KeyFunds(R)
SBSF Fund
SBSF Convertible Securities Fund
SBSF Capital Growth Fund
Supplement Dated October 1, 1997
to the Prospectus Dated April 1, 1997
as previously supplemented
The Prospectus of the above Funds is supplemented as follows:
Effective October 13, 1997, BISYS Fund Services and its affiliates will handle
all responsibilities as Administrator for the Funds, including fund accounting
services. All references to Key Asset Management Inc. in the capacity as
Sub-Administrator to the Funds are hereby deleted.
Please insert this Supplement in the front of your Prospectus. Investors wishing
to obtain more information should call the Funds at 800-KEY-FUND(R).
2KF-SBSF-SUP2
<PAGE>
KeyFunds(R)
Key Money Market Mutual Fund
Supplement Dated October 1, 1997
to the Prospectus Dated April 1, 1997
as previously supplemented
The Prospectus of the Key Money Market Mutual Fund is supplemented as follows:
Effective October 13, 1997, BISYS Fund Services and its affiliates will handle
all responsibilities as Administrator for the Fund, including fund accounting
services. All references to Key Asset Management Inc. in the capacity as
Sub-Administrator to the Funds are hereby deleted.
Please insert this Supplement in the front of your Prospectus. Investors wishing
to obtain more information should call the Fund at 800-KEY-FUND(R).
2KF-MMM-SUP2
<PAGE>
KeyFunds(R)
SBSF Fund
SBSF Convertible Securities Fund
SBSF Capital Growth Fund
Key Money Market Mutual Fund
Supplement Dated October 1, 1997
to the Statement of Additional Information Dated April 1, 1997
as previously supplemented
The Statement of Additional Information of the above Funds is supplemented
effective October 13, 1997 as follows:
On page 17 under "The Investment Adviser, Administrator and Sub-Administrator,"
and the sub-heading, "Administrator and Sub-Administrator," the last paragraph
regarding the Sub-Administrator should be deleted in its entirety and replaced
with the following language:
"Prior to October 13, 1997, pursuant to a Sub-Administration Agreement dated
July 12, 1996, BISYS retained KAM to provide the Funds with certain
sub-administrative and fund accounting services. For its services as
sub-administrator, BISYS paid KAM an annual fee of $500,000. In addition, during
the period from April 1, 1996 through July 11, 1996, KAM (then known as Spears)
served as sub-administrator for the Funds pursuant to a Sub-Administration
Agreement between KAM and an affiliate of BISYS, Concord Holding Corporation.
Such prior Sub-Administration Agreement was substantially identical to the
Sub-Administration Agreement between BISYS and KAM, including the rate of
compensation payable to KAM. And, during the period from April 1, 1996 through
the close of the Funds' fiscal year on November 30, 1996, KAM received a total
of $375,000 from Concord and BISYS for acting as the Funds' sub-administrator."
Going forward, BISYS Fund Services and its affiliates will handle all
responsibilities as Administrator for the Funds, including fund accounting
services. In addition, the sub-heading should be changed to "The Administrator."
All other references to Key Asset Management Inc. in the capacity as
Sub-Administrator to the Funds are hereby deleted.
Please insert this Supplement in the front of your Statement of Additional
Information. Investors wishing to obtain more information should call the Funds
at 800-KEY-FUND(R).
2KF-SAI-SUP3
