<PAGE> 1
THE ERNST WORLD FUNDS
ERNST ASIA FUND
ERNST GLOBAL RESOURCES FUND
SUPPLEMENT DATED SEPTEMBER 9, 1996 TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED JUNE 6, 1996
The following information supplements certain information set forth in the
attached Statement of Additional Information:
1. On Page B-3, the second full paragraph is replaced and superseded with
the following:
The Funds do not intend to enter into such forward contracts if a Fund
would have more than 100% of the value of its total assets committed to
such contracts on a regular or continuous basis. A Fund also will not enter
into such forward contracts or maintain a net exposure in such contracts
where such Fund would be obligated to deliver an amount of foreign currency
in excess of the value of such Fund's securities or other assets
denominated in that currency. Except for forward foreign currency
transactions entered into for hedging purposes, each Fund's custodian bank
segregates cash or liquid securities in an amount not less than the value
of the Fund's total assets committed to forward foreign currency exchange
contracts entered into for the purchase of a foreign security. If the value
of the securities segregated declines, additional cash or securities are
added so that the segregated amount is not less than the amount of such
Fund's commitments with respect to such contracts.
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THE ERNST WORLD FUNDS
ERNST GLOBAL ASSET ALLOCATION FUND
SUPPLEMENT DATED SEPTEMBER 9, 1996 TO THE
PROSPECTUS DATED MARCH 19, 1996
The following information supplements certain information set forth in the
attached Prospectus:
1. On Page 16, under the heading "Sales Charge Waivers", the fourth
paragraph is replaced and superseded with the following:
(4) investors for whom an investment dealer or one of their
affiliates acts in a fiduciary, advisory, custodial, agency or
similar capacity including for broker/dealer managed account
programs and for whom purchases are made through such accounts or
with proceeds from liquidations of such accounts;
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THE ERNST WORLD FUNDS
ERNST ASIA FUND
ERNST GLOBAL RESOURCES FUND
SUPPLEMENT DATED SEPTEMBER 9, 1996 TO THE
PROSPECTUS DATED JUNE 6, 1996
The following information supplements certain information set forth in the
attached Prospectus:
1. On Page 20, under the heading "Sales Charge Waivers", the fourth
paragraph is replaced and superseded with the following:
(4) investors for whom an investment dealer or one of their
affiliates acts in a fiduciary, advisory, custodial, agency or
similar capacity including for broker/dealer managed account
programs and for whom purchases are made through such accounts or
with proceeds from liquidations of such accounts;
