<PAGE>
PIMCO FUNDS: MULTI-MANAGER SERIES
Supplement Dated May 5, 2000
to the
Prospectus for Institutional and Administrative Class Shares
Dated April 3, 2000
DISCLOSURE RELATING TO PIMCO INTERNATIONAL GROWTH FUND
Change in Advisory Fee. On or about May 8, 2000, the monthly advisory fee
payable by PIMCO International Growth Fund (the "Fund") to PIMCO Advisors L.P.
will decrease by 0.10%, from 0.85% of the average daily net assets of the Fund
to 0.75% of the average daily net assets of the Fund.
The subsection of the Fund's Fund Summary captioned "Fees and Expenses of
the Fund" is amended in its entirety to ready as follows.
FEES AND EXPENSES OF THE FUND
These tables describe the fees and expenses you may pay if you buy and hold
Institutional Class or Administrative Class shares of the Fund:
SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT) None
ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
<TABLE>
<CAPTION>
Distribution Total Annual
Advisory and/or Service Other Fund Operating
Share Class Fees (12b-1) Fees Expenses(1) Expenses
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Institutional 0.75% None 0.50% 1.25%
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Administrative 0.75 0.25% 0.50 1.50
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</TABLE>
(1) Other Expenses reflects a 0.50% Administrative Fee paid by the class.
EXAMPLES. The Examples below are intended to help you compare the cost of
investing in Institutional Class or Administrative Class shares of the Fund with
the costs of investing in other mutual funds. The Examples assume that you
invest $10,000 in the noted class of shares for the time periods indicated, and
then redeem all your shares at the end of those periods. The Examples also
assume that your investment has a 5% return each year, the reinvestment of all
dividends and distributions, and the Fund's operating expenses remain the same.
Although your actual costs may be higher or lower, the Examples show what your
costs would be based on these assumptions.
<TABLE>
<CAPTION>
Share Class Year 1 Year 3 Year 5 Year 10
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<S> <C> <C> <C> <C>
Institutional $127 $397 $686 $1,511
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Administrative 153 474 818 1,791
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</TABLE>
