<PAGE> 1
Rule 497(e)
File Nos. 33-21489
811-5545
THE SESSIONS GROUP
1ST SOURCE MONOGRAM U.S. TREASURY OBLIGATIONS MONEY MARKET FUND
1ST SOURCE MONOGRAM DIVERSIFIED EQUITY FUND
1ST SOURCE MONOGRAM INCOME EQUITY FUND
1ST SOURCE MONOGRAM SPECIAL EQUITY FUND
1ST SOURCE MONOGRAM INCOME FUND
1ST SOURCE MONOGRAM INTERMEDIATE TAX-FREE BOND FUND
SUPPLEMENT DATED OCTOBER 21, 1996,
TO STATEMENT OF ADDITIONAL INFORMATION DATED AUGUST 20, 1996
The following paragraphs are added as the second and third paragraphs
under the heading "Calculation of Total Return" on page B-40 of the Statement
of Additional Information:
For the one year, five year and ten year periods ended August 31, 1996, and
the respective periods from commencement of operations to August 31, 1996, the
average annual total returns for the respective CIFs for the Diversified Equity
Fund, Income Equity Fund, Special Equity Fund and Income Fund have been
restated to reflect the estimated fees for such Funds for the current fiscal
year and are as follows:
<TABLE>
<CAPTION>
Average Annual Total Return
---------------------------
With Maximum Sales Load(1) Without Sales Load
----------------------- ------------------
Since Since
Fund 1 Year 5 Year 10 Year Inception 1 Year 5 Year 10 Year Inception
- ---- ------ ------ ------- --------- ------ ------ ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Diversified 6.61% 11.77% 11.64% 11.96% 12.22% 12.92% 12.22% 12.47%
Equity(2)
Income 6.84% 14.43% 11.44% 13.21% 12.47% 15.61% 12.01% 13.75%
Equity(3)
Special 23.21% 16.89% 15.83% 15.28% 29.69% 18.09% 16.43% 15.84%
Equity(3)
Income(2) -2.00% 6.55% 7.17% 8.04% 3.17% 7.65% 7.72% 8.54%
<FN>
- ----------------
(1) The maximum sales load for the Diversified Equity, Income Equity and Special
Equity Funds is 5.00%. For the Income Fund, the maximum sales load is
4.00%.
(2) Commenced operations June 30, 1985.
(3) Commenced operations November 30, 1985.
Of course, past performance is no guarantee as to future performance.
</TABLE>
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH
THE STATEMENT OF ADDITIONAL INFORMATION
FOR FUTURE REFERENCE
