THE THURLOW GROWTH FUND
Supplement to the Prospectus
dated August 6, 1997
The Fund has increased the percentage of its net assets that
may be invested in put and call options on securities (including long-term
options or "LEAPS") and stock indexes. Effective August 3, 1998 the aggregate
sum of the premiums paid for such options may not exceed 35% of the Fund's net
assets whereas prior to such date the applicable limitation was 20% of the
Fund's net assets. See the discussion on pages 5 and 6 of the Prospectus under
the caption "INVESTMENT POLICIES AND RISKS -- Options on Securities and Stock
Indexes."
The date of this Supplement is August 3, 1998.
