FEBRUARY 25, 2000
SHEPHERD VALUES FUNDS
SUPPLEMENT TO THE PROSPECTUS
DATED JANUARY 31, 2000
Until further notice, the Shepherd Values VIF Equity Fund will not be pursuing
its investment objective due to its relatively small asset size. The small size
of the Fund makes it difficult to manage its portfolio effectively, thus assets
will be invested in money market instruments of the types described under
"Investment Objectives and Policies" in the Prospectus and in a bank demand
deposit account at the Fund custodian. Please call the Transfer Agent at
1-877-636-2766 for more information.
