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<PAGE> NICHOLAS/APPLEGATE-Registered Trademark- mutual funds SUPPLEMENT TO PROSPECTUSES SERIES A, B AND C DOMESTIC PORTOFOLIOS SERIES A, B AND C GLOBAL PORTFOLIOS GLOBAL INSTITUTIONAL PORTFOLIOS October 25, 1996 An amended Statement of Additional Information for the Portfolios dated October 25, 1996 has been filed with the Securities and Exchange Commission and is incorporated by reference into the Prospectuses referred to above.
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