TIME HORIZON FUNDS
SUPPLEMENT TO PROSPECTUS
DATED NOVEMBER 1, 1998
On May 6, 1999, the Board of Trustees approved an Agreement and Plan of
Reorganization (the "Plan") whereby Time Horizon Portfolio 1, Time Horizon
Portfolio 2 and Time Horizon Portfolio 3 (the "Time Horizon Funds") would be
reorganized into the Nations Asset Allocation Fund ("Asset Allocation Fund") of
Nations Institutional Reserves, a registered investment company in the Nations
Funds Family of Funds. The Board of Trustees will submit the Plan for approval
of the Time Horizon Funds' shareholders at a special meeting of shareholders on
August 13, 1999. Proxy materials relating to the special meeting are expected to
be mailed to shareholders on or about June 20, 1999. Contingent upon shareholder
approval, the Reorganization is expected to occur on or about August 20, 1999.
Upon the close of the Reorganization, shareholders would receive shares of equal
value of the Asset Allocation Fund, and the Time Horizon Funds would be
dissolved.
Currently, the Time Horizon Funds provide exchange privileges with
various funds of Pacific Horizon Fund, Inc. ("Pacific Horizon Funds").
Reorganizations of the Pacific Horizon Funds into corresponding Nations Funds
are expected to occur on May 14 and May 21, 1999, at which time Time Horizon
Fund shareholders will no longer be able to exchange their Time Horizon Fund
shares into shares of Pacific Horizon Funds, as described in the prospectus.
However, should the Time Horizon Reorganization be consummated, shareholders
would have exchange privileges with most Nations Funds.
Supplement dated May 14, 1999
