COMMON SENSE TRUST
497, 1996-06-28
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<PAGE>   1

June 25, 1996

                               IMPORTANT NOTICE

                              WE NEED YOUR VOTE

Dear Common Sense II Shareholder:

Recently you received an informational packet from Common Sense Trust
containing important materials on which your vote is needed. Since we have not
received your vote, we want to remind you how important it is that you respond.

You received this material because you are a shareholder in either Common 
Sense II Growth Fund, the Common Sense II Growth and Income Fund or the 
Common Sense II Government Fund. As a shareholder you have the right to vote 
on matters that affect your respective Fund(s) in which you are invested.
Federal law requires that when a mutual fund asks shareholders to vote on an
issue at least 50% of the shareholders must vote or the issue cannot be
approved. That's why your vote is so important!
        
The material you received included a booklet describing the issue on which you
are being asked to vote and a card on which you can cast your vote. In case you
misplaced your card another card and postage-paid envelope has been sent along
with this letter. Please review the information, indicate your vote, sign the
card and return it in the envelope we have provided. We need to receive your
vote as soon as possible.

IF YOU HAVE ANY QUESTIONS, CALL US AT 1-800-544-5445. Thank you for your
cooperation. If you already have returned your card, please disregard this
notice.


Sincerely,

/s/ Don G. Powell
- ----------------------
Don G. Powell
President




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