Dated: January 1, 1998
THE NOAH FUND
a series of
The Noah Investment Group, Inc.
On January 1, 1998, Declaration Service Company, 555 North lane, Suite
6160, Conshohocken, Pennsylvania, 1-610-832-1075, became the transfer agent and
the dividend disbursing agent for The Noah Fund and also undertook to provide
accounting services for the Fund. Declaration Service Company replaced Firstar
Trust Company; which formerly provided these services to the fund but ceased
doing so on December 31, 1997. In addition, Declaration Distributors, Inc.
became on January 1, 1998, the Fund's distributor.
On December 11, 1997 the Board of Directors of the Noah Investment
Group, Inc. selected Geewax Terker & Company ("Geewax Terker") as sub-investment
advisor to act in the place of Rittenhouse Financial Services, Inc. The latter
Company was acquired in a merger and its acquirer determined that it would no
longer serve the Fund as sub-investment advisor. The selection of Geewax Terker
is to be submitted to the shareholders of the Fund for approval on January 9,
1998. If approved, Geewax Terker will begin serving as the Fund's sub-investment
advisor on that date.
