SUPPLEMENT dated March 1, 2000
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
Further Revised: December 7, 1999
The following information replaces the first paragraph under the caption
"When-Issued," "Delayed Delivery" and "Forward Commitment" Securities on page 26
of the attached Statement of Additional Information for each of the above named
funds:
"When-Issued", "Delayed Delivery" and "Forward Commitment"
Securities. Each fund places no limit on investments in when-issued or
delayed delivery securities. Delivery and payment for securities purchased
on a when-issued or delayed delivery basis will normally take place 15 to
45 days after the date of the transaction. The payment obligation and
interest rate on the securities are fixed at the time that a fund enters
into the commitment, but interest will not accrue to the fund until
delivery of and payment for the securities. Although a fund will only make
commitments to purchase "when-issued" and "delayed delivery" securities
with the intention of actually acquiring the securities, each fund may
sell the securities before the settlement date if deemed advisable by the
adviser.
------------------------
The following information replaces the first three sentences under the
caption Forward Roll Transactions on page 28 of the attached Statement of
Additional Information for each of the above named funds:
Forward Roll Transactions. To seek to enhance current income, each
fund may invest in forward roll transactions involving mortgage-backed
securities. Each fund places no limit on investments in forward roll
transactions.
- 1 -
<PAGE>
SUPPLEMENT dated March 1, 2000
To the PROSPECTUS of
Standish International Fixed Income Fund (Institutional Class Shares)
Standish International Fixed Income Fund II
Standish Global Fixed Income Fund
Standish Diversified Income Fund
Dated: April 30, 1999
Revised: December 7, 1999
- --------------------------------------------------------------------------------
Standish International Fixed Income Fund (Institutional Class Shares)
The following information replaces the information in the Risk/Return
Summary in the row Targeted average portfolio credit quality on page 4 of the
attached Prospectus for the above named fund:
Targeted average In the range of A to AA/Aa
portfolio credit
quality
------------------------
Standish International Fixed Income Fund II
The following information replaces the information in the Risk/Return
Summary in the row Targeted average portfolio credit quality on page 6 of the
attached Prospectus for the above named fund:
Targeted average In the range of A to AA/Aa
portfolio credit
quality
- 2 -
<PAGE>
SUPPLEMENT dated March 1, 2000
To the STATEMENT OF ADDITIONAL INFORMATION of
Standish International Fixed Income Fund (Institutional Class Shares)
Standish International Fixed Income Fund II
Standish Global Fixed Income Fund
Standish Diversified Income Fund
Dated: April 30, 1999
Revised: December 7, 1999
- --------------------------------------------------------------------------------
Standish International Fixed Income Fund (Institutional Class Shares)
The following information replaces the last sentence under the heading
Credit quality on page 4 of the attached Statement of Additional Information for
the Standish International Fixed Income Fund:
The average dollar-weighted credit quality of the Fund's portfolio is
expected to be in the range of A to Aa according to Moody's or A to AA
according to Standard & Poor's, Duff or Fitch.
------------------------
Standish International Fixed Income Fund II
The following information replaces the last sentence under the heading
Credit quality on page 4 of the attached Statement of Additional Information for
the Standish International Fixed Income Fund II:
The average dollar-weighted credit quality of the Fund's portfolio is
expected to be in the range of A to Aa according to Moody's or A to AA
according to Standard & Poor's, Duff or Fitch.
- 1 -
