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Supplement Dated February 12, 1997, to the Bailard, Biehl & Kaiser International Bond Fund Prospectus and Statement of Additional Information dated January 28, 1997 Effective as of February 18, 1997, the business address for Bailard, Biehl & Kaiser Inc., the Bailard, Biehl & Kaiser International Bond Fund, the Bailard, Biehl & Kaiser International Fund Group, and BB&K Fund Services Inc., will change to: 950 Tower Lane, Suite #1900 Foster City, CA 94404-2131
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