MASTERS SELECT FUNDS TRUST
497, 2000-05-05
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                           MASTERS' SELECT FUNDS TRUST


                          SUPPLEMENT DATED MAY 5, 2000
         TO THE STATEMENT OF ADDITIONAL INFORMATION DATED APRIL 20, 2000

The following  supplements the section  "GENERAL  INFORMATION" on page 29 of the
Statement of Additional Information:

McGladrey & Pullen, LLP is replaced by PricewaterhouseCoopers LLP as the Trust's
independent accountants.


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