TIP FUNDS
CLOVER EQUITY VALUE FUND
SUPPLEMENT DATED FEBRUARY 24, 1998
TO THE PROSPECTUS DATED JANUARY 31, 1998
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE PROSPECTUS, AND SHOULD BE READ IN CONJUNCTION WITH SUCH PROSPECTUS.
The following Financial Highlights for the Clover Equity Value Fund should
replace the Financial Highlights found on page 6 of the prospectus.
FINANCIAL HIGHLIGHTS
The following information for the fiscal year ended September 30, 1997,
with respect to the Clover Equity Value Fund has been derived from the
financial statements audited by Ernst & Young LLP, the Fund's independent
auditors, whose report dated October 31, 1997, is incorporated by reference
in the Statement of Additional Information. On June 25, 1997, the Equity
Value Fund acquired all of the assets and liabilities of the Clover Capital
Equity Value Portfolio of The Advisors' Inner Circle Fund. The information
prior to that date relates to the Clover Capital Equity Value Portfolio.
The financial statements of the Clover Capital Equity Value Portfolio of
The Advisors' Inner Circle Fund were audited by Arthur Andersen LLP. The
following table should be read in conjunction with the Fund's financial
statements and the notes thereto. Additional performance information is set
forth in the Trust's 1997 Annual Report to Shareholders, which is available
upon request and without charge by calling 1-800-224-0312. All references
herein to the Equity Value Fund shall be deemed to include the Clover
Capital Equity Value Portfolio.
For a Share Outstanding Throughout the Period:
<TABLE>
<CAPTION>
Clover Equity
Value Fund
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11/01/96 11/01/95 11/01/94 11/01/93 11/01/92 12/06/91(1)
to to to to to to
9/30/97 10/31/96 10/31/95 10/31/94 10/31/93 10/31/92
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period ......... $ 16.20 $ 15.29 $ 13.74 $ 11.94 $ 10.45 $10.00
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Income From Investment Operations:
Net Investment Income ................... 0.18 0.19 0.24 0.08 0.10 0.10
Realized and Unrealized Gains
on Securities ......................... 3.54 2.15 2.46 2.01 1.54 0.44
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Total From Investment Operations ........ 3.72 2.34 2.70 2.09 1.64 0.54
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Less Distributions:
Distributions From Net Investment
Income ................................ (0.18) (0.22) (0.22) (0.08) (0.10) (0.09)
Distributions From Capital Gains ........ (0.75) (1.21) (0.93) (0.21) (0.05) 0.00
- ----------------------------------------------------------------------------------------------------------------------------
Total Distributions ..................... (0.93) (1.43) (1,15) (0.29) (0.15) (0.09)
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Net Asset Value, End Of Period ............... $ 18.99 $ 16.20 $ 15.29 $ 13.74 $ 11.94 $10.45
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Total Return ................................. 23.86%+ 16.47% 21.25% 17.80% 15.83% 5.94%*
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Ratios and Supplemental Data
Net Assets, End Of Period (000)............... $117,859 $85,050 $51,647 $25,249 $15,070 $9,005
Ratio Of Expenses To Average Net Assets ...... 1.10%* 1.10% 1.10% 1.14% 1.18% 1.20%*
Ratios Of Expenses To Average Net Assets
(Excluding Fee Waiver and Contributions) ... 1.15%* 1.21% 1.20% 1.30% 1.51% 2.09%*
Ratio Of Net Income To Average Net Assets .... 1.18%* 1.32% 1.82% 0.71% 0.89% 1.15%*
Ratio Of Net Income To Average Net Assets
(Excluding Fee Waiver and Contributions) ... 1.13%* 1.21% 1.72% 0.55% 0.56% 0.26%*
Portfolio Turnover Rate ...................... 51.64% 51.36% 84.76% 58.44% 82.51% 31.00%
Average Commission (2) ....................... $0.0551 $0.0577 N/A N/A N/A N/A
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</TABLE>
(1) The Clover Capital Equity Value Portfolio commenced operations on
December 6, 1991.
(2) Average Commission rate paid per share for the security purchases and sales
made during the period. Presentation of the rate is only required for
fiscal yers beginning after September 1, 1995.
*Annualized.
+Returns are for the period indicated and have not been annualized.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
