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EAI SELECT MANAGERS EQUITY FUND
SUPPLEMENT
DATED AS OF FEBRUARY 28, 1999
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 February 18, 1999, the Trustees agreed to terminate Equinox
Capital Management, Inc. as one of the Fund's Subadvisers, effective as of the
close of business on February 28, 1999.
Evaluation Associates Capital Markets, Incorporated, the Fund's Manager, intends
to reallocate the Fund assets under Equinox Capital's management to Peachtree
Asset Management. Peachtree Asset Management is a division of Mutual Management
Corporation, an indirect subsidiary of Citigroup Inc.
As a result of this change, the Prospectus sections "Introduction - The
Subadvisers," and "Management - The Subadvisers" and "Management - Compensation"
are amended to delete references to Equinox Capital Management, Inc. and add
Peachtree Asset Management.
* * * * * * * * *
The above change is also incorporated by reference into the Fund's Statement of
Additional Information dated May 1, 1998.
