SUPPLEMENT dated October 23, 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
Further Revised: August 9, 2000
Further Revised: October 20, 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:
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Average annual total returns for selected periods ended December 31, 1999
1 Year 5 Years Life of Fund Inception Date
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Select Value (0.17) 20.54 17.65 1/2/91
Fund
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Russell 1000 7.35 23.06 18.57 N/A
Value Index*
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S&P 500 Index* 21.04 28.55 20.85 N/A
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Small Cap 79.10 26.16 24.10 9/1/90
Equity Fund
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Russell 2000 43.09 18.99 16.63 N/A
Growth Index**
* 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.
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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):
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Fund Fund Managers Positions during the past
five years
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Small Capitalization Steven L. Gold Vice president and director
Equity Fund of 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 Vice president and 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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Standish Small Cap Value Fund:
The following information replaces the information in the Fund managers
table on page 13 of the attached prospectus for the Small Cap Value Fund:
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Fund Fund Managers Positions during past five
years
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Small Cap Value Fund Joseph M. Corrado Vice president and director
of Standish. Mr. Corrado is
a Chartered Financial
Analyst who oversees
domestic equity research for
Standish.
Stephanie K. Scherer Vice president of Standish
since 1998 and an equity
analyst prior to 1998. Ms.
Scherer is a Chartered
Financial Analyst and
portfolio manager.
