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Aug. 19, 2016
PIMCO Funds Supplement Dated August 19, 2016 to the Asset Allocation Funds Prospectus, Bond Funds Prospectus, International Bond Funds Prospectus and Real Return Strategy Funds Prospectus, each dated July 29, 2016, each as supplemented from time to time (the "Prospectuses"); and to the Statement of Additional Information dated July 29, 2016, as supplemented from time to time (the "SAI") Disclosure Related to the PIMCO All Asset Fund, PIMCO CommoditiesPLUS^® Strategy Fund, PIMCO Emerging Local Bond Fund, PIMCO Global Multi-Asset Fund, PIMCO Long-Term U.S. Government Fund, PIMCO RealPath^TM Income Fund, PIMCO RealPath^TM 2020 Fund, PIMCO RealPath^TM 2025 Fund, PIMCO RealPath^TM 2030 Fund, PIMCO RealPath^TM 2035 Fund, PIMCO RealPath^TM 2040 Fund, PIMCO RealPath^TM 2045 Fund, PIMCO RealPath^TM 2050 Fund and PIMCO RealPath^TM 2055 Fund (the "Funds") Effective October 1, 2016, the supervisory and administrative fee for Class A, Class C and Class R shares of the PIMCO All Asset Fund is decreased by 0.05% to 0.25% causing the Fund's Total Annual Fund Operating Expenses for Class A, Class C and Class R shares to decrease as described below. This supervisory and administrative fee reduction results in the Fund's Management Fees decreasing to 0.425% for Class A, Class C and Class R shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.365% for Class A shares, 2.115% for Class C shares and 1.615% for Class R shares. Effective October 1, 2016, the supervisory and administrative fee for Class A, Class C and Class D shares of the PIMCO CommoditiesPLUS^® Strategy Fund is decreased by 0.05% to 0.45% causing the Fund's Total Annual Fund Operating Expenses for Class A, Class C and Class D shares to decrease as described below. This supervisory and administrative fee reduction results in the Fund's Management Fees decreasing to 0.94% for Class A, Class C and Class D shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.22% for Class A shares, 1.97% for Class C shares and 1.22% for Class D shares. Effective October 1, 2016, the supervisory and administrative fee for Class A, Class C and Class D shares of the PIMCO Emerging Local Bond Fund is decreased by 0.05% to 0.60% causing the Fund's Total Annual Fund Operating Expenses for Class A, Class C and Class D shares to decrease as described below. This supervisory and administrative fee reduction results in the Fund's Management Fees decreasing to 1.05% for Class A, Class C and Class D shares and the Fund's Total Annual Fund Operating Expenses decreasing to 1.30% for Class A shares, 2.05% for Class C shares and 1.30% for Class D shares. Effective October 1, 2016, the supervisory and administrative fee for Class A, Class C, Class D and Class R shares of the PIMCO Global Multi-Asset Fund is decreased by 0.15% to 0.25% causing the Fund's Total Annual Fund Operating Expenses for Class A, Class C, Class D and Class R shares to decrease as described below. This supervisory and administrative fee reduction results in the Fund's Management Fees decreasing to 1.15% for Class A, Class C, Class D and Class R shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.49% for Class A shares, 2.24% for Class C shares, 1.49% for Class D shares and 1.74% for Class R shares. Effective October 1, 2016, the supervisory and administrative fee for Class D shares of the PIMCO Long-Term U.S. Government Fund is decreased by 0.05% to 0.35% causing the Fund's Total Annual Fund Operating Expenses for Class D shares to decrease as described below. This supervisory and administrative fee reduction results in the Fund's Management Fees decreasing to 0.575% for Class D shares and the Fund's Total Annual Fund Operating Expenses decreasing to 0.885% for Class D shares. Effective October 1, 2016, the supervisory and administrative fee for Class A shares of each of the PIMCO RealPath^TM Income Fund, PIMCO RealPath^TM 2020 Fund, PIMCO RealPath^TM 2025 Fund, PIMCO RealPath^TM 2030 Fund, PIMCO RealPath^TM 2035 Fund, PIMCO RealPath^TM 2040 Fund, PIMCO RealPath^TM 2045 Fund, PIMCO RealPath^TM 2050 Fund and PIMCO RealPath^TM 2055 Fund is decreased by 0.05% to 0.25% causing the Funds' Total Annual Fund Operating Expenses for Class A shares to decrease as described below. This supervisory and administrative fee reduction results in the PIMCO RealPath^TM Income Fund's Management Fees decreasing to 0.75% for Class A shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.06% for Class A shares. This supervisory and administrative fee reduction results in the PIMCO RealPath^TM 2020 Fund's Management Fees decreasing to 0.78% for Class A shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.09% for Class A shares. This supervisory and administrative fee reduction results in the PIMCO RealPath^TM 2025 Fund's Management Fees decreasing to 0.80% for Class A shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.12% for Class A shares. This supervisory and administrative fee reduction results in the PIMCO RealPath^TM 2030 Fund's Management Fees decreasing to 0.83% for Class A shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.15% for Class A shares. This supervisory and administrative fee reduction results in the PIMCO RealPath^TM 2035 Fund's Management Fees decreasing to 0.85% for Class A shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.18% for Class A shares. This supervisory and administrative fee reduction results in the PIMCO RealPath^TM 2040 Fund's Management Fees decreasing to 0.85% for Class A shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.17% for Class A shares. This supervisory and administrative fee reduction results in the PIMCO RealPath^TM 2045 Fund's Management Fees decreasing to 0.87% for Class A shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.19% for Class A shares. This supervisory and administrative fee reduction results in the PIMCO RealPath^TM 2050 Fund's Management Fees decreasing to 0.87% for Class A shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.19% for Class A shares. This supervisory and administrative fee reduction results in the PIMCO RealPath^TM 2055 Fund's Management Fees decreasing to 0.87% for Class A shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.20% for Class A shares. Effective October 1, 2016, corresponding changes are made to each Fund's Annual Fund Operating Expenses table and related footnotes, as well as the Expense Examples following the tables. Also, effective immediately, footnotes describing the fee reduction are added to: (i) each Fund's Management Fees table in the "Management of the Funds – Management Fees" section of the Prospectuses; and (ii) each Fund's supervisory and administrative fees table in the "Management of the Funds – Management Fees" section of the Prospectuses.

Aug. 19, 2016

PIMCO Funds

Supplement Dated August 19, 2016 to the

Asset Allocation Funds Prospectus, Bond Funds Prospectus, International Bond Funds Prospectus and Real Return Strategy Funds Prospectus, each dated July 29, 2016, each as supplemented from time to time (the "Prospectuses"); and to the Statement of Additional Information dated July 29, 2016, as supplemented from time to time (the "SAI")

Disclosure Related to the PIMCO All Asset Fund, PIMCO CommoditiesPLUS^® Strategy Fund, PIMCO Emerging Local Bond Fund, PIMCO Global Multi-Asset Fund, PIMCO Long-Term U.S. Government Fund, PIMCO RealPath^TM Income Fund, PIMCO RealPath^TM 2020 Fund, PIMCO RealPath^TM 2025 Fund, PIMCO RealPath^TM 2030 Fund, PIMCO RealPath^TM 2035 Fund, PIMCO RealPath^TM 2040 Fund, PIMCO RealPath^TM 2045 Fund, PIMCO RealPath^TM 2050 Fund and PIMCO RealPath^TM 2055 Fund (the "Funds")

Effective October 1, 2016, the supervisory and administrative fee for Class A, Class C and Class R shares of the PIMCO All Asset Fund is decreased by 0.05% to 0.25% causing the Fund's Total Annual Fund Operating Expenses for Class A, Class C and Class R shares to decrease as described below. This supervisory and administrative fee reduction results in the Fund's Management Fees decreasing to 0.425% for Class A, Class C and Class R shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.365% for Class A shares, 2.115% for Class C shares and 1.615% for Class R shares.

Effective October 1, 2016, the supervisory and administrative fee for Class A, Class C and Class D shares of the PIMCO CommoditiesPLUS^® Strategy Fund is decreased by 0.05% to 0.45% causing the Fund's Total Annual Fund Operating Expenses for Class A, Class C and Class D shares to decrease as described below. This supervisory and administrative fee reduction results in the Fund's Management Fees decreasing to 0.94% for Class A, Class C and Class D shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.22% for Class A shares, 1.97% for Class C shares and 1.22% for Class D shares.

Effective October 1, 2016, the supervisory and administrative fee for Class A, Class C and Class D shares of the PIMCO Emerging Local Bond Fund is decreased by 0.05% to 0.60% causing the Fund's Total Annual Fund Operating Expenses for Class A, Class C and Class D shares to decrease as described below. This supervisory and administrative fee reduction results in the Fund's Management Fees decreasing to 1.05% for Class A, Class C and Class D shares and the Fund's Total Annual Fund Operating Expenses decreasing to 1.30% for Class A shares, 2.05% for Class C shares and 1.30% for Class D shares.

Effective October 1, 2016, the supervisory and administrative fee for Class A, Class C, Class D and Class R shares of the PIMCO Global Multi-Asset Fund is decreased by 0.15% to 0.25% causing the Fund's Total Annual Fund Operating Expenses for Class A, Class C, Class D and Class R shares to decrease as described below. This supervisory and administrative fee reduction results in the Fund's Management Fees decreasing to 1.15% for Class A, Class C, Class D and Class R shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.49% for Class A shares, 2.24% for Class C shares, 1.49% for Class D shares and 1.74% for Class R shares.

Effective October 1, 2016, the supervisory and administrative fee for Class D shares of the PIMCO Long-Term U.S. Government Fund is decreased by 0.05% to 0.35% causing the Fund's Total Annual Fund Operating Expenses for Class D shares to decrease as described below. This supervisory and administrative fee reduction results in the Fund's Management Fees decreasing to 0.575% for Class D shares and the Fund's Total Annual Fund Operating Expenses decreasing to 0.885% for Class D shares.

Effective October 1, 2016, the supervisory and administrative fee for Class A shares of each of the PIMCO RealPath^TM Income Fund, PIMCO RealPath^TM 2020 Fund, PIMCO RealPath^TM 2025 Fund, PIMCO RealPath^TM 2030 Fund, PIMCO RealPath^TM 2035 Fund, PIMCO RealPath^TM 2040 Fund, PIMCO RealPath^TM 2045 Fund, PIMCO RealPath^TM 2050 Fund and PIMCO RealPath^TM 2055 Fund is decreased by 0.05% to 0.25% causing the Funds' Total Annual Fund Operating Expenses for Class A shares to decrease as described below.

This supervisory and administrative fee reduction results in the PIMCO RealPath^TM Income Fund's Management Fees decreasing to 0.75% for Class A shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.06% for Class A shares.
This supervisory and administrative fee reduction results in the PIMCO RealPath^TM 2020 Fund's Management Fees decreasing to 0.78% for Class A shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.09% for Class A shares.
This supervisory and administrative fee reduction results in the PIMCO RealPath^TM 2025 Fund's Management Fees decreasing to 0.80% for Class A shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.12% for Class A shares.
This supervisory and administrative fee reduction results in the PIMCO RealPath^TM 2030 Fund's Management Fees decreasing to 0.83% for Class A shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.15% for Class A shares.
This supervisory and administrative fee reduction results in the PIMCO RealPath^TM 2035 Fund's Management Fees decreasing to 0.85% for Class A shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.18% for Class A shares.
This supervisory and administrative fee reduction results in the PIMCO RealPath^TM 2040 Fund's Management Fees decreasing to 0.85% for Class A shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.17% for Class A shares.
This supervisory and administrative fee reduction results in the PIMCO RealPath^TM 2045 Fund's Management Fees decreasing to 0.87% for Class A shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.19% for Class A shares.
This supervisory and administrative fee reduction results in the PIMCO RealPath^TM 2050 Fund's Management Fees decreasing to 0.87% for Class A shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.19% for Class A shares.
This supervisory and administrative fee reduction results in the PIMCO RealPath^TM 2055 Fund's Management Fees decreasing to 0.87% for Class A shares and the Fund's Total Annual Fund Operating Expenses after applicable Fee Waiver and/or Expense Reimbursement decreasing to 1.20% for Class A shares.

Effective October 1, 2016, corresponding changes are made to each Fund's Annual Fund Operating Expenses table and related footnotes, as well as the Expense Examples following the tables. Also, effective immediately, footnotes describing the fee reduction are added to: (i) each Fund's Management Fees table in the "Management of the Funds – Management Fees" section of the Prospectuses; and (ii) each Fund's supervisory and administrative fees table in the "Management of the Funds – Management Fees" section of the Prospectuses.