The Masters' Select Equity Fund
Supplement Dated April 30, 1998
to Prospectus Dated November 15, 1997
The following information should be inserted on page 5 of the prospectus
FINANCIAL HIGHLIGHTS
For a share outstanding throughout the period
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
Masters' Select Masters' Select
Equity Fund Equity Fund
For the period from For the period from
12/1/97 to 12/31/97(1) 1/1/98 to 3/31/98
- ---------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period .................. $ 10.00 $ 11.84
-------- --------
Income from investment operations:
Net investment income .............................. 0.03 0.02
Net realized and unrealized gain ................... 2.90 1.36
-------- --------
Total from investment operations ................ 2.93 1.38
-------- --------
Less distributions:
From net investment income ......................... (0.03) --
From net realized gains ............................ (1.06) --
-------- --------
Total distributions ................................ (1.09) --
-------- --------
Net asset value, end of period ........................ $ 11.84 $ 13.22
======== ========
Total return(2) ....................................... 29.11% 11.66%
======== ========
Net assets at end of period (in 000's) ................ $296,876 $372,614
======== ========
Ratio of expenses to average net assets ............... 1.47% 1.40%
======== ========
Ratio of net investment income to average net assets(3) 0.12% 0.66%
======== ========
Portfolio turnover rate ............................... 145.11% 17.69%
======== ========
Average commission rate paid .......................... $ 0.0372
========
</TABLE>
* Annualized
(1) The Masters' Select Equity Fund commenced operations on December 31, 1996.
(2) Not annualized for periods of less than one year.
(3) Includes custody fees paid indirectly which amounted to 0.03% and 0.00%
respectively, of average net assets for the fiscal year ended December 31,
1997 and the three month period ended March 31, 1998.
<PAGE>
The Masters' Select International Fund
Supplement Dated April 30, 1998
to Prospectus Dated November 15, 1997
The following information should be inserted on page 5 of the prospectus
FINANCIAL HIGHLIGHTS
For a share outstanding throughout the period
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
Masters' Select Masters' Select
International Fund International Fund
For the period from For the period from
12/1/97 to 12/31/97(1) 1/1/98 to 3/31/98
- ---------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period................... $ 10.00 $ 9.88
-------- --------
Income from investment operations:
Net investment income............................... 0.00 0.04
Net realized and unrealized gain.................... (0.12) 1.76
-------- --------
Total from investment operations................. (0.12) 1.80
-------- --------
Less distributions:
From net investment income.......................... -- --
From net realized gains............................. -- --
-------- --------
Total distributions................................. -- --
-------- --------
Net asset value, end of period......................... $ 9.88 $ 11.68
======== ========
Total return(2)........................................ (1.20%) 18.22%
======== ========
Net assets at end of period (in 000's)................. $ 45,934 $ 87,802
======== ========
Ratio of expenses to average net assets................ 1.77% 1.28%
======== ========
Ratio of net investment income to average net assets(3) 0.42% 1.39%
======== ========
*
Portfolio turnover rate................................ 0.00% 8.92%
======== ========
Average commission rate paid........................... $ 0.0148
========
</TABLE>
* Annualized
(1) The Masters' Select Equity Fund commenced operations on December 31, 1996.
(2) Not annualized for periods of less than one year.
(3) Includes custody fees paid indirectly which amounted to 0.03% and 0.00%
respectively, of average net assets for the fiscal year ended December 31,
1997 and the three month period ended March 31, 1998.
