<PAGE>
Rule 497(e)
Registration No. 33-36528
PIMCO FUNDS: MULTI-MANAGER SERIES
Prospectus Supplement dated June 26, 1997
to
Prospectus dated March 5, 1997
for
Class A, Class B and Class C Shares
(the "Prospectus")
The Prospectus on page 40 under "How to Buy Shares - Limited Offering of
Shares of the Opportunity Fund" describes a limited offering (the "Offering") of
shares of the Opportunity Fund to new investors and indicates that the Offering
will close (and that the Fund will again be closed to new investors) when an
aggregate gross amount of $250 million of the Fund's Class A and Class C shares
has been sold to new investors. The Trust has decided (i) to waive the $250
million limit; (ii) to extend the Offering indefinitely; and (iii) to continue
offering Class A and Class C shares of the Opportunity Fund to new investors on
the basis described in the Prospectus until further notice. The Trust reserves
the right to terminate the extended Offering at any time.
