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NICHOLAS-APPLEGATE-Registered Trademark-
Mutual Funds
SUPPLEMENT TO PROSPECTUS
Dated July 24, 1998
Institutional Shares
JULY 24, 1998
The Global Growth & Income Fund Financial Highlights section on page 13
of the prospectus is amended as follows:
FINANCIAL HIGHLIGHTS
The following schedule provides selected data for a share of the predecessor
Institutional Portfolio outstanding throughout the period indicated. The
figures have been audited by Ernst & Young LLP.
6/30/97
To 3/31/98
PER SHARE DATA:
Net asset value, beginning of period $ 12.50
Income from investment operations:
Net investment income (deficit) 0.34
Net realized and unrealized gains (losses)
on securities and foreign currency 3.86
- ---------------------------------------------- -------
Total from investment operations 4.20
Less distributions:
Dividends from net investment income (0.34)
Distributions from capital gains (2.11)
- ---------------------------------------------- -------
Net asset value, end of period $ 14.25
- ---------------------------------------------- -------
- ---------------------------------------------- -------
TOTAL RETURN: 36.25%
RATIOS/SUPPLEMENTAL DATA:
Net assets ($000), end of period $ 6,065
Ratio of expenses to average net assets,
after expense reimbursement+ 1.36%*
Ratio of expenses to average net assets,
before expense reimbursement+ 2.45%*
Ratio of net investment income (deficit) to
average net assets, after expense
reimbursement+ 7.13%*
Ratio of net investment income (deficit) to
average net assets, before expense
reimbursement+ 6.03%*
Portfolio turnover** 413.28%
Average commission rate paid** $0.0128
* Annualized
** For the corresponding Series of the predecessor Master Trust
+ Includes expenses allocated from the predecessor Master Trust
