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NICHOLAS/APPLEGATE-REGISTERED TRADEMARK- INSTITUTIONAL FUNDS
SUPPLEMENT TO PROSPECTUS
GLOBAL HEALTH CARE FUND DATED SEPTEMBER 1, 1999
APRIL 7, 2000
THE FOLLOWING INFORMATION IS ADDED UNDER THE "GOAL AND PRINCIPAL STRATEGY"
SECTION ON PAGE 1:
Because the Fund is non-diversified, it may invest a significant portion of
its assets in the securities of a single issuer.
THE FOLLOWING INFORMATION IS ADDED UNDER THE "PRIMARY RISKS" SECTION ON
PAGE 1:
NON-DIVERSIFICATION -- Because the Fund will be able to invest its assets in
a small number of issuers, the Fund is more susceptible to any single
economic, political or regulatory event affecting those issuers than is a
diversified fund.
THE FOLLOWING INFORMATION IS ADDED UNDER "PRINCIPAL STRATEGIES, RISKS AND
OTHER INFORMATION" SECTION ON PAGE 8:
DIVERSIFICATION
The Fund intends to be a non-diversified fund for purposes of the
Investment Company Act; however, the Fund does intend to be diversified for
purposes of Sub-Chapter M of the Internal Revenue Code. Accordingly, with
respect to 50 percent of its total assets, the Fund will not invest no more
than 5 percent of its total assets in securities of any one issuer and will
not purchase more than 10 percent of the outstanding voting securities of any
issuer.
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NICHOLAS/APPLEGATE-REGISTERED TRADEMARK- INSTITUTIONAL FUNDS
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
GLOBAL HEALTH CARE FUND DATED SEPTEMBER 1, 1999
APRIL 7, 2000
THE FOLLOWING INFORMATION ON PAGE B-14 "DIVERSIFICATION" IS AMENDED AS
FOLLOWS:
The fund is a non-diversified fund for purposes of the Investment
Company Act. The Fund intends to be diversified for purposes of Sub-Chapter M
of the Internal Revenue Code. Subchapter M generally requires a fund to
invest no more than 25 percent of its total assets in securities of any one
issuer and to invest at least 50 percent of its total assets so that no more
than 5 percent of the fund's total assets are invested in securities of any
one issuer and to not more than 10 percent of the outstanding voting
securities of such issuer. However, Subchapter M allows unlimited investments
in cash, cash items, government securities (as defined in Subchapter M) and
securities of other investment companies. These tax requirements are
generally applied at the end of each quarter of a fund's taxable year.
To the extent that the Fund invests heavily in a single issuer, its
performance could suffer significantly from adverse events affecting that
issuer. The value of an individual security or a particular type of security
can be more volatile than the market as a whole and can perform differently
than the value of the market as a whole.
THE FOLLOWING INFORMATION ON PAGE B-16 UNDER "INVESTMENT RESTRICTIONS" IS
AMENDED:
1. With respect to 50% of the value of its total assets, will not purchase
securities of any one issuer (other than cash, cash items, or securities
issued or guaranteed by the government of the United States or its agencies
or instrumentalities) if as a result more than 5% of the value of its total
assets would be invested in the securities of that issuer, and the fund will
not acquire more than 10% of the outstanding voting securities of any one
issuer.
