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SIGNATURE GRACE TORRES
TITLE TREASURER
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<SERIES>
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<NAME> NICHOLAS APPLEGATEFUND, INC. (CLASS C)
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</TABLE>
For the fiscal year ended (a) 12/31/96
File number (c) 811-5019
SUB-ITEM 77 I
Terms of New or Amended Securities
On May 17, 1996, the Board of Directors
authorized the issuance of a fourth class of
shares designated Class Z. Class Z shares are
not subject to either an initial or contingent
deferred sales charge nor are they subject to any
Rule 12b-1 fees. Class Z shares will be offered
to a limited group of eligible investors.
REPORT OF INDEPENDENT AUDITORS
To the Board of Directors of
Nicholas-Applegate Fund, Inc.
In planning and performing our audit of the
financial statements of Nicholas-Applegate Growth
Equity Fund, the only series of Nicholas-Applegate
Fund, Inc., for the year ended December 31, 1996,
we considered its internal control structure,
including procedures for safeguarding securities,
in order to determine our auditing procedures for
the purpose of expressing our opinion on the
financial statements and to comply with the
requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of Nicholas-Applegate Fund, Inc. is
responsible for establishing and maintaining an
internal control structure. In fulfilling this
responsibility, estimates and judgments by
management are required to assess the expected
benefits and related costs of internal control
structure policies and procedures. Two of the
objectives of an internal control structure are to
provide management with reasonable, but not
absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition
and that transactions are executed in accordance
with management's authorization and recorded
properly to permit preparation of financial
statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal
control structure, errors or irregularities may
occur and not be detected. Also, projection of
any evaluation of the structure to future periods
is subject to the risk that it may become
inadequate because of the changes in conditions or
that the effectiveness of the design and operation
may deteriorate.
Our consideration of the internal control
structure would not necessarily disclose all
matters in the internal control structure that
might be material weaknesses under standards
established by the American Institute of Certified
Public Accountants. A material weakness is a
condition in which the design or operation of the
specific internal control structure elements does
not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be
material in relation to the financial statements
being audited may occur and not be detected within
a timely period by employees in the normal course
of performing their assigned functions. However,
we noted no matters involving the internal control
structure, including procedures for safeguarding
securities, that we consider to be material
weaknesses as defined above as of December 31,
1996.
This report is intended solely for the information
and use of management and the Securities and
Exchange Commission.
Los Angeles, California
February 3, 1997
