SUPPLEMENT dated June 29, 1999
To the PROSPECTUS of
STANDISH FIXED INCOME FUND
STANDISH FIXED INCOME FUND II
STANDISH DIVERSIFIED INCOME FUND
STANDISH SECURITIZED FUND
STANDISH CONTROLLED MATURITY FUND
STANDISH SHORT-TERM ASSET RESERVE FUND
Dated April 30, 1999
Revised June 29, 1999
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Standish Controlled Maturity Fund:
The following information replaces the fees and expenses table on page 9
of the attached prospectus for Standish Controlled Maturity Fund to reflect a
reduction in the contractual management fee charged to the fund from 0.35% to
0.30% of the fund's average net assets.
Controlled Maturity
Based on fiscal year ended 12/31/98 Fund
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Shareholder fees
(fees paid directly from your investment) None
Annual fund operating expenses(1)
(expenses that are deducted from fund assets)
Management fees 0.30%
Distribution (12b-1) fees None
Other expenses 0.51%
Total annual fund operating expenses 0.81%
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(1) Because Standish has agreed to cap the fund's operating
expenses, each fund's actual expenses were:
Management fees 0.00%
Other expenses 0.30%
Total annual fund operating expenses 0.30%
These caps may be changed or eliminated.
Expense Example
This example is intended to help you compare the cost of investing in each fund
with the cost of investing in other mutual funds. The example assumes that:
<PAGE>
+ You invest $10,000 in the fund for the time periods indicated;
+ You redeem at the end of each period;
+ Your investment has a 5% return each year; and
+ The fund's operating expenses have not been capped and remain constant.
Although your actual costs may be higher or lower, under these assumptions your
costs would be:
After After After After
1 year 3 years 5 years 10 years
Controlled Maturity Fund $83 $259 $450 $1002
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The following information replaces the information in the annual advisory
fee rates table on page 13 of the attached prospectus for Standish Controlled
Maturity Fund:
Annual Advisory Fee Rates
(as a percentage of the fund's average net assets)
Actual advisory Contractual Current expense
fee paid advisory fee limitation
Controlled Maturity Fund 0.00% 0.30% 0.30%
<PAGE>
SUPPLEMENT dated June 29, 1999
To the Statement of Additional Information of
STANDISH FIXED INCOME FUND
STANDISH FIXED INCOME FUND II
STANDISH DIVERSIFIED INCOME FUND
STANDISH SECURITIZED FUND
STANDISH CONTROLLED MATURITY FUND
STANDISH SHORT-TERM ASSET RESERVE FUND
Dated April 30, 1999
Revised June 29, 1999
- --------------------------------------------------------------------------------
Standish Controlled Maturity Fund:
The following information replaces the advisory fee rate listed on page 46
of the attached Statement of Additional Information for Standish Controlled
Maturity Fund:
Contractual Advisory Fee Rate (as a
Fund percentage of daily net assets)
Controlled Maturity Fund 0.30%
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