SUPPLEMENT dated August 9, 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
Revised: August 1, 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.
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Standish Small Cap Tax-Sensitive Fund:
The following information replaces the information in the Fund managers
table on page 11 of the attached prospectus for the Standish Small Cap
Tax-Sensitive Fund:
Fund Managers Positions during the past
Fund Fund Managers five years
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Small Cap Tax-Sensitive Nevin Markwart Associate director of
Fund Standish since 2000 and,
prior to 2000, vice
president of Standish. Nevin
serves as a portfolio
manager and research analyst
for private client
and institutional
portfolios.
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<PAGE>
SUPPLEMENT dated August 9, 2000
To the PROSPECTUS of
Standish Select Value Fund
(formerly Standish Equity Fund)
Standish Small Capitalization Equity Fund
Standish Small Cap Growth Fund
(formerly Standish Small Capitalization Equity Fund II)
(Institutional Class Shares)
Standish Small Cap Value Fund
Standish International Equity Fund
Standish International Small Cap Fund
Dated: January 31, 2000
Revised: July 1, 2000
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Standish Select Value Fund (formerly Standish Equity Fund):
Standish Equity Fund is changing its name to Standish Select Value Fund.
Accordingly, the name Standish Select Value Fund replaces all references to the
name Standish Equity Fund in the attached prospectus.
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The following information replaces the information in the Average annual
total return table on page 5 of the attached prospectus:
Average annual total returns for selected periods ended December 31, 1999
1 Year 5 Years Life of Fund Inception Date
--------------------------------------------------------------------------------
Select Value
Fund (0.17) 20.54 17.65 1/2/91
Russell 1000
Value Index* 7.35 23.06 18.57 N/A
S&P 500 Index* 21.04 28.55 20.85 N/A
Small Cap
Equity Fund 79.10 26.16 24.10 9/1/90
Russell 2000
Growth Index** 43.09 18.99 16.63 N/A
* Select Value Fund has changed its name to better reflect the value based
investment style used by Standish in managing the fund. In light of this change,
the fund has also changed its benchmark index from the S&P 500 Index to the
Russell 1000 Value Index, which is an unmanaged index representing those Russell
1000 companies with value characteristics and provides a more appropriate
comparison to the fund's performance. The Russell 1000 Index is an unmanaged
index of 1,000 stocks of large cap U.S. companies.
<PAGE>
** The Russell 2000 Index is an unmanaged index of 2,000 stocks of small cap
U.S. companies. The Russell 2000 Growth Index is an unmanaged index representing
those Russell 2000 companies with higher price-to-book ratios and forecasted
growth.
Standish Small Capitalization Equity Fund and Standish Small Cap Growth Fund
(Institutional Class Shares):
The following information replaces the information in the Fund managers
table on page 13 of the attached prospectus for the Standish Small
Capitalization Equity Fund and Standish Small Cap Growth Fund (Institutional
Class Shares):
Fund Managers Positions during the past
Fund Fund Managers five years
--------------------------------------------------------------------------------
Small Capitalization Steven L. Gold Associate director of
Equity Fund Standish since 2000 and,
prior to 2000, vice
president of Standish.
Steven serves as a portfolio
manager for various equity
products and as a
senior investment
research analyst
Small Cap Growth Fund Edward R. Walter Associate director of
Standish since 1999 and,
prior to 1999, vice
president of Standish.
Edward serves as manager of
the quantitative research
group.
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<PAGE>
SUPPLEMENT dated August 9, 2000
To the PROSPECTUS of
Standish Select Value Asset Fund
(formerly Standish Equity Asset Fund)
Standish Small Cap Growth Fund
(formerly Standish Small Capitalization Equity Fund II)
(Service Class Shares)
Dated: January 31, 2000
Revised: July 1, 2000
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Standish Select Value Asset Fund (formerly Standish Equity Asset Fund):
Standish Equity Asset Fund is changing its name to Standish Select Value
Asset Fund. Accordingly, the name Standish Select Value Asset Fund replaces all
references to the name Standish Equity Asset Fund in the attached prospectus.
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The following information replaces the information in the Average annual
total return table on page 5 of the attached prospectus:
Average annual total returns for selected periods ended December 31, 1999
1 Year 5 Years Life of Fund Inception Date
--------------------------------------------------------------------------------
Select Value
Asset* Fund (0.41) 19.68 17.06 1/2/91
Russell 1000
Value Index** 7.35 23.06 18.57 N/A
S&P 500 Index** 21.04 28.55 20.85 N/A
* Includes performance of the older feeder fund for the period from January 2,
1991 (inception) to October 7, 1997, adjusted to reflect Select Value Asset
Fund's 0.25% account administration fee.
** Select Value Asset Fund has changed its name to better reflect the value
based investment style used by Standish in managing the fund. In light of this
change, the fund has also changed its benchmark index from the S&P 500 Index to
the Russell 1000 Value Index, which is an unmanaged index representing those
Russell 1000 companies with value characteristics and provides a more
appropriate comparison to the fund's performance. The Russell 1000 Index is an
unmanaged index of 1,000 stocks of large cap U.S. companies.
<PAGE>
Standish Small Cap Growth Fund (Service Class Shares):
The following information replaces the information in the Fund managers
table on page 11 of the attached prospectus for the Standish Small Cap Growth
Fund (Service Class Shares):
Fund Managers Positions during the past
Fund Fund Managers five years
--------------------------------------------------------------------------------
Small Cap Growth Fund Edward R. Walter Associate director of
Standish since 1999 and,
prior to 1999, vice
president of Standish.
Edward serves as manager of
the quantitative research
group.
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