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PB SERIES TRUST
SUPPLEMENT DATED NOVEMBER 16, 1998
TO PROSPECTUS DATED MAY 1, 1998
Capital Preservation Portfolio, Income Oriented Portfolio, Growth and Income
Portfolio, Capital Growth Portfolio and Maximum Appreciation Portfolio
The sub-adviser to the International Active Fund, Blairlogie Capital
Management ("Blairlogie"), is currently organized as a general partnership with
two general partners and one limited partner. It is anticipated that one of the
general partners, PIMCO Advisors, will sell substantially all of its ownership
interest in Blairlogie to Alleghany Asset Management, Inc. on or before March
31, 1999 (the "Blairlogie Transaction"). The Trustees of the Trust have been
advised that Blairlogie's portfolio management personnel will remain in their
current positions following the Blairlogie Transaction. Since the sub-advisory
agreement between Blairlogie and the Adviser of the Trust will terminate with
the Blairlogie Transaction, the Trustees intend to consider various options,
including entering into a new sub-advisory agreement with the newly formed
Blairlogie. Approval of a new sub-advisory agreement will be contingent upon
receipt of a favorable vote of Fund shareholders, i.e., the Portfolios. The
prospectus will be further supplemented if any of these events involving
Blairlogie, including entering into a new sub-advisory agreement, do not occur.
<PAGE>
PB SERIES TRUST
SUPPLEMENT DATED NOVEMBER 16, 1998
TO PROSPECTUS DATED MAY 1, 1998
High Quality Stock Fund, Fixed Income Fund,
International Active Fund and Money Market Fund
The sub-adviser to the International Active Fund, Blairlogie Capital
Management ("Blairlogie"), is currently organized as a general partnership with
two general partners and one limited partner. It is anticipated that one of the
general partners, PIMCO Advisors, will sell substantially all of its ownership
interest in Blairlogie to Alleghany Asset Management, Inc. on or before March
31, 1999 (the "Blairlogie Transaction"). The Trustees of the Trust have been
advised that Blairlogie's portfolio management personnel will remain in their
current positions following the Blairlogie Transaction. Since the sub-advisory
agreement between Blairlogie and the Adviser of the Trust will terminate with
the Blairlogie Transaction, the Trustees intend to consider various options,
including entering into a new sub-advisory agreement with the newly formed
Blairlogie. Approval of a new sub-advisory agreement will be contingent upon
receipt of a favorable vote of Fund shareholders, i.e., the Portfolios. The
prospectus will be further supplemented if any of these events involving
Blairlogie, including entering into a new sub-advisory agreement, do not occur.
