HILLVIEW INVESTMENT TRUST II
Hillview Alpha Fund
Hillview International Alpha Fund
Supplement dated October 11, 2000
to
Prospectus dated September 1, 2000
This supplement provides new and additional information
beyond that contained in the Prospectus. It should be
retained and read in conjunction with the Prospectus.
The information in the second paragraph of page 13 of the
Prospectus should be deleted in its entirety and replaced
with the following:
Deutsche Asset Management was originally founded
in 1972 as Morgan Grenfell Investment Services,
Inc. and manages approximately $12 billion in
assets as of March 31, 2000. Deutsche Asset
Management is located at One Appold Street,
London, England. Alexander Tedder and Richard
Wilson have primary responsibility for sub-
advising the portion of the fund's assets managed
by Deutsche Asset Management. Messrs. Tedder and
Wilson are both directors of Deutsche Asset
Management. Mr. Tedder has had responsibility
managing equity portfolios for the firm since
1994. Mr. Wilson serves as the head of the firm's
Pan European Equity product. The fund pays
Deutsche Asset Management an annual sub-advisory
fee of 0.60% of the average daily assets of the
first $20 million of the portion of the fund's
portfolio it manages, and 0.55% of the average
assets of the rest of the portion of the fund's
assets it manages (if the breakpoint of $20
million is reached in the first year of the
contract; otherwise the breakpoint will be $50
million).
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
