Rule 497(e)
File Nos. 033-81396, 811-08614
BRANDES INSTITUTIONAL INTERNATIONAL EQUITY FUND
Supplement to the Prospectus dated March 1, 1999
Supplement dated March 12, 1999
The Brandes Institutional International Equity Fund (the "Fund") was
closed to new shareholders on September 30, 1998. Shareholders who owned shares
of the Fund when it closed may continue to purchase shares in their existing
accounts. Employer-sponsored retirement plans will be able to open additional
accounts for plan participants. Certain clients of Brandes Investment Partners,
L.P., the Fund's Advisor, may be allowed to open new accounts in the Fund as the
Advisor sees fit. The Fund's Advisor may reopen and close the Fund from time to
time in the future, as circumstances warrant.
