LAKE FOREST FUNDS
Supplement dated May 20, 1997
to the Prospectus dated June 16, 1996
On May 6, 1997, the Board of Directors approved an Amended Management
Agreement for the Lake Forest Funds to take effect on July 1, 1997. This
Amended Management Agreement provides for an increase in the Management Fee
payable by the Lake Forest Core Equity Fund from 1.00% to 1.25% of average
annual net assets. In addition, the Amended Management Agreement provides
for certain user fees to be charged to shareholders of both the Core Equity
and Money Market Funds. These fees include exchange, wire transfer and
returned check fees as well as a fee that may be charged to shareholders who
maintain accounts below the minimum required balance.
In order for these changes to take effect, the Amended Management Agreement
must be approved by the shareholders of the Funds. A Special Meeting of
shareholders is set to take place on June 9, 1997. Only shareholders of
record on May 15, 1997 will be eligible to vote at the Special Meeting.
Any decision regarding a proposed investment in either Fund should be made
in light of the proposed changes to the Management Agreement.
