TIP FUNDS
Clover Small Cap Value Fund
Clover Equity Value Fund
Clover Max Cap Value Fund
Supplement dated August 19, 1999
to the Statement of Additional Information dated January 31, 1999
This supplement provides new and additional information beyond that contained in
the Statement of Additional Information. It should be retained and read in
conjunction with such Statement of Additional Information.
The following should replace the third paragraph under the headings "Small Cap
Value Fund" and "Equity Value Fund" on pages S-2 and S-3 of the Statement of
Additional Information. Additionally, the following should be inserted under the
heading "Max Cap Value Fund" on page S-4 after the third paragraph:
All of the equity securities (including ADRs) in which the Fund invests
are traded on registered exchanges or the over-the-counter market in
the United States or Canada.
In connection with this change, the following disclosure is inserted into the
"Description of Permitted Investments and Risk Factors" section on page S-8:
Foreign Securities -- Investments in securities of foreign companies or
governments can be more volatile than investments in U.S. companies or
governments. Diplomatic, political, or economic developments, including
nationalization or appropriation, could affect investments in foreign
countries. Foreign securities markets generally have less trading
volume and less liquidity than U.S. markets. In addition, the value of
securities denominated in foreign currencies, and of dividends from
such securities, can change significantly when foreign currencies
strengthen or weaken relative to the U.S. dollar. Foreign companies or
governments generally are not subject to uniform accounting, auditing,
and financial reporting standards comparable to those applicable to
domestic U.S. companies or governments. Transaction costs are generally
higher than those in the U.S. and expenses for custodial arrangements
of foreign securities may be somewhat greater than typical expenses for
custodial arrangements of similar U.S. securities. Some foreign
governments levy withholding taxes against dividend and interest
income. Although in some countries a portion of these taxes are
recoverable, the non-recovered portion of these taxes will reduce the
income received from the securities comprising the portfolio.
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PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
