<PAGE>
S&P STARS FUND
S&P STARS Master Series
Supplement to Prospectus dated
September 1, 1995
The Master Series is permitted to invest in put options in respect of specific
securities (or groups or "baskets" of specific securities) in which the Master
Series may invest. A put option gives the purchaser of the option the right to
sell, and obligates the writer to buy, the underlying security at the exercise
price at any time during the option period. See also, Item 4, "General
Description of Registrant--Management Policies" and "General Description
of Registrant--Risk Factors--Certain Investment Techniques" and "Appendix--
Investment Techniques--Options Transactions."
