Nicholas-Applegate is pleased to offer a comprehensive package of institutional funds tailored specifically to the needs of institutional investors. The Nicholas-Applegate Institutional Funds provide pricing benefits consistent with assets funded, transparency, and dedicated client service and support, including on-line and after-hours voice access. Fund investors will receive:

Competitive fees — Unlike most other mutual fund share classes, our Funds’ fees decline as assets under management rise. Fees automatically decline with increased contributions or capital appreciation. This makes our Funds an attractive choice compared both to other institutional funds and to separate accounts. In addition, Fund expenses are offset by savings from firm-wide directed brokerage agreements. High tech support — Clients and consultants will enjoy 24-hour access to key information — including monthly statements, daily NAV and transaction detail — via the Nicholas-Applegate client-secure Web site and voice response system. For our clients' consultants and other client-approved personnel, we offer direct access to our transfer agent for detailed real-time account information. High touch service — In addition, a dedicated client service team is available to service all our Institutional Clients' needs.

The minimum initial investment for all Nicholas-Applegate Institutional Funds is $250,000.

Carefully consider the investment objectives, risks, charges and expenses of the fund before investing. This and other information can be found in the fund’s prospectus (below). The prospectus should be read carefully before investing.