Debevoise & Plimpton
555 13th Street, N.W.
Washington, D.C. 20004
July 8, 1996
VIA EDGAR
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
THE HAVEN CAPITAL MANAGEMENT TRUST
Rule 497(e)
(Registration Nos. 33-76670 and 811-8428)
Ladies and Gentlemen:
On behalf of The Haven Capital Management Trust (the "Trust"), pursuant
to Rule 497(e) under the Securities Act of 1933, as amended, we transmit
herewith in electronic form a copy of the updated Fund Profile, dated the
date hereof, of The Haven Fund (the "Fund"). This Fund Profile is being
filed as a supplement to the Fund's Prospectus and Fund Profile contained
in Part A of Post-Effective Amendment No. 6 to the Trust's Registration
Statement on Form N-1A filed in electronic form on February 28, 1996, in
order to correct certain typographical errors therein.
No registration fee is required to be paid by the Trust.
Please telephone the undersigned at (202) 383-8058 with any questions about
this Amendment.
Very truly yours,
/s/ Marcia L. MacHarg
Marcia L. MacHarg
Enclosure
FUND PROFILE
The Haven Fund
P.O. Box 8903
Wilmington, DE 19899-8903
July 8, 1996
Haven Capital Management, Inc.
Investment Adviser
Important telephone numbers for The Haven Fund:
- For Fund information, call 1-800-844-4836
- For account balances, call 1-800-850-7163
1. WHAT IS THE FUND'S GOAL?
The Fund's primary objective is long-term growth of capital. It seeks to achieve
this objective by investing primarily in equity securities and at least 65% of
its total assets in the equity securities of domestic companies. The balance of
the Fund may be invested in foreign equities and in investment-grade fixed-
income securities of domestic and foreign issuers.
2. HOW IS THE PORTFOLIO INVESTED?
The Fund invests in domestic and foreign companies that, in the opinion of Haven
Capital Management, its investment adviser, have superior financial and
operating characteristics, long-term prospects for growth, and are not
sufficiently valued by the securities markets. Haven Capital evaluates
investments for the Fund using fundamental analysis and through its own field
research. In addition, it uses economic and investment data provided by
independent sources.
3. WHAT ARE THE RISKS OF INVESTING IN THE FUND?
The performance of the Fund depends on the market value of its holdings.
Securities prices fluctuate in response to general political, economic and
market conditions as well as to the performance of individual companies. Common
stock prices can fluctuate dramatically in response to these factors.
Investment-grade bond prices fluctuate primarily in response to changes in
interest rates. The Fund's emphasis on fundamental analysis may cause its
performance to vary from that of broad measures of the market. Shares in the
Fund may at any time be worth more or less than you paid for them.
4. IS THE FUND APPROPRIATE FOR YOU?
The Haven Fund is appropriate for investors who are willing to risk stock market
fluctuations in pursuit of long-term growth.
5. WHAT ARE THE FUND'S EXPENSES?
The Fund has no sales charge or fee for initial purchases, reinvestment of
distributions or redemptions. Fund operating expenses are paid out of the Fund's
assets and are not charged directly to the shareholder. For the 1995 fiscal year
(restated to reflect a change in 12b-1 fees and the termination of certain fee
waivers), the operating expenses were as follows:
Investment advisory fees 0.60%
12b-1 fees 0.20%
Other expenses 0.89%
-----
Total fund operating expenses 1.69%
EXAMPLE 1 Year 3 Year 5 Year 10 Year
------ ------ ------ ------
$17 $53 $92 $200
For every $1,000 you invested, you would pay this much in total expenses if you
closed your account after the number of years indicated. The example assumes the
Fund's annual return was 5% and expenses were as described above. The example
should not be considered as representative of future expenses or returns. Mutual
fund expenses and returns vary from year to year.
6. HOW HAS THE FUND PERFORMED?
This chart shows how the Fund and its predecessor partnership have performed.
The Fund began operations on June 23, 1994. Results for the period prior to that
date reflect the performance of HCM Partners, L.P., a limited partnership that
was managed by Haven Capital from 1984 to 1994. On June 23, 1994 the Fund
acquired the assets of the Partnership in exchange for shares of the Fund.
TOTAL RETURN
FOR THE YEARS ENDED DECEMBER 31,
--------------------------------
1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
---- ---- ---- ---- ---- ---- ---- ---- ---- ----
26.8 (0.6) 12.7 13.1 31.0 (2.4) 20.9 16.9 (2.6) 9.8
AVERAGE ANNUAL TOTAL RETURN
OF THE FUND FOR THE PERIODS
ENDED 12/31/95
Past 1 Since Inception of
Year the Fund (6/23/94)
----- -----------------
26.8% 18.6%
AVERAGE ANNUAL TOTAL RETURN
OF THE FUND AND PARTNERSHIP
FOR THE PERIODS ENDED 12/31/95
Since Inception
of the
Past 1 Past 5 Past 10 Partnership
Year Years Years (6/27/84)
----- ------ ----- ---------
26.8% 16.1% 11.9% 14.1%
Although the Partnership was managed by the same individuals who manage the
Fund, and the Fund is managed in a manner that is in all material respects
equivalent to the management of the Partnership, the above information should
not be viewed as an indication of the future performance of the Fund. It
includes information regarding the Partnership's operations for periods before
the Fund's registration statement became effective. The Partnership was not
registered under the Investment Company Act of 1940 and therefore was not
subject to certain investment restrictions that are imposed by that Act. If the
Partnership had been registered, its performance might have been adversely
affected. In addition, the expenses borne by the Fund are higher than those
borne by the Partnership.
7. WHO MANAGES THE FUND?
Haven Capital Management acts as the Fund's investment adviser. Haven Capital is
an independent organization that provides investment advice to various
institutional and individual clients for whom it managed approximately $775
million in assets at December 31, 1995. Haven Capital's principals have been
with the organization since its founding in 1982.
8. HOW CAN YOU BUY SHARES?
You may purchase shares by completing an application and mailing a check payable
to "The Haven Fund" for at least $2,500. The minimum investment for IRAs is
$2,000, and for Automatic Investment Plans is $1,000. Subsequent investments of
at least $100 may be made at any time.
9. HOW CAN YOU SELL SHARES?
Shares may be redeemed on any business day by either calling or sending a letter
directly to the Fund.
10. WHEN WILL YOU RECEIVE DISTRIBUTIONS?
The Fund distributes to its shareholders virtually all of its net investment
income twice a year in the form of dividends. Net realized capital gains, if
any, are paid annually. Shareholders may reinvest dividends and capital gains
with no sales charge or may elect to receive them in cash.
11. WHAT INVESTOR SERVICES ARE AVAILABLE?
The Haven Fund provides a number of convenient investor services including:
- Periodic Statement and Reports
- Individual Retirement Accounts
- Wire Transfer and Redemptions
- Automatic Investment Plan
- Automatic Reinvestment of Distributions
- Toll-Free Access to Investor Service Center
This Profile contains key information about the Fund. More details appear in the
Fund's accompanying Prospectus.
