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ATLAS FUNDS
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Atlas Assets, Inc. Supplement
to Statement of Additional Information
Dated April 30, 1997
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SUPPLEMENT DATED DECEMBER 26, 1997
Effective August, 1997, Daniel L. Rubinfeld resigned as a Director of the
Company. The Statement of Additional Information ("SAI") is amended to delete
information concerning Mr. Rubinfeld. Effective November 24, 1997, Julian A.
Lerner has been appointed a Director of the Company. Page B-42 of the SAI is
amended to include the following information concerning Mr. Lerner's business
address and principal occupations during the past five years:
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NAME AND ADDRESS POSITION PRINCIPAL OCCUPATIONS
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Julian A. Lerner Director Trustee, American Skandia Advisor Funds, Inc. and
One Spurling Plaza, Suite 208 American Skandia Master Trust since May, 1997; Trustee,
12850 Spurling Road American Skandia Trust since September, 1996; Trustee,
Dallas, Texas 75230 IDEX Series Fund since March, 1996; January, 1995 - March,
1996 Investment Consultant; 1986-1995 Senior Vice President
and Portfolio Manager of AIM Chater Fund and AIM Summit Fund;
1990-1993 Portfolio Manager to Atlas Growth and Income Fund.
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ATLAS FUNDS
ATLAS ASSETS, INC., SUPPLEMENT TO PROSPECTUS DATED APRIL 30, 1997
SUPPLEMENT DATED JANUARY 1, 1998
SALES CHARGE WAIVER
Effective January 1, 1998, the front-end sales charge imposed on Class A shares
of Bond and Stock Funds will be waived. The waiver period will extend through
April 30, 1998. Absent modification or extension of the waiver period, the
front-end sales charges imposed on Class A shares of Bond and Stock Funds will
be reinstated on May 1, 1998.
REDUCED MINIMUM PURCHASES FOR CUSTODIAL ACCOUNTS
Effective January 1, 1998, the minimum initial investment in each Fund, for
custodian accounts established in accordance with the applicable state's
Uniform Gifts or Transfers to Minors Act, is $250. The minimum subsequent
investment remains $250 for such accounts.
PORTFOLIO MANAGER CHANGE
Page 28 of the Prospectus is amended to indicate that, effective July 28, 1997,
Diane R. Sobin resigned as a portfolio manager of the Atlas Growth and Income
Fund. As of that date, John P. Doney, the portfolio manager of the Atlas
Balanced Fund, assumed shared responsibility for managing the Atlas Growth and
Income Fund's portfolio securities along with Bruce Bartlett.
REORGANIZATION OF THE INTERMEDIATE BOND FUNDS
Effective December 5, 1997, the assets of the Atlas U.S. Government
Intermediate Fund were transferred to the Atlas U.S. Government and Mortgage
Securities Fund, the assets of the Atlas National Insured Intermediate
Municipal Fund were transferred to the Atlas National Municipal Bond Fund, and
the assets of the Atlas California Insured Intermediate Municipal Fund were
transferred to the Atlas California Municipal Bond Fund. Each transfer was
effected in accordance with the terms of Agreements and Plans of
Reorganization, which were approved by shareholders of each Intermediate Fund
at a Special Meeting of Shareholders held on Monday, November 24, 1997. The
Prospectus is accordingly amended to delete all references to the Atlas U.S.
Government Intermediate Fund, the Atlas National Insured Intermediate Municipal
Fund, and the Atlas California Insured Intermediate Municipal Fund.
