Notes to Financial Statements
December 31, 1999 (Unaudited)
1. Organization PIMCO Funds: Multi-Manager Series (the "Trust" is registered under the Investment Company
Act of 1940, as amended as an open-end management investment company organized as a Massachusetts
business trust. The Trust currently consists of twenty-six separate investment funds (the "Funds"). The Trust may
offer up to six classes of shares: Institutional, Administrative, A, B, C and D. Each share class has identical voting
rights (except shareholders of a class that have exclusive voting rights regarding any matter relating solely to that
class of shares). Information presented in these financial statements pertains to the Class D shares of the Trust.
Certain detailed financial information for the Institutional, Administrative, A, B and C Classes (the "Other
Classes") is provided separately and is available upon request.
2. Significant Accounting Policies The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements in conformity with generally accepted
accounting principles. The preparation of financial statements in accordance with generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported amounts and
disclosures in the financial statements. Actual results could differ from those estimates.
Security Valuation. Portfolio securities and other financial instruments for which market quotations are readily
available are stated at market value. Market value is determined on the basis of last reported sales prices, or if no
sales are reported, as is the case for most securities traded over-the-counter, the mean between representative
bid and asked quotations obtained from a quotation reporting system or from established market makers. Short-
term investments having a maturity of 60 days or less are valued at amortized cost, which approximates market
value. Certain fixed income securitie