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PIMCO FUNDS: MULTI-MANAGER SERIES
Supplement Dated February 2, 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 or about March 5, 1999, PIMCO Advisors L.P. ("PIMCO Advisors"), the
Trust's investment adviser, will assume 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 of PIMCO Advisors will oversee the
management of these Funds.
Kenneth W. Corba, the Chief Investment Officer of the PIMCO Equity Advisors
Division, will be 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. 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 the PIMCO Equity Advisors
Division, will be primarily responsible for the day-to-day 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 is currently a co-manager of the Innovation Fund at
Columbus Circle Investors, will continue to have primary responsibility for
the day-to-day portfolio management of the Fund as a Portfolio Manager of the
PIMCO Equity Advisors Division. 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 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, subject to the approval of the shareholders of the
Fund. 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."
