<PAGE>
PIMCO FUNDS: MULTI-MANAGER SERIES
Supplement Dated March 8, 1999
to the
Prospectus for Class D
Shares Dated November 1, 1998
Disclosure relating to
PIMCO Innovation Fund
On March 5, 1999, PIMCO Advisors L.P. ("PIMCO Advisors"), the Trust's
investment adviser, assumed full portfolio management responsibility for the
Innovation Fund under the terms of the Trust's investment advisory agreement
with PIMCO Advisors. The PIMCO Equity Advisors division ("PIMCO Equity
Advisors") of PIMCO Advisors now oversees the management of the Fund.
Dennis P. McKechnie, who was previously a co-manager of the Innovation Fund
at Columbus Circle Investors, continues to have primary responsibility for the
day-to-day portfolio management of the Fund as a Portfolio Manager of PIMCO
Equity Advisors. He has 8 years' investment management experience. He received
his bachelor's degree from Purdue University and his MBA from Columbia
University.
Disclosure relating to
PIMCO Renaissance Fund
On or about May 7, 1999, PIMCO Equity Advisors will assume full portfolio
management responsibility for the Renaissance Fund under the terms of the
Trust's investment advisory agreement with PIMCO Advisors. PIMCO Equity
Advisors intends to appoint an individual portfolio manager who will have
primary responsibility for the Renaissance Fund shortly. The Prospectus will be
further supplemented at that time.
<PAGE>
PIMCO FUNDS: MULTI-MANAGER SERIES
Supplement Dated March 8, 1999
to the
Prospectus for Institutional and Administrative Class
Shares Dated November 1, 1998
Disclosure relating to
PIMCO Innovation Fund
On March 5, 1999, PIMCO Advisors L.P. ("PIMCO Advisors"), the Trust's
investment adviser, assumed full portfolio management responsibility for the
Innovation Fund under the terms of the Trust's investment advisory agreement
with PIMCO Advisors. The PIMCO Equity Advisors division ("PIMCO Equity
Advisors") of PIMCO Advisors now oversees the management of the Fund.
Dennis P. McKechnie, who was previously a co-manager of the Innovation Fund
at Columbus Circle Investors, continues to have primary responsibility for the
day-to-day portfolio management of the Fund as a Portfolio Manager of PIMCO
Equity Advisors. He has 8 years' investment management experience. He received
his bachelor's degree from Purdue University and his MBA from Columbia
University.
Disclosure relating to
PIMCO Renaissance Fund
On or about May 7, 1999, PIMCO Equity Advisors will assume full portfolio
management responsibility for the Renaissance Fund under the terms of the
Trust's investment advisory agreement with PIMCO Advisors. PIMCO Equity
Advisors intends to appoint an individual portfolio manager who will have
primary responsibility for the Renaissance Fund shortly. The Prospectus will be
further supplemented at that time.
Disclosure relating to
PIMCO International Fund
In connection with the Blairlogie Transaction described on page 47 of the
Prospectus, PIMCO Advisors has determined to continue to retain Blairlogie as
Portfolio Manager of the International Fund following the consummation of the
Blairlogie Transaction. PIMCO Advisors does not intend to assume full portfolio
management responsibility for the Fund, as currently indicated in the
Prospectus under "Prospectus Summary--Investment Adviser and Portfolio
Managers," "Investment Objectives and Policies--International Fund" and
"Management of the Trust--Portfolio Managers--Blairlogie." It is currently
expected that the Blairlogie Transaction will occur on or about April 30, 1999.
<PAGE>
PIMCO FUNDS: MULTI-MANAGER SERIES
Supplement Dated March 8, 1999
to the
Prospectus for Class A, Class B
and Class C Shares Dated November 1, 1998
Disclosure relating to
PIMCO Growth, Target, Opportunity and Innovation Funds
On March 5, 1999, PIMCO Advisors L.P. ("PIMCO Advisors"), the Trust's
investment adviser, assumed full portfolio management responsibility for the
Growth, Target, Opportunity and Innovation Funds under the terms of the Trust's
investment advisory agreement with PIMCO Advisors. The PIMCO Equity Advisors
division ("PIMCO Equity Advisors") of PIMCO Advisors now oversees the
management of these Funds.
Kenneth W. Corba, the Chief Investment Officer of PIMCO Equity Advisors, is
primarily responsible for the day-to-day portfolio management of the Growth and
Target Funds. Mr. Corba has 14 years' investment management experience. Mr.
Corba was most recently Chief Investment Officer of Eagle Asset Management, and
prior to that he was a principal and a Senior Vice President at Stein Roe and
Farnham Inc. Mr. Corba received his bachelor's degree and MBA from the
University of Michigan. He is a Chartered Financial Analyst.
Michael F. Gaffney, the Managing Director of PIMCO Equity Advisors, is
primarily responsible for the day-to-day portfolio management of the
Opportunity Fund. He has 11 years' investment management experience. Mr.
Gaffney previously served as a Senior Vice President of Alliance Capital
Management L.P. He received his bachelor's degree from St. John's University
and his MBA from New York University.
Dennis P. McKechnie, who was previously a co-manager of the Innovation Fund
at Columbus Circle Investors, continues to have primary responsibility for the
day-to-day portfolio management of the Fund as a Portfolio Manager of PIMCO
Equity Advisors. He has 8 years' investment management experience. He received
his bachelor's degree from Purdue University and his MBA from Columbia
University.
Disclosure relating to
PIMCO Renaissance Fund
On or about May 7, 1999, PIMCO Equity Advisors will assume full portfolio
management responsibility for the Renaissance Fund under the terms of the
Trust's investment advisory agreement with PIMCO Advisors. PIMCO Equity
Advisors intends to appoint an individual portfolio manager who will have
primary responsibility for the Renaissance Fund shortly. The Prospectus will be
further supplemented at that time.
Disclosure relating to
PIMCO International Fund
In connection with the Blairlogie Transaction described on page 65 of the
Prospectus, PIMCO Advisors has determined to continue to retain Blairlogie as
Portfolio Manager of the International Fund following the consummation of the
Blairlogie Transaction. PIMCO Advisors does not intend to assume full portfolio
management responsibility for the Fund, as currently indicated in the
Prospectus under "PIMCO Funds Overview--Fund Profiles," "Investment Objectives
and Policies--Fund Descriptions--International Fund" and "Management of the
Trust--Portfolio Managers--Blairlogie." It is currently expected that the
Blairlogie Transaction will occur on or about April 30, 1999.
<PAGE>
PIMCO FUNDS: MULTI-MANAGER SERIES
Supplement Dated March 8, 1999
to the
PIMCO Funds Asset Allocation Series
Prospectus For Class A, Class B
and Class C Shares
Dated November 1, 1998
Disclosure relating to
PIMCO Innovation Fund
On March 5, 1999, PIMCO Advisors L.P. ("PIMCO Advisors"), the Trust's
investment adviser, assumed full portfolio management responsibility for PIMCO
Innovation Fund, an Underlying Stock Fund, under the terms of the Trust's
investment advisory agreement with PIMCO Advisors. The PIMCO Equity Advisors
division ("PIMCO Equity Advisors") of PIMCO Advisors now oversees the
management of the Fund.
Disclosure relating to
PIMCO Renaissance Fund
On or about May 7, 1999, PIMCO Equity Advisors will assume full portfolio
management responsibility for PIMCO Renaissance Fund, an Underlying Stock Fund,
under the terms of the Trust's investment advisory agreement with PIMCO
Advisors.
Disclosure relating to
PIMCO International Fund
In connection with the Blairlogie Transaction described on page 40 of the
Prospectus, PIMCO Advisors has determined to continue to retain Blairlogie as
Portfolio Manager of PIMCO International Fund, an Underlying Stock Fund,
following the consummation of the Blairlogie Transaction. PIMCO Advisors does
not intend to assume full portfolio management responsibility for PIMCO
International Fund, as currently indicated in the Prospectus under "Underlying
Funds--Portfolio Managers," "Underlying Funds--Underlying Stock Funds" and
"Management of the Portfolios--Portfolio Managers for the Underlying Funds--
Blairlogie." It is currently expected that the Blairlogie Transaction will
occur on or about April 30, 1999.
