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NICHOLAS | APPLEGATE-Registered Trademark- INSTITUTIONAL FUNDS
SUPPLEMENT TO PROSPECTUSES
INSTITUTIONAL SHARES DATED JULY 9, 1999
OCTOBER 10, 1999
THE FOLLOWING INFORMATION IS ADDED UNDER "GOAL AND PRINCIPAL STRATEGY" FOR THE
GLOBAL TECHNOLOGY FUND ON PAGE 7:
From time to time the Fund may invest in shares of companies through initial
public offerings ("IPO"s).
THE FOLLOWING INFORMATION IS ADDED UNDER "PRIMARY RISKS" FOR THE GLOBAL
TECHNOLOGY FUND:
IPOs have the potential to produce, and have in fact produced, substantial gains
for the Fund. There is no assurance that the Fund will have continued access to
profitable IPOs and therefore investors should not rely on these past gains as
an indication of future performance.
THE INFORMATION CONTAINED UNDER "GOAL AND PRINCIPAL STRATEGY" FOR THE
INTERNATIONAL CORE GROWTH FUND ON PAGE 9 IS REVISED AS FOLLOWS:
The Fund seeks maximum long-term capital appreciation. In pursuing this goal,
the Fund invests primarily in large capitalized companies ("large cap stocks")
located in over 50 countries worldwide. In opinion of the Fund's Investment
Adviser large cap stocks are those whose stock market capitalization's are
predominantly in the top 75% of publicly traded companies as measured by stock
market capitalizations in each country. Generally this means those with market
capitalizations greater than U.S. $5 billion. The capitalization ranges in large
developed markets may vary greatly with smaller and underdeveloped markets due
to fluctuating currency values, differences in the size of the respective
economies, and movements in the local stock markets.
THE INFORMATION CONTAINED UNDER "GOAL AND PRINCIPAL STRATEGY" FOR THE
INTERNATIONAL SMALL CAP GROWTH FUND ON PAGE 11 IS REVISED AS FOLLOWS:
The Fund seeks maximum long-term capital appreciation. In pursuing this goal,
the Fund invests primarily in smaller-capitalized companies ("small cap stocks")
located in over 50 countries worldwide. In the opinion of the Fund's Investment
Adviser small cap stocks are those whose stock market capitalization's are
predominantly in the bottom 25% of publicly traded companies as measure by stock
market capitalizations in each country. Generally, this means those companies
with stock market capitalizations of U.S. $5 billion and less. The
capitalization ranges in large developed markets may vary greatly with smaller
and underdeveloped markets due to fluctuating currency values, differences in
the size of the respective economies, and movements in the local stock markets.
THE INFORMATION CONTAINED IN THE LAST SENTENCE UNDER "PRINCIPAL INVESTMENTS" FOR
THE SHORT INTERMEDIATE FUND ON PAGE 32 IS REVISED AS FOLLOWS:
The duration of the Fund will be between one and four years.
THE INFORMATION CONTAINED IN THE THIRD SENTENCE UNDER "PRINCIPAL INVESTMENTS"
FOR THE HIGH QUALITY BOND FUND IS REVISED AS FOLLOWS:
The dollar weighted average portfolio duration of the Fund will range from two
to eight years.
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NICHOLAS | APPLEGATE-Registered Trademark- INSTITUTIONAL FUNDS
SUPPLEMENT TO PROSPECTUSES
RETIREMENT SHARES DATED JULY 9, 1999
OCTOBER 10, 1999
THE INFORMATION CONTAINED UNDER "GOAL AND PRINCIPAL STRATEGY" FOR THE
INTERNATIONAL CORE GROWTH FUND ON PAGE 1 IS REVISED AS FOLLOWS:
The Fund seeks maximum long-term capital appreciation. In pursuing this goal,
the Fund invests primarily in large capitalized companies ("large cap
stocks") located in over 50 countries worldwide. In opinion of the Fund's
Investment Adviser large cap stocks are those whose stock market
capitalization's are predominantly in the top 75% of publicly traded
companies as measured by stock market capitalizations in each country.
Generally this means those with market capitalizations greater than U.S. $5
billion. The capitalization ranges in large developed markets may vary
greatly with smaller and underdeveloped markets due to fluctuating currency
values, differences in the size of the respective economies, and movements in
the local stock markets.
THE INFORMATION CONTAINED IN THE THIRD SENTENCE UNDER "PRINCIPAL INVESTMENTS"
FOR THE HIGH QUALITY BOND FUND IS REVISED AS FOLLOWS:
The dollar weighted average portfolio duration of the Fund will range from
two to eight years.
