PUGET SOUND ALTERNATIVE INVESTMENT SERIES TRUST
SUPPLEMENT DATED JULY 28, 1999 TO STATEMENT OF ADDITIONAL INFORMATION
DATED JUNE 16, 1998
EFFECTIVE IMMEDIATELY, the disclosure under the following captions is
supplemented and amended by the information contained on this page:
CAPTION PAGE NUMBER
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Management of The Trust 4
Ownership of Shares of the Fund 5
Administrator 8
Distributor 8
How to Buy Shares 13
Shareholder Services 14
Cover Page Cover Page
MANAGEMENT OF THE TRUST
The following representatives of BISYS Fund Services Ohio, L.P. resigned
from the following offices:
NAME OFFICE HELD
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Irimga Mckay Trustee And Vice President
Greg Maddox Vice President
Bryan Haft Vice President And Secretary
Paul T. Kane Treasurer
OWNERSHIP OF THE SHARES OF THE FUND
As of July 20, 1999, Charles Schwab & Co., Inc. owned 81% of the
Institutional Shares and 56% of the Investor Shares, and therefore, may be
deemed to "control" the Fund as that term is defined in the 1940 Act. The
address of Charles Schwab & Co., Inc. is 101 Montgomery Street, San Francisco,
CA 94107.
ADMINISTRATOR
Investment Company Administration, L.L.P. (the "Administrator"), under an
agreement with the Trust, provides administrative services to the Fund, and, in
general, supervises the operations of the Trust. The Administrator does not
provide investment advisory services. As part of its duties, the Administrator
provides office space, equipment and clerical personnel for managing and
administering the affairs of the Trust. The Administrator supervises the
provision of custodial, auditing, valuation, bookkeeping, legal, and dividend
disbursing services and provides other management and administrative services.
For its services, the Administrator receives a monthly fee at the following
annual rate:
AVERAGE NET ASSETS FEE OR FEE RATE(1)
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Under $200 million .10% of average net assets
$200 million to $500 million .05% of average net assets
Over $500 million .03% of average net assets
Subject to an annual minimum of $40,000 per Fund and $15,000 per each additional
share class.
(1) The Administrator has agreed to reduce its fees for eighteen months
starting July 1, 1999, to .05% on the Fund=s average net assets up to $500
million and .03% thereafter. In addition, the Administrator will reduce its
annual minimum to $30,000 per Fund and $5,000 per each additional share of
class for twelve months starting July 1, 1999.
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DISTRIBUTOR
As stated in the text of the Prospectus under the heading "Management of
the Fund," Institutional and Investor Shares are sold on a continuous basis by
the Trust's distributor, First Fund Distributors, Inc. (the "Distributor").
Under the Distributor's Contract between the Trust and the Distributor, the
Distributor is not obligated to sell any specific amount of shares of the Trust
and will purchase shares for resale only against orders for shares.
HOW TO BUY SHARES
Subject to minimum initial investment requirements and certain other
conditions, an investor may make an initial purchase of shares of the Fund by
submitting a completed application form and payment to:
Puget Sound Alternative Investment Series Trust
P.O. Box 219407
Kansas City, MO 64121-9407
SHAREHOLDER SERVICES
National Financial Data Services (the "Transfer Agent"), 330 W. 9th Street,
Kansas City, MO 64105, has entered into an agreement with the Fund for the
provision of transfer agency services and dividend disbursing services for the
Fund.
COVER PAGE
A copy of the Prospectus may be obtained by writing to Puget Sound
Alternative Investment Series Trust, P.O. Box 219407, Kansas City, MO
64121-9407, or calling toll free 1-877-77-PUGET (1-877-777-8438).
