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(PIMCO Bond Funds) | (PIMCO Dynamic Bond Fund)

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></div>

The Fund seeks maximum long-term return, consistent with preservation of capital and prudent investment management.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></div>

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Institutional Class, I-2 or I-3 shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the "Classes of Shares" section on page 69 of the Fund's prospectus, Appendix B to the Fund's prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial advisor.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></div>

Shareholder Fees - PIMCO Bond Funds - (PIMCO Dynamic Bond Fund)	Institutional Class	Class I-2	Class I-3	Class A	Class C	Class R
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	none	none	none	3.75%	none	none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or redemption price)	none	none	none	1.00%	1.00%	none

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </b> </b></div>

Annual Fund Operating Expenses - PIMCO Bond Funds - (PIMCO Dynamic Bond Fund)		Institutional Class	Class I-2	Class I-3	Class A	Class C	Class R
Management Fees	^[1]	0.80%	0.90%	1.00%	0.95%	0.95%	0.95%
Distribution and/or Service (12b-1) Fees					0.25%	1.00%	0.50%
Other Expenses	^[2]	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%
Total Annual Fund Operating Expenses		0.88%	0.98%	1.08%	1.28%	2.03%	1.53%
Fee Waiver and/or Expense Reimbursement	^[3],[4]	(0.01%)	(0.01%)	(0.06%)	(0.01%)	(0.01%)	(0.01%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.87%	0.97%	1.02%	1.27%	2.02%	1.52%

[1]	Expense information in the table has been restated to reflect current Management Fees.
[2]	"Other Expenses" include interest expense of 0.08%. Interest expense is borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC ("PIMCO"). Excluding interest expense, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement are 0.79%, 0.89%, 0.94%, 1.19%, 1.94% and 1.44% for Institutional Class, I-2, I-3, Class A, Class C and Class R shares, respectively.
[3]	PIMCO has contractually agreed, through July 31, 2019, to reduce its advisory fee by 0.01% of the average daily net assets of the Fund. This Fee Waiver Agreement renews annually unless terminated by PIMCO upon at least 30 days' prior notice to the end of the contract term. Under certain conditions, PIMCO may recoup amounts reduced in future periods, not exceeding three years.
[4]	PIMCO has contractually agreed, through July 31, 2019, to reduce its supervisory and administrative fee for the Fund's I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. This Fee Waiver Agreement renews annually unless terminated by PIMCO upon at least 30 days' prior notice to the end of the contract term.

Example. The Example is intended to help you compare the cost of investing in Institutional Class, I-2, I-3, Class A, Class C or Class R shares of the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the noted class of shares for the time periods indicated, and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Investors may pay brokerage commissions on their purchases and sales of Institutional Class, I-2 or I-3 shares of the Fund, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></div>

Expense Example - (PIMCO Dynamic Bond Fund) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Institutional Class	89	280	487	1,083
Class I-2	99	311	541	1,200
Class I-3	104	337	590	1,312
Class A	500	765	1,050	1,861
Class C	305	636	1,092	2,358
Class R	155	482	833	1,823

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></div>

Expense Example, No Redemption - (PIMCO Dynamic Bond Fund) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A	500	765	1,050	1,861
Class C	205	636	1,092	2,358

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></div>

The Fund pays transaction costs when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example tables, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 138% of the average value of its portfolio.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></div>

The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund intends to utilize various investment strategies in a broad array of fixed income sectors to achieve its investment objective. The Fund will not be constrained by management against an index. The average portfolio duration of this Fund will normally vary from (negative) 3 years to positive 8 years based on Pacific Investment Management Company LLC's ("PIMCO") market forecasts. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates.

The Fund may invest in both investment-grade securities and high yield securities ("junk bonds") subject to a maximum of 40% of its total assets in securities rated below Baa by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality. The Fund may also invest without limitation in securities denominated in foreign currencies and in U.S. dollar-denominated securities of foreign issuers. In addition, the Fund may invest up to 50% of its total assets in securities and instruments that are economically tied to emerging market countries (this limitation does not apply to investment grade sovereign debt denominated in the local currency with less than 1 year remaining to maturity, which means the Fund may invest in such instruments without limitation subject to any applicable legal or regulatory limitation). The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 35% of its total assets. The Fund may also invest up to 10% of its total assets in preferred securities.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></div>

It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are listed below.

Interest Rate Risk: the risk that fixed income securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration

Call Risk: the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features

Credit Risk: the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations

High Yield Risk: the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity

Market Risk: the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries

Issuer Risk: the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services

Liquidity Risk: the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity

Derivatives Risk: the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. The Fund's use of derivatives may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Over-the-counter ("OTC") derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund's clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance

Equity Risk: the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities

Mortgage-Related and Other Asset-Backed Securities Risk: the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk

Foreign (Non-U.S.) Investment Risk: the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers

Emerging Markets Risk: the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk

Sovereign Debt Risk: the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion

Currency Risk: the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies

Leveraging Risk: the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss

Management Risk: the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved

Short Exposure Risk: the risk of entering into short sales, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale will not fulfill its contractual obligations, causing a loss to the Fund

Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Performance Information </b></div>

The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund's average annual returns compare with the returns of a broad-based securities market index and an index of similar funds. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. For periods prior to the inception date of Class C and Class R shares (July 31, 2008), performance information shown in the table for these classes is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and expenses paid by these classes of shares. Performance for Class A and Class C shares in the Average Annual Total Returns table reflects the impact of sales charges. Because I-3 shares of the Fund had not commenced operations as of December 31, 2017, no performance for I-3 shares is provided. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

The Fund's benchmark index is the 3 Month USD LIBOR (London Interbank Offered Rate) Index. LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money (3 months) in England's Eurodollar market. Lipper Alternative Global Macro Funds Average is a total return performance average of Funds tracked by Lipper, Inc. that, by prospectus language, invest around the world using economic theory to justify the decision-making process. The strategy is typically based on forecasts and analysis about interest rate trends, the general flow of funds, political changes, government policies, intergovernmental relations, and other broad systemic factors. These funds generally trade a wide range of markets and geographic regions, employing a broad range of trading ideas and instruments.

Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily updates on the net asset value and performance page at http://investments.pimco.com/DailyPerformance and quarterly updates at http://investments.pimco.com/QuarterlyPerformance.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></div>

*The year-to-date return as of June 30, 2018 is 1.24%. For the periods shown in the bar chart, the highest quarterly return was 5.51% in the Q2 2009, and the lowest quarterly return was -3.68% in the Q3 2015.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/17) </b> </b></div>

Average Annual Total Returns - (PIMCO Dynamic Bond Fund) - PIMCO Bond Funds		1 Year	5 Years	Since Inception	Inception Date
Institutional Class		6.40%	2.04%	4.21%	Jun. 30, 2008
Institutional Class \| Return After Taxes on Distributions	^[1]	4.30%	0.64%	2.89%	Jun. 30, 2008
Institutional Class \| Return After Taxes on Distributions and Sales of Fund Shares	^[1]	3.61%	0.90%	2.73%	Jun. 30, 2008
Class I-2		6.30%	1.94%	4.11%	Jun. 30, 2008
Class A		2.05%	0.85%	3.38%	Jun. 30, 2008
Class C		4.19%	0.89%	3.04%	Jun. 30, 2008
Class R		5.72%	1.39%	3.54%	Jun. 30, 2008
3 Month USD LIBOR Index (reflects no deductions for fees, expenses or taxes)		1.20%	0.54%	0.67%	Jun. 30, 2008
Lipper Alternative Global Macro Funds Average (reflects no deductions for taxes)		10.34%	3.16%	3.47%	Jun. 30, 2008

[1]

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary.

(PIMCO Bond Funds) | (PIMCO Extended Duration Fund)

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></div>

The Fund seeks maximum total return, consistent with prudent investment management.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></div>

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Institutional Class or I-2 shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the "Classes of Shares" section on page 69 of the Fund's prospectus, Appendix B to the Fund's prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial advisor.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></div>

Shareholder Fees - PIMCO Bond Funds - (PIMCO Extended Duration Fund)	Institutional Class	Class I-2	Class A
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	none	none	3.75%
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or redemption price)	none	none	1.00%

Annual Fund Operating Expenses - PIMCO Bond Funds - (PIMCO Extended Duration Fund)		Institutional Class	Class I-2	Class A
Management Fees		0.50%	0.60%	0.65%
Distribution and/or Service (12b-1) Fees				0.25%
Other Expenses	^[1]	0.44%	0.44%	0.44%
Total Annual Fund Operating Expenses		0.94%	1.04%	1.34%

[1]

"Other Expenses" include interest expense of 0.44%. Interest expense is borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC ("PIMCO"). Excluding interest expense, Total Annual Fund Operating Expenses are 0.50%, 0.60% and 0.90% for Institutional Class, I-2 and Class A shares, respectively.

Example. The Example is intended to help you compare the cost of investing in Institutional Class, I-2 or Class A shares of the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the noted class of shares for the time periods indicated, and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Investors may pay brokerage commissions on their purchases and sales of Institutional Class shares or I-2 shares of the Fund, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></div>

Expense Example - (PIMCO Extended Duration Fund) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Institutional Class	96	300	520	1,155
Class I-2	106	331	574	1,271
Class A	506	784	1,082	1,927

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></div>

Expense Example, No Redemption - (PIMCO Extended Duration Fund)	1 Year	3 Years	5 Years	10 Years
Class A \| PIMCO Bond Funds \| USD ($)	506	784	1,082	1,927

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></div>

The Fund invests primarily in investment grade debt securities, but may invest up to 10% of its total assets in high yield securities ("junk bonds") that are rated B or higher by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality. The Fund may invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 15% of its total assets in securities and instruments that are economically tied to emerging market countries (this limitation does not apply to investment grade sovereign debt denominated in the local currency with less than 1 year remaining to maturity, which means the Fund may invest, together with any other investments denominated in foreign currencies, up to 30% of its total assets in such instruments). The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets.

The Fund may invest, without limitation, in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities, subject to applicable law and any other restrictions described in the Fund's prospectus or Statement of Additional Information. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security. The Fund may also invest up to 10% of its total assets in preferred securities.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></div>

It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are listed below.

Emerging Markets Risk: the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Performance Information </b></div>

The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund's average annual returns compare with the returns of a broad-based securities market index and an index of similar funds. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. For periods prior to the inception date of I-2 shares (September 11, 2008), performance information shown in the table for that class is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and expenses paid by that class of shares. The Class A shares of the Fund have not commenced operations as of the date of this prospectus. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

The FTSE STRIPS Index, 20+ Year Sub-Index represents a composition of outstanding Treasury Bonds and Notes with a maturity of at least twenty years. The index is rebalanced each month in accordance with underlying Treasury figures and profiles provided as of the previous month-end. The included STRIPS are derived only from bonds in the FTSE Bond Index, which include coupon strips with less than one year remaining to maturity. The Lipper Corporate Debt Funds BBB-Rated Funds Average consists of funds that invest at least 65% of their assets in corporate and government debt issues rated in the top four grades.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></div>

*The year-to-date return as of June 30, 2018 is -4.11%. For the periods shown in the bar chart, the highest quarterly return was 52.32% in the Q3 2011, and the lowest quarterly return was -17.41% in the Q4 2016.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/17) </b> </b></div>

Average Annual Total Returns - (PIMCO Extended Duration Fund) - PIMCO Bond Funds		1 Year	5 Years	10 Years
Institutional Class		13.81%	4.91%	9.43%
Institutional Class \| Return After Taxes on Distributions	^[1]	11.82%	2.70%	5.35%
Institutional Class \| Return After Taxes on Distributions and Sales of Fund Shares	^[1]	7.78%	2.76%	5.77%
Class I-2		13.70%	4.81%	9.33%
FTSE STRIPS Index, 20+ Year Sub-Index (reflects no deductions for fees, expenses or taxes)		13.52%	5.13%	8.97%
Lipper Corporate Debt Funds BBB-Rated Funds Average (reflects no deductions for taxes)		5.90%	3.15%	5.19%

[1]

(PIMCO Bond Funds) | (PIMCO GNMA and Government Securities Fund)

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></div>

The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></div>

Shareholder Fees - PIMCO Bond Funds - (PIMCO GNMA and Government Securities Fund)	Institutional Class	Class I-2	Class I-3	Class A	Class C
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	none	none	none	3.75%	none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or redemption price)	none	none	none	1.00%	1.00%

Annual Fund Operating Expenses - PIMCO Bond Funds - (PIMCO GNMA and Government Securities Fund)		Institutional Class	Class I-2	Class I-3	Class A	Class C
Management Fees		0.50%	0.60%	0.70%	0.65%	0.65%
Distribution and/or Service (12b-1) Fees					0.25%	1.00%
Other Expenses	^[1]	0.03%	0.03%	0.03%	0.03%	0.03%
Total Annual Fund Operating Expenses		0.53%	0.63%	0.73%	0.93%	1.68%
Fee Waiver and/or Expense Reimbursement	^[2]			(0.05%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.53%	0.63%	0.68%	0.93%	1.68%

[1]

"Other Expenses" include interest expense of 0.03%. Interest expense is borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC ("PIMCO"). Excluding interest expense, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement are 0.50%, 0.60%, 0.65%, 0.90% and 1.65% for Institutional Class, I-2, I-3, Class A and Class C shares, respectively.

[2]

PIMCO has contractually agreed, through July 31, 2019, to reduce its supervisory and administrative fee for the Fund's I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. This Fee Waiver Agreement renews annually unless terminated by PIMCO upon at least 30 days' prior notice to the end of the contract term.

Example. The Example is intended to help you compare the cost of investing in Institutional Class, I-2, I-3, Class A or Class C shares of the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the noted class of shares for the time periods indicated, and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Investors may pay brokerage commissions on their purchases and sales of Institutional Class, I-2 or I-3 shares of the Fund, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></div>

Expense Example - (PIMCO GNMA and Government Securities Fund) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Institutional Class	54	170	296	665
Class I-2	64	202	351	786
Class I-3	69	228	401	902
Class A	466	660	870	1,475
Class C	271	530	913	1,987

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></div>

Expense Example, No Redemption - (PIMCO GNMA and Government Securities Fund) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A	466	660	870	1,475
Class C	171	530	913	1,987

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></div>

The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of securities of varying maturities issued by the Government National Mortgage Association ("GNMA") and of securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. The Fund is neither sponsored by nor affiliated with GNMA. The average portfolio duration of this Fund normally varies from one to seven years based on Pacific Investment Management Company LLC's ("PIMCO") market forecasts. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. The Fund may invest without limit in securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises. In addition, the Fund may invest up to 10% of its total assets in investment grade securities rated below Aaa by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), subject to a minimum rating of Baa by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality. The Fund may not invest in securities denominated in foreign currencies, but may invest without limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 10% of its total assets in U.S. dollar-denominated securities and instruments that are economically tied to emerging market countries.

The Fund may invest, without limitation, in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities, subject to applicable law and any other restrictions described in the Fund's prospectus or Statement of Additional Information. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates or improving credit fundamentals for a particular sector or security.

GNMA, a wholly-owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration, or guaranteed by the Department of Veterans Affairs. The Fund may also invest up to 10% of its total assets in preferred securities.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></div>

It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are listed below.

Emerging Markets Risk: the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Performance Information </b></div>

The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund's average annual returns compare with the returns of a broad-based securities market index and an index of similar funds. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. For periods prior to the inception date of I-2 shares (April 30, 2008), performance information shown in the table for that class is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and expenses paid by that class of shares. Performance for Class A and Class C shares in the Average Annual Total Returns table reflects the impact of sales charges. Because I-3 shares of the Fund had not commenced operations as of December 31, 2017, no performance for I-3 shares is provided. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

The Bloomberg Barclays GNMA Index is an unmanaged index covering mortgage-backed pass-through securities of the GNMA. The Lipper GNMA Funds Average is a total return performance average of funds tracked by Lipper, Inc. that invest at least 65% of their assets in mortgages/securities issued or guaranteed as to principal and interest by the U.S. government and certain federal agencies.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></div>

*The year-to-date return as of June 30, 2018 is -1.02%. For the periods shown in the bar chart, the highest quarterly return was 3.78% in the Q2 2010, and the lowest quarterly return was -2.70% in the Q2 2013.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/17) </b> </b></div>

Average Annual Total Returns - (PIMCO GNMA and Government Securities Fund) - PIMCO Bond Funds		1 Year	5 Years	10 Years
Institutional Class		2.05%	1.73%	4.26%
Institutional Class \| Return After Taxes on Distributions	^[1]	0.76%	0.52%	2.61%
Institutional Class \| Return After Taxes on Distributions and Sales of Fund Shares	^[1]	1.16%	0.77%	2.66%
Class I-2		1.95%	1.63%	4.16%
Class A		(2.13%)	0.56%	3.45%
Class C		(0.10%)	0.57%	3.08%
Bloomberg Barclays GNMA Index (reflects no deductions for fees, expenses or taxes)		1.86%	1.70%	3.84%
Lipper GNMA Funds Average (reflects no deductions for taxes)		1.09%	1.04%	3.36%

[1]

(PIMCO Bond Funds) | (PIMCO Investment Grade Credit Bond Fund)

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></div>

The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></div>

Shareholder Fees - PIMCO Bond Funds - (PIMCO Investment Grade Credit Bond Fund)	Institutional Class	Class I-2	Class I-3	Administrative Class	Class A	Class C
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	none	none	none	none	3.75%	none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or redemption price)	none	none	none	none	1.00%	1.00%

Annual Fund Operating Expenses - PIMCO Bond Funds - (PIMCO Investment Grade Credit Bond Fund)		Institutional Class	Class I-2	Class I-3	Administrative Class	Class A	Class C
Management Fees		0.50%	0.60%	0.70%	0.50%	0.65%	0.65%
Distribution and/or Service (12b-1) Fees					0.25%	0.25%	1.00%
Other Expenses	^[1]	0.09%	0.09%	0.09%	0.09%	0.09%	0.09%
Total Annual Fund Operating Expenses		0.59%	0.69%	0.79%	0.84%	0.99%	1.74%
Fee Waiver and/or Expense Reimbursement	^[2]			(0.05%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.59%	0.69%	0.74%	0.84%	0.99%	1.74%

[1]

"Other Expenses" include interest expense of 0.09%. Interest expense is borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC ("PIMCO"). Excluding interest expense, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement are 0.50%, 0.60%, 0.65%, 0.75%, 0.90% and 1.65% for Institutional Class, I-2, I-3, Administrative Class, Class A and Class C shares, respectively.

[2]

Example. The Example is intended to help you compare the cost of investing in Institutional Class, I-2, I-3, Administrative Class, Class A or Class C shares of the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the noted class of shares for the time periods indicated, and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Investors may pay brokerage commissions on their purchases and sales of Institutional Class, I-2 or I-3 shares of the Fund, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></div>

Expense Example - (PIMCO Investment Grade Credit Bond Fund) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Institutional Class	60	189	329	738
Class I-2	70	221	384	859
Class I-3	76	247	434	973
Administrative Class	86	268	466	1,037
Class A	472	678	902	1,543
Class C	277	548	944	2,052

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></div>

Expense Example, No Redemption - (PIMCO Investment Grade Credit Bond Fund) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A	472	678	902	1,543
Class C	177	548	944	2,052

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></div>

The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of investment grade fixed income securities of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. Assets not invested in investment grade fixed income securities may be invested in other types of Fixed Income Instruments. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The average portfolio duration of this Fund normally varies within two years (plus or minus) of the portfolio duration of the securities comprising the Bloomberg Barclays U.S. Credit Index, as calculated by PIMCO, which as of May 31, 2018 was 6.83 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates.

The Fund invests primarily in investment grade debt securities, but may invest up to 15% of its total assets in high yield securities ("junk bonds"), as rated by Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, as determined by PIMCO. Investment grade debt securities are rated Baa or higher by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality. The Fund may invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 25% of its total assets in securities and instruments that are economically tied to emerging market countries (this limitation does not apply to investment grade sovereign debt denominated in the local currency with less than 1 year remaining to maturity, which means the Fund may invest, together with any other investments denominated in foreign currencies, up to 30% of its total assets in such instruments). The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></div>

It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are listed below.

Emerging Markets Risk: the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Performance Information </b></div>

The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund's average annual returns compare with the returns of a broad-based securities market index and an index of similar funds. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. For periods prior to the inception date of I-2 shares (April 30, 2008), performance information shown in the table for that class is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and expenses paid by that class of shares. Performance for Class A and Class C shares in the Average Annual Total Returns table reflects the impact of sales charges. Because I-3 shares of the Fund had not commenced operations as of December 31, 2017, no performance for I-3 shares is provided. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

The Bloomberg Barclays U.S. Credit Index is an unmanaged index comprised of publicly issued U.S. corporate and specified non-U.S. debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered. The Lipper Corporate Debt Funds BBB-Rated Funds Average is a total return performance average of funds tracked by Lipper, Inc. that invest at least 65% of their assets in investment-grade debt issues (rated in the top four grades) with dollar-weighted average maturities of five to ten years.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></div>

*The year-to-date return as of June 30, 2018 is -2.72%. For the periods shown in the bar chart, the highest quarterly return was 9.18% in the Q2 2009, and the lowest quarterly return was -5.26% in the Q3 2008.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/17) </b> </b></div>

Average Annual Total Returns - (PIMCO Investment Grade Credit Bond Fund) - PIMCO Bond Funds		1 Year	5 Years	10 Years
Institutional Class		7.95%	4.37%	7.48%
Institutional Class \| Return After Taxes on Distributions	^[1]	5.96%	2.15%	4.86%
Institutional Class \| Return After Taxes on Distributions and Sales of Fund Shares	^[1]	4.56%	2.37%	4.85%
Class I-2		7.84%	4.26%	7.37%
Administrative Class		7.68%	4.11%	7.21%
Class A		3.47%	3.17%	6.64%
Class C		5.72%	3.18%	6.25%
Bloomberg Barclays U.S. Credit Index (reflects no deductions for fees, expenses or taxes)		6.18%	3.24%	5.42%
Lipper Corporate Debt Funds BBB-Rated Funds Average (reflects no deductions for taxes)		5.90%	3.15%	5.19%

[1]

(PIMCO Bond Funds) | (PIMCO Long Duration Total Return Fund)

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></div>

The Fund seeks maximum total return, consistent with prudent investment management.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></div>

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Institutional Class or I-2 shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the "Classes of Shares" section on page 69 of the Fund's prospectus, Appendix B to the Fund's prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial advisor.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></div>

Shareholder Fees - PIMCO Bond Funds - (PIMCO Long Duration Total Return Fund)	Institutional Class	Class I-2	Class A	Class C
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	none	none	3.75%	none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or redemption price)	none	none	1.00%	1.00%

Annual Fund Operating Expenses - PIMCO Bond Funds - (PIMCO Long Duration Total Return Fund)		Institutional Class	Class I-2	Class A	Class C
Management Fees		0.50%	0.60%	0.65%	0.65%
Distribution and/or Service (12b-1) Fees				0.25%	1.00%
Other Expenses	^[1]	0.50%	0.50%	0.50%	0.50%
Total Annual Fund Operating Expenses		1.00%	1.10%	1.40%	2.15%

[1]

"Other Expenses" include interest expense of 0.50%. Interest expense is borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC ("PIMCO"). Excluding interest expense, Total Annual Fund Operating Expenses are 0.50%, 0.60%, 0.90% and 1.65% for Institutional Class, I-2, Class A and Class C shares, respectively.

Example. The Example is intended to help you compare the cost of investing in Institutional Class, I-2, Class A or Class C shares of the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the noted class of shares for the time periods indicated, and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Investors may pay brokerage commissions on their purchases and sales of Institutional Class shares or I-2 shares of the Fund, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></div>

Expense Example - (PIMCO Long Duration Total Return Fund) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Institutional Class	102	318	552	1,225
Class I-2	112	350	606	1,340
Class A	512	802	1,112	1,992
Class C	318	673	1,154	2,483

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></div>

Expense Example, No Redemption - (PIMCO Long Duration Total Return Fund) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A	512	802	1,112	1,992
Class C	218	673	1,154	2,483

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></div>

The Fund invests primarily in investment grade debt securities, but may invest up to 10% of its total assets in high yield securities ("junk bonds"), as rated by Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, as determined by PIMCO. The Fund may invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 15% of its total assets in securities and instruments that are economically tied to emerging market countries (this limitation does not apply to investment grade sovereign debt denominated in the local currency with less than 1 year remaining to maturity, which means the Fund may invest, together with any other investments denominated in foreign currencies, up to 30% of its total assets in such instruments). The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></div>

It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are listed below.

Emerging Markets Risk: the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Performance Information </b></div>

The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund's average annual returns compare with the returns of a broad-based securities market index and an index of similar funds. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. For periods prior to the inception date of I-2 shares (September 11, 2008) and Class A shares (September 8, 2017) performance information shown in the table for these classes is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and expenses paid by these classes of shares. Because Class C shares of the Fund had not commenced operations as of December 31, 2017, no performance for Class C shares is provided. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

The Bloomberg Barclays Long-Term Government/Credit Index is an unmanaged index of U.S. Government or Investment Grade Credit Securities having a maturity of 10 years or more. The Lipper Corporate Debt Funds BBB-Rated Funds Average consists of funds that invest at least 65% of their assets in corporate and government debt issues rated in the top four grades.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></div>

*The year-to-date return as of June 30, 2018 is -4.23%. For the periods shown in the bar chart, the highest quarterly return was 16.10% in the Q4 2008, and the lowest quarterly return was -7.98% in the Q4 2016.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/17) </b> </b></div>

Average Annual Total Returns - (PIMCO Long Duration Total Return Fund) - PIMCO Bond Funds		1 Year	5 Years	10 Years
Institutional Class		12.75%	4.89%	8.20%
Institutional Class \| Return After Taxes on Distributions	^[1]	10.16%	2.34%	5.57%
Institutional Class \| Return After Taxes on Distributions and Sales of Fund Shares	^[1]	7.70%	2.72%	5.48%
Class I-2		12.64%	4.79%	8.10%
Class A		8.05%	3.68%	7.37%
Bloomberg Barclays Long-Term Government/Credit Index (reflects no deductions for fees, expenses or taxes)		10.71%	4.43%	7.26%
Lipper Corporate Debt Funds BBB-Rated Funds Average (reflects no deductions for taxes)		5.90%	3.15%	5.19%

[1]

(PIMCO Bond Funds) | (PIMCO Long-Term U.S. Government Fund)

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></div>

The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></div>

Shareholder Fees - PIMCO Bond Funds - (PIMCO Long-Term U.S. Government Fund)	Institutional Class	Class I-2	Class I-3	Administrative Class	Class A	Class C
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	none	none	none	none	3.75%	none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or redemption price)	none	none	none	none	1.00%	1.00%

Annual Fund Operating Expenses - PIMCO Bond Funds - (PIMCO Long-Term U.S. Government Fund)		Institutional Class	Class I-2	Class I-3	Administrative Class	Class A	Class C
Management Fees		0.475%	0.575%	0.675%	0.475%	0.575%	0.575%
Distribution and/or Service (12b-1) Fees					0.25%	0.25%	1.00%
Other Expenses	^[1]	0.30%	0.30%	0.30%	0.30%	0.30%	0.30%
Total Annual Fund Operating Expenses		0.775%	0.875%	0.975%	1.025%	1.125%	1.875%
Fee Waiver and/or Expense Reimbursement	^[2]			(0.05%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.775%	0.875%	0.925%	1.025%	1.125%	1.875%

[1]

"Other Expenses" include interest expense of 0.30%. Interest expense is borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC ("PIMCO"). Excluding interest expense, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement are 0.475%, 0.575%, 0.625%, 0.725%, 0.825% and 1.575% for Institutional Class, I-2, I-3, Administrative Class, Class A and Class C shares, respectively.

[2]

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></div>

Expense Example - (PIMCO Long-Term U.S. Government Fund) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Institutional Class	79	248	431	960
Class I-2	89	279	485	1,078
Class I-3	94	306	534	1,191
Administrative Class	105	326	566	1,254
Class A	485	719	971	1,693
Class C	290	589	1,014	2,196

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></div>

Expense Example, No Redemption - (PIMCO Long-Term U.S. Government Fund) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A	485	719	971	1,693
Class C	190	589	1,014	2,196

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></div>

The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of fixed income securities that are issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises ("U.S. Government Securities"), which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. Assets not invested in U.S. Government Securities may be invested in other types of Fixed Income Instruments. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. While PIMCO may invest in derivatives at any time it deems appropriate, it will generally do so when it believes that U.S. Government Securities are overvalued relative to derivative instruments. This Fund will normally have a minimum average portfolio duration of eight years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. In addition, the dollar-weighted average portfolio maturity of the Fund, under normal circumstances, is expected to be more than ten years.

The Fund's investments in Fixed Income Instruments are limited to those of investment grade U.S. dollar-denominated securities of U.S. issuers that are rated at least A by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality. In addition, the Fund may only invest up to 10% of its total assets in securities rated A by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality and may only invest up to 25% of its total assets in securities rated Aa by Moody's, or equivalently rated by S&P or Fitch or, if unrated, determined by PIMCO to be of comparable quality.

The Fund may invest, without limitation, in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities, subject to applicable law and any other restrictions described in the Fund's prospectus or Statement of Additional Information. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates or improving credit fundamentals for a particular sector or security. The Fund may also invest up to 10% of its total assets in preferred securities.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></div>

It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are listed below.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Performance Information </b></div>

The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund's average annual returns compare with the returns of a broad-based securities market index and an index of similar funds. Absent any applicable fee waivers and/or expense limitations if any, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. For periods prior to the inception date of I-2 shares (April 30, 2008), performance information shown in the table for that class is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and expenses paid by that class of shares. Performance for Class A and Class C shares in the Average Annual Total Returns table reflects the impact of sales charges. The I-3 shares of the Fund have not commenced operations as of the date of this prospectus. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

The Bloomberg Barclays Long-Term Treasury Index consists of U.S. Treasury issues with maturities of 10 or more years. The Lipper General U.S. Government Funds Average is a total return performance average of funds tracked by Lipper, Inc. that invest at least 65% of their assets in U.S. government and agency issues.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></div>

*The year-to-date return as of June 30, 2018 is -3.02%. For the periods shown in the bar chart, the highest quarterly return was 22.65% in the Q3 2011, and the lowest quarterly return was -11.95% in the Q4 2016.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/17) </b> </b></div>

Average Annual Total Returns - (PIMCO Long-Term U.S. Government Fund) - PIMCO Bond Funds		1 Year	5 Years	10 Years
Institutional Class		9.07%	3.30%	7.03%
Institutional Class \| Return After Taxes on Distributions	^[1]	7.69%	(2.28%)	2.39%
Institutional Class \| Return After Taxes on Distributions and Sales of Fund Shares	^[1]	5.11%	(0.06%)	3.54%
Class I-2		8.96%	3.20%	6.93%
Administrative Class		8.79%	3.04%	6.77%
Class A		4.61%	2.16%	6.24%
Class C		6.88%	2.18%	5.85%
Bloomberg Barclays Long-Term Treasury Index (reflects no deductions for fees, expenses or taxes)		8.53%	3.48%	6.55%
Lipper General U.S. Government Funds Average (reflects no deductions for taxes)		2.16%	0.94%	2.92%

[1]

(PIMCO Bond Funds) | (PIMCO Moderate Duration Fund)

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></div>

The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment): None </b></div>

Annual Fund Operating Expenses - PIMCO Bond Funds - (PIMCO Moderate Duration Fund)		Institutional Class	Class I-2
Management Fees		0.46%	0.56%
Distribution and/or Service (12b-1) Fees
Other Expenses	^[1]	0.05%	0.05%
Total Annual Fund Operating Expenses		0.51%	0.61%

[1]

"Other Expenses" include interest expense of 0.05%. Interest expense is borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC ("PIMCO"). Excluding interest expense, Total Annual Fund Operating Expenses are 0.46% and 0.56% for Institutional Class and I-2 Class shares, respectively.

Example. The Example is intended to help you compare the cost of investing in Institutional Class or I-2 shares of the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the noted class of shares for the time periods indicated, and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Investors may pay brokerage commissions on their purchases and sales of Institutional Class shares or I-2 shares of the Fund, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - (PIMCO Moderate Duration Fund) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Institutional Class	52	164	285	640
Class I-2	62	195	340	762

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></div>

It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are listed below.

Emerging Markets Risk: the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Performance Information </b></div>

The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund's average annual returns compare with the returns of a broad-based securities market index and an index of similar funds. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. For periods prior to the inception date of I-2 shares (December 31, 2009), performance information shown in the table for that class is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and expenses paid by that class of shares. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

The Bloomberg Barclays Intermediate Government/Credit Index is an unmanaged index of U.S. Government or Investment Grade Credit Securities having a maturity of at least 1 year and less than 10 years. The Lipper Short-Intermediate Investment Grade Debt Funds Average is a total return performance average of funds tracked by Lipper, Inc. that invest at least 65% of their assets in investment-grade debt issues (rated in the top four grades) with dollar-weighted average maturities of one to five years.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></div>

*The year-to-date return as of June 30, 2018 is -1.10%. For the periods shown in the bar chart, the highest quarterly return was 6.70% in the Q4 2008, and the lowest quarterly return was -4.01% in the Q3 2008.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/17) </b> </b></div>

Average Annual Total Returns - (PIMCO Moderate Duration Fund) - PIMCO Bond Funds		1 Year	5 Years	10 Years
Institutional Class		3.28%	1.84%	4.57%
Institutional Class \| Return After Taxes on Distributions	^[1]	2.50%	0.56%	2.95%
Institutional Class \| Return After Taxes on Distributions and Sales of Fund Shares	^[1]	1.86%	0.86%	2.96%
Class I-2		3.17%	1.74%	4.47%
Bloomberg Barclays Intermediate Government/Credit Index (reflects no deductions for fees, expenses or taxes)		2.14%	1.50%	3.32%
Lipper Short-Intermediate Investment Grade Debt Funds Average (reflects no deductions for taxes)		1.80%	1.17%	2.93%

[1]

(PIMCO Bond Funds) | (PIMCO Mortgage-Backed Securities Fund)

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></div>

The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></div>

Shareholder Fees - PIMCO Bond Funds - (PIMCO Mortgage-Backed Securities Fund)	Institutional Class	Class I-2	Class I-3	Class A	Class C
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	none	none	none	3.75%	none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or redemption price)	none	none	none	1.00%	1.00%

Annual Fund Operating Expenses - PIMCO Bond Funds - (PIMCO Mortgage-Backed Securities Fund)		Institutional Class	Class I-2	Class I-3	Class A	Class C
Management Fees		0.50%	0.60%	0.70%	0.65%	0.65%
Distribution and/or Service (12b-1) Fees					0.25%	1.00%
Other Expenses	^[1]	0.02%	0.02%	0.02%	0.02%	0.02%
Total Annual Fund Operating Expenses		0.52%	0.62%	0.72%	0.92%	1.67%
Fee Waiver and/or Expense Reimbursement	^[2]			(0.05%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.52%	0.62%	0.67%	0.92%	1.67%

[1]

"Other Expenses" include interest expense of 0.02%. Interest expense is borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC ("PIMCO"). Excluding interest expense, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement are 0.50%, 0.60%, 0.65%, 0.90% and 1.65% for Institutional Class, I-2, I-3, Class A and Class C shares, respectively.

[2]

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></div>

Expense Example - (PIMCO Mortgage-Backed Securities Fund) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Institutional Class	53	167	291	653
Class I-2	63	199	346	774
Class I-3	68	225	396	890
Class A	639	827	1,031	1,619
Class C	270	526	907	1,976

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></div>

Expense Example, No Redemption - (PIMCO Mortgage-Backed Securities Fund) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A	639	827	1,031	1,619
Class C	170	526	907	1,976

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></div>

The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of mortgage-related Fixed Income Instruments of varying maturities (such as mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage-backed securities and mortgage dollar rolls), which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The average portfolio duration of this Fund normally varies from one to seven years based on Pacific Investment Management Company LLC's ("PIMCO") market forecasts. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. The Fund may invest without limit in securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises. In addition, the Fund may invest up to 10% of its total assets in investment grade securities rated below Aaa by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality, subject to a minimum rating of Baa by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality. The Fund may also invest up to an additional 5% of its total assets in mortgage-related high yield instruments ("junk bonds") rated below Baa by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality. The Fund may not invest in securities denominated in foreign currencies, but may invest without limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 10% of its total assets in U.S. dollar-denominated securities and instruments that are economically tied to emerging market countries.

The Fund may invest, without limitation, in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities, subject to applicable law and any other restrictions described in the Fund's prospectus or Statement of Additional Information. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates or improving credit fundamentals for a particular sector or security. The Fund may also invest up to 10% of its total assets in preferred securities.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></div>

It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are listed below.

Emerging Markets Risk: the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Performance Information </b></div>

The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund's average annual returns compare with the returns of a broad-based securities market index and an index of similar funds. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. For periods prior to the inception date of I-2 shares (April 30, 2008), performance information shown in the table for that class is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and expenses paid by that class of shares. Performance for Class A and Class C shares in the Average Annual Total Returns table reflects the impact of sales charges. Because I-3 shares of the Fund had not commenced operations as of December 31, 2017, no performance for I-3 shares is provided. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

The Bloomberg Barclays U.S. MBS Fixed Rate Index covers the mortgage-backed pass-through securities and hybrid ARM pools of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The MBS Index is formed by grouping the universe of about 1,000,000 individual fixed rate MBS pools into approximately 5,500 generic aggregates. The Lipper U.S. Mortgage Funds Average is a total return performance average of funds tracked by Lipper, Inc. that invest at least 65% of their assets in mortgages/securities issued or guaranteed as to principal and interest by the U.S. government and certain federal agencies.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></div>

*The year-to-date return as of June 30, 2018 is -0.50%. For the periods shown in the bar chart, the highest quarterly return was 5.31% in the Q3 2009, and the lowest quarterly return was -2.14% in the Q2 2013.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/17) </b> </b></div>

Average Annual Total Returns - (PIMCO Mortgage-Backed Securities Fund) - PIMCO Bond Funds		1 Year	5 Years	10 Years
Institutional Class		4.38%	2.70%	4.66%
Institutional Class \| Return After Taxes on Distributions	^[1]	3.01%	1.44%	2.83%
Institutional Class \| Return After Taxes on Distributions and Sales of Fund Shares	^[1]	2.47%	1.48%	2.88%
Class I-2		4.27%	2.60%	4.55%
Class A		0.11%	1.52%	3.84%
Class C		2.19%	1.53%	3.46%
Bloomberg Barclays U.S. MBS Fixed Rate Index (reflects no deductions for fees, expenses or taxes)		2.48%	2.04%	3.87%
Lipper U.S. Mortgage Funds Average (reflects no deductions for taxes)		2.72%	1.90%	3.68%

[1]

(PIMCO Bond Funds) | (PIMCO Mortgage Opportunities and Bond Fund)

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></div>

The Fund seeks maximum long-term return, consistent with prudent investment management.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></div>

Shareholder Fees - PIMCO Bond Funds - (PIMCO Mortgage Opportunities and Bond Fund)	Institutional Class	Class I-2	Class I-3	Class A	Class C
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	none	none	none	3.75%	none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or redemption price)	none	none	none	1.00%	1.00%

Annual Fund Operating Expenses - PIMCO Bond Funds - (PIMCO Mortgage Opportunities and Bond Fund)		Institutional Class	Class I-2	Class I-3	Class A	Class C
Management Fees		0.60%	0.70%	0.80%	0.75%	0.75%
Distribution and/or Service (12b-1) Fees					0.25%	1.00%
Other Expenses	^[1]	0.42%	0.42%	0.42%	0.42%	0.42%
Total Annual Fund Operating Expenses		1.02%	1.12%	1.22%	1.42%	2.17%
Fee Waiver and/or Expense Reimbursement	^[2]			(0.05%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.02%	1.12%	1.17%	1.42%	2.17%

[1]

"Other Expenses" include interest expense of 0.42%. Interest expense is borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC ("PIMCO"). Excluding interest expense, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement are 0.60%, 0.70%, 0.75%, 1.00% and 1.75% for Institutional Class, I-2, I-3, Class A and Class C shares, respectively.

[2]

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></div>

Expense Example - (PIMCO Mortgage Opportunities and Bond Fund) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Institutional Class	104	325	563	1,248
Class I-2	114	356	617	1,363
Class I-3	119	382	666	1,473
Class A	514	807	1,122	2,013
Class C	320	679	1,164	2,503

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></div>

Expense Example, No Redemption - (PIMCO Mortgage Opportunities and Bond Fund) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A	514	807	1,122	2,013
Class C	220	679	1,164	2,503

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></div>

The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a portfolio of mortgage-related assets, including, but not limited to Agency residential and commercial mortgage-backed securities ("MBS") and private label residential and commercial MBS, and of Fixed Income Instruments, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. Agency MBS refers to MBS issued by government-sponsored enterprises, such as the Government National Mortgage Association ("GNMA" or "Ginnie Mae"), the Federal National Mortgage Association ("FNMA" or "Fannie Mae") or the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will invest in a broad array of mortgage-related securities in seeking to generate consistent, absolute returns across full market cycles. The average portfolio duration of this Fund normally varies from (negative) 1 year to positive 8 years based on PIMCO's market forecasts. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates.

The Fund may invest up to 50% of its total assets in high yield securities ("junk bonds"), as rated by Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Rating Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, as determined by PIMCO (except such limitation shall not apply to the Fund's investments in mortgage-related securities).

The Fund may invest, without limitation, in derivative instruments, such as options, futures contracts, options on futures, fixed income swap agreements, credit default swap agreements and other synthetic mortgage-related swap indices, or in mortgage- or asset-backed securities, subject to applicable law and any other restrictions described in the Fund's prospectus or Statement of Additional Information. The Fund may invest up to 10% of its total assets in any combination of mortgage-related or other asset-backed interest-only ("IO"), principal-only ("PO"), or inverse floating rate debt ("inverse floater") securities. The Fund may invest up to 10% of its total assets in mortgage- or real estate-related equity instruments, including preferred securities, common stock, convertible securities and other equity-related instruments. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates or improving credit fundamentals for a particular sector or security.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></div>

It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are listed below.

Extension Risk: the risk that, in periods of rising interest rates, issuers of mortgage-related and other asset-backed securities may pay principal later than expected, which may reduce the value of the Fund's investment in such securities and may prevent the Fund from receiving higher interest rates on proceeds reinvested

Prepayment Risk: the risk that, in periods of declining interest rates, issuers of mortgage-related and other asset-backed securities may pay principal more quickly than expected, which results in the Fund foregoing future interest income on the portion of the principal repaid early and may result in the Fund being forced to reinvest investment proceeds at lower interest rates

Privately Issued Mortgage-Related Securities Risk: the risk of non-payment because there are no direct or indirect government or agency guarantees of payments in the pools created by non-governmental issuers

Real Estate Risk: the risk that the Fund's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject the Fund to liquidity and valuation risk

Convertible Securities Risk: as convertible securities share both fixed income and equity characteristics, they are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk

Distribution Rate Risk: the risk that the Fund's distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Performance Information </b></div>

The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund's average annual returns compare with the returns of a broad-based securities market index and an index of similar funds. Absent any applicable fee waivers and/or expense limitations, if any, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. Performance for Class A and Class C shares in the Average Annual Total Returns table reflects the impact of sales charges. Because I-3 shares of the Fund had not commenced operations as of December 31, 2017, no performance for I-3 shares is provided. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

Lipper Absolute Return Funds Average is a total return performance average of Funds tracked by Lipper, Inc. that aim for positive returns in all market conditions. The funds are not benchmarked against a traditional long-only market index but rather have the aim of outperforming a cash or risk-free benchmark.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></div>

*The year-to-date return as of June 30, 2018 is 0.80%. For the periods shown in the bar chart, the highest quarterly return was 2.09% in the Q1 2014, and the lowest quarterly return was -1.09% in the Q2 2013.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/17) </b> </b></div>

Average Annual Total Returns - (PIMCO Mortgage Opportunities and Bond Fund) - PIMCO Bond Funds		1 Year	5 Years	Since Inception		Inception Date
Institutional Class		5.49%	4.36%	6.24%		Oct. 22, 2012
Institutional Class \| Return After Taxes on Distributions	^[1]	3.85%	2.49%	4.39%		Oct. 22, 2012
Institutional Class \| Return After Taxes on Distributions and Sales of Fund Shares	^[1]	3.09%	2.47%	3.97%		Oct. 22, 2012
Class I-2		5.39%	4.25%	6.13%		Oct. 22, 2012
Class A		1.18%	3.15%	5.04%		Oct. 22, 2012
Class C		3.31%	3.17%	5.03%		Oct. 22, 2012
3 Month USD LIBOR Index (reflects no deductions for fees, expenses or taxes)		1.20%	0.54%	0.53%		Oct. 22, 2012
Lipper Absolute Return Funds Average (reflects no deductions for taxes)		5.38%	2.80%	2.81%	^[2]	Oct. 22, 2012

[1]

[2]

The Lipper Average's since inception return is determined from the nearest month-end following the Fund's inception date and not from the actual inception date of the Fund.

(PIMCO Bond Funds) | (PIMCO Strategic Bond Fund)

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></div>

The Fund seeks maximum long-term return, consistent with preservation of capital and prudent investment management.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></div>

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Institutional Class or I-2 shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the "Classes of Shares" section on page 69 of the Fund's prospectus, Appendix B to the Fund's prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial advisor.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></div>

Shareholder Fees - PIMCO Bond Funds - (PIMCO Strategic Bond Fund)	Institutional Class	Class I-2	Class A	Class C
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	none	none	3.75%	none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or redemption price)	none	none	1.00%	1.00%

Annual Fund Operating Expenses - PIMCO Bond Funds - (PIMCO Strategic Bond Fund)		Institutional Class	Class I-2	Class A	Class C
Management Fees	^[1]	0.55%	0.65%	0.70%	0.70%
Distribution and/or Service (12b-1) Fees				0.25%	1.00%
Other Expenses	^[2]	0.02%	0.02%	0.02%	0.02%
Total Annual Fund Operating Expenses		0.57%	0.67%	0.97%	1.72%
Fee Waiver and/or Expense Reimbursement	^[3]	(0.05%)	(0.05%)	(0.05%)	(0.05%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.52%	0.62%	0.92%	1.67%

[1]	Expense information in the table has been restated to reflect current Management Fees.
[2]	"Other Expenses" include interest expense of 0.02%. Interest expense is borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC ("PIMCO"). Excluding interest expense, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement are 0.50%, 0.60%, 0.90% and 1.65% for Institutional Class, I-2, Class A and Class C shares, respectively.
[3]	PIMCO has contractually agreed, through July 31, 2021, to reduce its supervisory and administrative fee for each share class of the Fund by 0.05% of the average daily net assets attributable to the applicable class of the Fund. This Fee Waiver Agreement renews annually unless terminated by PIMCO upon at least 30 days' prior notice to the end of the contract term.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></div>

Expense Example - (PIMCO Strategic Bond Fund) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Institutional Class	53	168	303	699
Class I-2	63	199	358	820
Class A	465	658	877	1,507
Class C	270	527	919	2,018

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></div>

Expense Example, No Redemption - (PIMCO Strategic Bond Fund) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A	465	658	877	1,507
Class C	170	527	919	2,018

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></div>

The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund intends to utilize various investment strategies in a broad array of fixed income sectors to achieve its investment objective. The Fund will not be constrained by management against an index. The average portfolio duration of this Fund will normally vary from (negative) 1 year to positive 5 years based on PIMCO's market forecasts. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates.

The Fund may seek to manage capital gain distributions by, among other things, attempting to use losses from sales of securities that have declined in price to offset gains that would otherwise be taxable subject to maintenance of the portfolio investment strategy. However, such strategy may be unsuccessful or only partially successful and the Fund may realize taxable gains. For example, the Fund may realize taxable gains in order to satisfy cash redemption requests or when PIMCO believes the benefits of a transaction resulting in the realization of taxable gains outweigh tax considerations.

The Fund may invest in both investment-grade securities and high yield securities ("junk bonds") subject to a maximum of 20% of its total assets in securities rated below Baa by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality. The Fund may also invest without limitation in securities denominated in foreign currencies and in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 30% of its total assets in securities and instruments that are economically tied to emerging market countries (this limitation does not apply to investment grade sovereign debt denominated in the local currency with less than 1 year remaining to maturity, which means the Fund may invest in such instruments without limitation subject to any applicable legal or regulatory limitation). The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 25% of its total assets. The Fund may also invest up to 10% of its total assets in preferred securities.

The Fund may invest in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls).

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></div>

It is possible to lose money on an investment in the Fund. Investors should be aware that the investments made by the Fund and the results achieved by the Fund at any given time are not expected to be the same as those made by other funds for which PIMCO acts as investment adviser, including funds with names, investment objectives and policies similar to the Fund. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are listed below.

Emerging Markets Risk: the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk

Tax-Efficient Investing Risk: the risk that investment strategies intended to manage capital gain distributions may not succeed, and that such strategies may reduce investment returns or result in investment losses

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Performance Information </b></div>

The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund's average annual returns compare with the returns of a broad-based securities market index and an index of similar funds. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. For periods prior to the inception date of I-2 shares (September 10, 2009), performance information shown in the table is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and expenses paid by I-2 shares. Performance for Class A and Class C shares in the Average Annual Total Returns table reflects the impact of sales charges. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

Effective July 30, 2018, the Fund's broad-based securities market index is the 3 Month USD LIBOR (London Interbank Offered Rate) Index. The 3 Month USD LIBOR Index is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money (3 months) in England's Eurodollar market. The Fund's new broad-based securities market index was selected as its use is more closely aligned with the Fund's principal investment strategies. Prior to July 30, 2018, the Fund's broad-based securities market index was the 3 Month USD LIBOR After Tax. It is not possible to invest directly in an unmanaged index. Lipper Alternative Credit Focus Funds Average is a total return performance average of funds tracked by Lipper, Inc. that, by prospectus language, invest in a wide-range of credit-structured vehicles by using either fundamental credit research analysis or quantitative credit portfolio modelling trying to benefit from any changes in credit quality, credit spreads, and market liquidity.

Effective July 30, 2018, certain changes were made to the Fund's principal investment strategies, including reduced exposure to municipal securities, high yield securities ("junk bonds"), securities and instruments that are economically tied to emerging market countries and foreign currencies, and a more constrained duration guideline. The Fund's performance information prior to July 30, 2018 relates only to the Fund's former principal investment strategies.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></div>

*The year-to-date return as of June 30, 2018 is 2.53%. For the periods shown in the bar chart, the highest quarterly return was 3.28% in the Q1 2017, and the lowest quarterly return was -3.28% in the Q3 2015.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/17) </b> </b></div>

Average Annual Total Returns - (PIMCO Strategic Bond Fund) - PIMCO Bond Funds		1 Year	5 Years	Since Inception		Inception Date
Institutional Class		7.86%	2.64%	3.23%		Jan. 30, 2009
Institutional Class \| Return After Taxes on Distributions	^[1]	6.80%	2.11%	2.71%		Jan. 30, 2009
Institutional Class \| Return After Taxes on Distributions and Sales of Fund Shares	^[1]	5.49%	2.21%	2.59%		Jan. 30, 2009
Class I-2		7.75%	2.54%	3.13%		Jan. 30, 2009
Class A		3.38%	1.46%	2.38%		Jan. 30, 2009
Class C		5.63%	1.51%	2.10%		Jan. 30, 2009
3 Month USD LIBOR Index		1.20%	0.54%	0.51%		Jan. 30, 2009
3 Month USD LIBOR After Tax (reflects no deductions for fees, expenses or taxes)		0.72%	0.33%	0.33%		Jan. 30, 2009
Lipper Alternative Credit Focus Funds Average (reflects no deductions for taxes)		4.68%	2.15%	5.65%	^[2]	Jan. 30, 2009

[1]

[2]

The Lipper Average's since inception return is determined from the nearest month-end following the Fund's inception date and not from the actual inception date of the Fund.

(PIMCO Bond Funds) | (PIMCO Total Return Fund)

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></div>

The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></div>

Shareholder Fees - PIMCO Bond Funds - (PIMCO Total Return Fund)	Institutional Class	Class I-2	Class I-3	Administrative Class	Class A	Class C	Class R
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	none	none	none	none	3.75%	none	none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or redemption price)	none	none	none	none	1.00%	1.00%	none

Annual Fund Operating Expenses - PIMCO Bond Funds - (PIMCO Total Return Fund)		Institutional Class	Class I-2	Class I-3	Administrative Class	Class A	Class C	Class R
Management Fees	^[1]	0.46%	0.56%	0.66%	0.46%	0.55%	0.55%	0.55%
Distribution and/or Service (12b-1) Fees					0.25%	0.25%	1.00%	0.50%
Other Expenses	^[2]	0.09%	0.09%	0.09%	0.09%	0.09%	0.09%	0.09%
Total Annual Fund Operating Expenses		0.55%	0.65%	0.75%	0.80%	0.89%	1.64%	1.14%
Fee Waiver and/or Expense Reimbursement	^[3]			(0.05%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.55%	0.65%	0.70%	0.80%	0.89%	1.64%	1.14%

[1]	Expense information in the table has been restated to reflect current Management Fees.
[2]	"Other Expenses" include interest expense of 0.09%. Interest expense is borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC ("PIMCO"). Excluding interest expense, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement are 0.46%, 0.56%, 0.61%, 0.71%, 0.80%, 1.55% and 1.05% for Institutional Class, I-2, I-3, Administrative Class, Class A, Class C and Class R shares, respectively.
[3]	PIMCO has contractually agreed, through July 31, 2019, to reduce its supervisory and administrative fee for the Fund's I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. This Fee Waiver Agreement renews annually unless terminated by PIMCO upon at least 30 days' prior notice to the end of the contract term.

Example. The Example is intended to help you compare the cost of investing in Institutional Class, I-2, I-3, Administrative Class, Class A, Class C or Class R shares of the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the noted class of shares for the time periods indicated, and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Investors may pay brokerage commissions on their purchases and sales of Institutional Class, I-2 or I-3 shares of the Fund, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></div>

Expense Example - (PIMCO Total Return Fund) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Institutional Class	56	176	307	689
Class I-2	66	208	362	810
Class I-3	72	235	412	926
Administrative Class	82	255	444	990
Class A	636	818	1,016	1,586
Class C	267	517	892	1,944
Class R	116	362	628	1,386

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></div>

Expense Example, No Redemption - (PIMCO Total Return Fund) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A	636	818	1,016	1,586
Class C	167	517	892	1,944

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></div>

The Fund invests primarily in investment-grade debt securities, but may invest up to 20% of its total assets in high yield securities ("junk bonds"), as rated by Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, as determined by PIMCO. The Fund may invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 15% of its total assets in securities and instruments that are economically tied to emerging market countries (this limitation does not apply to investment grade sovereign debt denominated in the local currency with less than 1 year remaining to maturity, which means the Fund may invest, together with any other investments denominated in foreign currencies, up to 30% of its total assets in such instruments). The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets.

The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></div>

It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are listed below.

Equity Risk: the risk that the value of equity or equity-related securities may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities

Emerging Markets Risk: the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Performance Information </b></div>

The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund's average annual returns compare with the returns of a broad-based securities market index and an index of similar funds. Absent any applicable fee waivers and/or expense limitations, if any, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. For periods prior to the inception date of I-2 shares (April 30, 2008), performance information shown in the table for that class is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and expenses paid by that class of shares. Performance for Class A and Class C shares in the Average Annual Total Returns table reflects the impact of sales charges. Because I-3 shares of the Fund had not commenced operations as of December 31, 2017, no performance for I-3 shares is provided. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

The Bloomberg Barclays U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. Lipper Core Plus Bond Funds Average is a total return performance average of Funds tracked by Lipper, Inc. that invest at least 65% in domestic investment-grade debt issues (rated in the top four grades) with any remaining investment in non-benchmark sectors such as high-yield, global and emerging market debt. These funds maintain dollar-weighted average maturities of five to ten years.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></div>

*The year-to-date return as of June 30, 2018 is -1.71%. For the periods shown in the bar chart, the highest quarterly return was 6.04% in the Q3 2009, and the lowest quarterly return was -3.60% in the Q2 2013.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/17) </b> </b></div>

Average Annual Total Returns - (PIMCO Total Return Fund) - PIMCO Bond Funds		1 Year	5 Years	10 Years
Institutional Class		5.13%	2.21%	5.23%
Institutional Class \| Return After Taxes on Distributions	^[1]	3.93%	0.65%	3.25%
Institutional Class \| Return After Taxes on Distributions and Sales of Fund Shares	^[1]	2.89%	1.06%	3.35%
Class I-2		5.02%	2.11%	5.13%
Administrative Class		4.87%	1.96%	4.97%
Class A		0.81%	1.04%	4.40%
Class C		2.94%	1.06%	4.02%
Class R		4.46%	1.56%	4.54%
Bloomberg Barclays U.S. Aggregate Index (reflects no deductions for fees, expenses or taxes)		3.54%	2.10%	4.01%
Lipper Core Plus Bond Funds Average (reflects no deductions for taxes)		4.44%	2.48%	4.58%

[1]

(PIMCO Bond Funds) | (PIMCO Total Return Fund II)

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></div>

The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> <b>None</b> </b></div>

Annual Fund Operating Expenses - PIMCO Bond Funds - (PIMCO Total Return Fund II)		Institutional Class	Class I-2	Administrative Class
Management Fees		0.50%	0.60%	0.50%
Distribution and/or Service (12b-1) Fees				0.25%
Other Expenses	^[1]	0.07%	0.07%	0.07%
Total Annual Fund Operating Expenses		0.57%	0.67%	0.82%

[1]

"Other Expenses" include interest expense of 0.07%. Interest expense is borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC ("PIMCO"). Excluding interest expense, Total Annual Fund Operating Expenses are 0.50%, 0.60% and 0.75% for Institutional Class, I-2 and Administrative Class shares, respectively.

Example. The Example is intended to help you compare the cost of investing in Institutional Class, I-2 or Administrative Class shares of the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the noted class of shares for the time periods indicated, and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Investors may pay brokerage commissions on their purchases and sales of Institutional Class shares or I-2 shares of the Fund, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - (PIMCO Total Return Fund II) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Institutional Class	58	183	318	714
Class I-2	68	214	373	835
Administrative Class	84	262	455	1,014

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></div>

The Fund may invest, without limitation, in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities, subject to applicable law and any other restrictions described in the Fund's prospectus or Statement of Additional Information. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates or improving credit fundamentals for a particular sector or security. The Fund may also invest up to 10% of its total assets in preferred securities.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></div>

It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are listed below.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Performance Information </b></div>

The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund's average annual returns compare with the returns of a broad-based securities market index and an index of similar funds. Absent any applicable fee waivers and/or expense limitation, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. For periods prior to the inception date of I-2 shares (December 31, 2009), performance information shown in the table for that class is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and expenses paid by that class of shares. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></div>

*The year-to-date return as of June 30, 2018 is -1.26%. For the periods shown in the bar chart, the highest quarterly return was 6.32% in the Q2 2009, and the lowest quarterly return was -3.30% in the Q2 2013.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/17) </b> </b></div>

Average Annual Total Returns - (PIMCO Total Return Fund II) - PIMCO Bond Funds		1 Year	5 Years	10 Years
Institutional Class		4.66%	1.97%	4.84%
Institutional Class \| Return After Taxes on Distributions	^[1]	3.51%	0.46%	3.04%
Institutional Class \| Return After Taxes on Distributions and Sales of Fund Shares	^[1]	2.64%	0.91%	3.17%
Class I-2		4.56%	1.87%	4.73%
Administrative Class		4.40%	1.72%	4.57%
Bloomberg Barclays U.S. Aggregate Index (reflects no deductions for fees, expenses or taxes)		3.54%	2.10%	4.01%
Lipper Core Plus Bond Funds Average (reflects no deductions for taxes)		4.44%	2.48%	4.58%

[1]

(PIMCO Bond Funds) | (PIMCO Total Return Fund IV)

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></div>

The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></div>

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Institutional Class shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the "Classes of Shares" section on page 69 of the Fund's prospectus, Appendix B to the Fund's prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial advisor.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></div>

Shareholder Fees - PIMCO Bond Funds - (PIMCO Total Return Fund IV)	Institutional Class	Class A
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	none	3.75%
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or redemption price)	none	1.00%

Annual Fund Operating Expenses - PIMCO Bond Funds - (PIMCO Total Return Fund IV)		Institutional Class	Class A
Management Fees		0.50%	0.60%
Distribution and/or Service (12b-1) Fees			0.25%
Other Expenses	^[1]	0.03%	0.03%
Total Annual Fund Operating Expenses		0.53%	0.88%

[1]

"Other Expenses" include interest expense of 0.03%. Interest expense is borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC ("PIMCO"). Excluding interest expense, Total Annual Fund Operating Expenses are 0.50% and 0.85% for Institutional Class and Class A shares, respectively.

Example. The Example is intended to help you compare the cost of investing in Institutional Class or Class A shares of the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the noted class of shares for the time periods indicated, and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Investors may pay brokerage commissions on their purchases and sales of Institutional Class shares of the Fund, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></div>

Expense Example - (PIMCO Total Return Fund IV) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Institutional Class	54	170	296	665
Class A	461	645	844	1,419

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></div>

Expense Example, No Redemption - (PIMCO Total Return Fund IV)	1 Year	3 Years	5 Years	10 Years
Class A \| PIMCO Bond Funds \| USD ($)	461	645	844	1,419

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></div>

The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its net assets in a diversified portfolio of Fixed Income Instruments of varying maturities. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The average portfolio duration of this Fund normally varies within one and a half years (plus or minus) of the portfolio duration of the securities comprising the Bloomberg Barclays U.S. Aggregate Index, as calculated by Pacific Investment Management Company LLC ("PIMCO"), which as of May 31, 2018 was 5.70 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates.

The Fund may invest without limitation in the core sectors of the bond market including government bonds, mortgage bonds and corporate bonds and will generally seek to maintain positive exposure to these sectors. The Fund may invest only in investment grade securities of issuers that are rated at least Baa by Moody's Investors Service, Inc., ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or if unrated, determined by PIMCO to be of comparable quality. The Fund may invest up to 15% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers, although the Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 5% of its total assets. The Fund may invest up to 10% of its total assets in securities and instruments that are economically tied to emerging market countries (this limitation does not apply to investment grade sovereign debt denominated in the local currency with less than 1 year remaining to maturity, which means the Fund may invest, together with any other investments denominated in foreign currencies, up to 15% of its total assets in such instruments).

The Fund may invest in certain derivative instruments, such as futures contracts or swap agreements, or in mortgage- or asset-backed securities, subject to applicable law and any other restrictions described in the Fund's prospectus or Statement of Additional Information. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales, including short exposures obtained using derivative instruments, up to 10% of its total assets. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security. The Fund may invest up to 10% of its total assets in preferred securities, convertible securities and other equity-related securities, although the Fund will not invest in common stock.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></div>

It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are listed below.

Emerging Markets Risk: the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Performance Information </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></div>

*The year-to-date return as of June 30, 2018 is -1.76%. For the periods shown in the bar chart, the highest quarterly return was 3.21% in the Q3 2012, and the lowest quarterly return was -3.26% in the Q2 2013.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/17) </b> </b></div>

Average Annual Total Returns - (PIMCO Total Return Fund IV) - PIMCO Bond Funds		1 Year	5 Years	Since Inception		Inception Date
Institutional Class		4.57%	1.93%	3.76%		May 26, 2011
Institutional Class \| Return After Taxes on Distributions	^[1]	3.77%	0.86%	2.59%		May 26, 2011
Institutional Class \| Return After Taxes on Distributions and Sales of Fund Shares	^[1]	2.58%	1.02%	2.44%		May 26, 2011
Class A		0.27%	0.81%	2.81%		May 26, 2011
Bloomberg Barclays U.S. Aggregate Index (reflects no deductions for fees, expenses or taxes)		3.54%	2.10%	2.94%		May 26, 2011
Lipper Core Plus Bond Funds Average (reflects no deductions for taxes)		4.44%	2.48%	3.48%	^[2]	May 26, 2011

[1]

[2]

The Lipper Average's since inception return is determined from the nearest month-end following the Fund's inception date and not from the actual inception date of the Fund.

(PIMCO Bond Funds) | (PIMCO Total Return ESG Fund)

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></div>

The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> <b>None</b> </b></div>

Annual Fund Operating Expenses - PIMCO Bond Funds - (PIMCO Total Return ESG Fund)		Institutional Class	Class I-2	Class I-3	Administrative Class
Management Fees		0.50%	0.60%	0.70%	0.50%
Distribution and/or Service (12b-1) Fees					0.25%
Other Expenses	^[1]	0.17%	0.17%	0.17%	0.17%
Total Annual Fund Operating Expenses		0.67%	0.77%	0.87%	0.92%
Fee Waiver and/or Expense Reimbursement	^[2]			(0.05%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.67%	0.77%	0.82%	0.92%

[1]

"Other Expenses" include interest expense of 0.17%. Interest expense is borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC ("PIMCO"). Excluding interest expense, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement are 0.50%, 0.60%, 0.65% and 0.75% for Institutional Class, I-2, I-3 and Administrative Class shares, respectively.

[2]

Example. The Example is intended to help you compare the cost of investing in Institutional Class, I-2, I-3 or Administrative Class shares of the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the noted class of shares for the time periods indicated, and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Investors may pay brokerage commissions on their purchases and sales of Institutional Class, I-2 or I-3 shares of the Fund, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - (PIMCO Total Return ESG Fund) - PIMCO Bond Funds - USD ($)	1 Year	3 Years	5 Years	10 Years
Institutional Class	68	214	373	835
Class I-2	79	246	428	954
Class I-3	84	273	477	1,068
Administrative Class	94	293	509	1,131

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></div>

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></div>

The Fund seeks to achieve its investment objective by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The average portfolio duration of this Fund normally varies within two years (plus or minus) of the portfolio duration of the securities comprising the Bloomberg Barclays U.S. Aggregate Index, as calculated by PIMCO, which as of May 31, 2018 was 5.70 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. The Fund will not invest in the securities of any issuer determined by PIMCO to be engaged principally in the manufacture of alcoholic beverages, tobacco products or military equipment, the operation of gambling casinos, the production of coal, or in the production or trade of pornographic materials. In addition, the Fund will not invest in the securities of any issuer determined by PIMCO to be engaged principally in the provision of healthcare services or the manufacture of pharmaceuticals, unless the issuer derives 100% of its gross revenues from products or services designed to protect and improve the quality of human life, as determined on the basis of information available to PIMCO. To the extent possible on the basis of information available to PIMCO, an issuer will be deemed to be principally engaged in an activity if it derives more than 10% of its gross revenues from such activities. In addition, the Fund will not invest directly in securities of issuers that are engaged in certain business activities in or with the Republic of the Sudan.

In analyzing whether an issuer meets any of the criteria described above, PIMCO may rely upon, among other things, information provided by an independent third party.

The Fund may avoid investment in the securities of issuers whose business practices with respect to the environment, social responsibility, and governance ("ESG practices") are not to PIMCO's satisfaction. In determining the efficacy of an issuer's ESG practices, PIMCO will use its own proprietary assessments of material ESG issues and may also reference standards as set forth by recognized global organizations such as entities sponsored by the United Nations. Additionally, PIMCO may engage proactively with issuers to encourage them to improve their ESG practices. PIMCO's activities in this respect may include, but are not limited to, direct dialogue with company management, such as through in-person meetings, phone calls, electronic communications, and letters. Through these engagement activities, PIMCO seeks to identify opportunities for a company to improve its ESG practices, and will endeavor to work collaboratively with company management to establish concrete objectives and to develop a plan for meeting these objectives. The Fund may invest in securities of issuers whose ESG practices are currently suboptimal, with the expectation that these practices may improve over time either as a result of PIMCO's engagement efforts or through the company's own initiatives. It may also exclude those issuers that are not receptive to PIMCO's engagement efforts, as determined in PIMCO's sole discretion.

The Fund invests primarily in investment grade securities, but may invest up to 20% of its total assets in high yield securities ("junk bonds"), as rated by Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, as determined by PIMCO. The Fund may invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 15% of its total assets in securities and instruments that are economically tied to emerging market countries (this limitation does not apply to investment grade sovereign debt denominated in the local currency with less than 1 year remaining to maturity, which means the Fund may invest, together with any other investments denominated in foreign currencies, up to 30% of its total assets in such instruments). The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></div>

It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are listed below.

Emerging Markets Risk: the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk

Responsible Investing Risk: the risk that, because the Fund's responsible investment strategy may select or exclude securities of certain issuers for reasons other than performance, the Fund may underperform funds that do not utilize a responsible investment strategy. Responsible investing is qualitative and subjective by nature, and there is no guarantee that the criteria utilized by PIMCO or any judgment exercised by PIMCO will reflect the beliefs or values of any particular investor

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Performance Information </b></div>

The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund's average annual returns compare with the returns of a broad-based securities market index and an index of similar funds. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. For periods prior to the inception date of I-2 shares (March 31, 2009), performance information shown in the table for that class is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and expenses paid by that class of shares. The I-3 shares of the Fund have not commenced operations as of the date of this prospectus. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></div>

*The year-to-date return as of June 30, 2018 is -1.85%. For the periods shown in the bar chart, the highest quarterly return was 6.12% in the Q2 2009, and the lowest quarterly return was -3.31% in the Q2 2013.

<div style="font-size:10pt;padding-top:5pt;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/17) </b> </b></div>

Average Annual Total Returns - (PIMCO Total Return ESG Fund) - PIMCO Bond Funds		1 Year	5 Years	10 Years
Institutional Class		4.46%	2.03%	4.97%
Institutional Class \| Return After Taxes on Distributions	^[1]	3.54%	0.58%	3.08%
Institutional Class \| Return After Taxes on Distributions and Sales of Fund Shares	^[1]	2.52%	0.95%	3.16%
Class I-2		4.35%	1.92%	4.86%
Administrative Class		4.20%	1.77%	4.71%
Bloomberg Barclays U.S. Aggregate Index (reflects no deductions for fees, expenses or taxes)		3.54%	2.10%	4.01%
Lipper Core Plus Bond Funds Average (reflects no deductions for taxes)		4.44%	2.48%	4.58%

[1]