Harris Bretall Sullivan & Smith Growth Equity Fund
Supplement Dated September 4, 1997
To Prospectus Dated August 1, 1997
To All Investors:
Harris Bretall Sullivan & Smith, Inc., Manager of the Fund, has agreed
to affiliate with Value Asset Management, Inc. ("VAM"), a holding company that
invests in privately owned asset management firms. The affiliation is subject to
the usual conditions, including approval by Fund shareholders and the Board of
Trustees of new advisory agreements with the Manager under its new VAM
affiliation. Key officers and portfolio managers of the Manager will continue
their responsibilities and ownership roles, and there are no changes anticipated
in the investment approach of the Fund as a result of the affiliation. A proxy
statement describing the affiliation and seeking shareholder approval will be
sent to all shareholders in October.
