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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950147-01-500530.txt : 20010313
<SEC-HEADER>0000950147-01-500530.hdr.sgml : 20010313
ACCESSION NUMBER:		0000950147-01-500530
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20010312

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KAYNE ANDERSON RUDNICK MUTUAL FUNDS
		CENTRAL INDEX KEY:			0001018593
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		IRS NUMBER:				956981193
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		
		SEC FILE NUMBER:	333-08045
		FILM NUMBER:		1565966

	BUSINESS ADDRESS:	
		STREET 1:		1800 AVENUE OF THE STARS, 2ND FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310) 556-2721

	MAIL ADDRESS:	
		STREET 1:		1800 AVENUE OF THE STARS, 2ND FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KAYNE ANDERSON MUTUAL FUNDS
		DATE OF NAME CHANGE:	19960711
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>e-6479.txt
<DESCRIPTION>PROSPECTUS SUPPLEMENT DATED 3-2-01
<TEXT>

                       KAYNE ANDERSON RUDNICK MUTUAL FUNDS

                         Supplement Dated March 2, 2001
                       To Prospectus Dated April 28, 2000


THE FOLLOWING REPLACES THE PERFORMANCE COMPARISON FOR KAYNE ANDERSON RUDNICK
SMALL MID CAP FUND (FORMERLY NAMED, KAYNE ANDERSON SMALL CAP FUND) ON PAGE 5 OF
THE PROSPECTUS.


AVERAGE ANNUAL RETURNS THROUGH 12/31/99

                                                                 Since Inception
                                                    1 Year          (10/18/96)
                                                    ------       ---------------
Kayne Anderson Rudnick Small Mid Cap Fund            3.64%            13.40%
Russell 2000 Index                                  21.26%            14.73%
Russell 2500 Value Index                             1.49%            11.84%


The Russell 2000 Index is formed by taking the 3,000 largest U.S. companies and
then eliminating the largest 1,000 leaving a good small company Index. The
Russell 2500 Value Index is formed by taking the 3,000 largest U.S. companies,
eliminating the largest 500, and then including those remaining companies with
the lowest price-to-book ratios and lower forecasted growth values.

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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