O'SHAUGHNESSY CORNERSTONE GROWTH FUND
O'SHAUGHNESSY CORNERSTONE VALUE FUND
Supplement dated April 10, 1997 to Prospectus dated October 11, 1996
The hypothetical performance graphs used in this prospectus on pages 7 and 10
are inaccurate due to an error in the software package that was used to create
the graphs. The corrected graphs are contained on this supplement.
(This graph represents the hypothetical performance of the Cornerstone Growth
Strategy as applied retroactively in backtesting to December 31, 1954. The
performance of the Cornerstone Growth Strategy does not represent the
performance of the Cornerstone Growth Fund, nor does it (or the performance of
the S&P 500) reflect the advisory fees, commissions, expenses or taxes which
would be borne by the Fund. The Strategy's performance, as well as that of the
S&P 500, would be lower if such fees and expenses were deducted. Past
performance of the Cornerstone Growth Strategy is not predictive of future
performance of the Strategy or the Fund.)
Cornerstone Growth Strategy Stocks
Hypothetical Total Return on a $10,000 Investment
[Insert Cornerstone GROWTH Fund Graph. Narrative description to the commission-
The graph that exists here replaces the graph found on prospectus page 7. The
hypothetical performance graphs used in this prospectus on pages 7 and 10 are
inaccurate due to an error in the software package that was used to create the
graphs. The corrected graphs are contained on this supplement. The graph
representation is explained above.]
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(This graph represents the hypothetical performance of Cornerstone Value
Strategy as applied retroactively in backtesting to December 31, 1951. The
performance of the Cornerstone Value Strategy does not represent the performance
of the Cornerstone Value Fund, nor does it (or the performance of the S&P 500)
reflect the advisory fees, commissions, expenses or taxes which would be borne
by the Fund. The Strategy's performance, as well as that of the S&P 500 would be
lower if such fees and expenses were deducted. Past performance of the
Cornerstone Value Strategy is not predictive of future performance of the
Strategy or the Fund.)
Cornerstone Value Strategy Stocks
Hypothetical Total Return on a $10,000 Investment
[Insert Cornerstone VALUE Fund Graph. Narrative description to the commission-
The graph that exists here replaces the graph found on prospectus page 10. The
hypothetical performance graphs used in this prospectus on pages 7 and 10 are
inaccurate due to an error in the software package that was used to create the
graphs. The corrected graphs are contained on this supplement. The graph
representation is explained above.]
