<PAGE> 1
PACIFICA FUNDS TRUST
PACIFICA GOVERNMENT MONEY MARKET FUND
PACIFICA MONEY MARKET FUND
SUPPLEMENT DATED AUGUST 1, 1996 TO THE
PROSPECTUS DATED FEBRUARY 1, 1996
On April 1, 1996, First Interstate Bancorp was merged with and into
Wells Fargo & Company ("Wells Fargo") and First Interstate Capital Management,
Inc. ("FICM"), the Funds' investment adviser, became an indirect wholly-owned
subsidiary of Wells Fargo. In connection with this merger, FICM has changed
its name to Wells Fargo Investment Management, Inc. ("WFIM"). Pursuant to an
order of the Securities and Exchange Commission, the Funds have entered into a
new investment advisory agreement with WFIM dated April 1, 1996, which has the
same terms and fee rates as the Funds' prior investment advisory agreement with
FICM that automatically terminated on that date. The Funds' new investment
advisory agreement with WFIM was ratified and approved by a vote of the Funds'
shareholders at a meeting held on July 16, 1996.
On May 17, 1996, the Funds' Board of Trustees approved an Agreement
and Plan of Reorganization between Pacifica Funds Trust and Stagecoach Funds,
Inc. ("Stagecoach"), another mutual fund family advised by a Wells Fargo
subsidiary. The Agreement and Plan of Reorganization was approved by the
shareholders of the Funds at the meeting held on July 16, 1996. If the closing
conditions are satisfied, it is expected that the assets and liabilities of the
Funds will be transferred to similar funds in the Stagecoach family on or about
September 7, 1996, and the shareholders of the Funds will become shareholders
of Stagecoach.
<PAGE> 2
PACIFICA FUNDS TRUST
PACIFICA PRIME MONEY MARKET FUND
PACIFICA TREASURY MONEY MARKET FUND
INSTITUTIONAL SHARES
SUPPLEMENT DATED AUGUST 1, 1996 TO THE
PROSPECTUS DATED FEBRUARY 1, 1996 (AS REVISED)
On April 1, 1996, First Interstate Bancorp was merged with and into
Wells Fargo & Company ("Wells Fargo") and First Interstate Capital Management,
Inc. ("FICM"), the Funds' investment adviser, became an indirect wholly-owned
subsidiary of Wells Fargo. In connection with this merger, FICM has changed
its name to Wells Fargo Investment Management, Inc. ("WFIM"). Pursuant to an
order of the Securities and Exchange Commission, the Funds have entered into a
new investment advisory agreement with WFIM dated April 1, 1996, which has the
same terms and fee rates as the Funds' prior investment advisory agreement with
FICM that automatically terminated on that date. The Funds' new investment
advisory agreement with WFIM was ratified and approved by a vote of the Funds'
shareholders at a meeting held on July 16, 1996.
On May 17, 1996, the Funds' Board of Trustees approved an Agreement
and Plan of Reorganization between Pacifica Funds Trust and Stagecoach Funds,
Inc. ("Stagecoach"), another mutual fund family advised by a Wells Fargo
subsidiary. The Agreement and Plan of Reorganization was approved by the
shareholders of the Funds at the meeting held on July 16, 1996. If the closing
conditions are satisfied, it is expected that the assets and liabilities of the
Funds will be transferred to similar funds in the Stagecoach family on or about
September 7, 1996, and the shareholders of the Funds will become shareholders
of Stagecoach.
Furman Selz LLC, located at 230 Park Avenue, New York, New York 10169,
replaced The Dreyfus Corporation as the administrator for the Pacifica Treasury
Money Market Fund and Pacifica Prime Money Market Fund on April 15, 1996 and
April 22, 1996, respectively. The contractual fee rate payable by, and the
administrative services provided to, the Funds as described in the Prospectus
did not change as a result of these new administrative arrangements.
<PAGE> 3
PACIFICA FUNDS TRUST
PACIFICA PRIME MONEY MARKET FUND
PACIFICA TREASURY MONEY MARKET FUND
SERVICE SHARES
SUPPLEMENT DATED AUGUST 1, 1996 TO THE
PROSPECTUS DATED FEBRUARY 1, 1996 (AS REVISED)
On April 1, 1996, First Interstate Bancorp was merged with and into
Wells Fargo & Company ("Wells Fargo") and First Interstate Capital Management,
Inc. ("FICM"), the Funds' investment adviser, became an indirect wholly-owned
subsidiary of Wells Fargo. In connection with this merger, FICM has changed
its name to Wells Fargo Investment Management, Inc. ("WFIM"). Pursuant to an
order of the Securities and Exchange Commission, the Funds have entered into a
new investment advisory agreement with WFIM dated April 1, 1996, which has the
same terms and fee rates as the Funds' prior investment advisory agreement with
FICM that automatically terminated on that date. The Funds' new investment
advisory agreement with WFIM was ratified and approved by a vote of the Funds'
shareholders at a meeting held on July 16, 1996.
On May 17, 1996, the Funds' Board of Trustees approved an Agreement
and Plan of Reorganization between Pacifica Funds Trust and Stagecoach Funds,
Inc. ("Stagecoach"), another mutual fund family advised by a Wells Fargo
subsidiary. The Agreement and Plan of Reorganization was approved by the
shareholders of the Funds at the meeting held on July 16, 1996. If the closing
conditions are satisfied, it is expected that the assets and liabilities of the
Funds will be transferred to similar funds in the Stagecoach family on or about
September 7, 1996, and the shareholders of the Funds will become shareholders
of Stagecoach.
Furman Selz LLC, located at 230 Park Avenue, New York, New York 10169,
replaced The Dreyfus Corporation as the administrator for the Pacifica Treasury
Money Market Fund and Pacifica Prime Money Market Fund on April 15, 1996 and
April 22, 1996, respectively. The contractual fee rate payable by, and the
administrative services provided to, the Funds as described in the Prospectus
did not change as a result of these new administrative arrangements.
<PAGE> 4
PACIFICA FUNDS TRUST
PACIFICA PRIME MONEY MARKET FUND
PACIFICA TREASURY MONEY MARKET FUND
INVESTOR SHARES
SUPPLEMENT DATED AUGUST 1, 1996 TO THE
PROSPECTUS DATED FEBRUARY 1, 1996 (AS REVISED)
On April 1, 1996, First Interstate Bancorp was merged with and into
Wells Fargo & Company ("Wells Fargo") and First Interstate Capital Management,
Inc. ("FICM"), the Funds' investment adviser, became an indirect wholly-owned
subsidiary of Wells Fargo. In connection with this merger, FICM has changed
its name to Wells Fargo Investment Management, Inc. ("WFIM"). Pursuant to an
order of the Securities and Exchange Commission, the Funds have entered into a
new investment advisory agreement with WFIM dated April 1, 1996, which has the
same terms and fee rates as the Funds' prior investment advisory agreement with
FICM that automatically terminated on that date. The Funds' new investment
advisory agreement with WFIM was ratified and approved by a vote of the Funds'
shareholders at a meeting held on July 16, 1996.
On May 17, 1996, the Funds' Board of Trustees approved an Agreement
and Plan of Reorganization between Pacifica Funds Trust and Stagecoach Funds,
Inc. ("Stagecoach"), another mutual fund family advised by a Wells Fargo
subsidiary. The Agreement and Plan of Reorganization was approved by the
shareholders of the Funds at the meeting held on July 16, 1996. If the closing
conditions are satisfied, it is expected that the assets and liabilities of the
Funds will be transferred to similar funds in the Stagecoach family on or about
September 7, 1996, and the shareholders of the Funds will become shareholders
of Stagecoach.
Furman Selz LLC, located at 230 Park Avenue, New York, New York 10169,
replaced The Dreyfus Corporation as the administrator for the Pacifica Treasury
Money Market Fund and Pacifica Prime Money Market Fund on April 15, 1996 and
April 22, 1996, respectively. The contractual fee rate payable by, and the
administrative services provided to, the Funds as described in the Prospectus
did not change as a result of these new administrative arrangements.
<PAGE> 5
PACIFICA FUNDS TRUST
PACIFICA EQUITY VALUE FUND
PACIFICA GROWTH FUND
PACIFICA BALANCED FUND
INSTITUTIONAL SHARES
SUPPLEMENT DATED AUGUST 1, 1996 TO THE
PROSPECTUS DATED FEBRUARY 1, 1996
On April 1, 1996, First Interstate Bancorp was merged with and into
Wells Fargo & Company ("Wells Fargo") and First Interstate Capital Management,
Inc. ("FICM"), the Funds' investment adviser, became an indirect wholly-owned
subsidiary of Wells Fargo. In connection with this merger, FICM has changed
its name to Wells Fargo Investment Management, Inc. ("WFIM"). Pursuant to an
order of the Securities and Exchange Commission, the Funds have entered into
new investment advisory agreements with WFIM dated April 1, 1996, which have
the same terms and fee rates as the Funds' prior investment advisory agreements
with FICM that automatically terminated on that date. The Funds' new
investment advisory agreements with WFIM were ratified and approved by a vote
of the Funds' shareholders at a meeting held on July 16, 1996.
On May 17, 1996, the Funds' Board of Trustees approved an Agreement
and Plan of Reorganization between Pacifica Funds Trust and Stagecoach Funds,
Inc. ("Stagecoach"), another mutual fund family advised by a Wells Fargo
subsidiary. The Agreement and Plan of Reorganization was approved by the
shareholders of the Funds at the meeting held on July 16, 1996. If the closing
conditions are satisfied, it is expected that the assets and liabilities of the
Funds will be transferred to similar funds in the Stagecoach family on or about
September 7, 1996, and the shareholders of the Funds will become shareholders
of Stagecoach.
Since May of 1996, the individuals listed below have been responsible
for the day-to-day management of the Funds:
Bob Bissell (Equity Value Fund, Growth Fund and equity portion of the Balanced
Fund)
Mr. Bissell joined Wells Fargo at the time of its acquisition of Crocker
National Bank in 1986 and has been with the combined organization for over 22
years. Prior to joining Wells Fargo, he was a vice president and investment
counselor with M.H. Edie Investment Counseling, where he managed institutional
and high-net worth portfolios. Mr. Bissell holds a finance degree from the
University of Virginia. He is a chartered financial analyst and a member of
the Los Angeles Society of Financial Analysts.
<PAGE> 6
Allen Wisniewski (Equity Value Fund)
Mr. Wisniewski joined Wells Fargo at the time of its acquisition of Bank of
America's consumer trust services in April 1987, where he was a portfolio
manager. He received his B.A. and M.B.A. in economics and finance from the
University of California at Los Angeles. He is a chartered financial analyst
and a member of the Los Angeles Society of Financial Analysts.
Brian K. Mulligan (Growth Fund)
Mr. Mulligan joined Wells Fargo at the time of its acquisition of Crocker
National Bank in 1986, where he had been a portfolio manager. Mr. Mulligan is
a vice president and manager of the San Francisco Investment Office, where he
is primarily responsible for personal accounts including individuals,
charitable foundations and IRAs. He also covers, from a research standpoint,
the telecommunications and electric utility industries. He graduated from
Skidmore College with a B.S. in business management. Mr. Mulligan is a former
member of the Board of Governors for the Los Angeles Society of Financial
Analysts and a present member of the San Francisco Security Analysts Society.
Tamyra Thomas (Fixed-income portion of the Balanced Fund)
Ms. Thomas is a senior vice president and the chief fixed income investment
officer of the Investment Management Group of Wells Fargo Bank. She is also
Chair of the Investment Management Group Policy Committee. Ms. Thomas has
managed bond portfolios for over a decade. She currently manages in excess of
$1 billion of long-term taxable bond portfolios for various foundations,
defined benefit plans and other clients. Prior to joining Wells Fargo in early
1988, she held a number of senior investment positions for the Valley Bank &
Trust Company of Utah, including vice president and manager of the investment
department and chairman of the Trust Investment Committee. She holds a B.S.
from the University of Utah and was the past president of the Utah Bond Club.
Ms. Thomas is a chartered financial analyst.
<PAGE> 7
PACIFICA FUNDS TRUST
PACIFICA EQUITY VALUE FUND
PACIFICA GROWTH FUND
PACIFICA BALANCED FUND
INVESTOR SHARES
SUPPLEMENT DATED AUGUST 1, 1996 TO THE
PROSPECTUS DATED FEBRUARY 1, 1996
On April 1, 1996, First Interstate Bancorp was merged with and into
Wells Fargo & Company ("Wells Fargo") and First Interstate Capital Management,
Inc. ("FICM"), the Funds' investment adviser, became an indirect wholly-owned
subsidiary of Wells Fargo. In connection with this merger, FICM has changed
its name to Wells Fargo Investment Management, Inc. ("WFIM"). Pursuant to an
order of the Securities and Exchange Commission, the Funds have entered into
new investment advisory agreements with WFIM dated April 1, 1996, which have
the same terms and fee rates as the Funds' prior investment advisory agreements
with FICM that automatically terminated on that date. The Funds' new
investment advisory agreements with WFIM were ratified and approved by a vote
of the Funds' shareholders at a meeting held on July 16, 1996.
On May 17, 1996, the Funds' Board of Trustees approved an Agreement
and Plan of Reorganization between Pacifica Funds Trust and Stagecoach Funds,
Inc. ("Stagecoach"), another mutual fund family advised by a Wells Fargo
subsidiary. The Agreement and Plan of Reorganization was approved by the
shareholders of the Funds at the meeting held on July 16, 1996. If the closing
conditions are satisfied, it is expected that the assets and liabilities of the
Funds will be transferred to similar funds in the Stagecoach family on or about
September 7, 1996, and the shareholders of the Funds will become shareholders
of Stagecoach.
Since May of 1996, the individuals listed below have been responsible
for the day-to-day management of the Funds:
Bob Bissell (Equity Value Fund, Growth Fund and equity portion of the Balanced
Fund)
Mr. Bissell joined Wells Fargo at the time of its acquisition of Crocker
National Bank in 1986 and has been with the combined organization for over 22
years. Prior to joining Wells Fargo, he was a vice president and investment
counselor with M.H. Edie Investment Counseling, where he managed institutional
and high-net worth portfolios. Mr. Bissell holds a finance degree from the
University of Virginia. He is a chartered financial analyst and a member of
the Los Angeles Society of Financial Analysts.
<PAGE> 8
Allen Wisniewski (Equity Value Fund)
Mr. Wisniewski joined Wells Fargo at the time of its acquisition of Bank of
America's consumer trust services in April 1987, where he was a portfolio
manager. He received his B.A. and M.B.A. in economics and finance from the
University of California at Los Angeles. He is a chartered financial analyst
and a member of the Los Angeles Society of Financial Analysts.
Brian K. Mulligan (Growth Fund)
Mr. Mulligan joined Wells Fargo at the time of its acquisition of Crocker
National Bank in 1986, where he had been a portfolio manager. Mr. Mulligan is
a vice president and manager of the San Francisco Investment Office, where he
is primarily responsible for personal accounts including individuals,
charitable foundations and IRAs. He also covers, from a research standpoint,
the telecommunications and electric utility industries. He graduated from
Skidmore College with a B.S. in business management. Mr. Mulligan is a former
member of the Board of Governors for the Los Angeles Society of Financial
Analysts and a present member of the San Francisco Security Analysts Society.
Tamyra Thomas (Fixed-income portion of the Balanced Fund)
Ms. Thomas is a senior vice president and the chief fixed income investment
officer of the Investment Management Group of Wells Fargo Bank. She is also
Chair of the Investment Management Group Policy Committee. Ms. Thomas has
managed bond portfolios for over a decade. She currently manages in excess of
$1 billion of long-term taxable bond portfolios for various foundations,
defined benefit plans and other clients. Prior to joining Wells Fargo in early
1988, she held a number of senior investment positions for the Valley Bank &
Trust Company of Utah, including vice president and manager of the investment
department and chairman of the Trust Investment Committee. She holds a B.S.
from the University of Utah and was the past president of the Utah Bond Club.
Ms. Thomas is a chartered financial analyst.
<PAGE> 9
PACIFICA FUNDS TRUST
PACIFICA SHORT-TERM GOVERNMENT BOND FUND
PACIFICA INTERMEDIATE GOVERNMENT BOND FUND
PACIFICA INTERMEDIATE BOND FUND
PACIFICA ASSET PRESERVATION FUND
PACIFICA GOVERNMENT INCOME FUND
INSTITUTIONAL SHARES
SUPPLEMENT DATED AUGUST 1, 1996 TO THE
PROSPECTUS DATED FEBRUARY 1, 1996
On April 1, 1996, First Interstate Bancorp was merged with and into
Wells Fargo & Company ("Wells Fargo") and First Interstate Capital Management,
Inc. ("FICM"), the Funds' investment adviser, became an indirect wholly-owned
subsidiary of Wells Fargo. In connection with this merger, FICM has changed
its name to Wells Fargo Investment Management, Inc. ("WFIM"). Pursuant to an
order of the Securities and Exchange Commission, the Funds have entered into
new investment advisory agreements with WFIM dated April 1, 1996, which have
the same terms and fee rates as the Funds' prior investment advisory agreements
with FICM that automatically terminated on that date. The Funds' new
investment advisory agreements with WFIM were ratified and approved by a vote
of the Funds' shareholders at a meeting held on July 16, 1996.
On May 17, 1996, the Funds' Board of Trustees approved an Agreement
and Plan of Reorganization between Pacifica Funds Trust and Stagecoach Funds,
Inc. ("Stagecoach"), another mutual fund family advised by a Wells Fargo
subsidiary. The Agreement and Plan of Reorganization was approved by the
shareholders of the Funds at the meeting held on July 16, 1996. If the closing
conditions are satisfied, it is expected that the assets and liabilities of the
Funds will be transferred to similar funds in the Stagecoach family on or about
September 7, 1996, and the shareholders of the Funds will become shareholders
of Stagecoach.
Since August 1, 1996, Michael Hughes has been responsible for the
day-to-day management of the Intermediate Bond Fund. Mr. Hughes joined Wells
Fargo in connection with its acquisition of First Interstate Bancorp. He was
employed in the First Interstate organization since November 1988.
<PAGE> 10
PACIFICA FUNDS TRUST
PACIFICA SHORT-TERM GOVERNMENT BOND FUND
PACIFICA INTERMEDIATE GOVERNMENT BOND FUND
PACIFICA INTERMEDIATE BOND FUND
PACIFICA ASSET PRESERVATION FUND
PACIFICA GOVERNMENT INCOME FUND
INVESTOR SHARES
SUPPLEMENT DATED AUGUST 1, 1996 TO THE
PROSPECTUS DATED FEBRUARY 1, 1996
On April 1, 1996, First Interstate Bancorp was merged with and into
Wells Fargo & Company ("Wells Fargo") and First Interstate Capital Management,
Inc. ("FICM"), the Funds' investment adviser, became an indirect wholly-owned
subsidiary of Wells Fargo. In connection with this merger, FICM has changed
its name to Wells Fargo Investment Management, Inc. ("WFIM"). Pursuant to an
order of the Securities and Exchange Commission, the Funds have entered into
new investment advisory agreements with WFIM dated April 1, 1996, which have
the same terms and fee rates as the Funds' prior investment advisory agreements
with FICM that automatically terminated on that date. The Funds' new
investment advisory agreements with WFIM were ratified and approved by a vote
of the Funds' shareholders at a meeting held on July 16, 1996.
On May 17, 1996, the Funds' Board of Trustees approved an Agreement
and Plan of Reorganization between Pacifica Funds Trust and Stagecoach Funds,
Inc. ("Stagecoach"), another mutual fund family advised by a Wells Fargo
subsidiary. The Agreement and Plan of Reorganization was approved by the
shareholders of the Funds at the meeting held on July 16, 1996. If the closing
conditions are satisfied, it is expected that the assets and liabilities of the
Funds will be transferred to similar funds in the Stagecoach family on or about
September 7, 1996, and the shareholders of the Funds will become shareholders
of Stagecoach.
Since August 1, 1996, Michael Hughes has been responsible for the
day-to-day management of the Intermediate Bond Fund. Mr. Hughes joined Wells
Fargo in connection with its acquisition of First Interstate Bancorp. He was
employed in the First Interstate organization since November 1988.
<PAGE> 11
PACIFICA FUNDS TRUST
PACIFICA OREGON TAX-EXEMPT FUND
PACIFICA ARIZONA TAX-EXEMPT FUND
PACIFICA CALIFORNIA TAX-EXEMPT FUND
PACIFICA CALIFORNIA SHORT-TERM TAX-EXEMPT FUND
PACIFICA NATIONAL TAX-EXEMPT FUND
INSTITUTIONAL SHARES
SUPPLEMENT DATED AUGUST 1, 1996 TO THE
PROSPECTUS DATED FEBRUARY 1, 1996
On April 1, 1996, First Interstate Bancorp was merged with and into
Wells Fargo & Company ("Wells Fargo") and First Interstate Capital Management,
Inc. ("FICM"), the Funds' investment adviser, became an indirect wholly-owned
subsidiary of Wells Fargo. In connection with this merger, FICM has changed
its name to Wells Fargo Investment Management, Inc. ("WFIM"). Pursuant to an
order of the Securities and Exchange Commission, the Funds have entered into
new investment advisory agreements with WFIM dated April 1, 1996, which have
the same terms and fee rates as the Funds' prior investment advisory agreements
with FICM that automatically terminated on that date. The Funds' new
investment advisory agreements with WFIM were ratified and approved by a vote
of the Funds' shareholders at a meeting held on July 16, 1996.
On May 17, 1996, the Funds' Board of Trustees approved an Agreement
and Plan of Reorganization between Pacifica Funds Trust and Stagecoach Funds,
Inc. ("Stagecoach"), another mutual fund family advised by a Wells Fargo
subsidiary. The Agreement and Plan of Reorganization was approved by the
shareholders of the Funds at the meeting held on July 16, 1996. If the closing
conditions are satisfied, it is expected that the assets and liabilities of the
Funds will be transferred to similar funds in the Stagecoach family on or about
September 7, 1996, and the shareholders of the Funds will become shareholders
of Stagecoach.
Since August 1, 1996, Mary Gail Walton has been responsible for the
day-to-day management of the California Tax-Exempt Fund, California Short-Term
Tax-Exempt Fund and Arizona Tax-Exempt Fund. Ms. Walton joined Wells Fargo in
connection with its acquisition of First Interstate Bancorp. She was employed
in the First Interstate organization since 1991.
<PAGE> 12
PACIFICA FUNDS TRUST
PACIFICA OREGON TAX-EXEMPT FUND
PACIFICA ARIZONA TAX-EXEMPT FUND
PACIFICA CALIFORNIA TAX-EXEMPT FUND
PACIFICA CALIFORNIA SHORT-TERM TAX-EXEMPT FUND
PACIFICA NATIONAL TAX-EXEMPT FUND
INVESTOR SHARES
SUPPLEMENT DATED AUGUST 1, 1996 TO THE
PROSPECTUS DATED FEBRUARY 1, 1996
On April 1, 1996, First Interstate Bancorp was merged with and into
Wells Fargo & Company ("Wells Fargo") and First Interstate Capital Management,
Inc. ("FICM"), the Funds' investment adviser, became an indirect wholly-owned
subsidiary of Wells Fargo. In connection with this merger, FICM has changed
its name to Wells Fargo Investment Management, Inc. ("WFIM"). Pursuant to an
order of the Securities and Exchange Commission, the Funds have entered into
new investment advisory agreements with WFIM dated April 1, 1996, which have
the same terms and fee rates as the Funds' prior investment advisory agreements
with FICM that automatically terminated on that date. The Funds' new
investment advisory agreements with WFIM were ratified and approved by a vote
of the Funds' shareholders at a meeting held on July 16, 1996.
On May 17, 1996, the Funds' Board of Trustees approved an Agreement
and Plan of Reorganization between Pacifica Funds Trust and Stagecoach Funds,
Inc. ("Stagecoach"), another mutual fund family advised by a Wells Fargo
subsidiary. The Agreement and Plan of Reorganization was approved by the
shareholders of the Funds at the meeting held on July 16, 1996. If the closing
conditions are satisfied, it is expected that the assets and liabilities of the
Funds will be transferred to similar funds in the Stagecoach family on or about
September 7, 1996, and the shareholders of the Funds will become shareholders
of Stagecoach.
Since August 1, 1996, Mary Gail Walton has been responsible for the
day-to-day management of the California Tax-Exempt Fund, California Short-Term
Tax-Exempt Fund and Arizona Tax-Exempt Fund. Ms. Walton joined Wells Fargo in
connection with its acquisition of First Interstate Bancorp. She was employed
in the First Interstate organization since 1991.
<PAGE> 13
PACIFICA FUNDS TRUST
PACIFICA MONEY MARKET TRUST
SUPPLEMENT DATED AUGUST 1, 1996 TO THE
PROSPECTUS DATED FEBRUARY 1, 1996
On April 1, 1996, First Interstate Bancorp was merged with and into
Wells Fargo & Company ("Wells Fargo") and First Interstate Capital Management,
Inc. ("FICM"), the Fund's investment adviser, became an indirect wholly-owned
subsidiary of Wells Fargo. In connection with this merger, FICM has changed
its name to Wells Fargo Investment Management, Inc. ("WFIM"). Pursuant to an
order of the Securities and Exchange Commission, the Fund has entered into a
new investment advisory agreement with WFIM dated April 1, 1996, which has the
same terms and fee rates as the Fund's prior investment advisory agreement with
FICM that automatically terminated on that date. The Fund's new investment
advisory agreement with WFIM was ratified and approved by a vote of the Fund's
shareholders at a meeting held on July 16, 1996.
On May 17, 1996, the Fund's Board of Trustees approved an Agreement
and Plan of Reorganization between Pacifica Funds Trust and Stagecoach Funds,
Inc. ("Stagecoach"), another mutual fund family advised by a Wells Fargo
subsidiary. The Agreement and Plan of Reorganization was approved by the
shareholders of the Fund at the meeting held on July 16, 1996. If the closing
conditions are satisfied, it is expected that the assets and liabilities of the
Fund will be transferred to a similar fund in the Stagecoach family on or about
September 7, 1996, and the shareholders of the Fund will become shareholders of
Stagecoach.
