PACIFICA VARIABLE TRUST, 497, 1996-04-02

PACIFICA VARIABLE TRUST
497, 1996-04-02
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<PAGE>   1
                            PACIFICA VARIABLE TRUST

                           EMERGING GROWTH PORTFOLIO
                             EQUITY VALUE PORTFOLIO
                               BALANCED PORTFOLIO
                          INTERMEDIATE BOND PORTFOLIO
                             MONEY MARKET PORTFOLIO


                     SUPPLEMENT DATED APRIL 1, 1996 TO THE
                       PROSPECTUS DATED DECEMBER 1, 1995

         On April 1, 1996, First Interstate Bancorp was merged with and into
Wells Fargo & Company ("Wells Fargo") and First Interstate Capital Management,
Inc. ("FICM"), the Portfolios' investment adviser, became an indirect
wholly-owned subsidiary of Wells Fargo.  In connection with this merger, FICM
is changing its name to Wells Fargo Investment Management, Inc. ("WFIM").
Pursuant to an order of the Securities and Exchange Commission, the Portfolios
have entered into a new investment advisory agreement with WFIM dated April 1,
1996 which has the same terms and fee rates as the Portfolios' prior investment
advisory agreement with FICM that automatically terminated on that date.  A
meeting of shareholders will be held within 120 days from the date hereof to
vote on the Portfolios' new investment advisory arrangements with WFIM.
<PAGE>   2
                            PACIFICA VARIABLE TRUST

                           EMERGING GROWTH PORTFOLIO
                             EQUITY VALUE PORTFOLIO
                               BALANCED PORTFOLIO
                          INTERMEDIATE BOND PORTFOLIO
                             MONEY MARKET PORTFOLIO


                     SUPPLEMENT DATED APRIL 1, 1996 TO THE
                      STATEMENT OF ADDITIONAL INFORMATION
                             DATED DECEMBER 1, 1995

         On April 1, 1996, First Interstate Bancorp was merged with and into
Wells Fargo & Company ("Wells Fargo") and First Interstate Capital Management,
Inc. ("FICM"), the Portfolios' investment adviser, became an indirect
wholly-owned subsidiary of Wells Fargo.  In connection with this merger, FICM
is changing its name to Wells Fargo Investment Management, Inc. ("WFIM").
Pursuant to an order of the Securities and Exchange Commission, the Portfolios
have entered into a new investment advisory agreement with WFIM dated April 1,
1996 which has the same terms and fee rates as the Portfolios' prior investment
advisory agreement with FICM that automatically terminated on that date.  A
meeting of shareholders will be held within 120 days from the date hereof to
vote on the Portfolios' new investment advisory arrangements with WFIM.