NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
(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 Standish U.S. Small Cap Value Fund L.P. (the "Partnership"). On the date of contribution, the
Partnership had net assets of $1,936,087 including unrealized appreciation of $236,152.
A significant portion of the Fund's shares represent investments by fiduciary accounts over which SA&W and its
affiliates have either sole or joint investment discretion.
(5) FEDERAL INCOME TAX BASIS OF INVESTMENT SECURITIES:
The cost and unrealized appreciation (depreciation) in value of the investment securities owned at March 31,
2001, as computed on a federal income tax basis, were as follows:
(6) FINANCIAL INSTRUMENTS:
In general, the following instruments are used for hedging purposes as described below. However, these
instruments may also be used to seek to enhance potential gain in circumstances where hedging is not involved.
The nature, risks and objectives of these instruments are set forth more fully in the Fund's Prospectus and
Statement of Additional Information.
The Fund trades the following instruments with off-balance sheet risk:
Call and put options give the holder the right to purchase or sell a security or currency or enter into a swap
arrangement on a future date at a specified price. The Fund may use options to seek to hedge against risks of
market exposure and changes in securities prices and foreign currencies, as well as to seek to enhance returns.
FOR THE PERIOD
FEBRUARY 1, 2000