<PAGE>
EAI SELECT MANAGERS EQUITY FUND
SUPPLEMENT
DATED DECEMBER 22, 1999
TO
STATEMENT OF ADDITIONAL INFORMATION
DATED MAY 1, 1999
Certain investors may purchase or sell shares at the net asset value next
determined after orders are entered through authorized broker-dealers or through
other authorized processing organizations that may impose transaction fees and
charges in connection with providing this service, which fees and charges the
Fund believes will be disclosed to investors. Shares purchased in this manner
may be treated by the Fund as part of a single account for purposes of minimum
initial investment. Investors are not required to utilize the services of a
broker-dealer or other processing organization and may purchase shares directly
from the Fund. Authorized broker-dealers may designate intermediaries to receive
purchase and sale orders on behalf of the Fund. In order to facilitate these
arrangements, the Fund has appointed several co-transfer agents.
