Filed pursuant to Rule 497(e)
File No. 33-12113
PIMCO Funds: Pacific Investment Management Series
Institutional and Administrative Share Classes
Supplement dated June 4, 1998 to
Prospectus dated April 1, 1998
Change to PIMCO Real Return Bond Fund
Effective July 1, 1998, the credit quality guidelines of the PIMCO Real
Return Bond Fund will be changed to provide that the Fund may invest in
securities rated B or higher by Moody's Investors Service, Inc. ("Moody's") or
Standard & Poor's Ratings Services ("S&P") (or, if unrated, determined by the
Adviser to be of comparable quality), with a maximum of 10% of its assets in
securities rated below Baa by Moody's or BBB by S&P. Prior to that date, the
Fund limited its investments to securities rated at least A by Moody's or S&P
(or, if unrated, determined by the Adviser to be of comparable quality). This
change revises the disclosure in the prospectus regarding the credit quality of
investments of the Real Return Bond Fund.
Change to PIMCO Total Return Mortgage Fund
Effective immediately, the average portfolio duration for the Total
Return Mortgage Fund is changed to a range that will normally vary within a two-
to six-year time frame. This change revises the disclosure in the prospectus
regarding the average portfolio duration of the Total Return Mortgage Fund.
Change to Minimum Initial Investment
Effective immediately, the minimum initial investment for each
registered investment adviser purchasing shares for its clients is $250,000 per
Fund. As such, on page 49 of the Prospectus, the second sentence of the third
paragraph of the section captioned "Purchase of Shares" is revised to read as
follows:
"The minimum initial investment for shares of either class is $5
million, except that the minimum initial investment for a registered
investment adviser purchasing Institutional Class shares for its
clients through omnibus accounts is $250,000 per Fund."
Investors Should Retain This Supplement For Future Reference
<PAGE>
Filed pursuant to Rule 497(e)
File No. 33-12113
PIMCO Funds: Pacific Investment Management Series
Class D Shares
Supplement dated June 4, 1998 to
Prospectus dated April 8, 1998
Change to PIMCO Real Return Bond Fund
Effective July 1, 1998, the credit quality guidelines of the PIMCO Real
Return Bond Fund will be changed to provide that the Fund may invest in
securities rated B or higher by Moody's Investors Service, Inc. ("Moody's") or
Standard & Poor's Ratings Services ("S&P") (or, if unrated, determined by the
Adviser to be of comparable quality), with a maximum of 10% of its assets in
securities rated below Baa by Moody's or BBB by S&P. Prior to that date, the
Fund limited its investments to securities rated at least A by Moody's or S&P
(or, if unrated, determined by the Adviser to be of comparable quality). This
change revises the disclosure in the prospectus regarding the credit quality of
investments of the Real Return Bond Fund.
Change to PIMCO Total Return Mortgage Fund
Effective immediately, the average portfolio duration for the Total
Return Mortgage Fund is changed to a range that will normally vary within a two-
to six-year time frame. This change revises the disclosure in the prospectus
regarding the average portfolio duration of the Total Return Mortgage Fund.
Investors Should Retain This Supplement For Future Reference
<PAGE>
Filed pursuant to Rule 497(e)
File No. 33-12113
PIMCO Funds: Pacific Investment Management Series
Class A, B and C Shares
Supplement dated June 4, 1998 to
Prospectus dated April 1, 1998
Change to PIMCO Real Return Bond Fund
Effective July 1, 1998, the credit quality guidelines of the PIMCO Real
Return Bond Fund will be changed to provide that the Fund may invest in
securities rated B or higher by Moody's Investors Service, Inc. ("Moody's") or
Standard & Poor's Ratings Services ("S&P") (or, if unrated, determined by the
Adviser to be of comparable quality), with a maximum of 10% of its assets in
securities rated below Baa by Moody's or BBB by S&P. Prior to that date, the
Fund limited its investments to securities rated at least A by Moody's or S&P
(or, if unrated, determined by the Adviser to be of comparable quality). This
change revises the disclosure in the prospectus regarding the credit quality of
investments of the Real Return Bond Fund.
Investors Should Retain This Supplement For Future Reference
