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NORTH AMERICAN FUNDS
SUPPLEMENT TO PROSPECTUS
DATED FEBRUARY 28, 1996
Andrew S. Parlin has replaced Steven H. Schaefer as the person primarily
responsible for the day-to-day management of the Global Growth Fund. Stephen J.
Butters continues to share this responsibility. Messrs. Parlin and Butters are
also portfolio managers to NASL Series Trust's Global Equity Trust.
Mr. Parlin is a General Partner and portfolio manager at Oechsle
International. He joined Oechsle International in 1988 as a research analyst in
the firm's Tokyo office, where he was based until 1992. Mr. Parlin became a
portfolio manager in 1992 and a general partner in 1995. Mr. Parlin covers both
Japan and all major European equity markets.
SUPPLEMENT DATED JULY 31, 1996
