<PAGE> 1
CAPSTONE NEW ZEALAND FUND
A SERIES OF CAPSTONE INTERNATIONAL SERIES TRUST
SUPPLEMENT DATED AUGUST 21, 1995
TO
PROSPECTUS DATED MARCH 1, 1995
AND
SUPPLEMENTED MAY 24, 1995
Effective August 21, 1995 the front-end sales load applicable to purchases
of Fund shares is eliminated. All references to the sales load in the
Prospectus are hereby deleted.
THE FOLLOWING SENTENCE IS INSERTED AS THE FIFTH SENTENCE IN THE FIRST PARAGRAPH
UNDER THE INVESTMENT OBJECTIVE AND POLICIES SECTION ON PAGE 8 OF THE PROSPECTUS:
As of the date of this prospectus, to the best of the knowledge of the
Adviser the Fund is the only U.S.-registered mutual fund that invests primarily
in New Zealand securities.
<PAGE> 2
CAPSTONE NEW ZEALAND FUND
A SERIES OF CAPSTONE INTERNATIONAL SERIES TRUST
SUPPLEMENT DATED AUGUST 21, 1995
TO
STATEMENT OF ADDITIONAL INFORMATION DATED MARCH 1, 1995
AND
SUPPLEMENTED MAY 24, 1995
Effective August 21, 1995 the front-end sales load applicable to purchases
of Fund shares is eliminated. All references to the sales load in the Statement
of Additional Information are hereby deleted.
