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Supplement dated
November 22, 1995
to the Prospectus dated
March 1, 1995
as revised September 29, 1995 of
the Quest for Value Funds
The following language is added to the section "Determining Net Asset
Value:"
"With respect to the U.S. Government Income Fund, Investment Quality Income
Fund and Global Income Fund, the Funds' Board has established the following
procedures for the valuation of portfolio securities: (i) equity securities
traded on a U.S. securities exchange or on NASDAQ for which last sale
information is regularly reported are valued at the last reported sale price on
their primary exchange or NASDAQ that day (or, in the absence of sales that day,
at values based on the last sales prices of the preceding trading day, or
closing bid and asked prices); (ii) securities actively traded on a foreign
securities exchange are valued at the last sales price available to the pricing
service approved by the Fund's Board or to Quest Advisors as reported by the
principal exchange on which the security is traded; (iii) unlisted foreign
securities or listed foreign securities not actively traded are valued as in (i)
above, if available, or at the mean between "bid" and "asked" prices obtained
from active market makers in the security on the basis of reasonable inquiry;
(iv) long-term debt securities having a remaining maturity in excess of 60 days
are valued at the mean between the "bid" and "asked" prices determined by a
portfolio pricing service approved by the Fund's Board or obtained from active
market makers in the security on the basis of reasonable inquiry; (v) debt
instruments having a maturity of one year or less when issued, which have a
remaining maturity of 60 days or less are valued at the mean between the "bid"
and "asked" prices determined by a pricing service approved by the Fund's Board
or obtained from active market makers in the security on the basis of reasonable
inquiry; (vi) money market-type debt securities having a maturity of less than
one year when issued that have a remaining maturity of 60 days or less are
valued at cost, adjusted for amortization of premiums and accretion of
discounts; and (vii) securities (including restricted securities) not having
readily-available market quotations are valued at fair value under the Board's
procedures.
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Supplement dated
November 22, 1995
to the Statement of Additional Information
dated March 1, 1995 of the
Quest for Value Global Funds, Inc.
The following language replaces paragraph three, four and five of the
section "Determination of Net Asset Value:"
"The Board of the Global Income Fund has established the following
procedures for the valuation of portfolio securities: (i) equity securities
traded on a U.S. securities exchange or on NASDAQ for which last sale
information is regularly reported are valued at the last reported sale price on
their primary exchange or NASDAQ that day (or, in the absence of sales that day,
at values based on the last sales prices of the preceding trading day, or
closing bid and asked prices); (ii) securities actively traded on a foreign
securities exchange are valued at the last sales price available to the pricing
service approved by the Fund's Board or to Quest Advisors as reported by the
principal exchange on which the security is traded; (iii) unlisted foreign
securities or listed foreign securities not actively traded are valued as in (i)
above, if available, or at the mean between "bid" and "asked" prices obtained
from active market makers in the security on the basis of reasonable inquiry;
(iv) long-term debt securities having a remaining maturity in excess of 60 days
are valued at the mean between the "bid" and "asked" prices determined by a
portfolio pricing service approved by the Fund's Board or obtained from active
market makers in the security on the basis of reasonable inquiry; (v) debt
instruments having a maturity of one year or less when issued, which have a
remaining maturity of 60 days or less are valued at the mean between the "bid"
and "asked" prices determined by a pricing service approved by the Fund's Board
or obtained from active market makers in the security on the basis of reasonable
inquiry; (vi) money market-type debt securities having a maturity of less than
one year when issued that have a remaining maturity of 60 days or less are
valued at cost, adjusted for amortization of premiums and accretion of
discounts; and (vii) securities (including restricted securities) not having
readily-available market quotations are valued at fair value under the Board's
procedures.
In the case of U.S. Government Securities, mortgage-backed securities,
foreign securities and corporate bonds, when last sale information is not
generally available, such pricing procedures may include "matrix" comparisons to
the prices for comparable instruments on the basis of quality, yield, maturity
and other special factors involved. The Funds' Board has authorized Quest
Advisors to employ a pricing service to price U.S. Government Securities,
mortgage-backed securities, foreign government securities and corporate bonds.
The Board will monitor the accuracy of such pricing services by comparing prices
used for portfolio evaluation to actual sales prices of selected securities.
Trading in securities on European and Asian exchanges and over-the-counter
markets is normally completed before the close of the NYSE. Events affecting
the values of foreign securities traded in such markets that occur between the
time their prices are
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determined and the close of the NYSE will not be reflected in the Fund's
calculation of net asset value unless the Board or Quest Advisors, under
procedures established by the Board determines that the particular event would
materially affect the Fund's net asset value, in which case an adjustment would
be made. Foreign currency will be valued as close to the time fixed for the
valuation date as is reasonably practicable. The values of securities
denominated in foreign currency will be converted to U.S. dollars at the
prevailing rates of exchange at the time of valuation.
Puts, calls and Futures are valued at the last sales price on the principal
exchange on which they are traded, or on NASDAQ, as applicable or, if there were
no sales that day, in accordance with (i), above. Forward currency contracts
are valued at the closing price on the London foreign exchange market. When the
Fund writes an option, an amount equal to the premium received by the Fund is
included in the Fund's Statement of Assets and Liabilities as an asset, and an
equivalent deferred credit is included in the liability section. The deferred
credit is adjusted ("market-to-market") to reflect the current market value of
the option. In determining the Fund's gain on investments, if a call written by
the Fund is exercised, the proceeds are increased by the premium received. If a
call or put written by the Fund expires, the Fund has a gain in the amount of
the premium; if the Fund enters into a closing purchase transaction, it will
have a gain or loss depending on whether the premium was more or less than the
cost of the closing transaction. If the Fund exercises a put it holds, the
amount the Fund receives on its sale of the underlying investment is reduced by
the amount of premium paid by the Fund.
