NATIONAL ASSET MANAGEMENT CORE EQUITY FUND

                         SUPPLEMENT DATED MARCH 13, 2001
                       TO PROSPECTUS DATED AUGUST 28, 2000


CHANGE IN CONTROL OF ADVISER

     National  Asset  Management  Corporation  ("NAM")  serves as adviser to the
National  Asset  Management  Core Equity Fund. On February 28, 2001, NAM entered
into a definitive  merger agreement with AMVESCAP PLC, which is headquartered in
Atlanta and London and is the largest  publicly traded asset  management firm in
the  world.  The  merger is  expected  to close in May 2001 and is  subject to a
number of  contingencies,  including  regulatory  approval and customary closing
conditions.  Following the closing,  NAM's business will be conducted by Invesco
Inc.'s National Asset Management division.

     Under the  Investment  Company Act of 1940, if the merger is consummated it
will result in an "assignment" of the existing  advisory  agreement for the fund
and,  consequently,  the  automatic  termination  of  this  advisory  agreement.
Therefore, the fund's Board of Trustees and shareholders are expected to approve
a new  advisory  agreement to take effect upon  shareholder  approval of the new
advisory  agreement,  with  terms  identical  to those of the  current  advisory
agreement  except for its effective and  termination  dates.  Because the fund's
shareholders are not expected to approve the new advisory agreement prior to the
expected  closing of the merger in May 2001,  the fund's  Board of  Trustees  is
expected to approve an interim  advisory  agreement  to be  effective  until the
fund's  shareholders  approve  the new  advisory  agreement.  The  merger is not
expected to affect the daily operations of the fund or the investment management
activities of the fund's investment adviser.