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<PAGE> PAGE 2
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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SIGNATURE ANNE D. FONTAINE
TITLE TREASURER
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<NAME> FONTAINE CAPITAL APPRECIATION FUND
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<NAME> FONTAINE GLOBAL GROWTH FUND
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> FONTAINE GLOBAL INCOME FUND
<S> <C>
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<NET-CHANGE-IN-ASSETS> (1,073,089)
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</TABLE>
