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ARK FUNDS
SUPPLEMENT DATED MAY 31, 2000 TO PROSPECTUS DATED SEPTEMBER 1, 1999
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This is a supplement to the ARK Funds prospectus dated September 1,
1999, and relates to the ARK International Equity Selection Portfolio (the
"Portfolio"), a series of ARK Funds.
The ARK Funds Board of Trustees has approved the submission to the
Portfolio's shareholders for their approval of a proposal to change the
investment policy of the Portfolio. Under the proposal, the Portfolio would seek
its investment goal by investing primarily in the securities of companies
located in countries other than the United States, rather than in shares of
mutual funds investing in these companies. The Board has also approved a related
increase in the investment advisory fee payable by the Portfolio from 0.65% to
1.00% and an investment subadvisory agreement for the Portfolio with AIB Govett,
Inc., an affiliate of Allied Investment Advisors, Inc., the Portfolio's
investment advisor.
The proposals require the approval of the Portfolio's shareholders and
will be submitted to the shareholders for their consideration at a special
meeting to be held on July 10, 2000. Additional information about the proposals
will be contained in the proxy materials mailed to shareholders in connection
with the special meeting.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS FOR FUTURE
REFERENCE.
