<PAGE>
COMPASS CAPITAL FUNDS/sm/
THE EQUITY PORTFOLIOS
SUPPLEMENT TO PROSPECTUSES DATED JANUARY 16, 1996
The information on the sub-adviser for the International Equity and
International Emerging Markets Portfolios (the "Portfolios") in the section
entitled "Who Manages The Fund?" has been replaced with the following:
<TABLE>
<CAPTION>
COMPASS CAPITAL
PORTFOLIO INVESTMENT SUB-ADVISER PORTFOLIO MANAGER
- ------------------------- ------------------------ ------------------------
<S> <C> <C>
International Equity CastleInternational/(4)/ Gordon Anderson;
Managing Director and
Chief Investment
Officer since 1996;
prior to joining
CastleInternational,
Investment Director of
Dunedin Fund Managers
Ltd.; Portfolio manager
since April 1996.
International Emerging CastleInternational/(4)/ Euan Rae; Senior
Markets Investment Manager
since 1996; prior to
joining
CastleInternational,
Head of Emerging
Markets at Dunedin Fund
Managers Ltd. and
investment manager with
Edinburgh Fund
Managers; Portfolio
manager since April
1996.
</TABLE>
(4) CastleInternational Asset Management Limited ("CastleInternational") has its
primary offices at 7 Castle Street, Edinburgh, Scotland, EH3 3AM.
The terms and conditions of, and the sub-advisory fees payable under, the
sub-advisory agreement with CastleInternational are substantially identical to
those of the sub-advisory agreement with the Portfolios' previous sub-adviser.
The date of this Supplement is April 19, 1996.
<PAGE>
COMPASS CAPITAL FUNDS/sm/
SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION
DATED JANUARY 16, 1996
The information under the section entitled "Trustees and
Officers -- The Fund" has been amended as follows:
1. Mr. Raymond J. Clark serves as President and Treasurer of the Fund.
2. Mr. David R. Wilmerding, Jr. and Mr. Anthony M. Santomero serve as
Chairman and Vice Chairman, respectively, of the Board of Trustees.
3. The first sentence of the second paragraph has been replaced with the
following:
The Fund pays trustees who are not affiliated with PNC Asset
Management Group, Inc. ("PAMG") or Compass Distributors, Inc. ("CDI" or
"Distributor") $10,000 annually and $275 per Portfolio for each full
meeting of the Board that they attend.
4. The third sentence of the second paragraph has been replaced with the
following:
No officer, director or employee of PAMG, PNC Institutional Management
Corporation ("PIMC"), Provident Capital Management, Inc. ("PCM"), BlackRock
Financial Management, Inc. ("BlackRock"), PNC Equity Advisors Company
("PEAC"), Morgan Grenfell Investment Services Limited ("Morgan Grenfell"),
CastleInternational Asset Management Limited ("CastleInternational"), PFPC
Inc. ("PFPC"), Compass Capital Group, Inc. ("CCG"), CDI (collectively with
PFPC and CCG, the "Administrators"), or PNC Bank, National Association
("PNC Bank" or the "Custodian") currently receives any compensation from
the Fund.
The section entitled "Investment Advisory, Administration, Distribution and
Servicing Arrangements -- Advisory and Sub-Advisory Agreements" has been amended
as follows:
1. The first sentence in the first paragraph has been replaced with the
following:
The advisory and sub-advisory services provided by PAMG, PIMC, BlackRock,
PCM, PEAC, Morgan Grenfell, CastleInternational and, with respect to the
Index Master Portfolio, Dimensional Fund Advisors Inc. ("DFA") and the fees
received by each of them for such services are described in the
Prospectuses.
<PAGE>
2. The fourth sentence in the second paragraph has been replaced with the
following:
PCM renders sub-advisory services to the Balanced, Value Equity, Small Cap
Value Equity and Select Equity Portfolios. CastleInternational renders
sub-advisory services to the International Equity and International
Emerging Markets Portfolios.
3. The following sentence has been added after the last sentence of the
third paragraph:
PCM served as sub-adviser to the International Equity and International
Emerging Markets Portfolios from commencement of operations (April 27, 1992
in the case of the International Equity Portfolio; June 17, 1994 in the
case of the International Emerging Markets Portfolio) to April 19, 1996.
4. The first four sentences of the sixth paragraph have been replaced with
the following:
Under the relevant Advisory Contracts, PAMG, PIMC, PCM, PEAC,
BlackRock, Morgan Grenfell, PNC Bank and CastleInternational are not liable
for any error of judgment or mistake of law or for any loss suffered by the
Fund or a Portfolio in connection with the performance of the Advisory
Contracts. Under the Advisory Contracts, PAMG, PIMC, PCM, PEAC, BlackRock,
Morgan Grenfell, PNC Bank, CastleInternational and DFA are liable for a
loss resulting from willful misfeasance, bad faith or gross negligence in
the performance of their respective duties or from reckless disregard of
their respective duties and obligations thereunder. Each of the Advisory
Contracts (except the Advisory Contract relating to the Index Master
Portfolio) is terminable as to a Portfolio by vote of the Fund's Board of
Trustees or by the holders of a majority of the outstanding voting
securities of the relevant Portfolio, at any time without penalty, on 60
days' written notice to PAMG, PIMC, PCM, PEAC, Morgan Grenfell, BlackRock,
PNC Bank or CastleInternational, as the case may be. PAMG, PIMC, PCM,
PEAC, Morgan Grenfell, BlackRock, PNC Bank and CastleInternational may also
terminate their advisory relationship with respect to a Portfolio on 60
days' written notice to the Fund.
<PAGE>
The section entitled "Miscellaneous -- Banking Laws" has been amended as
follows:
1. The second sentence of the first paragraph has been replaced with the
following:
PAMG, PIMC, BlackRock, PCM, PEAC, CastleInternational and PNC Bank and
Institutions that are banks or bank affiliates are subject to such banking
laws and regulations.
2. The first sentence of the second paragraph has been replaced with the
following:
PAMG, PIMC, BlackRock, PCM, PEAC, CastleInternational and PNC Bank believe
they may perform the services for the fund contemplated by their respective
agreements with the Fund without violation of applicable banking laws or
regulations.
The date of this Supplement is April 19, 1996.
