PIMCO FUNDS
497, 1998-09-08
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                PIMCO Funds: Pacific Investment Management Series
                 Institutional and Administrative Share Classes

                      Supplement dated September 8, 1998 to
                         Prospectus dated August 1, 1998




Change to PIMCO Global Bond, Global Bond II and Foreign Bond Funds

         Effective  September 25, 1998, the average  portfolio  duration for the
Global Bond,  Global Bond II and Foreign Bond Funds will  normally vary within a
three- to  seven-year  time frame.  This change  revises the  disclosure  in the
prospectus regarding the average portfolio duration of these Funds.




          Investors Should Retain This Supplement For Future Reference






<PAGE>


                PIMCO Funds: Pacific Investment Management Series
                                 Class D Shares

                      Supplement dated September 8, 1998 to
                         Prospectus dated August 1, 1998





Change to PIMCO Foreign Bond Fund

         Effective  September 25, 1998, the average  portfolio  duration for the
Foreign Bond Fund will normally  vary within a three- to seven-year  time frame.
This change  revises the  disclosure  in the  prospectus  regarding  the average
portfolio duration of the Foreign Bond Fund.



          Investors Should Retain This Supplement For Future Reference



<PAGE>


                PIMCO Funds: Pacific Investment Management Series
                             Class A, B and C Shares

                      Supplement dated September 8, 1998 to
                         Prospectus dated August 1, 1998





Change to PIMCO Global Bond II and Foreign Bond Funds

         Effective  September 25, 1998, the average  portfolio  duration for the
Global  Bond II and  Foreign  Bond Funds will  normally  vary within a three- to
seven-year  time frame.  This change  revises the  disclosure in the  prospectus
regarding the average portfolio duration of these Funds.



          Investors Should Retain This Supplement For Future Reference



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