<PAGE>
PIMCO FUNDS: MULTI-MANAGER SERIES
Supplement Dated January 6, 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 Managing Director and 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.
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.
The PIMCO Equity Advisors Division intends to appoint an individual
portfolio manager who will have primary responsibility for the Opportunity
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 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."
<PAGE>
PIMCO FUNDS: MULTI-MANAGER SERIES
Supplement Dated January 6, 1999
to the
Prospectus for Class D Shares Dated November 1, 1998
Disclosure relating to
PIMCO INNOVATION FUND
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 Innovation Fund (the "Fund") 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 the Fund. 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.
<PAGE>
PIMCO FUNDS: MULTI-MANAGER SERIES
Supplement Dated January 6, 1999
to the
Prospectus for Institutional Class and
Administrative Class Shares Dated November 1, 1998
Disclosure relating to
PIMCO INNOVATION FUND
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 Innovation Fund 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 the Innovation Fund. 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 47 of the
Prospectus, PIMCO Advisors has determined to continue to retain Blairlogie as
Portfolio Manager of the International Fund following the consummation 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
"Prospectus Summary--Investment Adviser and Portfolio Managers," "Investment
Objectives and Policies--International Fund" and "Management of the Trust--
Portfolio Managers--Blairlogie."
<PAGE>
PIMCO FUNDS: MULTI-MANAGER SERIES
Supplement Dated January 6, 1999
to the
PIMCO Funds Asset Allocation Series Prospectus
Dated November 1, 1998
Disclosure relating to
PIMCO INNOVATION FUND
On or about March 5, 1999, PIMCO Advisors L.P. ("PIMCO Advisors"), the
Trust's investment adviser, will assume 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 of PIMCO Advisors will oversee the management
of PIMCO Innovation Fund. Dennis P. McKechnie, who is currently a co-manager
of PIMCO 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.
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 the Blairlogie Transaction, subject to the approval
of the shareholders of PIMCO International Fund. 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."
