<PAGE> 1
THE KEYPREMIER ESTABLISHED GROWTH FUND
THE KEYPREMIER AGGRESSIVE GROWTH FUND
SUPPLEMENT DATED MARCH 31, 1998,
TO PROSPECTUS DATED OCTOBER 31, 1997
Capitalized terms used in this Supplement have the meaning assigned to them
in the Prospectus.
Effective April 1, 1998, the Fee Table on page 3 of the Prospectus is
deleted and is replaced with the following:
FEE TABLE
<TABLE>
<CAPTION>
ESTABLISHED AGGRESSIVE
GROWTH FUND GROWTH FUND
----------- -----------
<S> <C> <C>
SHAREHOLDER TRANSACTION EXPENSES
Maximum Sales Load Imposed on Purchases (as a percentage of
offering price)........................................... 4.50% 4.50%
ESTIMATED ANNUAL FUND OPERATING EXPENSES
(as a percentage of average net assets)
Management Fees After Voluntary Fee Waiver(1)............... 0.50% 0.60%
12b-1 Fees.................................................. None None
Other Expenses(2)........................................... 0.40 0.41
---- ----
Estimated Total Fund Operating Expenses After Voluntary Fee
Waiver(1)................................................. 0.90% 1.01%
==== ====
</TABLE>
EXAMPLE
You would pay the following expenses on a $1,000 investment, assuming (1) 5%
annual return and (2) redemption at the end of each time period:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS
------ -------
<S> <C> <C>
The Established Growth Fund................................. $54 $72
The Aggressive Growth Fund.................................. $55 $76
</TABLE>
The purpose of the above table is to assist a potential purchaser of Shares
of a Fund in understanding the various costs and expenses that an investor in
such Fund will bear directly or indirectly. Such expenses do not include any
fees charged by the Adviser or any of its affiliates to its customer accounts
which may have invested in Shares of the Funds. See "MANAGEMENT OF THE GROUP"
and "GENERAL INFORMATION" for a more complete discussion of the annual operating
expenses of the Funds. THE FOREGOING EXAMPLE SHOULD NOT BE CONSIDERED A
REPRESENTATION OF PAST OR FUTURE EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR
LESS THAN THOSE SHOWN.
- ---------------
(1) The Adviser has agreed voluntarily to reduce its investment advisory fees
with respect to the Established Growth Fund and the Aggressive Growth Fund
to 0.50% and 0.60%, respectively, until further written notice to
Shareholders. Absent such voluntary fee waivers, Management Fees and
Estimated Total Fund Operating Expenses for the Established Growth Fund
would be 0.75% and 1.15%, respectively, and for the Aggressive Growth Fund
would be 1.00% and 1.41%, respectively.
(2) "Other Expenses" are estimated for the current fiscal year.
The last sentence of the first paragraph on page 26 of the Prospectus is deleted
and the following paragraph is inserted after such paragraph:
As authorized by the Services Plan, the Group has entered into a Servicing
Agreement with Keystone effective April 1, 1998, pursuant to which Keystone has
agreed to provide certain administrative support services in connection with
Shares of the Funds owned of record or beneficially by its customers. Such
administrative support services may include, but are not limited to, those
services described above. In consideration of such services, the Group, on
behalf of each Fund, has agreed to pay Keystone a monthly fee, computed at the
annual rate of up to 0.25% of the average aggregate net asset value of Shares of
that Fund held during the period by customers for whom Keystone has provided
services under the Servicing Agreement.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS
FOR FUTURE REFERENCE
<PAGE> 2
THE KEYPREMIER INTERMEDIATE TERM INCOME FUND
THE KEYPREMIER LIMITED DURATION GOVERNMENT SECURITIES FUND
THE KEYPREMIER PENNSYLVANIA MUNICIPAL BOND FUND
SUPPLEMENT DATED MARCH 31, 1998,
TO PROSPECTUS DATED OCTOBER 31, 1997
Capitalized terms used in this Supplement have the meaning assigned to them
in the Prospectus.
Effective April 1, 1998, the Fee Table on page 4 of the Prospectus is
deleted and is replaced with the following:
FEE TABLE
<TABLE>
<CAPTION>
GOVERNMENT
INCOME SECURITIES PENNSYLVANIA
FUND FUND BOND FUND
------ ---------- ------------
<S> <C> <C> <C>
SHAREHOLDER TRANSACTION EXPENSES
Maximum Sales Load Imposed on Purchases (as a percentage of
offering price)........................................... 4.50% 3.00% 4.50%
ESTIMATED ANNUAL FUND OPERATING EXPENSES
(as a percentage of average net assets)
Management Fees After Fee Waiver(1)......................... 0.30% 0.30% 0.30%
12b-1 Fees.................................................. None None None
Other Expenses(2)........................................... 0.31 0.62 0.32
---- ---- ----
Estimated Total Fund Operating Expenses
After Fee Waiver(1)....................................... 0.61% 0.92% 0.62%
==== ==== ====
</TABLE>
Example You would pay the following expenses on a $1,000 investment, assuming
(1) 5% annual return and (2) redemption at the end of each time period:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS
------ -------
<S> <C> <C>
The Income Fund............................................. $51 $64
The Government Securities Fund.............................. $39 $58
The Pennsylvania Bond Fund.................................. $51 $64
</TABLE>
The purpose of the above table is to assist a potential purchaser of Shares
of a Fund in understanding the various costs and expenses that an investor in
such Fund will bear directly or indirectly. Such expenses do not include any
fees charged by the Adviser or any of its affiliates to its customer accounts
which may have invested in Shares of the Funds. See "MANAGEMENT OF THE GROUP"
and "GENERAL INFORMATION" for a more complete discussion of the annual operating
expenses of the Funds. THE FOREGOING EXAMPLE SHOULD NOT BE CONSIDERED A
REPRESENTATION OF PAST OR FUTURE EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR
LESS THAN THOSE SHOWN.
- ---------------
(1) The Adviser has agreed voluntarily to reduce its investment advisory fees
with respect to each of the Funds to 0.30% until further written notice to
Shareholders. Absent such voluntary fee waivers, Management Fees and
Estimated Total Fund Operating Expenses for the Income Fund would be 0.60%
and 0.91%, respectively, for the Government Securities Fund, would be 0.60%
and 1.22%, respectively, and for the Pennsylvania Bond Fund, would be 0.60%
and 0.92%, respectively.
(2) "Other Expenses" are estimated for the current fiscal year.
The last sentence of the second paragraph under the heading "ADMINISTRATIVE
SERVICES PLAN" on page 40 of the Prospectus is deleted and the following
paragraph is inserted after such paragraph:
As authorized by the Services Plan, the Group has entered into a
Servicing Agreement with Keystone effective April 1, 1998, pursuant to which
Keystone has agreed to provide certain administrative support services in
connection with Shares of the Funds owned of record or beneficially by its
customers. Such administrative support services may include, but are not
limited to, those services described above. In consideration of such
services, the Group, on behalf of each Fund, has agreed to pay Keystone a
monthly fee, computed at the annual rate of up to 0.25% of the average
aggregate net asset value of Shares of that Fund held during the period by
customers for whom Keystone has provided services under the Servicing
Agreement.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS
FOR FUTURE REFERENCE
<PAGE> 3
THE KEYPREMIER PRIME MONEY MARKET FUND
THE KEYPREMIER PENNSYLVANIA MUNICIPAL BOND FUND
THE KEYPREMIER ESTABLISHED GROWTH FUND
THE KEYPREMIER INTERMEDIATE TERM INCOME FUND
THE KEYPREMIER AGGRESSIVE GROWTH FUND
THE KEYPREMIER U.S. TREASURY OBLIGATIONS MONEY MARKET FUND
THE KEYPREMIER LIMITED DURATION GOVERNMENT SECURITIES FUND
Seven Investment Portfolios of
THE SESSIONS GROUP
Supplement dated as of March 31, 1998 to
Statement of Additional Information dated
October 31, 1997
Capitalized terms used in this Supplement have the meaning assigned to
them in the Statement of Additional Information.
The third paragraph under the heading "Portfolio Turnover" on page B-21 of
the Statement of Additional Information is deleted in its entirety and is
replaced with the following:
The portfolio turnover rate for the Government Securities Fund for its
first fiscal period ending June 30, 1998, is estimated to be approximately
475%.
The following paragraph is added as the second paragraph under the heading
"Administrative Services Plan" on page B-34 of the Statement of Additional
Information:
As authorized by the Services Plan, the Group has entered into a
Servicing Agreement with Keystone dated as of April 1, 1998, pursuant to
which Keystone has agreed to provide certain administrative support
services in connection with Shares of the Funds owned of record or
beneficially by its customers. Such administrative support services may
include, but are not limited to, (i) processing dividend and distribution
payments from a Fund on behalf of customers; (ii) providing periodic
statements to its customers showing their positions in the Shares; (iii)
arranging for bank wires; (iv) responding to routine customer inquires
relating to services performed by Keystone; (v) providing sub-accounting
with respect to the Shares beneficially owned by Keystone's customers or
the information necessary for sub-accounting; (vi) if required by law,
forwarding shareholder communications from a Fund (such as proxies,
shareholder reports, annual and semi-annual financial statements and
dividend, distribution and tax notices) to its customers; (vii) aggregating
and processing purchase, exchange, and redemption requests from customers
and placing net purchase, exchange, and redemption orders for
<PAGE> 4
customers; and (viii) providing customers with a service that invests
the assets of their account in the Shares pursuant to specific or
pre-authorized instructions. In consideration of such services, the
Group, on behalf of each Fund, has agreed to pay Keystone a monthly
fee, computed at the annual rate of up to .25% of the average
aggregate net asset value of Shares of that Fund held during the
period by customers for whom Keystone has provided services under the
Servicing Agreement.
This Supplement supersedes in its entirety the Supplement to the Statement
of Additional Information dated as of March 17, 1998.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE
STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE.
