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<PAGE> PAGE 6
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 16
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<PAGE> PAGE 18
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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048 I020400 0.000
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048 K020400 0.000
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050 000400 N
051 000400 N
052 000400 N
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053 C000400 N
062 A000400 N
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062 E000400 0.0
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062 H000400 0.0
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062 J000400 0.0
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066 E000400 N
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
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070 A020400 N
070 B010400 Y
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<PAGE> PAGE 23
070 C010400 N
070 C020400 N
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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
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 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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<PAGE> PAGE 28
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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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<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
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<TOTAL-LIABILITIES> 10331
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<SHARES-COMMON-PRIOR> 6698537
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<EXPENSES-NET> (36456)
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<APPREC-INCREASE-CURRENT> 0
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (300809)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-REDEEMED> (4312128)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001024923
<NAME> PACIFIC INNOVATIONS TRUST
<SERIES>
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<NAME> MANAGED BOND FUND
<S> <C>
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<PERIOD-END> DEC-31-1998
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001024923
<NAME> PACIFIC INNOVAITONS TRUST
<SERIES>
<NUMBER> 03
<NAME> CAPITAL INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 23985836
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<ASSETS-OTHER> 925
<OTHER-ITEMS-ASSETS> 7124
<TOTAL-ASSETS> 26075616
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 38139
<TOTAL-LIABILITIES> 38139
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24913621
<SHARES-COMMON-STOCK> 2262191
<SHARES-COMMON-PRIOR> 1597902
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (830137)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1953993
<NET-ASSETS> 26037477
<DIVIDEND-INCOME> 444232
<INTEREST-INCOME> 473502
<OTHER-INCOME> 0
<EXPENSES-NET> (190139)
<NET-INVESTMENT-INCOME> 727595
<REALIZED-GAINS-CURRENT> (682329)
<APPREC-INCREASE-CURRENT> 1472926
<NET-CHANGE-FROM-OPS> 1518192
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (727595)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 708320
<NUMBER-OF-SHARES-REDEEMED> (107245)
<SHARES-REINVESTED> 63214
<NET-CHANGE-IN-ASSETS> 8366863
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (147808)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 105339
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 284683
<AVERAGE-NET-ASSETS> 21855048
<PER-SHARE-NAV-BEGIN> 11.06
<PER-SHARE-NII> .33
<PER-SHARE-GAIN-APPREC> .45
<PER-SHARE-DIVIDEND> (.33)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.51
<EXPENSE-RATIO> .87
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001024923
<NAME> PACIFIC INNOVATIONS
<SERIES>
<NUMBER> 04
<NAME> BLUE CHIP FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 28421393
<INVESTMENTS-AT-VALUE> 36369830
<RECEIVABLES> 41280
<ASSETS-OTHER> 1146
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36412256
<PAYABLE-FOR-SECURITIES> 688103
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<OTHER-ITEMS-LIABILITIES> 146578
<TOTAL-LIABILITIES> 834681
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27589667
<SHARES-COMMON-STOCK> 2319321
<SHARES-COMMON-PRIOR> 1626191
<ACCUMULATED-NII-CURRENT> 213
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 39258
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7948437
<NET-ASSETS> 16489714
<DIVIDEND-INCOME> 371577
<INTEREST-INCOME> 85259
<OTHER-INCOME> 0
<EXPENSES-NET> (261986)
<NET-INVESTMENT-INCOME> 194850
<REALIZED-GAINS-CURRENT> 463907
<APPREC-INCREASE-CURRENT> 6076911
<NET-CHANGE-FROM-OPS> 6735668
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (194641)
<DISTRIBUTIONS-OF-GAINS> (308104)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 788781
<NUMBER-OF-SHARES-REDEEMED> (129946)
<SHARES-REINVESTED> 34295
<NET-CHANGE-IN-ASSETS> 15667114
<ACCUMULATED-NII-PRIOR> 4
<ACCUMULATED-GAINS-PRIOR> (116545)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 149292
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 390852
<AVERAGE-NET-ASSETS> 27870844
<PER-SHARE-NAV-BEGIN> 12.24
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 3.23
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> (.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.34
<EXPENSE-RATIO> .94
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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> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 12400307
<INVESTMENTS-AT-VALUE> 15246248
<RECEIVABLES> 1341662
<ASSETS-OTHER> 600
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16588510
<PAYABLE-FOR-SECURITIES> 65439
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33357
<TOTAL-LIABILITIES> 98796
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12676263
<SHARES-COMMON-STOCK> 1122446
<SHARES-COMMON-PRIOR> 881515
<ACCUMULATED-NII-CURRENT> 25
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 967485
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2845941
<NET-ASSETS> 16489714
<DIVIDEND-INCOME> 150610
<INTEREST-INCOME> 25119
<OTHER-INCOME> 0
<EXPENSES-NET> (124964)
<NET-INVESTMENT-INCOME> 50765
<REALIZED-GAINS-CURRENT> 1067593
<APPREC-INCREASE-CURRENT> 1223129
<NET-CHANGE-FROM-OPS> 2341487
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (50746)
<DISTRIBUTIONS-OF-GAINS> (85942)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 282273
<NUMBER-OF-SHARES-REDEEMED> (51448)
<SHARES-REINVESTED> 10106
<NET-CHANGE-IN-ASSETS> 5341333
<ACCUMULATED-NII-PRIOR> 6
<ACCUMULATED-GAINS-PRIOR> (14166)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 70459
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 178096
<AVERAGE-NET-ASSETS> 13294033
<PER-SHARE-NAV-BEGIN> 12.65
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 2.12
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> (.08)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.69
<EXPENSE-RATIO> .94
<AVG-DEBT-OUTSTANDING> 0
<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> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 10621380
<INVESTMENTS-AT-VALUE> 11036086
<RECEIVABLES> 33046
<ASSETS-OTHER> 512
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11069644
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25768
<TOTAL-LIABILITIES> 25768
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11094275
<SHARES-COMMON-STOCK> 1049892
<SHARES-COMMON-PRIOR> 878360
<ACCUMULATED-NII-CURRENT> (34982)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (430123)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 414706
<NET-ASSETS> 11043876
<DIVIDEND-INCOME> 30931
<INTEREST-INCOME> 39204
<OTHER-INCOME> 0
<EXPENSES-NET> (105117)
<NET-INVESTMENT-INCOME> (34982)
<REALIZED-GAINS-CURRENT> (354218)
<APPREC-INCREASE-CURRENT> 143259
<NET-CHANGE-FROM-OPS> (245941)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 223052
<NUMBER-OF-SHARES-REDEEMED> (51520)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1638543
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (75905)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 63202
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 178096
<AVERAGE-NET-ASSETS> 10360878
<PER-SHARE-NAV-BEGIN> 10.71
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> (.16)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.52
<EXPENSE-RATIO> 1.02
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001024923
<NAME> PACIFIC INNOVATIONS TRUST
<SERIES>
<NUMBER> 07
<NAME> INTERNATIONAL FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 9883803
<INVESTMENTS-AT-VALUE> 11051755
<RECEIVABLES> 74399
<ASSETS-OTHER> 1218
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11127372
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 54353
<TOTAL-LIABILITIES> 54353
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10618304
<SHARES-COMMON-STOCK> 1023455
<SHARES-COMMON-PRIOR> 922505
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (696315)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1151030
<NET-ASSETS> 11073019
<DIVIDEND-INCOME> 172389
<INTEREST-INCOME> 54468
<OTHER-INCOME> 0
<EXPENSES-NET> (128343)
<NET-INVESTMENT-INCOME> 98514
<REALIZED-GAINS-CURRENT> (476769)
<APPREC-INCREASE-CURRENT> 1392491
<NET-CHANGE-FROM-OPS> 1014236
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (98849)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 153771
<NUMBER-OF-SHARES-REDEEMED> (61956)
<SHARES-REINVESTED> 9135
<NET-CHANGE-IN-ASSETS> 2036988
<ACCUMULATED-NII-PRIOR> 335
<ACCUMULATED-GAINS-PRIOR> (219546)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 68312
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 370111
<AVERAGE-NET-ASSETS> 10350218
<PER-SHARE-NAV-BEGIN> 9.80
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> 1.02
<PER-SHARE-DIVIDEND> (.10)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.82
<EXPENSE-RATIO> 1.24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
EXHIBIT INDEX
Exhibit A: Attachment to item 77B:
Accountant's report on internal control.
Exhibit B: Attachment to item 77C:
Matters submitted to a vote of security holders
- --------------------------------------------------------------
Exhibit A:
Report of Independent Accountants
To the Trustees and Shareholders of
Pacific Innovations Trust
In planning and performing our audit of the financial
statements of Pacific Innovations Trust (the "Trust")
for the year ended December 31, 1998, we considered
its internal control, including control activities for
safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Trust is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of controls.
Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing
financial statements for external purposes that are
fairly presented in conformity with generally accepted
accounting principles. Those controls include the
safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control,
errors or fraud may occur and not be detected. Also,
projection of any evaluation of internal control to
future periods is subject to the risk that it may
become inadequate because of changes in conditions or
that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control
that might be material weaknesses under standards
established by the American Institute of Certified
Public Accountants. A material weakness is a
condition in which the design or operation of one or
more of the internal control components does not
reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts that
would be material in relation to the financial
statements being audited may occur and not be detected
within a timely period by employees in the normal
course of performing their assigned functions.
However, we noted no matters involving internal
control and its operation, including controls for
safeguarding securities, that we consider to be
material weaknesses as defined above as of December
31, 1998.
This report is intended solely for the information and
use of management and the Board of Directors of the
Trust and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
New York, New York
February 23, 1999
Exhibit B:
PACIFIC INNOVATIONS TRUST
MANAGED BOND FUND
Results (Unaudited) of Special Shareholder Meeting
Held on December 29, 1998
On December 29, 1998, a special meeting of shareholders of
the Pacific Innovations Trust - Managed Bond Fund was held
in order to vote on the following proposal:
(1)To consider the approval of a new sub-advisory
agreement between Bank of America NT&SA, the Managed
Bond Fund's adviser, and Scudder Kemper Investments,
Inc. (Managed Bond Fund only);
The voting results for the proposal are shown below:
Proposal: PROPOSAL 1
Vote Basis: MANAGED BOND FUND ONLY
Shares Outstanding and Represented
at the Meeting: 1,746,723.42
In Favor: 1,473,397.31
Opposed: 39,605.59
Abstained/Withheld: 233,720.53
