<PAGE>
As filed with the Securities and Exchange Commission on August 4, 2000
Registration Nos. 33-36528;
811-6161
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]
---
Pre-Effective Amendment No. ___ [ ]
---
Post-Effective Amendment No. 50 [X]
---
REGISTRATION STATEMENT UNDER THE INVESTMENT
COMPANY ACT OF 1940 [X]
---
Amendment No. 53 [X]
---
PIMCO FUNDS: MULTI-MANAGER SERIES
(Exact Name of Registrant as Specified in Charter)
840 Newport Center Drive, Newport Beach, CA 92660
(Address of principal executive offices) (Zip code)
(800) 427-4648
(Registrant's telephone number, including area code)
Name and address
of agent for service: Copies to:
--------------------- ----------
Stephen J. Treadway Newton B. Schott, Jr., Joseph B. Kittredge, Esq.
c/o PIMCO Funds Esq. Ropes & Gray
Distributors LLC c/o PIMCO Funds One International Place
2187 Atlantic Street Distributors LLC Boston, Massachusetts
Stamford, Connecticut 2187 Atlantic Street 02110
06902 Stamford, Connecticut
06902
It is proposed that this filing will become effective (check appropriate box):
[ ] Immediately upon filing pursuant to paragraph (b)
---
[X] On August 7, 2000 pursuant to paragraph (b)
---
[ ] 60 days after filing pursuant to paragraph (a)(1)
---
[ ] On [DATE], pursuant to paragraph (a)(1)
---
[ ] 75 days after filing pursuant to paragraph (a)(2)
---
[ ] On [date] pursuant to paragraph (a)(2) of rule 485
---
If appropriate, check the following box:
[ ] This post-effective amendment designates a new effective date for a
--- previously filed post-effective amendment.
This Post-Effective Amendment relates only to PIMCO Growth & Income Fund
(formerly known as PIMCO Mid-Cap Equity Fund), a series of the Registrant. No
information relating to any other series of the Registrant is amended or
superseded hereby.
<PAGE>
PIMCO FUNDS: MULTI-MANAGER SERIES
Supplement Dated August 4, 2000
to the
Prospectus for Institutional and Administrative Class Shares
Dated April 3, 2000
Disclosure Relating to PIMCO Growth & Income Fund
(formerly PIMCO Mid-Cap Equity Fund)
Effective August 1, 2000, PIMCO Mid-Cap Equity Fund (the "Fund")
changed its name to "PIMCO Growth & Income Fund." In connection with
this change, the Fund Summary for the Fund on pages 17 and 18 of the
Prospectus is amended to read in its entirety as set forth on the
next two pages. In addition, the information for PIMCO Mid-Cap
Equity Fund in the table on page 3 of the Prospectus is amended to
read as follows:
<TABLE>
<CAPTION>
Approximate
Sub- Number of
Adviser Fund Investment Objective Main Investments Holdings
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PIMCO Growth Seeks long-term growth of capital; Securities of companies 40-60
Equity & Income current income is a secondary objective with market capitalizations
Advisors of at least $1 billion
</TABLE>
1
<PAGE>
PIMCO Growth & Income Fund
--------------------------------------------------------------------------------
Principal Investments
and
Strategies
Investment Objective
Fund Focus Approximate
Seeks long-term Medium and large Capitalization Range
growth of capitalization More than $1 billion
capital; current stocks
income is a
secondary
objective
Fund Category Approximate Number Dividend Frequency
Blend Stocks of Holdings At least annually
40-60
The Fund seeks to achieve its investment objective by normally
investing at least 65% of its assets in securities of companies
with market capitalizations of at least $1 billion at the time of
investment. The Fund may invest up to 75% of its assets in
securities selected for their growth potential. The Fund will
normally invest at least 25% of its assets in securities selected
for their income potential, including dividend-paying common
stocks, preferred stocks, corporate bonds, convertible securities
and REITs.
When selecting securities for the Fund's "growth" segment, the
portfolio managers seek to identify companies with well-defined
"wealth creating" characteristics, including superior earnings
growth (relative to companies in the same industry or the market
as a whole), high profitability and consistent, predictable
earnings. In addition, through fundamental research, the portfolio
managers seek to identify companies that are gaining market share,
have superior management and possess a sustainable competitive
advantage, such as superior or innovative products, personnel and
distribution systems. The Fund's portfolio managers may choose to
sell a stock in the "growth" segment when they believe that its
earnings will be disappointing or that market sentiment on the
company will turn negative. The portfolio managers will also
consider selling a stock if the company does not meet the
managers' estimates on revenues and/or earnings, or if an
alternative investment is deemed to be more attractive.
When selecting stocks for the Fund's "income" segment, the
portfolio managers seek to identify companies with strong
operating fundamentals that offer potential for capital
appreciation and that also have a dividend yield in excess of the
yield on the S&P 500 Index. The portfolio managers may replace an
"income" security when another security with a similar risk-to-
reward profile offers either better potential for capital
appreciation or a higher yield than the Fund's current holding. To
achieve its income objective, the Fund may also invest in
preferred stocks, corporate bonds, convertible securities and
REITs. The Fund may invest up to 10% of its assets in corporate
bonds, which will typically consist of investment grade securities
of varying maturities but may also include high yield securities
("junk bonds") rated at least B by Standard & Poor's Rating
Services or Moody's Investors Service, Inc. or, if unrated,
determined by the Adviser to be of comparable quality.
The Fund may invest up to 15% of its assets in foreign
securities, except that it may invest without limit in American
Depository Receipts. In response to unfavorable market and other
conditions, the Fund may make temporary investments of some or all
of its assets in high-quality fixed income securities. This would
be inconsistent with the Fund's investment objective and principal
strategies.
--------------------------------------------------------------------------------
Principal Risks
Among the principal risks of investing in the Fund, which could
adversely affect its net asset value, yield and total return, are:
. Market Risk . Liquidity Risk . High Yield Risk
. Issuer Risk . Foreign . Credit Risk
. Growth Securities Investment Risk . Management Risk
Risk . Currency Risk
. Value Securities . Focused
Risk Investment Risk
. Smaller Company . Interest Rate
Risk Risk
--------------------------------------------------------------------------------
Performance The top of the next page shows summary performance information for
Information the Fund in a bar chart and an Average Annual Total Returns table.
The information provides some indication of the risks of investing
in the Fund by showing changes in its performance from year to
year and by showing how the Fund's average annual returns compare
with the returns of a broad-based securities market index and an
index of similar funds. The bar chart and the information to its
right show performance of the Fund's Institutional Class Shares.
During the periods shown, Administrative Class shares were
outstanding only from 8/21/97 (the inception date of
Administrative Class shares) to 5/27/99 (the date on which all
remaining Administrative Class shares were redeemed). For periods
prior to 8/21/97 and after 5/27/99, performance information shown
in the Average Annual Total Returns table for that class is based
on the performance of the Fund's Institutional Class shares. The
prior and subsequent Institutional Class performance has been
adjusted to reflect the actual distribution and/or service (12b-1)
fees and other expenses paid by Administrative Class shares. The
performance information on the next page reflects the Fund's
advisory fee level in effect prior to August 1, 2000 (0.63% per
annum). Prior to July 1, 1999, the Fund had a different sub-
adviser and would not necessarily have achieved the performance
results shown on the next page under its current investment
management arrangements. In addition, the Fund changed its
investment objective and policies on August 1, 2000; the
performance results shown on the next page would not necessarily
have been achieved had the Fund's current objective and policies
then been in effect. Past performance is no guarantee of future
results.
2
<PAGE>
PIMCO Growth & Income Fund (continued)
Calendar Year Total Returns -- Institutional Class
More Recent Return
Information
--------------------
1/1/00-
6/30/00 12.09%
Highest and Lowest
Quarter Returns
(for periods shown
in the bar chart)
--------------------
Highest (4th Qtr.
'99) 40.12%
--------------------
Lowest (3rd Qtr.
'98) -11.53%
[GRAPH]
'95 31.72%
'96 17.31%
'97 16.22%
'98 29.89%
'99 51.81%
Calendar Year End (through 12/31)
Average Annual Total Returns (for periods ended 12/31/99)
<TABLE>
<S> <C> <C> <C>
Fund Inception
1 Year 5 Years (12/28/94)(/3/)
--------------------------------------------------------------------
Institutional Class 51.81% 28.77% 28.72%
--------------------------------------------------------------------
Administrative Class 51.32% 28.48% 28.41%
--------------------------------------------------------------------
S&P Mid-Cap 400 Index(/1/) 14.73% 23.05% 23.05%
--------------------------------------------------------------------
Lipper Large-Cap Core Fund Average(/2/) 22.29% 25.53% 25.53%
--------------------------------------------------------------------
</TABLE>
(1) The S&P Mid-Cap 400 Index is an unmanaged index of middle
capitalization U.S. stocks. It is not possible to invest
directly in the index.
(2) The Lipper Large-Cap Core Fund Average is a total return
performance average of funds tracked by Lipper Analytical
Services, Inc. that invest primarily in companies with market
capitalizations of greater than 300% of the dollar-weighted
median market capitalization of the S&P Mid-Cap 400 Index.
It does not take into account sales charges. The Lipper Large-
Cap Core Fund Average replaced the Lipper Mid-Cap Fund Average
(a total return performance average of funds tracked by Lipper
Analytical Services, Inc. that invest primarily in companies
with market capitalizations of less than $5 billion at the
time of investment). For periods ended December 31, 1999, the
1 Year, 5 Years and Fund Inception average annual total
returns of the Lipper Mid-Cap Fund Average were 39.38%, 23.07%
and 23.07%, respectively.
(3) The Fund began operations on 12/28/94. Index comparisons begin
on 12/31/94.
--------------------------------------------------------------------------------
Fees and These tables describe the fees and expenses you may pay if you buy
Expenses and hold Institutional Class or Administrative Class shares of the
of the Fund:
Fund
Shareholder Fees (fees paid directly from your investment) None
Annual Fund Operating Expenses (expenses that are deducted from
Fund assets)
<TABLE>
<S> <C> <C> <C> <C>
Distribution Total Annual
Advisory and/or Service Other Fund Operating
Share Class Fees (12b-1) Fees Expenses(/1/) Expenses
------------------------------------------------------------------
Institutional 0.60% None 0.25% 0.85%
------------------------------------------------------------------
Administrative 0.60 0.25% 0.25 1.10
------------------------------------------------------------------
(1) Other Expenses reflects a 0.25% 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.
<CAPTION>
Share Class Year 1 Year 3 Year 5 Year 10
------------------------------------------------------------------
<S> <C> <C> <C> <C>
Institutional $ 87 $271 $471 $1,049
------------------------------------------------------------------
Administrative 112 350 606 1,340
------------------------------------------------------------------
</TABLE>
3
<PAGE>
Changes to "Summary of Principal Risks"
The section of the Prospectus captioned "Summary of Principal Risks"
is amended as follows:
1. The subsection of the Prospectus captioned "Summary of Principal
Risks --Interest Rate Risk" is amended to state in its entirety as
follows:
"Interest Rate Risk
To the extent that Funds purchase fixed income securities
for investment or defensive purposes, they will be subject to
interest rate risk, a market risk relating to investments in
fixed income securities such as bonds and notes. The Growth &
Income Fund is particularly sensitive to this risk because it
may invest in interest rate sensitive securities such as
corporate bonds.
As interest rates rise, the value of fixed income securities
in a Fund's portfolio are likely to decrease. Securities with
longer "durations' (defined below) tend to be more sensitive
to changes in interest rates, usually making them more
volatile than securities with shorter durations. Duration is a
measure of the expected life of a fixed income security that
is used to determine the sensitivity of a security's price to
changes in interest rates. A Fund with a longer average
portfolio duration will be more sensitive to changes in
interest rates than a Fund with a shorter average portfolio
duration."
2. A new subsection captioned "High Yield Risk" is added to "Summary
of Principal Risks."
"High Yield Risk
Funds that invest in high yield securities and unrated
securities of similar quality (commonly known as "junk bonds')
may be subject to greater levels of interest rate, credit and
liquidity risk than Funds that do not invest in such
securities. The Growth & Income Fund is particularly
susceptible to this risk. High yield securities are considered
predominantly speculative with respect to the issuer's
continuing ability to make principal and interest payments. An
economic downturn or period of rising interest rates could
adversely affect the market for high yield securities and
reduce a Fund's ability to sell its high yield securities."
3. The subsection captioned "Smaller Company Risk" is revised to
indicate that PIMCO Growth & Income Fund has significant exposure to
this risk because it may invest significantly in companies with
medium-sized market capitalizations, which are smaller and generally
less-seasoned than the largest companies.
Changes to "Characteristics and Risks of Securities and Investment
Techniques"
The section of the Prospectus captioned "Characteristics and Risks
of Securities and Investment Techniques" is amended as follows:
1. The subsection captioned "Fixed Income Securities and Defensive
Strategies" is amended by adding the following disclosure:
"The Growth & Income Fund will invest primarily in common
stocks, but may also invest significant portions of its assets
in preferred stocks, fixed income securities, convertible
securities and Real Estate Investment Trusts, or "REITs.' The
Growth & Income Fund may temporarily hold up to 100% of its
assets in short-term U.S. Government securities and other
money market instruments for defensive purposes in response to
unfavorable market and other conditions."
2. A subsection captioned "Corporate Debt Securities" is added. It
reads in its entirety as follows:
"Corporate debt securities are subject to the risk of the
issuer's inability to meet principal and interest payments on
the obligation and may also be subject to price volatility due
to factors such as interest rate sensitivity, market
perception of the creditworthiness of the issuer and general
market
4
<PAGE>
liquidity. When interest rates rise, the value of corporate
debt securities can be expected to decline. Debt securities
with longer durations tend to be more sensitive to interest
rate movements than those with shorter durations."
3. The subsection captioned "Convertible Securities" is revised to
read in its entirety as follows:
"Each Fund may invest in convertible securities. The Growth &
Income Fund may place particular emphasis on convertible
securities. Convertible securities are generally preferred
stocks and other securities, including fixed income securities
and warrants, that are convertible into or exercisable for
common stock at either a stated price or a stated rate. The
price of a convertible security will normally vary in some
proportion to changes in the price of the underlying common
stock because of this conversion or exercise feature. However,
the value of a convertible security may not increase or
decrease as rapidly as the underlying common stock. A
convertible security will normally also provide income and is
subject to interest rate risk. While convertible securities
generally offer lower interest or dividend yields than non-
convertible fixed income securities of similar quality, their
value tends to increase as the market value of the underlying
stock increases and to decrease when the value of the
underlying stock decreases. Also, a Fund may be forced to
convert a security before it would otherwise choose, which may
have an adverse effect on the Fund's ability to achieve its
investment objective."
4. A subsection captioned "High Yield Securities" is added. It reads
in its entirety as follows:
"Securities rated lower than Baa by Moody's or lower than BBB
by S&P are sometimes referred to as "high yield' or "junk'
bonds. The Funds, particularly the Growth & Income Fund, may
invest in these securities. Investing in high yield securities
involves special risks in addition to the risks associated
with investments in higher-rated fixed income securities.
While offering a greater potential opportunity for capital
appreciation and higher yields, high yield securities
typically entail greater potential price volatility and may be
less liquid than higher-rated securities. High yield
securities may be regarded as predominately speculative with
respect to the issuer's continuing ability to meet principal
and interest payments. They may also be more susceptible to
real or perceived adverse economic and competitive industry
conditions than higher-rated securities."
5. The subsection captioned "Changes in Investment Objectives and
Policies" is revised by adding the following disclosure:
The investment objective of the Growth & Income Fund described
in this Prospectus may be changed by the Board of Trustees
without shareholder approval.
6. The subsection captioned "Companies with Smaller Market
Capitalizations" is revised to indicate that PIMCO Growth & Income
Fund has significant exposure to the risks discussed in this section
because it may invest significantly in companies with medium-sized
market capitalizations, which are smaller and generally less-
seasoned than the largest companies.
Change in Portfolio Management Arrangements
Effective August 1, 2000, the portfolio managers of the Fund will
be Kenneth W. Corba and Peter C. Thoms of PIMCO Equity Advisors.
Information about Mr. Corba, the Fund's current co-portfolio
manager, and PIMCO Equity Advisors is set forth in the Prospectus
under the caption "Management of the Funds -- Sub-Advisers." Mr.
Thoms is a Research Analyst with PIMCO Equity Advisors. Prior to
joining PIMCO Equity Advisors in May 1999, he was an investment
analyst at Federated Investors from July 1998 to May 1999.
5
<PAGE>
Financial Highlights
The financial highlights table is intended to help a shareholder
understand the financial performance of Institutional and
Administrative Class shares of the Fund for the past 5 years or, if
the class is less than 5 years old, since the class of shares was
first offered. Certain information may reflect financial results for
a single Fund share. The total returns in the table represent the
rate that an investor would have earned or lost on an investment in
a particular class of shares of the Fund, assuming reinvestment of
all dividends and distributions. Except as provided in the next
sentence, this information has been audited by
PricewaterhouseCoopers LLP, whose report, along with the Fund's
financial statements, are included in the Trust's annual report to
shareholders. The information for the period ended December 31, 1999
is included in the Trust's semi-annual report to shareholders and is
unaudited. The annual report and semi-annual report are incorporated
by reference in the Statement of Additional Information and are
available free of charge upon request from the Distributor.
<TABLE>
<CAPTION>
Net Asset Net Realized/ Total Dividends Dividends in Distributions
Year or Value Net Unrealized Income from from Net Excess of Net from Net
Period Beginning Investment Gain (Loss) on Investment Investment Investment Realized
Ended of Period Income (Loss) Investments Operations Income Income Capital Gains
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Growth & Income Fund (i)
Institutional Class
12/31/99+ $15.84 $(0.05)(a) $4.50(a) $4.45 $(0.11) $0.00 $(8.60)
06/30/99 13.53 (0.03)(a) 2.99(a) 2.96 0.00 0.00 (0.65)
06/30/98 14.04 (0.03)(a) 3.61(a) 3.58 0.00 0.00 (4.09)
06/30/97 14.66 (0.06)(a) 1.31(a) 1.25 0.00 0.00 (1.87)
11/01/95-06/30/96 12.92 0.49 1.62 2.11 0.00 0.00 (0.37)
12/28/94-10/31/95 10.00 0.02 2.92 2.94 (0.02) 0.00 0.00
Administrative Class
07/01/98-05/27/99(b) 13.50 (0.05)(a) 1.71(a) 1.66 0.00 0.00 (0.65)
08/21/97-06/30/98 15.27 (0.05)(a) 2.37(a) 2.32 0.00 0.00 (4.09)
</TABLE>
-------
* Annualized
+ Unaudited
(i) Formerly PIMCO Mid-Cap Equity Fund. The information provided for
the Growth & Income Fund reflects the results of operations
under the Fund's former Sub-Adviser through June 30, 1999; the
Fund would not necessarily have achieved the performance results
shown above under its current investment management
arrangements.
(a) Per share amounts based on average number of shares outstanding
during the period.
(b) All Administrative Class shares of the Mid-Cap Equity Fund were
redeemed on May 27, 1999.
<TABLE>
<CAPTION>
Fund Ratio of Net
Distributions Reimbursement Ratio of Investment
in Excess of Tax Basis Fee Added to Net Asset Net Assets Expenses to Income (Loss)
Net Realized Return of Total Paid-In- Value End End of Average Net to Average
Capital Gains Capital Distributions Capital of Period Total Return Period (000s) Assets Net Assets
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$0.00 $0.00 $(8.71) $0.00 $11.58 33.22% $ 5,455 1.10%(c)* (0.66)%*
0.00 0.00 (0.65) 0.00 15.84 23.18 7,399 0.89 (0.22)
0.00 0.00 (4.09) 0.00 13.53 30.40 8,488 0.89 (0.25)
0.00 0.00 (1.87) 0.00 14.04 9.61 7,591 1.15 (0.43)
0.00 0.00 (0.37) 0.00 14.66 16.72 8,378 0.88* (0.32)*
0.00 0.00 (0.02) 0.00 12.92 29.34 8,357 0.88* 0.24*
0.00 0.00 (0.65) 0.00 14.51 13.12 0 1.14* (0.45)*
0.00 0.00 (4.09) 0.00 13.50 19.65 2,371 1.13* (0.49)*
<CAPTION>
Distributions
in Excess of
Net Realized Portfolio
Capital Gains Turnover Rate
-----------------------------------------------------------------------------------------------------------------
<S> <C>
$0.00 123%
0.00 273
0.00 268
0.00 202
0.00 97
0.00 132
0.00 273
0.00 268
</TABLE>
-------
(c) Ratio of expenses to average net assets excluding interest
expense is 0.88%.
6
<PAGE>
PIMCO FUNDS: MULTI-MANAGER SERIES
Supplement Dated August 7, 2000
to the
Prospectus for Class A, B and C Shares
Dated April 3, 2000
Disclosure Relating to PIMCO Growth & Income Fund
(formerly PIMCO Mid-Cap Equity Fund)
Effective August 7, 2000, PIMCO Funds: Multi-Manager Series
intends to offer Class A, B, and C shares of PIMCO Growth & Income
Fund (formerly known as "PIMCO Mid-Cap Equity Fund"). In connection
with this, the following Fund Summary is added to the Prospectus.
1
<PAGE>
PIMCO Growth & Income Fund
--------------------------------------------------------------------------------
Principal Investment Objective Fund Focus Approximate
Investments Seeks long-term Medium and large Capitalization Range
and growth of capitalization More than $1 billion
Strategies capital; current stocks
income is a
secondary
objective
Fund Category Approximate Number Dividend Frequency
Blend Stocks of Holdings At least annually
40-60
The Fund seeks to achieve its investment objective by normally
investing at least 65% of its assets in securities of companies
with market capitalizations of at least $1 billion at the time of
investment. The Fund may invest up to 75% of its assets in
securities selected for their growth potential. The Fund will
normally invest at least 25% of its assets in securities selected
for their income potential, including dividend-paying common
stocks, preferred stocks, corporate bonds, convertible securities
and REITs.
When selecting securities for the Fund's "growth" segment, the
portfolio managers seek to identify companies with well-defined
"wealth creating" characteristics, including superior earnings
growth (relative to companies in the same industry or the market
as a whole), high profitability and consistent, predictable
earnings. In addition, through fundamental research, the portfolio
managers seek to identify companies that are gaining market share,
have superior management and possess a sustainable competitive
advantage, such as superior or innovative products, personnel and
distribution systems. The Fund's portfolio managers may choose to
sell a stock in the "growth" segment when they believe that its
earnings will be disappointing or that market sentiment on the
company will turn negative. The portfolio managers will also
consider selling a stock if the company does not meet the
managers' estimates on revenues and/or earnings, or if an
alternative investment is deemed to be more attractive.
When selecting stocks for the Fund's "income" segment, the
portfolio managers seek to identify companies with strong
operating fundamentals that offer potential for capital
appreciation and that also have a dividend yield in excess of the
yield on the S&P 500 Index. The portfolio managers may replace an
"income" security when another security with a similar risk-to-
reward profile offers either better potential for capital
appreciation or a higher yield than the Fund's current holding. To
achieve its income objective, the Fund may also invest in
preferred stocks, corporate bonds, convertible securities and
REITs. The Fund may invest up to 10% of its assets in corporate
bonds, which will typically consist of investment grade securities
of varying maturities but may also include high yield securities
("junk bonds") rated at least B by Standard & Poor's Rating
Services or Moody's Investors Service, Inc. or, if unrated,
determined by the Adviser to be of comparable quality.
The Fund may invest up to 15% of its assets in foreign
securities, except that it may invest without limit in American
Depository Receipts. In response to unfavorable market and other
conditions, the Fund may make temporary investments of some or all
of its assets in high-quality fixed income securities. This would
be inconsistent with the Fund's investment objective and principal
strategies.
--------------------------------------------------------------------------------
Principal Risks
Among the principal risks of investing in the Fund, which could
adversely affect its net asset value, yield and total return, are:
. Market Risk . Liquidity Risk . High Yield Risk
. Issuer Risk . Foreign . Credit Risk
. Growth Securities Investment Risk . Management Risk
Risk . Currency Risk
. Value Securities . Focused Investment Risk
Risk . Interest Rate Risk
. Smaller Company
Risk
--------------------------------------------------------------------------------
Performance The top of the next page shows summary performance information for
Information the Fund in a bar chart and an Average Annual Total Returns table.
The information provides some indication of the risks of investing
in the Fund by showing changes in its performance from year to
year and by showing how the Fund's average annual returns compare
with the returns of a broad-based securities market index and an
index of similar funds. The bar chart and the information to its
right show performance of the Fund's Institutional Class shares,
which are offered in a different prospectus. This is because the
Fund did not offer Class A, B or C shares during the periods
shown. Although Institutional Class and Class A, B and C shares
would have similar annual returns (because all the Fund's shares
represent interests in the same portfolio of securities),
Institutional Class performance would be higher than Class A, B or
C performance because of the lower expenses and no sales charges
paid by Institutional Class shares. The Average Annual Total
Returns table also shows estimated historical performance for
Class A, B and C shares based on the performance of the Fund's
Institutional Class shares, adjusted to reflect the actual sales
charges (loads), distribution and/or service (12b-1) fees,
administrative fees and other expenses paid by Class A, B and C
shares. The performance information on the next page reflects the
Fund's advisory fee level in effect prior to August 1, 2000 (0.63%
per annum). Prior to July 1, 1999, the Fund had a different sub-
adviser and would not necessarily have achieved the performance
results shown on the next page under its current investment
management arrangements. In addition, the Fund changed its
investment objective and policies on August 1, 2000; the
performance results shown on the next page would not necessarily
have been achieved had the Fund's current objective and policies
then been in effect. Past performance is no guarantee of future
results.
2
<PAGE>
PIMCO Growth & Income Fund (continued)
Calendar Year Total Returns -- Institutional Class
More Recent Return
Information
--------------------
1/1/00-
6/30/00 12.09%
Highest and Lowest
Quarter Returns
(for periods shown
in the bar chart)
--------------------
Highest (4th Qtr.
'99) 40.12%
--------------------
Lowest (3rd Qtr.
'98) -11.53%
[GRAPH]
'95 31.72%
'96 17.31%
'97 16.22%
'98 29.89%
'99 51.81%
Calendar Year End (through 12/31)
Average Annual Total Returns (for periods ended 12/31/99)
<TABLE>
<S> <C> <C> <C>
Fund Inception
1 Year 5 Years (12/28/94)(/3/)
--------------------------------------------------------------------
Institutional Class 51.81% 28.77% 28.72%
--------------------------------------------------------------------
Class A 42.90% 26.82% 26.77%
--------------------------------------------------------------------
Class B 45.99% 27.17% 27.20%
--------------------------------------------------------------------
Class C 49.30% 27.32% 27.27%
--------------------------------------------------------------------
S&P Mid-Cap 400 Index(/1/) 14.73% 23.05% 23.05%
--------------------------------------------------------------------
Lipper Large-Cap Core Fund Average(/2/) 22.29% 25.53% 25.53%
--------------------------------------------------------------------
</TABLE>
(1) The S&P Mid-Cap 400 Index is an unmanaged index of middle
capitalization U.S. stocks. It is not possible to invest
directly in the index.
(2) The Lipper Large-Cap Core Fund Average is a total return
performance average of funds tracked by Lipper Analytical
Services, Inc. that invest primarily in companies with market
capitalizations of greater than 300% of the dollar-weighted
median market capitalization of the S&P Mid-Cap 400 Index. It
does not take into account sales charges. The Lipper Large-Cap
Core Fund Average replaced the Lipper Mid-Cap Fund Average (a
total return performance average of funds tracked by Lipper
Analytical Services, Inc. that invest primarily in companies with
market capitalizations of less than $5 billion at the time of
investment). For periods ended December 31, 1999, the 1 Year, 5
Years and Fund Inception average annual total returns of the
Lipper Mid-Cap Fund Average were 39.38%, 23.07% and 23.07%,
respectively.
(3) The Fund began operations on 12/28/94. Index comparisons begin
on 12/31/94.
--------------------------------------------------------------------------------
Fees and These tables describe the fees and expenses you may pay if you buy
Expenses and hold Class A, B or C shares of the Fund:
of the
Fund
Shareholder Fees (fees paid directly from your investment)
<TABLE>
<S> <C> <C>
Maximum Sales Charge (Load) Imposed Maximum Contingent Deferred Sales Charge (Load)
on Purchases (as a percentage of offering price) (as a percentage of original purchase price)
------------------------------------------------------------------------------------------------------
Class A 5.50% 1%(/1/)
------------------------------------------------------------------------------------------------------
Class B None 5%(/2/)
------------------------------------------------------------------------------------------------------
Class C None 1%(/3/)
------------------------------------------------------------------------------------------------------
</TABLE>
(1) Imposed only in certain circumstances where Class A shares are
purchased without a front-end sales charge at the time of
purchase.
(2) The maximum CDSC is imposed on shares redeemed in the first
year. For shares held longer than one year, the CDSC declines
according to the schedule set forth under "Investment
Options--Class A, B and C Shares--Contingent Deferred Sales
Charges (CDSCs)--Class B Shares."
(3) The CDSC on Class C shares is imposed only on shares redeemed
in the first year.
Annual Fund Operating Expenses (expenses that are deducted from
Fund assets)
<TABLE>
<S> <C> <C> <C> <C>
Distribution Total Annual
Advisory and/or Service Other Fund Operating
Share Class Fees (12b-1) Fees(/1/) Expenses(/2/) Expenses
-----------------------------------------------------------------
Class A 0.60% 0.25% 0.50% 1.35%
-----------------------------------------------------------------
Class B 0.60 1.00 0.50 2.10
-----------------------------------------------------------------
Class C 0.60 1.00 0.50 2.10
-----------------------------------------------------------------
</TABLE>
(1) Due to the 12b-1 distribution fee imposed on Class B and Class
C shares, a Class B or Class C shareholders may, depending
upon the length of time the shares are held, pay more than the
economic equivalent of the maximum front-end sales charges
permitted by relevant rules of the National Association of
Securities Dealers, Inc.
(2) Other Expenses reflects a 0.50% Administrative Fee paid by the
class, which is subject to a reduction of 0.05% on average daily
net assets attributable in the aggregate to the Fund's Class A, B
and C shares in excess of $2.5 billion.
Examples. The Examples are intended to help you compare the cost
of investing in Class A, B or C 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, 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>
Example: Assuming you do not
Example: Assuming you redeem your shares at the end of each period redeem your shares
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Share Class Year 1 Year 3 Year 5 Year 10 Year 1 Year 3 Year 5 Year 10
-----------------------------------------------------------------------------------------------------------
Class A $680 $954 $1,249 $2,085 $680 $954 $1,249 $2,085
-----------------------------------------------------------------------------------------------------------
Class B 713 958 1,329 2,144 213 658 1,129 2,144
-----------------------------------------------------------------------------------------------------------
Class C 313 658 1,129 2,431 213 658 1,129 2,431
-----------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
Changes to "Management of the Funds"; "Investment Options--
Class A, B and C Shares"; "How Fund Shares are Priced"; "How
to Buy and Sell Shares"; "Fund Distributions"; and "Tax
Consequences"
Disclosure for PIMCO Growth & Income Fund for the sections
of the Prospectus listed above is incorporated by reference
from the corresponding sections of the Prospectus. Except as
expressly set forth herein or therein or as the context
otherwise requires, references to a "Fund" or the "Funds" in
these sections and the sections captioned "Summary of
Principal Risks" and "Characteristics and Risks of Securities
and Investment Techniques" are deemed to refer to PIMCO Growth
& Income Fund.
PIMCO Advisors serves as Investment Adviser and
Administrator for the Fund. The Fund pays monthly advisory
fees to PIMCO Advisors at the annual rate of 0.60% of the
average daily net assets of the Fund. The Fund pays PIMCO
Advisors monthly administrative fees at the annual rate of
0.50% of the average daily net assets attributable in the
aggregate to the Fund's Class A, B and C shares, subject to a
reduction of 0.05% per year on average daily net assets
attributable in the aggregate to the Fund's Class A, B and C
shares in excess of $2.5 billion.
Kenneth W. Corba of PIMCO Equity Advisors (which serves as
Sub-Adviser to the Fund) has served as the portfolio manager
of the Fund since July 1999. Information about PIMCO Advisors,
Mr. Corba and PIMCO Equity Advisors is set forth in the
Prospectus under "Management of the Funds." Peter C. Thomas of
PIMCO Equity Advisors serves as a co-portfolio manager of the
Fund. Mr. Thomas is a Research Analyst with PIMCO Equity
Advisors. Prior to joining PIMCO Equity Advisors in May 1999,
he was an investment analyst at Federated Investors from July
1998 to May 1999.
The Fund intends to declare and distribute income dividends
to shareholders of record at least annually.
Changes to "Summary of Principal Risks"
The section of the Prospectus captioned "Summary of Principal
Risks" is amended as follows:
1. The subsection of the Prospectus captioned "Summary of Principal
Risks --Interest Rate Risk" is amended to state in its entirety as
follows:
"Interest Rate Risk
To the extent that Funds purchase fixed income securities
for investment or defensive purposes, they will be subject to
interest rate risk, a market risk relating to investments in
fixed income securities such as bonds and notes. The Growth &
Income Fund is particularly sensitive to this risk because it
may invest in interest rate sensitive securities such as
corporate bonds.
As interest rates rise, the value of fixed income securities
in a Fund's portfolio are likely to decrease. Securities with
longer "durations' (defined below) tend to be more sensitive
to changes in interest rates, usually making them more
volatile than securities with shorter durations. Duration is a
measure of the expected life of a fixed income security that
is used to determine the sensitivity of a security's price to
changes in interest rates. A Fund with a longer average
portfolio duration will be more sensitive to changes in
interest rates than a Fund with a shorter average portfolio
duration."
2. A new subsection captioned "High Yield Risk" is added to "Summary
of Principal Risks."
"High Yield Risk
Funds that invest in high yield securities and unrated
securities of similar quality (commonly known as "junk bonds')
may be subject to greater levels of interest rate, credit and
liquidity risk than Funds that do not invest in such
securities. The Growth & Income Fund is particularly
susceptible to this risk. High yield securities are considered
predominantly speculative with respect to the issuer's
continuing ability to make principal and interest payments. An
economic downturn or period of rising interest rates could
adversely affect the market for high yield securities and
reduce a Fund's ability to sell its high yield securities."
4
<PAGE>
3. The subsections captioned "Growth Securities Risk" and "Value
Securities Risk" are revised to indicate that PIMCO Growth & Income
Fund is particularly susceptible to these risks.
4. The subsection captioned "Smaller Company Risk" is revised to
indicate that PIMCO Growth & Income Fund has significant exposure to
this risk because it may invest significantly in companies with
medium-sized market capitalizations, which are smaller and generally
less-seasoned than the largest companies.
Changes to "Characteristics and Risks of Securities and Investment Techniques"
The section of the Prospectus captioned "Characteristics and Risks
of Securities and Investment Techniques" is amended as follows:
1. The subsection captioned "Fixed Income Securities and Defensive
Strategies" is amended by adding the following disclosure:
"The Growth & Income Fund will invest primarily in common
stocks, but may also invest significant portions of its assets
in preferred stocks, fixed income securities, convertible
securities and Real Estate Investment Trusts, or "REITs.' The
Growth & Income Fund may temporarily hold up to 100% of its
assets in short-term U.S. Government securities and other
money market instruments for defensive purposes in response to
unfavorable market and other conditions."
2. The subsection captioned "Foreign Securities" is amended to
indicate that PIMCO Growth & Income Fund may invest up to 15% of its
assets in foreign securities, and may invest in ADRs, EDRs and GDRs.
3. The subsection captioned "Foreign Currencies" is amended to
indicate that PIMCO Growth & Income Fund may enter into forward
foreign currency exchange contracts to reduce the risks of adverse
changes in foreign exchange rates.
4. The subsection captioned "Derivatives" is amended to indicate
that PIMCO Growth & Income Fund may purchase and sell (write) call
and put options on securities, securities indexes and foreign
currencies. PIMCO Growth & Income Fund may also purchase and sell
futures contracts and options thereon with respect to securities,
securities indexes and foreign currencies.
5. The subsection captioned "Companies with Smaller Market
Capitalizations" is revised to indicate that PIMCO Growth & Income
Fund has significant exposure to the risks discussed in this section
because it may invest significantly in companies with medium-sized
market capitalizations, which are smaller and generally less-
seasoned than the largest companies.
6. A subsection captioned "Corporate Debt Securities" is added. It
reads in its entirety as follows:
"Corporate debt securities are subject to the risk of the
issuer's inability to meet principal and interest payments on
the obligation and may also be subject to price volatility due
to factors such as interest rate sensitivity, market
perception of the creditworthiness of the issuer and general
market liquidity. When interest rates rise, the value of
corporate debt securities can be expected to decline. Debt
securities with longer durations tend to be more sensitive to
interest rate movements than those with shorter durations."
7. The subsection captioned "Convertible Securities" is revised to
read in its entirety as follows:
"Each Fund may invest in convertible securities. The Growth &
Income Fund may place particular emphasis on convertible
securities. Convertible securities are generally preferred and
other securities, including fixed income securities and
warrants, that are convertible into or exercisable for common
stock at either a stated price or a stated rate. The price of
a convertible security will normally vary in some proportion
to changes in the price of the underlying common stock because
of this conversion or exercise feature. However, the value of
a convertible security may not increase or decrease as rapidly
as the underlying common stock. A convertible security will
normally also provide income and is subject to interest rate
risk. While convertible securities generally offer lower
interest or dividend yields than non-convertible fixed income
securities of similar quality, their value tends to increase
as the market value of the underlying stock increases and to
decrease when the value of the underlying stock decreases.
Also, a Fund may be forced to convert a security before it
would otherwise choose, which may have an adverse effect on
the Fund's ability to achieve its investment objective."
5
<PAGE>
8. A subsection captioned "High Yield Securities" is added. It reads
in its entirety as follows:
"Securities rated lower than Baa by Moody's or lower than BBB
by S&P are sometimes referred to as "high yield' or "junk'
bonds. The Funds, particularly the Growth & Income Fund, may
invest in these securities. Investing in high yield securities
involves special risks in addition to the risks associated
with investments in higher-rated fixed income securities.
While offering a greater potential opportunity for capital
appreciation and higher yields, high yield securities
typically entail greater potential price volatility and may be
less liquid than higher-rated securities. High yield
securities may be regarded as predominately speculative with
respect to the issuer's continuing ability to meet principal
and interest payments. They may also be more susceptible to
real or perceived adverse economic and competitive industry
conditions than higher-rated securities."
9. The subsection captioned "Changes in Investment Objectives and
Policies" is revised by adding the following disclosure:
The investment objective of the Growth & Income Fund may be
changed by the Board of Trustees without shareholder approval.
Financial Highlights
The Fund did not offer Class A, B or C shares during the periods
indicated, and therefore Financial Highlights for the Fund are not
included.
6
<PAGE>
PIMCO FUNDS: MULTI-MANAGER SERIES
Supplement Dated August 7, 2000
to the
Prospectus for Class D Shares
Dated June 1, 2000
Disclosure Relating to PIMCO Growth & Income Fund
(formerly PIMCO Mid-Cap Equity Fund)
Effective August 7, 2000, PIMCO Funds: Multi-Manager Series
intends to offer Class A, B and C shares of PIMCO Growth & Income
Fund (formerly known as "PIMCO Mid-Cap Equity Fund"). In connection
with this, the following Fund Summary is added to the Prospectus.
1
<PAGE>
PIMCO Growth & Income Fund
--------------------------------------------------------------------------------
Principal Investment Objective Fund Focus Approximate
Investments Seeks long-term Medium and large Capitalization Range
and growth of capitalization More than $1 billion
Strategies capital; current stocks
income is a
secondary
objective
Fund Category Approximate Number Dividend Frequency
Blend Stocks of Holdings At least annually
40-60
The Fund seeks to achieve its investment objective by normally
investing at least 65% of its assets in securities of companies
with market capitalizations of at least $1 billion at the time of
investment. The Fund may invest up to 75% of its assets in
securities selected for their growth potential. The Fund will
normally invest at least 25% of its assets in securities selected
for their income potential, including dividend-paying common
stocks, preferred stocks, corporate bonds, convertible securities
and REITs.
When selecting securities for the Fund's "growth" segment, the
portfolio managers seek to identify companies with well-defined
"wealth creating" characteristics, including superior earnings
growth (relative to companies in the same industry or the market
as a whole), high profitability and consistent, predictable
earnings. In addition, through fundamental research, the portfolio
managers seek to identify companies that are gaining market share,
have superior management and possess a sustainable competitive
advantage, such as superior or innovative products, personnel and
distribution systems. The Fund's portfolio managers may choose to
sell a stock in the "growth" segment when they believe that its
earnings will be disappointing or that market sentiment on the
company will turn negative. The portfolio managers will also
consider selling a stock if the company does not meet the
managers' estimates on revenues and/or earnings, or if an
alternative investment is deemed to be more attractive.
When selecting stocks for the Fund's "income" segment, the
portfolio managers seek to identify companies with strong
operating fundamentals that offer potential for capital
appreciation and that also have a dividend yield in excess of the
yield on the S&P 500 Index. The portfolio managers may replace an
"income" security when another security with a similar risk-to-
reward profile offers either better potential for capital
appreciation or a higher yield than the Fund's current holding. To
achieve its income objective, the Fund may also invest in
preferred stocks, corporate bonds, convertible securities and
REITs. The Fund may invest up to 10% of its assets in corporate
bonds, which will typically consist of investment grade securities
of varying maturities but may also include high yield securities
("junk bonds") rated at least B by Standard & Poor's Rating
Services or Moody's Investors Service, Inc. or, if unrated,
determined by the Adviser to be of comparable quality.
The Fund may invest up to 15% of its assets in foreign
securities, except that it may invest without limit in American
Depository Receipts. In response to unfavorable market and other
conditions, the Fund may make temporary investments of some or all
of its assets in high-quality fixed income securities. This would
be inconsistent with the Fund's investment objective and principal
strategies.
--------------------------------------------------------------------------------
Principal Risks
Among the principal risks of investing in the Fund, which could
adversely affect its net asset value, yield and total return, are:
. Market Risk . Liquidity Risk . High Yield Risk
. Issuer Risk . Foreign . Credit Risk
. Growth Securities Investment Risk . Management Risk
Risk . Currency Risk
. Value Securities . Focused Investment Risk
Risk . Interest Rate Risk
. Smaller Company
Risk
2
<PAGE>
PIMCO Growth & Income Fund (continued)
Performance The following shows summary performance information for the Fund
Information in a bar chart and an Average Annual Total Returns table. The
information provides some indication of the risks of investing in
the Fund by showing changes in its performance from year to year
and by showing how the Fund's average annual returns compare with
the returns of a broad-based securities market index and an index
of similar funds. The bar chart, the information to its right and
the Average Annual Total Returns table show performance of the
Fund's Institutional Class shares, which are offered in a
different prospectus. This is because the Fund did not offer Class
D shares during the periods shown. Although Class D and
Institutional Class shares would have similar annual returns
(because all the Fund's shares represent interests in the same
portfolio of securities), Class D performance would be lower than
Institutional Class performance because of the higher expenses
paid by Class D shares.
The Average Annual Total Returns table also shows estimated
historical performance for Class D shares. The estimated Class D
performance is based on the performance of the Fund's
Institutional Class shares, adjusted to reflect the actual
distribution and/or service (12b-1) fees and other expenses paid
by Class D shares.
The performance information on the next page reflects the Fund's
advisory fee level in effect prior to August 1, 2000 (0.63% per
annum). Prior to July 1, 1999, the Fund had a different sub-
adviser and would not necessarily have achieved the performance
results shown on the next page under its current investment
management arrangements. In addition, the Fund changed its
investment objective and policies on August 1, 2000; the
performance results shown on the next page would not necessarily
have been achieved had the Fund's current objective and policies
then been in effect. Past performance is no guarantee of future
results.
Calendar Year Total Returns -- Institutional Class
More Recent Return
Information
--------------------
1/1/00-
6/30/00 12.09%
Highest and Lowest
Quarter Returns
(for periods shown
in the bar chart)
--------------------
Highest (4th Qtr.
'99) 40.12%
--------------------
Lowest (3rd Qtr.
'98) -11.53%
[GRAPH]
'95 31.72%
'96 17.31%
'97 16.22%
'98 29.89%
'99 51.81%
Calendar Year End (through 12/31)
Average Annual Total Returns (for periods ended 12/31/99)
<TABLE>
<S> <C> <C> <C>
Fund Inception
1 Year 5 Years (12/28/94)(/3/)
--------------------------------------------------------------------
Institutional Class 51.81% 28.77% 28.72%
--------------------------------------------------------------------
Class D 51.22% 28.27% 28.21%
--------------------------------------------------------------------
S&P Mid-Cap 400 Index(/1/) 14.73% 23.05% 23.05%
--------------------------------------------------------------------
Lipper Large-Cap Core Fund Average(/2/) 22.29% 25.53% 25.53%
--------------------------------------------------------------------
</TABLE>
(1) The S&P Mid-Cap 400 Index is an unmanaged index of middle
capitalization U.S. stocks. It is not possible to invest
directly in the index.
(2) The Lipper Large-Cap Core Fund Average is a total return
performance average of funds tracked by Lipper Analytical
Services, Inc. that invest primarily in companies with market
capitalizations of greater than 300% of the dollar-weighted
median market capitalization of the S&P Mid-Cap 400 Index. It
does not take into account sales charges. The Lipper Large-Cap
Core Fund Average replaced the Lipper Mid-Cap Fund Average (a
total return performance average of funds tracked by Lipper
Analytical Services, Inc. that invest primarily in companies with
market capitalizations of less than $5 billion at the time of
investment). For periods ended December 31, 1999, the 1 Year, 5
Years and Fund Inception average annual total returns of the
Lipper Mid-Cap Fund Average were 39.38%, 23.07% and 23.07%,
respectively.
(3) The Fund began operations on 12/28/94. Index comparisons begin
on 12/31/94.
3
<PAGE>
PIMCO Growth & Income Fund (continued)
Fees and These tables describe the fees and expenses you may pay if you buy
Expenses and hold Class D shares of the Fund:
of the
Fund
Shareholder Fees (fees paid directly from your investment)None
Annual Fund Operating Expenses (expenses that are deducted from
Fund assets)
<TABLE>
<S> <C> <C> <C> <C>
Distribution Total Annual
Advisory and/or Service Other Fund Operating
Fees (12b-1) Fees(/1/) Expenses(/2/) Expenses
--------------------------------------------------------------------
Class D 0.60 0.25% 0.50% 1.35%
--------------------------------------------------------------------
(1) The Fund's administration agreement includes a plan for Class
D shares that has been adopted in conformity with the
requirements set forth in Rule 12b-1 under the Investment
Company Act of 1940. Up to 0.25% per year of the total
Administrative Fee paid under the administration agreement may
be Distribution and/or Service (12b-1) Fees. The Fund will pay
a total of 0.75% per year under the administration agreement
regardless of whether a portion or none of the 0.25%
authorized under the plan is paid under the plan. Please see
"Management of the Funds--Administrative Fees" for details.
The Fund intends to treat any fees paid under the plan as
"service fees" for purposes of applicable rules of the
National Association of Securities Dealers, Inc. (the "NASD").
To the extent that such fees are deemed not to be "service
fees," Class D shareholders may, depending on the length of
time the shares are held, pay more than the economic
equivalent of the maximum front-end sales charges permitted by
relevant rules of the NASD.
(2) Other Expenses reflects the portion of the Administrative Fee
paid by the class that is not reflected under Distribution
and/or Service (12b-1) Fees.
Examples. The Examples below are intended to help you compare
the cost of investing in Class D shares of the Fund with the
costs of investing in other mutual funds. The Examples assume
that you invest $10,000 in Class D 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.
<CAPTION>
Year 1 Year 3 Year 5 Year 10
--------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class D $137 $428 $739 $1,624
--------------------------------------------------------------------
</TABLE>
4
<PAGE>
Changes to "Management of the Funds"; "How Fund Shares are Priced"; "How to Buy
and Sell Shares"; "Fund Distributions"; and "Tax Consequences"
Disclosure for PIMCO Growth & Income Fund for the sections of
the Prospectus listed above is incorporated by reference from
the corresponding sections of the Prospectus. Except as
expressly set forth herein or therein or as the context
otherwise requires, references to a "Fund" or the "Funds" in
these sections and the sections captioned "Summary of Principal
Risks" and "Characteristics and Risks of Securities and
Investment Techniques" are deemed to refer to PIMCO Growth &
Income Fund.
PIMCO Advisors serves as Investment Adviser and Administrator
for the Fund. The Fund pays monthly advisory fees to PIMCO
Advisors at the annual rate of 0.60% of the average daily net
assets of the Fund. The Fund pays PIMCO Advisors monthly
administrative fees at the annual rate of 0.75% of the average
daily net assets attributable in the aggregate to the Fund's
Class D shares. As described in the Prospectus under "Management
of the Funds--12b-1 Plan for Class D Shares," the administration
agreement includes a plan adopted in conformity with Rule 12b-1
under the Investment Company Act of 1940 (the "1940 Act") which
provides for the payment of up to 0.25% of the 0.75%
Administrative Fee as reimbursement for expenses in respect of
activities that may be deemed to be primarily intended to result
in the sale of Class D shares. The "Annual Fund Operating
Expenses" table on the prior page shows the 0.75% Administrative
Fee rate under two separate columns entitled "Distribution
and/or Service (12b-1) Fees" and "Other Expenses."
Kenneth W. Corba of PIMCO Equity Advisors (which serves as
Sub-Adviser to the Fund) has served as the portfolio manager of
the Fund since July 1999. Information about PIMCO Advisors, Mr.
Corba and PIMCO Equity Advisors is set forth in the Prospectus
under "Management of the Funds." Peter C. Thoms of PIMCO Equity
Advisors serves as co-portfolio manager of the Fund. Mr. Thoms
is a Research Analyst with PIMCO Equity Advisors. Prior to
joining PIMCO Equity Advisors in May 1999, he was an investment
analyst at Federated Investors from July 1998 to May 1999.
The Fund intends to declare and distribute income dividends to
shareholders of record at least annually.
Changes to "Summary of Principal Risks"
The section of the Prospectus captioned "Summary of Principal Risks"
is amended as follows:
1. The subsection of the Prospectus captioned "Summary of
Principal Risks -- Interest Rate Risk" is amended to state in
its entirety as follows:
"Interest Rate Risk
To the extent that Funds purchase fixed income securities
for investment or defensive purposes, they will be subject to
interest rate risk, a market risk relating to investments in
fixed income securities such as bonds and notes. The Growth &
Income Fund is particularly sensitive to this risk because it
may invest in interest rate sensitive securities such as
corporate bonds.
As interest rates rise, the value of fixed income securities
in a Fund's portfolio are likely to decrease. Securities with
longer "durations' (defined below) tend to be more sensitive
to changes in interest rates, usually making them more
volatile than securities with shorter durations. Duration is a
measure of the expected life of a fixed income security that
is used to determine the sensitivity of a security's price to
changes in interest rates. A Fund with a longer average
portfolio duration will be more sensitive to changes in
interest rates than a Fund with a shorter average portfolio
duration."
2. A new subsection captioned "High Yield Risk" is added to "Summary
of Principal Risks."
"High Yield Risk
Funds that invest in high yield securities and unrated
securities of similar quality (commonly known as "junk bonds')
may be subject to greater levels of interest rate, credit and
liquidity risk than Funds that do not invest in such
securities. The Growth & Income Fund is particularly
susceptible to this risk. High yield securities are considered
predominantly speculative with respect to the issuer's
continuing ability to make principal and interest payments. An
economic downturn or period of rising interest rates could
adversely affect the market for high yield securities and
reduce a Fund's ability to sell its high yield securities."
5
<PAGE>
3. The subsections captioned "Growth Securities Risk" and "Value
Securities Risk" are revised to indicate that PIMCO Growth &
Income Fund is particularly susceptible to these risks.
4. The subsection captioned "Smaller Company Risk" is revised to
indicate that PIMCO Growth & Income Fund has significant
exposure to this risk because it may invest significantly in
companies with medium-sized market capitalizations, which are
smaller and generally less-seasoned than the largest companies.
Changes to "Characteristics and Risks of Securities and Investment
Techniques"
The section of the Prospectus captioned "Characteristics and Risks
of Securities and Investment Techniques" is amended as follows:
1. The subsection captioned "Fixed Income Securities and Defensive
Strategies" is amended by adding the following disclosure:
"The Growth & Income Fund will invest primarily in common
stocks, but may also invest significant portions of its assets
in preferred stocks, fixed income securities, convertible
securities and Real Estate Investment Trusts, or "REITs.' The
Growth & Income Fund may temporarily hold up to 100% of its
assets in short-term U.S. Government securities and other
money market instruments for defensive purposes in response to
unfavorable market and other conditions."
2. The subsection captioned "Foreign Securities" is amended to
indicate that PIMCO Growth & Income Fund may invest up to 15% of
its assets in foreign securities, and may invest in ADRs, EDRs
and GDRs.
3. The subsection captioned "Foreign Currencies" is amended to
indicate that PIMCO Growth & Income Fund may enter into forward
foreign currency exchange contracts to reduce the risks of
adverse changes in foreign exchange rates.
4. The subsection captioned "Derivatives" is amended to indicate
that PIMCO Growth & Income Fund may purchase and sell (write)
call and put options on securities, securities indexes and
foreign currencies. PIMCO Growth & Income Fund may also purchase
and sell futures contracts and options thereon with respect to
securities, securities indexes and foreign currencies.
5. The subsection captioned "Companies with Smaller Market
Capitalizations" is revised to indicate that PIMCO Growth &
Income Fund has significant exposure to the risks discussed in
this section because it may invest significantly in companies
with medium-sized market capitalizations, which are smaller and
generally less-seasoned than the largest companies.
6. A subsection captioned "Corporate Debt Securities" is added. It
reads in its entirety as follows:
"Corporate debt securities are subject to the risk of the
issuer's inability to meet principal and interest payments on
the obligation and may also be subject to price volatility due
to factors such as interest rate sensitivity, market
perception of the creditworthiness of the issuer and general
market liquidity. When interest rates rise, the value of
corporate debt securities can be expected to decline. Debt
securities with longer durations tend to be more sensitive to
interest rate movements than those with shorter durations."
7. The subsection captioned "Convertible Securities" is revised to
read in its entirety as follows:
"Each Fund may invest in convertible securities. The Growth &
Income Fund may place particular emphasis on convertible
securities. Convertible securities are generally preferred
stocks and other securities, including fixed income securities
and warrants, that are convertible into or exercisable for
common stock at either a stated price or a stated rate. The
price of a convertible security will normally vary in some
proportion to changes in the price of the underlying common
stock because of this conversion or exercise feature. However,
the value of a convertible security may not increase or
decrease as rapidly as the underlying common stock. A
convertible security will normally also provide income and is
subject to interest rate risk. While convertible securities
generally offer lower interest or dividend yields than non-
convertible fixed income securities of similar quality, their
value tends to increase as the market value of the underlying
stock increases and to decrease when the value of the
underlying stock decreases. Also, a Fund may be forced to
convert a security before it would otherwise choose, which may
have an adverse effect on the Fund's ability to achieve its
investment objective."
6
<PAGE>
8. A subsection captioned "High Yield Securities" is added. It reads
in its entirety as follows:
"Securities rated lower than Baa by Moody's or lower than BBB
by S&P are sometimes referred to as "high yield' or "junk'
bonds. The Funds, particularly the Growth & Income Fund, may
invest in these securities. Investing in high yield securities
involves special risks in addition to the risks associated
with investments in higher-rated fixed income securities.
While offering a greater potential opportunity for capital
appreciation and higher yields, high yield securities
typically entail greater potential price volatility and may be
less liquid than higher-rated securities. High yield
securities may be regarded as predominately speculative with
respect to the issuer's continuing ability to meet principal
and interest payments. They may also be more susceptible to
real or perceived adverse economic and competitive industry
conditions than higher-rated securities."
9. The subsection captioned "Changes in Investment Objectives and
Policies" is revised by adding the following disclosure:
The investment objective of the Growth & Income Fund may be
changed by the Board of Trustees without shareholder approval.
Financial Highlights
The Fund did not offer Class D shares during the periods
indicated, and therefore Financial Highlights for the Fund are
not included.
7
<PAGE>
PIMCO FUNDS: MULTI MANAGER SERIES
Supplement dated August 4, 2000
to the Statement of Additional Information
dated November 1, 2000 (as revised June 1, 2000)
THIS SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION OF PIMCO FUNDS:
MULTI MANAGER SERIES PERTAINS SOLELY TO PIMCO MID-CAP EQUITY FUND, A SERIES OF
THE TRUST. NO INFORMATION RELATING TO ANY OTHER SERIES OF THE TRUST IS AMENDED
OR SUPERSEDED HEREBY.
1. Effective August 1, 2000, PIMCO Mid-Cap Equity Fund changed its name to
"PIMCO Growth & Income Fund."
2. The Section of the SAI captioned "Other Information -- Certain Ownership of
Trust Shares" is amended by adding the following table.
The table below sets forth information concerning the persons who owned of
record or beneficially more than 5% of the noted class of shares of the Mid-Cap
Equity Fund on July 23, 2000.
<TABLE>
<CAPTION>
PERCENTAGE OF
OUTSTANDING SHARES
SHARES OWNED OF CLASS OWNER
------------ --------------
<S> <C> <C>
Growth & Income Fund
IFTC Custodian IRA A/C 148,223.759 40.20% *
John W. Barnum
C/O McGuire Woods
901 E. Cary St.
Richmond, VA 23219-4057
PIMCO Advisors L.P. 193,566.201 52.50% *
800 Newport Center Drive
Newport Beach, CA 92660
</TABLE>
___________________________
* Entity owned 25% or more of the outstanding shares of beneficial interest
of the Fund, and therefore may be presumed to "control" the Fund, as that
term is defined in the Investment Company Act of 1940, as amended (the
"1940 Act").
** Shares are believed to be held only as nominee.
3. The section of the SAI captioned "Other Information -- Calculation of Total
Return" is amended by adding the following disclosure:
The table below sets forth the average annual total return of certain
classes of shares of the Growth & Income Fund for periods ended December 31,
1999. For periods prior to the "Inception Date" of a particular class of the
Fund's shares, total return presentations for the class are based on the
historical performance of Institutional Class shares of the Fund (the oldest
class) adjusted, as necessary, to reflect any current sales charges (including
any
<PAGE>
contingent deferred sales charges) associated with the newer class and any
different operating expenses associated with the newer class, such as 12b-1
distribution and servicing fees (which are not paid by the Institutional Class)
and administrative fee charges.
AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED DECEMBER 31, 1999*
<TABLE>
<CAPTION>
SINCE
INCEPTION OF INCEPTION INCEPTION
FUND DATE OF DATE OF
FUND CLASS** 1 YEAR 5 YEARS (ANNUALIZED) FUND CLASS
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Growth Institutional 51.81% 28.77% 28.72% 12/28/94 12/28/94
& Administrative 51.32% 28.48% 28.41% 5/31/95
Income
-----------------------------------------------------------------------------------------
</TABLE>
* Average annual total return presentations for a particular class of shares
assume payment of the current maximum sales charge (if any) applicable to that
class at the time of purchase and assume that the maximum CDSC (if any) for
Class A, Class B and Class C shares (if any) was deducted at the times, in the
amounts, and under the terms discussed in the Class A, B and C Prospectus.
** Administrative Class total return presentations for periods prior to the
Inception Date of the class reflect the prior performance of Institutional Class
shares of the Fund (the oldest class) adjusted to reflect the higher Fund
operating expenses applicable to Administrative Class shares. These include
12b-1 distribution and servicing fees, which are not paid by the Institutional
Class and are paid by the Administrative Class (at a maximum rate of .25% per
annum).
4. The section of the SAI captioned "Other Information -- Financial
Statements" is amended by adding the following paragraph:
Unaudited financial statements for the Growth & Income Fund ONLY, as of December
31, 1999, for the period then ended, including notes thereto, are incorporated
by reference from the Trust's December 31, 1999 Semi-Annual Report for
Institutional and Administrative Class shares. The Trust's December 31, 1999
Semi-Annual Reports, including the Semi-Annual Report for Institutional and
Administrative Class shares, were filed electronically with the SEC on March 7,
2000 (Accession No. 0001017062-00-000663). No information from the Semi-Annual
Reports is incorporated by reference herein with respect to any other series of
the Trust.
-2-
<PAGE>
PART C. OTHER INFORMATION
Item 23. Exhibits.
The letter of each exhibit relates to the exhibit
designation in Form N-1A:
(a) Form of Second Amendment and Restated Agreement and
Declaration of Trust (2)
(b) (1) Form of First Amended and Restated Bylaws (4)
(2) Amendment to First Amended and Restated Bylaws (15)
(c) (1) Article III (Shares) and Article V (Shareholders' Voting
Powers and Meetings) of the Second Amended and Restated
Agreement and Declaration of Trust (2)
(2) Article 9 (Issuance of Shares Certificates) and Article 11
(Shareholders' Voting Powers and Meetings) of the First
Amended and Restated Bylaws (4)
<PAGE>
(d) (1) (i) Form of Amended and Restated Investment Advisory
Agreement (4)
(ii) Form of Addendum to Amended and Restated Investment
Advisory Agreement to add PIMCO International Growth
Fund and PIMCO Tax-Efficient Structured Emerging
Markets Fund (6)
(iii) Form of Addendum to Amended and Restated Investment
Advisory Agreement to add PIMCO Value 25 Fund, PIMCO
Hard Assets Fund, and PIMCO Tax-Efficient Equity Fund
(10)
(iv) Form of Addendum to Amended and Restated Investment
Advisory Agreement to add PIMCO Funds Asset Allocation
Series - 90/10 Portfolio, PIMCO Funds Asset Allocation
Series - 60/40 Portfolio, and PIMCO Funds Asset
Allocation Series -30/70 Portfolio (9)
(v) Form of Addendum to Amended and Restated Investment
Advisory Agreement to add PIMCO Mega-Cap Fund (13)
(vi) Form of Addendum to Amended and Restated Investment
Advisory Agreement to add the PIMCO Global Innovation,
NFJ Value, NFJ Equity Income, Cadence Capital
Appreciation and Cadence Mid-Cap Growth Funds, to be
filed by amendment.
(vii) Form of Addendum to Amended and Restated Investment
Advisory Agreement to add the PIMCO Healthcare
Innovation, PIMCO Internet Innovation, PIMCO Small-Cap
Technology, PIMCO Telecom Innovation, PIMCO
Electronics Innovation, PIMCO/Allianz New Asia,
PIMCO/Allianz Europe Growth, PIMCO/Allianz Select
World and PIMCO/Allianz Emerging Markets Funds, to be
filed by amendment.
(2) (i) Form of Portfolio Management Agreement, as amended,
with NFJ Investment Group dated May 5, 2000, to be
filed by amendment.
(ii) Form of Portfolio Management Agreement, as amended,
with Cadence Capital Management dated May 5, 2000, to
be filed by amendment.
(iii) Form of Portfolio Management Agreement with
Parametric Portfolio Associates dated May 5, 2000, to
be filed by amendment.
-2-
<PAGE>
(iv) Form of Portfolio Management Agreement with
Blairlogie Capital Management, dated May 5,
2000, to be filed by amendment.
(v) Form of Portfolio Management Agreement with the
Sub-Adviser to the PIMCO/Allianz New Asia,
PIMCO/Allianz Europe Growth, PIMCO/Allianz
Select World and PIMCO/Allianz Emerging Markets
Funds, to be filed by amendment.
(e) (1) Amended Distribution Contract (4)
(2) Form of Amended and Restated Distribution Contract (to
add Class D shares) (7)
(3) Form of Addendum to Distribution Contract to add
PIMCO International Growth Fund and PIMCO Tax-Efficient
Structured Emerging Markets Fund (6)
(4) Form of Addendum to Distribution Contract to add
PIMCO Value 25 Fund, PIMCO Hard Assets Fund, and PIMCO
Tax-Efficient Equity Fund (10)
(5) Form of Addendum to Distribution Contract to add
PIMCO Funds Asset Allocation Series - 90/10 Portfolio,
PIMCO Funds Asset Allocation Series - 60/40 Portfolio
and PIMCO Funds Asset Allocation Series - 30/70
Portfolio (9)
(6) Form of Supplement to Distribution Contract to add PIMCO
Mega-Cap Fund (13)
(7) Form of Supplement to Distribution Contract to add the
PIMCO Global Innovation, NFJ Equity Income, NFJ Value,
Cadence Capital Appreciation and Cadence Mid-Cap Growth
Funds, to be filed by amendment.
(8) Form of Supplement to Distribution Contract to add the
PIMCO Healthcare Innovation, PIMCO Internet Innovation,
PIMCO Small-Cap Technology, PIMCO Telecom Innovation,
PIMCO Electronics Innovation, PIMCO/Allianz New Asia,
PIMCO/Allianz Europe Growth, PIMCO/Allianz Select World
and PIMCO/Allianz Emerging Markets Funds, to be filed by
amendment.
(f) Not Applicable
(g) (1) Form of Custody and Investment Accounting Agreement with
Investors Fiduciary Trust Company (13)
(h) (1) Form of Amended Administration Agreement between the
Trust and PIMCO Advisors L.P. (4)
-3-
<PAGE>
(2) Form of Amended and Restated Administration Agreement
(to include Class D shares ) between the Trust and PIMCO
Advisors L.P. (7)
(3) Form of Amendment No. 1 to Amended and Restated
Administration Agreement between the Trust and PIMCO
Advisors L.P. (14)
(4) Form of Administration Agreement between PIMCO Advisors
L.P. and Pacific Investment Management Company (4)
(5) Form of Amendment to Administration Agreement (to
include Class D shares) between PIMCO Advisors L.P. and
Pacific Investment Management Company (11)
(6) Form of Agency Agreement and Addenda (1)
(7) Form of Addendum to Agency Agreement (4)
(8) Form of Assignment of Agency Agreement (4)
(9) Form of Addendum to Agency Agreement (6)
(10) (i) Form of Transfer Agency and Services Agreement with
National Financial Data Services, to be filed by
amendment.
(i) Form of Transfer Agency and Services Agreement with
First Data Investor Services Group, Inc., filed
herewith.
(11) Form of Service Plan for Institutional Services Shares
(6)
(12) Form of Administrative Services Plan for Administrative
Class Shares (4)
(i) Opinion and Consent of Counsel (6)
(j) (1) Consents of PricewaterhouseCoopers LLP. (16),
(17) and filed herewith
(i) Letter dated October 26, 1999 from
PricewaterhouseCooopers LLP to the Securities and
Exchange Commission. (14)
(2) Consent and Opinion of Coopers & Lybrand LLP (6)
(k) Not Applicable
(l) Initial Capital Agreement (6)
(m) (1) Form of Distribution and Servicing Plan (Class A) (4)
(2) Form of Distribution and Servicing Plan (Class B) (4)
(3) Form of Distribution and Servicing Plan (Class C) (4)
(4) Form of Distribution Plan for Administrative Class
Shares (4)
-4-
<PAGE>
(5) Form of Distribution Plan for Class D Shares included as
part of the Form of Amended and Restated Administration
Agreement included in Exhibit 9(b)
(n) (a) Financial Data Schedules for the period ended
6/30/98 (11)
(b) Financial Data Schedules for the period ended
12/31/98 (12)
(o) Form of Amended and Restated Multi-Class Plan (7)
(p) (1) Powers of Attorney and Certificate of Secretary (1)
(2) Power of Attorney for E. Philip Cannon, Donald P.
Carter, Gary A. Childress, William D. Cvengros, John P.
Hardaway, Joel Segall, W. Bryant Stooks, Gerald M.
Thorne, Richard L. Nelson, Lyman W. Porter and Alan
Richards (5)
(3) Power of Attorney for Kenneth M. Poovey (16)
--------------------
1 Included in Post-Effective Amendment No. 22 to the Trust's Registration
Statement on Form N-1A (File No. 33-36528), as filed on July 1, 1996.
2 Included in Definitive Proxy Statement of the Trust (File No. 811-06161),
as filed on November 7, 1996.
3 Included in Post-Effective Amendment No. 33 to the Trust's Registration
Statement on Form N-1A of PIMCO Advisors Funds (File No. 2-87203), as filed
on November 30, 1995.
4 Included in Post-Effective Amendment No. 25 to the Trust's Registration
Statement on Form N-1A (File 33-36528), as filed on January 13, 1997.
5 Included in Post-Effective Amendment No. 27 to the Trust's Registration
Statement on Form N-1A (File 33-36528), as filed on October 10, 1997.
6 Included in Post-Effective Amendment No.28 to the Trust's Registration
Statement on Form N-1A (File 33-36528), as filed on October 31, 1997.
7 Included in Post-Effective Amendment No. 30 to the Trust's Registration
Statement on Form N-1A (File 33-36528), as filed on March 13, 1998.
8 Included in Post-Effective Amendment No. 32 to the Trust's Registration
Statement on Form N-1A (File 33-36528), as filed on April 21, 1998.
9 Included in Post-Effective Amendment No. 33 to the Trust's Registration
Statement on Form N-1A (File 33-36528), as filed on June 30, 1998.
10. Included in Post-Effective Amendment No. 34 to the Trust's Registration
Statement on Form N-1A (File 33-36528), as filed on July 2, 1998.
11. Included in Post-Effective Amendment No. 36 to the Trust's Registration
Statement on Form N-1A (File 33-36528), as filed on October 30, 1998.
12. Included in Post-Effective Amendment No. 38 to the Trust's Registration
Statement on Form N-1A (File 33-36528), as filed on March 31, 1999.
13. Included in Post-Effective Amendment No. 39 to the Trust's Registration
Statement on Form N-1A (File 33-36528), as filed on May 25, 1999.
14. Included in Post-Effective Amendment No. 43 to the Trust's Registration
Statement on Form N-1A (File 33-36528), as filed on October 29, 1999.
15. Included in Post-Effective Amendment No. 44 to the Trust's Registration
Statement on Form N-1A (File 33-36528), as filed on December 14, 1999.
16. Included in Post-Effective Amendment No. 46 to the Trust's Registration
Statement on Form N-1A (File 33-36528), as filed on March 27, 2000.
17. Included in Post-Effective Amendment No. 47 to the Trust's Registration
Statement on Form N-1A (File 33-36528), as filed on March 31, 2000.
-5-
<PAGE>
Item 24. Persons Controlled by or Under Common Control with Registrant.
Not applicable.
Item 25. Indemnification
Reference is made to Article VIII, Section 1, of the Registrant's Second
Amended and Restated Agreement and Declaration of Trust, which is incorporated
by reference herein.
Insofar as indemnification for liabilities arising under the Securities Act
of 1933, as amended (the "Act"), may be permitted to trustees, officers and
controlling persons of the Registrant by the Registrant pursuant to the Trust's
Second Amended and Restated Agreement and Declaration of Trust, its By-Laws or
otherwise, the Registrant is aware that in the opinion of the Securities and
Exchange Commission, such indemnification is against public policy as expressed
in the Act and, therefore, is unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by trustees, officers or controlling
persons of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such trustees, officers or controlling persons in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will
be governed by the final adjudication of such issue.
Item 26. Business and Other Connections of Investment Advisor and Portfolio
Managers.
Unless otherwise stated, the principal business address of each
organization listed in 800 Newport Center Drive, Newport Beach, CA 92660.
PIMCO Advisors L.P.
Name Position with Advisor Other Affiliations
Joachim Faber, Dr. Chief Executive Officer Member of the Board
of Allianz AG
Udo Frank Managing Director; Managing Director and Chief
Chief Investment Officer Investment Officer of Allianz
of U.S. Equity Division Asset Advisory and Management
GmbH
Robert M. Fitzgerald Executive Vice President Chief Financial Officer and
and Chief Treasurer, PIMCO Funds
Financial Officer Distributors LLC, Cadence
Capital Management, Inc., NFJ
Investment Group, NFJ
Management, Inc., Parametric
Portfolio Associates,
Parametric Management, Inc.,
Pacific Investment
Management Company LLC and
StocksPLUS Management, Inc.;
Chief Financial Officer,
Cadence Capital Management;
Executive Vice President
and Chief Financial Officer,
Value Advisors LLC; and Chief
Financial Officer PIMCO
Funds Advertising Agency.
Kenneth M. Poovey Managing Director; Chief Chief Executive Officer,
Executive Officer of U.S. Value Advisors LLC,
Equity Division of PIMCO Oppenheimer Capital; Trustee
Advisors of the Trust.
Stephen J. Treadway Managing Director Chairman, President, and
Chief Executive Officer,
PIMCO Funds Advertising
Agency, Inc., PIMCO Funds
Distributors LLC, and
Trustee, President and Chief
Executive Officer of the
Trust.
-6-
<PAGE>
James G. Ward Executive Vice President, Executive Vice President,
Human Resources Human Resources,
Value Advisors LLC.
Andrew Bocko Director of None.
Information Technology
Vinh T. Nguyen Controller Vice President and
Controller, Cadence Capital
Management, Inc., NFJ
Management, Inc., Parametric
Management, Inc., StocksPLUS
Management, Inc., PIMCO Funds
Advertising Agency, Inc.,
PIMCO Funds Distributors LLC,
and Value Advisors LLC;
Controller, Pacific
Investment Management
Company LLC.
Stewart A. Smith Secretary Secretary, NFJ Investment
Group, Parametric Portfolio
Associates; Assistant
Secretary, Cadence Capital
Management.
Cadence Capital Management
Exchange Place, 53 State Street
Boston, Massachusetts 02109
Name Position with Portfolio Other Affiliations
Manager
William B. Bannick Managing Director and Director and Managing
Executive Vice President Director, Cadence Capital
Management, Inc.
David B. Breed Managing Director and Director, Managing Director
and Chief Executive Officer,
Cadence Capital Management,
Inc.
Katherine A. Burdon Managing Director None.
Bart J. O'Connor Managing Director None.
Michael J. Skillman Managing Director None.
Wayne A. Wicker Managing Director None.
Robert M. Fitzgerald Chief Financial Officer See PIMCO Advisors L.P.
and Assistant Treasurer
Barbara M. Green Treasurer None.
Mary Ellen Melendez Secretary None.
Stewart A. Smith Assistant Secretary See PIMCO Advisors L.P.
NFJ Investment Group
2121 San Jacinto, Suite 1440
Dallas, Texas 75201
Name Position with Portfolio Other Affiliations
Manager
Benno J. Fischer Managing Director Director, Managing
Director, and Co-Chairman,
NFJ Management, Inc.
Robert M. Fitzgerald Chief Financial Officer See PIMCO Advisors L.P.
and Treasurer
John L. Johnson Managing Director Director, and Co-Chairman
Managing Director, NFJ
Management, Inc.
Jack C. Najork Managing Director Director, Managing
Director, Co-Chairman, NFJ
Management, Inc.
Stewart A. Smith Secretary See PIMCO Advisors L.P.
Vinh T. Nguyen Vice President and See PIMCO Advisors L.P.
Controller
-7-
<PAGE>
Parametric Portfolio Associates
7310 Columbia Center, 701 Fifth Avenue,
Seattle, Washington 98104-7090
Name Position with Portfolio Manager Other Affiliations
William E. Cornelius Managing Director Director, Managing
Chief Executive
Officer Parametric
Management, Inc.
David M. Stein Managing Director Director and
Managing Director,
Parametric
Management, Inc.
Brian Langstraat Managing Director None.
Robert M. Fitzgerald Chief Financial Officer and See PIMCO Advisors
Treasurer L.P.
Stewart A. Smith Secretary See PIMCO Advisors
L.P.
Vinh T. Nguyen Vice President and Controller See PIMCO Advisors
L.P.
Blairlogie Capital Management, Limited
4th Floor, 125 Princes Street
Edinburgh EH2 4AD, Scotland
Name Position with Portfolio Other Affiliations
Manager
Gavin R. Dobson Chief Executive Officer Director and Chief
and Managing Director Executive Officer,
Blairlogie Holdings
Limited (U.K.).
James G. S. Smith Chief Investment Officer Director and Chief
and Managing Director Investment Officer
Blairlogie Holdings
Limited (U.K.).
-8-
<PAGE>
Item 27. Principal Underwriters.
(a) PIMCO Funds Distributors LLC (the "Distributor") serves as
Distributor of shares for the Registrant and also of PIMCO Funds:
Pacific Investment Management Series. The Distributor is a wholly
owned subsidiary of PIMCO Advisors L.P., the Registrant's Adviser.
(b)
Positions and Positions
Name and Principal Offices with and Offices
Business Address* Underwriter with Registrant
Erik M. Aarts Vice President None
James D. Bosch Regional Vice President None
Deborah P. Brennan Vice President, None
Compliance Officer
Timothy R. Clark Executive Vice President None
Lesley Cotton Vice President None
Kelly Crean Regional Vice President None
Paul DeNicolo Regional Vice President None
Jonathan P. Fessel Regional Vice President None
Robert M. Fitzgerald Chief Financial Officer None
and Treasurer
Michael J. Gallagher Regional Vice President None
Joseph Gengo Regional Vice President None
Ronald H. Gray Regional Vice President None
Dan Hally Regional Vice President None
Ned Hammond Regional Vice President None
Charles Hano Regional Vice President None
Derek B. Hayes Vice President None
Christopher Horan Regional Vice President None
Kristina Hooper Vice President None
John B. Hussey Regional Vice President None
Brian Jacobs Senior Vice President None
Stephen R. Jobe Senior Vice President None
-9-
<PAGE>
William E. Lynch Senior Vice President None
Stephen Maginn Executive Vice President None
Wayne Meyer Regional Vice President None
Andrew J. Meyers Executive Vice President None
George Murphy Regional Vice President None
Kerry A. Murphy Vice President None
Fiora N. Moyer Regional Vice President None
Philip J. Neugebauer Senior Vice President None
Vinh T. Nguyen Vice President, Controller None
Joffrey H. Pearlman Regional Vice President None
Glynne P. Pisapia Regional Vice President None
Francis C. Poli Vice President, None
Compliance Officer
J. Scott Rose Regional Vice President None
Anne Marie Russo Vice President None
Keith Schlingheyde Regional Vice President None
Newton B. Schott, Jr. Executive Vice President, Vice President and
Chief Administrative Secretary
Officer, Chief Legal
Officer and Secretary
Elizabeth Ellsworth Vice President None
Eugene M. Smith Jr. Vice President None
Robert M. Smith Regional Vice President None
Zinovia Spezakis Vice President None
William H. Thomas, Jr. Senior Vice President None
Stephen J. Treadway Chairman, President and None
Chief Executive Officer
Paul H. Troyer Senior Vice President None
Theresa Vlachos Vice President None
Richard M. Weil Assistant Secretary None
Glen A. Zimmerman Vice President None
-----------------------
Principal business address for all individuals listed is 2187 Atlantic
Street, Stamford, CT 06902 or 800 Newport Center Drive, Newport Beach, CA 92660.
(c) The Registrant has no principal underwriter that is not an affiliated
person of the Registrant or an affiliated person of such an
affiliated person.
Item 28. Location of Accounts and Records.
The account books and other documents required to be maintained by the
Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and
the Rules thereunder will be maintained at the offices of State Street Bank &
Trust Co., 21 West 10th Street, Kansas City, Missouri 64105, National
Financial Data Services, 330 W. 9th Street, 4th Floor, Kansas City, Missouri
64105, and/or PFPC Inc., PO Box 9688, Providence,
Rhode Island 02940.
Item 29. Management Services.
Not Applicable.
Item 30. Undertakings.
Not Applicable.
-10-
<PAGE>
NOTICE
------
A copy of the Agreement and Declaration of Trust of PIMCO Funds: Multi-
Manager Series (the "Trust"), together with all amendments thereto, is on file
with the Secretary of State of The Commonwealth of Massachusetts and notice is
hereby given that this instrument is executed on behalf of the Trust by an
officer of the Trust as an officer and not individually and that the obligations
of or arising out of this instrument are not binding upon any of the Trustees of
the Trust or shareholders of any series of the Trust individually but are
binding only upon the assets and property of the Trust or the respective series.
SIGNATURES
----------
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it has met all of
the requirements for effectiveness of this Post-Effective Amendment 50 (the
"Amendment") to its Registration Statement pursuant to Rule 485(b) under the
Securities Act of 1933 and has duly caused the Amendment to be signed on its
behalf by the undersigned, thereto duly authorized, in the City of Stamford, and
the State of Connecticut on the 4th day of August, 2000.
PIMCO FUNDS: MULTI-MANAGER SERIES
By: /s/ Stephen J. Treadway
______________________________
Stephen J. Treadway,
President
Pursuant to the requirements of the Securities Act of 1933, this Post-
Effective Amendment No. 50 has been signed below by the following persons in the
capacities and on the dates indicated.
Name Capacity Date
----- -------- ----
/s/ Stephen J. Treadway Trustee and President August 4, 2000
----------------------------
Stephen J. Treadway
* Treasurer and Principal
---------------------------- Financial and Accounting
John P. Hardaway Officer
* Trustee
----------------------------
Donald P. Carter
* Trustee
----------------------------
E. Philip Cannon
* Trustee
----------------------------
Gary A. Childress
* Trustee
----------------------------
Richard L. Nelson
* Trustee
----------------------------
Kenneth M. Poovey
* Trustee
----------------------------
Lyman W. Porter
* Trustee
----------------------------
Alan Richards
* Trustee
----------------------------
W. Bryant Stooks
* Trustee
----------------------------
Gerald M. Thorne
* By: /s/ Stephen J. Treadway
--------------------------
Stephen J. Treadway,
Attorney-In-Fact
Date: August 4, 2000
<PAGE>
EXHIBIT INDEX
EXHIBIT NO: EXHIBIT NAME
(j)(1) Consent of PricewaterhouseCoopers LLP.
