WCT EQUITY FUND
(A Portfolio of the WCT Funds)
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SUPPLEMENT TO THE PROSPECTUS DATED DECEMBER 1, 1997
Effective immediately, WCT Equity Fund (the "Fund") will, pursuant to the
existing Shareholder Services Plan, accrue and pay shareholder services fees of
.11% of the Fund's average daily net assets. Accordingly, please delete the
"Summary of Fund Expenses" table on page 1 of the prospectus and replace it
with the following:
SUMMARY OF FUND EXPENSES--WCT EQUITY FUND
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<S> <C> <C>
SHAREHOLDER TRANSACTION EXPENSES
Maximum Sales Charge Imposed on Purchases (as a percentage of offering
price)................................................................ 4.50%
Maximum Sales Charge Imposed on Reinvested Dividends (as a percentage
of offering price).................................................... None
Contingent Deferred Sales Charge (as a percentage of original purchase
price or redemption
proceeds, as applicable).............................................. None
Redemption Fees (as a percentage of amount redeemed, if applicable).... None
Exchange Fee........................................................... None
ANNUAL FUND OPERATING EXPENSES*
(As a percentage of projected average net assets)
Management Fee (1)..................................................... 0.50%
12b-1 Fee (2).......................................................... 0.00%
Total Other Expenses................................................... 0.52%
Shareholder Services Fee (3)................................... 0.11%
Total Fund Operating Expenses (4).................................. 1.02%
</TABLE>
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(1) The estimated management fee has been reduced to reflect the anticipated
voluntary waiver of the management fee by the investment adviser. The
adviser can terminate this voluntary waiver at any time at its sole
discretion. The maximum management fee is 0.75%.
(2) As of the date of this prospectus, the Fund is not paying or accruing 12b- 1
fees. The Fund will not pay or accrue 12b-1 fees until a separate class of
shares has been created for certain institutional investors. The Fund's
distributor can pay up to 0.25% as a 12b-1 fee which is reimbursed to the
distributor by the Fund. See "Distribution of Fund Shares." Long-term
shareholders may pay more than the economic equivalent of the maximum
front-end sales charges permitted under the rules of the National
Association of Securities Dealers, Inc.
(3) The estimated shareholder services fee has been reduced to reflect the
anticipated voluntary waiver by the servicing agent. The servicing agent can
terminate this voluntary waiver at any time at its sole discretion. The
maximum shareholder services fee is 0.25%. See "Distribution of Fund
Shares."
(4) The Total Fund Operating Expenses are estimated to be 1.41% absent the
voluntary waiver described in Note 1 above.
*Expenses in this table are estimated based on average expenses expected to be
incurred during the fiscal year ending October 31, 1998. During the course of
this period, expenses may be more or less than the average amount shown.
The purpose of this table is to assist the investor in understanding the
various costs and expenses that a shareholder in the Fund will bear, either
directly or indirectly. For more complete descriptions of the various costs and
expenses, see "WCT Funds Information" and "Investing in the Fund." Wire-
transferred redemptions may be subject to additional fees.
EXAMPLE
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You would pay the following expenses on a $1,000 investment assuming (1) 5%
annual return; (2) redemption at the end of each time period; and (3) payment of
the maximum sales charge. As noted in the table above, the Fund charges no
contingent deferred sales charge.
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1 Year...................................................................... $55
3 Years..................................................................... $76
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THE ABOVE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR
FUTURE EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN. THIS
EXAMPLE IS BASED ON ESTIMATED DATA FOR THE FISCAL YEAR ENDING OCTOBER 31,
1998.
May 1, 1998
Edgewood Services, Inc., Distributor
Cusip 92923E100
G02309-05 (5/98)
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