September 8, 1998
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Pacific Innovations Trust
File Nos. 333-14191 and 811-07863
To The Commission:
In accordance with Rule 497(e) under the Securities Act of 1933, as amended,
we hereby file this supplement dated September 8, 1998 to the Registrant's
current prospectus and statement of additional information dated May 1, 1998.
If you have any questions regarding this filing, please contact the
undersigned at 312-609-7532.
Very truly yours,
/s/Mark L. Winget
Mark L. Winget
PACIFIC INNOVATIONS TRUST
MANAGED BOND FUND
Supplement to Prospectus
Dated May 1, 1998
On September 8, 1998, the financial services businesses of Zurich Insurance
Company ("Zurich") and the financial services businesses of B.A.T.
Industries plc ("B.A.T.") formed a new global insurance and financial
services group known as Zurich Financial Services. By way of a dual
holding company structure, current Zurich shareholders own approximately
57% of the new organization, with the balance owned by B.A.T.'s shareholders.
Upon consummation of the transaction, the subadvisory agreement for the
Managed Bond Fund between Bank of America NT & SA and Scudder Kemper
Investments, Inc. ("Scudder Kemper") was terminated. The Board approved,
subject to shareholder approval, a new subadvisory agreement with Scudder
Kemper, which is substantially identical to the current subadvisory
agreement. Pending shareholder approval, Scudder Kemper will continue to
serve as subadvisor to the Managed Bond Fund.
Dated: September 8, 1998
