EXHIBIT 9.22 March __, 1996 Nicholas-Applegate Mutual Funds 600 West Broadway, 30th Floor San Diego, California 92101 PFPC Inc. 103 Bellevue Parkway Wilmington, Delaware 19809 Ladies and Gentlemen: Reference is made to the Accounting Services...

                                                                    EXHIBIT 9.22
                                 March __, 1996


                         Xxxxxxxx-Xxxxxxxxx Mutual Funds
                          000 Xxxx Xxxxxxxx, 00xx Xxxxx
                          Xxx Xxxxx, Xxxxxxxxxx  00000

PFPC Inc.
000 Xxxxxxxx Xxxxxxx
Xxxxxxxxxx, Xxxxxxxx  00000

Ladies and Gentlemen:

       Reference is made to the Accounting Services Agreement between us dated
as of April 1, 1993 (the "Agreement").

       Pursuant to Section 2 of the Agreement, we wish to add the following
Portfolio to the Agreement: Xxxxxxxx-Xxxxxxxxx Value Institutional Portfolio.

       Please indicate your acceptance of this addition by signing the letter
below and returning a copy to us.  Thank you for your assistance regarding this
matter.

                         Very truly yours,



                         X. Xxxxx Xxxxx, Xx.
                         Secretary

APPOINTMENT ACCEPTED:

PFPC INC.


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