FEBRUARY 10, 1997
INTERACTIVE INVESTMENTS
THE TECHNOLOGY VALUE FUND
SUPPLEMENT TO PROSPECTUS DATED AUGUST 8, 1996
The Board of Trustees has approved a change in the fees to be paid to
Interactive Research Advisers, Inc. for its services as the administrator,
transfer agent and dividend disbursing agent for the Technology Value Fund (the
"Fund"). Accordingly, the Prospectus for the Fund has been revised as follows:
The section "Prospectus Summary -- Administrator" on Page 3 is replaced with the
following:
Interactive Research Advisers, Inc. (the "Investment Adviser") will
also act as the Fund's administrator, transfer agent and dividend disbursing
agent and be responsible for virtually all customary services required for Fund
operations. In addition to its fee for serving as the Fund's investment adviser,
the Investment Adviser will receive a fee for serving as the Fund's
administrator. Such fee will be paid monthly at the annual rate of .95% of the
Fund's average daily net assets.
The Investment Adviser has retained MGF Service Corp. to assist the
Investment Adviser in the provision of these services to the Fund. The
Investment Adviser (not the Fund) compensates MGF Service Corp. for such
assistance.
The table of Annual Fund Operating Expenses in the section "Summary of Fund
Expenses" on page 3 of the Prospectus is revised as follows:
ANNUAL FUND OPERATING EXPENSES
(as a percentage of average net assets)
Management Fees 1.00%
12b-1 Fees 0%
Other Expenses .95%
-----
Total Fund Operating Expenses 1.95%
-----
The foregoing expenses are based on amounts incurred during the Fund's
most recent fiscal year, except that Other Expenses have been restated to
reflect a change in the administrative fee payable to the Adviser.
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The Example set forth on page 4 in the section "Summary of Fund Expenses" is
revised as follows:
EXAMPLE:
Assuming: (i) a $1,000 investment and (ii) a 5% annual
return, an investor would be charged the following
expenses over the following periods:
1 Year $ 20
3 Years 61
5 Years 105
10 Years 227
THE ABOVE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR
FUTURE EXPENSES OR OF THE FUND'S PERFORMANCE. ACTUAL EXPENSES MAY BE GREATER OR
LESS THAN THOSE SHOWN. Please see "Investment Advisory and Other Services" for a
description of the Fund's expenses.
The third paragraph of the section "Investment Advisory and Other Services --
Fund Administration" on page 10 of the Prospectus is replaced with the
following:
For the services rendered by the Investment Adviser under the
Administration Agreement, the Investment Adviser will receive a monthly fee at
the annual rate of .95% of the Fund's average daily net assets. The Investment
Adviser has retained MGF Service Corp., 312 Walnut Street, Cincinnati, Ohio
45202, to assist the Investment Adviser in the provision of these services. MGF
Service Corp. is a subsidiary of Leshner Financial, Inc., of which Robert H.
Leshner is the controlling shareholder. The Investment Adviser (not the Fund)
compensates MGF Service Corp. for such assistance.
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