NOTES TO THE FUNDS' FINANCIAL STATEMENTS (UNAUDITED)
A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nicholas-Applegate Investment Trust (the "Master Trust"), a diversified, open-end management investment
company organized as a Delaware business trust, is comprised of twelve investment vehicles (each a Fund and
collectively the "Funds") as of September 30, 1995. Each Fund has up to five Portfolios which have invested in
the respective series of the Master Trust to achieve their investment objective. The Trust commenced operations
on April 19, 1993.
Equity securities are valued at the last sale price (for exchange-listed securities) or the mean between the last bid
and asked price (if lacking any sales and for over-the-counter securities). Debt securities generally are valued at
the mean between the last bid and asked prices. Securities with 60 days or less remaining to maturity are valued
on an amortized cost basis which approximates market value.
Securities for which market quotations are not readily available are valued at fair value determined in good faith
by or under the direction of the Master Trust's Board of Trustees.
Securities transactions are recognized on the trade date. Realized gains and losses from securities transactions are
calculated using the first-in, first-out method. Dividend income is recognized on the ex-dividend date, and interest
income is recorded on the accrual basis. Discounts and premiums on securities purchased are amortized over the
life of the respective securities. The prospectus for the Nicholas-Applegate Mutual Funds describes each Fund's
policies with respect to declaration and payment of dividends and distribution of capital gains.
FOREIGN CURRENCY TRANSLATION
Foreign currency balances of the Worldwide Growth Fund, International Growth Fund and Emerging Countries
Fund other than the cost of investments, are translated into U.S. dollar values at the bid price of such currency
against the U.S. dollar last quoted