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NICHOLAS | APPLEGATE-Registered Trademark- MUTUAL FUNDS
SUPPLEMENT TO PROSPECTUSES
Portfolios A, B and C dated July 16, 1997
Advisory Portfolios dated July 21, 1997
Global Institutional Portfolios dated July 22, 1997
U.S. Institutional Portfolios dated July 22, 1997
FEBRUARY 3, 1998
PLEASE REVISE THE "PORTFOLIO TEAMS" SECTION AS FOLLOWS:
Add the Worldwide Growth Portfolio to Andrew B. Gallagher's list of
responsibilities, and remove Worldwide Growth Portfolio from John Kane's list
of responsibilities.
Add the Core Growth Portfolio to Catherine Somhegyi's list of
responsibilities.
John C. Marshall Jr. is no longer actively involved in portfolio management
for the Investment Adviser, and accordingly delete the reference to him.
