Cap II Portfolio may participate in initial
public offerings for previously privately held companies which are
generally expected to have total market capitalizations of $1.5
billion or less after consummation of the offering, and whose
securities are expected to be liquid after the offering.
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<PAGE>
SUPPLEMENT dated October 30, 1998
To the PROSPECTUS of
STANDISH TAX-SENSITIVE EQUITY FUND
STANDISH SMALL CAPITALIZATION TAX-SENSITIVE EQUITY FUND
STANDISH INTERMEDIATE TAX EXEMPT BOND FUND
STANDISH MASSACHUSETTS INTERMEDIATE TAX EXEMPT BOND FUND
Dated January 28, 1998
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Standish Small Capitalization Tax-Sensitive Equity Fund:
The following information replaces the information in the Fund Comparison
Highlights table regarding Standish Small Capitalization Tax-Sensitive Equity
Fund ("Small Cap Fund") on page 2 of the attached Prospectus:
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Small Cap Tax-Sensitive
Equity Fund
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Market Capitalization of $ 1.5 billion or less at the time of
Companies Focused on by purchase
the Fund
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Standish Small Capitalization Tax-Sensitive Equity Fund:
The following disclosure replaces the information regarding the Small Cap
Fund under the caption "The Small Cap Tax-Sensitive Equity Fund" on page 11 of
the attached Prospectus:
Principal Investments. Under normal circumstances, at least 80% of the
Small Cap Fund's total assets are invested in equity and
equity-related securities of small capitalization companies. The Small
Cap Fund focuses its investments in small capitalization companies
that have total market capitalizations of $1.5 billion or less at the
time of purchase. When Standish believes that securities of small
capitalization companies are over-valued, the Small Cap Fund may
invest in securities of larger, more mature companies, provided that
such investments do not exceed 20% of the Fund's total assets. The
Small Cap Fund may participate in initial public offerings for
previously privately held companies which are expected to have total
market capitalizations of $1.5 billion or less after consummation of
the offering, and whose securities are expected to be liquid after the
offering. Companies with small market capitalizations may have more
limited operating histories and/or less experienced management than
larger capitalization companies and investment in such companies may
pose additional risks.
<PAGE>
SUPPLEMENT dated October 30, 1998
To the Statement of Additional Information of
STANDISH EQUITY FUND
STANDISH SMALL CAPITALIZATION EQUITY FUND
STANDISH SMALL CAPITALIZATION EQUITY FUND II
STANDISH INTERNATIONAL EQUITY FUND
Dated January 28, 1998
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Standish Small Capitalization Equity Fund II:
The following information replaces the information regarding Standish
Small Capitalization Equity Fund II ("Small Cap II Fund") under the caption
"Common Stocks" on page 2 of the attached Statement of Additional Information:
The common stocks of the companies in which the Small Cap II Portfolio
invests typically have total market capitalizations of up to $1.5
billion.
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