PUGET SOUND ALTERNATIVE INVESTMENT SERIES TRUST
Supplement dated February 22, 2000
to Prospectus dated September 28, 1999 of Puget Sound Market Neutral Portfolio
PUGET SOUND ALTERNATIVE INVESTMENT SERIES TRUST HAS RECEIVED THE EXEMPTIVE ORDER
FROM THE SECURITIES AND EXCHANGE COMMISSION REFERRED TO IN THE FIRST PARAGRAPH
ON PAGE 9 OF THE PROSPECTUS UNDER "MANAGEMENT OF THE FUND -- ADDITIONAL
SUB-ADVISORS, ETC." CONSEQUENTLY, SUCH PARAGRAPH IS HEREBY REVISED TO READ AS
FOLLOWS:
Puget Sound Alternative Investment Series Trust (the "Trust") has received an
exemptive order from the SEC that permits the Advisor, subject to the approval
of the Trust's Board of Trustees and certain other conditions, to enter into
sub- advisory agreements with Sub-Advisors without obtaining shareholder
approval. The exemptive order also permits, without obtaining shareholder
approval, the terms of an existing sub-advisory agreement to be changed or the
employment of an existing Sub-Advisor to be continued after events that would
otherwise cause an automatic termination of a sub-advisory agreement, if such
changes or continuation are approved by the Trust's Board of Trustees. Under
this structure, the Advisor has ultimate responsibility to oversee the
Sub-Advisors and to recommend their hiring, termination and replacement. This
Prospectus will be revised and the shareholders notified if the current
Sub-Advisor of the Fund is changed or a new Sub-Advisor is added.
