The Masters' Select Equity Fund
Supplement Dated February 18, 1997
to Prospectus Dated December 31, 1996
The following information supplements the information concerning The Masters'
Select Equity Fund found on page 4 of the Prospectus:
Annual Operating Expenses
Investment advisory fee.......................................1.10%
12b-1 fee.....................................................None
Other expenses of the Fund....................................0.33%
Total Fund Operating Expenses.................................1.43%
Example: Let's say, hypothetically, that the Fund's annual return is 5% and that
its operating expenses are exactly as just described. For every $1,000 you
invest, here's how much you would pay in total expenses if you close your
account after the number of years indicated:
After 1 year...................................................$15
After 3 years..................................................$45
The following information supplements the information concerning the performance
of The Masters' Select Equity Fund Investment Managers found on pages 6 thru 9
of the Prospectus:
The average total return of Davis New York Venture Fund ("Davis"), Longleaf
Partners Fund ("Longleaf"), Harbor Capital Appreciation Fund ("Harbor"),
Brandywine Fund ("Brandywine"), Strong Common Stock Fund ("Strong") and the
Standard & Poor's 500 Stock Index ("S&P 500") through December 31, 1996, are as
follows:
Period Davis Longleaf Harbor Brandywine Strong S&P 500
One year 26.54% 21.02% 19.85% 24.92% 20.47% 23.00%
Three years n/a 18.91% 19.52% n/a 16.65% 19.69%
Five years 17.81% 19.87% 16.06% 19.17% 19.14% 15.22%
Ten years 17.42% n/a n/a 19.20% n/a 15.25%
The following information supplements the information concerning the performance
of The Masters' Select Equity Fund Investment Managers found on pages 9 and 10
of the Prospectus:
The average total return of SoGen International Fund ("SoGen"), the Standard &
Poor's 500 Stock Index ("S&P 500"), and the Morgan Stanley EAFE Index ("EAFE")
through December 31, 1996, are as follows:
Period SoGen EAFE S&P 500
One year 13.64% 6.04% 23.00%
Five years 12.92% 8.15% 15.22%
Ten years 12.52% 8.45% 15.25%
