SUPPLEMENT dated August 1, 2000
To the PROSPECTUS of
Standish Tax-Sensitive Equity Fund
Standish Small Cap Tax-Sensitive Equity Fund
Standish Intermediate Tax Exempt Bond Fund
Standish Massachusetts Intermediate Tax Exempt Bond Fund
Dated: January 31, 2000
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Standish Tax-Sensitive Equity Fund:
The following information replaces the information in the Fees and
expenses of the fund table on page 5 of the attached Prospectus for the Standish
Tax-Sensitive Equity Fund:
Fees and Expenses of the Fund
This table describes the fees and expenses you may pay if you buy
and hold shares of the fund.
Based on fiscal year Tax-Sensitive
ended 9/30/99 Equity Fund
Shareholder fees (fees paid directly
from your investment) None
Annual fund operating expenses
(expenses that are deducted from
fund assets)
Management fees 0.50%
Distribution (12b-1) fees None
Other expenses 0.35%
Total annual fund operating
expenses 0.85%
Because Standish has agreed to cap the fund's operating expenses,
the fund's actual expenses (restated to reflect the current
expense limitation) were:
Management fees 0.40%
Other expenses 0.35%
Total annual fund
operating expenses 0.75%
These caps may be changed or eliminated.
<PAGE>
The following information replaces the information under the caption
Advisory services and fees on page 11 of the attached Prospectus for Standish
Tax-Sensitive Equity 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*
Tax-Sensitive
Equity Fund 0.15%** 0.50% 0.75%
* Current expense limitations, also shown as a percentage of the fund's average
net assets, represent a voluntary cap on the fund's total expenses. If the
actual advisory fee rate is less than the contractual advisory fee rate, the cap
was triggered and advisory fees were waived by Standish.
** Reflects the actual advisory fee paid as a percentage of the fund's average
net assets for the year ended September 30, 1999 and has not been restated.
<PAGE>
SUPPLEMENT dated August 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 World High Yield Fund
Dated: May 1, 2000
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Standish International Fixed Income Fund II:
The following information replaces the information in the Fees and
expenses of the fund table on page 7 of the attached Prospectus for the Standish
International Fixed Income Fund II:
Fees and Expenses of the Fund
This table describes the fees and expenses you may pay if you buy
and hold shares of the fund.
Based on fiscal year Internationa Fixed
ended 12/31/99 Income Fund II
Shareholder fees (fees paid directly from None
your investment)
Annual fund operating expenses
(expenses that are deducted from
fund assets)
Management fees 0.40%
Distribution (12b-1) fees None
Other expenses 1.00%
Total annual fund operating
expenses 1.40%
Because Standish has agreed to cap the fund's operating expenses,
the fund's actual expenses (restated to reflect the current
expense limitation) were:
Management fees 0.00%
Other expenses 0.55%
Total annual fund 0.55%
operating expenses
These caps may be changed or eliminated.
<PAGE>
The following information replaces the information under the caption
Advisory services and fees on page 15 of the attached Prospectus for Standish
International Fixed Income Fund II:
Annual Advisory Fee Rates
(as a percentage of the fund's average net assets)
Actual advisory Contractual Current expense
fee paid advisory fee limitation*
International 0.00%** 0.40% 0.55%
Fixed Income Fund II
* Current expense limitations, also shown as a percentage
of the fund's average net assets, represent a voluntary cap on the fund's total
expenses. If the actual advisory fee rate is less than the contractual advisory
fee rate, the cap was triggered and advisory fees were waived by Standish.
**Reflects the actual advisory fee paid as a percentage of the fund's average
net assets for the year ended December 30, 1999 and has not been restated.
