SUPPLEMENT dated June 11, 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
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 applicable limitation) 0.50%*
12b-1 Fees None
Other Expenses (after applicable expense limitation)+ 0.21%*
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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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