MARKET LEADERS GROWTH TRUST
SUPPLEMENT TO PROSPECTUS
APRIL 22, 1996
On April 2, 1996 Berkshire Hathaway Inc. ("Berkshire") filed a
registration statement (the "Berkshire Registration Statement")
with the Securities and Exchange Commission (the "SEC") relating
to the registration of shares of Berkshire Class B Common Stock
($.1667 par value) (the "Class B Shares"). As indicated in the
attached prospectus and as of the date hereof, the Trust
portfolio consists of approximately 24.9% of Berkshire Common
Stock which Berkshire has indicated will be redesignated as Class
A Common Stock (the "Class A Common Shares"). In addition to the
Class A Common Shares, the Trust holds the common stock of the
following nine other companies (approximately 75% of the Trust
portfolio) in which Berkshire currently owns an equity interest:
American Express Company The Gillette Company
The Coca-Cola Company PNC Bank Corporation
Disney & Company The Washington Post Company
Federal Home Loan Mortgage Company Wells Fargo & Company
Gannett Co., Inc.
In the Berkshire Registration Statement and in other public
announcements Warren Buffett, Berkshire's Chairman, has indicated
that he and others in Berkshire management believe that Class A
Common Shares are not undervalued and that they would not buy
Berkshire shares at the price set forth in the Berkshire
Registration Statement ($33,850 on April 1, 1996; at the closing
of the New York Stock Exchange on April 19, 1996 the price was
$33,300) nor would they recommend that their families or friends
do so. The Berkshire Registration Statement contains other
cautionary statements from Berkshire officers to offerees of
Class B Common Stock including, but not limited to the following:
Berkshire's historical rate of growth in per-share book value is
not indicative of possible future growth; in recent years the
market price of Berkshire shares has increased at a rate
exceeding the growth in per-share intrinsic value; and Berkshire
believes the offering is tailored to fully satisfy the demand of
investors, thus potentially discouraging quick profit taking. In
addition, the Registration Statement describes the purpose of the
offering and criticizes investment vehicles such as the Trust.
Further, the Registration Statement highlights certain risk
factors and investment considerations involved in the investment
in Class B Common Stock. On page 12 of the Trust prospectus is
information describing where Berkshire's SEC filings, including
the Berkshire Registration Statement, may be inspected.
