PACIFICA FUNDS TRUST
497, 1996-05-23
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<PAGE>   1
                              PACIFICA FUNDS TRUST

                      PACIFICA GOVERNMENT MONEY MARKET FUND
                           PACIFICA MONEY MARKET FUND


                      SUPPLEMENT DATED MAY 23, 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
arrangements with WFIM will be submitted to a vote of the Funds' shareholders at
a meeting to be held on or about 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.
It is expected that the Agreement and Plan of Reorganization will also be
submitted to shareholders of the Funds at a meeting to be held on or about July
16, 1996. If the agreement is approved by shareholders, and other closing
conditions are satisfied, the assets and liabilities of the Funds will be
transferred to similar funds in the Stagecoach family, 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 MAY 23, 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
arrangements with WFIM will be submitted to a vote of the Funds' shareholders at
a meeting to be held on or about 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.
It is expected that the Agreement and Plan of Reorganization will also be
submitted to shareholders of the Funds at a meeting to be held on or about July
16, 1996. If the agreement is approved by shareholders, and other closing
conditions are satisfied, the assets and liabilities of the Funds will be
transferred to similar funds in the Stagecoach family, 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 MAY 23, 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
arrangements with WFIM will be submitted to a vote of the Funds' shareholders at
a meeting to be held on or about 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.
It is expected that the Agreement and Plan of Reorganization will also be
submitted to shareholders of the Funds at a meeting to be held on or about July
16, 1996. If the agreement is approved by shareholders, and other closing
conditions are satisfied, the assets and liabilities of the Funds will be
transferred to similar funds in the Stagecoach family, 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 MAY 23, 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
arrangements with WFIM will be submitted to a vote of the Funds' shareholders at
a meeting to be held on or about 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.
It is expected that the Agreement and Plan of Reorganization will also be
submitted to shareholders of the Funds at a meeting to be held on or about July
16, 1996. If the agreement is approved by shareholders, and other closing
conditions are satisfied, the assets and liabilities of the Funds will be
transferred to similar funds in the Stagecoach family, 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 MAY 23, 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 arrangements with WFIM will be submitted to a vote of the Funds'
shareholders at a meeting to be held on or about 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.
It is expected that the Agreement and Plan of Reorganization will also be
submitted to shareholders of the Funds at a meeting to be held on or about July
16, 1996. If the agreement is approved by shareholders, and other closing
conditions are satisfied, the assets and liabilities of the Funds will be
transferred to similar funds in the Stagecoach family, and the shareholders of
the Funds will become shareholders of Stagecoach.

         The individuals listed below are now 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 MAY 23, 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 arrangements with WFIM will be submitted to a vote of the Funds'
shareholders at a meeting to be held on or about 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.
It is expected that the Agreement and Plan of Reorganization will also be
submitted to shareholders of the Funds at a meeting to be held on or about July
16, 1996. If the agreement is approved by shareholders, and other closing
conditions are satisfied, the assets and liabilities of the Funds will be
transferred to similar funds in the Stagecoach family, and the shareholders of
the Funds will become shareholders of Stagecoach.

         The individuals listed below are now 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 MAY 23, 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 arrangements with WFIM will be submitted to a vote of the Funds'
shareholders at a meeting to be held on or about 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.
It is expected that the Agreement and Plan of Reorganization will also be
submitted to shareholders of the Funds at a meeting to be held on or about July
16, 1996. If the agreement is approved by shareholders, and other closing
conditions are satisfied, the assets and liabilities of the Funds will be
transferred to similar funds in the Stagecoach family, and the shareholders of
the Funds will become shareholders of Stagecoach.
<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 MAY 23, 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 arrangements with WFIM will be submitted to a vote of the Funds'
shareholders at a meeting to be held on or about 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.
It is expected that the Agreement and Plan of Reorganization will also be
submitted to shareholders of the Funds at a meeting to be held on or about July
16, 1996. If the agreement is approved by shareholders, and other closing
conditions are satisfied, the assets and liabilities of the Funds will be
transferred to similar funds in the Stagecoach family, and the shareholders of
the Funds will become shareholders of Stagecoach.
<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 MAY 23, 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 arrangements with WFIM will be submitted to a vote of the Funds'
shareholders at a meeting to be held on or about 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.
It is expected that the Agreement and Plan of Reorganization will also be
submitted to shareholders of the Funds at a meeting to be held on or about July
16, 1996. If the agreement is approved by shareholders, and other closing
conditions are satisfied, the assets and liabilities of the Funds will be
transferred to similar funds in the Stagecoach family, and the shareholders of
the Funds will become shareholders of Stagecoach.
<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 MAY 23, 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 arrangements with WFIM will be submitted to a vote of the Funds'
shareholders at a meeting to be held on or about 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.
It is expected that the Agreement and Plan of Reorganization will also be
submitted to shareholders of the Funds at a meeting to be held on or about July
16, 1996. If the agreement is approved by shareholders, and other closing
conditions are satisfied, the assets and liabilities of the Funds will be
transferred to similar funds in the Stagecoach family, and the shareholders of
the Funds will become shareholders of Stagecoach.
<PAGE>   13
                              PACIFICA FUNDS TRUST

                           PACIFICA MONEY MARKET TRUST


                      SUPPLEMENT DATED MAY 23, 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
arrangement with WFIM will be submitted to a vote of the Fund's shareholders at
a meeting to be held on or about 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.
It is expected that the Agreement and Plan of Reorganization will also be
submitted to shareholders of the Fund at a meeting to be held on or about July
16, 1996. If the agreement is approved by shareholders, and other closing
conditions are satisfied, the assets and liabilities of the Fund will be
transferred to a similar fund in the Stagecoach family, and the shareholders of
the Fund will become shareholders of Stagecoach.






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