<PAGE>
PIMCO FUNDS: MULTI-MANAGER SERIES
Supplement Dated June 20, 2000
to the
Prospectus for Class A, B and C Shares
Dated April 3, 2000
DISCLOSURE RELATING TO PIMCO VALUE FUND
Effective immediately, the section of the Prospectus captioned "Summary
Information" and the Fund Summary for the Value Fund are revised to indicate
that the "Approximate Capitalization Range" of the Value Fund is "more than $5
billion" instead of "more than $10 billion." In connection with this change,
these sections are also revised to indicate that the Value Fund normally invests
at least 65% of its assets in common stocks of companies with market
capitalizations of more than $5 billion at the time of investment and below-
average valuations whose business fundamentals are expected to improve.
<PAGE>
PIMCO FUNDS: MULTI-MANAGER SERIES
Supplement Dated June 20, 2000
to the
Prospectus for Class D Shares
Dated June 1, 2000
DISCLOSURE RELATING TO PIMCO VALUE FUND
Effective immediately, the section of the Prospectus captioned "Summary
Information" and the Fund Summary for the Value Fund are revised to indicate
that the "Approximate Capitalization Range" of the Value Fund is "more than $5
billion" instead of "more than $10 billion." In connection with this change,
these sections are also revised to indicate that the Value Fund normally invests
at least 65% of its assets in common stocks of companies with market
capitalizations of more than $5 billion at the time of investment and below-
average valuations whose business fundamentals are expected to improve.
<PAGE>
PIMCO FUNDS: MULTI-MANAGER SERIES
Supplement Dated June 20, 2000
to the
Prospectus for Institutional Class and Administrative Class Shares
Dated April 3, 2000
DISCLOSURE RELATING TO PIMCO VALUE FUND
Effective immediately, the Fund Summary for the Value Fund is revised to
indicate that the "Approximate Capitalization Range" of the Value Fund is "more
than $5 billion" instead of "more than $10 billion." In connection with this
change, the section of the Prospectus captioned "Summary Information" and the
Fund Summary for the Value Fund are revised to indicate that the Value Fund
normally invests at least 65% of its assets in common stocks of companies with
market capitalizations of more than $5 billion at the time of investment and
below-average valuations whose business fundamentals are expected to improve.
