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EAI SELECT MANAGERS EQUITY FUND
SUPPLEMENT
DATED AS OF JUNE 30, 1998
TO
MAY 1, 1998 PROSPECTUS
SUBADVISERS. At a meeting of the Board of Trustees of the Fund, including the
"non-interested" Trustees (as defined in the Investment Company Act of 1940, as
amended) held on May 21, 1998, the Trustees agreed to terminate Bennett Lawrence
Management LLC as one of the Fund's Subadvisers, effective as of the close of
business on June 30, 1998.
Evaluation Associates Capital Markets, Incorporated, the Fund's Manager, intends
to reallocate the Fund assets under Bennett Lawrence's management to one or more
other Subadvisers.
As a result of this change, the Prospectus sections "Introduction The
Subadvisers," "Management The Subadvisers" and "Management Compensation" are
amended to delete references to Bennett Lawrence Management LLC.
* * * * * * * * *
THE ABOVE CHANGE IS ALSO INCORPORATED BY REFERENCE INTO THE FUND'S STATEMENT OF
ADDITIONAL INFORMATION DATED MAY 1, 1998.
