August 1, 1997
THE TECHNOLOGY VALUE FUND
Supplement to Prospectus Dated April 21, 1997
THE FOLLOWING DISCLOSURE REPLACES THE TABLE OF ANNUAL FUND OPERATING EXPENSES
AND EXAMPLE ON PAGE 4 OF THE PROSPECTUS:
Annual Fund Operating Expenses
(as a percentage of average net assets)
Management Fees 1.50%(A)
12b-1 Fees None
Administration Fees .45%
-------
Total Fund Operating Expenses 1.95%(A)
=======
(A) The Advisory Agreement requires the Investment Adviser to waive its
management fees and, if necessary, reimburse expenses of the Fund to the extent
necessary to limit the Fund's total annual operating expenses to 1.95% of the
Fund's average daily net assets up to $200 million, 1.90% of such assets from
$200 million to $500 million, 1.85% of such assets from $500 million to $1
billion, and 1.80% of such assets in excess of $1 billion.
Example
Assuming: (i) a $1,000 investment and (ii) a 5% annual return,
an investor would be charged the following expenses over the
periods indicated:
1 Year 3 Years 5 Years 10 Years
------ ------- ------- --------
20 61 105 227
THE ABOVE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES OR PERFORMANCE. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE
SHOWN.
THE FOLLOWING DISCLOSURE REPLACES THE FINAL PARAGRAPH ON PAGE 9
OF THE PROSPECTUS:
For the services provided by the Investment Adviser under the Advisory
Agreement, the Investment Adviser receives from the Fund a management fee equal
to 1.50% per annum of the Fund's average daily net assets. The management fee is
accrued daily in computing the net assets of the Fund for the purpose of
determining the offering and redemption price per share, and is paid to the
Investment Adviser at the end of each month.
THE FOLLOWING DISCLOSURE REPLACES THE THIRD PARAGRAPH ON PAGE 10
OF THE PROSPECTUS:
For the services rendered by the Investment Adviser under the
Administration Agreement, the Investment Adviser receives a fee at the annual
rate of .45% of the Fund's average daily net assets.
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