NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
2000, Standish International Management Company, L.L.C. ("SIMCO"), a wholly-owned subsidiary of SA&W,
provided investment advisory and administrative services and was paid monthly at the annual rate of 1.00% of the
Fund's average daily net assets. SIMCO voluntarily agreed to limit the total Fund operating expenses (excluding
litigation, indemnification and other extraordinary expenses) to 1.25% of the Fund's average daily net assets.
Pursuant to these agreements, for the six months ended March 31, 2001, SA&W and SIMCO voluntarily did
not impose $86,193 of its investment advisory fees. These agreements are voluntary and temporary and may be
discontinued or revised by SA&W at any time. No director, officer or employee of SA&W or its affiliates
receives any compensation from the Trust or the Fund for serving as an officer or Trustee of the Trust. The Trust
pays each Trustee who is not a director, officer or employee of SA&W or its affiliates an annual fee and a per
meeting fee as well as reimbursement for travel and out of pocket expenses. In addition, the Trust pays the legal
fees for the independent counsel of the Trustees.
(3) PURCHASES AND SALES OF INVESTMENTS:
Purchases and proceeds from sales of investments, other than short-term obligations, for the six months ended
March 31, 2001 were $16,009,043 and $8,341,333, respectively. For the six months ended March 31, 2001,
the Fund did not purchase or sell any U.S. Government securities.
(4) SHARES OF BENEFICIAL INTEREST:
The Declaration of Trust permits the trustees to issue an unlimited number of full and fractional shares of beneficial
interest having a par value of one cent per share. Transactions in Fund shares were as follows:
The Fund commenced operations with an initial tax-free contribution of assets and liabilities, including securities-
in-kind from SIMCO International Small Cap Fund L.P. (the "Partnership"). On the date of contribution, the
Partnership had net assets of $10,796,305 in