Rule 497(e)
                                                    Registration Number 33-94412


                            TRANS ADVISER FUNDS, INC.
                         SUPPLEMENT DATED JUNE 20, 1997
                       TO PROSPECTUS DATED JANUARY 1, 1997


         The  Adviser's  parent,  Trans  Financial,   Inc.,  has  proposed  that
Countrywide  Investments,  Inc. assume management of the assets of the Company's
five mutual funds.

         Each of the  Company's  five  mutual  funds  have  adopted,  subject to
shareholder approval, an Agreement and Plan of Reorganization (the "Plan") under
which each fund (the "Trans  Adviser  Fund") will transfer all of its assets and
liabilities to a newly-created  corresponding series of a Countrywide Trust (the
"Countrywide Fund") in exchange for shares of the Countrywide Fund. Shareholders
of each Trans Adviser Fund will receive shares of the corresponding  Countrywide
Fund equal in value to their shares in the Trans Adviser Fund. Shareholders will
not have to pay a sales load upon receiving shares of the Countrywide Fund.

         The  corresponding  Countrywide  Fund will have investment  objectives,
policies and restrictions  substantially identical to those of the Trans Adviser
Fund.  The  Boards  of  Trustees  of the  Countrywide  Funds  are  comprised  of
individuals  other than those who  currently  serve as Directors of the Company.
Countrywide Investments, Inc. is the investment adviser to the Countrywide Funds
and  Mastrapasqua  &  Associates,  Inc. will  continue as the  Growth/Value  and
Aggressive Growth Funds' sub-adviser.  Countrywide provides  distribution,  fund
accounting  and  transfer  agency  services  to the  Countrywide  Funds  through
affiliates.

         The Company's  Board of Directors  determined that the Plan would be in
the best interests of  shareholders  of the Trans Adviser Funds and  recommended
that  shareholders  of each of the Trans  Adviser  Funds  approve  the Plan at a
meeting anticipated to be held in late July, 1997.

         Countrywide Investments,  Inc. serves as investment adviser to 15 other
mutual  funds.  Countrywide  Investments,  Inc.  has  $858,000  in assets  under
management.

         Countrywide is a wholly-owned indirect subsidiary of Countrywide Credit
Industries,  Inc.  ("CCI").  CCI is a New York  Stock  Exchange  listed  company
principally  engaged in residential  mortgage  lending.  CCI offers a variety of
mortgage  products to home  buyers,  including  home equity  loans and  subprime
credit  quality  first-lien  mortgages.  In addition,  CCI has a loan  servicing
operation  which  serves  over 1.4  million  homeowners  as well as a variety of
ancillary financial products and services which augment its mortgage lending and
servicing  operations.  Founded in 1969, CCI is the nation's largest independent
residential mortgage lender and servicer.  CCI has more than 5,500 employees and
350 offices across the nation.