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Supplement Text Block

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PIMCO Funds

Supplement Dated August 29, 2014 to the Asset Allocation Funds—Institutional Class,

Class P, Administrative Class, Class D, Class A, Class B, Class C and Class R Prospectus (the "Prospectus"), and the Statement of Additional Information (the "SAI"), each dated July 31, 2014, each as supplemented

Reorganization of PIMCO RealRetirement® 2015 Fund into PIMCO RealRetirement® Income and Distribution Fund

Comparison of Fees and Expenses

The Income and Distribution Fund's annual operating expenses, both total and net (i.e., after fee waivers and/or expense reimbursements) are less than the corresponding expenses for the 2015 Fund on a class by class basis. Each Fund has Institutional Class, Class P, Administrative Class, Class D, Class A, Class C and Class R shares. Please refer to the tables below for a comparison of the total and net fees of each Fund and an explanation of the fee waiver arrangement, which is identical for each Fund.

PIMCO RealRetirement® 2015 Fund

Annual Fund Operating Expenses


		Inst Class				Class P				Admin Class				Class D				Class A				Class C				Class R
Total Annual Fund Operating Expenses			1.10	%			1.20	%			1.35	%			1.60	%			1.60	%			2.35	%			1.85	%
Fee Waiver and/or Expense Reimbursement¹			(0.50	%)			(0.50	%)			(0.50	%)			(0.50	%)			(0.50	%)			(0.50	%)			(0.50	%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement			0.60	%			0.70	%			0.85	%			1.10	%			1.10	%			1.85	%			1.35	%

1

Pacific Investment Management Company LLC ("PIMCO") has contractually agreed, through July 31, 2015, to waive, first, the advisory fee and, second, the supervisory and administrative fee it receives from the Fund in an amount equal to the expenses attributable to the Management Fees of Underlying PIMCO Funds indirectly incurred by the Fund in connection with its investments in Underlying PIMCO Funds, to the extent the Fund's Management Fees are greater than or equal to the Management Fees of the Underlying PIMCO Funds. This waiver renews annually for a full year unless terminated by PIMCO upon at least 30 days' notice prior to the end of the contract term.

PIMCO RealRetirement® Income and Distribution Fund

Annual Fund Operating Expenses


		Inst Class				Class P				Admin Class				Class D				Class A				Class C				Class R
Total Annual Fund Operating Expenses			1.06	%			1.16	%			1.31	%			1.56	%			1.56	%			2.31	%			1.81	%
Fee Waiver and/or Expense Reimbursement¹			(0.49	%)			(0.49	%)			(0.49	%)			(0.49	%)			(0.49	%)			(0.49	%)			(0.49	%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement			0.57	%			0.67	%			0.82	%			1.07	%			1.07	%			1.82	%			1.32	%

1

Pacific Investment Management Company LLC ("PIMCO") has contractually agreed, through July 31, 2015, to waive, first, the advisory fee and, second, the supervisory and administrative fee it receives from the Fund in an amount equal to the expenses attributable to the Management Fees of Underlying PIMCO Funds indirectly incurred by the Fund in connection with its investments in Underlying PIMCO Funds, to the extent the Fund's Management Fees are greater than or equal to the Management Fees of the Underlying PIMCO Funds. This waiver renews annually for a full year unless terminated by PIMCO upon at least 30 days' notice prior to the end of the contract term.

(PIMCO RealRetirement® 2015 Fund)

Risk/Return:

rr_RiskReturnAbstract

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

July 31, 2015

(PIMCO RealRetirement® 2015 Fund) | Institutional Class

Risk/Return:

rr_RiskReturnAbstract

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.10%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.50%)

^[1]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

0.60%

(PIMCO RealRetirement® 2015 Fund) | Class P

Risk/Return:

rr_RiskReturnAbstract

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.20%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.50%)

^[1]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

0.70%

(PIMCO RealRetirement® 2015 Fund) | Administrative Class

Risk/Return:

rr_RiskReturnAbstract

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.35%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.50%)

^[1]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

0.85%

(PIMCO RealRetirement® 2015 Fund) | Class D

Risk/Return:

rr_RiskReturnAbstract

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.60%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.50%)

^[1]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

1.10%

(PIMCO RealRetirement® 2015 Fund) | Class A

Risk/Return:

rr_RiskReturnAbstract

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.60%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.50%)

^[1]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

1.10%

(PIMCO RealRetirement® 2015 Fund) | Class C

Risk/Return:

rr_RiskReturnAbstract

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

2.35%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.50%)

^[1]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

1.85%

(PIMCO RealRetirement® 2015 Fund) | Class R

Risk/Return:

rr_RiskReturnAbstract

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.85%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.50%)

^[1]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

1.35%

(PIMCO RealRetirement® Income and Distribution Fund)

Risk/Return:

rr_RiskReturnAbstract

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

July 31, 2015

(PIMCO RealRetirement® Income and Distribution Fund) | Institutional Class

Risk/Return:

rr_RiskReturnAbstract

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.06%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.49%)

^[1]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

0.57%

(PIMCO RealRetirement® Income and Distribution Fund) | Class P

Risk/Return:

rr_RiskReturnAbstract

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.16%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.49%)

^[1]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

0.67%

(PIMCO RealRetirement® Income and Distribution Fund) | Administrative Class

Risk/Return:

rr_RiskReturnAbstract

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.31%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.49%)

^[1]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

0.82%

(PIMCO RealRetirement® Income and Distribution Fund) | Class D

Risk/Return:

rr_RiskReturnAbstract

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.56%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.49%)

^[1]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

1.07%

(PIMCO RealRetirement® Income and Distribution Fund) | Class A

Risk/Return:

rr_RiskReturnAbstract

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.56%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.49%)

^[1]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

1.07%

(PIMCO RealRetirement® Income and Distribution Fund) | Class C

Risk/Return:

rr_RiskReturnAbstract

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

2.31%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.49%)

^[1]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

1.82%

(PIMCO RealRetirement® Income and Distribution Fund) | Class R

Risk/Return:

rr_RiskReturnAbstract

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.81%

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.49%)

^[1]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

1.32%

[1]

Pacific Investment Management Company LLC ("PIMCO") has contractually agreed, through July 31, 2015, to waive, first, the advisory fee and, second, the supervisory and administrative fee it receives from the Fund in an amount equal to the expenses attributable to the Management Fees of Underlying PIMCO Funds indirectly incurred by the Fund in connection with its investments in Underlying PIMCO Funds, to the extent the Fund's Management Fees are greater than or equal to the Management Fees of the Underlying PIMCO Funds. This waiver renews annually for a full year unless terminated by PIMCO upon at least 30 days' notice prior to the end of the contract term.

Total Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.

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