September 18, 2000
WESTCOTT FUNDS
Westcott Nothing But Net Fund
Supplement to Prospectus
Dated December 8, 1999
MANAGEMENT OF THE FUNDS
The section titled "Management of the Funds" on page 3 of the
Prospectus is replaced in its entirety with the following:
Aegis Management, Inc., 230 Westcott St., Suite 1, Houston,
Texas 77007, serves as investment adviser to the Funds. The adviser was
organized as a Texas corporation in 1993. The adviser manages large
capitalization equity, medium capitalization equity, balanced and fixed
income portfolios for a variety of tax-exempt and taxable clients. The
investment decisions for each Fund are made by a committee of the
adviser, which is primarily responsible for the day-to-day management
of each Fund's portfolio. Each Fund is authorized to pay the adviser an
annual fee as follows: Nothing But Net Fund, 1.70%; Large-Cap Fund,
1.00% Fixed Income Fund, 0.75%.
This supplement and the Prospectus dated December 8, 1999 provide the
information a prospective investor ought to know before investing and should be
retained for future reference. A Statement of Additional Information has been
filed with the Security and Exchange Commission dated December 8, 1999, which is
incorporated herein by reference and can be obtained without charge by calling
the Westcott Funds at 1-800-998-6658.