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UNIVERSAL CAPITAL GROWTH FUND
James A. Dreher, who has been co-manager of the portfolio of Universal
Capital Growth Fund since the Fund's inception, is now the Fund's sole portfolio
manager. Mr. Dreher has been president and chief executive officer of Integrated
Financial Services, Inc., the Fund's investment adviser, since 1985 and
president of Dreher & Associates, Inc., the Fund's distributor, since 1980.
Supplement dated September 5, 1996 to Prospectus of
Universal Capital Investment Trust dated January 31, 1996
