DUNCAN-HURST AGGRESSIVE GROWTH FUND
DUNCAN-HURST LARGE CAP GROWTH-20 FUND,
SERIES OF PROFESSIONALLY MANAGED PORTFOLIOS
SUPPLEMENT DATED SEPTEMBER 21, 1999
TO PROSPECTUS DATED MARCH 31, 1999
1. On September 21, 1999, the Duncan-Hurst Aggressive Growth Fund will
begin offering Class I shares for sale. Class I shares are offered primarily for
direct investment by investors such as pension and profit-sharing plans,
employee benefit trusts, endowments, foundations and corporations. You may open
a Class I Fund account with a minimum investment of $1 million and add to your
account at any time with $100,000 or more. The minimum investment requirements
may be waived from time to time by the Funds. PLEASE NOTE THAT CLASS I SHARES
FOR THE DUNCAN-HURST LARGE CAP GROWTH-20 FUND ARE NOT CURRENTLY BEING OFFERED.
2. The following replaces the section "Fees and Expenses" on pages 3 and 4
of the Fund's Prospectus:
FEES AND EXPENSES
THIS TABLE DESCRIBES THE FEES AND EXPENSES THAT YOU MAY PAY IF YOU BUY AND HOLD
SHARES OF THE FUNDS.
<TABLE>
<CAPTION>
LARGE CAP AGGRESSIVE
GROWTH-20 FUND GROWTH FUND
----------------- ------------------
Class R Class I Class R Class I
Shares Shares Shares Shares
------ ------ ------ ------
<S> <C> <C> <C> <C>
SHAREHOLDER FEES
(fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases None None None None
Maximum deferred sales charge (load) None None None None
ANNUAL FUND OPERATING EXPENSES*
(expenses that are deducted from Fund assets)
Management Fees 1.00% 1.00% 1.00% 1.00%
Distribution and Services (12b-1) Fees 0.25% None 0.25% None
Other Expenses 2.50% 2.50% 2.50% 2.50%
----- ----- ----- -----
Total Annual Fund Operating Expenses 3.75% 3.50% 3.75% 3.50%
Fee Reduction and/or Expense Reimbursement (2.27)% (2.27)% (2.27)% (2.27)%
----- ----- ----- -----
Net Expenses 1.48% 1.23% 1.48% 1.23%
===== ===== ===== =====
</TABLE>
- ----------
* Other Expenses are estimated for the first fiscal year of each Fund. The
Adviser has contractually agreed to reduce its fees and/or pay expenses of each
Fund for an indefinite period to ensure that Total Fund Operating Expenses for
each class of shares will not exceed the net expense amounts shown. The Adviser
reserves the right to be reimbursed for any waiver of its fees or expenses paid
on behalf of the Funds if a Fund's expenses are less than the limit agreed to by
the Funds. The Trustees may terminate this expense reimbursement arrangement at
any time.
<PAGE>
EXAMPLE
This example is intended to help you compare the cost of investing in shares of
the Funds with the cost of investing in other mutual funds.
This Example assumes that you invest $10,000 in a Fund for the time periods
indicated and then redeem all of your shares at the end of those periods. The
Example also assumes that your investment has a 5% return each year and that the
Fund's operating expenses remain the same. Although your actual costs may be
higher or lower, under the assumptions, your costs would be:
1 Year 3 Years
------------------ -----------------
Class R Class I Class R Class I
Duncan-Hurst Large Cap Growth-20 Fund $151 $125 $468 $390
Duncan-Hurst Aggressive Growth Fund $151 $125 $468 $390
3. The third paragraph under the section "How to Buy Shares" on page 9 of
the Funds' Prospectus refers to Class R shares only. Further, only Class R
shareholders may choose to enroll in the Automatic Investment Plan as it is
described on page 11 of the Funds' Prospectus.
4. Shareholders of the Funds may exchange their shares for shares of
Duncan-Hurst International Growth Fund ("International Fund"). Beginning
September 30, 1999 Class R shareholders of the Funds may also exchange their
shares for Class R shares of Duncan-Hurst Technology Fund ("Technology Fund").
These exchanges are subject to the same terms and conditions as set forth under
"How to Exchange Shares" on page 11 of the Funds= Prospectus. Before making an
investment in either the International Fund or the Technology Fund, shareholders
should obtain a copy of the relevant prospectus and read it carefully.
5. The following is added to page 14 of the Funds' Prospectus:
MULTIPLE CLASS INFORMATION
The Funds offer two classes of shares B the Institutional Class ("Class I") and
the Retail Class ("Class R"). While each class invests in the same portfolio of
securities, the classes have separate expense structures and shareholder
privileges. The net asset value of Class I and Class R shares will differ
because they have different expenses. The difference in the fee structures among
the classes is the result of their separate arrangements for shareholder and
distribution services and not the result of any difference in amounts charged by
the Adviser for core investment advisory services. Accordingly, the core
investment advisory expenses do not vary by class.
