PUGET SOUND MARKET NEUTRAL PORTFOLIO
SUPPLEMENT DATED JUNE 24, 1999 TO PROSPECTUS DATED JUNE 16, 1998
EFFECTIVE JULY 1, 1999, the disclosure under the following captions is
supplemented by the information contained on this page:
CAPTION PAGE NUMBER
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Administrator, Transfer Agent and Custodian 15
Distributor 15
How to Purchase Shares 17
How to Redeem Shares 21
Additional Information About the Fund Cover Page
Back Page Back Page
ADMINISTRATOR, TRANSFER AGENT AND CUSTODIAN
Investment Company Administration, L.L.C. (the "Administrator"), 2020 E.
Financial Way, Suite 100, Glendora, CA 91741, acts as the Fund's Administrator
under an Administration Agreement. Under that agreement, the Administrator
prepares various federal and state regulatory filings, prepares reports and
returns for the Fund, prepares reports and materials to be supplied to the
Trustees, monitors the activities of the Fund's custodian, transfer agent and
accountants, coordinates the preparation of and payment of Fund expenses,
reviews the Fund's expense accruals and provides a variety of other
administrative services to the Fund. For such services, the Administrator
receives a monthly fee based on the following annual rate (subject to an annual
minimum of $40,000 per Fund and $15,000 for each additional share class):
AVERAGE NET ASSETS 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
(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% ON ASSETS IN EXCESS OF $500 MILLION. IN ADDITION, THE
ADMINISTRATOR WILL REDUCE ITS ANNUAL MINIMUM TO $30,000 PER FUND AND $5,000
FOR EACH ADDITIONAL SHARE OF CLASS FOR TWELVE MONTHS STARTING JULY 1, 1999.
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.
DISTRIBUTOR
First Fund Distributors, Inc. (the "Distributor"), 4455 E. Camelback Road, Suite
261-E, Phoenix, AZ 85108, serves as the distributor to the Fund pursuant to a
Distribution Agreement. In addition to any fees received pursuant to the
Distribution Plan, the Fund will pay the Distributor a one time Broker/Dealer
usage fee of $5,000.
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HOW TO PURCHASE SHARES
Beginning on July 1, 1999, in order to make an initial or subsequent purchase of
shares of the Fund, send a completed application form and payment to:
Puget Sound Alternative Investment Series Trust
P.O. Box 219407
Kansas City, MO 64121-9407
Subsequent investments may also be made by federal funds wire. To purchase
shares by wire, call toll-free at 1-877-77-PUGET (1-877-777-8438) to obtain
instructions regarding the bank account number to which the funds should be
wired and other pertinent information.
HOW TO REDEEM SHARES
Beginning on July 1, 1999, in order to redeem your shares of the Fund, send a
written request to Puget Sound Alternative Investment Series Trust, P.O. Box
219407, Kansas City, Missouri 64121-9407. You may also redeem your shares of the
Fund by calling toll free 1-877- 77-PUGET (1-877-777-8438).
ADDITIONAL INFORMATION ABOUT THE FUND
The SAI may be obtained, upon request and without charge, along with other
information about the Fund, by writing to Puget Sound Alternative Investment
Series Trust, P.O. Box 219407, Kansas City, MO 64121, or by calling our
Shareholder Services Department toll free at 1-877-77-PUGET (1-877-777-8438).
BACK PAGE
PUGET SOUND ALTERNATIVE INVESTMENT SERIES TRUST
P.O. Box 219407
Kansas City, MO 64121-9407
DISTRIBUTOR
First Fund Distributors, Inc.
4455 E. Camelback Road, Suite 261-E
Phoenix, Arizona 85108
TRANSFER AGENT
National Financial Data Services
330 W. 9th Street
Kansas City, Missouri 64105
