BEACON GLOBAL ADVISORS TRUST
THE CRUELTY FREE VALUE FUND
Supplement dated January 5, 1998
to Prospectus and Statement of Additional Information
dated April 8, 1997, as Supplemented October 28, 1997
THE FOLLOWING INFORMATION SUPPLEMENTS AND SUPERSEDES THE INFORMATION
CONTAINED IN THE FUND'S PROSPECTUS DATED APRIL 8, 1997, AS
SUPPLEMENTED OCTOBER 28, 1997.
FINANCIAL HIGHLIGHTS
The following are unaudited "Financial Highlights" of THE CRUELTY FREE
VALUE FUND for the period ended September 30, 1997. The table below
sets forth financial data for one share of capital stock outstanding for
the period presented.
For the Period
April 29, 1997/*/ through
September 30, 1997
(unaudited) ----------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 25.00
----------------------------
Income from investment operations:
Net investment loss (0.03)
Net realized and unrealized gain
on investments 4.23
----------------------------
Total from investment operations 4.20
----------------------------
NET ASSET VALUE, END OF PERIOD $ 29.20
----------------------------
----------------------------
TOTAL RETURN 16.80% /1/
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's) $ 1,058
Ratio of expenses to average net assets:
Before expense reimbursement 39.20%/2/
After expense reimbursement 1.95% /2/
Ratio of net investment loss to average net assets:
Before expense reimbursement (37.59%)/2/
After expense reimbursement (0.34%)/2/
Portfolio turnover rate 13.52% /1/
Average commission rate paid $ 0.0700
/*/ Commencement of investment operations
/1/ Not Annualized
/2/ Annualized
THE FOLLOWING INFORMATION SUPPLEMENTS AND SUPERSEDES ANY CONTRARY
INFORMATION CONTAINED IN THE SECTIONS OF THE FUND'S PROSPECTUS
ENTITLED " MANAGEMENT OF THE FUND - THE SUBADVISORS" AND IN THE
STATEMENT OF ADDITIONAL INFORMATION ENTITLED "INVESTMENT ADVISORY AND
OTHER SERVICES - SUBADVISORY AGREEMENTS."
Effective January 5, 1998, The Cruelty-Free Value Fund engaged a new
investment manager, Scudder Kemper Investments, Inc. (or Zurich
Investment Management, Inc. transferable to Scudder Kemper
Investments, Inc.), pursuant to a new sub-investment advisory
agreement between Beacon Global Advisors, Inc. and Scudder Kemper
Investments, Inc. (or Zurich Investment Management, Inc. transferable
to Scudder Kemper Investment, Inc.), which was approved by the Board
of Trustees at a meeting held December 5, 1997 and by shareholders at
a Special Meeting of Shareholders held on January 5, 1998.
