Supplement Dated September 10, 1996 to
Prospectus Dated March 1, 1996 as Revised July 1,1996
HEMISPHERE FREE TRADE FUND
CLASS A SHARES AND INSTITUTIONAL SHARES
The following tables of "FINANCIAL HIGHLIGHTS" are derived from the financial
statements of the Fund for the period ended June 30, 1996 and should be inserted
after the section entitled "EXPENSE TABLE."
<TABLE>
<CAPTION>
Institutional Shares Class A Shares
For the Period For the Period
04/09/96(5) 04/11/96(5)
to 06/30/96 to 06/30/96
<S> <C> <C>
Net Asset Value, Beginning of Period $10.00 $10.00
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INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income 0.037 0.028
Net Realized and Unrealized Gain/(Loss)
on Investments (0.017) (0.008)
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Total from Investment Operations 0.020 0.020
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LESS DISTRIBUTIONS:
Net Investment Income 0.000 0.000
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Total Distributions 0.000 0.000
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Net Asset Value, End of Period $10.02 $10.02
============ =============
TOTAL RETURN(2)(3) 0.20% 0.20%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period $(000) $10,018 $53
Ratios of Expenses to Average Net
Assets(1) 1.55% 1.80%
Ratio of Net Investment Income to
Average Net Assets(1) 1.60% 1.35%
Portfolio Turnover Rate 19.30% 19.30%
Average Commission Rate (4) $0.039 $0.039
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(1) Annualized.
(2) Total returns for periods less than one year are not annualized.
(3) Sales load is not reflected in total return.
(4) Computed by dividing the total amount of commission paid by the total number of shares purchased and sold
during the period.
(5) Date commenced operations.
</TABLE>
