<PAGE>
Filed pursuant to
Rule 497(e)
Registration Nos.
33-25716
811-5697
[GRAPHIC]
THE CHAPMAN US TREASURY MONEY FUND
THE CHAPMAN INSTITUTIONAL CASH MANAGEMENT FUND
Supplement dated April 12, 2000
to the Prospectus dated February 29, 2000
THE INFORMATION SET FORTH UNDER THE CAPTION THE FUNDS-AN OVERVIEW--FUND
EXPENSES" IS REVISED BY DELETING SUCH INFORMATION IN ITS ENTIRETY AND INSERTING
IN LIEU THEREOF THE FOLLOWING:
FUND EXPENSES
The numbers in Table 2 describe the fees and expenses that you may pay
if you buy and hold shares of the funds.
<TABLE>
<CAPTION>
TABLE 2
ANNUAL FUND OPERATING EXPENSES
THE CHAPMAN THE CHAPMAN
US TREASURY INSTITUTIONAL CASH
MONEY FUND* MANAGEMENT FUND**
----------- -----------------
<S> <C> <C>
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fees.......................................... .50% .50%
Other Expenses........................................... .30%*** .30%**
Total Annual Fund Operating Expenses....................... .80%*** .80%**
Expense Reimbursement...................................... .27% ---
Net Expenses............................................... .53% .80%
</TABLE>
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<PAGE>
* The Chapman US Treasury Money Fund expenses and fees set forth in the
table are for the period November 1, 1998 to October 31, 1999 and are
expressed as a percentage of fiscal year 1999 average daily assets.
** The Chapman Institutional Cash Management Fund expenses and fees are
estimated as there was no activity for the period November 1, 1998 to
October 31, 1999.
*** Chapman Capital Management, Inc., which serves as each fund's
investment adviser, has contractually agreed to limit the total annual
expenses (excluding income, excise and other taxes and extraordinary
expenses) in excess of .53% of average daily net assets for The Chapman
US Treasury Money Fund effective March 17, 2000 until at least December
31, 2009. Chapman Capital Management, Inc., has voluntarily agreed to
bear annual expenses (excluding income, excise and other taxes and
extraordinary expenses) in excess of .75% of average daily net assets
for The Chapman Institutional Cash Management Fund at least until
December 31, 2000. However, Chapman Capital Management's obligation is
limited to the total of its advisory and administration fees, and there
is no guarantee that Chapman Capital Management will continue to
provide the funds with these fee limitations beyond their respective
dates.
EXAMPLE. The following table gives you a rough idea of how expense ratios may
translate into dollars and helps you to compare the cost of investing in these
funds with the cost of investing in other funds. Although your actual costs may
be higher or lower, the table shows expenses you would pay if operating expenses
remain the same, you invest $10,000, you earn a 5% annual return, and you hold
the investment for the following periods.
<TABLE>
<CAPTION>
THE CHAPMAN THE CHAPMAN
US TREASURY INSTITUTIONAL CASH
MONEY FUND MANAGEMENT FUND
---------- ---------------
<S> <C> <C>
1 Year........................................... $ 54 $ 82
3 Years.......................................... 170 255
5 Years.......................................... 296 444
10 Years......................................... 665 990
</TABLE>
Domestic Emerging Markets-Registered Trademark- and DEM-Registered Trademark-
are registered trademarks and the stylized C-Eagle Logo-TM-, DEM Profile-TM-,
DEM Universe-TM-, DEM Company-TM- DEM Index-TM- and DEM Multi-Manager-TM- are
trademarks of Nathan A. Chapman, Jr.
