SUPPLEMENT dated April 1, 1998
To the PROSPECTUS of
STANDISH EQUITY FUND
STANDISH INTERNATIONAL EQUITY FUND
STANDISH SMALL CAPITALIZATION EQUITY FUND
STANDISH SMALL CAPITALIZATION EQUITY FUND II
Dated January 28, 1998
Standish Small Capitalization Equity Fund II
The following information replaces the Expense Information table
regarding Standish Small Capitalization Equity Fund II ("Small Cap II Fund") on
page 3 of the attached Prospectus:
Annual Operating Expenses Small Capitalization
(as a percentage of average net assets) Equity Fund II
Management Fees (after fee reduction)* 0.00%
12b-1 Fees None
Other Expenses+ (after expense limitation)* 1.00%
Total Operating Expenses (after expense limitation)* 1.00%
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*Standish has voluntarily and temporarily agreed to limit certain expenses of
the Small Cap II 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 September 30, 1997 would have been: 0.60%,
2.96% and 3.56%. The Fund was subject to a different expense limitation during
the fiscal year ended September 30, 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 Small Cap II 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:
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Small Capitalization
Equity Fund II
After 1 Year $10
After 3 Years 32
After 5 Years 55
After 10 Years 122
The purpose of the above table is to assist an investor in
understanding the various costs and expenses that an investor in the Small Cap
II Fund will bear directly or indirectly. Total operating expenses are based on
expenses for the Fund's fiscal year ended September 30, 1997 as adjusted for the
current expense limitation. 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.
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Standish Small Capitalization Equity Fund II
The following disclosure replaces the information regarding the Small
Cap II Fund in the footnote to the table on page 22 of the attached Prospectus:
Standish has voluntarily agreed to limit total expenses
(excluding brokerage commissions, taxes and extraordinary expenses) of
the Small Cap II Fund to 1.00% of the Fund's average daily net assets.
The Fund was subject to a different expense limitation during the
fiscal year ended September 30, 1997. Standish 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 to Standish
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.
