SUPPLEMENT DATED JULY 11, 1996
              TO PROSPECTUS DATED JUNE 15, 1996
                       OF PIMCO FUNDS
                              
     The PIMCO Strategic Balanced Fund became operational on
June 28, 1996.  Accordingly, "Management of the Trust" on
page 32 of the June 15, 1996 prospectus is amended as
follows:

Fund                     Portfolio Manager and Business Experience
                         (past five years)

Short-Term Fund          David H. Edington, Managing Director, PIMCO.
StocksPLUS Fund          A Fixed Income Portfolio Manager, Mr. Edington
Strategic Balanced Fund  joined PIMCO in 1987 and has managed the PIMCO
                         Short-Term,StocksPLUS, and Strategic Balanced
                         Funds since their inception, October 7, 1987,
                         May 14, 1993, and June 28, 1996, respectively.



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