NEWPORT TIGER FUND
Class A, B, C and T Shares
Supplement to Prospectus dated May 3, 1999
Replacing Supplement dated August 25, 1999
The Fund's Prospectus is amended as follows:
Under the sub-caption SALES CHARGES, the tables under the headings Class A
shares and Class T shares are revised in their entirety as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
% of
offering
As a % of price
the public As a % retained by
offering of your financial
Amount of purchase price investment advisor firm
Less than $50,000 5.75 6.10 5.00
- ------------------------------------------- -------------- ------------- --------------
- ------------------------------------------- -------------- ------------- --------------
$50,000 to less than $100,000 4.50 4.71 3.75
- ------------------------------------------- -------------- ------------- --------------
- ------------------------------------------- -------------- ------------- --------------
$100,000 to less than $250,000 3.50 3.63 2.75
- ------------------------------------------- -------------- ------------- --------------
- ------------------------------------------- -------------- ------------- --------------
$250,000 to less than $500,000 2.50 2.56 2.00
- ------------------------------------------- -------------- ------------- --------------
- ------------------------------------------- -------------- ------------- --------------
$500,000 to less than $1,000,000 2.00 2.04 1.75
- ------------------------------------------- -------------- ------------- --------------
- ------------------------------------------- -------------- ------------- --------------
$1,000,000 or more1 0.00 0.00 0.00
- ------------------------------------------- -------------- ------------- --------------
</TABLE>
************
In addition, Robert B. Cameron and John M. Mussey are no longer co-managers
of the Fund. Mr. Mussey remains with Newport Pacific Management, Inc. (Newport
Pacific) and Newport Fund Management, Inc. (Newport) as Vice Chairman and as
Chairman of the Investment Strategy Committee.
Therefore, the sub-caption Portfolio Managers in the Prospectus is revised in
its entirety as follows:
Thomas R. Tuttle, President of Newport (formerly Senior Vice President), has
co-managed the Fund since 1995. Mr. Tuttle is also President of Newport Pacific
(formerly Senior Vice President), Newport's immediate parent, and has managed
other funds or accounts on their behalf since 1983.
Christopher Legallet, Senior Vice President and Chief Investment Officer of
Newport and Newport Pacific, has co-managed the Fund since October, 1998. He has
been affiliated with Newport since 1997. Prior to his affiliation with Newport,
Mr. Legallet was a Managing Director of Jupiter Tyndall (Asia) Ltd. in Hong Kong
serving as lead manager for investment in Asia.
- --------
1 Redemptions from each of Class A and Class T share accounts with shares valued
between $1 million and $5 million may be subject to a CDSC. Both Class A and
Class T share purchases that bring your account value above $1 million are
subject to a 1% CDSC if redeemed within 18 months of their purchase date. The
18-month period begins on the first day of the month following each purchase.
735-36/189A-0100 January 21, 2000
<PAGE>
NEWPORT TIGER FUND
Class Z Shares
Supplement to Prospectus dated May 3, 1999
Replacing Supplement dated June 25, 1999
Robert B. Cameron and John M. Mussey are no longer co-managers of the Fund.
Mr. Mussey remains with Newport Pacific Management, Inc. (Newport Pacific)
and Newport Fund Management, Inc. (Newport) as Vice Chairman and as Chairman
of the Investment Strategy Committee.
Therefore, the sub-caption Portfolio Managers in the Prospectus is revised in
its entirety as follows:
Thomas R. Tuttle, President, of Newport (formerly Senior Vice President), has
co-managed the Fund since 1995. Mr. Tuttle is also President of Newport Pacific
(formerly Senior Vice President), Newport's immediate parent, and has managed
other funds or accounts on their behalf since 1983.
Christopher Legallet, Senior Vice President and Chief Investment Officer of
Newport and Newport Pacific, has co-managed the Fund since October, 1998. He has
been affiliated with Newport since 1997. Prior to his affiliation with Newport,
Mr. Legallet was a Managing Director of Jupiter Tyndall (Asia) Ltd. in Hong Kong
serving as lead manager for investment in Asia.
735-36/188A-0100 January 21, 2000
