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NICHOLAS-APPLEGATE-Registered Trademark- MUTUAL FUNDS
SUPPLEMENT TO PROSPECTUSES
Dated August 2, 1996
Series A, B & C Domestic Portfolios
December 27, 1996
The Investment Adviser has been appointed as co-administrator of the
Trust, to provide certain administrative services pursuant to a
co-administration agreement with the Trust, subject to the supervision of the
Board of Trustees of the Trust. The Investment Adviser is reimbursed for the
aggregate cost of providing such services, up to the annual rate of 0.10% of
each Portfolio's average daily net assets.
As a result of this and other expense adjustments, the information
under "Summary of Expenses -- Annual Portfolio Operating Expenses as a
percentage of average net assets (after expense deferral)" should be revised
as follows for Core Growth Portfolio C and Emerging Growth Portfolios A and C:
Core Growth Emerging Growth Emerging Growth
Portfolio C Portfolio A Portfolio C
----------- --------------- ---------------
Management Fees 0.75% 1.00% 1.00%
12b-1 expenses 0.75% 0.25% 0.75%
All other expenses
(after expense deferral)
Shareholder service expenses 0.25% 0.10% 0.25%
Other expenses 0.50% 0.54% 0.51%
Total other expenses 0.75% 0.64% 0.76%
Total operating expenses
(after expense 2.25% 1.89% 2.51%
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deferral)
In addition, the information under "Summary of Expenses - Example of
Portfolio Expenses" should be revised as follows for such Portfolios:
1 Year 3 Years 5 Years 10 Years
------ ------- ------- --------
CORE GROWTH
Portfolio C
Assuming redemption at the
end of the period $ 33 $ 70 $120 $258
Assuming no redemption $ 23 $ 70 $120 $258
EMERGING GROWTH
Portfolio A $ 71 $109 $149 $262
Portfolio C
Assuming redemption at the
end of the period $ 36 $ 78 $134 $285
Assuming no redemption $ 26 $ 78 $134 $285
The Investment Adviser has agreed to extend its expense deferral
agreements with respect to all Portfolio through August 31, 1997.
Ms. Somhegyi has replace Mr. Wylie as the person primarily
responsible for the day-to-day management of the Income and Growth Fund. The
Investment Adviser's fixed income management team headed by Fred S. Robertson
III has replaced Mr. Wylie as the person primarily responsible for the
day-to-day management of the Government Income Fund and one of those primarily
responsible for the day-to-day management of the Balanced Growth Fund. Mr.
Robertson has managed institutional accounts for the Investment Adviser since
May 1995; for more than five years prior to that date, he managed institutional
accounts for Criterion Investment Management Company.
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NICHOLAS-APPLEGATE-Registered Trademark- MUTUAL FUNDS
SUPPLEMENT TO PROSPECTUSES
Domestic Institutional Portfolios dated October 30, 1996
Domestic Qualified Portfolio dated August 2, 1996
December 27, 1996
The Investment Adviser has been appointed as co-administrator of the
Trust, to provide certain administrative services pursuant to a
co-administration agreement with the Trust, subject to the supervision of the
Board of Trustees of the Trust. The Investment Adviser is reimbursed for the
aggregate cost of providing such services, up to the annual rate of 0.10% of
each Portfolio's average daily net assets.
The Investment Adviser has agreed to extend its expense deferral
agreements with respect to all Portfolio through August 31, 1997.
Ms. Somhegyi has replace Mr. Wylie as the person primarily responsible
for the day-to-day management of the Income and Growth Fund. The Investment
Adviser's fixed income management team headed by Fred S. Robertson III has
replaced Mr. Wylie as the person primarily responsible for the day-to-day
management of the Government Income Fund and one of those primarily responsible
for the day-to-day management of the Balanced Growth Fund. Mr. Robertson has
managed institutional accounts for the Investment Adviser since May 1995; for
more than five years prior to that date, he managed institutional accounts for
Criterion Investment Management Company.
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NICHOLAS-APPLEGATE-Registered Trademark- MUTUAL FUNDS
SUPPLEMENT TO PROSPECTUSES
Series A, B & C Global Portfolios dated August 2, 1996
Global Institutional Portfolios dated August 2, 1996
Global Qualified Portfolios dated August 2, 1996
Institutional Fixed Income Portfolios dated August 5, 1996
Institutional Income Portfolio dated July 17, 1996
Mini-Cap Growth Institutional Portfolio dated August 2, 1996
December 27, 1996
The Investment Adviser has been appointed as co-administrator of the
Trust, to provide certain administrative services pursuant to a
co-administration agreement with the Trust, subject to the supervision of the
Board of Trustees of the Trust. The Investment Adviser is reimbursed for the
aggregate cost of providing such services, up to the annual rate of 0.10% of
each Portfolio's average daily net assets.
The Investment Adviser has agreed to extend its expense deferral
agreements with respect to all Portfolio through August 31, 1997.
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NICHOLAS-APPLEGATE-Registered Trademark- MUTUAL FUNDS
Supplement to Statements of Additional Information
Series A, B, C Institutional Portfolios dated October 30, 1996
Qualified Portfolios dated August 2, 1996
Mini-Cap Growth Institutional Portfolio dated August 2, 1996
Institutional Fixed Income Portfolios dated August 5, 1996
Institutional Income Portfolios dated July 17, 1996
December 27, 1996
Pursuant to an Administrative Services Agreement with the Trust, the
Investment Adviser is responsible for providing all administrative services
which are not provided by Investment Company Administration Corporation or by
the Trust's Distributor, transfer agents, accounting agents, independent
accountants and legal counsel. These services are comprised principally of
assistance in coordinating with the Trust's various service providers,
providing certain officers of the Trust, responding to inquiries from
shareholders which are directed to the Trust rather than other service
providers, calculating performance data, providing various reports to the
Board of Trustees, and assistance in preparing reports, prospectuses, proxy
statements and other shareholder communications. The Agreement contains
provisions regarding liability and termination similar to those of the
Administration Agreement.
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THIS PAGE MUST BE KEPT AS THE LAST PAGE OF THE DOCUMENT.
SoftSolution Network ID: LA-BLD-B59744.1 Type: MISC
12/24/96 5:42 pm