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1ST SOURCE MONOGRAM FUNDS
1ST SOURCE MONOGRAM DIVERSIFIED EQUITY FUND
1ST SOURCE MONOGRAM INCOME EQUITY FUND
1ST SOURCE MONOGRAM SPECIAL EQUITY FUND
1ST SOURCE MONOGRAM INCOME FUND
SUPPLEMENT DATED FEBRUARY 3, 1998,
TO PROSPECTUS DATED OCTOBER 31, 1997
The last two paragraphs under the heading "MANAGEMENT OF THE GROUP --
Investment Adviser" on page 32 of the Prospectus are deleted in their entirety
and are replaced with the following:
Effective January 5, 1998, John S. Seidl became the portfolio manager
of the Special Equity Fund. Mr. Seidl has served as Vice President and a
Senior Investment Officer of the Adviser since 1985. He has worked for more
than 21 years as an Analyst and Senior Portfolio Manager after receiving
his BBA from the University of Notre Dame. Mr. Seidl is a Chartered
Financial Analyst and is responsible for the overall investment strategy of
the department.
Effective January 26, 1998, Pascal M. Romano became the portfolio
manager of the Income Fund. Prior to that date, Mr. Romano had served as
Assistant Vice President, Trust Officer and a portfolio manager with
Citizens Banking Corporation since January, 1996. From 1985 to December,
1995, Mr. Romano was employed by Alexander Hamilton Life Insurance Company,
where for the last three years he served as Assistant Vice President and a
portfolio manager. Mr. Romano is a Chartered Financial Analyst and has over
13 years of investment management experience with an emphasis on fixed
income securities.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH
THE PROSPECTUS FOR FUTURE REFERENCE
