BRANDES INVESTMENT TRUST
BRANDES INSTITUTIONAL INTERNATIONAL EQUITY FUND
Supplement dated November 16, 2000
To the Prospectus dated February 29, 2000
THE FOLLOWING REPLACES THE TABLE AND FOOTNOTES OF THE SECTION "PRIOR PERFORMANCE
OF THE ADVISOR" ON PAGE 16 OF THE PROSPECTUS:
Annualized Total Return
For Periods Ended December 31, 1999
<TABLE>
<CAPTION>
Inception Five Years Three Years One Year
--------- ---------- ----------- --------
<S> <C> <C> <C> <C>
Brandes Institutional
International Equity Fund(1) 29.66%(2) N/A N/A 56.18%
Advisor's Composite *** 19.98% **** 22.94% 28.50% 53.67%
MSCI EAFE Index ***** 8.86% 12.83% 15.75% 29.96%
</TABLE>
1 The net annual returns presented above for the Brandes Institutional
International Equity Fund were calculated as described above under "Performance
Information."
2 Inception date for the Brandes Institutional International Equity Fund is
1/2/97.
*** The net quarterly and annual returns presented above for the Brandes
International Equity composite were calculated on a time-weighted and
asset-weighted, total return basis, including reinvestment of all dividends,
interest and income, realized and unrealized gains or losses and are net of
applicable investment advisory fees, brokerage commissions and execution costs,
custodial fees and any applicable foreign withholding taxes, without provision
for federal and state income taxes, if any. The Brandes International Equity
composite results include all actual, fee-paying and non-fee-paying, fully
discretionary International Equity accounts under management by Brandes
Investment Partners, L.P. for at least one month beginning 7/1/90, having
substantially the same investment objectives, policies, techniques and
restrictions. The weighted annualized management fee during the period 7/1/90
through 12/31/99 was 0.86% per year. Brandes' investment advisory fees are
detailed in Part II of its Form ADV. Securities transactions are accounted for
on the trade date. Cash and cash equivalents are included in performance
returns. Net annual total return for the Brandes International Equity composite
for the calendar year period 1991 have been attested by an independent
accounting firm. Starting with calendar year 1992 through calendar year 1999,
the Brandes International Equity composite has been examined by a Big Five
accounting firm in accordance with AIMR Level II verification standards. Copies
of the reports of independent accountants and a complete list and description of
Brandes' composites are available on request. Brandes Investment Partners, L.P.
is an independent investment management firm registered with the Securities and
Exchange Commission and is not affiliated with any parent organization. The
results for individual accounts and for different periods may vary. The
asset-weighted standard deviation measure of dispersion for the annual periods
1991 through 1999 are 5.09%, 3.03%, 4.97%, 2.28%, 2.01%, 2.27%, 2.48%, 4.13%,
3.12%, respectively. Investors should not rely on prior performance results as a
reliable indication of future results. Brandes has prepared and presented this
information in compliance with the Performance Presentation Standards of AIMR.
AIMR has not been involved with the preparation or review of this information.
**** Inception date for the Advisor's composite and MSCI EAFE Index is 6/30/90.
***** Morgan Stanley Capital International EAFE Index is an unmanaged index
consisting of securities listed on exchanges in European, Australasian and Far
Eastern markets and includes dividends and distributions, but does not reflect
fees, brokerage commissions or other expenses of investing.
