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<PAGE> PAGE 10
SIGNATURE GRACE TORRES
TITLE TREASURER
REPORT OF INDEPENDENT AUDITORS
TO THE BOARD OF DIRECTORS AND
SHAREHOLDERS OF NICHOLAS APPLEGATE FUND, INC.
We have audited the accompanying statement of
assets and liabilities of Nicholas Applegate Fund,
Inc. (the "Fund"), including the portfolio of
investments, as of December 31, 1999, and the
related statement of operations for the year then
ended, the statement of changes in net assets for
each of the two years in the period then ended,
and the financial highlights on page 31 of the
Prospectus for each of the five years in the
period then ended. These financial statements and
financial highlights are the responsibility of the
Fund's management. Our responsibility is to
express an opinion on these financial statements
and financial highlights based on our audits.
We conducted our audits in accordance with
auditing standards generally accepted in the
United States. Those standards require that we
plan and perform the audit to obtain reasonable
assurance about whether the financial statements
and financial highlights are free of material
misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and
disclosures in the financial statements, including
confirmation of securities owned as of December
31, 1999, by correspondence with the custodian and
brokers. An audit also includes assessing the
accounting principles used and significant
estimates made by management, as well as
evaluating the overall financial statement
presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and
financial highlights referred to above present
fairly, in all material respects, the financial
position of Nicholas Applegate Fund, Inc. as of
December 31, 1999, the results of its operations
for the year then ended, the changes in its net
assets for each of the two years in the period
then ended, and the financial highlights on page
31 of the Prospectus for each of the five years in
the period then ended in conformity with
accounting principles generally accepted in the
United States.
Los Angeles, California
February 11, 2000
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<PER-SHARE-DISTRIBUTIONS> (3.41)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 26.16
<EXPENSE-RATIO> 1.20
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
