Vontobel U.S. Value Fund
Supplement Dated June 3, 1996
To the Prospectus Dated May 2, 1996
Custodian and Accounting Services Agent - Brown Brothers
Harriman & Co. ("BBH") is currently the Fund's Custodian and
Accounting Services Agent. Effective August 1, 1996 Star Bank in
Cincinnati, Ohio will be the Custodian and Accounting Services
Agent for the Fund. The Custodian collects income when due and
holds all of the Fund's portfolio securities and cash. (BBH, with
the Fund's consent, has designated The Depository Trust Company of
New York, as its agent to secure some of the assets of the Fund.)
The Custodian is authorized to appoint other entities to act as
sub-custodian to provide for the custody of foreign securities
which may be acquired and held by the Fund outside the U.S. Such
appointments are subject to appropriate review by the Fund's
Board of Directors.
The Custodian as the Accounting Services Agent maintains and keeps
current the books, accounts, records, journals or other records of
original entry relating to the Fund's business. The address of
BBH is 40 Water Street, Boston, Massachusetts 02109 and the address
of Star Bank is 425 Walnut Street, P.O. Box 1118, Cincinnati, Ohio
45201-1118.
