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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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050 000400 N
051 000400 N
052 000400 N
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<PAGE> PAGE 22
062 B000400 0.0
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062 J000400 0.0
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066 B000400 N
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066 D000400 N
066 E000400 N
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 N
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070 B020400 N
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070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
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<PAGE> PAGE 23
070 K020400 Y
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070 L020400 N
070 M010400 N
070 M020400 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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070 I020500 N
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<PAGE> PAGE 28
070 N020500 N
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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008 A000701 BANK OF AMERICA
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001024923
<NAME> PACIFIC INNOVATIONS TRUST
<SERIES>
<NUMBER> 01
<NAME> MONEY MARKET FUND
<S> <C>
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<OTHER-ITEMS-LIABILITIES> 20662
<TOTAL-LIABILITIES> 20662
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5259774
<SHARES-COMMON-STOCK> 5259774
<SHARES-COMMON-PRIOR> 6698537
<ACCUMULATED-NII-CURRENT> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 5259774
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 166929
<OTHER-INCOME> 0
<EXPENSES-NET> (17716)
<NET-INVESTMENT-INCOME> 149213
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 149213
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (149213)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1244974
<NUMBER-OF-SHARES-REDEEMED> (2833207)
<SHARES-REINVESTED> 149470
<NET-CHANGE-IN-ASSETS> (1438763)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
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<PER-SHARE-DIVIDEND> (.03)
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0001024923
<NAME> PACIFIC INNOVATIONS TRUST
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<TABLE> <S> <C>
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<ACCUMULATED-NET-GAINS> 24341
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<ACCUM-APPREC-OR-DEPREC> 810127
<NET-ASSETS> 22839653
<DIVIDEND-INCOME> 173395
<INTEREST-INCOME> 242921
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<EXPENSES-NET> (85653)
<NET-INVESTMENT-INCOME> 330663
<REALIZED-GAINS-CURRENT> 172149
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<NUMBER-OF-SHARES-SOLD> 393906
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5169039
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001024923
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<SERIES>
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<OTHER-ITEMS-LIABILITIES> 56422
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24192823
<SHARES-COMMON-STOCK> 2077410
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<ACCUMULATED-NII-CURRENT> 86688
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 346800
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5202390
<NET-ASSETS> 29828701
<DIVIDEND-INCOME> 167238
<INTEREST-INCOME> 33938
<OTHER-INCOME> 0
<EXPENSES-NET> (114492)
<NET-INVESTMENT-INCOME> 86684
<REALIZED-GAINS-CURRENT> 463345
<APPREC-INCREASE-CURRENT> 3330864
<NET-CHANGE-FROM-OPS> 3880893
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 473726
<NUMBER-OF-SHARES-REDEEMED> (22507)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9918240
<ACCUMULATED-NII-PRIOR> 4
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 116545
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<GROSS-EXPENSE> 176297
<AVERAGE-NET-ASSETS> 24561829
<PER-SHARE-NAV-BEGIN> 12.24
<PER-SHARE-NII> .04
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<PER-SHARE-NAV-END> 14.36
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001024923
<NAME> PACIFIC INNOVATIONS TRUST
<SERIES>
<NUMBER> 05
<NAME> MID-CAP EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 12036042
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<RECEIVABLES> 45922
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<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 30486
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11596866
<SHARES-COMMON-STOCK> 1038127
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<ACCUMULATED-NII-CURRENT> 18506
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 438123
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2015162
<NET-ASSETS> 14068657
<DIVIDEND-INCOME> 68703
<INTEREST-INCOME> 8707
<OTHER-INCOME> 0
<EXPENSES-NET> (58910)
<NET-INVESTMENT-INCOME> 18500
<REALIZED-GAINS-CURRENT> 452289
<APPREC-INCREASE-CURRENT> 392350
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<NUMBER-OF-SHARES-SOLD> 163646
<NUMBER-OF-SHARES-REDEEMED> (7034)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2920276
<ACCUMULATED-NII-PRIOR> 6
<ACCUMULATED-GAINS-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 14166
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 95017
<AVERAGE-NET-ASSETS> 12637943
<PER-SHARE-NAV-BEGIN> 12.65
<PER-SHARE-NII> .02
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001024923
<NAME> PACIFIC INNOVATIONS TRUST
<SERIES>
<NUMBER> 06
<NAME> AGGRESSIVE GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 8660678
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<RECEIVABLES> 18288
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<TOTAL-ASSETS> 11637090
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27232
<TOTAL-LIABILITIES> 27232
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10613341
<SHARES-COMMON-STOCK> 1004301
<SHARES-COMMON-PRIOR> 878360
<ACCUMULATED-NII-CURRENT> (35885)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 446758
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 585644
<NET-ASSETS> 11609858
<DIVIDEND-INCOME> 1677
<INTEREST-INCOME> 16428
<OTHER-INCOME> 0
<EXPENSES-NET> (53990)
<NET-INVESTMENT-INCOME> (35885)
<REALIZED-GAINS-CURRENT> 522663
<APPREC-INCREASE-CURRENT> 314197
<NET-CHANGE-FROM-OPS> 800975
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 129256
<NUMBER-OF-SHARES-REDEEMED> (3315)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2204525
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 75905
<GROSS-ADVISORY-FEES> 31975
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<GROSS-EXPENSE> 98063
<AVERAGE-NET-ASSETS> 10570438
<PER-SHARE-NAV-BEGIN> 10.71
<PER-SHARE-NII> (.04)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001024923
<NAME> PACIFIC INNOVATIONS TRUST
<SERIES>
<NUMBER> 07
<NAME> INTERNATIONAL FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 10202665
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<TOTAL-ASSETS> 11383777
<PAYABLE-FOR-SECURITIES> 150028
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2583
<TOTAL-LIABILITIES> 152611
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10311148
<SHARES-COMMON-STOCK> 996238
<SHARES-COMMON-PRIOR> 922505
<ACCUMULATED-NII-CURRENT> 90586
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (255955)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1085387
<NET-ASSETS> 11231166
<DIVIDEND-INCOME> 120981
<INTEREST-INCOME> 31751
<OTHER-INCOME> 0
<EXPENSES-NET> (62481)
<NET-INVESTMENT-INCOME> 90251
<REALIZED-GAINS-CURRENT> (36409)
<APPREC-INCREASE-CURRENT> 1326848
<NET-CHANGE-FROM-OPS> 1380690
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 90016
<NUMBER-OF-SHARES-REDEEMED> (16283)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2195135
<ACCUMULATED-NII-PRIOR> 335
<ACCUMULATED-GAINS-PRIOR> (54792)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (164754)
<GROSS-ADVISORY-FEES> 33256
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 155200
<AVERAGE-NET-ASSETS> 10161131
<PER-SHARE-NAV-BEGIN> 9.80
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> 1.38
<PER-SHARE-DIVIDEND> 0
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<PER-SHARE-NAV-END> 11.27
<EXPENSE-RATIO> 1.24
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</TABLE>
EXHIBIT INDEX
EXHIBIT A - Attachment to item 77C: Submission of matters to a vote
of security holders.
EXHIBIT B - Attachment to item 77K: Changes in registrant's certifying
accountant
EXHIBIT C - Attachment to item 77Q1(a): Written instrument amending the
declaration of trust
- -------------------------------------------------------------------------
EXHIBIT A
PACIFIC INNOVATIONS TRUST
Results (Unaudited) of Special Shareholder Meeting
Held on June 26, 1998
On June 26, 1998, a special meeting of shareholders of Pacific Innovations
Trust (the "Trust") was held in order to vote on the following proposals:
to elect seven Trustees to the Board of Trustees;
to approve a new management agreement between the Trust and Bank
of America NT&SA;
to approve a new sub-advisory agreement between Bank of America NT&SA
and Scudder Kemper Investments, Inc. (Managed Bond Fund only);
to approve a new sub-advisory agreement between Bank of America NT&SA
and Wellington Management Company, LLP (International Fund only); and
to approve the selection of Price Waterhouse LLP as the Trust's
independent auditors for the current fiscal year.
The voting results for each proposal are shown below:
Proposal Vote Shares In Favor Opposed Abstained/
Basis* Outstanding Withheld
and Represented
at the Meeting
PROPOSAL 1 BY TRUST 13,077,218.20
Edward S.
Bottum 12,744,610.96 0 332,607.24
William P.
Carmichael 12,744,610.96 0 332,607.24
Thomas M.
Collins 12,744,610.96 0 332,607.24
Douglas B.
Fletcher 12,744,610.96 0 332,607.24
Robert E.
Greeley 12,744,610.96 0 332,607.24
Harold T.
Joanning 12,521,140.31 0 556,077.89
Cornelius J.
Pings 12,744,610.96 0 332,607.24
PROPOSAL 2 BY FUND
MMF 5,229,490.06 4,789,545.97 52,008.78 387,935.31
MBF 1,369,347.70 1,158,419.10 14,307.84 196,620.76
CIF 1,758,042.72 1,602,798.85 8,843.15 146,400.72
BCF 1,870,112.85 1,610,512.66 34,229.66 225,370.53
MCEF 965,313.12 835,715.70 24,773.95 104,823.47
AGF 936,846.04 898,961.08 7,367.65 30,517.31
IF 948,065.70 832,140.15 14,644.38 101,281.17
PROPOSAL 3 MBF 1,369,347.70 1,158,419.10 14,307.84 196,620.76
PROPOSAL 4 IF 948,065.70 830,588.59 16,195.94 101,281.17
PROPOSAL 5 BY TRUST 13,077,218.20 11,976,544.01 36,208.08 1,064,466.11
* KEY:
Trust = Pacific Innovations Trust
MMF = Pacific Innovations Trust Money Market Fund
MBF = Pacific Innovations Trust Managed Bond Fund
CIF = Pacific Innovations Trust Capital Income Fund
BCF = Pacific Innovations Trust Blue Chip Fund
MCEF = Pacific Innovations Trust Mid-Cap Equity Fund
AGF = Pacific Innovations Trust Aggressive Growth Fund
IF = Pacific Innovations Trust International Fund
- --------------------------------------------------------------------------
EXHIBIT B
June 26, 1998
The Board of Directors
Pacific Innovations Trust (the "Trust"):
Members of the Board of Directors:
This letter confirms our resignation as auditors for the Trust.
In connection with the audit of the period ended December 31, 1997, and
the subsequent interim period through June 26, 1998, there were no
disagreements with the Trust on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedures, which disagreements if not resolved to our satisfaction would
have caused us to make reference in connection with our opinion to the
subject matter of the disagreement.
The audit report on the consolidated financial statements of the Trust as
of and for the period ended December 31, 1997, did not contain any adverse
opinion or disclaimer of opinion, nor were they qualified or modified as
to uncertainty, audit scope, or accounting principles.
Very truly yours,
/s/KPMG Peat Marwick LLP
On June 26, 1998, the Board of Trustees (the "Board") of Pacific
Innovations Trust (the "Trust") determined not to renew it's contract with
KPMG Peat Marwick LLP ("KPMG") as the Trust's independent accountants,
instead choosing the firm of PricewaterhouseCoopers LLP to serve in that
capacity. KPMG's reports on the financial statements of the Fund for the
two most recent fiscal years contained no adverse opinions, or opinions
that were qualified in any way, nor were there any disagreements with KPMG
during those periods on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure.
- -------------------------------------------------------------------------
EXHIBIT C
PACIFIC INNOVATIONS TRUST
WRITTEN INSTRUMENT AMENDING THE DECLARATION OF TRUST
The undersigned, being all of the trustees of Pacific Innovations Trust
(the "Trust"), a business trust organized pursuant to a Declaration of
Trust dated September 25, 1996 (the "Declaration of Trust"), pursuant to
Section 9.3(a) of Article IX of the Declaration of Trust, do hereby amend
the Declaration of Trust as follows:
FIRST: The Declaration of Trust is hereby amended by striking out
Section 2.4 of Article II of the Declaration of Trust in its entirety and
inserting in lieu thereof the following:
2.4 Vacancies. The term of office of a Trustee, as defined in
Section 2.2 hereof, shall terminate and a vacancy shall occur in the
event of the earliest to occur of the following: the Trustee's death,
resignation, adjudicated incompetence or other incapacity to perform
the duties of the office, or removal, of the Trustee. A vacancy shall
also occur in the event of an increase in the number of trustees as
provided in Section 2.1. No such vacancy shall operate to annul this
Declaration or to revoke any existing trust created pursuant to the
terms of this Declaration. In the case of a vacancy, the Holders of a
plurality of the Interests entitled to vote, acting at any meeting of
the Holders held in accordance with Article VIII hereof, or, to the
extent permitted by the 1940 Act, a majority vote of the Trustees
continuing in office acting by written instrument or instruments, may
fill such vacancy, and any Trustee so elected by the Trustees or the
Holders shall hold office as provided in this Declaration. There shall
be no cumulative voting by the Holders in the election of Trustees.
[Signature Page Follows]
IN WITNESS WHEREOF, the undersigned have this 2nd day of April, 1998
signed these presents.
_________________
Edward S. Bottum
_________________
William P. Carmichael
_________________
Robert E. Greeley
_________________
Harold T. Joanning
_________________
John P. Privat
