Academy Value Fund
Supplement Dated February 22, 1999
To Prospectus Dated January 1, 1999
In normal market conditions, at least 70% of the value of the Fund's total
assets will be invested in common stocks. During those times when equity
securities cannot be found that meet the Adviser's investment criteria, for
temporary defensive purposes or pending longer-term investment, the Fund may
invest any amount of its assets in fixed-income securities, including securities
issued by the U. S. Government, its agencies and instrumentalities, or such
other instruments rated in the top two grades of Moody's Investor's Service or
Standard & Poor's Corporation, or unrated securities regarded as comparable
quality by the Adviser. Some U. S. Government securities are backed by the full
faith and credit of the U. S. Treasury or the right of the issuer to borrow from
the U. S. Government. Others are backed by the discretionary authority of the
U. S. Government to buy back the obligation or only by the credit of the agency
or instrumentality itself.
The value of fixed-income securities will change as interest rates change.
When interest rates fall, the value of outstanding long-term fixed-income
securities generally rise. When interest rates rise, the value of such
securities generally falls. Generally, the longer the maturity of the
securities, the greater the magnitude of these changes.
