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COMPASS CAPITAL FUNDS /sm/
THE EQUITY PORTFOLIOS
SUPPLEMENT TO PROSPECTUS 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:
Compare Capital Investment Sub-Adviser Portfolio Manager
- --------------- ---------------------- -----------------
Portfolio
- ---------
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.
(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 Portfolio's previous sub-
adviser.
The information on the portfolio managers for the Value Equity and Small Cap
Value Equity Portfolios in the section entitled "Who Manages The Fund?" has
been replaced with the following:
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Compass Capital Portfolio Portfolio Manager
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Value Equity Benedict E. Capaldi; Vice
President of PCM since 1995;
prior to joining PCM, Senior
Vice President and portfolio
manager with Radnor Capital
Management, President of
Chestnut Hill Advisors, Inc.
and Managing Director of
Brandywine Asset Management,
Inc.; Portfolio manager since
1995.
Small Cap Value Equity Christian K. Stadlinger; Vice
President of PCM since July
1996; prior to joining PCM,
Portfolio Manager and Research
Analyst with Morgan Stanley
Asset Management; Portfolio
manager since July 1996.
The following paragraph has been inserted after the last paragraph in the
section entitled "What Additional Investment Policies and Risks Apply? --
International Portfolios":
As of this date, the International Equity Portfolio has invested more than
25% of its total assets in the securities of issuers located in Japan.
Investments of 25% or more of the Portfolio's total assets in Japan or any
other country will make the Portfolio's performance more dependent upon the
political and economic circumstances of a particular country than a mutual
fund that is more widely diversified among issuers in different countries.
The date of this Supplement is August 7, 1996.
