PIMCO Funds: Pacific Investment Management Series
Supplement dated February 2, 2000 to the
Prospectus for Class A, Class B, and
Class C Shares, dated November 1, 1999
Change to Investment Strategies of the PIMCO High Yield Fund
Effective March 1, 2000, the PIMCO High Yield Fund (the "Fund") may invest
up to 15% of its assets in euro-denominated securities. The Fund normally will
hedge at least 75% of its exposure to the euro to reduce the risk of loss due to
fluctuations in currency exchange rates. Prior to that date, as set forth in the
Prospectus dated November 1, 1999, the Fund may not invest in any foreign
currency-denominated securities, but may continue to invest without limit in
U.S. dollar-denominated securities of foreign issuers.
Investments in euro-denominated securities involve foreign investment and
currency risk. For more information regarding foreign investment and currency
risk, see the discussions in the Prospectus entitled "Summary of Principal
Risks--Foreign (Non-U.S.) Investment Risk," "Summary oif Principal Risks--
Currency Risks," "Characteristics and Risks of Securities and Investment
Techniques--Foreign (Non-U.S.) Securities," and "Characteristics and Risks of
Securities and Investment Techniques--Foreign (Non-U.S.) Currencies," as well as
the discussions in the Statement of Additional Information entitled "Foreign
Securities" and "Foreign Currency Transactions".
Investors Should Retain This Supplement For Future Reference
