BRANDES INSTITUTIONAL INTERNATIONAL EQUITY FUND
Supplement to the Prospectus dated February 27, 1998
Supplement dated June 9, 1998
The Brandes Institutional International Equity Fund (the "Fund") will
close to new shareholders on September 30, 1998. Shareholders who own shares of
the Fund when it closes may continue to purchase shares in their existing
accounts after the Fund closes. Employer-sponsored retirement plans will be able
to open additional accounts for plan participants. Brandes Investment Partners,
L.P., as the Fund's Advisor, may reopen and close the Fund from time to time in
the future, as circumstances warrant.
