FLORIDA STREET FUNDS
SUPPLEMENT DATED OCTOBER 31, 1997
TO
PROSPECTUS DATED JUNE 16, 1997
The following should be read in conjunction with the section titled
"Summary of Fund Expenses" on page 7 and "Operation of the Funds" on page 9 of
the Prospectus:
Effective November 1, 1997 and until further notice, the
Adviser intends to waive a portion of its management fee in
order to reduce total operating expenses of the Florida Street
Bond Fund from 1.10% to 0.75%, and of the Florida Street
Growth Fund from 1.35% to 0.90%.
The following should be read in conjunction with the section titled "Dividends
and Distributions" on page 8 of the Prospectus:
Effective November 1, 1997 the Florida Street Bond Fund
intends to declare substantially all of its net investment
income as dividends to its shareholders on a daily basis and
to pay such dividend monthly.
The Fund's investment policy regarding floating rate, inverse floating
rate, and index obligations on page 19 of the Prospectus, is revised as follows:
Each Fund may invest without limitation in floating rate,
inverse floating rate, and index obligations. Formerly, a
Fund's investment in inverse floating rate securities was
limited to 5% of its total assets. These securities are
considered to be instruments which are commonly known as
derivatives. See "Derivatives" on pages 20 and 21 of the
Prospectus. It should be noted that each Fund may invest in
instruments whose value is computed based on a multiple of the
change in price or value of an asset (or of an index of or
relating to assets), provided the relevant asset or assets are
eligible for investment by the Fund. To the extent a Fund
invests in instruments whose value is computed based on such a
multiple, a leverage factor is involved, which can result in
high volatility and significant losses. See "Derivatives" on
pages 20 and 21 of the Prospectus.
ASA02CDE-100897-3
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