OCTOBER 26, 1998
DEAN FAMILY OF FUNDS
SUPPLEMENT TO PROSPECTUS
DATED JULY 15, 1998
THE FOLLOWING DISCLOSURE SHOULD BE READ IN CONJUNCTION WITH THE SECTION
"OPERATION OF THE FUNDS":
Newton Capital Management, Ltd. ("Newton Capital") has been managing
the investments of the International Value Fund since its inception pursuant to
a Sub-Advisory Agreement dated October 1, 1997. On October 16, 1998, Neptune
LLC, a wholly-owned subsidiary of Mellon Bank Corporation, acquired a
controlling interest in Newton Management, Ltd., the parent company of Newton
Capital. The acquisition of Newton Capital constitutes an assignment and
therefore an automatic termination of the Sub-Advisory Agreement. On October 5,
1998, shareholders of the International Value Fund approved a new Sub-Advisory
Agreement with Newton Capital which is substantially identical to the previous
Sub-Advisory Agreement, except for the dates of effectiveness and termination.
The rate of compensation paid to Newton Capital has not changed under the new
Sub-Advisory Agreement.
Dirk H. Van Dijk is primarily responsible for managing the portfolio of
the Small Cap Value Fund. He had previously shared these responsibilities with
Amit Dugar, who is no longer associated with Dean Investment Associates.
THE FOLLOWING SHOULD REPLACE THE LIST OF THE MEMBERS OF THE BOARD OF TRUSTEES
FOUND ON THE BACK COVER OF THE PROSPECTUS:
Board of Trustees
Victor S. Curtis
Chauncey H. Dean
Dr. Robert D. Dean
Dr. Sam B. Gould
Beth E. Mooney
Frank J. Perez
Dr. David H. Ponitz
Frank H. Scott
Gilbert P. Williamson
