SUPPLEMENT dated March 31, 2000
To the PROSPECTUS of
Standish Fixed Income Fund
Standish Fixed Income Fund II
Standish World High Yield Fund
(formerly Standish Diversified Income Fund)
Standish Securitized Fund
Standish Controlled Maturity Fund
Standish Short-Term Asset Reserve Fund
Dated: April 30, 1999
Revised: December 7, 1999
Further Revised: March 2, 2000
- --------------------------------------------------------------------------------
Standish World High Yield Fund (formerly Standish Diversified Income Fund):
The following information replaces the information in the Fees and
expenses of the funds table on page 6 of the attached Prospectus for the
Standish World High Yield Fund (formerly Standish Diversified Income Fund):
Fees and Expenses of the Funds
This table describes the fees and expenses you may pay if you buy and hold
shares of the fund.
Based on fiscal year World High Yield
ended 12/31/98 Fund
Shareholder fees (fees paid directly from
your investment) None
Annual fund operating expenses(1,2)
(expenses that are deducted from fund assets)
Management fees 0.50%
Distribution (12b-1) fees None
Other expenses 0.41%
Total annual fund operating
expenses 0.91%
- ----------
1 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 0.09%
Other expenses 0.41%
Total annual fund operating expenses 0.50%
These caps may be changed or eliminated.
2 The table and example reflect the combined expenses of World High Yield
Fund and the master fund in which it invests all its assets.
The following information replaces the information under the caption
Advisory services and fees on page 13 of the attached Prospectus for the
Standish World High Yield Fund (formerly Standish Diversified Income Fund):
Annual Advisory Fee Rates
(as a percentage of the fund's average net assets)
<TABLE>
<CAPTION>
Actual advisory fee paid Contractual advisory fee Current expense limitation
<S> <C> <C> <C>
World High Yield Fund 0.00%* 0.50% 0.50%
</TABLE>
* Reflects the actual advisory fee paid as a percentage of the fund's average
net assets for the year ended December 31, 1998 and has not been restated.
<PAGE>
SUPPLEMENT dated March 31, 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
(formerly Standish Diversified Income Fund)
Dated: April 30, 1999
Revised: December 7, 1999
Further Revised: March 1, 2000
Further Revised: March 2, 2000
Standish World High Yield Fund (formerly Standish Diversified Income Fund):
The following information replaces the information in the Fees and
expenses of the fund table on page 11 of the attached Prospectus for the
Standish World High Yield Fund (formerly Standish Diversified Income 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 World High
Yield ended 12/31/98 Fund
Shareholder fees (fees paid directly
from your investment) None
Annual fund operating expenses(1,2)
(expenses that are deducted from fund assets)
Management fees 0.50%
Distribution (12b-1) fees None
Other expenses 0.41%
Total annual fund operating expenses 0.91%
- ----------
1 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 0.09%
Other expenses 0.41%
Total annual fund operating expenses 0.50%
These caps may be changed or eliminated.
2 The table and example reflect the combined expenses of World High
Yield Fund and the master portfolio in which it invests all its
assets.
The following information replaces the information under the caption
Advisory services and fees on page 15 of the attached Prospectus for the
Standish World High Yield Fund (formerly Standish Diversified Income Fund):
Annual Advisory Fee Rates
(as a percentage of the fund's average net assets)
<TABLE>
<CAPTION>
Actual advisory fee paid Contractual advisory fee Current expense limitation
<S> <C> <C> <C>
World High Yield Fund 0.00%* 0.50% 0.50%
</TABLE>
* Reflects the actual advisory fee paid as a percentage of the fund's average
net assets for the year ended December 31, 1998 and has not been restated.
