1st SOURCE MONOGRAM FUNDS
Supplement Dated December 30, 1999 to the Prospectus dated August 1, 1999
1. The following information supplements the disclosure concerning the
Diversified Equity Fund, as follows:
As of January 1, 2000, 1st Source Bank (the "Adviser") will assume full
investment management responsibilities for the Diversified Equity Fund and the
Adviser will no longer utilize the services of the three sub-investment advisers
currently being employed for that Fund. As of that date, Miller Anderson &
Sherrerd LLP, Loomis Sayles & Company, L.P., and Standish, Ayer & Wood, Inc.
(the "Sub-Advisers") will cease providing investment advisory services to the
Fund and an Investment Committee comprised of employees of the Adviser will be
responsible for the day-to-day management of the Fund's portfolio. Accordingly,
the information contained on Page 32 of the Prospectus regarding the
Sub-Advisers is superceded by the foregoing information.
In connection with this change in the investment advisory operations
for the Diversified Equity Fund, the Adviser has agreed to voluntarily limit its
investment advisory fee from 0.99% of the Fund's average daily net assets to
0.80% of the Fund's average daily net assets through the end of the Fund's
fiscal year of March 31, 2000.
2. The following information supplements the disclosure concerning the Income
Fund, as follows:
The day to day investment operations of the Income Fund are conducted
by an Investment Committee comprised of employees of the Adviser. Mr. Pascal M.
Romano no longer serves as the portfolio manager for the Income Fund.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
