WESTCOTT LARGE CAP GROWTH FUND

                         SUPPLEMENT DATED JULY 29, 2002
                        TO PROSPECTUS DATED MAY 24, 2002


         The Board of Trustees has determined to redeem all outstanding shares
of the Westcott Large Cap Growth Fund. The Board has concluded that, due to the
small size of the Fund, it is unlikely that the Fund will be able to meet its
investment objective, and that the Fund therefore should cease operations.

         The Fund is no longer pursuing its investment objective. All holdings
in the Fund's portfolio have been sold, and the proceeds are invested in money
market instruments or held in cash. Any capital gains will be distributed as
soon as practicable to shareholders and reinvested in additional shares, unless
you have requested payment in cash. Any shareholders that have not redeemed
their shares of the Fund prior to August 23, 2002 will have their shares
automatically redeemed as of that date, with proceeds being sent to the address
of record. Prior to August 23, 2002, you may redeem your account, including
reinvested distributions, in accordance with "How to Redeem Shares" in the
Prospectus.




         This supplement and the Prospectus dated May 24, 2002 provide the
information a prospective investor ought to know before investing and should be
retained for future reference. A Statement of Additional Information has been
filed with the Securities and Exchange Commission dated May 24, 2002, which is
incorporated herein by reference and can be obtained without charge by calling
the Funds at 1-800-998-6658.