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PIMCO Funds Pacific Investment Management Series Institutional and Administrative Share Classes Supplement dated August 20, 1997 to Prospectus dated July 15, 1997 Effective July 31, 1997 (commencement of operations), Pasi Hamalainen serves as portfolio manager of the PIMCO Total Return Mortgage Fund. Investors should retain this Supplement with the Prospectus for future reference.
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