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PIMCO FUNDS: MULTI-MANAGER SERIES
Prospectus Supplement dated December 11, 1997
to
Prospectus dated November 1, 1997
Tax Exempt Fund
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Thomas J. Brophy has replaced Jacob Navon as the person at Columbus Circle
Investors who is primarily responsible for the day-to-day management of the Tax
Exempt Fund. Mr. Brophy, a Vice President at Columbus Circle Investors, has six
years of investment management experience. He received his bachelor's degree
from Manhattan College and his MBA from Pace University.
