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Target Funds
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SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION
DATED MAY 1, 2000
Investment Advisory and Other Services
The section entitled 'Investment Advisory and Other Services--Manager and
Advisers' is amended as follows.
The first paragraph under 'Large Capitalization Value Fund' is amended to
read in its entirety as follows:
J.P. Morgan Investment Management Inc. (J.P. Morgan), 522 Fifth Avenue,
New York, New York 10036, serves as one of two Advisers to the Large
Capitalization Value Fund. J.P. Morgan is a wholly-owned subsidiary of
J.P. Morgan & Co. Incorporated, a bank holding company. As of March 31,
2000, J.P. Morgan managed assets totaling approximately $376 billion.
The paragraph under 'Total Return Bond Fund' is amended to read in its
entirety as follows:
Pacific Investment Management Company (PIMCO), 840 Newport Center
Drive, Suite 300, Newport Beach, CA 92660, serves as the Adviser to the
Total Return Bond Fund. PIMCO is a subsidiary of PIMCO Advisors L.P.
(PIMCO Advisors). The general partner of PIMCO Advisors is Pacific-Allianz
Partners LLC (PacPartners LLC). Allianz of America, Inc. (Allianz of
America) indirectly controls PacPartners LLC, while Pacific Life Insurance
Company owns a non-controlling interest in PacPartners LLC. Allianz of
America is a subsidiary of Allianz AG, a large, publicly-traded insurance
company based in Germany. As of April 30, 2000, PIMCO had approximately
$195 billion in assets under management.
The date of this Supplement is May 25, 2000.
TMF189C3
