ASIA HOUSE FUNDS (the "Funds")
SUPPLEMENT DATED NOVEMBER 1, 1996 TO
PROSPECTUS DATED MAY 1, 1996
Effective November 1, 1996, the section entitled "Summary of
Fees and Expenses" on page 3 of the Prospectus is deleted in its
entirety and replaced with the following:
The following table sets forth certain information regarding
annual operating expenses for each Fund. Examples based on the
table are also shown below.
<TABLE>
<CAPTION>
<S> <C> <C>
Far East ASEAN
Growth Growth
-------- ------
SHAREHOLDER TRANSACTION EXPENSES
Sales load on purchases None None
Sales load on reinvested dividends None None
Redemption fees* None None
Exchange fees None None
ANNUAL FUND OPERATING EXPENSES (AS A
PERCENTAGE OF AVERAGE NET ASSETS)
Management fee 1.20% 1.20%
12b-1 Distribution fees .25% .25%
Other expenses (after reimbursement) .50% .50%
----- -----
TOTAL FUND OPERATING EXPENSES
(after reimbursement) 1.95% 1.95%
----- -----
----- -----
</TABLE>
* The Funds' bank charges a $7.50 fee for wire redemptions,
subject to change without notice, which charge will be
deducted from the redeeming shareholder's redemption
proceeds, if applicable.
EXAMPLE OF FUND EXPENSES
The following example illustrates the expenses you would incur on a
$1,000 investment, assuming a 5% annual rate of return and redemption at the
end of each period shown. THIS IS AN ILLUSTRATION ONLY. IT SHOULD NOT BE
CONSIDERED A REPRESENTATION OF PAST OR FUTURE EXPENSES AND ACTUAL EXPENSES AND
PERFORMANCE MAY BE MORE OR LESS THAN SHOWN.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Fund 1 Year 3 Years 5 Years 10 Years
---- ------ ------- ------- --------
Far East Growth Fund $20 $61 $105 $227
ASEAN Growth Fund $20 $61 $105 $227
</TABLE>
The foregoing table and example are intended to assist investors in
understanding the expenses the Funds will pay. Investors bear these expenses
<PAGE>
indirectly since they reduce the amount of income paid by the Funds to
investors as dividends. See "Management of the Funds" and "The Funds'
Distribution Plan" for more complete descriptions of the various expenses
referred to above. "Other expenses" and "Total Fund Operating Expenses" have
been restated to reflect current fees and are after waiver of fees and
reimbursement of expenses undertaken by Asia House Investments Inc., which has
voluntarily agreed to waive its management fees and reimburse expenses to the
extent that the total expenses of a Fund exceed 1.95% of average daily net
assets. In the absence of this expense limitation, "Other expenses" are
estimated at 8.97% and 15.05% and "Total Fund Operating Expenses" are
estimated at 10.42% and 16.50% for the Far East Growth Fund and ASEAN Growth
Fund, respectively. In addition, without the expense limitation, the amounts
contained in the example would increase.
Long-term shareholders may pay more than the economic equivalent of the
maximum front-end sales charges permitted by the National Association of
Securities Dealers, Inc. through the 12b-1 distribution fees.
