May 27, 1999
T.O. RICHARDSON SECTOR ROTATION FUND
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Supplement to the Prospectus
dated December 30, 1998
We are pleased to announce that the Board of Trustees for T.O. Richardson Sector
Rotation Fund has approved a reduction to the Fund's Redemption Fee from 1.25%
to 1.00% of the current market value of the shares redeemed, effective
immediately.
The Prospectus is amended as follows:
Page 7
Under the subheading "What are the Costs of Investing in the Fund?" the
following change is made:
Redemption Fee.................................................1.00%(1)
(1) On redemptions of Fund shares held for less than one year, the Fund
charges a fee of 1.00% of the current market value of Fund shares
redeemed. This fee is paid to the Fund. This fee is waived for Fund
shareholders that were previously private clients of the Advisor. Fund
shares purchased through dividend reinvestment are not subject to the
fee. If you redeem shares by wire, you may be charged a $12 service
fee. See "Redeeming Shares of the Fund."
Please retain this Supplement with your
Prospectus for future reference.
