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CCB Equity Fund (A Portfolio of CCB Funds) Supplement to Prospectus dated July 31, 1998 Effective August 1, 1999, shares of the CCB Equity Fund will be sold without a sales charge at their net asset value next determined after an order is received. As a result, please note the following sections in the Prospectus: "Summary of Fund Expenses"; "What Shares Cost"; "Reducing the Sales Charge"; and "Systematic Investment Program". July 30, 1999 Cusip 12500E307 G01197-07 (7/99)
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