PIMCO FUNDS: EQUITY ADVISORS SERIES
Supplement dated September 27, 1996 to
Prospectus dated September 15, 1996
On September 17, 1996, the Board of Trustees of PIMCO
Funds: Equity Advisors Series (the "Trust") approved the
reorganization of some of the funds of PIMCO Advisors Funds
("PAF"), an affiliated management investment company, into
the Trust. Certain PAF funds will be acquired intact and
become new Funds of the Trust, while others will be combined
with existing Funds. The current Adviser and Portfolio
Managers will continue to manage their respective Funds
following the reorganization.
Four Funds of the Trust, the NFJ Diversified Low P/E,
the Cadence Mid Cap Growth, the Columbus Circle Investors
Core Equity and the Columbus Circle Investors Mid Cap Equity
Funds, will be combined with funds to be acquired from PAF.
The remaining Funds of the Trust will not be combined with
PAF funds, and therefore will not be directly affected by
the reorganization.
Of the four combining Funds, two, the Columbus Circle
Investors Core Equity Fund and the Columbus Circle Investors
Mid Cap Equity Fund, will combine with larger funds acquired
from PAF and will adopt certain investment policies of those
funds. In this regard, these Funds will be permitted to
invest in debt securities for defensive purposes, as opposed
to their current policy of being as fully invested in common
stock as practicable at all times. Further, the advisory
fees paid by the Columbus Circle Investors Core Equity and
Columbus Circle Investors Mid Cap Equity Funds will be
reduced (from 0.57% to 0.50% of net assets, and from 0.63%
to 0.55% of net assets, respectively).
The reorganization and certain related proposals are
subject to a number of conditions, including receipt of
various shareholder approvals. It is expected that the
reorganization will be completed in January 1997.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
