Notes to Financial Statements
(2) Distributions to Shareholders:
Dividends from net investment income will be declared and distributed quarterly. The Fund's dividends from
short-term and long-term capital gains, if any, after reduction of capital losses will be declared and distributed at
least annually. In determining the amounts of its dividends, the Fund will take into account its share of the income,
gains or losses, expenses, and any other tax items of the Portfolio. Dividends from net investment income and
capital gains distributions, if any, are reinvested in additional shares of the Fund unless a shareholder elects to
receive them in cash. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain
distributions are determined in accordance with income tax regulations which may differ from generally accepted
accounting principles. These differences are primarily due to differing treatments for foreign currency, forward
foreign currency exchange contracts, option and financial futures transactions. Permanent book and tax basis
differences relating to shareholder distributions will result in reclassifications between paid-in capital, distributions
in excess of net investment income and accumulated net realized gain (loss).
(3) Investment Advisory Fee:
The Fund does not directly pay any investment advisory fees, but indirectly bears its pro rata share of the
compensation paid by the Portfolio to Standish International Management Company, L.P. ("SIMCO") for such
services. See Note 2 of the Portfolio's Notes to Financial Statements which are included elsewhere in this report.
The Trust pays no compensation directly to its trustees who are affiliated with SIMCO or to its officers, all of
whom receive remuneration for their services to the Trust from the SIMCO. Certain of the trustees and officers
of the Trust are limited partners or officers of SIMCO.
(4) Investment Transactions:
Increases and decreases in the Fund's investment in the Portfolio for the