<PAGE>
Supplement 2
ABC
PIMCO FUNDS: MULTI-MANAGER SERIES
Supplement Dated June 1, 2000
to the
PIMCO Funds Asset Allocation Series Prospectus
for Class A, B, and C Shares
Dated April 3, 2000
Disclosure Relating to the 90/10 Portfolio, the 60/40 Portfolio and the 30/70
Portfolio
Changes to the Asset Allocation Committee. The subsection captioned "Asset
Allocation Committee" in the section captioned "Management of the Portfolios" is
amended to read in its entirety as follows:
PIMCO Advisors selects the Underlying Funds in which the Portfolios may
invest. PIMCO Advisors' Asset Allocation Committee is responsible for
determining how the Portfolios' assets are allocated and reallocated from
time-to-time among the Underlying Funds selected by PIMCO Advisors. The
following provides information about the individuals who comprise the Asset
Allocation Committee and are primarily responsible for making asset allocation
and other investment decisions for the Portfolios.
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Asset Allocation
Committee
Member Since Recent Professional Experience
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Udo Frank May, 2000 Managing Director and Chief Investment
Officer of Allianz Asset Advisory and
Management GmbH. Previously, he served as
the Chief Investment Officer of Allianz KAG
from 1994 to 1997.
-------------------------------------------------------------------------------
Kenneth W. Corba May, 2000 Managing Director and Chief Investment
Officer of the PIMCO Equity Advisors
division of PIMCO Advisors. Prior to
joining PIMCO Advisors, he was with Eagle
Asset Management from 1995 to 1998, serving
in various capacities including as Chief
Investment Officer and Portfolio Manager.
He was with Stein Roe & Farnham Inc. from
1984 to 1995.
-------------------------------------------------------------------------------
Colin Glinsman May, 2000 Chief Investment Officer of Oppenheimer
Capital since 1999. Previously, he served
as a portfolio manager and research analyst
at Oppenheimer Capital from 1989 to 1999.
-------------------------------------------------------------------------------
John Hague May, 2000 Managing Director of Pacific Investment
Management Company, where he is a member of
the Executive Committee and a senior member
of the Portfolio Management and Investment
Strategy Groups. He joined Pacific
Investment Management Company in 1987.
-------------------------------------------------------------------------------
John Loftus May, 2000 Managing Director of Pacific Investment
Management Company, where he is a senior
member of its Investment Strategy Group. He
also heads the firm's product management
area. He joined Pacific Investment
Management Company in 1986.
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<PAGE>
Supplement 1
(Institutional
and
Administrative)
PIMCO FUNDS: MULTI-MANAGER SERIES
Supplement Dated June 1, 2000
to the
PIMCO Funds Asset Allocation Series Prospectus
for Institutional and Administrative Class Shares
Dated April 3, 2000
Disclosure Relating to the 90/10 Portfolio, the 60/40 Portfolio and the 30/70
Portfolio
Changes to the Asset Allocation Committee. The subsection captioned "Asset
Allocation Committee" in the section captioned "Management of the Portfolios" is
amended to read in its entirety as follows:
PIMCO Advisors selects the Underlying Funds in which the Portfolios may
invest. PIMCO Advisors' Asset Allocation Committee is responsible for
determining how the Portfolios' assets are allocated and reallocated from
time-to-time among the Underlying Funds selected by PIMCO Advisors. The
following provides information about the individuals who comprise the Asset
Allocation Committee and are primarily responsible for making asset allocation
and other investment decisions for the Portfolios.
-------------------------------------------------------------------------------
Asset Allocation
Committee
Member Since Recent Professional Experience
-------------------------------------------------------------------------------
Udo Frank May, 2000 Managing Director and Chief Investment
Officer of Allianz Asset Advisory and
Management GmbH. Previously, he served as
the Chief Investment Officer of Allianz KAG
from 1994 to 1997.
-------------------------------------------------------------------------------
Kenneth W. Corba May, 2000 Managing Director and Chief Investment
Officer of the PIMCO Equity Advisors
division of PIMCO Advisors. Prior to
joining PIMCO Advisors, he was with Eagle
Asset Management from 1995 to 1998, serving
in various capacities including as Chief
Investment Officer and Portfolio Manager.
He was with Stein Roe & Farnham Inc. from
1984 to 1995.
-------------------------------------------------------------------------------
Colin Glinsman May, 2000 Chief Investment Officer of Oppenheimer
Capital since 1999. Previously, he served
as a portfolio manager and research analyst
at Oppenheimer Capital from 1989 to 1999.
-------------------------------------------------------------------------------
John Hague May, 2000 Managing Director of Pacific Investment
Management Company, where he is a member of
the Executive Committee and a senior member
of the Portfolio Management and Investment
Strategy Groups. He joined Pacific
Investment Management Company in 1987.
-------------------------------------------------------------------------------
John Loftus May, 2000 Managing Director of Pacific Investment
Management Company, where he is a senior
member of its Investment Strategy Group. He
also heads the firm's product management
area. He joined Pacific Investment
Management Company in 1986.
-------------------------------------------------------------------------------
