CENTURION FUNDS, INC.
on behalf of the
Centurion U.S. Equity Fund
Centurion International Equity Fund
Supplement dated January 13, 2000 to the
Prospectus dated December 4, 1998
The following information supplements certain
information contained in the Prospectus and Statement
of Additional Information of the Funds.
On January 13, 2000, the Board of Directors of
Centurion Funds, Inc. approved the following with
respect to the Centurion U.S. Equity Fund and the
Centurion International Equity Fund:
Changing each Fund's investment goal from "seeks to
provide long-term after-tax growth consistent with
reasonable efforts to preserve capital" to "seeks to
provide long-term growth consistent with reasonable
efforts to preserve capital." The Board of Directors
may change each Fund's investment goal without
shareholder approval.
With respect to the Centurion U.S. Equity Fund (the
"U.S. Equity Fund"), to seek its new investment goal,
the Board of Directors also approved the termination
of Parametric Portfolio Associates ("Parametric") as
an investment sub-adviser to the U.S. Equity Fund.
Parametric will be replaced with Trainer, Wortham &
Company Inc. ("Trainer") commencing on March 15, 2000.
Trainer will render sub-investment advisory services
to the U.S. Equity Fund on an interim basis pending
approval by a majority vote of shareholders of the
U.S. Equity Fund as defined in the Investment Company
Act of 1940, as amended. Trainer employs a "bottom-
up" stock fundamental analysis process which
emphasizes companies with the following qualities:
(i) large capitalization, high quality, industry
leaders; (ii) financially sound companies with solid,
proven management; (iii) consistent earnings growth
rates above those of the market; (iv) stock prices
that have historically out performed the S&P 500
Index; and (v) a catalyst for further stock price
appreciation.
The Board has also approved changing the U.S. Equity
Fund's performance benchmark from the Russell 3000
Index to the S&P 500 Index (the "Index"). The Index is
one of the most widely used benchmarks of U.S. Equity
performance. The Index consists of 500 stocks chosen
for market capitalization, liquidity and industry
group representation. The Index is market-value-
weighted, so the largest of the 500 companies have a
bigger impact on the performance of the Index. The
Index is unmanaged.
The investment sub-advisory agreement between the U.S.
Equity Fund's Manager, Centurion Trust Company, and
Trainer will be substantively identical to the
comparable agreement with Parametric. Trainer,
located at 845 Third Avenue, New York, New York,
currently manages approximately $2.6 billion in
assets. With the hiring of Trainer, the allocation of
assets of the U.S. Equity Fund will be as follows:
Trainer 90% and Credit Suisse Asset Management LLC
10%.
The change in the Centurion International Equity
Fund's investment goal is effective immediately. The
above changes with respect to the U.S. Equity Fund
will become effective on March 15, 2000, the date on
which Trainer will begin managing the Fund.
CENTURION STICKER Jan 2000
- -2-
CENTURION STICKER Jan 2000
