PIMCO Funds

485BPOS 1 d573334d485bpos.htm PIMCO FUNDS PIMCO Funds

As filed with the Securities and Exchange Commission on July 26, 2013

File Nos. 033-12113

811-05028

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-1A


		REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933		x

		Post-Effective Amendment No. 249		x

		And

		REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940		x

		Amendment No. 328		x

PIMCO Funds

(Exact name of Registrant as Specified in Charter)

840 Newport Center Drive

Newport Beach, California 92660

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including area code:

(866) 746-2606

Robert W. Helm, Esq.

Brendan C. Fox, Esq.

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Brent R. Harris

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, California 92660

(Name and Address of Agent for Service)

It is proposed that this filing will become effective (check appropriate box):


¨ immediately upon filing pursuant to paragraph (b)		x on (July 31, 2013) pursuant to paragraph (b)
¨ 60 days after filing pursuant to paragraph (a)(1)		¨ on (date) pursuant to paragraph (a)(1)
¨ 75 days after filing pursuant to paragraph (a)(2)		¨ on (date) pursuant to paragraph (a)(2) of rule 485.

If appropriate, check the following box:

¨ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

EXPLANATORY NOTE

This Post-Effective Amendment No. 249 to the Registration Statement of PIMCO Funds (the “Trust” or the “Registrant”) on Form N-1A (File No. 33-12113) is being filed pursuant to Rule 485(b) under the Securities Act of 1933, as amended, to provide updated financial information for and to make other non-material changes to the Trust’s prospectuses and Statement of Additional Information.

Prospectus

PIMCO Funds

As with other mutual funds, the U.S. Securities and Exchange Commission has not approved or disapproved these securities, or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.


Asset Allocation Funds	July 31, 2013

	Inst	P	Admin	D	A	B	C	R
PIMCO All Asset Fund	PAAIX	PALPX	PAALX	PASDX	PASAX	PASBX	PASCX	PATRX
PIMCO All Asset All Authority Fund	PAUIX	PAUPX	—	PAUDX	PAUAX	—	PAUCX	—
PIMCO Global Multi-Asset Fund	PGAIX	PGAPX	PGAAX	PGMDX	PGMAX	—	PGMCX	PGMRX
PIMCO RealRetirement® Income and Distribution Fund	PRIEX	PTNPX	PRNAX	PTNDX	PTNAX	—	PTNCX	PTNRX
PIMCO RealRetirement® 2015 Fund	PTNIX	PTNQX	PTNNX	PTNUX	PTNYX	—	PTNWX	PTNSX
PIMCO RealRetirement® 2020 Fund	PRWIX	PTYPX	PFNAX	PTYDX	PTYAX	—	PTYCX	PTYRX
PIMCO RealRetirement® 2025 Fund	PENTX	PENPX	PENMX	PENDX	PENZX	—	PENWX	PENRX
PIMCO RealRetirement® 2030 Fund	PRLIX	PEHPX	PNLAX	PEHDX	PEHAX	—	PEHCX	PEHRX
PIMCO RealRetirement® 2035 Fund	PIVIX	PIVPX	PIVNX	PIVDX	PIVAX	—	PIVWX	PIVSX
PIMCO RealRetirement® 2040 Fund	PROIX	POFPX	PEOAX	POFDX	POFAX	—	POFCX	POFRX
PIMCO RealRetirement® 2045 Fund	PFZIX	PFZPX	PFZMX	PFZDX	PFZAX	—	PFZCX	PFZRX
PIMCO RealRetirement® 2050 Fund	PRMIX	PFYPX	POTAX	PFYDX	PFYAX	—	PFYCX	PFYRX

Table of Contents


Fund Summaries
PIMCO All Asset Fund
PIMCO All Asset All Authority Fund
PIMCO Global Multi-Asset Fund
PIMCO RealRetirement® Income and Distribution Fund
PIMCO RealRetirement® 2015 Fund
PIMCO RealRetirement® 2020 Fund
PIMCO RealRetirement® 2025 Fund
PIMCO RealRetirement® 2030 Fund
PIMCO RealRetirement® 2035 Fund
PIMCO RealRetirement® 2040 Fund
PIMCO RealRetirement® 2045 Fund
PIMCO RealRetirement® 2050 Fund
Summary of Other Important Information Regarding Fund Shares

Description of Principal Risks

Disclosure of Portfolio Holdings

Management of the Funds

Classes of Shares

Purchases, Redemptions and Exchanges

How Fund Shares are Priced

Fund Distributions

Tax Consequences

Characteristics and Risks of Securities and Investment Techniques

Descriptions of the Underlying PIMCO Funds

Financial Highlights

Appendix A - Description of Securities Ratings

PIMCO All Asset Fund

Investment Objective

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold 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 77 of the Fund's prospectus or from your financial advisor.

Shareholder Fees (fees paid directly from your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class B	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	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%	3.50%	1.00%	None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class B	Class C	Class R
Management Fees	0.225%	0.325%	0.225%	0.375%	0.475%	0.475%	0.475%	0.475%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%	0.25%	0.25%	1.00%	1.00%	0.50%
Acquired Fund Fees and Expenses¹	0.76%	0.76%	0.76%	0.76%	0.76%	0.76%	0.76%	0.76%
Total Annual Fund Operating Expenses²^,3	0.985%	1.085%	1.235%	1.385%	1.485%	2.235%	2.235%	1.735%
Fee Waiver and/or Expense Reimbursement⁴	(0.10%)	(0.10%)	(0.10%)	(0.10%)	(0.10%)	(0.10%)	(0.10%)	(0.10%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement⁵	0.885%	0.985%	1.135%	1.285%	1.385%	2.135%	2.135%	1.635%

Acquired Fund Fees and Expenses include interest expense of the Underlying PIMCO Funds of 0.01%. Interest expense is based on the amounts incurred during an Underlying PIMCO Fund's most recent fiscal year as a result of entering into certain investments, such as reverse repurchase agreements. This interest expense is required to be treated as an expense of such Underlying PIMCO Fund for accounting purposes, but the amount of interest expense (if any) will vary with the Underlying PIMCO Fund's use of those investments (like reverse repurchase agreements) as an investment strategy.

²	Total Annual Fund Operating Expenses excluding interest expense of the Underlying PIMCO Funds is 0.975%, 1.075%, 1.225%, 1.375%, 1.475%, 2.225%, 2.225% and 1.725% for Institutional Class, Class P, Administrative Class, Class D, Class A, Class B, Class C and Class R shares, respectively.

Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets of the Fund, as set forth in the Financial Highlights table of the Fund's prospectus, because the Ratio of Expenses to Average Net Assets reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

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PIMCO has contractually agreed, through July 31 2014, to reduce its advisory fee to the extent that the Underlying PIMCO Fund Expenses attributable to advisory and supervisory and administrative fees exceed 0.64% of the total assets invested in Underlying PIMCO Funds. PIMCO may recoup these waivers in future periods, not exceeding three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The fee reduction is implemented based on a calculation of Underlying PIMCO Fund Expenses attributable to advisory and supervisory and administrative fees that is different from the calculation of Acquired Fund Fees and Expenses listed in the table above.

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Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement excluding interest expense of the Underlying PIMCO Funds is 0.875%, 0.975%, 1.125%, 1.275%, 1.375%, 2.125%, 2.125% and 1.625% for Institutional Class, Class P, Administrative Class, Class D, Class A, Class B, Class C and Class R shares, respectively.

Example. The Example is intended to help you compare the cost of investing in Institutional Class, Class P, Administrative Class, Class D, Class A, Class B, 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If you redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$90	$282	$490	$1,090
Class P	$100	$314	$544	$1,207
Administrative Class	$116	$361	$625	$1,380
Class D	$131	$407	$705	$1,551
Class A	$511	$797	$1,104	$1,976
Class B	$567	$868	$1,197	$2,019
Class C	$317	$668	$1,147	$2,467
Class R	$166	$516	$889	$1,938

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$90	$282	$490	$1,090
Class P	$100	$314	$544	$1,207
Administrative Class	$116	$361	$625	$1,380
Class D	$131	$407	$705	$1,551
Class A	$511	$797	$1,104	$1,976
Class B	$217	$668	$1,147	$2,019
Class C	$217	$668	$1,147	$2,467
Class R	$166	$516	$889	$1,938

Portfolio Turnover

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 36% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing under normal circumstances substantially all of its assets in Institutional Class or Class M shares of any funds of the Trust or PIMCO Equity Series, an affiliated open-end investment company, except other funds of funds, or shares of any actively-managed funds of the PIMCO ETF Trust, an affiliated investment company (collectively, "Underlying PIMCO Funds"). The Fund invests its assets in shares of the Underlying PIMCO Funds and does not invest directly in stocks or bonds of other issuers. Research Affiliates, LLC, the Fund's asset allocation sub-adviser, determines how the Fund allocates and reallocates its assets among the Underlying PIMCO Funds. In doing so, the asset allocation sub-adviser seeks concurrent exposure to a broad spectrum of asset classes.

The Fund may invest in any or all of the Underlying PIMCO Funds, but will not normally invest in every Underlying PIMCO Fund at any particular time. The Fund's investment in a particular Underlying PIMCO Fund normally will not exceed 50% of its total assets. The Fund will not invest in the Short Strategy Underlying PIMCO Funds, which seek to gain a negative exposure to an asset class such as equities or commodities. The Fund's combined investments in the Equity-Related Underlying PIMCO Funds will not exceed 50% of its total assets. In addition, the Fund's combined investments in Inflation-Related Underlying PIMCO Funds, which seek to gain exposure to an asset class such as U.S. Treasury Inflation-Protected Securities ("TIPS"), commodities, or real estate, normally will not exceed 75% of its total assets.

The Fund's assets are not allocated according to a predetermined blend of shares of the Underlying PIMCO Funds. Instead, when making allocation decisions among the Underlying PIMCO Funds, the Fund's asset allocation sub-adviser considers various quantitative and qualitative data relating to the U.S. and foreign economies and securities markets. Such data includes projected growth trends in the U.S. and foreign economies, forecasts for interest rates and the relationship between short- and long-term interest rates (yield curve), current and projected trends in inflation, relative valuation levels in the equity and fixed income markets and various segments within those markets, the outlook and projected growth of various industrial sectors, information relating to business cycles, borrowing needs and the cost of capital, political trends, data relating to trade balances and labor information. The Fund's asset allocation sub-adviser has the flexibility to reallocate the Fund's assets among any or all of the asset class exposures represented by the Underlying PIMCO Funds based on its ongoing analyses of the equity, fixed income and commodity markets. While these analyses are performed daily, material shifts in asset class exposures typically take place over longer periods of time. The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.

The Fund is a "fund of funds," which is a term used to describe mutual funds that pursue their investment objective by investing in other mutual funds. In addition to investing in the Underlying PIMCO Funds, at the discretion of Pacific Investment Management Company LLC ("PIMCO") and without shareholder approval, the Fund may invest in additional Underlying PIMCO Funds created in the future.

Principal Risks

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:

Allocation Risk: the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions as to how its assets are allocated or reallocated

Underlying PIMCO Fund Risk: the risk that a Fund's performance is closely related to the risks associated with the securities and other investments held by the Underlying PIMCO Funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of the Underlying PIMCO Funds to achieve their investment objectives

Issuer Non-Diversification Risk: the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are "diversified"

The principal risks of investing in the Underlying PIMCO Funds, and consequently the Fund, which could adversely affect its net asset value, yield and total return, are:

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

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 and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments

Distressed Company Risk: the risk that securities of distressed companies may be subject to greater levels of credit, issuer and liquidity risk than a portfolio that does not invest in such securities. Securities of distressed companies include both debt and equity securities. Debt securities of distressed companies are considered predominantly speculative with respect to the issuers' continuing ability to make principal and interest payments

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

Derivatives Risk: the risk of investing in derivative instruments, including liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested

Commodity Risk: the risk that investing in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments

Equity Risk: the risk that the value of equity securities, such as common stocks and preferred stocks, 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 risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk and prepayment 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, and 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

Real Estate Risk: the risk that a 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. A Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks

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

Currency Risk: the risk that foreign currencies will decline 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, causing the Fund to be more volatile than if it had not been leveraged

Smaller Company Risk: the risk that the value of securities issued by a smaller company may go up or down, sometimes rapidly and unpredictably as compared to more widely held securities, due to narrow markets and limited resources of smaller companies. A Fund's investments in smaller companies subject it to greater levels of credit, market and issuer risk

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 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

Tax Risk: the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund's taxable income or gains and distributions

Subsidiary Risk: the risk that, by investing in certain Underlying PIMCO Funds that invest in a subsidiary (each a "Subsidiary"), the Fund is indirectly exposed to the risks associated with a Subsidiary's investments. The Subsidiaries are not registered under the 1940 Act and may not be subject to all the investor protections of the 1940 Act. There is no guarantee that the investment objective of a Subsidiary will be achieved

Short Sale 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 may fail to honor its contract terms, causing a loss to the Fund

Value Investing Risk: a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur

Arbitrage Risk: the risk that securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the value of two securities may not perform as expected

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

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.

Performance Information

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 two broad-based securities market indices 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 P shares (April 30, 2008), Class D, A, B and C shares (April 30, 2003) and Class R shares (January 31, 2006), 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 actual distribution and/or service (12b-1) fees and other expenses paid by these classes of shares. Performance 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 Fund measures its performance against two benchmarks. The Fund's primary benchmark is the Barclays U.S. TIPS 1-10 Year Index. The Fund's secondary benchmark is created by adding 5% to the annual percentage change in the Consumer Price Index ("CPI") (specifically, the CPI for All Urban Consumers). The portfolio manager believes that this secondary benchmark reflects the Fund's long-term investment strategy more accurately than the Barclays U.S. TIPS 1-10 Year Index.

The Barclays U.S. TIPS: 1-10 Year Index is an unmanaged index market comprised of U.S. Treasury Inflation Protected securities having a maturity of at least 1 year and less than 10 years. The CPI + 500 Basis Points benchmark is created by adding 5% to the annual percentage change in the CPI. The index reflects seasonally adjusted returns. Prior to July 31, 2012, the Fund's secondary benchmark index was the same CPI + 500 Basis Points benchmark as described, but with non-seasonally adjusted returns. The CPI is an unmanaged index representing the rate of inflation of the U.S. consumer prices as determined by the US Bureau of Labor Statistics. There can be no guarantee that the CPI or other indexes will reflect the exact level of inflation at any given time. The Lipper Flexible Portfolio Funds Average is a total return performance average of Funds tracked by Lipper, Inc. that allocate their investments across various asset classes, including domestic common stocks, bond and money market instruments with a focus on total return.

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.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is -3.35%. For the periods shown in the bar chart, the highest quarterly return was 12.61% in the Q2 2009, and the lowest quarterly return was -8.26% in the Q4 2008.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		5 Years		10 Years
Institutional Class Return Before Taxes	15.44	%	6.93	%	8.25	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	13.18	%	4.42	%	5.85	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	10.01	%	4.40	%	5.69	%
Class P Return Before Taxes	15.40	%	6.85	%	8.15	%
Administrative Class Return Before Taxes	15.25	%	6.67	%	7.99	%
Class D Return Before Taxes	15.03	%	6.48	%	7.69	%
Class A Return Before Taxes	10.61	%	5.53	%	7.21	%
Class B Return Before Taxes	10.55	%	5.46	%	6.97	%
Class C Return Before Taxes	13.03	%	5.54	%	6.81	%
Class R Return Before Taxes	14.62	%	6.04	%	7.31	%
Barclays U.S. TIPS: 1-10 Year Index (reflects no deductions for fees, expenses or taxes)	5.04	%	5.64	%	5.70	%
Consumer Price Index + 500 Basis Points (reflects no deductions for fees, expenses or taxes)	6.76	%	6.80	%	7.43	%

Lipper Flexible Portfolio Funds Average (reflects no deductions for taxes)

8.80

2.46

7.11

(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.

Investment Adviser/Portfolio Manager

PIMCO serves as the investment adviser for the Fund. Research Affiliates, LLC serves as the asset allocation sub-adviser to the Fund. The Fund's portfolio is managed by Robert D. Arnott. Mr. Arnott is the Chairman and Founder of Research Affiliates, LLC and he has managed the Fund since its inception in July 2002.

Other Important Information Regarding Fund Shares

For important information about purchase and sale of Fund shares, tax information, and payments to broker-dealers and other financial intermediaries, please turn to the "Summary of Other Important Information Regarding Fund Shares" section on page 61 of this prospectus.

PIMCO All Asset All Authority Fund

Investment Objective

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

Fees and Expenses of the Fund

Shareholder Fees (fees paid directly from your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None	None	None	None	5.50%	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 (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C
Management Fees	0.25%	0.35%	0.25%	0.40%	0.45%	0.45%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%	0.25%	0.25%	1.00%
Other Expenses¹	0.62%	0.62%	0.62%	0.62%	0.62%	0.62%
Acquired Fund Fees and Expenses²	1.02%	1.02%	1.02%	1.02%	1.02%	1.02%
Total Annual Fund Operating Expenses³^,4	1.89%	1.99%	2.14%	2.29%	2.34%	3.09%
Fee Waiver and/or Expense Reimbursement⁵	(0.04%)	(0.04%)	(0.04%)	(0.04%)	(0.04%)	(0.04%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement⁶	1.85%	1.95%	2.10%	2.25%	2.30%	3.05%

"Other Expenses" reflect interest expense. Interest expense results from the Fund's ability to borrow money for investment purposes from a committed line of credit. Such expense is required to be treated as a Fund expense for accounting purposes and is not payable to PIMCO. Any interest expense amount will vary based on the Fund's use of those investments as an investment strategy best suited to seek the objective of the Fund.

Acquired Fund Fees and Expenses include interest expense of the Underlying PIMCO Funds of 0.02%. Interest expense is based on the amounts incurred during an Underlying PIMCO Fund's most recent fiscal year as a result of entering into certain investments, such as reverse repurchase agreements. This interest expense is required to be treated as an expense of such Underlying PIMCO Fund for accounting purposes, but the amount of interest expense (if any) will vary with the Underlying PIMCO Fund's use of those investments (like reverse repurchase agreements) as an investment strategy.

³	Total Annual Fund Operating Expenses excluding interest expense and interest expense of the Underlying PIMCO Funds is 1.25%, 1.35%, 1.50%, 1.65%, 1.70% and 2.45% for Institutional Class, Class P, Administrative Class, Class D, Class A and Class C shares, respectively.

⁴

⁵

PIMCO has contractually agreed, through July 31, 2014, to reduce its advisory fee to the extent that the Underlying PIMCO Fund Expenses attributable to advisory and supervisory and administrative fees exceed 0.69% of the total assets invested in Underlying PIMCO Funds. PIMCO may recoup these waivers in future periods, not exceeding three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The fee reduction is implemented based on a calculation of Underlying PIMCO Fund Expenses attributable to advisory and supervisory and administrative fees that is different from the calculation of Acquired Fund Fees and Expenses listed in the table above.

⁶

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement excluding interest expense and interest expense of the Underlying PIMCO Funds is 1.21%, 1.31%, 1.46%, 1.61%, 1.66% and 2.41% for Institutional Class, Class P, Administrative Class, Class D, Class A and Class C shares, respectively.

Example. The Example is intended to help you compare the cost of investing in Institutional Class, Class P, Administrative Class, Class D, 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If you redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$188	$582	$1,001	$2,169
Class P	$198	$612	$1,052	$2,275
Administrative Class	$213	$658	$1,129	$2,431
Class D	$228	$703	$1,205	$2,585
Class A	$770	$1,229	$1,713	$3,041
Class C	$408	$942	$1,601	$3,365

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$188	$582	$1,001	$2,169
Class P	$198	$612	$1,052	$2,275
Administrative Class	$213	$658	$1,129	$2,431
Class D	$228	$703	$1,205	$2,585
Class A	$770	$1,229	$1,713	$3,041
Class C	$308	$942	$1,601	$3,365

Portfolio Turnover

Principal Investment Strategies

The Fund may invest in any or all of the Underlying PIMCO Funds, but will not normally invest in every Underlying PIMCO Fund at any particular time. The Fund's investment in any particular Underlying PIMCO Fund normally will not exceed 50% of its total assets. The Fund's investments in the Short Strategy Underlying PIMCO Funds, which seek to gain a negative exposure to an asset class such as equities or commodities, normally will not exceed 20% of its total assets. The Fund's combined investments in the Domestic Equity-Related Underlying PIMCO Funds normally will not exceed 50% of its total assets. The Fund's combined investments in the International Equity-Related Underlying PIMCO Funds normally will not exceed 33⅓% of its total assets. The Fund's combined investments in the Equity-Related Underlying PIMCO Funds (less any investment in the PIMCO StocksPLUS® AR Short Strategy Fund) normally will not exceed 66⅔% of its total assets. In addition, the Fund's combined investments in Inflation-Related Underlying PIMCO Funds, which seek to gain exposure to an asset class such as U.S. Treasury Inflation-Protected Securities ("TIPS"), commodities, or real estate, (less any exposure to the PIMCO CommoditiesPLUS® Short Strategy Fund) normally will not exceed 75% of its total assets.

The Fund may use leverage by borrowing for investment purposes to purchase additional shares of Underlying PIMCO Funds. The Fund can borrow from banks up to a maximum of 33⅓% of total assets. If at any time the Fund's borrowings exceed this 33⅓% maximum limitation, the Fund will, within three business days, decrease its borrowings to the extent required. Borrowing requires the payment of interest and other loan costs. To make such payments, the Fund may be forced to sell portfolio securities when it is not otherwise advantageous to do so. At times when the Fund's borrowings are substantial, the interest expense to the Fund may result in the Fund having little or no investment income. The use of leverage by borrowing creates the potential for greater gains to shareholders of the Fund during favorable market conditions and the risk of magnified losses during adverse market conditions. In addition, the Underlying PIMCO Funds may engage in certain transactions that give rise to a form of leverage.

Principal Risks

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:

Allocation Risk: the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions as to how its assets are allocated or reallocated

The principal risks of investing in the Underlying PIMCO Funds, and consequently the Fund, which could adversely affect its net asset value, yield and total return, are:

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 and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments

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

Performance Information

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 two broad-based securities market indices 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 P shares (July 10, 2008) and Class A, C and D shares (July 29, 2005), 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 actual distribution and/or service (12b-1) fees and other expenses paid by these classes of shares. The Administrative Class of the Fund has not commenced operations as of the date of this prospectus. Performance 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 Fund measures its performance against two benchmarks. The Fund's primary benchmark is the Standard & Poor's 500 Composite Stock Price Index ("S&P 500"). The Fund's secondary benchmark is a benchmark created by adding 6.5% to the annual percentage change in the Consumer Price Index ("CPI") (specifically, the CPI for All Urban Consumers). The portfolio manager believes that this secondary benchmark reflects the Fund's long-term investment strategy more accurately than the S&P 500.

The S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The Index focuses on the large-cap segment of the U.S. equities market. The CPI + 650 Basis Points benchmark is created by adding 6.5% to the annual percentage change in the CPI. The index reflects seasonally adjusted returns. Prior to July 31, 2012, the Fund's secondary benchmark index was the same CPI + 650 Basis Points benchmark as described, but with non-seasonally adjusted returns. The CPI is an unmanaged index representing the rate of inflation of the U.S. consumer prices as determined by the US Bureau of Labor Statistics. There can be no guarantee that the CPI or other indexes will reflect the exact level of inflation at any given time. The Lipper Flexible Portfolio Funds Average is a total return performance average of Funds tracked by Lipper, Inc. that allocate their investments across various asset classes, including domestic common stocks, bond and money market instruments with a focus on total return.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is -6.28%. For the periods shown in the bar chart, the highest quarterly return was 11.93% in the Q2 2009, and the lowest quarterly return was -6.72% in the Q3 2008.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		5 Years		Since Inception (10/31/2003)
Institutional Class Return Before Taxes	17.66	%	8.30	%	8.50	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	15.16	%	5.71	%	5.95	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	11.45	%	5.56	%	5.80	%
Class P Return Before Taxes	17.57	%	8.20	%	8.32	%
Class D Return Before Taxes	17.32	%	7.84	%	7.93	%
Class A Return Before Taxes	10.70	%	6.88	%	7.42	%
Class C Return Before Taxes	15.29	%	6.90	%	7.06	%
S&P 500 Index (reflects no deductions for fees, expenses or taxes)	16.00	%	1.66	%	5.53	%
Consumer Price Index + 650 Basis Points (reflects no deductions for fees, expenses or taxes)	8.26	%	8.30	%	8.96	%

Lipper Flexible Portfolio Funds Average (reflects no deductions for taxes)

8.80

2.46

5.82

Investment Adviser/Portfolio Manager

Other Important Information Regarding Fund Shares

PIMCO Global Multi-Asset Fund

Investment Objective

The Fund seeks maximum long-term absolute return, consistent with prudent management of portfolio volatility.

Fees and Expenses of the Fund

Shareholder Fees (fees paid directly from your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None	None	None	None	5.50%	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 (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Management Fees	0.95%	1.05%	0.95%	1.30%	1.30%	1.30%	1.30%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%	0.25%	0.25%	1.00%	0.50%
Other Expenses¹	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Acquired Fund Fees and Expenses	0.56%	0.56%	0.56%	0.56%	0.56%	0.56%	0.56%
Total Annual Fund Operating Expenses²^,3	1.53%	1.63%	1.78%	2.13%	2.13%	2.88%	2.38%
Fee Waiver and/or Expense Reimbursement⁴^,5	(0.50%)	(0.50%)	(0.50%)	(0.50%)	(0.50%)	(0.50%)	(0.50%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement⁶	1.03%	1.13%	1.28%	1.63%	1.63%	2.38%	1.88%

"Other Expenses" reflect interest expense. Interest expense results from the Fund's use of certain investments such as reverse repurchase agreements. Such expense is required to be treated as a Fund expense for accounting purposes and is not payable to PIMCO. Any interest expense amount will vary based on the Fund's use of those investments as an investment strategy best suited to seek the objective of the Fund.

²	Total Annual Fund Operating Expenses excluding interest expense is 1.51%, 1.61%, 1.76%, 2.11%, 2.11%, 2.86% and 2.36% for Institutional Class, Class P, Administrative Class, Class D, Class A, Class C and Class R shares, respectively.

⁴

PIMCO has contractually agreed to waive the Fund's advisory fee and the supervisory and administrative fee in an amount equal to the management fee and administrative services fee, respectively, paid by the PIMCO Cayman Commodity Fund II Ltd. (the "Subsidiary") to PIMCO. The Subsidiary pays PIMCO a management fee and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Subsidiary is in place.

⁵

⁶	Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement excluding interest expense is 1.01%, 1.11%, 1.26%, 1.61%, 1.61%, 2.36% and 1.86% for Institutional Class, Class P, Administrative Class, Class D, Class A, Class C and Class R shares, respectively.

Example. The Example is intended to help you compare the cost of investing in Institutional Class, Class P, Administrative Class, Class D, 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If you redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$105	$328	$569	$1,259
Class P	$115	$359	$622	$1,375
Administrative Class	$130	$406	$702	$1,545
Class D	$166	$514	$887	$1,933
Class A	$707	$1,036	$1,388	$2,376
Class C	$341	$742	$1,270	$2,716
Class R	$191	$591	$1,016	$2,201

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$105	$328	$569	$1,259
Class P	$115	$359	$622	$1,375
Administrative Class	$130	$406	$702	$1,545
Class D	$166	$514	$887	$1,933
Class A	$707	$1,036	$1,388	$2,376
Class C	$241	$742	$1,270	$2,716
Class R	$191	$591	$1,016	$2,201

Portfolio Turnover

Principal Investment Strategies

The Fund is intended for investors who prefer to have their asset allocation decisions made by professional investment managers. Pacific Investment Management Company LLC ("PIMCO") uses a three-step approach in seeking to achieve the Fund's investment objective which consists of 1) developing a target asset allocation; 2) developing a series of relative value strategies designed to add value beyond the target allocation; and 3) utilizing hedging techniques to manage risks. PIMCO evaluates these three steps and uses varying combinations of Acquired Funds and/or direct investments to implement them within the Fund. The Fund may invest in Institutional Class or Class M shares of any funds of the Trust and PIMCO Equity Series, an affiliated open-end investment company, except funds of funds ("Underlying PIMCO Funds"), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, "Acquired Funds").

The Fund seeks to achieve its investment objective by investing under normal circumstances in a combination of affiliated and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940, as amended (the "1940 Act"), Fixed Income Instruments, equity securities, forwards and derivatives. "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 such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. The Fund may invest, without limitation, in any of the Underlying PIMCO Funds (except the PIMCO CommoditiesPLUS® Short Strategy Fund, PIMCO CommoditiesPLUS® Strategy Fund and PIMCO CommodityRealReturn Strategy Fund®). The Fund will invest either directly or indirectly (through a fund) in instruments that are economically tied to at least three countries (one of which may be the United States).

The Fund seeks concurrent exposure to a broad spectrum of asset classes and other investments. The Fund will typically invest 20% to 80% of its total assets in equity-related investments (including investment in common stock, preferred stock, equity securities of real estate investment trusts and/or investment in the Domestic Equity-Related Underlying PIMCO Funds, the International Equity-Related Underlying PIMCO Funds and the PIMCO RealEstateRealReturn Strategy Fund, an Underlying PIMCO Fund and in other equity-related Acquired Funds). With respect to its direct or indirect (through a fund) investments in equity securities, there is no limitation on the market capitalization range of the issuers in which the Fund may invest. The Fund may invest up to 25% of its total assets in commodity-related investments (including investment in the PIMCO Cayman Commodity Fund II Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"), and the PIMCO CommoditiesPLUS® Short Strategy Fund, PIMCO CommoditiesPLUS® Strategy Fund, PIMCO CommodityRealReturn Strategy Fund®, Underlying PIMCO Funds). The Subsidiary is advised by PIMCO and primarily invests in commodity-linked derivative instruments backed by a portfolio of Fixed Income Instruments. As discussed in greater detail elsewhere in this prospectus, the Subsidiary (unlike the Fund) may invest without limitation in commodity-linked swap agreements and other commodity-linked derivative instruments. The Fund may invest up to 25% of its total assets in the Subsidiary. The Fund may invest, without limitation, in securities denominated in foreign currencies and in U.S. dollar-denominated securities of foreign issuers. The Fund may invest, without limitation, in high yield securities ("junk bonds"). The Fund may invest, without limitation, in securities and instruments that are economically tied to emerging market countries. The Fund may purchase and sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales.

The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.

The Fund's assets are not allocated according to a predetermined blend of shares of the Acquired Funds and/or direct investments in securities, instruments and other investments. Instead, when making allocation decisions among the Acquired Funds, securities, instruments and other investments, PIMCO considers various qualitative and quantitative factors relating to the U.S. and non-U.S. economies, and securities and commodities markets. These factors include projected growth trends in the U.S. and non-U.S. economies, forecasts for interest rates and the relationship between short- and long-term interest rates (yield curve), current and projected trends in inflation, relative valuation levels in the equity, fixed income, commodity and real estate markets and various segments within those markets, the outlook and projected growth of various industrial sectors, information relating to business cycles, borrowing needs and the cost of capital, political trends, data relating to trade balances, and labor information. PIMCO uses these factors to help determine the Fund's target asset allocation and to identify potentially attractive relative value and risk hedging strategies. PIMCO has the flexibility to reallocate the Fund's assets among any or all of the investment exposures represented by affiliated or unaffiliated funds, or invest directly in securities, instruments and other investments, based on its ongoing analyses of the global economy and financial markets. While these analyses are performed daily, material shifts in investment exposures typically take place over longer periods of time.

As part of its investment process, PIMCO will seek to reduce exposure to certain risks by implementing various hedging transactions. These hedging transactions seek to reduce the Fund's exposure to certain severe, unanticipated market events that could significantly detract from returns.

Once the target asset allocation, relative value strategies and risk hedging strategies have been determined, PIMCO then evaluates various combinations of affiliated or unaffiliated funds, securities, instruments and other investments to obtain the desired exposures and invests accordingly. Additional information for these Underlying PIMCO Funds can be found in the Statement of Additional Information and/or the Underlying PIMCO Funds' prospectuses and financial reports. Additional Underlying PIMCO Funds may be added or deleted in the future without shareholder notification.

Principal Risks

It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund include risks from direct investments and/or indirect exposure through investment in Acquired Funds. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are:

Allocation Risk: the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions as to how its assets are allocated or reallocated

Acquired Fund Risk: the risk that a Fund's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives

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 and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments

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

Subsidiary Risk: the risk that, by investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The Subsidiary is not registered under the 1940 Act and may not be subject to all the investor protections of the 1940 Act. There is no guarantee that the investment objective of the Subsidiary will be achieved

Performance Information

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 two broad-based securities market indices 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 the Administrative Class shares (October 14, 2011), performance information shown in the table for Administrative Class shares is based on the performance of the Institutional Class shares. Performance 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 March 8, 2013, the Fund's secondary index is the 1 Month USD LIBOR (London Interbank Offered Rate) Index +5%. The 1 Month USD LIBOR Index +5% benchmark is created by adding 5% to the annual return of 1 Month USD LIBOR Index. The 1 Month USD LIBOR Index is an average interest rate, determined by the British Bankers Association, that banks charge one another for the use of short-term money (1 month) in England's Eurodollar market. The Fund's new secondary index was selected as its use is more closely aligned with the Fund's investment philosophy and investment objective. Prior to March 8, 2013, the Fund's secondary benchmark was the 60% MSCI World Index/40% Barclays U.S. Aggregate Index. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 24 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. The 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. The Lipper Global Flexible Portfolio Funds Average is a total return performance average of funds tracked by Lipper, Inc. that allocate investments across various asset classes, including both domestic and foreign stocks, bonds, and money market instruments with a focus on total return. At least 25% of their portfolio is invested in securities traded outside of the United States, including shares of gold mines, gold-oriented mining finance houses, gold coins, or bullion.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is -8.19%. For the periods shown in the bar chart, the highest quarterly return was 11.48% in the Q3 2009, and the lowest quarterly return was -7.66% in the Q3 2011.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		Since Inception (10/29/2008)
Institutional Class Return Before Taxes	9.60	%	9.50	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	8.71	%	7.44	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	6.40	%	7.00	%
Class P Return Before Taxes	9.41	%	9.39	%
Administrative Class Return Before Taxes	9.27	%	9.16	%
Class D Return Before Taxes	8.91	%	8.86	%
Class A Return Before Taxes	2.94	%	7.88	%
Class C Return Before Taxes	7.10	%	8.08	%
Class R Return Before Taxes	8.68	%	8.59	%
MSCI World Index (reflects no deductions for fees, expenses or taxes)	15.83	%	11.73	%
1 Month USD LIBOR Index +5% (reflects no deductions for fees, expenses or taxes)	5.24	%	5.36	%
60% MSCI World Index/40% Barclays U.S. Aggregate Index (reflects no deductions for fees, expenses or taxes)	11.29	%	10.47	%

Lipper Global Flexible Portfolio Funds Average (reflects no deductions for taxes)

10.63

10.15

Investment Adviser/Portfolio Manager

PIMCO serves as the investment adviser for the Fund. The Fund's portfolio is jointly managed by Mohamed EI-Erian, Saumil Parikh, Vineer Bhansali and Curtis Mewbourne. All are Managing Directors of PIMCO. Dr. El-Erian and Mr. Parikh are members of PIMCO's Investment Committee. Dr. El-Erian is also the Chief Executive Officer and Co-Chief Investment Officer of PIMCO. Dr. El-Erian, Mr. Mewbourne and Dr. Bhansali have managed the Fund since its inception in October 2008. Mr. Parikh has managed the Fund since October 2012. Dr. El-Erian is responsible for strategic portfolio oversight. Mr. Parikh is responsible for overall portfolio construction. Mr. Mewbourne focuses on developing alpha strategies, and Dr. Bhansali focuses on developing risk management strategies.

Other Important Information Regarding Fund Shares

PIMCO RealRetirement® Income and Distribution Fund

Investment Objective

The Fund seeks to maximize real return, consistent with preservation of real capital and prudent investment management.

Fees and Expenses of the Fund

Shareholder Fees (fees paid directly from your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None	None	None	None	5.50%	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 (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Management Fees	0.75%	0.85%	0.75%	1.00%	1.00%	1.00%	1.00%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%	0.25%	0.25%	1.00%	0.50%
Acquired Fund Fees and Expenses¹	0.52%	0.52%	0.52%	0.52%	0.52%	0.52%	0.52%
Total Annual Fund Operating Expenses²^,3	1.27%	1.37%	1.52%	1.77%	1.77%	2.52%	2.02%
Fee Waiver and/or Expense Reimbursement⁴	(0.51%)	(0.51%)	(0.51%)	(0.51%)	(0.51%)	(0.51%)	(0.51%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement⁵	0.76%	0.86%	1.01%	1.26%	1.26%	2.01%	1.51%

²	Total Annual Fund Operating Expenses excluding interest expense of the Underlying PIMCO Funds is 1.26%, 1.36%, 1.51%, 1.76%, 1.76%, 2.51% and 2.01% for the Institutional Class, Class P, Administrative Class, Class D, Class A, Class C and Class R shares, respectively.

⁴

⁵

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement excluding interest expense of the Underlying PIMCO Funds is 0.75%, 0.85%, 1.00%, 1.25%, 1.25%, 2.00% and 1.50% for Institutional Class, Class P, Administrative Class, Class D, Class A, Class C and Class R shares, respectively.

If you redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$78	$243	$422	$942
Class P	$88	$274	$477	$1,061
Administrative Class	$103	$322	$558	$1,236
Class D	$128	$400	$692	$1,523
Class A	$671	$928	$1,204	$1,989
Class C	$304	$630	$1,083	$2,338
Class R	$154	$477	$824	$1,802

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$78	$243	$422	$942
Class P	$88	$274	$477	$1,061
Administrative Class	$103	$322	$558	$1,236
Class D	$128	$400	$692	$1,523
Class A	$671	$928	$1,204	$1,989
Class C	$204	$630	$1,083	$2,338
Class R	$154	$477	$824	$1,802

Portfolio Turnover

Principal Investment Strategies

The PIMCO RealRetirement® Income and Distribution Fund (the "Fund") is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The primary difference between the PIMCO RealRetirement® Funds is their asset allocation, which varies depending on the number of years left until the "self-elected" year of retirement indicated in the PIMCO RealRetirement® Fund's name. Unlike the other PIMCO RealRetirement® Funds, the Fund does not include a "self-elected" year of retirement in its name because the Fund is managed for shareholders who are retired or about to retire soon and are more focused on preservation of capital and withdrawing portions of their investments. The asset allocation of the Fund is based on the asset allocation at zero years left until retirement on the glide path and is intended to be used throughout an investor's retirement. An investment in the Fund is not guaranteed, and you may experience losses. There is no guarantee that the Fund will provide adequate income at and through your retirement.

In managing the Fund, Pacific Investment Management Company LLC ("PIMCO") uses a four-step approach consisting of 1) developing and re-evaluating a long-term asset allocation "glide path"; 2) performing tactical allocation adjustments around the glide path; 3) developing a series of relative value strategies designed to add value beyond the target allocation; and 4) utilizing hedging techniques to manage risks.

The Fund seeks to achieve its investment objective by investing under normal circumstances in a combination of affiliated and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940 (the "1940 Act"), Fixed Income Instruments of varying maturities, equity securities, forwards and derivatives. "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 such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. The Fund may invest in Institutional Class or Class M shares of any funds of the Trust and PIMCO Equity Series, an affiliated open-end investment company, except funds of funds ("Underlying PIMCO Funds"), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, "Acquired Funds"). The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.

The Fund's long-term asset allocations are based on "glide path" developed by PIMCO and are based on quantitative and qualitative data relating to various risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement. The Fund's current asset allocation is based on the asset allocation at zero years left until retirement on the glide path and is intended to be used throughout an investor's retirement. The target date assumes a retirement age of 65, and time horizons based on current longevity of persons reaching retirement in average health. Choosing a PIMCO RealRetirement® Fund targeting an earlier date represents a more conservative choice; choosing a PIMCO RealRetirement® Fund targeting a later date represents a more aggressive choice. The glide path is designed not only to reduce risk as the target retirement date nears, but is also designed to provide investors diversification across a variety of asset classes, with an emphasis on asset classes that can protect against inflation over time. This is achieved by emphasizing allocations to inflation related assets, such as Treasury-Inflation Protected Securities ("TIPS"), commodities, and real estate, which complement exposures from traditional assets, such as U.S. and international equities, U.S. bonds and short-term instruments. The glide path changes over time, generally becoming more conservative as the Fund approaches the target date.

The chart below shows the glide path and illustrates how the allocation among the asset classes changes before and at the target date. The glide path allocation at the target date remains constant beyond that date. As described in greater detail below, PIMCO may adjust the Fund's actual asset allocation exposures from the long-term targets specified by the glide path based on PIMCO's real-time views of perceived risks and opportunities. PIMCO may also choose to modify the target asset allocations of the glide path itself from time to time.

PIMCO performs tactical allocation adjustments around the glide path, meaning PIMCO may vary the Fund's actual asset allocation exposures from the glide path's long-term targets based on PIMCO's real-time views of perceived risks and opportunities. PIMCO will generally reduce variation from the glide path's targets as the Fund approaches the target date.

The actual asset allocation at a given time may vary from the target strategic asset allocations based on PIMCO's tactical allocation adjustments and on market movements. These variances will be limited to a certain range relative to the target allocations under normal circumstances. The table below illustrates the permissible range in which the allocations may vary, as measured monthly.

	Total Equity Allocation				Total Commodity and Real Estate Allocation				Total Fixed Income Allocation
Years to Retirement	Target Allocation		Range		Target Allocation		Range		Target Allocation		Range
40	55	%	40-70	%	25	%	10-40	%	20	%	10-60	%
30	55	%	40-70	%	20	%	5-35	%	25	%	10-65	%
20	45	%	30-55	%	15	%	0-25	%	40	%	10-75	%
10	25	%	10-35	%	10	%	0-20	%	65	%	35-95	%
0	15	%	5-25	%	5	%	0-10	%	80	%	60-95	%

The tactical allocation adjustments described above are driven by PIMCO's secular and cyclical views, which are formulated by considering various qualitative and quantitative factors relating to the U.S. and non-U.S. economies, and securities and commodities markets. These factors include projected growth trends in the U.S. and non-U.S. economies, forecasts for interest rates and the relationship between short- and long-term interest rates (yield curve), current and projected trends in inflation, relative valuation levels in the equity, fixed income, commodity and real estate markets and various segments within those markets, the outlook and projected growth of various industrial sectors, information relating to business cycles, borrowing needs and the cost of capital, political trends, data relating to trade balances, labor information and relevant legislative or public policy changes. These "top down" macro economic factors, as well as more micro "bottom up" factors that are unique to narrowly defined market sectors, are used to identify attractive relative value strategies. These strategies seek to modestly enhance the Fund's returns in a manner within the allocation ranges relative to the glide path targets described above. When reallocating the Fund's investment exposures, PIMCO may do so by adjusting the mix of affiliated or unaffiliated funds, or by investing directly in securities, instruments and other investments, based on its ongoing analyses of the global economy, financial markets and the relative valuation and risks presented by the aforementioned vehicles and instruments. In selecting and reallocating the mix of affiliated or unaffiliated funds, PIMCO considers a wide range of factors, including a fund's objective, strategies, risks, performance, fees, and other metrics. In seeking to limit the amount of acquired fund fees and expenses that may be borne by Fund investors, PIMCO may choose to invest in particular affiliated or unaffiliated funds, so long as such investment decisions are consistent with the Fund's investment objective, glide path and tactical asset allocations. While PIMCO can adjust the Fund's investment exposures daily, including the vehicles or instruments used to gain those exposures, material shifts in investment exposures typically take place over longer periods of time.

As part of its investment process, PIMCO will also seek to reduce exposure to certain risks by implementing various hedging transactions. These hedging transactions seek to reduce a Fund's exposure to certain severe, unanticipated market events that could significantly detract from returns.

Once the tactical asset allocation adjustments, relative value strategies and risk hedging strategies have been determined, PIMCO then evaluates various combinations of affiliated or unaffiliated funds, securities, instruments and other investments to obtain the desired exposures and invests accordingly. Additional information for these Underlying PIMCO Funds can be found in the Statement of Additional Information and/or the Underlying PIMCO Funds' prospectuses and financial reports. Additional Underlying PIMCO Funds may be added or deleted in the future without shareholder notification.

Principal Risks

It is possible to lose money on an investment in the Fund. The Fund is generally subject to a different level and amount of risk which is relative to its target date and time horizon. The principal risks of investing in the Fund include risks from direct investments and/or indirect exposure through investment in Acquired Funds. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are:

Allocation Risk: the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions as to how its assets are allocated or reallocated

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 and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments

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

Performance Information

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 P shares (October 31, 2011), Administrative Class shares (June 30, 2008), Class C and Class R shares (July 31, 2008), performance information shown in the table for those shares are based on the performance of the Fund's Institutional Class shares, adjusted to reflect the actual expenses paid by Class P, Administrative, Class C and Class R shares. Performance 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 Fund's broad-based securities market index is the Dow Jones Real Return Today Index^SM. The Dow Jones Real Return Today Index^SM is a composite of other indexes. The sub-indexes represent stocks, bonds, TIPs, commodities and real estate securities. The component asset classes are weighted within each index to reflect a targeted level of risk at the beginning and end of the investment horizon. Over time, the weights are adjusted based on predetermined formulas to systematically reduce the level of potential risk as the index's maturity date approaches. Lipper Mixed-Asset Target Today Funds Average is a total performance average of funds tracked by Lipper, Inc. that, by portfolio practice, maintain a conservative mix of equity, bonds, cash, and cash equivalents designed to provide income to investors who are in or close to retirement.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is -2.19%. For the periods shown in the bar chart, the highest quarterly return was 10.78% in the Q2 2009, and the lowest quarterly return was -1.99% in the Q3 2011.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		Since Inception (03/31/2008)
Institutional Class Return Before Taxes	9.62	%	5.72	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	8.15	%	3.23	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	6.26	%	3.46	%
Class P Return Before Taxes	9.57	%	5.62	%
Administrative Class Return Before Taxes	9.32	%	5.46	%
Class D Return Before Taxes	9.09	%	5.12	%
Class A Return Before Taxes	3.14	%	3.90	%
Class C Return Before Taxes	7.15	%	4.36	%
Class R Return Before Taxes	8.80	%	4.86	%
Dow Jones Real Return Today Index^SM (reflects no deductions for fees, expenses or taxes)	8.79	%	5.24	%

Lipper Mixed-Asset Target Today Funds Average (reflects no deductions for taxes)

8.29

4.50

Investment Adviser/Portfolio Manager

PIMCO serves as the investment adviser for the Fund. The Fund's portfolio is managed by Vineer Bhansali. Dr. Bhansali is a Managing Director of PIMCO and he has managed the Fund since July 2008.

Other Important Information Regarding Fund Shares

PIMCO RealRetirement® 2015 Fund

Investment Objective

The Fund seeks to maximize real return, consistent with preservation of real capital and prudent investment management.

Fees and Expenses of the Fund

Shareholder Fees (fees paid directly from your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None	None	None	None	5.50%	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 (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Management Fees	0.75%	0.85%	0.75%	1.00%	1.00%	1.00%	1.00%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%	0.25%	0.25%	1.00%	0.50%
Acquired Fund Fees and Expenses¹	0.53%	0.53%	0.53%	0.53%	0.53%	0.53%	0.53%
Total Annual Fund Operating Expenses²^,3	1.28%	1.38%	1.53%	1.78%	1.78%	2.53%	2.03%
Fee Waiver and/or Expense Reimbursement⁴	(0.52%)	(0.52%)	(0.52%)	(0.52%)	(0.52%)	(0.52%)	(0.52%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement⁵	0.76%	0.86%	1.01%	1.26%	1.26%	2.01%	1.51%

²	Total Annual Fund Operating Expenses excluding interest expense of the Underlying PIMCO Funds is 1.27%, 1.37%, 1.52%, 1.77%, 1.77%, 2.52% and 2.02% for the Institutional Class, Class P, Administrative Class, Class D, Class A, Class C and Class R shares, respectively.

⁴

⁵

If you redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$78	$243	$422	$942
Class P	$88	$274	$477	$1,061
Administrative Class	$103	$322	$558	$1,236
Class D	$128	$400	$692	$1,523
Class A	$671	$928	$1,204	$1,989
Class C	$304	$630	$1,083	$2,338
Class R	$154	$477	$824	$1,802

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$78	$243	$422	$942
Class P	$88	$274	$477	$1,061
Administrative Class	$103	$322	$558	$1,236
Class D	$128	$400	$692	$1,523
Class A	$671	$928	$1,204	$1,989
Class C	$204	$630	$1,083	$2,338
Class R	$154	$477	$824	$1,802

Portfolio Turnover

Principal Investment Strategies

The PIMCO RealRetirement® 2015 Fund (the "Fund") is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2015, the Fund's target year. This is the "self-elected" year of retirement for the investors in the Fund. The primary difference between the PIMCO RealRetirement® Funds is their asset allocation, which varies depending on the number of years left until the "self-elected" year of retirement indicated in the PIMCO RealRetirement® Fund's name. The Fund's allocation is intended to meaningfully reduce risk and increasingly focus on preservation of capital as the target retirement date of the Fund nears. An investment in the Fund is not guaranteed, and you may experience losses, including losses near, at, or after the target year indicated in the Fund's name. There is no guarantee that the Fund will provide adequate income at and through your retirement.

The Fund seeks to achieve its investment objective by investing under normal circumstances in a combination of affiliated and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940 (the "1940 Act"), Fixed Income Instruments of varying maturities, equity securities, forwards and derivatives. "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 such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. The Fund may invest in Institutional Class or Class M shares of any funds of the Trust and PIMCO Equity Series, an affiliated open-end investment company, except funds of funds ("Underlying PIMCO Funds"), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, "Acquired Funds"). The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.

The Fund's long-term asset allocations are based on a "glide path" developed by PIMCO and are based on quantitative and qualitative data relating to various risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement. The Fund's current glide path asset allocation is based on its target date, which is the year in the name of the Fund. The target date assumes a retirement age of 65, and time horizons based on current longevity of persons reaching retirement in average health. Choosing a PIMCO RealRetirement® Fund targeting an earlier date represents a more conservative choice; choosing a PIMCO RealRetirement® Fund targeting a later date represents a more aggressive choice. The glide path is designed not only to reduce risk as the target retirement date nears, but is also designed to provide investors diversification across a variety of asset classes, with an emphasis on asset classes that can protect against inflation over time. This is achieved by emphasizing allocations to inflation related assets, such as Treasury-Inflation Protected Securities ("TIPS"), commodities, and real estate, which complement exposures from traditional assets, such as U.S. and international equities, U.S. bonds and short-term instruments. The glide path changes over time, generally becoming more conservative as the Fund approaches the target date.

	Total Equity Allocation				Total Commodity and Real Estate Allocation				Total Fixed Income Allocation
Years to Retirement	Target Allocation		Range		Target Allocation		Range		Target Allocation		Range
40	55	%	40-70	%	25	%	10-40	%	20	%	10-60	%
30	55	%	40-70	%	20	%	5-35	%	25	%	10-65	%
20	45	%	30-55	%	15	%	0-25	%	40	%	10-75	%
10	25	%	10-35	%	10	%	0-20	%	65	%	35-95	%
0	15	%	5-25	%	5	%	0-10	%	80	%	60-95	%

As the Fund reaches the target year indicated in the Fund's name, it may be combined with the PIMCO RealRetirement® Income and Distribution Fund, provided that the Board of Trustees determines that the combination would be in the best interests of the Fund and its shareholders. Prior to any combination, which may occur on or after the target year indicated in the Fund's name, the Fund will provide shareholders with advance notice regarding the combination. If and when such a combination occurs, shareholders of the Fund will become shareholders of the PIMCO RealRetirement® Income and Distribution Fund.

Principal Risks

Allocation Risk: the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions as to how its assets are allocated or reallocated

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 and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments

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

Performance Information

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 P shares (October 31, 2011), performance information shown in the table for Class P shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the actual expenses paid by Class P shares. Performance 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 Dow Jones Real Return 2015 Index^SM is a composite of other indexes. The sub-indexes represent stocks, bonds, TIPS, commodities and real estate securities. The component asset classes are weighted within each index to reflect a targeted level of risk at the beginning and end of the investment horizon. Over time, the weights are adjusted based on predetermined formulas to systematically reduce the level of potential risk as the index's maturity date approaches. The Lipper Mixed-Asset Target 2015 Funds Average is a total performance average of funds tracked by Lipper, Inc. that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2011, to December 31, 2015.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is -2.18%. For the periods shown in the bar chart, the highest quarterly return was 3.15% in the Q3 2012, and the lowest quarterly return was 1.44% in the Q4 2012.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		Since Inception (06/30/2011)
Institutional Class Return Before Taxes	9.57	%	5.71	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	8.14	%	4.42	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	6.23	%	4.12	%
Class P Return Before Taxes	9.40	%	5.57	%
Administrative Class Return Before Taxes	9.39	%	5.45	%
Class D Return Before Taxes	9.04	%	5.22	%
Class A Return Before Taxes	3.08	%	1.37	%
Class C Return Before Taxes	7.23	%	4.42	%
Class R Return Before Taxes	8.87	%	4.97	%
Dow Jones Real Return 2015 Index^SM (reflects no deductions for fees, expenses or taxes)	8.86	%	6.69	%

Lipper Mixed-Asset Target 2015 Funds Average (reflects no deductions for taxes)

10.71

4.23

Investment Adviser/Portfolio Manager

PIMCO serves as the investment adviser for the Fund. The Fund's portfolio is managed by Vineer Bhansali. Dr. Bhansali is a Managing Director of PIMCO and he has managed the Fund since its inception in June 2011.

Other Important Information Regarding Fund Shares

PIMCO RealRetirement® 2020 Fund

Investment Objective

The Fund seeks to maximize real return, consistent with preservation of real capital and prudent investment management.

Fees and Expenses of the Fund

Shareholder Fees (fees paid directly from your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None	None	None	None	5.50%	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 (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Management Fees	0.75%	0.85%	0.75%	1.00%	1.00%	1.00%	1.00%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%	0.25%	0.25%	1.00%	0.50%
Acquired Fund Fees and Expenses¹	0.54%	0.54%	0.54%	0.54%	0.54%	0.54%	0.54%
Total Annual Fund Operating Expenses²^,3	1.29%	1.39%	1.54%	1.79%	1.79%	2.54%	2.04%
Fee Waiver and/or Expense Reimbursement⁴	(0.53%)	(0.53%)	(0.53%)	(0.53%)	(0.53%)	(0.53%)	(0.53%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement⁵	0.76%	0.86%	1.01%	1.26%	1.26%	2.01%	1.51%

²	Total Annual Fund Operating Expenses excluding interest expense of the Underlying PIMCO Funds is 1.28%, 1.38%, 1.53%, 1.78%, 1.78%, 2.53% and 2.03% for the Institutional Class, Class P, Administrative Class, Class D, Class A, Class C and Class R shares, respectively.

⁴

⁵

If you redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$78	$243	$422	$942
Class P	$88	$274	$477	$1,061
Administrative Class	$103	$322	$558	$1,236
Class D	$128	$400	$692	$1,523
Class A	$671	$928	$1,204	$1,989
Class C	$304	$630	$1,083	$2,338
Class R	$154	$477	$824	$1,802

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$78	$243	$422	$942
Class P	$88	$274	$477	$1,061
Administrative Class	$103	$322	$558	$1,236
Class D	$128	$400	$692	$1,523
Class A	$671	$928	$1,204	$1,989
Class C	$204	$630	$1,083	$2,338
Class R	$154	$477	$824	$1,802

Portfolio Turnover

Principal Investment Strategies

The PIMCO RealRetirement® 2020 Fund (the "Fund") is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2020, the Fund's target year. This is the "self-elected" year of retirement for the investors in the Fund. The primary difference between the PIMCO RealRetirement® Funds is their asset allocation, which varies depending on the number of years left until the "self-elected" year of retirement indicated in the PIMCO RealRetirement® Fund's name. The Fund's allocation is intended to meaningfully reduce risk and increasingly focus on preservation of capital as the target retirement date of the Fund nears. An investment in the Fund is not guaranteed, and you may experience losses, including losses near, at, or after the target year indicated in the Fund's name. There is no guarantee that the Fund will provide adequate income at and through your retirement.

The Fund seeks to achieve its investment objective by investing under normal circumstances in a combination of affiliated and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940 (the "1940 Act"), Fixed Income Instruments of varying maturities, equity securities, forwards and derivatives. "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 such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. The Fund may invest in Institutional Class or Class M shares of any funds of the Trust and PIMCO Equity Series, an affiliated open-end investment company, except funds of funds ("Underlying PIMCO Funds"), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, "Acquired Funds"). The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.

	Total Equity Allocation				Total Commodity and Real Estate Allocation				Total Fixed Income Allocation
Years to Retirement	Target Allocation		Range		Target Allocation		Range		Target Allocation		Range
40	55	%	40-70	%	25	%	10-40	%	20	%	10-60	%
30	55	%	40-70	%	20	%	5-35	%	25	%	10-65	%
20	45	%	30-55	%	15	%	0-25	%	40	%	10-75	%
10	25	%	10-35	%	10	%	0-20	%	65	%	35-95	%
0	15	%	5-25	%	5	%	0-10	%	80	%	60-95	%

Principal Risks

Allocation Risk: the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions as to how its assets are allocated or reallocated

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 and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments

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

Performance Information

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 P shares (October 31, 2011), Administrative Class shares (June 30, 2008) and Class C and Class R shares (July 31, 2008), performance information shown in the table for those shares are based on the performance of the Fund's Institutional Class shares, adjusted to reflect the actual expenses paid by Class P, Administrative Class, Class C and Class R shares. Performance 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 Dow Jones Real Return 2020 Index^SM is a composite of other indexes. The sub-indexes represent stocks, bonds, TIPS, commodities and real estate securities. The component asset classes are weighted within each index to reflect a targeted level of risk at the beginning and end of the investment horizon. Over time, the weights are adjusted based on predetermined formulas to systematically reduce the level of potential risk as the index's maturity date approaches. The Lipper Mixed-Asset Target 2020 Funds Average is a total performance average of funds tracked by Lipper, Inc. that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2016, to December 31, 2020.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is -1.89%. For the periods shown in the bar chart, the highest quarterly return was 13.37% in the Q2 2009, and the lowest quarterly return was -4.33% in the Q3 2011.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		Since Inception (03/31/2008)
Institutional Class Return Before Taxes	9.73	%	4.60	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	8.14	%	2.13	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	6.34	%	2.51	%
Class P Return Before Taxes	9.52	%	4.51	%
Administrative Class Return Before Taxes	9.33	%	4.35	%
Class D Return Before Taxes	9.07	%	4.02	%
Class A Return Before Taxes	3.10	%	2.75	%
Class C Return Before Taxes	7.23	%	3.26	%
Class R Return Before Taxes	8.81	%	3.77	%
Dow Jones Real Return 2020 Index^SM (reflects no deductions for fees, expenses or taxes)	9.12	%	4.69	%

Lipper Mixed-Asset Target 2020 Funds Average (reflects no deductions for taxes)

11.54

3.43

Investment Adviser/Portfolio Manager

PIMCO serves as the investment adviser for the Fund. The Fund's portfolio is managed by Vineer Bhansali. Dr. Bhansali is a Managing Director of PIMCO and he has managed the Fund since July 2008.

Other Important Information Regarding Fund Shares

PIMCO RealRetirement® 2025 Fund

Investment Objective

The Fund seeks to maximize real return, consistent with preservation of real capital and prudent investment management.

Fees and Expenses of the Fund

Shareholder Fees (fees paid directly from your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None	None	None	None	5.50%	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 (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Management Fees	0.75%	0.85%	0.75%	1.00%	1.00%	1.00%	1.00%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%	0.25%	0.25%	1.00%	0.50%
Acquired Fund Fees and Expenses¹	0.57%	0.57%	0.57%	0.57%	0.57%	0.57%	0.57%
Total Annual Fund Operating Expenses²^,3	1.32%	1.42%	1.57%	1.82%	1.82%	2.57%	2.07%
Fee Waiver and/or Expense Reimbursement⁴	(0.56%)	(0.56%)	(0.56%)	(0.56%)	(0.56%)	(0.56%)	(0.56%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement⁵	0.76%	0.86%	1.01%	1.26%	1.26%	2.01%	1.51%

²	Total Annual Fund Operating Expenses excluding interest expense of the Underlying PIMCO Funds is 1.31%, 1.41%, 1.56%, 1.81%, 1.81%, 2.56% and 2.06% for the Institutional Class, Class P, Administrative Class, Class D, Class A, Class C and Class R shares, respectively.

⁴

⁵

If you redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$78	$243	$422	$942
Class P	$88	$274	$477	$1,061
Administrative Class	$103	$322	$558	$1,236
Class D	$128	$400	$692	$1,523
Class A	$671	$928	$1,204	$1,989
Class C	$304	$630	$1,083	$2,338
Class R	$154	$477	$824	$1,802

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$78	$243	$422	$942
Class P	$88	$274	$477	$1,061
Administrative Class	$103	$322	$558	$1,236
Class D	$128	$400	$692	$1,523
Class A	$671	$928	$1,204	$1,989
Class C	$204	$630	$1,083	$2,338
Class R	$154	$477	$824	$1,802

Portfolio Turnover

Principal Investment Strategies

The PIMCO RealRetirement® 2025 Fund (the "Fund") is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2025, the Fund's target year. This is the "self-elected" year of retirement for the investors in the Fund. The primary difference between the PIMCO RealRetirement® Funds is their asset allocation, which varies depending on the number of years left until the "self-elected" year of retirement indicated in the PIMCO RealRetirement® Fund's name. The Fund's allocation is intended to meaningfully reduce risk and increasingly focus on preservation of capital as the target retirement date of the Fund nears. An investment in the Fund is not guaranteed, and you may experience losses, including losses near, at, or after the target year indicated in the Fund's name. There is no guarantee that the Fund will provide adequate income at and through your retirement.

The Fund seeks to achieve its investment objective by investing under normal circumstances in a combination of affiliated and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940 (the "1940 Act"), Fixed Income Instruments of varying maturities, equity securities, forwards and derivatives. "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 such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. The Fund may invest in Institutional Class or Class M shares of any funds of the Trust and PIMCO Equity Series, an affiliated open-end investment company, except funds of funds ("Underlying PIMCO Funds"), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, "Acquired Funds"). The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.

	Total Equity Allocation				Total Commodity and Real Estate Allocation				Total Fixed Income Allocation
Years to Retirement	Target Allocation		Range		Target Allocation		Range		Target Allocation		Range
40	55	%	40-70	%	25	%	10-40	%	20	%	10-60	%
30	55	%	40-70	%	20	%	5-35	%	25	%	10-65	%
20	45	%	30-55	%	15	%	0-25	%	40	%	10-75	%
10	25	%	10-35	%	10	%	0-20	%	65	%	35-95	%
0	15	%	5-25	%	5	%	0-10	%	80	%	60-95	%

Principal Risks

Allocation Risk: the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions as to how its assets are allocated or reallocated

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 and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments

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

Performance Information

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 P shares (October 31, 2011), performance information shown in the table for Class P shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the actual expenses paid by Class P shares. Performance 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 Dow Jones Real Return 2025 Index^SM is a composite of other indexes. The sub-indexes represent stocks, bonds, TIPS, commodities and real estate securities. The component asset classes are weighted within each index to reflect a targeted level of risk at the beginning and end of the investment horizon. Over time, the weights are adjusted based on predetermined formulas to systematically reduce the level of potential risk as the index's maturity date approaches. The Lipper Mixed-Asset Target 2025 Funds Average is a total performance average of funds tracked by Lipper, Inc. that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2021, to December 31, 2025.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is -1.68%. For the periods shown in the bar chart, the highest quarterly return was 4.27% in the Q1 2012, and the lowest quarterly return was 0.87% in the Q2 2012.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		Since Inception (06/30/2011)
Institutional Class Return Before Taxes	11.21	%	5.21	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	9.32	%	3.71	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	7.30	%	3.57	%
Class P Return Before Taxes	11.03	%	5.06	%
Administrative Class Return Before Taxes	10.91	%	4.87	%
Class D Return Before Taxes	10.77	%	4.72	%
Class A Return Before Taxes	4.58	%	0.89	%
Class C Return Before Taxes	8.91	%	3.93	%
Class R Return Before Taxes	10.38	%	4.39	%
Dow Jones Real Return 2025 Index^SM (reflects no deductions for fees, expenses or taxes)	9.58	%	5.46	%

Lipper Mixed-Asset Target 2025 Funds Average (reflects no deductions for taxes)

13.03

4.16

Investment Adviser/Portfolio Manager

Other Important Information Regarding Fund Shares

PIMCO RealRetirement® 2030 Fund

Investment Objective

The Fund seeks to maximize real return, consistent with preservation of real capital and prudent investment management.

Fees and Expenses of the Fund

Shareholder Fees (fees paid directly from your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None	None	None	None	5.50%	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 (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Management Fees	0.80%	0.90%	0.80%	1.05%	1.05%	1.05%	1.05%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%	0.25%	0.25%	1.00%	0.50%
Acquired Fund Fees and Expenses¹	0.58%	0.58%	0.58%	0.58%	0.58%	0.58%	0.58%
Total Annual Fund Operating Expenses²^,3	1.38%	1.48%	1.63%	1.88%	1.88%	2.63%	2.13%
Fee Waiver and/or Expense Reimbursement⁴	(0.57%)	(0.57%)	(0.57%)	(0.57%)	(0.57%)	(0.57%)	(0.57%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement⁵	0.81%	0.91%	1.06%	1.31%	1.31%	2.06%	1.56%

²	Total Annual Fund Operating Expenses excluding interest expense of the Underlying PIMCO Funds is 1.37%, 1.47%, 1.62%, 1.87%, 1.87%, 2.62% and 2.12% for the Institutional Class, Class P, Administrative Class, Class D, Class A, Class C and Class R shares, respectively.

⁴

⁵

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement excluding interest expense of the Underlying PIMCO Funds is 0.80%, 0.90%, 1.05%, 1.30%, 1.30%, 2.05% and 1.55% for Institutional Class, Class P, Administrative Class, Class D, Class A, Class C and Class R shares, respectively.

If you redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$83	$259	$450	$1,002
Class P	$93	$290	$504	$1,120
Administrative Class	$108	$337	$585	$1,294
Class D	$133	$415	$718	$1,579
Class A	$676	$942	$1,229	$2,042
Class C	$309	$646	$1,108	$2,390
Class R	$159	$493	$850	$1,856

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$83	$259	$450	$1,002
Class P	$93	$290	$504	$1,120
Administrative Class	$108	$337	$585	$1,294
Class D	$133	$415	$718	$1,579
Class A	$676	$942	$1,229	$2,042
Class C	$209	$646	$1,108	$2,390
Class R	$159	$493	$850	$1,856

Portfolio Turnover

Principal Investment Strategies

The PIMCO RealRetirement® 2030 Fund (the "Fund") is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2030, the Fund's target year. This is the "self-elected" year of retirement for the investors in the Fund. The primary difference between the PIMCO RealRetirement® Funds is their asset allocation, which varies depending on the number of years left until the "self-elected" year of retirement indicated in the PIMCO RealRetirement® Fund's name. The Fund's allocation is intended to meaningfully reduce risk and increasingly focus on preservation of capital as the target retirement date of the Fund nears. An investment in the Fund is not guaranteed, and you may experience losses, including losses near, at, or after the target year indicated in the Fund's name. There is no guarantee that the Fund will provide adequate income at and through your retirement.

The Fund seeks to achieve its investment objective by investing under normal circumstances in a combination of affiliated and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940 (the "1940 Act"), Fixed Income Instruments of varying maturities, equity securities, forwards and derivatives. "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 such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. The Fund may invest in Institutional Class or Class M shares of any funds of the Trust and PIMCO Equity Series, an affiliated open-end investment company, except funds of funds ("Underlying PIMCO Funds"), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, "Acquired Funds"). The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.

The Fund's long-term asset allocations are based on a "glide path" developed by PIMCO and are based on quantitative and qualitative data relating to various risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement. The Fund's current glide path asset allocation is based on its target date, which is the year in the name of the Fund. The target date assumes a retirement age of 65, and time horizons based on current longevity of persons reaching retirement in average health. Choosing a PIMCO RealRetirement® Fund targeting an earlier date represents a more conservative choice; choosing a PIMCO RealRetirement Fund targeting a later date represents a more aggressive choice. The glide path is designed not only to reduce risk as the target retirement date nears, but is also designed to provide investors diversification across a variety of asset classes, with an emphasis on asset classes that can protect against inflation over time. This is achieved by emphasizing allocations to inflation related assets, such as Treasury-Inflation Protected Securities ("TIPS"), commodities, and real estate, which complement exposures from traditional assets, such as U.S. and international equities, U.S. bonds and short-term instruments. The glide path changes over time, generally becoming more conservative as the Fund approaches the target date.

	Total Equity Allocation				Total Commodity and Real Estate Allocation				Total Fixed Income Allocation
Years to Retirement	Target Allocation		Range		Target Allocation		Range		Target Allocation		Range
40	55	%	40-70	%	25	%	10-40	%	20	%	10-60	%
30	55	%	40-70	%	20	%	5-35	%	25	%	10-65	%
20	45	%	30-55	%	15	%	0-25	%	40	%	10-75	%
10	25	%	10-35	%	10	%	0-20	%	65	%	35-95	%
0	15	%	5-25	%	5	%	0-10	%	80	%	60-95	%

Principal Risks

Allocation Risk: the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions as to how its assets are allocated or reallocated

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 and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments

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

Performance Information

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 P shares (October 31, 2011), Administrative Class shares (June 30, 2008), Class C and Class R shares (July 31, 2008), performance information shown in the table for those shares are based on the performance of the Fund's Institutional Class shares, adjusted to reflect the actual expenses paid by Class P, Administrative Class, Class C and Class R shares. Performance 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 Dow Jones Real Return 2030 Index^SM is a composite of other indexes. The sub-indexes represent stocks, bonds, TIPs, commodities and real estate securities. The component asset classes are weighted within each index to reflect a targeted level of risk at the beginning and end of the investment horizon. Over time, the weights are adjusted based on predetermined formulas to systematically reduce the level of potential risk as the index's maturity date approaches.

The Lipper Mixed-Asset Target 2030 Funds Average is a total performance average of funds tracked by Lipper, Inc. that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2026 to December 31, 2030.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is -0.89%. For the periods shown in the bar chart, the highest quarterly return was 14.92% in the Q2 2009, and the lowest quarterly return was -6.82% in the Q3 2011.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		Since Inception (03/31/2008)
Institutional Class Return Before Taxes	11.40	%	3.88	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	9.60	%	1.26	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	7.42	%	1.80	%
Class P Return Before Taxes	11.18	%	3.77	%
Administrative Class Return Before Taxes	10.92	%	3.61	%
Class D Return Before Taxes	10.65	%	3.27	%
Class A Return Before Taxes	4.58	%	2.05	%
Class C Return Before Taxes	8.83	%	2.52	%
Class R Return Before Taxes	10.55	%	3.03	%
Dow Jones Real Return 2030 Index^SM (reflects no deductions for fees, expenses or taxes)	10.27	%	3.48	%

Lipper Mixed-Asset Target 2030 Funds Average (reflects no deductions for taxes)

13.60

2.93

Investment Adviser/Portfolio Manager

PIMCO serves as the investment adviser for the Fund. The Fund's portfolio is managed by Vineer Bhansali. Dr. Bhansali is a Managing Director of PIMCO and he has managed the Fund since July 2008.

Other Important Information Regarding Fund Shares

PIMCO RealRetirement® 2035 Fund

Investment Objective

The Fund seeks to maximize real return, consistent with preservation of real capital and prudent investment management.

Fees and Expenses of the Fund

Shareholder Fees (fees paid directly from your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None	None	None	None	5.50%	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 (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Management Fees	0.80%	0.90%	0.80%	1.05%	1.05%	1.05%	1.05%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%	0.25%	0.25%	1.00%	0.50%
Acquired Fund Fees and Expenses¹	0.60%	0.60%	0.60%	0.60%	0.60%	0.60%	0.60%
Total Annual Fund Operating Expenses²^,3	1.40%	1.50%	1.65%	1.90%	1.90%	2.65%	2.15%
Fee Waiver and/or Expense Reimbursement⁴	(0.58%)	(0.58%)	(0.58%)	(0.58%)	(0.58%)	(0.58%)	(0.58%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement⁵	0.82%	0.92%	1.07%	1.32%	1.32%	2.07%	1.57%

²	Total Annual Fund Operating Expenses excluding interest expense of the Underlying PIMCO Funds is 1.39%, 1.49%, 1.64%, 1.89%, 1.89%, 2.64% and 2.14% for the Institutional Class, Class P, Administrative Class, Class D, Class A, Class C and Class R shares, respectively.

⁴

⁵

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement excluding interest expense of the Underlying PIMCO Funds is 0.81%, 0.91%, 1.06%, 1.31%, 1.31%, 2.06% and 1.56% for Institutional Class, Class P, Administrative Class, Class D, Class A, Class C and Class R shares, respectively.

If you redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$84	$262	$455	$1,014
Class P	$94	$293	$509	$1,131
Administrative Class	$109	$340	$590	$1,306
Class D	$134	$418	$723	$1,590
Class A	$677	$945	$1,234	$2,053
Class C	$310	$649	$1,114	$2,400
Class R	$160	$496	$855	$1,867

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$84	$262	$455	$1,014
Class P	$94	$293	$509	$1,131
Administrative Class	$109	$340	$590	$1,306
Class D	$134	$418	$723	$1,590
Class A	$677	$945	$1,234	$2,053
Class C	$210	$649	$1,114	$2,400
Class R	$160	$496	$855	$1,867

Portfolio Turnover

Principal Investment Strategies

The PIMCORealRetirement® 2035 Fund (the "Fund") is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2035, the Fund's target year. This is the "self-elected" year of retirement for the investors in the Fund. The primary difference between the PIMCO RealRetirement® Funds is their asset allocation, which varies depending on the number of years left until the "self-elected" year of retirement indicated in the PIMCO RealRetirement® Fund's name. The Fund's allocation is intended to meaningfully reduce risk and increasingly focus on preservation of capital as the target retirement date of the Fund nears. An investment in the Fund is not guaranteed, and you may experience losses, including losses near, at, or after the target year indicated in the Fund's name. There is no guarantee that the Fund will provide adequate income at and through your retirement.

The Fund seeks to achieve its investment objective by investing under normal circumstances in a combination of affiliated and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940 (the "1940 Act"), Fixed Income Instruments of varying maturities, equity securities, forwards and derivatives. "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 such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. The Fund may invest in Institutional Class or Class M shares of any funds of the Trust and PIMCO Equity Series, an affiliated open-end investment company, except funds of funds ("Underlying PIMCO Funds"), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, "Acquired Funds"). The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.

	Total Equity Allocation				Total Commodity and Real Estate Allocation				Total Fixed Income Allocation
Years to Retirement	Target Allocation		Range		Target Allocation		Range		Target Allocation		Range
40	55	%	40-70	%	25	%	10-40	%	20	%	10-60	%
30	55	%	40-70	%	20	%	5-35	%	25	%	10-65	%
20	45	%	30-55	%	15	%	0-25	%	40	%	10-75	%
10	25	%	10-35	%	10	%	0-20	%	65	%	35-95	%
0	15	%	5-25	%	5	%	0-10	%	80	%	60-95	%

Principal Risks

Allocation Risk: the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions as to how its assets are allocated or reallocated

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 and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments

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

Performance Information

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 P shares (October 31, 2011), performance information shown in the table for Class P shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the actual expenses paid by Class P shares. Performance 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 Dow Jones Real Return 2035 Index^SM is a composite of other indexes. The sub-indexes represent stocks, bonds, TIPS, commodities and real estate securities. The component asset classes are weighted within each index to reflect a targeted level of risk at the beginning and end of the investment horizon. Over time, the weights are adjusted based on predetermined formulas to systematically reduce the level of potential risk as the index's maturity date approaches.

The Lipper Mixed-Asset Target 2035 Funds Average is a total performance average of funds tracked by Lipper, Inc. that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2031, to December 31, 2035.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is -0.24%. For the periods shown in the bar chart, the highest quarterly return was 5.19% in the Q1 2012, and the lowest quarterly return was 0.60% in the Q2 2012.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		Since Inception (06/30/2011)
Institutional Class Return Before Taxes	13.22	%	5.16	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	11.22	%	3.23	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	8.60	%	3.27	%
Class P Return Before Taxes	13.14	%	5.08	%
Administrative Class Return Before Taxes	12.88	%	4.87	%
Class D Return Before Taxes	12.64	%	4.66	%
Class A Return Before Taxes	6.44	%	0.80	%
Class C Return Before Taxes	10.86	%	3.85	%
Class R Return Before Taxes	12.33	%	4.39	%
Dow Jones Real Return 2035 Index^SM (reflects no deductions for fees, expenses or taxes)	11.12	%	2.87	%

Lipper Mixed-Asset Target 2035 Funds Average (reflects no deductions for taxes)

14.65

3.79

Investment Adviser/Portfolio Manager

Other Important Information Regarding Fund Shares

PIMCO RealRetirement® 2040 Fund

Investment Objective

The Fund seeks to maximize real return, consistent with preservation of real capital and prudent investment management.

Fees and Expenses of the Fund

Shareholder Fees (fees paid directly from your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None	None	None	None	5.50%	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 (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Management Fees	0.85%	0.95%	0.85%	1.10%	1.10%	1.10%	1.10%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%	0.25%	0.25%	1.00%	0.50%
Acquired Fund Fees and Expenses¹	0.60%	0.60%	0.60%	0.60%	0.60%	0.60%	0.60%
Total Annual Fund Operating Expenses²^,3	1.45%	1.55%	1.70%	1.95%	1.95%	2.70%	2.20%
Fee Waiver and/or Expense Reimbursement⁴	(0.58%)	(0.58%)	(0.58%)	(0.58%)	(0.58%)	(0.58%)	(0.58%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement⁵	0.87%	0.97%	1.12%	1.37%	1.37%	2.12%	1.62%

²	Total Annual Fund Operating Expenses excluding interest expense of the Underlying PIMCO Funds is 1.44%, 1.54%, 1.69%, 1.94%, 1.94%, 2.69% and 2.19% for the Institutional Class, Class P, Administrative Class, Class D, Class A, Class C and Class R shares, respectively.

⁴

⁵

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement excluding interest expense and interest expense of the Underlying PIMCO Funds is 0.86%, 0.96%, 1.11%, 1.36%, 1.36%, 2.11% and 1.61% for Institutional Class, Class P, Administrative Class, Class D, Class A, Class C and Class R shares, respectively.

If you redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$89	$278	$482	$1,073
Class P	$99	$309	$536	$1,190
Administrative Class	$114	$356	$617	$1,363
Class D	$139	$434	$750	$1,646
Class A	$682	$960	$1,259	$2,106
Class C	$315	$664	$1,139	$2,452
Class R	$165	$511	$881	$1,922

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$89	$278	$482	$1,073
Class P	$99	$309	$536	$1,190
Administrative Class	$114	$356	$617	$1,363
Class D	$139	$434	$750	$1,646
Class A	$682	$960	$1,259	$2,106
Class C	$215	$664	$1,139	$2,452
Class R	$165	$511	$881	$1,922

Portfolio Turnover

Principal Investment Strategies

The PIMCO RealRetirement® 2040 Fund (the "Fund") is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2040, the Fund's target year. This is the "self-elected" year of retirement for the investors in the Fund. The primary difference between the PIMCO RealRetirement® Funds is their asset allocation, which varies depending on the number of years left until the "self-elected" year of retirement indicated in the PIMCO RealRetirement® Fund's name. The Fund's allocation is intended to meaningfully reduce risk and increasingly focus on preservation of capital as the target retirement date of the Fund nears. An investment in the Fund is not guaranteed, and you may experience losses, including losses near, at, or after the target year indicated in the Fund's name. There is no guarantee that the Fund will provide adequate income at and through your retirement.

The Fund seeks to achieve its investment objective by investing under normal circumstances in a combination of affiliated and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940 (the "1940 Act"), Fixed Income Instruments of varying maturities, equity securities, forwards and derivatives. "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 such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. The Fund may invest in Institutional Class or Class M shares of any funds of the Trust and PIMCO Equity Series, an affiliated open-end investment company, except funds of funds ("Underlying PIMCO Funds"), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, "Acquired Funds"). The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.

	Total Equity Allocation				Total Commodity and Real Estate Allocation				Total Fixed Income Allocation
Years to Retirement	Target Allocation		Range		Target Allocation		Range		Target Allocation		Range
40	55	%	40-70	%	25	%	10-40	%	20	%	10-60	%
30	55	%	40-70	%	20	%	5-35	%	25	%	10-65	%
20	45	%	30-55	%	15	%	0-25	%	40	%	10-75	%
10	25	%	10-35	%	10	%	0-20	%	65	%	35-95	%
0	15	%	5-25	%	5	%	0-10	%	80	%	60-95	%

Principal Risks

Allocation Risk: the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions as to how its assets are allocated or reallocated

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 and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments

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

Performance Information

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 P shares (October 31, 2011), Administrative Class shares (June 30, 2008), Class C and Class R shares (July 31, 2008), performance information shown in the table for those shares are based on the performance of the Fund's Institutional Class shares, adjusted to reflect the actual expenses paid by Class P, Administrative Class, Class C and Class R 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 Dow Jones Real Return 2040 Index^SM is a composite of other indexes. The sub-indexes represent stocks, bonds, TIPs, commodities and real estate securities. The component asset classes are weighted within each index to reflect a targeted level of risk at the beginning and end of the investment horizon. Over time, the weights are adjusted based on predetermined formulas to systematically reduce the level of potential risk as the index's maturity date approaches.

The Lipper Mixed-Asset Target 2040 Funds Average is a total performance average of funds tracked by Lipper, Inc. that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2036, to December 31, 2040.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is 0.05%. For the periods shown in the bar chart, the highest quarterly return was 21.03% in the Q2 2009, and the lowest quarterly return was -9.51% in the Q3 2011.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		Since Inception (03/31/2008)
Institutional Class Return Before Taxes	13.52	%	4.37	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	11.35	%	1.39	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	8.80	%	1.97	%
Class P Return Before Taxes	13.44	%	4.60	%
Administrative Class Return Before Taxes	13.29	%	4.12	%
Class D Return Before Taxes	12.98	%	3.79	%
Class A Return Before Taxes	6.69	%	2.56	%
Class C Return Before Taxes	11.15	%	3.03	%
Class R Return Before Taxes	12.70	%	3.54	%
Dow Jones Real Return 2040 Index^SM (reflects no deductions for fees, expenses or taxes)	11.90	%	2.22	%

Lipper Mixed-Asset Target 2040 Funds Average (reflects no deductions for taxes)

14.66

2.65

Investment Adviser/Portfolio Manager

PIMCO serves as the investment adviser for the Fund. The Fund's portfolio is managed by Vineer Bhansali. Dr. Bhansali is a Managing Director of PIMCO and he has managed the Fund since July 2008.

Other Important Information Regarding Fund Shares

PIMCO RealRetirement® 2045 Fund

Investment Objective

The Fund seeks to maximize real return, consistent with preservation of real capital and prudent investment management.

Fees and Expenses of the Fund

Shareholder Fees (fees paid directly from your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None	None	None	None	5.50%	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 (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Management Fees	0.85%	0.95%	0.85%	1.10%	1.10%	1.10%	1.10%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%	0.25%	0.25%	1.00%	0.50%
Acquired Fund Fees and Expenses¹	0.62%	0.62%	0.62%	0.62%	0.62%	0.62%	0.62%
Total Annual Fund Operating Expenses²^,3	1.47%	1.57%	1.72%	1.97%	1.97%	2.72%	2.22%
Fee Waiver and/or Expense Reimbursement⁴	(0.60%)	(0.60%)	(0.60%)	(0.60%)	(0.60%)	(0.60%)	(0.60%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement⁵	0.87%	0.97%	1.12%	1.37%	1.37%	2.12%	1.62%

²	Total Annual Fund Operating Expenses excluding interest expense of the Underlying PIMCO Funds is 1.46%, 1.56%, 1.71%, 1.96%, 1.96%, 2.71% and 2.21% for the Institutional Class, Class P, Administrative Class, Class D, Class A, Class C and Class R shares, respectively.

⁴

⁵

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement excluding interest expense of the Underlying PIMCO Funds is 0.86%, 0.96%, 1.11%, 1.36%, 1.36%, 2.11% and 1.61% for Institutional Class, Class P, Administrative Class, Class D, Class A, Class C and Class R shares, respectively.

If you redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$89	$278	$482	$1,073
Class P	$99	$309	$536	$1,190
Administrative Class	$114	$356	$617	$1,363
Class D	$139	$434	$750	$1,646
Class A	$682	$960	$1,259	$2,106
Class C	$315	$664	$1,139	$2,452
Class R	$165	$511	$881	$1,922

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$89	$278	$482	$1,073
Class P	$99	$309	$536	$1,190
Administrative Class	$114	$356	$617	$1,363
Class D	$139	$434	$750	$1,646
Class A	$682	$960	$1,259	$2,106
Class C	$215	$664	$1,139	$2,452
Class R	$165	$511	$881	$1,922

Portfolio Turnover

Principal Investment Strategies

The PIMCO RealRetirement® 2045 Fund (the "Fund") is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2045, the Fund's target year. This is the "self-elected" year of retirement for the investors in the Fund. The primary difference between the PIMCO RealRetirement® Funds is their asset allocation, which varies depending on the number of years left until the "self-elected" year of retirement indicated in the PIMCO RealRetirement® Fund's name. The Fund's allocation is intended to meaningfully reduce risk and increasingly focus on preservation of capital as the target retirement date of the Fund nears. An investment in the Fund is not guaranteed, and you may experience losses, including losses near, at, or after the target year indicated in the Fund's name. There is no guarantee that the Fund will provide adequate income at and through your retirement.

The Fund seeks to achieve its investment objective by investing under normal circumstances in a combination of affiliated and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940 (the "1940 Act"), Fixed Income Instruments of varying maturities, equity securities, forwards and derivatives. "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 such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. The Fund may invest in Institutional Class or Class M shares of any funds of the Trust and PIMCO Equity Series, an affiliated open-end investment company, except funds of funds ("Underlying PIMCO Funds"), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, "Acquired Funds"). The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.

The Fund's long-term asset allocations are based on a "glide path" developed by PIMCO and are based on quantitative and qualitative data relating to various risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement. The Fund's current glide path asset allocation is based on its target date, which is the year in the name of the Fund. The target date assumes a retirement age of 65, and time horizons based on current longevity of persons reaching retirement in average health. Choosing a PIMCO RealRetirement Fund targeting an earlier date represents a more conservative choice; choosing a PIMCO RealRetirement Fund targeting a later date represents a more aggressive choice. The glide path is designed not only to reduce risk as the target retirement date nears, but is also designed to provide investors diversification across a variety of asset classes, with an emphasis on asset classes that can protect against inflation over time. This is achieved by emphasizing allocations to inflation related assets, such as Treasury-Inflation Protected Securities ("TIPS"), commodities, and real estate, which complement exposures from traditional assets, such as U.S. and international equities, U.S. bonds and short-term instruments. The glide path changes over time, generally becoming more conservative as the Fund approaches the target date.

	Total Equity Allocation				Total Commodity and Real Estate Allocation				Total Fixed Income Allocation
Years to Retirement	Target Allocation		Range		Target Allocation		Range		Target Allocation		Range
40	55	%	40-70	%	25	%	10-40	%	20	%	10-60	%
30	55	%	40-70	%	20	%	5-35	%	25	%	10-65	%
20	45	%	30-55	%	15	%	0-25	%	40	%	10-75	%
10	25	%	10-35	%	10	%	0-20	%	65	%	35-95	%
0	15	%	5-25	%	5	%	0-10	%	80	%	60-95	%

Principal Risks

Allocation Risk: the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions as to how its assets are allocated or reallocated

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 and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments

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

Performance Information

The Fund does not have a full calendar year of performance. Thus, no bar chart or Average Annual Total Returns table is included for the Fund. 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.

The Dow Jones Real Return 2045 Index^SM is a composite of other indexes. The sub-indexes represent stocks, bonds, TIPs, commodities and real estate securities. The component asset classes are weighted within each index to reflect a targeted level of risk at the beginning and end of the investment horizon. Over time, the weights are adjusted based on predetermined formulas to systematically reduce the level of potential risk as the kindex's maturity date approaches.

Investment Adviser/Portfolio Manager

Other Important Information Regarding Fund Shares

PIMCO RealRetirement® 2050 Fund

Investment Objective

The Fund seeks to maximize real return, consistent with preservation of real capital and prudent investment management.

Fees and Expenses of the Fund

Shareholder Fees (fees paid directly from your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None	None	None	None	5.50%	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 (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Management Fees	0.85%	0.95%	0.85%	1.10%	1.10%	1.10%	1.10%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%	0.25%	0.25%	1.00%	0.50%
Acquired Fund Fees and Expenses¹	0.61%	0.61%	0.61%	0.61%	0.61%	0.61%	0.61%
Total Annual Fund Operating Expenses²^,3	1.46%	1.56%	1.71%	1.96%	1.96%	2.71%	2.21%
Fee Waiver and/or Expense Reimbursement⁴	(0.59%)	(0.59%)	(0.59%)	(0.59%)	(0.59%)	(0.59%)	(0.59%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement⁵	0.87%	0.97%	1.12%	1.37%	1.37%	2.12%	1.62%

²	Total Annual Fund Operating Expenses excluding interest expense of the Underlying PIMCO Funds is 1.45%, 1.55%, 1.70%, 1.95%, 1.95%, 2.70% and 2.20% for the Institutional Class, Class P, Administrative Class, Class D, Class A, Class C and Class R shares, respectively.

⁴

⁵

If you redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$89	$278	$482	$1,073
Class P	$99	$309	$536	$1,190
Administrative Class	$114	$356	$617	$1,363
Class D	$139	$434	$750	$1,646
Class A	$682	$960	$1,259	$2,106
Class C	$315	$664	$1,139	$2,452
Class R	$165	$511	$881	$1,922

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$89	$278	$482	$1,073
Class P	$99	$309	$536	$1,190
Administrative Class	$114	$356	$617	$1,363
Class D	$139	$434	$750	$1,646
Class A	$682	$960	$1,259	$2,106
Class C	$215	$664	$1,139	$2,452
Class R	$165	$511	$881	$1,922

Portfolio Turnover

Principal Investment Strategies

The PIMCO RealRetirement® 2050 Fund (the "Fund") is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2050, the Fund's target year. This is the "self-elected" year of retirement for the investors in the Fund. The primary difference between the PIMCO RealRetirement® Funds is their asset allocation, which varies depending on the number of years left until the "self-elected" year of retirement indicated in the PIMCO RealRetirement® Fund's name. The Fund's allocation is intended to meaningfully reduce risk and increasingly focus on preservation of capital as the target retirement date of the Fund nears. An investment in the Fund is not guaranteed, and you may experience losses, including losses near, at, or after the target year indicated in the Fund's name. There is no guarantee that the Fund will provide adequate income at and through your retirement.

The Fund seeks to achieve its investment objective by investing under normal circumstances in a combination of affiliated and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940 (the "1940 Act"), Fixed Income Instruments of varying maturities, equity securities, forwards and derivatives. "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 such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. The Fund may invest in Institutional Class or Class M shares of any funds of the Trust and PIMCO Equity Series, an affiliated open-end investment company, except funds of funds ("Underlying PIMCO Funds"), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, "Acquired Funds"). The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.

	Total Equity Allocation				Total Commodity and Real Estate Allocation				Total Fixed Income Allocation
Years to Retirement	Target Allocation		Range		Target Allocation		Range		Target Allocation		Range
40	55	%	40-70	%	25	%	10-40	%	20	%	10-60	%
30	55	%	40-70	%	20	%	5-35	%	25	%	10-65	%
20	45	%	30-55	%	15	%	0-25	%	40	%	10-75	%
10	25	%	10-35	%	10	%	0-20	%	65	%	35-95	%
0	15	%	5-25	%	5	%	0-10	%	80	%	60-95	%

Principal Risks

Allocation Risk: the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions as to how its assets are allocated or reallocated

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 and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments

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

Performance Information

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 P shares (October 31, 2011), Administrative Class shares (June 30, 2008), Class C and Class R shares (July 31, 2008), performance information shown in the table for those shares are based on the performance of the Fund's Institutional Class shares, adjusted to reflect the actual expenses paid by Class P, Administrative Class, Class C and Class R shares. Performance of the Fund's Class A shares, but does not reflect the impact of sales charges (loads). If it did, returns would be lower than those shown. Performance 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 Dow Jones Real Return 40+ Index^SM is a composite of other indexes. The sub-indexes represent stocks, bonds, TIPS, commodities and real estate securities. The component asset classes are weighted within each index to reflect a targeted level of risk at the beginning and end of the investment horizon. Over time, the weights are adjusted based on predetermined formulas to systematically reduce the level of potential risk as the index's maturity date approaches. The Lipper Mixed-Asset Target 2050+ Funds Average is a total performance average of funds tracked by Lipper, Inc. that seek to maximize assets for retirement or other purposes with an expected time horizon exceeding the year 2045.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is 0.07%. For the periods shown in the bar chart, the highest quarterly return was 20.72% in the Q2 2009, and the lowest quarterly return was -10.45% in the Q3 2011.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		Since Inception (03/31/2008)
Institutional Class Return Before Taxes	14.37	%	4.41	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	12.18	%	1.63	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	9.35	%	2.13	%
Class P Return Before Taxes	14.28	%	4.68	%
Administrative Class Return Before Taxes	14.06	%	4.15	%
Class D Return Before Taxes	13.73	%	3.81	%
Class A Return Before Taxes	7.58	%	2.62	%
Class C Return Before Taxes	11.94	%	3.05	%
Class R Return Before Taxes	13.53	%	3.61	%
Dow Jones Real Return 40+ Index^SM (reflects no deductions for fees, expenses or taxes)	13.15	%	1.73	%

Lipper Mixed-Asset Target 2050+ Funds Average (reflects no deductions for taxes)

15.24

2.55

Investment Adviser/Portfolio Manager

PIMCO serves as the investment adviser for the Fund. The Fund's portfolio is managed by Vineer Bhansali. Dr. Bhansali is a Managing Director of PIMCO and he has managed the Fund since July 2008.

Other Important Information Regarding Fund Shares

Summary of Other Important Information Regarding Fund Shares

Purchase and Sale of Fund Shares

Fund shares may be purchased or sold (redeemed) on any business day (normally any day when the New York Stock Exchange is open). Generally, purchase and redemption orders for Fund shares are processed at the net asset value next calculated after an order is received by the Fund.

Institutional Class, Class P, Administrative Class and Class D

The minimum initial investment for Institutional Class, Class P or Administrative Class shares of the Fund is $1 million, except that the minimum initial investment may be modified for certain financial firms that submit orders on behalf of their customers.

The minimum initial investment for Class D shares of the Fund is $1,000, except that the minimum initial investment may be modified for certain financial firms that submit orders on behalf of their customers. The minimum subsequent investment for Class D shares is $50.

You may sell (redeem) all or part of your Institutional Class, Class P, Administrative Class and Class D shares of the Fund on any business day. If you are the registered owner of the shares on the books of the Fund, depending on the elections made on the Account Application, you may sell by:

■

Sending a written request by mail to:
PIMCO Funds c/o BFDS Midwest
330 W. 9th Street, Kansas City, MO 64105

■

Calling us at 888.87.PIMCO and a Shareholder Services associate will assist you

■

Sending a fax to our Shareholder Services department at 816.421.2861

■

Sending an e-mail to pimcoteam@bfdsmidwest.com

Class A, Class B, Class C and Class R

The minimum initial investment for Class A, Class B and Class C shares of the Fund is $1,000. The minimum subsequent investment for Class A, Class B and Class C shares is $50. The minimum initial investment may be modified for certain financial firms that submit orders on behalf of their customers. Effective November 1, 2009, Class B shares are no longer available for purchase, except through exchanges and dividend reinvestments as described in "Purchasing Shares – Class B" in the Fund's prospectus. You may purchase or sell (redeem) all or part of your Class A, Class B and Class C shares through a broker-dealer, or other financial firm, or, if you are the registered owner of the shares on the books of the Fund, by regular mail to PIMCO Funds, P.O. Box 55060, Boston, MA 02205-5060 or overnight mail to PIMCO Funds, c/o Boston Financial Data Services, Inc., 30 Dan Road, Canton, MA 02021-2809. The Fund reserves the right to require payment by wire or U.S. Bank check in connection with accounts opened directly with the Fund by Account Application.

There is no minimum initial or minimum subsequent investment in Class R shares because Class R shares may only be purchased through omnibus accounts for specified benefit plans. Specified benefit plans that wish to invest directly by mail should send a check payable to the PIMCO Family of Funds, along with a completed Account Application, by regular mail to PIMCO Funds, P.O. Box 55060, Boston, MA 02205-5060 or overnight mail to PIMCO Funds, c/o Boston Financial Data Services, Inc., 30 Dan Road, Canton, MA 02021-2809.

Tax Information

The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Distributions paid by the Fund that are properly designated as "exempt interest dividends" normally will be exempt from federal income taxes, but may not be exempt from the federal alternative minimum tax.

Payments to Broker-Dealers and Other Financial Firms

If you purchase shares of the Fund through a broker-dealer or other financial firm (such as a bank), the Fund and/or its related companies (including PIMCO) may pay the financial firm for the sale of those shares of the Fund and/or related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial firm and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial firm's Web site for more information.

Description of Principal Risks

The value of your investment in a Fund changes with the values of that Fund's investments. Many factors can affect those values. The factors that are most likely to have a material effect on a particular Fund's portfolio as a whole are called "principal risks." The principal risks of each Fund are identified in the Fund Summaries. The principal risks are described in this section. Each Fund may be subject to additional risks other than those identified and described below because the types of investments made by a Fund can change over time. Securities and investment techniques mentioned in this summary that appear in bold type are described in greater detail under "Characteristics and Risks of Securities and Investment Techniques." That section and "Investment Objectives and Policies" in the Statement of Additional Information also include more information about the Funds, their investments and the related risks. There is no guarantee that a Fund will be able to achieve its investment objective. It is possible to lose money by investing in a Fund.

Principal Risk	PIMCO All Asset Fund	PIMCO All Asset All Authority Fund	PIMCO Global Multi-Asset Fund	PIMCO RealRetirement® Income and Distribution Fund	PIMCO RealRetirement® 2015 Fund	PIMCO RealRetirement® 2020 Fund
Allocation	x	x	x	x	x	x
Underlying PIMCO Fund	x	x	–	–	–	–
Acquired Fund	–	–	x	x	x	x
Interest Rate	x	x	x	x	x	x
Credit	x	x	x	x	x	x
High Yield	x	x	x	x	x	x
Distressed Company	x	x	x	–	–	–
Market	x	x	x	x	x	x
Issuer	x	x	x	x	x	x
Liquidity	x	x	x	x	x	x
Derivatives	x	x	x	x	x	x
Issuer Non-Diversification	x	x	x	x	x	x
Commodity	x	x	x	x	x	x
Equity	x	x	x	x	x	x
Mortgage-Related and Other Asset-Backed Securities	x	x	x	x	x	x
Foreign (Non-U.S.) Investment	x	x	x	x	x	x
Real Estate	x	x	x	x	x	x
Emerging Markets	x	x	x	x	x	x
Currency	x	x	x	x	x	x
Leveraging	x	x	x	x	x	x
Smaller Company	x	x	x	x	x	x
Management	x	x	x	x	x	x
Short Sale	x	x	x	x	x	x
Tax	x	x	x	x	x	x
Subsidiary	x	x	x	x	x	x
Value Investing	x	x	x	–	–	–
Arbitrage	x	x	x	–	–	–
Convertible Securities	x	x	x	–	–	–

Principal Risk	PIMCO RealRetirement® 2025 Fund	PIMCO RealRetirement® 2030 Fund	PIMCO RealRetirement® 2035 Fund	PIMCO RealRetirement® 2040 Fund	PIMCO RealRetirement® 2045 Fund	PIMCO RealRetirement® 2050 Fund
Allocation	x	x	x	x	x	x
Underlying PIMCO Fund	–	–	–	–	–	–
Acquired Fund	x	x	x	x	x	x
Interest Rate	x	x	x	x	x	x
Credit	x	x	x	x	x	x
High Yield	x	x	x	x	x	x
Distressed Company	–	–	–	–	–	–
Market	x	x	x	x	x	x
Issuer	x	x	x	x	x	x
Liquidity	x	x	x	x	x	x
Derivatives	x	x	x	x	x	x
Issuer Non-Diversification	x	x	x	x	x	x
Commodity	x	x	x	x	x	x
Equity	x	x	x	x	x	x
Mortgage-Related and Other Asset-Backed Securities	x	x	x	x	x	x
Foreign (Non-U.S.) Investment	x	x	x	x	x	x
Real Estate	x	x	x	x	x	x
Emerging Markets	x	x	x	x	x	x
Currency	x	x	x	x	x	x
Leveraging	x	x	x	x	x	x
Smaller Company	x	x	x	x	x	x
Management	x	x	x	x	x	x
Short Sale	x	x	x	x	x	x
Tax	x	x	x	x	x	x
Subsidiary	x	x	x	x	x	x
Value Investing	–	–	–	–	–	–
Arbitrage	–	–	–	–	–	–
Convertible Securities	–	–	–	–	–	–

As the PIMCO Global Multi-Asset Fund and the PIMCO RealRetirement® Funds may invest in shares of Acquired Funds including the Underlying PIMCO Funds, the risks of investing in the PIMCO Global Multi-Asset Fund and the PIMCO RealRetirement® Funds may be closely related to the risks associated with the Acquired Funds, including Underlying PIMCO Funds, and their investments. However, as the PIMCO Global Multi-Asset Fund and the PIMCO RealRetirement® Funds may also invest their assets directly in stocks or bonds of other issuers and in other instruments, such as forwards, options, futures contracts or swap agreements, the Funds may be directly exposed to certain risks described below. As such, unless stated otherwise, any reference in this section only to the "Funds" includes the PIMCO Global Multi-Asset Fund, the PIMCO RealRetirement® Funds, Acquired Funds and the Underlying PIMCO Funds.

Allocation Risk

The PIMCO All Asset, PIMCO All Asset All Authority, PIMCO Global Multi-Asset and PIMCO RealRetirement® Funds' investment performance depends upon how their assets are allocated and reallocated according to each Fund's asset allocation targets and ranges. A principal risk of investing in each Fund is that the asset allocation sub-adviser (in the case of the PIMCO All Asset and PIMCO All Asset All Authority Funds) or PIMCO (in the case of the PIMCO Global Multi-Asset and PIMCO RealRetirement® Funds) will make less than optimal or poor asset allocation decisions. The asset allocation sub-adviser or PIMCO, as applicable, attempts to identify investment allocations that will provide consistent, quality performance for each Fund, but there is no guarantee that such allocation techniques will produce the desired results. It is possible that the asset allocation sub-adviser or PIMCO, as applicable, will focus on an investment that performs poorly or underperforms other investments under various market conditions. You could lose money on your investment in a Fund as a result of these allocation decisions.

Underlying PIMCO Fund Risk

Because the PIMCO All Asset and PIMCO All Asset All Authority Funds invest substantially all of their assets in Underlying PIMCO Funds, the risks associated with investing in the Funds are closely related to the risks associated with the securities and other investments held by the Underlying PIMCO Funds. The ability of the Funds to achieve their investment objectives will depend upon the ability of the Underlying PIMCO Funds to achieve their respective investment objectives. There can be no assurance that the investment objective of any Underlying PIMCO Fund will be achieved.

The PIMCO All Asset and PIMCO All Asset All Authority Funds' net asset values will fluctuate in response to changes in the net asset values of the Underlying PIMCO Funds in which they invest. The extent to which the investment performance and risks associated with the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund correlates to those of a particular Underlying PIMCO Fund will depend upon the extent to which the PIMCO All Asset Fund's and PIMCO All Asset All Authority Fund's assets are allocated from time to time for investment in the Underlying PIMCO Fund, which will vary.

Acquired Fund Risk

Because the PIMCO Global Multi-Asset Fund and the PIMCO RealRetirement® Funds may invest their assets in Acquired Funds, the risks associated with investing in the PIMCO Global Multi-Asset Fund and the PIMCO RealRetirement® Funds may be closely related to the risks associated with the securities and other investments held by the Acquired Funds. The ability of the PIMCO Global Multi-Asset Fund and the PIMCO RealRetirement® Funds to achieve their respective investment objectives may depend upon the ability of the Acquired Funds to achieve their respective investment objectives. There can be no assurance that the investment objective of any Acquired Fund will be achieved.

The PIMCO Global Multi-Asset Fund and the PIMCO RealRetirement® Funds' net asset values will fluctuate in response to changes in the net asset values of the Acquired Funds in which it invests. The extent to which the investment performance and risks associated with the PIMCO Global Multi-Asset Fund and the PIMCO RealRetirement® Funds correlate to those of a particular Acquired Fund will depend upon the extent to which the PIMCO Global Multi-Asset Fund and the PIMCO RealRetirement® Funds' assets are allocated from time to time for investment in the Acquired Fund, which will vary.

Interest Rate Risk

Interest rate risk is the risk that fixed income securities and other instruments in a Fund's portfolio will decline in value because of an increase in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by a Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. The values of equity and other non-fixed income securities may also decline due to fluctuations in interest rates. Inflation-indexed bonds, including Treasury Inflation-Protected Securities ("TIPS"), decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.

Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When a Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund's shares.

Credit Risk

A Fund could lose money if the issuer or guarantor of a fixed income security (including a security purchased with securities lending collateral), or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. The downgrade of the credit of a security held by a Fund may decrease its value. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings. Municipal bonds are subject to the risk that litigation, legislation or other political events, local business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest.

High Yield Risk

Funds that invest in high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") may be subject to greater levels of credit and liquidity risk than funds that do not invest in such securities. These securities are considered predominately speculative with respect to the issuer's continuing ability to make principal and interest payments. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce a Fund's ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, a Fund may lose its entire investment. Because of the risks involved in investing in high yield securities, an investment in a Fund that invests in such securities should be considered speculative.

Distressed Company Risk

An Underlying PIMCO Fund that invests in securities of distressed companies may be subject to greater levels of credit, issuer and liquidity risk than a portfolio that does not invest in such securities. Securities of distressed companies include both debt and equity securities. Debt securities of distressed companies are considered predominantly speculative with respect to the issuers' continuing ability to make principal and interest payments. Issuers of distressed company securities may also be involved in restructurings or bankruptcy proceedings that may not be successful. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce the Underlying PIMCO Fund's ability to sell these securities (liquidity risk). If the issuer of a debt security is in default with respect to interest or principal payments, the Underlying PIMCO Fund may lose its entire investment.

Market Risk

The market price of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The value of a security may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Equity securities generally have greater price volatility than fixed income securities.

Exchanges and securities markets may close early, close late or issue trading halts on specific securities, which may result in, among other things, a Fund being unable to buy or sell certain securities or financial instruments at an advantageous time or accurately price its portfolio investments.

Issuer Risk

The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. A change in the financial condition of a single issuer may affect securities markets as a whole.

Liquidity Risk

Liquidity risk exists when particular investments are difficult to purchase or sell. Illiquid securities are securities that cannot be disposed of within seven days in the ordinary course of business at approximately the value at which the Fund has valued the securities. A Fund's investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. In such cases, a Fund, due to limitations on investments in illiquid securities and the difficulty in purchasing and selling such securities or instruments, may be unable to achieve its desired level of exposure to a certain sector. To the extent that a Fund's principal investment strategies involve derivatives or securities with substantial market and/or credit risk, the Fund will tend to have the greatest exposure to liquidity risk.

Derivatives Risk

Derivatives are financial contracts whose value depends on, or is derived from, the value of an underlying asset, reference rate or index. The various derivative instruments that the Funds may use are referenced under "Characteristics and Risks of Securities and Investment Techniques—Derivatives" in this prospectus and described in more detail under "Investment Objectives and Policies" in the Statement of Additional Information. The Funds typically use derivatives as a substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to other risks, such as interest rate or currency risk. The Funds may also use derivatives for leverage, in which case their use would involve leveraging risk. A Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of risks described elsewhere in this section, such as liquidity risk, interest rate risk, market risk, credit risk and management risk. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. A Fund investing in a derivative instrument could lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that a Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial.

Issuer Non-Diversification Risk

Focusing investments in a small number of issuers increases risk. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are "diversified." Funds that invest in a relatively small number of issuers are more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Some of those issuers also may present substantial credit or other risks.

To the extent that the PIMCO All Asset and PIMCO All Asset All Authority Funds invest a significant portion of their assets in an Underlying PIMCO Fund, the PIMCO All Asset and PIMCO All Asset All Authority Funds will be particularly sensitive to the risks associated with that Underlying PIMCO Fund. To the extent that the PIMCO Global Multi-Asset Fund and PIMCO RealRetirement® Funds invest a significant portion of their assets in an Acquired Fund, the PIMCO Global Multi-Asset Fund and PIMCO RealRetirement® Funds will be particularly sensitive to the risks associated with that Acquired Fund. For a discussion of risks associated with Underlying PIMCO Funds and Acquired Funds, please see "Underlying PIMCO Fund Risk" and "Acquired Fund Risk" above.

Commodity Risk

A Fund's investments in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The PIMCO Global Multi-Asset Fund and its Subsidiary (the "GMA Subsidiary") may concentrate its assets in a particular sector of the commodities market (such as oil, metal or agricultural products). As a result, the PIMCO CommodityRealReturn Strategy Fund®, the PIMCO CommoditiesPLUS® Short Strategy Fund, the PIMCO CommoditiesPLUS® Strategy Fund, the Subsidiaries and to the extent the PIMCO All Asset, the PIMCO All Asset All Authority, the PIMCO Global Multi-Asset and the PIMCO RealRetirement® Funds invest in the PIMCO CommodityRealReturn Strategy Fund®, the PIMCO CommoditiesPLUS® Short Strategy Fund and the PIMCO CommoditiesPLUS® Strategy Fund, each an Underlying PIMCO Fund, the PIMCO All Asset, PIMCO All Asset All Authority, PIMCO Global Multi-Asset and PIMCO RealRetirement® Funds may be more susceptible to risks associated with those sectors.

Equity Risk

Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities also include, among other things, preferred stocks, convertible stocks and warrants. The values of equity securities, such as common stocks and preferred stocks, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities generally have greater price volatility than fixed income securities. These risks are generally magnified in the case of equity investments in distressed companies.

Mortgage-Related and Other Asset-Backed Securities Risk

Mortgage-related and other asset-backed securities often involve risks that are different from or more acute than risks associated with other types of debt instruments. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if a Fund holds mortgage-related securities, it may exhibit additional volatility. This is known as extension risk. In addition, adjustable and fixed rate mortgage-related securities are subject to prepayment risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of a Fund because the Fund may have to reinvest that money at the lower prevailing interest rates. A Fund's investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

Foreign (Non-U.S.) Investment Risk

A Fund that invests in foreign (non-U.S.) securities may experience more rapid and extreme changes in value than a Fund that invests exclusively in securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of foreign (non-U.S.) securities are usually not subject to the same degree of regulation as U.S. issuers. Reporting, accounting and auditing standards of foreign countries differ, in some cases significantly, from U.S. standards. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. Also, nationalization, expropriation or confiscatory taxation, currency blockage, political changes or diplomatic developments could adversely affect a Fund's investments in a foreign country. In the event of nationalization, expropriation or other confiscation, a Fund could lose its entire investment in foreign (non-U.S.) securities. Adverse conditions in a certain region can adversely affect securities of other countries whose economies appear to be unrelated. To the extent that a Fund invests a significant portion of its assets in a specific geographic region, the Fund will generally have more exposure to regional economic risks associated with foreign investments. Foreign (non-U.S.) securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Real Estate Risk

A Fund that invests in real estate-linked derivative instruments is subject 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. An investment in a real estate-linked derivative instrument that is linked to the value of a real estate investment trust ("REIT") is subject to additional risks, such as poor performance by the manager of the REIT, adverse changes to the tax laws or failure by the REIT to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986 as amended (the "Code"). In addition, some REITs have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Also, the organizational documents of a REIT may contain provisions that make changes in control of the REIT difficult and time-consuming.

Emerging Markets Risk

Foreign (non-U.S.) investment risk may be particularly high to the extent a Fund invests in emerging market securities. Emerging market securities may present market, credit, currency, liquidity, legal, political and other risks different from, and potentially greater than, the risks of investing in securities and instruments economically tied to developed foreign countries. To the extent a Fund invests in emerging market securities that are economically tied to a particular region, country or group of countries, the Fund may be more sensitive to adverse political or social events affecting that region, country or group of countries. Economic, business, political, or social instability may affect emerging market securities differently. Accordingly, a Fund that invests in a wide range of emerging market securities (e.g., different regions or countries, asset classes, issuers, sectors or credit qualities) may perform differently in response to such instability than a Fund investing in a more limited range of emerging market securities. For example, a Fund that focuses its investments in multiple asset classes of emerging market securities may have a limited ability to mitigate losses in an environment that is adverse to emerging market securities in general. Emerging market securities may also be more volatile, less liquid and more difficult to value than securities economically tied to developed foreign countries. The systems and procedures for trading and settlement of securities in emerging markets are less developed and less transparent and transactions may take longer to settle. A Fund may not know the identity of trading counterparties, which may increase the possibility of the Fund not receiving payment or delivery of securities in a transaction.

Currency Risk

If a Fund invests directly in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, foreign (non-U.S.) currencies, or in derivatives that provide exposure to foreign (non-U.S.) currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.

Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, a Fund's investments in foreign currency-denominated securities may reduce the returns of the Fund.

Currency risk may be particularly high to the extent that a Fund invests in foreign (non-U.S.) currencies or engages in foreign currency transactions that are economically tied to emerging market countries. These currency transactions may present market, credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign (non-U.S.) currencies or engaging in foreign currency transactions that are economically tied to developed foreign countries.

Leveraging Risk

Certain transactions may give rise to a form of leverage. Such transactions may include, among others, reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions. The use of derivatives may also create leveraging risk. To mitigate leveraging risk, PIMCO will segregate or "earmark" liquid assets or otherwise cover transactions that may give rise to such risk. Each Subsidiary (as described under "Characteristics and Risks of Securities and Investment Techniques—Investments in the Wholly-Owned Subsidiary") will comply with these asset segregation or "earmarking" requirements to the same extent as the PIMCO Global Multi-Asset Fund. The Funds also may be exposed to leveraging risk by borrowing money for investment purposes. Leveraging may cause a Fund to liquidate portfolio positions to satisfy its obligations or to meet segregation requirements when it may not be advantageous to do so. Leveraging, including borrowing, may cause a Fund to be more volatile than if the Fund had not been leveraged. This is because leveraging tends to exaggerate the effect of any increase or decrease in the value of a Fund's portfolio securities (or the value of the Underlying PIMCO Funds in the case of the PIMCO All Asset and PIMCO All Asset All Authority Funds or the Acquired Funds in the case of the PIMCO Global Multi-Asset Fund and PIMCO RealRetirement® Funds). Certain types of leveraging transactions, such as short sales that are not "against the box," could theoretically be subject to unlimited losses in cases where a Fund, for any reason, is unable to close out the transaction. In addition, to the extent a Fund borrows money, interest costs on such borrowings may not be recovered by any appreciation of the securities purchased with the borrowed amounts and could exceed the Fund's investment returns, resulting in greater losses.

Smaller Company Risk

The general risks associated with fixed income securities and equity securities are particularly pronounced for securities issued by companies with smaller market capitalizations. These companies may have limited product lines, markets or financial resources or they may depend on a few key employees. As a result, they may be subject to greater levels of credit, market and issuer risk. Securities of smaller companies may trade less frequently and in lesser volumes than more widely held securities and their values may fluctuate more sharply than other securities. Companies with medium-sized market capitalizations may have risks similar to those of smaller companies.

Management Risk

The Funds, the Subsidiary and certain Acquired Funds are subject to management risk because they are actively managed investment portfolios. PIMCO and each individual portfolio manager will apply investment techniques and risk analyses in making investment decisions for the Funds, the Subsidiary and certain Acquired Funds, as applicable, but there can be no guarantee that these decisions will produce the desired results. Additionally, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and each individual portfolio manager in connection with managing the Funds and may also adversely affect the ability of the Funds to achieve their investment objectives.

Short Sale Risk

A Fund's short sales, if any, are subject to special risks. A short sale involves the sale by the Fund of a security that it does not own with the hope of purchasing the same security at a later date at a lower price. A Fund may also enter into a short position through a forward commitment or a short derivative position through a futures contract or swap agreement. If the price of the security or derivative has increased during this time, then the Fund will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security's value cannot decrease below zero.

By investing the proceeds received from selling securities short, a Fund could be deemed to be employing a form of leverage, which creates special risks. The use of leverage may increase a Fund's exposure to long securities positions and make any change in the Fund's NAV greater than it would be without the use of leverage. This could result in increased volatility of returns. There is no guarantee that any leveraging strategy a Fund employs will be successful during any period in which it is employed.

In times of unusual or adverse market, economic, regulatory or political conditions, a Fund may not be able, fully or partially, to implement its short selling strategy. Periods of unusual or adverse market, economic, regulatory or political conditions generally may exist for as long as six months and, in some cases, much longer. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund.

Tax Risk

The PIMCO Global Multi-Asset Fund gains exposure to the commodities markets through investments in commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures. Each Fund may also gain exposure indirectly to commodity markets by investing in its respective Subsidiary, which invests primarily in commodity-linked derivative instruments backed by a portfolio of inflation-indexed securities and/or other Fixed Income Instruments. In order for the PIMCO Global Multi-Asset Fund to qualify as a regulated investment company under Subchapter M of the Code, each Fund must derive at least 90 percent of its gross income each taxable year from certain qualifying sources of income.

As more fully described below under "Tax Consequences—A Note on the PIMCO Global Multi-Asset Fund" the Internal Revenue Service (the "IRS") issued a revenue ruling which holds that income derived from commodity-linked swaps is not qualifying income under Subchapter M of the Code. However, the IRS has issued private letter rulings in which the IRS specifically concluded that income from certain commodity index-linked notes is qualifying income. In addition, the IRS has also issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary will also constitute qualifying income. The IRS has currently suspended the issuance of private letter rulings relating to the tax treatment of income and gains generated by investments in commodity-linked notes and income generated by investments in a subsidiary.

Based on the underlying tax principles relating to such private letter rulings, the PIMCO Global Multi-Asset Fund will seek to gain exposure to the commodity markets primarily through investments in commodity index-linked notes and through investments in its Subsidiary. If the IRS were to change its position or otherwise determine that income derived from certain commodity-linked notes or from investments in a Subsidiary does not constitute qualifying income, the PIMCO Global Multi-Asset Fund might be adversely affected and would be required to reduce its exposure to such investments, which might result in difficulty in implementing its investment strategies and increased costs and taxes. The use of commodity index-linked notes and investments in the Subsidiary involve specific risks. See "Characteristics and Risks of Securities and Investment Techniques—Derivatives—A Note on the PIMCO Global Multi-Asset Fund" below for further information regarding commodity index-linked notes, including the risks associated with these instruments. In addition, see "Characteristics and Risks of Securities and Investment Techniques—Investments in Wholly-Owned Subsidiary" below for further information regarding the Subsidiary, including the risks associated with investing in the Subsidiary.

To the extent the PIMCO All Asset, PIMCO All Asset All Authority, PIMCO Global Multi-Asset and RealRetirement® Funds invest in the PIMCO CommodityRealReturn Strategy Fund®, PIMCO CommoditiesPLUS® Short Strategy Fund or PIMCO CommoditiesPLUS® Strategy Fund, the use of the above noted investments by the Underlying PIMCO Fund could subject the shareholders of those Funds to risks similar to those described above.

Subsidiary Risk

By investing in its Subsidiary, the Global Multi-Asset Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. These risks are described elsewhere in this prospectus. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this prospectus, is not subject to all the investor protections of the 1940 Act. In addition, changes in the laws of the United States and/or the Cayman Islands could result in the inability of the PIMCO Global Multi-Asset Fund and/or the Subsidiary to operate as described in this prospectus and Statement of Additional Information and could adversely affect the PIMCO Global Multi-Asset Fund and, to the extent the PIMCO All Asset, PIMCO All Asset All Authority and PIMCO RealRetirement® Funds invest in Underlying PIMCO Funds with Subsidiaries, the PIMCO All Asset, PIMCO All Asset All Authority and PIMCO RealRetirement® Funds. Changes in the laws of the United States and/or the Cayman Islands could adversely affect the performance of a Fund and/or a Subsidiary and result in the Fund underperforming its benchmark index(es).

Value Investing Risk

Value investing attempts to identify companies that a portfolio manager believes to be undervalued. Value stocks typically have prices that are low relative to factors such as the company's earnings, cash flow or dividends. A value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur. A value investing style may perform better or worse than equity portfolios that focus on growth stocks or that have a broader investment style.

Arbitrage Risk

An Underlying PIMCO Fund that invests in securities purchased pursuant to an arbitrage strategy in order to take advantage of a perceived relationship between the value of two securities presents certain risks. Securities purchased or sold short pursuant to an arbitrage strategy may not perform as intended, which may result in a loss to the Underlying PIMCO Fund. Additionally, issuers of a security purchased pursuant to an arbitrage strategy are often engaged in significant corporate events, such as restructurings, acquisitions, mergers, takeovers, tender offers or exchanges, or liquidations. Such corporate events may not be completed as initially planned or may fail.

Convertible Securities Risk

Convertible securities are fixed income securities, preferred stocks or other securities that are convertible into or exercisable for common stock of the issuer (or cash or securities of equivalent value) at either a stated price or a stated rate. The market values of convertible securities may decline as interest rates increase and, conversely, to increase as interest rates decline. A convertible security's market value, however, tends to reflect the market price of the common stock of the issuing company when that stock price approaches or is greater than the convertible security's "conversion price." The conversion price is defined as the predetermined price at which the convertible security could be exchanged for the associated stock. As the market price of the underlying common stock declines, the price of the convertible security tends to be influenced more by the yield of the convertible security. Thus, it may not decline in price to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities may be paid before the company's common stockholders but after holders of any senior debt obligations of the company. Consequently, the issuer's convertible securities generally entail less risk than its common stock but more risk than its debt obligations.

Synthetic convertible securities involve the combination of separate securities that possess the two principal characteristics of a traditional convertible security (i.e., an income-producing component and a right to acquire an equity security. Synthetic convertible securities are often achieved, in part, through investments in warrants or options to buy common stock (or options on a stock index), and therefore are subject to the risks associated with derivatives. The value of a synthetic convertible security will respond differently to market fluctuations than a traditional convertible security because a synthetic convertible is composed of two or more separate securities or instruments, each with its own market value. Because the convertible component is typically achieved by investing in warrants or options to buy common stock at a certain exercise price, or options on a stock index, synthetic convertible securities are subject to the risks associated with derivatives. In addition, if the value of the underlying common stock or the level of the index involved in the convertible component falls below the exercise price of the warrant or option, the warrant or option may lose all value.

Disclosure of Portfolio Holdings

Please see "Disclosure of Portfolio Holdings" in the Statement of Additional Information for information about the availability of the complete schedule of each Fund's holdings.

Management of the Funds

Investment Adviser and Administrator

PIMCO serves as the investment adviser and the administrator (serving in its capacity as administrator, the "Administrator") for the Funds. Subject to the supervision of the Board of Trustees of PIMCO Funds (the "Trust"), PIMCO is responsible for managing the investment activities of the Funds and the Funds' business affairs and other administrative matters. PIMCO also serves as the investment adviser for the GMA Subsidiary.

PIMCO is located at 840 Newport Center Drive, Newport Beach, CA 92660. Organized in 1971, PIMCO provides investment management and advisory services to private accounts of institutional and individual clients and to mutual funds. As of June 30, 2013, PIMCO had approximately $1.97 trillion in assets under management.

PIMCO has engaged Research Affiliates, LLC, a California limited liability company ("Research Affiliates"), to serve as asset allocation sub-adviser to the PIMCO all Asset and PIMCO All Asset All Authority Funds. Research Affiliates is located at 620 Newport Center Drive, Suite 900, Newport Beach, CA 92660.

Management Fees

Each Fund pays for the advisory and supervisory and administrative services it requires under what is essentially an all-in fee structure. The Management Fees shown in the Annual Fund Operating Expenses tables reflect both an advisory fee and a supervisory and administrative fee. For the fiscal year ended March 31, 2013, the Funds paid monthly Management Fees to PIMCO at the following annual rates (stated as a percentage of the average daily net assets attributable to each class's shares taken separately):

	Management Fees
Fund Name	Inst Class	Class P	Admin Class	Class D	Class A	Class B	Class C	Class R
PIMCO All Asset Fund	0.225%	0.325%	0.225%	0.375%	0.475%	0.475%	0.475%	0.475%
PIMCO All Asset All Authority Fund	0.25%	0.35%	0.25%	0.40%	0.45%	N/A	0.45%	N/A
PIMCO Global Multi-Asset Fund	0.95%	1.05%	0.95%	1.30%	1.30%	N/A	1.30%	1.30%
PIMCO RealRetirement® Income and Distribution Fund	0.75%	0.85%	0.75%	1.00%	1.00%	N/A	1.00%	1.00%
PIMCO RealRetirement® 2015 Fund	0.75%	0.85%	0.75%	1.00%	1.00%	N/A	1.00%	1.00%
PIMCO RealRetirement® 2020 Fund	0.75%	0.85%	0.75%	1.00%	1.00%	N/A	1.00%	1.00%
PIMCO RealRetirement® 2025 Fund	0.75%	0.85%	0.75%	1.00%	1.00%	N/A	1.00%	1.00%
PIMCO RealRetirement® 2030 Fund	0.80%	0.90%	0.80%	1.05%	1.05%	N/A	1.05%	1.05%
PIMCO RealRetirement® 2035 Fund	0.80%	0.90%	0.80%	1.05%	1.05%	N/A	1.05%	1.05%
PIMCO RealRetirement® 2040 Fund	0.85%	0.95%	0.85%	1.10%	1.10%	N/A	1.10%	1.10%
PIMCO RealRetirement® 2045 Fund	0.85%	0.95%	0.85%	1.10%	1.10%	N/A	1.10%	1.10%
PIMCO RealRetirement® 2050 Fund	0.85%	0.95%	0.85%	1.10%	1.10%	N/A	1.10%	1.10%

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Advisory Fee. Each Fund pays PIMCO fees in return for providing investment advisory services. For the fiscal year ended March 31, 2013, the Funds paid monthly advisory fees to PIMCO at the following annual rates (stated as a percentage of the average daily net assets of each Fund taken separately):

Fund Name	Advisory Fee All Classes¹
PIMCO All Asset Fund	0.175%²
PIMCO All Asset All Authority Fund	0.20%³
PIMCO Global Multi-Asset Fund	0.90%⁴
PIMCO RealRetirement® Income and Distribution Fund	0.70%⁵
PIMCO RealRetirement® 2015 Fund	0.70%⁵
PIMCO RealRetirement® 2020 Fund	0.70%⁵
PIMCO RealRetirement® 2025 Fund	0.70%⁵
PIMCO RealRetirement® 2030 Fund	0.75%⁵
PIMCO RealRetirement® 2035 Fund	0.75%⁵
PIMCO RealRetirement® 2040 Fund	0.80%⁵
PIMCO RealRetirement® 2045 Fund	0.80%⁵
PIMCO RealRetirement® 2050 Fund	0.80%⁵

¹	For details regarding changes to this rate within the last 5 years, please see the footnote disclosures for the Funds in the Financial Highlights section beginning on page 111.

PIMCO has contractually agreed, through July 31, 2014, to reduce its Advisory Fee to the extent that the Underlying PIMCO Fund expenses attributable to Investment Advisory and Supervisory and Administrative Fees exceed 0.64% of the total assets invested in Underlying PIMCO Funds (as defined herein). PIMCO may recoup these waivers in future periods, not exceeding three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The fee reduction is implemented based on a calculation of Underlying PIMCO Fund Expenses attributable to advisory and supervisory and administrative fees that is different from the calculation of Acquired Fund Fees and Expenses listed in the table in the Fund's Fund Summary.

PIMCO has contractually agreed, through July 31, 2014, to reduce its Advisory Fee to the extent that the Underlying PIMCO Fund expenses attributable to Investment Advisory and Supervisory and Administrative Fees exceed 0.69% of the total assets invested in Underlying PIMCO Funds (as defined herein). PIMCO may recoup these waivers in future periods, not exceeding three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The fee reduction is implemented based on a calculation of Underlying PIMCO Fund Expenses attributable to advisory and supervisory and administrative fees that is different from the calculation of Acquired Fund Fees and Expenses listed in the table in the Fund's Fund Summary.

⁴

PIMCO has contractually agreed, through July 31, 2014, to waive, first, the advisory fee and, second, the supervisory and administrative fee it receives from the Fund in an amount equal to the expenses attributable to the Management Fees of Underlying PIMCO Funds indirectly incurred by the Fund in connection with its investments in Underlying PIMCO Funds, to the extent the Fund's Management Fees are greater than or equal to the Management Fees of the Underlying PIMCO Funds. This waiver renews annually for a full year unless terminated by PIMCO upon at least 30 days' notice prior to the end of the contract term. In addition, PIMCO has contractually agreed to waive the Fund's advisory fee and the supervisory and administrative fee in an amount equal to the management fee and administrative services fee, respectively, paid by the PIMCO Cayman Commodity Fund II Ltd. (the "Subsidiary") to PIMCO. The Subsidiary pays PIMCO a management fee and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Subsidiary is in place.

⁵

As the PIMCO RealRetirement® Funds approach their target dates and their portfolios become more conservative, the PIMCO RealRetirement® Funds' investment advisory contract provides that certain PIMCO RealRetirement® Funds' advisory fees will periodically decrease over time according to set intervals. The following table provides information with respect to such advisory fee adjustments.

Advisory Fee Schedule (stated as a percentage of the average daily net assets of each PIMCO RealRetirement® Fund taken separately)

Fund Name	March 31, 2013	April 1, 2015	April 1, 2020	April 1, 2025	April 1, 2030	April 1, 2035
PIMCO RealRetirement® Income and Distribution Fund	0.70%	0.70%	0.70%	0.70%	0.70%	0.70%
PIMCO RealRetirement® 2015 Fund	0.70	0.70	0.70	0.70	0.70	0.70
PIMCO RealRetirement® 2020 Fund	0.70	0.70	0.70	0.70	0.70	0.70
PIMCO RealRetirement® 2025 Fund	0.70	0.70	0.70	0.70	0.70	0.70
PIMCO RealRetirement® 2030 Fund	0.75	0.70	0.70	0.70	0.70	0.70
PIMCO RealRetirement® 2035 Fund	0.75	0.70	0.70	0.70	0.70	0.70
PIMCO RealRetirement® 2040 Fund	0.80	0.75	0.75	0.70	0.70	0.70
PIMCO RealRetirement® 2045 Fund	0.80	0.80	0.75	0.75	0.70	0.70
PIMCO RealRetirement® 2050 Fund	0.80	0.80	0.80	0.75	0.75	0.70

A discussion of the basis for the Board of Trustees' approval of the Funds' investment advisory contract and asset allocation sub-advisory agreements is available in the Funds' Semi-Annual Report to shareholders for the fiscal half-year ended September 30, 2012.

As discussed in its "Principal Investments and Strategies" section, the PIMCO Global Multi-Asset Fund may pursue its investment objective by investing in its Subsidiary. The Subsidiary has entered into a separate contract with PIMCO whereby PIMCO provides investment advisory and other services to the Subsidiary. In consideration of these services, the Subsidiary pays PIMCO a management fee and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively. PIMCO has contractually agreed to waive the advisory fee and the supervisory and administrative fee it receives from the PIMCO Global Multi-Asset Fund in an amount equal to the management fee and administrative services fee, respectively, paid to PIMCO by the GMA Subsidiary. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the GMA Subsidiary is in place.

■

Supervisory and Administrative Fee. Each Fund pays for the supervisory and administrative services it requires under what is essentially an all-in fee structure. Shareholders of each Fund pay a supervisory and administrative fee to PIMCO, computed as a percentage of the Fund's assets attributable in the aggregate to that class of shares. PIMCO, in turn, provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Funds bear other expenses which are not covered under the supervisory and administrative fee which may vary and affect the total level of expenses paid by the shareholders, such as taxes and governmental fees, brokerage fees, commissions and other transaction expenses, costs of borrowing money, including interest expenses, extraordinary expenses (such as litigation and indemnification expenses) and (except for the PIMCO All Asset, PIMCO All Asset All Authority, PIMCO Global Multi-Asset and PIMCO RealRetirement® Funds) fees and expenses of the Trust's Independent Trustees and their counsel. PIMCO generally earns a profit on the supervisory and administrative fee paid by the Funds. Also, under the terms of the supervision and administration agreement, PIMCO, and not Fund shareholders, would benefit from any price decreases in third-party services, including decreases resulting from an increase in net assets.

For the fiscal year ended March 31, 2013, the Funds paid PIMCO monthly supervisory and administrative fees at the following annual rates (stated as a percentage of the average daily net assets attributable in the aggregate to each class's shares taken separately):

	Supervisory and Administrative Fees¹
Fund Name	Inst Class	Class P	Admin Class	Class D	Class A	Class B	Class C	Class R
PIMCO All Asset Fund	0.05%	0.15%	0.05%	0.20%	0.30%	0.30%	0.30%	0.30%
PIMCO All Asset All Authority Fund	0.05%	0.15%	0.05%	0.20%	0.25%	N/A	0.25%	N/A
PIMCO Global Multi-Asset Fund²	0.05%	0.15%	0.05%	0.40%	0.40%	N/A	0.40%	0.40%
PIMCO RealRetirement® Income and Distribution Fund³	0.05%	0.15%	0.05%	0.30%	0.30%	N/A	0.30%	0.30%
PIMCO RealRetirement® 2015 Fund³	0.05%	0.15%	0.05%	0.30%	0.30%	N/A	0.30%	0.30%
PIMCO RealRetirement® 2020 Fund³	0.05%	0.15%	0.05%	0.30%	0.30%	N/A	0.30%	0.30%
PIMCO RealRetirement® 2025 Fund³	0.05%	0.15%	0.05%	0.30%	0.30%	N/A	0.30%	0.30%
PIMCO RealRetirement® 2030 Fund³	0.05%	0.15%	0.05%	0.30%	0.30%	N/A	0.30%	0.30%
PIMCO RealRetirement® 2035 Fund³	0.05%	0.15%	0.05%	0.30%	0.30%	N/A	0.30%	0.30%
PIMCO RealRetirement® 2040 Fund³	0.05%	0.15%	0.05%	0.30%	0.30%	N/A	0.30%	0.30%
PIMCO RealRetirement® 2045 Fund³	0.05%	0.15%	0.05%	0.30%	0.30%	N/A	0.30%	0.30%
PIMCO RealRetirement® 2050 Fund³	0.05%	0.15%	0.05%	0.30%	0.30%	N/A	0.30%	0.30%

¹	For details regarding changes to this rate within the last 5 years, please see the footnote disclosures for the Funds in the Financial Highlights section beginning on page 111.

PIMCO has contractually agreed, through July 31 2014, to waive, first, the advisory fee and, second, the supervisory and administrative fee it receives from the Fund in an amount equal to the expenses attributable to the Management Fees of Underlying PIMCO Funds indirectly incurred by the Fund in connection with its investments in Underlying PIMCO Funds, to the extent the Fund's Management Fees are greater than or equal to the Management Fees of the Underlying PIMCO Funds. This waiver renews annually for a full year unless terminated by PIMCO upon at least 30 days' notice prior to the end of the contract term. In addition, PIMCO has contractually agreed to waive the Fund's advisory fee and the supervisory and administrative fee in an amount equal to the management fee and administrative services fee, respectively, paid by the PIMCO Cayman Commodity Fund II Ltd. (the "Subsidiary") to PIMCO. The Subsidiary pays PIMCO a management fee and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Subsidiary is in place.

Underlying PIMCO Fund Fees

The PIMCO All Asset, PIMCO All Asset All Authority, PIMCO Global Multi-Asset and PIMCO RealRetirement® Funds pay advisory and supervisory and administrative fees directly to PIMCO at the annual rates stated above, based on the average daily net assets attributable in the aggregate to each Fund's shares. The Funds also indirectly pay their proportionate share of the advisory and supervisory and administrative fees charged by PIMCO to the Underlying PIMCO Funds in which each Fund invests.

PIMCO has contractually agreed, through July 31, 2014, for the PIMCO All Asset Fund, to reduce its advisory fee to the extent that the Underlying PIMCO Fund Expenses attributable to advisory and supervisory and administrative fees exceed 0.64% of the total assets invested in Underlying PIMCO Funds. Similarly, PIMCO has contractually agreed, through July 31, 2014, for the PIMCO All Asset All Authority Fund, to reduce its advisory fee to the extent that the Underlying PIMCO Fund Expenses attributable to advisory and supervisory and administrative fees exceed 0.69% of the total assets invested in Underlying PIMCO Funds. PIMCO may recoup these waivers in future periods, not exceeding three years, provided total expenses, including such recoupment, do not exceed the annual expense limit.

PIMCO has contractually agreed, through July 31, 2014, to waive, first, the advisory fee and, second, to the extent necessary, the supervisory and administrative fee it receives from the PIMCO Global Multi-Asset Fund in an amount equal to the expenses attributable to advisory fees and supervisory and administrative fees of Underlying PIMCO Funds indirectly incurred by the PIMCO Global Multi-Asset Fund in connection with the Fund's investments in Underlying PIMCO Funds, to the extent the Fund's advisory fee or advisory fee and supervisory and administrative fee taken together are greater than or equal to the advisory fees and supervisory and administrative fees of the Underlying PIMCO Funds. Similarly, PIMCO has contractually agreed, through July 31, 2014, to waive, first, the advisory fee and, second, to the extent necessary, the supervisory and administrative fee it receives from each PIMCO RealRetirement® Fund in an amount equal to the expenses attributable to advisory fees and supervisory and administrative fees of Underlying PIMCO Funds indirectly incurred by a PIMCO RealRetirement® Fund in connection with the Fund's investments in Underlying PIMCO Funds, to the extent the Fund's advisory fee or advisory fee and supervisory and administrative fee taken together are greater than or equal to the advisory fees and supervisory and administrative fees of the Underlying PIMCO Funds. These waivers renew annually for a full year unless terminated by PIMCO upon at least 30 days' notice prior to the end of the contract term.

The Acquired Fund Fees and Expenses shown in the Annual Fund Operating Expenses table for the PIMCO All Asset, PIMCO All Asset All Authority, PIMCO Global Multi-Asset and PIMCO RealRetirement® Funds may be higher than the Underlying PIMCO Fund Expenses used for purposes of the expense reduction described above due to differences in the methods of calculation. The Acquired Fund Fees and Expenses, as required to be shown in the Annual Fund Operating Expenses table, are calculated using the total operating expenses for each Underlying PIMCO Fund over the Fund's average net assets. The Underlying PIMCO Fund Expenses that are used for purposes of implementing the expense reduction described above are calculated using the advisory and supervisory and administrative fees for each Underlying PIMCO Fund over the total assets invested in Underlying PIMCO Funds. Thus, the Acquired Fund Fees and Expenses listed in the Annual Fund Operating Expenses table will typically be higher than the Underlying PIMCO Fund Expenses used to calculate the expense reduction when the PIMCO All Asset, PIMCO All Asset All Authority, PIMCO Global Multi-Asset or PIMCO RealRetirement® Funds employ leverage as an investment strategy.

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds Fund will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds Fund, an investor will indirectly bear fees and expenses charged by non-PIMCO Acquired Funds (and may indirectly bear a portion of the fees and expenses charged by Underlying PIMCO Funds to the extent such fees and expenses are not waived or reimbursed pursuant to applicable waiver and reimbursement agreements) in addition to the Fund's direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders. The PIMCO All Asset and PIMCO All Asset All Authority Funds (and the PIMCO Global Multi-Asset and PIMCO RealRetirement® Funds, to the extent they invest in Underlying PIMCO Funds), invest in Institutional Class or Class M shares of the Underlying PIMCO Funds, which are not subject to any sales charges or distribution (12b-1) fees.

The following table summarizes the annual expenses borne by Institutional Class or Class M shareholders of the Underlying PIMCO Funds. Because the PIMCO All Asset and PIMCO All Asset All Authority Funds (and the PIMCO Global Multi-Asset and PIMCO RealRetirement® Funds, to the extent they invest in Underlying PIMCO Funds), invest in Institutional Class or Class M shares of the Underlying PIMCO Funds, shareholders of the PIMCO All Asset, PIMCO All Asset All Authority, PIMCO Global Multi-Asset and PIMCO RealRetirement® Funds would indirectly bear a proportionate share of these expenses, depending upon how the Funds' assets are allocated from time to time among the Underlying PIMCO Funds.

For a complete description of an Underlying PIMCO Fund, please see the Underlying PIMCO Fund's prospectus. For a summary description of the Underlying PIMCO Funds, please see the "Description of the Underlying PIMCO Funds" section in this prospectus.

Annual Underlying PIMCO Fund Expenses
(Based on the average daily net assets attributable to an Underlying PIMCO Fund's Institutional Class shares (or Class M shares in the case of the PIMCO Government Money Market and PIMCO Treasury Money Market Funds, or the Fund in the case of actively-managed funds of the PIMCO ETF Trust)).

Underlying PIMCO Fund	Management Fees¹	Other Expenses²	Total Fund Operating Expenses
PIMCO Build America Bond Exchange-Traded Fund	0.45%	0.00%	0.45%
PIMCO California Intermediate Municipal Bond Fund	0.445	0.00	0.445
PIMCO California Municipal Bond Fund	0.44	0.00	0.44
PIMCO California Short Duration Municipal Income Fund	0.33	0.00	0.33
PIMCO CommoditiesPLUS® Short Strategy Fund	0.79	0.14	0.93³
PIMCO CommoditiesPLUS® Strategy Fund	0.74	0.16	0.90⁴
PIMCO CommodityRealReturn Strategy Fund®	0.74	0.17	0.91⁵
PIMCO Convertible Fund	0.65	0.08	0.73
PIMCO Credit Absolute Return Fund	0.90	0.00	0.90
PIMCO Diversified Income Fund	0.75	0.00	0.75
PIMCO Dividend and Income Builder Fund	0.99	0.00	0.99⁶
PIMCO EM Fundamental IndexPLUS® AR Strategy Fund	1.25	0.00	1.25
PIMCO Emerging Local Bond Fund	0.90	0.00	0.90
PIMCO Emerging Markets Bond Fund	0.83	0.00	0.83
PIMCO Emerging Markets Corporate Bond Fund	1.15	0.00	1.15
PIMCO Emerging Markets Currency Fund	0.85	0.00	0.85
PIMCO Emerging Markets Full Spectrum Bond Fund	0.99	0.95	1.94
PIMCO Enhanced Short Maturity Exchange-Traded Fund	0.35	0.00	0.35
PIMCO EqS® Dividend Fund	0.99	0.00	0.99⁶
PIMCO EqS® Emerging Markets Fund	1.45	0.03	1.48⁷
PIMCO EqS® Long/Short Fund	1.49	0.59	2.08
PIMCO EqS Pathfinder Fund®	1.05	0.01	1.06⁶
PIMCO Extended Duration Fund	0.50	0.04	0.54
PIMCO Floating Income Fund	0.55	0.00	0.55
PIMCO Foreign Bond Fund (Unhedged)	0.50	0.03	0.53
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)	0.50	0.03	0.53
PIMCO Foreign Currency Strategy Exchange-Traded Fund	0.65	0.11	0.76⁸
PIMCO Fundamental Advantage Absolute Return Strategy Fund	0.89	0.01	0.90
PIMCO Fundamental IndexPLUS® AR Fund	0.79	0.00	0.79
PIMCO Global Advantage® Inflation-Linked Bond Exchange-Traded Fund	0.60	0.01	0.61
PIMCO Global Advantage® Strategy Bond Fund	0.70	0.00	0.70
PIMCO Global Bond Fund (Unhedged)	0.55	0.03	0.58
PIMCO Global Bond Fund (U.S. Dollar-Hedged)	0.55	0.02	0.57
PIMCO GNMA Fund	0.50	0.01	0.51
PIMCO Government Limited Maturity Exchange-Traded Fund	0.25	0.00	0.25⁸
PIMCO Government Money Market Fund	0.18	0.00	0.18⁹
PIMCO High Yield Fund	0.55	0.00	0.55
PIMCO High Yield Municipal Bond Fund	0.55	0.00	0.55
PIMCO High Yield Spectrum Fund	0.60	0.00	0.60
PIMCO Income Fund	0.45	0.03	0.48
PIMCO Intermediate Municipal Bond Exchange-Traded Fund	0.35	0.00	0.35
PIMCO International Fundamental IndexPLUS® AR Strategy Fund	0.84	0.01	0.85
PIMCO International StocksPLUS® AR Strategy Fund (Unhedged)	0.64	0.01	0.65
PIMCO International StocksPLUS® AR Strategy Fund (U.S. Dollar-Hedged)	0.75	0.03	0.78
PIMCO Investment Grade Corporate Bond Fund	0.50	0.00	0.50
PIMCO Long Duration Total Return Fund	0.50	0.03	0.53
PIMCO Long-Term Credit Fund	0.55	0.04	0.59
PIMCO Long-Term U.S. Government Fund	0.475	0.03	0.505
PIMCO Low Duration Fund	0.46	0.00	0.46
PIMCO Low Duration Fund II	0.50	0.00	0.50
PIMCO Low Duration Fund III	0.50	0.00	0.50
PIMCO Moderate Duration Fund	0.46	0.00	0.46
PIMCO Money Market Fund	0.32	0.00	0.32⁹
PIMCO Mortgage-Backed Securities Fund	0.50	0.00	0.50
PIMCO Mortgage Opportunities Fund	0.60	0.02	0.62¹⁰
PIMCO Municipal Bond Fund	0.44	0.00	0.44
PIMCO National Intermediate Municipal Bond Fund	0.45	0.00	0.45
PIMCO New York Municipal Bond Fund	0.445	0.00	0.445
PIMCO Prime Limited Maturity Exchange-Traded Fund	0.25	0.20	0.45⁸
PIMCO Real Income 2019 Fund®	0.39	0.00	0.39
PIMCO Real Income 2029 Fund®	0.39	0.00	0.39
PIMCO Real Return Asset Fund	0.55	0.03	0.58
PIMCO Real Return Fund	0.45	0.03	0.48
PIMCO RealEstateRealReturn Strategy Fund	0.74	0.04	0.78
PIMCO Senior Floating Rate Fund	0.80	0.00	0.80
PIMCO Short Asset Investment Fund	0.34	0.04	0.38
PIMCO Short Duration Municipal Income Fund	0.33	0.00	0.33
PIMCO Short-Term Fund	0.45	0.01	0.46
PIMCO Short Term Municipal Bond Exchange-Traded Fund	0.35	0.00	0.35
PIMCO Small Cap StocksPLUS® AR Strategy Fund	0.69	0.00	0.69
PIMCO Small Company Fundamental IndexPLUS® AR Strategy Fund	0.84	0.00	0.84
PIMCO StocksPLUS® Fund	0.50	0.00	0.50
PIMCO StocksPLUS® Long Duration Fund	0.59	0.01	0.60
PIMCO StocksPLUS® Absolute Return Fund	0.64	0.00	0.64
PIMCO StocksPLUS® AR Short Strategy Fund	0.64	0.01	0.65
PIMCO Tax Managed Real Return Fund	0.45	0.00	0.45
PIMCO Total Return Exchange-Traded Fund	0.55	0.00	0.55
PIMCO Total Return Fund	0.46	0.00	0.46
PIMCO Total Return Fund II	0.50	0.00	0.50
PIMCO Total Return Fund III	0.50	0.00	0.50
PIMCO Total Return Fund IV	0.50	0.00	0.50
PIMCO Treasury Money Market Fund	0.18	0.03	0.21⁹^,11
PIMCO Unconstrained Bond Fund	0.90	0.01	0.91
PIMCO Unconstrained Tax Managed Bond Fund	0.70	0.02	0.72
PIMCO Worldwide Fundamental Advantage AR Strategy Fund	0.99	0.00	0.99¹⁰

¹	"Management Fees" reflect an advisory fee and a supervisory and administrative fee payable by an Underlying PIMCO Fund to PIMCO.

Other Expenses includes expenses such as organizational expenses, interest expense, taxes, governmental fees, pro rata Trustees' fees and acquired fund fees and expenses attributable to the Institutional Class or Class M shares, or the Fund in the case of actively-managed funds of the PIMCO ETF Trust. For the PIMCO Treasury Money Market Fund, Other Expenses are based on estimated amounts for the initial fiscal year of the Fund's Institutional Class shares and includes the Fund's organizational expenses. The PIMCO Treasury Money Market Fund has not commenced operations as of the date of this prospectus. For the PIMCO Foreign Currency Strategy Exchange-Traded Fund, PIMCO Government Limited Maturity Exchange-Traded Fund and PIMCO Prime Limited Maturity Exchange-Traded Fund, Other Expenses are based on estimated amounts for the initial fiscal year of each Fund and include each Fund's organizational expenses.

PIMCO has contractually agreed to waive the Fund's advisory fee and the supervisory and administrative fee in an amount equal to the management fee and administrative services fee, respectively, paid by the PIMCO Cayman Commodity Fund IV Ltd. (the "Subsidiary") to PIMCO. The Subsidiary pays PIMCO a management fee and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Subsidiary is in place.

⁴

PIMCO has contractually agreed to waive the Fund's advisory fee and the supervisory and administrative fee in an amount equal to the management fee and administrative services fee, respectively, paid by the PIMCO Cayman Commodity Fund III Ltd. (the "Subsidiary") to PIMCO. The Subsidiary pays PIMCO a management fee and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Subsidiary is in place.

⁵

PIMCO has contractually agreed to waive the Fund's advisory fee and the supervisory and administrative fee in an amount equal to the management fee and administrative services fee, respectively, paid by the PIMCO Cayman Commodity Fund I Ltd. (the "Subsidiary") to PIMCO. The Subsidiary pays PIMCO a management fee and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Subsidiary is in place.

⁶

PIMCO has contractually agreed, through October 31, 2013, to reduce its advisory fee by 0.16% of the average daily net assets of the Fund. This Fee Limitation 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.

⁷

PIMCO has contractually agreed, through October 31, 2013, to reduce its advisory fee by 0.20% of the average daily net assets of the Fund. This Fee Limitation 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.

⁸

PIMCO has contractually agreed, through October 31, 2013, to waive its management fee, or reimburse the Fund, to the extent that organizational expenses and pro rata Trustees' fees exceed 0.0049% of the Fund's average net assets (the "Expense Limit"). Under the Expense Limitation Agreement, which renews annually for a full year unless terminated by PIMCO upon at least 30 days' notice prior to the end of the contract term, PIMCO may recoup these waivers and reimbursements in future periods, not exceeding three years, provided organizational expenses and pro rata Trustees' fees plus such recoupment, do not exceed the Expense Limit.

⁹	To maintain certain net yields for the Fund, PIMCO or its affiliates may temporarily and voluntarily waive, reduce or reimburse all or any portion of the Fund's fees and expenses.

¹⁰

PIMCO has contractually agreed, through July 31, 2014, to waive its supervisory and administrative fee, or reimburse the Fund, to the extent that organizational expenses and pro rata Trustees' fees exceed 0.0049% of the Fund's average net assets attributable to Institutional Class shares (the "Expense Limit"). Under the Expense Limitation Agreement, which renews annually for a full year unless terminated by PIMCO upon at least 30 days' notice prior to the end of the contract term, PIMCO may recoup these waivers and reimbursements in future periods, not exceeding three years, provided organizational expenses and pro rata Trustees' fees, plus such recoupment, do not exceed the Expense Limit.

¹¹

PIMCO has contractually agreed, through July 31, 2014, to waive its supervisory and administrative fee, or reimburse the Fund, to the extent that organizational expenses and pro rata Trustees' fees exceed 0.0049% of the Fund's average net assets attributable to Class M shares (the "Expense Limit"). Under the Expense Limitation Agreement, which renews annually for a full year unless terminated by PIMCO upon at least 30 days' notice prior to the end of the contract term, PIMCO may recoup these waivers and reimbursements in future periods, not exceeding three years, provided organizational expenses and pro rata Trustees' fees plus such recoupment, do not exceed the Expense Limit.

Individual Portfolio Managers

The following individuals have primary responsibility for managing each of the noted Funds.

Fund	Portfolio Manager	Since	Recent Professional Experience
PIMCO All Asset PIMCO All Asset All Authority	Robert D. Arnott	7/02^* 10/03*	Chairman, Founder, Research Affiliates, LLC, since July 2002. Previously, Mr. Arnott was Chairman of First Quadrant, L.P. until April 2004. He joined First Quadrant in April 1988.
PIMCO Global Multi-Asset^** PIMCO RealRetirement^® Income and Distribution PIMCO RealRetirement^® 2015 PIMCO RealRetirement^® 2020 PIMCO RealRetirement^® 2025 PIMCO RealRetirement^® 2030 PIMCO RealRetirement^® 2035 PIMCO RealRetirement^® 2040 PIMCO RealRetirement^® 2045 PIMCO RealRetirement^® 2050	Vineer Bhansali	10/08* 7/08 6/11* 7/08 6/11* 7/08 6/11* 7/08 2/12* 7/08	Managing Director, a Portfolio Manager, the firm-wide head of analytics for portfolio management, and a senior member of PIMCO's portfolio management group. Dr. Bhansali joined PIMCO in 2000, previously having been associated with Credit Suisse First Boston as a vice president in proprietary fixed-income trading.
PIMCO Global Multi-Asset**	Mohamed El-Erian	10/08*	CEO and Co-CIO, PIMCO. Dr. El-Erian re-joined PIMCO in December 2007 after serving for 2 years as President and CEO of Harvard Management Company (HMC), the entity that manages Harvard University's endowment and related accounts. He also served as a member of the faculty of Harvard Business School and as deputy treasurer of Harvard University. Dr. El-Erian initially joined PIMCO in 1999 and was a Managing Director and a senior member of PIMCO's portfolio management and investment strategy group.
PIMCO Global Multi-Asset**	Curtis Mewbourne	10/08*	Managing Director, PIMCO. Mr. Mewbourne is a Portfolio Manager and senior member of PIMCO's portfolio management and strategy group, specializing in credit portfolios. He joined PIMCO in 1999.
PIMCO Global Multi-Asset**	Saumil Parikh	10/12	Managing Director, PIMCO. Mr. Parikh joined PIMCO in 2000, and is a generalist portfolio manager. He is head of macroeconomic research for North America and also serves as a member of the short-term mortgage and global specialist portfolio management teams. Prior to joining PIMCO, he was a financial economist and market strategist at UBS Warburg.

^*	Inception of the Fund.

^**	Dr. El-Erian is responsible for strategic portfolio oversight for the PIMCO Global Multi-Asset Fund. Mr. Parikh is responsible for overall portfolio construction. Mr. Mewbourne focuses on developing alpha strategies, and Dr. Bhansali focuses on developing risk management strategies.

Please see the Statement of Additional Information for additional information about other accounts managed by the portfolio managers, the portfolio managers' compensation and the portfolio managers' ownership of shares of the Funds.

Distributor

The Trust's Distributor is PIMCO Investments LLC ("Distributor"). The Distributor, located at 1633 Broadway, New York, NY 10019, is a broker-dealer registered with the Securities and Exchange Commission ("SEC"). Please note all direct account requests or inquiries should be mailed to the Trust's transfer agent at P.O. Box 55060, Boston, MA 02205-5060 and should not be mailed to the Distributor.

Classes of Shares

Class A, Class B, Class C, Class R, Institutional Class, Class P, Administrative Class and Class D shares of the Funds are offered in this prospectus. Subject to the qualifications described below under "Purchasing Shares — Class B," effective November 1, 2009, Class B shares of the Funds are no longer available for purchase except through exchanges and dividend reinvestments. Each share class represents an investment in the same Fund, but each class has its own expense structure and arrangements for shareholder services or distribution, which allows you to choose the class that best fits your situation and eligibility requirements.

The class of shares that is best for you depends upon a number of factors, including the amount and the intended length of your investment, the expenses borne by each class, which are detailed in the fee table and example at the front of this prospectus, any initial sales charge or contingent deferred sales charge (CDSC) applicable to a class and whether you qualify for any reduction or waiver of sales charges, and the availability of the share class for purchase by you. Certain classes have higher expenses than other classes, which may lower the return on your investment when compared to a less expensive class. Individual investors can generally invest in Class A and Class C shares. Only certain investors may purchase Institutional Class, Class P, Administrative Class, Class D and Class R shares.

The following summarizes key information about each class to help you make your investment decision, including the various expenses associated with each class and the payments made to financial firms for distribution and other services. More information about the Trust's multi-class arrangements is included in the Statement of Additional Information and can be obtained free of charge by visiting pimco.com/investments or by calling 888.87.PIMCO.

Sales Charges

Initial Sales Charges — Class A Shares

This section includes important information about sales charge reduction programs available to investors in Class A shares of the Funds and describes information or records you may need to provide to the Distributor or your financial firm in order to be eligible for sales charge reduction programs.

Unless you are eligible for a waiver, the public offering price you pay when you buy Class A shares of the Funds is the net asset value ("NAV") of the shares plus an initial sales charge. The initial sales charge varies depending upon the size of your purchase, as set forth below. No sales charge is imposed where Class A shares are issued to you pursuant to the automatic reinvestment of income dividends or capital gains distributions. For investors investing in Class A shares of the Funds through a financial firm, it is the responsibility of the financial firm to ensure that you obtain the proper "breakpoint" discount.

PIMCO All Asset Fund—Class A Shares

Amount of Purchase	Initial Sales Charge as % of Public Offering Price	Initial Sales Charge as % of Net Amount Invested
Under $100,000	3.75%	3.90%
$100,000 but under $250,000	3.25%	3.36%
$250,000 but under $500,000	2.25%	2.30%
$500,000 but under $1,000,000	1.75%	1.78%
$1,000,000 +	0.00%^*	0.00%*

As shown, investors that purchase $1,000,000 or more of the Fund's Class A shares will not pay any initial sales charge on the purchase. However, certain purchasers of $1,000,000 or more of Class A shares may be subject to a CDSC of 1% if the shares are redeemed during the first 18 months after their purchase. See "Contingent Deferred Sales Charges – Class A Shares" below.

PIMCO All Asset All Authority, PIMCO Global Multi-Asset, and PIMCO RealRetirement® Funds—Class A Shares

Amount of Purchase	Initial Sales Charge as % of Public Offering Price	Initial Sales Charge as % of Net Amount Invested
Under $50,000	5.50%	5.82%
$50,000 but under $100,000	4.50%	4.71%
$100,000 but under $250,000	3.50%	3.63%
$250,000 but under $500,000	2.50%	2.56%
$500,000 but under $1,000,000	2.00%	2.04%
$1,000,000 +	0.00%^*	0.00%*

Investors in the Funds may reduce or eliminate sales charges applicable to purchases of Class A shares through utilization of the Combined Purchase Privilege, Right of Accumulation (Cumulative Quantity Discount), Letter of Intent or Reinstatement Privilege. These programs, which apply to purchases of one of more funds that are series of the Trust or PIMCO Equity Series that offer Class A shares (other than the Money Market series of the Trust) (collectively, "Eligible Funds"), are summarized below and are described in greater detail in the Statement of Additional Information.

Combined Purchase Privilege and Right of Accumulation (Breakpoints). A Qualifying Investor (as defined below) may qualify for a reduced sales charge on Class A shares by combining concurrent purchases of the Class A shares of one or more Eligible Funds into a single purchase (the "Combined Purchase Privilege"). In addition, a Qualifying Investor may obtain a reduced sales charge on Class A shares by adding the purchase value of Class A shares of an Eligible Fund with the current aggregate net asset value of all Class A, B and C shares of any Eligible Fund held by accounts for the benefit of such Qualifying Investor (the "Right of Accumulation" or "Cumulative Quantity Discount").

The term "Qualifying Investor" refers to:

an individual, such individual's spouse or domestic partner, as recognized by applicable state law, or such individual's children under the age of 21 years (each a "family member") (including family trust^*^, accounts established by such a family member); or

a trustee or other fiduciary for a single trust (except family trusts* noted above), estate or fiduciary account although more than one beneficiary may be involved; or

an employee benefit plan of a single employer.

For the purpose of determining whether a purchase would qualify for a reduced sales charge under the Combined Purchase Privilege, Right of Accumulation or Letter of Intent, a "family trust" is one in which a family member, as defined in section (1) above, or a direct lineal descendant(s) of such person is/are the beneficiary(ies), and such person or another family member, direct lineal ancestor or sibling of such person is/are the trustee(s).

Please see the Statement of Additional Information for details and for restrictions applicable to shares held by certain employer-sponsored benefit programs.

Letter of Intent. Investors may also obtain a reduced sales charge on purchases of Class A shares by means of a written Letter of Intent which expresses an intent to invest not less than $50,000 (or $100,000 for certain funds) within a period of 13 months in Class A shares of any Eligible Fund(s). The maximum intended investment allowable in a Letter of Intent is $1,000,000. Each purchase of shares under a Letter of Intent will be made at the public offering price or prices applicable at the time of such purchase to a single purchase of the dollar amount indicated in the Letter of Intent. At the investor's option, a Letter of Intent may include purchases of Class A shares of any Eligible Fund made not more than 90 days prior to the date the Letter of Intent is signed; however, the 13 month period during which the Letter of Intent is in effect will begin on the date of the earliest purchase to be included and the sales charge on any purchases prior to the Letter of Intent will not be adjusted. A Letter of Intent is not a binding obligation to purchase the full amount indicated. Shares purchased with the first 5% of the amount indicated in the Letter of Intent will be held in escrow (while remaining registered in your name) to secure payment of the higher sales charges applicable to the shares actually purchased in the event the full intended amount is not purchased.

In making computations concerning the amount purchased for purposes of a Letter of Intent, purchases of Class C shares of Eligible Funds will be included, but market appreciation in the value of the shareholder's Class A and Class C shares of Eligible Funds will not be included.

Reinstatement Privilege. A Class A shareholder who has caused any or all of his shares to be redeemed may reinvest all or any portion of the redemption proceeds in Class A shares of any Eligible Fund at NAV without any sales charge, provided that such investment is made within 120 calendar days after the redemption date. The limitations and restrictions of this program are fully described in the Statement of Additional Information.

Method of Valuation of Accounts. To determine whether a shareholder qualifies for a reduction in sales charge on a purchase of Class A shares of Eligible Funds, the public offering price of the shares is used for purchases relying on the Combined Purchase Privilege or a Letter of Intent and the amount of the total current purchase (including any sales load) plus the NAV (at the close of business on the day of the current purchase) of shares previously acquired is used for the Right of Accumulation (Cumulative Quantity Discount).

Sales at Net Asset Value. In addition to the programs summarized above, the Funds may sell their Class A shares at NAV without an initial sales charge to certain types of accounts or account holders, including, but not limited to: Trustees of the Funds; employees of PIMCO and the Distributor; employees of participating brokers; certain trustees or other fiduciaries purchasing shares for retirement plans; and persons investing through certain "wrap accounts." Please see the Statement of Additional Information for details.

If you are eligible to buy both Class A shares and Institutional Class shares, you should buy Institutional Class shares because Class A shares may be subject to sales charges and an annual 0.25% service fee.

Required Shareholder Information and Records. In order for investors in Class A shares of the Funds to take advantage of sales charge reductions, an investor or his or her financial firm must notify the Fund that the investor qualifies for such a reduction. If the Fund is not notified that the investor is eligible for these reductions, the Fund will be unable to ensure that the reduction is applied to the investor's account. An investor may have to provide certain information or records to his or her financial firm or the Fund to verify the investor's eligibility for breakpoint discounts or sales charge waivers. An investor may be asked to provide information or records, including account statements, regarding shares of the Funds or other Eligible Funds held in:

■

all of the investor's accounts held directly with the Trust or through a financial firm;

■

any account of the investor at another financial firm; and

■

accounts of Qualifying Investors, at any financial firm.

The Statement of Additional Information provides additional information regarding eliminations of and reductions in sales loads associated with Eligible Funds. You can obtain the Statement of Additional Information free of charge from PIMCO by written request, by visiting pimco.com/investments or by calling 888.87.PIMCO.

Contingent Deferred Sales Charges

Class A Shares

Unless you are eligible for a waiver, if you purchase $1,000,000 or more of Class A shares (and, thus, pay no initial sales charge) of a Fund, you will be subject to a 1% CDSC if you sell (redeem) your Class A shares within 18 months of their purchase. The Class A CDSC does not apply if you are otherwise eligible to purchase Class A shares without an initial sales charge or are eligible for a waiver of the CDSC. See "Reductions and Waivers of Initial Sales Charges and CDSCs" below.

Class B and Class C Shares

Unless you are eligible for a waiver, if you sell (redeem) your Class B or Class C shares within the time periods specified below, you will pay a CDSC according to the following schedules. If you invest in Class B or Class C shares of the Funds through a financial firm, it is the responsibility of the financial firm to ensure that you are credited with the proper holding period for the shares redeemed.

PIMCO All Asset Fund—Class B Shares

Years Since Purchase Payment was Made	Percentage Contingent Deferred Sales Charge
First	3.50%
Second	2.75%
Third	2.00%
Fourth	1.25%
Fifth	0.50%
Sixth and thereafter	0.00%^*

^*	After the fifth year, Class B shares convert into Class A shares.

Class C Shares

Years Since Purchase Payment was Made	Percentage Contingent Deferred Sales Charge
First	1%
Thereafter	0%

How CDSCs will be Calculated

A CDSC is imposed on redemptions of Class B and Class C shares (and where applicable, Class A shares) on the amount of the redemption which causes the current value of your account for the particular class of shares of the Fund to fall below the total dollar amount of your purchase payments subject to the CDSC.

The following rules apply under the method for calculating CDSCs:

■

Shares acquired through the reinvestment of dividends or capital gains distributions will be redeemed first and will not be subject to any CDSC.

■

For the redemption of all other shares, the CDSC will be based on either your original purchase price or the then current NAV of the shares being sold, whichever is lower. To illustrate this point, consider shares purchased at an NAV of $10. If the Fund's NAV per share at the time of redemption is $12, the CDSC will apply to the purchase price of $10. If the NAV per share at the time of redemption is $8, the CDSC will apply to the $8 current NAV per share.

■

CDSCs will be deducted from the proceeds of your redemption, not from amounts remaining in your account.

■

In determining whether a CDSC is payable, it is assumed that you will redeem first the lot of shares which will incur the lowest CDSC.

For example, the following illustrates the operation of the Class C CDSC:

■

Assume that an individual opens an account and makes a purchase payment of $10,000 for 1,000 Class C shares of a Fund (at $10 per share) and that six months later the value of the investor's account for that Fund has grown through investment performance to $11,000 ($11 per share). If the investor should redeem $2,200 (200 shares), a CDSC would be applied against $2,000 of the redemption (the purchase price of the shares redeemed, because the purchase price is lower than the current NAV of such shares ($2,200)). At the rate of 1%, the Class C CDSC would be $20.

Reductions and Waivers of Initial Sales Charges and CDSCs

The initial sales charges on Class A shares and the CDSCs on Class A, Class B and Class C shares may be reduced or waived under certain purchase arrangements and for certain categories of investors. Please see the Statement of Additional Information for details.

No Sales Charges — Class R Shares

The Funds do not impose any sales charges or other fees on purchases, redemptions or exchanges of Class R shares. Class R shares generally are available only to 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans, non-qualified deferred compensation plans, health care benefit funding plans and other specified benefit plans and accounts whereby the plan or the plan's financial firm has an agreement with the Distributor or PIMCO Funds to utilize Class R shares in certain investment products or programs (collectively, "specified benefit plans"). In addition, Class R shares also are generally available only to specified benefit plans where Class R shares are held on the books of the Funds through omnibus accounts (either at the benefit plan level or at the level of the plan's financial firm). Class R shares are not available to retail or non-specified benefit plan accounts, traditional and Roth IRAs (except through certain omnibus accounts), Coverdell Education Savings Accounts, SEPs, SAR-SEPs, SIMPLE IRAs, or individual 403(b) plans.

The administrator of a specified benefit plan or employee benefits office can provide participants with detailed information on how to participate in the plan and how to elect a Fund as an investment option. Plan participants may be permitted to elect different investment options, alter the amounts contributed to the plan, or change how contributions are allocated among investment options in accordance with the plan's specific provisions. The plan administrator or employee benefits office should be consulted for details. For questions about participant accounts, participants should contact their employee benefits office, the plan administrator, or the organization that provides recordkeeping services for the plan. In most cases, the Trust's transfer agent will have no information with respect to or control over accounts of specific Class R shareholders, and a shareholder may obtain information about accounts only through the specified benefit plan.

Eligible specified benefit plans generally may open an account and purchase Class R shares by contacting any broker, dealer or other financial firm authorized to sell or process transactions in Class R shares of the Funds. Eligible specified benefit plans may also purchase shares directly from the Distributor. See "Purchasing Shares – Class R" below. Additional shares may be purchased through a benefit plan's administrator or recordkeeper.

Financial firms may provide or arrange for the provision of some or all of the shareholder servicing and account maintenance services required by specified benefit plan accounts and their plan participants, including, without limitation, transfers of registration and dividend payee changes.

Moreover, financial firms and specified benefit plans may have omnibus accounts and similar arrangements with the Trust and may be paid for providing sub-accounting and other shareholder services. A financial firm or specified benefit plan may be paid for its services directly or indirectly by the Funds, the Administrator, another affiliate of the Fund or the Distributor (normally not to exceed an annual rate of 0.50% of a Fund's average daily net assets attributable to its Class R shares and purchased through such firm or specified benefit plan for its clients although payments with respect to shares in retirement plans are often higher). PIMCO or its affiliates may pay a financial firm or specified benefit plan an additional amount not to exceed 0.25% for sub-accounting or other shareholder services.

These fees and expenses could reduce an investment return in Class R shares. For further information on Class R shares and related items, please refer to the Statement of Additional Information.

No Sales Charges — Institutional Class, Class P, Administrative Class and Class D Shares

The Funds do not impose any sales charges or other fees on purchases, redemptions or exchanges of Institutional Class, Class P, Administrative Class or Class D shares. Only certain investors are eligible to purchase these share classes. Your financial advisor or financial firm can help you determine if you are eligible to purchase Institutional Class, Class P, Administrative Class or Class D shares. You can also call 888.87.PIMCO.

Institutional Class shares are offered primarily for direct investment by investors such as pension and profit sharing plans, employee benefit trusts, endowments, foundations, corporations and high net worth individuals. Institutional Class shares may also be offered through certain financial firms that charge their customers transaction or other fees with respect to their customers' investments in the Funds.

Class P shares are offered through certain asset allocation, wrap fee and other similar programs offered by broker-dealers and other financial firms. Broker-dealers, other financial firms, pension and profit-sharing plans, employee benefit trusts and employee benefit plan alliances also may purchase Class P shares.

Administrative Class shares are offered primarily through broker-dealers, other financial firms, and employee benefit plan alliances. Each Fund typically pays service and/or distribution fees to these entities for services they provide to Administrative Class shareholders.

Pension and profit-sharing plans, employee benefit trusts and employee benefit plan alliances, and "wrap account" programs established with broker-dealers or other financial firms may purchase Institutional Class, Class P or Administrative Class shares only if the plan or program for which the shares are being acquired will maintain an omnibus or pooled account for each Fund and will not require a Fund to pay any type of administrative payment per participant account to any third party.

Class D shares of the Funds are offered primarily through broker-dealers and other financial firms with which the Distributor has an agreement for the use of the Funds in investment products, programs or accounts such as mutual fund supermarkets or other no transaction fee platforms. Class D shares of the Funds will be held in an account at a financial firm and, generally, the firm will hold a shareholder's Class D shares in nominee or street name as your agent. In most cases, the Trust's transfer agent will have no information with respect to or control over accounts of specific Class D shareholders, and a shareholder may obtain information about accounts only through the financial firm. In certain circumstances, the financial firm may arrange to have shares registered in a shareholder's name or a shareholder may subsequently become a holder of record for some other reason (for instance, if you terminate your relationship with your financial firm). In such circumstances, a shareholder may contact the Funds at 888.87.PIMCO for information about the account.

Distribution and Servicing (12b-1) Plans

Class A, Class B, Class C and Class R shares. The Funds pay fees to the Distributor on an ongoing basis as compensation for the services the Distributor renders and the expenses it bears in connection with the sale and distribution of Fund shares ("distribution fees") and/or in connection with personal services rendered to Fund shareholders and the maintenance of shareholder accounts ("servicing fees"). These payments are made pursuant to Distribution and Servicing Plans ("12b-1 Plans") adopted by each Fund pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "1940 Act").

Class A Shares pay only servicing fees. Class B, Class C and Class R shares pay both distribution and servicing fees. The following lists the maximum annual rates at which the distribution and/or servicing fees may be paid under each 12b-1 Plan (calculated as a percentage of each Fund's average daily net assets attributable to the particular class of shares):

Class A	Servicing Fee	Distribution Fee
All Funds	0.25%	0.00%

Class B	Servicing Fee	Distribution Fee
All Funds	0.25%	0.75%

Class C	Servicing Fee	Distribution Fee
All Funds	0.25%	0.75%

Class R	Servicing Fee	Distribution Fee
All Funds	0.25%	0.25%

Because distribution fees are paid out of the Fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than other types of sales charges, such as sales charges that are deducted at the time of investment. Therefore, although Class B, Class C and Class R shares do not pay initial sales charges, the distribution fees payable on Class B, Class C and Class R shares may, over time, cost you more than the initial sales charge imposed on Class A shares. Also, because Class B shares convert into Class A shares after they have been held for five years and are not subject to distribution fees after the conversion, an investment in Class C shares may cost you more over time than an investment in Class B shares.

Administrative Class and Class D Shares. The Trust has adopted, pursuant to Rule 12b-1 under the 1940 Act, a separate Distribution and Servicing Plan for each of the Administrative Class and Class D shares of the Funds. The Distribution and Servicing Plans permit the Funds to compensate the Distributor for providing or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to the Administrative Class and Class D shares. Most or all of the distribution and service (12b-1) fees are paid to financial firms through which shareholders may purchase or hold shares. Because these fees are paid out of a Fund's Administrative Class and Class D assets on an ongoing basis, over time they will increase the cost of an investment in Administrative Class and Class D shares.

The following lists the maximum annual rates at which the distribution and/or servicing fees may be paid under each Distribution and Servicing Plan (calculated as a percentage of each Fund's average daily net assets attributable to the particular class of shares):

Administrative Class & Class D	Distribution and/or Servicing Fee
All Funds	0.25%

Servicing Arrangements

Shares of the Funds may be available through broker-dealers, banks, trust companies, insurance companies and other financial firms that have entered into shareholder servicing arrangements with respect to the Funds. A financial firm is one that, in exchange for compensation, sells, among other products, mutual fund shares (including the shares offered in this prospectus) or provides services for mutual fund shareholders. These financial firms provide varying investment products, programs, platforms and accounts, through which investors may purchase, redeem and exchange shares of the Funds. Shareholder servicing arrangements typically include processing orders for shares, generating account and confirmation statements, sub-accounting, account maintenance, tax reporting, and disbursing cash dividends as well as other investment or administrative services required for the particular firm's products, programs, platform and accounts.

These financial firms may impose additional or different conditions than the Funds on purchases, redemptions or exchanges of shares. They may also independently establish and charge their customers or program participants transaction fees, account fees and other amounts in connection with purchases, redemptions and exchanges of shares in addition to any fees imposed by the Funds. These additional fees may vary and over time could increase the cost of an investment in the Funds and lower investment returns. Each financial firm is responsible for transmitting to its customers and program participants a schedule of any such fees and information regarding any additional or different conditions regarding purchases, redemptions and exchanges. Shareholders who are customers of these financial firms or participants in programs serviced by them should contact the financial firm for information regarding these fees and conditions.

PIMCO and/or its affiliates may make payments to financial firms for the shareholder services provided. These payments are made out of PIMCO's resources, including the supervisory and administrative fees paid to PIMCO under the Funds' supervision and administration agreement. The actual services provided by these firms, and the payments made for such services, vary from firm to firm. The payments may be based on a fixed dollar amount for each account and position maintained by the financial firm and/or a percentage of the value of shares held by investors through the firm. Please see the Statement of Additional Information for more information.

These payments may be material to financial firms relative to other compensation paid by the Funds, PIMCO and/or its affiliates and may be in addition to other fees, such as distribution and/or service (12b-1) fees and revenue sharing or "shelf space" fees paid to such firms (described below). Also, the payments may differ depending on the Fund or share class and may vary from amounts paid to the Funds' transfer agent for providing similar services to other accounts. PIMCO and/or its affiliates do not control these financial firms' provision of the services for which they are receiving payments.

Other Payments to Financial Firms

Some or all of the sales charges, distribution fees and servicing fees described above are paid or "reallowed" to the financial firm, including their financial advisors through which you purchase your shares. With respect to Class C shares, the financial firms are also paid at the time of your purchase a commission of up to 1.00% of your investment in such share class. Please see the Statement of Additional Information for more details.

The Distributor or PIMCO (for purposes of this subsection only, collectively, the "Distributor") may from time to time make payments and provide other incentives to selected financial firms as compensation for services such as providing the Funds with "shelf space" or a higher profile for the financial firms' financial advisors and their customers, placing the Funds on the financial firms' preferred or recommended fund list, granting the Distributor access to the firms' financial advisors, providing assistance in training and educating the financial firms' personnel on the Funds, and furnishing marketing support and other specified services. These payments may be significant to the financial firms and may also take the form of sponsorship of conferences, seminars or informational meetings or payment for attendance by persons associated with the financial firms at such events, as well as occasional entertainment, meals and small gifts to the extent permitted by law. Wholesaler representatives of the Distributor visit financial firms on a regular basis to market and educate financial advisors and other personnel about the Funds. These payments, reimbursements and activities may provide additional access to financial advisors at these financial firms, which may increase purchases and/or reduce redemptions of Fund shares.

A number of factors will be considered in determining the amount of these payments to financial firms. On some occasions, such payments may be conditioned upon levels of sales, including the sale of a specified minimum dollar amount of the shares of the Funds, other funds sponsored by the Distributor and/or a particular class of shares, during a specified period of time. The Distributor may also make payments to one or more financial firms based upon factors such as the amount of assets a financial firm's clients have invested in the Funds and the quality of the financial firm's relationship with the Distributor.

The payments described above are made at the Distributor's expense. These payments may be made to financial firms selected by the Distributor, generally to the financial firms that have sold significant amounts of shares of the Funds. The level of payments made to a financial firm in any given year will vary and generally will not exceed the sum of (a) 0.10% of such year's fund sales of Class A, Class B, Class C and Class D shares by that financial firm and (b) 0.03% of the assets attributable to that financial firm invested in Class A, Class B, Class C and Class D shares of series of the Trust and PIMCO Equity Series. In certain cases, the payments described in the preceding sentence may be subject to certain minimum payment levels. In lieu of payments pursuant to the foregoing formula, the Distributor may make payments of an agreed upon amount which normally will not exceed the amount that would have been payable pursuant to the formula. In addition to the foregoing payments, the Distributor may make payments or reimburse financial firms for sponsorship and/or attendance at conferences, seminars or informational meetings.

The Distributor also may pay investment consultants or their affiliated companies for certain services including technology, operations, tax, or audit consulting services, and may pay such firms for the Distributor's attendance at investment forums sponsored by such firms or for various studies, surveys, or access to databases. Subject to applicable law, PIMCO and its affiliates may also provide investment advisory services to investment consultants and their affiliates and may execute brokerage transactions on behalf of the Funds with such investment consultants' affiliates. These consultants or their affiliates may, in the ordinary course of their investment consultant business, recommend that their clients utilize PIMCO's investment advisory services or invest in the Funds or in other products sponsored or distributed by the Distributor.

If investment advisers, distributors or affiliates of mutual funds make payments and provide other incentives in differing amounts, financial firms and their financial advisors may have financial incentives for recommending a particular mutual fund over other mutual funds. In addition, depending on the arrangements in place at any particular time, a financial firm and its financial advisors may also have a financial incentive for recommending a particular share class over other share classes. A shareholder who holds Fund shares through a financial firm should consult with the shareholder's financial advisor and review carefully any disclosure by the financial firm as to its compensation received by the financial advisor.

Although the Funds may use financial firms that sell Fund shares to effect transactions for the Funds' portfolios, the Funds and PIMCO will not consider the sale of Fund shares as a factor when choosing financial firms to effect those transactions.

For further details about payments made by the Distributor to financial firms, please see the Statement of Additional Information.

Purchases, Redemptions and Exchanges

The following section provides basic information about how to purchase, redeem and exchange shares of the Funds.

More detailed information about purchase, redemption and exchange arrangements for Fund shares is provided in the Statement of Additional Information, which can be obtained free of charge by written request to the Funds at P.O. Box 55060, Boston, MA 02205-5060, visiting pimco.com/investments or by calling 888.87.PIMCO. The Statement of Additional Information provides technical information about the basic arrangements described below and also describes special purchase, sale and exchange features and programs offered by the Trust, including:

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Automated telephone and wire transfer procedures

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Automatic purchase, exchange and withdrawal programs

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A link from your PIMCO Fund account to your bank account

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Special arrangements for tax-qualified retirement plans

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Investment programs which allow you to reduce or eliminate the initial sales charges

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Categories of investors that are eligible for waivers or reductions of initial sales charges and CDSCs

The Trust typically does not offer or sell its shares to non-U.S. residents. For purposes of this policy, a U.S. resident is defined as an account with (i) a U.S. address of record and (ii) all account owners residing in the U.S. at the time of sale.

The minimum initial investment may be modified for certain financial firms that submit orders on behalf of their customers. The Trust or the Distributor may lower or waive the minimum initial or subsequent investment for certain categories of investors at their discretion. Please see the Statement of Additional Information for details.

Purchasing Shares — Class A and Class C

You can purchase Class A or Class C shares of the Funds in the following ways:

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Through your broker-dealer or other financial firm. Your broker-dealer or other financial firm may establish higher minimum investment requirements than the Trust and may also independently charge you transaction fees and additional amounts (which may vary) in return for its services, which will reduce your return. Shares you purchase through your broker-dealer or other financial firm will normally be held in your account with that firm.

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Through the Distributor. You should discuss your investment with your financial advisor before you make a purchase to be sure the Fund is appropriate for you. To make direct investments, you must open an account with the Trust and send payment for your shares either by mail or through a variety of other purchase options and plans offered by the Trust. If you do not list a financial advisor and his/her brokerage firm on the Account Application, the Distributor is designated as the broker of record, but solely for purposes of acting as your agent to purchase shares.

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Investment Minimums — Class A and Class C Shares. The following investment minimums apply for purchases of Class A and Class C shares.

Purchasing Shares — Class B

Effective November 1, 2009 (the "Closing Date"), Class B shares of the Funds are no longer available for purchase, except through exchanges and dividend reinvestments as discussed below. Class B shareholders may continue to hold such shares until they automatically convert to Class A shares under the existing conversion schedule, as outlined above in "Contingent Deferred Sales Charges — Class B and Class C Shares." Dividends and capital gain distributions paid on outstanding Class B shares may continue to be reinvested in Class B shares in accordance with the Funds' current policies. In addition, Class B shareholders may continue to exchange their shares for Class B shares of other Funds. Effective on and after the Closing Date, Class B shareholders who have direct accounts with the Funds that involve recurring investments in Class B shares, including through automated investment plans such as the PIMCO Funds Automatic Investment Plan, will have such recurring investments automatically redirected into Class A shares of the same Fund at net asset value, without any sales charges (loads). All other features of Class B shares, including distribution and service (12b-1) fees, CDSC schedule and conversion features, remain unchanged and continue in effect. The Trust and the Distributor each reserves the right at any time to modify or eliminate these policies and restrictions, including on a case-by-case basis. Please call the Distributor at 888.87.PIMCO, or your broker or other financial advisor, if you have any questions regarding the restrictions described above.

Purchasing Shares — Class R

Eligible plan investors may purchase Class R shares of the Funds at the relevant net asset value ("NAV") of that class without a sales charge. See "No Sales Charges — Class R Shares" above. Plan participants may purchase Class R shares only through their specified benefit plans. In connection with purchases, specified benefit plans are responsible for forwarding all necessary documentation to their financial firm or the Distributor. Specified benefit plans and financial firms may charge for such services.

Specified benefit plans may also purchase Class R shares directly through the Distributor. To make direct investments, a plan administrator must open an account with the Fund and send payment for Class R shares either by mail or through a variety of other purchase options and plans offered by the Trust. Specified benefit plans that purchase their shares directly from the Trust must hold their shares in an omnibus account at the specified benefit plan level.

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Investment Minimums — Class R Shares. There is no minimum initial or additional investment in Class R shares.

To invest directly by mail, specified benefit plans should send a check payable to the PIMCO Family of Funds, along with a completed Account Application to the Trust by mail to PIMCO Funds, P.O. Box 55060, Boston, MA 02205-5060 or overnight courier to PIMCO Funds, c/o Boston Financial Data Services, Inc., 30 Dan Road, Canton, MA 02021-2809.

The Funds accept all purchases by mail subject to collection of checks at full value and conversion into federal funds. Investors may make subsequent purchases by mailing a check to the address above with a letter describing the investment or with the additional investment portion of a confirmation statement. Checks for subsequent purchases should be payable to the PIMCO Family of Funds and should clearly indicate the relevant account number. Please call the Funds at 888.87.PIMCO if you have any questions regarding purchases by mail.

The Funds reserve the right to require payment by wire, Automatic Clearing House (ACH) or U.S. bank check. The Funds generally do not accept payments made by cash, money order, temporary/starter checks, third-party checks, credit card checks, traveler's check, or checks drawn on non-U.S. banks even if payment may be effected through a U.S. bank.

The Statement of Additional Information describes a number of additional ways you can make direct investments, including through the PIMCO Funds Automatic Investment Plan and ACH Network. You can obtain the Statement of Additional Information free of charge from the Funds by written request to the address above, visiting pimco.com/investments or by calling 888.87.PIMCO.

Purchasing Shares — Institutional Class, Class P and Administrative Class

Eligible investors may purchase Institutional Class, Class P and Administrative Class shares of the Funds at the relevant NAV of that class without a sales charge. See "No Sales Charges — Institutional Class, Class P, Administrative Class and Class D Shares" above.

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Investment Minimums — Institutional Class, Class P and Administrative Class Shares. The following investment minimums apply for purchases of Institutional Class, Class P and Administrative Class shares.

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Initial Investment. Investors who wish to invest in Institutional Class and Administrative Class shares may obtain an Account Application online at pimco.com/investments or by calling 888.87.PIMCO. Class P shares are only available through financial firms. See "No Sales Charges — Institutional Class, Class P, Administrative Class and Class D Shares." The completed Account Application may be submitted using the following methods:

Facsimile: 816.421.2861

Regular Mail:
    PIMCO Funds
    c/o BFDS Midwest
    330 W. 9th Street
    Kansas City, MO 64105

E-mail: pimcoteam@bfdsmidwest.com

Except as described below, an investor may purchase Institutional Class and Administrative Class shares only by wiring federal funds to:

PIMCO Funds c/o State Street Bank & Trust Co.
One Lincoln Street, Boston, MA 02111
ABA: 011000028
DDA: 9905-7432 ACCT: Investor PIMCO Account Number
FFC: Name of Investor and Name of Fund(s) in which you wish to invest

Before wiring federal funds, the investor must provide order instructions to the Transfer Agent by facsimile at 816.421.2861, by telephone at 888.87.PIMCO or by e-mail at pimcoteam@bfdsmidwest.com (if an investor elected this option at account opening). In order to receive the current day's NAV, order instructions must be received in good order prior to market close. Instructions must include the name of an appropriate person designated on the Account Application ("Authorized Person"), account name, account number, name of Fund and share class and amount being wired. Wires received without order instructions will result in a processing delay or a return of wire. Failure to send the accompanying wire on the same day may result in the cancellation of the order.

An investor may place a purchase order for shares without first wiring federal funds if the purchase amount is to be derived from an advisory account managed by PIMCO or one of its affiliates, or from an account with a broker-dealer or other financial firm that has established a processing relationship with the Trust on behalf of its customers.

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Additional Investments. An investor may purchase additional Institutional Class and Administrative Class shares of the Funds at any time by sending a facsimile or e-mail or by calling the Transfer Agent and wiring federal funds as outlined above. Contact your financial firm for information on purchasing additional Class P shares.

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Other Purchase Information. Purchases of a Fund's Institutional Class, Class P and Administrative Class shares will be made in full and fractional shares.

Purchasing Shares — Class D

Eligible investors may purchase Class D shares of the Funds at NAV without a sales charge. See "No Sales Charges — Institutional Class, Class P, Administrative Class and Class D Shares" above.

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Investment Minimums — Class D Shares. The following investment minimums apply for purchases of Class D shares.

Purchasing Shares — Additional Information

The Trust and the Distributor each reserves the right, in its sole discretion, to suspend the offering of shares of the Funds or to reject any purchase order, in whole or in part, when, in the judgment of management, such suspension or rejection is in the best interests of the Trust.

Subject to the approval of the Trust, an investor may purchase shares of the Fund with liquid securities that are eligible for purchase by the Fund (consistent with the Fund's investment policies and restrictions) and that have a value that is readily ascertainable in accordance with the Trust's valuation policies. These transactions will be effected only if PIMCO intends to retain the security in the Fund as an investment. Assets purchased by the Fund in such a transaction will be valued in generally the same manner as they would be valued for purposes of pricing the Fund's shares, if such assets were included in the Fund's assets at the time of purchase. The Trust reserves the right to amend or terminate this practice at any time.

In the interest of economy and convenience, certificates for shares will not be issued.

Redeeming Shares — Class A, Class B and Class C

You can redeem (sell) Class A, Class B or Class C shares of the Funds in the following ways:

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Through your broker-dealer or other financial firm. Your broker-dealer or other financial firm may independently charge you transaction fees and additional amounts in return for its services, which will reduce your return.

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Directly from the Trust by Written Request. To redeem shares directly from the Trust by written request, you must send the following items to the PIMCO Funds, P.O. Box 55060, Boston, MA 02205-5060:

a written request for redemption signed by all registered owners exactly as the account is registered on the Transfer Agent's records, including fiduciary titles, if any, and specifying the account number and the dollar amount or number of shares to be redeemed;

for certain redemptions described below, a guarantee of all signatures on the written request or on the share certificate or accompanying stock power, if required, as described under "Signature Validation" below;

any share certificates issued for any of the shares to be redeemed (see "Certificated Shares" below); and

any additional documents which may be required by the Transfer Agent for redemption by corporations, partnerships or other organizations, executors, administrators, trustees, custodians or guardians, or if the redemption is requested by anyone other than the shareholder(s) of record. Transfers of shares are subject to the same requirements.

A signature validation is not required for redemptions requested by and payable to all shareholders of record for the account, and to be sent to the address of record for that account. To avoid delay in redemption or transfer, if you have any questions about these requirements you should contact the Transfer Agent in writing or call 888.87.PIMCO before submitting a request. Written redemption or transfer requests will not be honored until all required documents in the proper form have been received by the Transfer Agent. You can not redeem your shares by written request if they are held in "street name" accounts—you must redeem through your financial firm.

If the proceeds of your redemption (i) are to be paid to a person other than the record owner, (ii) are to be sent to an address other than the address of the account on the Transfer Agent's records, and/or (iii) are to be paid to a corporation, partnership, trust or fiduciary, the signature(s) on the redemption request and on the certificates, if any, or stock power must be guaranteed as described under "Signature Validation" below. The Fund may, however, waive the signature validation requirement for redemptions up to $2,500 by a trustee of a qualified retirement plan, the administrator for which has an agreement with PIMCO.

The Statement of Additional Information describes a number of additional ways you can redeem your shares, including:

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Telephone requests to the Transfer Agent

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Expedited wire transfers

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Automatic Withdrawal Plan

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Automated Clearing House (ACH) Network

Unless you specifically elect otherwise, your initial Account Application permits you to redeem shares by telephone subject to certain requirements. To be eligible for expedited wire transfer, Automatic Withdrawal Plan, and ACH privileges, you must specifically elect the particular option on your Account Application and satisfy certain other requirements. The Statement of Additional Information describes each of these options and provides additional information about selling shares.

Other than an applicable CDSC, you will not pay any special fees or charges to the Trust or the Distributor when you sell your shares. However, if you sell your shares through your broker, dealer or other financial firm, that firm may charge you a commission or other fee for processing your redemption request.

Redeeming Shares — Class R

Class R shares may be redeemed through the investor's plan administrator. Investors do not pay any fees or other charges to the Trust when selling shares, although specified benefit plans and financial firms may charge for their services in processing redemption requests. Please contact the plan or firm for details.

Subject to any restrictions in the applicable specified benefit plan documents, plan administrators are obligated to transmit redemption orders to the Trust's Transfer Agent or their financial service firm promptly and are responsible for ensuring that redemption requests are in proper form. Specified benefit plans and financial firms will be responsible for furnishing all necessary documentation to the Trust's Transfer Agent and may charge for their services.

Redeeming Shares — Institutional Class and Administrative Class

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Redemptions in Writing. Investors may redeem (sell) Institutional Class and Administrative Class shares by sending a facsimile, written request or e-mail as follows:

Facsimile: 816.421.2861

Regular Mail:
    PIMCO Funds
    c/o BFDS Midwest
    330 W. 9th Street
    Kansas City, MO 64105

E-mail: pimcoteam@bfdsmidwest.com

The redemption request should state the Fund from which the shares are to be redeemed, the class of shares, the number or dollar amount of the shares to be redeemed and the account number. The request must be signed or made by an Authorized Person.

Neither the Trust nor the Transfer Agent may be liable for any loss, cost or expense for acting on instructions (including those by fax or e-mail) believed by the party receiving such instructions to be genuine and in accordance with the procedures described in this prospectus. Shareholders should realize that by utilizing fax or e-mail redemption, they may be giving up a measure of security that they might have if they were to redeem their shares by mail. Furthermore, interruptions in service may mean that a shareholder will be unable to effect a redemption by fax or e-mail when desired. The Transfer Agent also provides written confirmation of transactions as a procedure designed to confirm that instructions are genuine.

All redemptions, whether initiated by mail, fax or e-mail, will be processed in a timely manner, and proceeds will be forwarded by wire in accordance with the redemption policies of the Trust detailed below. See "Redeeming Shares — Additional Information."

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Redemptions by Telephone. An investor that elects this option on the Account Application (or subsequently in writing) may request redemptions of Institutional Class and Administrative Class shares by calling the Trust at 888.87.PIMCO. An Authorized Person must state his or her name, account name, account number, name of Fund and share class, and redemption amount (in dollars or shares). Redemption requests of an amount of $10 million or more must be submitted in writing by an Authorized Person.

In electing a telephone redemption, the investor authorizes PIMCO and the Transfer Agent to act on telephone instructions from any person representing him or herself to be an Authorized Person, and reasonably believed by PIMCO or the Transfer Agent to be genuine. Neither the Trust nor the Transfer Agent may be liable for any loss, cost or expense for acting on instructions (including by telephone) believed by the party receiving such instructions to be genuine and in accordance with the procedures described in this prospectus. Shareholders should realize that by electing the telephone option, they may be giving up a measure of security that they might have if they were to redeem their shares in writing. Furthermore, interruptions in service may mean that shareholders will be unable to redeem their shares by telephone when desired. The Transfer Agent also provides written confirmation of transactions initiated by telephone as a procedure designed to confirm that telephone instructions are genuine. All telephone transactions are recorded, and PIMCO or the Transfer Agent may request certain information in order to verify that the person giving instructions is authorized to do so. The Trust or Transfer Agent may be liable for any losses due to unauthorized or fraudulent telephone transactions if it fails to employ reasonable procedures to confirm that instructions communicated by telephone are genuine. All redemptions initiated by telephone will be processed in a timely manner, and proceeds will be forwarded by wire in accordance with the redemption policies of the Trust detailed below. See "Redeeming Shares — Additional Information."

An Authorized Person may decline telephone exchange or redemption privileges after an account is opened by providing the Transfer Agent a letter of instruction signed by an Authorized Signer. Shareholders may experience delays in exercising telephone redemption privileges during periods of abnormal market activity. During periods of volatile economic or market conditions, shareholders may wish to consider transmitting redemption orders by facsimile, e-mail or overnight courier. Defined contribution plan participants may request redemptions by contacting the employee benefits office, the plan administrator or the organization that provides recordkeeping services for the plan.

Redeeming Shares — Class P

An investor may redeem (sell) Class P shares through the investor's financial firm. Investors do not pay any fees or other charges to the Trust when selling shares. Please contact the financial firm for details.

Redeeming Shares — Class D

An investor may redeem (sell) Class D shares through the investor's financial firm. An investor does not pay any fees or other charges to the Trust when selling shares, although the financial service firm may charge for its services in processing a redemption request. An investor should contact the firm for details. If an investor is the registered owner of Class D shares, the investor may contact the Fund at 888.87.PIMCO for information regarding how to redeem shares directly with the Trust.

A financial firm is obligated to transmit an investor's redemption orders to the Transfer Agent promptly and is responsible for ensuring that a redemption request is in proper form. The financial firm will be responsible for furnishing all necessary documentation to the Transfer Agent and may charge for its services.

Redeeming Shares — Additional Information

Redemptions of all Classes of Fund shares may be made on any day the New York Stock Exchange ("NYSE") is open, but may be suspended when trading on the NYSE is restricted or during an emergency which makes it impracticable for the Funds to dispose of their securities or to determine fairly the value of their net assets, or during any other period as permitted by the SEC for the protection of investors. Under these and other unusual circumstances, the Trust may suspend redemptions or postpone payment for more than seven days, as permitted by law.

Redemption proceeds will normally be mailed to the redeeming shareholder within three calendar days or, in the case of wire transfer or ACH redemptions, sent to the designated bank account within one business day. ACH redemptions may be received by the bank on the second or third business day, but in either case may take up to seven days. In cases where shares have recently been purchased by personal check, redemption proceeds may be withheld until the check has been collected, which may take up to 15 days. To avoid such withholding, investors should purchase shares by certified or bank check or by wire transfer.

For shareholder protection, a request to change information contained in an account registration (for example, a request to change the bank designated to receive wire redemption proceeds) must be received in writing, signed by the minimum number of persons designated on the completed Account Application that are required to effect a redemption, and accompanied by a signature validation from any eligible guarantor institution, as determined in accordance with the Trust's procedures, as more fully described below.

Retirement plan sponsors, participant recordkeeping organizations and other financial firms may also impose their own restrictions, limitations or fees in connection with transactions in the Funds' shares, which may be stricter than those described in this section. You should contact your plan sponsor, recordkeeper or financial intermediary for more information on any additional restrictions, limitations or fees that are imposed in connection with transactions in Fund shares.

Redemptions In Kind

The Trust has agreed to redeem shares of each Fund solely in cash up to the lesser of $250,000 or 1% of the Fund's net assets during any 90-day period for any one shareholder. In consideration of the best interests of the remaining shareholders, the Trust may pay any redemption proceeds exceeding this amount in whole or in part by a distribution in kind of securities held by a Fund in lieu of cash. It is highly unlikely that your shares would ever be redeemed in kind. If your shares are redeemed in kind, you should expect to incur transaction costs upon the disposition of the securities received in the distribution.

Certificated Shares

If you are redeeming shares for which certificates have been issued, the certificates must be mailed to or deposited with the Trust, duly endorsed or accompanied by a duly endorsed stock power or by a written request for redemption. Signatures must be guaranteed as described under "Signature Validation" below. The Trust may request further documentation from institutions or fiduciary accounts, such as corporations, custodians (e.g., under the Uniform Gifts to Minors Act), executors, administrators, trustees or guardians. Your redemption request and stock power must be signed exactly as the account is registered, including indication of any special capacity of the registered owner.

Signature Validation

When a signature validation is called for, a Medallion signature guarantee or Signature validation program (SVP) stamp will be required. A Medallion signature guarantee is intended to provide signature validation for transactions considered financial in nature, and an SVP stamp is intended to provide signature validation for transactions non-financial in nature. A Medallion signature guarantee or SVP stamp may be obtained from a domestic bank or trust company, broker, dealer, clearing agency, savings association or other financial institution which is participating in a Medallion program or Signature validation program recognized by the Securities Transfer Association. Signature validations from financial institutions which are not participating in one of these programs will not be accepted. Please note that financial institutions participating in a recognized Medallion program may still be ineligible to provide a signature validation for transactions of greater than a specified dollar amount. The Trust may change the signature validation requirements from time to time upon notice to shareholders, which may be given by means of a new or supplemented prospectus. Shareholders should contact PIMCO Funds for additional details regarding the Funds' signature validation requirements.

Signature validation cannot be provided by a notary public. In addition, corporations, trusts, and other institutional organizations are required to furnish evidence of the authority of the persons designated on the Account Application to effect transactions for the organization.

Minimum Account Size

Due to the relatively high cost of maintaining small accounts, the Trust reserves the right to redeem shares in any account that falls below the values listed below.

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Class A, Class B, Class C, Class R and Class D. Investors should maintain an account balance in the Fund held by an investor of at least the minimum investment necessary to open the particular type of account. If an investor's balance for the Fund remains below the minimum for three months or longer, the Administrator has the right (except in the case of employer-sponsored retirement accounts) to redeem an investor's remaining shares and close the Fund account after giving the investor 60 days to increase the account balance. An investor's account will not be liquidated if the reduction in size is due solely to a decline in market value of Fund shares or if the aggregate value of all the investor's holdings in the Trust and PIMCO Equity Series accounts exceeds $50,000.

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Institutional Class, Class P and Administrative Class. The Trust reserves the right to redeem Institutional Class, Class P and Administrative Class shares in any account for their then-current value (which will be promptly paid to the investor) if at any time, due to redemption by the investor, the shares in the account do not have a value of at least $100,000. A shareholder will receive advance notice of a mandatory redemption and will be given at least 60 days to bring the value of its account up to at least $100,000.

Request for Multiple Copies of Shareholder Documents

To reduce expenses, it is intended that only one copy of the Funds' prospectus and each annual and semi-annual report, when available, will be mailed to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents and your shares are held directly with the Trust, call the Trust at 888.87.PIMCO. You will receive the additional copy within 30 days after receipt of your request by the Trust. Alternatively, if your shares are held through a financial institution, please contact the financial institution directly.

Exchanging Shares

Exchanges of Class A, Class B and Class C shares are subject to a $1,000 minimum for each Fund, except with respect to tax-qualified programs and exchanges effected through the PIMCO Funds Automatic Exchange Plan. Specified benefit plans or financial service firms may impose various fees and charges, investment minimums and other requirements with respect to exchanges of Class R shares. You may exchange or obtain additional information about exchanging Class D shares by contacting your financial firm.

An exchange is generally a taxable event which will generate capital gains or losses, and special rules may apply in computing tax basis when determining gain or loss. See "Tax Consequences" in this prospectus and "Taxation" in the Statement of Additional Information.

If you maintain your Class A, Class B, Class C or Class R account with the Trust, you may exchange shares by completing a written exchange request and sending it to PIMCO Funds, P.O. Box 55060, Boston, MA 02205-5060 or by calling the Funds at 888.87.PIMCO. If you maintain your Institutional Class, Class P, Administrative Class and Class D shares with the Trust, you may exhange shares by following the redemption procedures for those classes above.

Shares of one class of a Fund may also be exchanged directly for shares of another class of the Fund, subject to any applicable sales charge and other rules, as described in the Statement of Additional Information.

The Trust reserves the right to refuse exchange purchases (or purchase and redemption and/or redemption and purchase transactions) if, in the judgment of PIMCO, the transaction would adversely affect a Fund and its shareholders. Although the Trust has no current intention of terminating or modifying the exchange privilege, it reserves the right to do so at any time. Except as otherwise permitted by the SEC, the Trust will give you 60 days' advance notice if it exercises its right to terminate or materially modify the exchange privilege with respect to Class A, Class B, Class C and Class R shares.

The Statement of Additional Information provides more detailed information about the exchange privilege, including the procedures you must follow and additional exchange options. You can obtain the Statement of Additional Information free of charge from the Funds by written request to the address above, by visiting pimco.com/investments or by calling 888.87.PIMCO.

Acceptance and Timing of Purchase Orders, Redemption Orders and Share Price Calculations

A purchase order received by the Trust or its designee prior to the close of regular trading on the NYSE (normally 4:00 p.m., Eastern time) ("NYSE Close"), on a day the Trust is open for business, together with payment made in one of the ways described above will be effected at that day's NAV plus any applicable sales charge. An order received after the close of regular trading on the NYSE will be effected at the NAV determined on the next business day. However, orders received by certain retirement plans and other financial firms on a business day prior to the close of regular trading on the NYSE and communicated to the Trust or its designee prior to such time as agreed upon by the Trust and financial firm will be effected at the NAV determined on the business day the order was received by the financial firm. The Trust is "open for business" on each day the NYSE is open for trading, which excludes the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. If the NYSE is closed due to weather or other extenuating circumstances on a day it would typically be open for business, the Trust reserves the right to treat such day as a Business Day and accept purchase and redemption orders and calculate a Fund's NAV, in accordance with applicable law. A Fund reserves the right to close if the primary trading markets of the Fund's portfolio instruments are closed and the Fund's management believes that there is not an adequate market to meet purchase, redemption or exchange requests. On any business day when the Securities Industry and Financial Markets Association ("SIFMA") recommends that the securities markets close trading early, each Fund may close trading early. Purchase orders will be accepted only on days which the Trust is open for business.

A redemption order received by the Trust or its designee prior to the NYSE Close on a day the Trust is open for business, is effective on that day. A redemption order received after that time becomes effective on the next business day. Redemption requests for Fund shares are effected at the NAV per share next determined after receipt of a redemption request by the Trust or its designee, minus any applicable sales charge. However, orders received by certain broker-dealers and other financial firms on a business day prior to the NYSE Close and communicated to the Trust or its designee prior to such time as agreed upon by the Trust and financial firm will be effected on the business day the order was received by the financial firm. The request must properly identify all relevant information such as account name, account number, redemption amount (in dollars or shares), the Fund name and the class of shares and must be executed by an Authorized Person.

Abusive Trading Practices

The Trust encourages shareholders to invest in the Funds as part of a long-term investment strategy and discourages excessive, short-term trading and other abusive trading practices, sometimes referred to as "market timing." However, because the Trust will not always be able to detect market timing or other abusive trading activity, investors should not assume that the Trust will be able to detect or prevent all market timing or other trading practices that may disadvantage the Funds.

Certain of the Funds' investment strategies may expose the Funds to risks associated with market timing activities. For example, since the Funds may invest in non-U.S. securities, the Funds may be subject to the risk that an investor may seek to take advantage of a delay between the change in value of the Funds' non-U.S. portfolio securities and the determination of the Funds' NAV as a result of different closing times of U.S. and non-U.S. markets by buying or selling Fund shares at a price that does not reflect their true value. A similar risk exists for a Fund's potential investment in securities of small capitalization companies, securities of issuers located in emerging markets, securities of distressed companies or high yield securities that are thinly traded and therefore may have actual values that differ from their market prices.

To discourage excessive, short-term trading and other abusive trading practices, the Trust's Board of Trustees has adopted policies and procedures reasonably designed to detect and prevent short-term trading activity that may be harmful to a Fund and its shareholders. Such activities may have a detrimental effect on a Fund and its shareholders. For example, depending upon various factors such as the size of a Fund and the amount of its assets maintained in cash, short-term or excessive trading by Fund shareholders may interfere with the efficient management of the Fund's portfolio, increase transaction costs and taxes, and harm the performance of the Fund and its shareholders.

The Trust seeks to deter and prevent abusive trading practices, and to reduce these risks, through several methods. First, to the extent that there is a delay between a change in the value of a mutual fund's portfolio holdings and the time when that change is reflected in the NAV of the fund's shares, the fund is exposed to the risk that investors may seek to exploit this delay by purchasing or redeeming shares at NAVs that do not reflect appropriate fair value prices. The Trust seeks to deter and prevent this activity, sometimes referred to as "stale price arbitrage," by the appropriate use of "fair value" pricing of a Fund's portfolio securities. See "How Fund Shares Are Priced" below for more information.

Second, the Trust seeks to monitor shareholder account activities in order to detect and prevent excessive and disruptive trading practices. The Trust and PIMCO each reserves the right to restrict or refuse any purchase or exchange transaction if, in the judgment of the Trust or of PIMCO, the transaction may adversely affect the interests of a Fund or its shareholders. Among other things, the Trust may monitor for any patterns of frequent purchases and sales that appear to be made in response to short-term fluctuations in share price and may also monitor for any attempts to improperly avoid the imposition of a redemption fee. Notice of any restrictions or rejections of transactions may vary according to the particular circumstances.

Although the Trust and its service providers seek to use these methods to detect and prevent abusive trading activities, and although the Trust will consistently apply such methods, there can be no assurances that such activities can be mitigated or eliminated. By their nature, omnibus accounts, in which purchases and sales of Fund shares by multiple investors are aggregated for presentation to a Fund on a net basis, conceal the identity of the individual investors from the Fund. This makes it more difficult for a Fund to identify short-term transactions in the Fund.

Verification of Identity

To help the federal government combat the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person that opens a new account, and to determine whether such person's name appears on government lists of known or suspected terrorists and terrorist organizations. As a result, a Fund must obtain the following information for each person that opens a new account:

Name;

Date of birth (for individuals);

Residential or business street address; and

Social security number, taxpayer identification number, or other identifying number.

Federal law prohibits the Funds and other financial institutions from opening a new account unless they receive the minimum identifying information listed above.

Individuals may also be asked for a copy of their driver's license, passport or other identifying document in order to verify their identity. In addition, it may be necessary to verify an individual's identity by cross-referencing the identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities.

After an account is opened, a Fund may restrict your ability to purchase additional shares until your identity is verified. A Fund also may close your account and redeem your shares or take other appropriate action if it is unable to verify your identity within a reasonable time.

How Fund Shares Are Priced

The price of a Fund's shares is based on the Fund's NAV. The NAV of a Fund's shares is determined by dividing the total value of a Fund's portfolio investments and other assets attributable to that class, less any liabilities, by the total number of shares outstanding of that class.

Fund shares are valued as of the NYSE Close on each day that the NYSE is open. Information that becomes known to the Funds or their agents after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. Each Fund reserves the right to change the time its respective NAV is calculated if the Fund closes earlier, or as permitted by the SEC.

For purposes of calculating NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by the manager to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. With respect to any portion of the Fund's assets that are invested in one or more open-end management investment companies, a Fund's NAV will be calculated based upon the NAVs of such investments.

If a foreign (non-U.S.) security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security will be valued at fair value based on procedures established and approved by the Board of Trustees. Foreign (non-U.S.) securities that do not trade when the NYSE is open are also valued at fair value. The Fund may determine the fair value of investments based on information provided by pricing services and other third-party vendors, which may recommend fair value prices or adjustments with reference to other securities, indices or assets. In considering whether fair value pricing is required and in determining fair values, the Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of non-U.S. securities. Foreign exchanges may permit trading in foreign securities on days when the Trust is not open for business, which may result in a Fund's portfolio investments being affected when you are unable to buy or sell shares.

Senior secured floating rate loans for which an active secondary market exists to a reliable degree will be valued at the mean of the last available bid/ask prices in the market for such loans, as provided by a loan pricing service. Senior secured floating rate loans for which an active secondary market does not exist to a reliable degree will be valued at fair value, which is intended to approximate market value. In valuing a senior secured floating rate loan at fair value, the factors considered include, but are not limited to, the following: (a) the creditworthiness of the borrower and any intermediate participants, (b) the terms of the loan, (c) recent prices in the market for similar loans, if any, and (d) recent prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed. As a result, to the extent that a Fund holds foreign (non-U.S.) securities, the NAV of the Fund's shares may change when you cannot purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to PIMCO the responsibility for applying the valuation methods. For instance, certain securities or investments for which daily market quotes are not readily available may be valued, pursuant to guidelines established by the Board of Trustees, with reference to other securities or indices. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of the Fund's securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Fund's securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

When the Fund uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe reflects fair value. Fair value pricing may require subjective determinations about the value of a security. While the Trust's policy is intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Board of Trustees or persons acting at their direction would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed above under "Abusive Trading Practices."

Under certain circumstances, the per share NAV of a class of the Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares. Generally, when the Funds pay income dividends, those dividends are expected to differ over time by approximately the amount of the expense accrual differential between the classes.

Fund Distributions

Each Fund distributes substantially all of its net investment income to shareholders in the form of dividends. You begin earning dividends on Fund shares the day after the Fund receives your purchase payment. Dividends paid by each Fund with respect to each class of shares are calculated in the same manner and at the same time, but dividends on different classes of shares may be different as a result of the service and/or distribution fees applicable to certain classes of shares. Each Fund intends to declare income dividends and distribute them quarterly to shareholders of record.

A Fund's dividend and capital gain distributions with respect to a particular class of shares will automatically be reinvested in additional shares of the same class of the Fund at NAV unless the shareholder elects to have the distributions paid in cash. A shareholder may elect to have distributions paid in cash on the Account Application, by phone, or by submitting a written request, signed by an Authorized Person, indicating the account name, account number, name of Fund and share class. A shareholder may elect to invest all distributions in shares of the same class of any other fund of the Trust or PIMCO Funds which offers that class of shares at NAV. A shareholder must have an account existing in the fund selected for investment with the identical registered name. This option must be elected when the account is set up.

A Class A, Class B, Class C, Class D, or Class R shareholder may choose from the following distribution options:

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Reinvest all distributions in additional shares of the same class of the Fund at NAV. You should contact your financial firm (if shares are held through a financial firm) or the Fund's Transfer Agent (if shares are held through a direct account) for details. You do not pay any sales charges on shares received through the reinvestment of Fund distributions. This will be done unless you elect another option.

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Invest all distributions in shares of the same class of any other fund of the Trust or PIMCO Equity Series which offers that class at NAV. You must have an account existing in the fund selected for investment with the identical registered name. You must elect this option on your Account Application or by a telephone request to the Transfer Agent at 888.87.PIMCO.

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Receive all distributions in cash (either paid directly to you or credited to your account with your broker or other financial intermediary). If the postal or other delivery service is unable to deliver checks to your address of record, the Trust's Transfer Agent will hold the returned checks for your benefit in a non-interest bearing account. You must elect this option on your Account Application or by a telephone request to the Transfer Agent at 888.87.PIMCO.

The financial service firm may offer additional distribution reinvestment programs or options. Please contact the firm for details.

Tax Consequences

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Taxes on Fund Distributions. A shareholder subject to U.S. federal income tax will be subject to tax on taxable Fund distributions of taxable income or capital gains whether they are paid in cash or reinvested in additional shares of the Funds. For federal income tax purposes, taxable Fund distributions will be taxable to the shareholder as either ordinary income or capital gains.

Fund taxable dividends (i.e., distributions of investment income) are generally taxable to shareholders as ordinary income. A portion of distributions may be qualified dividends taxable at lower rates for individual shareholders. Federal taxes on Fund distributions of gains are determined by how long a Fund owned the investments that generated the gains, rather than how long a shareholder has owned the shares. Distributions of gains from investments that the Fund owned for more than one year will generally be taxable to shareholders as long-term capital gains. Distributions of gains from investments that the Fund owned for one year or less will generally be taxable as ordinary income.

Taxable Fund distributions are taxable to shareholders even if they are paid from income or gains earned by a Fund prior to the shareholder's investment and thus were included in the price paid for the shares. For example, a shareholder who purchases shares on or just before the record date of a Fund distribution will pay full price for the shares and may receive a portion of his or her investment back as a taxable distribution.

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Taxes on Redemption or Exchanges of Shares. You will generally have a taxable capital gain or loss if you dispose of your Fund shares by redemption, exchange or sale. The amount of the gain or loss and the rate of tax will depend primarily upon how much you pay for the shares, how much you sell them for, and how long you hold them. When you exchange shares of a Fund for shares of another Fund, the transaction will be treated as a sale of the Fund shares for these purposes, and any gain on those shares will generally be subject to federal income tax.

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Returns of Capital. If the Fund's distributions exceed its taxable income and capital gains realized during a taxable year, all or a portion of the distributions made in the same taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in the Fund and result in a higher reported capital gain or lower reported capital loss when those shares on which the distribution was received are sold.

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Important Tax Reporting Considerations. For shares of the Funds redeemed after January 1, 2012, your financial intermediary or the Fund (if you hold your shares in a Fund direct account) will report gains and losses realized on redemptions of shares for shareholders who are individuals and S corporations purchased after January 1, 2012 to the Internal Revenue Service (IRS). This information will also be reported to you on Form 1099-B and the IRS each year. In calculating the gain or loss on redemptions of shares, the average cost method will be used to determine the cost basis of Fund shares purchased after January 1, 2012 unless you instruct the Fund in writing that you want to use another available method for cost basis reporting (for example, First In, First Out (FIFO), Last In, First Out (LIFO), Specific Lot Identification (SLID) or High Cost, First Out (HIFO)). If you designate SLID as your cost basis method, you will also need to designate a secondary cost basis method (Secondary Method). If a Secondary Method is not provided, the Funds will designate FIFO as the Secondary Method and will use the Secondary Method with respect to systematic withdrawals made after January 1, 2012.

Your financial intermediary or the Fund (if you hold your shares in a Fund direct account) is also required to report gains and losses to the IRS in connection with redemptions of shares by S corporations purchased after January 1, 2012. If a shareholder is a corporation and has not instructed the Fund that it is a C corporation in its account application or by written instruction, the Fund will treat the shareholder as an S corporation and file a Form 1099-B.

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A Note on the PIMCO Global Multi-Asset Fund. One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the Fund derive at least 90% of its gross income from certain qualifying sources of income. The IRS has issued a revenue ruling which holds that income derived from commodity-linked swaps is not qualifying income under Subchapter M of the Code. As such, the Fund's ability to utilize direct investments in commodity linked swaps, commodities or other commodity-linked derivatives as part of its investment strategy is limited to a maximum of 10 percent of its gross income.

It should be noted, however, that the IRS has suspended the issuance of these private letter rulings. There can be no assurance that the IRS will not change its position with respect to some or all of these issues or that future legislation will not adversely impact the tax treatment of a Fund's commodity-linked investments. If the IRS were to change its position or otherwise determine that income derived from certain commodity-linked notes or from investments in subsidiaries does not constitute qualifying income and if such positions were upheld or if future legislation were to adversely affect the tax treatment of Fund investments, then certain Funds, including the PIMCO Global Multi-Asset Fund, might cease to qualify as regulated investment companies and would be required to reduce their exposure to such investments which might result in difficulty in implementing their investment strategies. If such Funds did not qualify as regulated investment companies for any taxable year, their taxable income would be subject to tax at the Fund level at regular corporate tax rates (without reduction for distributions to shareholders) and to a further tax at the shareholder level when such income is distributed.

Furthermore, the tax treatment of commodity-linked notes, other commodity-linked derivatives, and the PIMCO Global Multi-Asset Fund's investments in its Subsidiary may otherwise be adversely affected by future legislation, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of the PIMCO Global Multi-Asset Fund's taxable income or any distributions made by the Fund or result in the inability of the Fund to operate as described in this Prospectus.

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A Note on the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund. The PIMCO All Asset and PIMCO All Asset All Authority Funds' use of a fund of funds structure could affect the amount, timing and character of distributions to shareholders, and may therefore increase the amount of taxes payable by shareholders.

Periodic adjustments for inflation to the principal amount of an inflation-indexed bond may give rise to original issue discount, which will be includable in the Fund's gross income. Due to original issue discount, the Fund may be required to make annual distributions to shareholders that exceed the cash received, which may cause the Fund to liquidate certain investments when it is not advantageous to do so. Also, if the principal value of an inflation-indexed bond is adjusted downward due to deflation, amounts previously distributed in the taxable year may be characterized in some circumstances as a return of capital.

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Backup Withholding. Each Fund may be required to withhold U.S. federal income tax on all taxable distributions payable to shareholders if they fail to provide the Fund with their correct taxpayer identification number or to make required certifications, or if they have been notified by the IRS that they are subject to backup withholding. Backup withholding is not an additional tax. Any amounts withheld may be credited against U.S. federal income tax liability.

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if more than 50% of the value of a Fund's total assets at the close of its taxable year consists of stock or securities of foreign corporations, or if at least 50% of the value of a Fund's total assets at the close of each quarter of its taxable year is represented by interests in other regulated investment companies, such Fund may make an election to treat a proportionate amount of eligible foreign taxes as constituting a taxable distribution to each shareholder, which would, subject to certain limitations, generally allow the shareholder to either (i) credit that proportionate amount of taxes against U.S. Federal income tax liability as a foreign tax credit or (ii) take that amount as an itemized deduction. Although in some cases the Fund may be able to apply for a refund of a portion of such taxes, the ability to successfully obtain such a refund may be uncertain.

Any foreign shareholders would (with certain exceptions) generally be subject to U. S. tax withholding of 30% (or lower applicable treaty rate) on distributions from the Funds. Additionally, effective January 1, 2014, the Funds will be required to withhold U.S. tax (at a 30% rate) on payments of taxable dividends and (effective January 1, 2017) redemption proceeds made to certain non-U.S. entities that fail to comply (or be deemed compliant) with extensive new reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. Shareholders may be requested to provide additional information to enable the Funds to determine whether withholding is required.

This "Tax Consequences" section relates only to federal income tax; the consequences under other tax laws may differ. Shareholders should consult their tax advisors as to the possible application of foreign, state and local income tax laws to Fund dividends and capital distributions. Please see the Statement of Additional Information for additional information regarding the tax aspects of investing in the Funds.

Characteristics and Risks of Securities and Investment Techniques

Most of these securities and investment techniques are discretionary, which means that PIMCO can decide whether to use them or not. This prospectus does not attempt to disclose all of the various types of securities and investment techniques that may be used by the Funds. As with any mutual fund, investors in the Funds rely on the professional investment judgment and skill of PIMCO and the individual portfolio managers. Please see "Investment Objectives and Policies" in the Statement of Additional Information for more detailed information about the securities and investment techniques described in this section and about other strategies and techniques that may be used by the Funds.

Because the PIMCO Global Multi-Asset Fund may invest a portion of its assets in its Subsidiary, and because the PIMCO Global Multi-Asset Fund may hold some of the investments described in this prospectus, the PIMCO Global Multi-Asset Fund may be indirectly exposed to the risks associated with those investments. With respect to its investments, the GMA Subsidiary will generally be subject to the same fundamental, nonfundamental and certain other investment restrictions as the PIMCO Global Multi-Asset Fund; however, the GMA Subsidiary (unlike the PIMCO Global Multi-Asset Fund) may invest without limitation in commodity-linked swap agreements and other commodity-linked derivative instruments. The PIMCO Global Multi-Asset Fund and its Subsidiary may test for compliance with certain investment restrictions on a consolidated basis, except that with respect to their investments in certain securities that may involve leverage, the GMA Subsidiary will comply with asset segregation or "earmarking" requirements to the same extent as the PIMCO Global Multi-Asset Fund.

The PIMCO All Asset and PIMCO All Asset All Authority Funds invest substantially all of their assets in shares of the Underlying PIMCO Funds, and as such (unless otherwise indicated) do not invest directly in the securities described below. The Underlying PIMCO Funds, however, may invest in such securities. Because the value of an investment in the PIMCO All Asset and PIMCO All Asset All Authority Funds is directly related to the investment performance of the Underlying PIMCO Funds in which they invest, the risks of investing in the PIMCO All Asset and PIMCO All Asset All Authority Funds are closely related to the risks associated with the Underlying PIMCO Funds and their investments in the securities described below. Please see "Descriptions of the Underlying PIMCO Funds." Similarly, as the PIMCO Global Multi-Asset and PIMCO RealRetirement® Funds may invest in shares of the Acquired Funds, the risks of investing in the PIMCO Global Multi-Asset and the PIMCO RealRetirement® Funds may be closely related to the risks associated with the Acquired Funds and their investments. However, as the PIMCO Global Multi-Asset and PIMCO RealRetirement® Funds may also invest their assets directly in Fixed Income Instruments, equity securities, forwards or derivatives, such as options, futures contracts or swap agreements, other affiliated or unaffiliated funds, and other investments, the PIMCO Global Multi-Asset and PIMCO RealRetirement® Funds may be directly exposed to certain risks described below.

Investment Selection

In selecting investments for a Fund, PIMCO develops an outlook for interest rates, currency exchange rates and the economy, analyzes credit and call risks, and uses other investment selection techniques. The proportion of a Fund's assets committed to investments with particular characteristics (such as quality, sector, interest rate or maturity) varies based on PIMCO's outlook for the U.S. economy and the economies of other countries in the world, the financial markets and other factors.

With respect to fixed income investing, PIMCO attempts to identify areas of the bond market that are undervalued relative to the rest of the market. PIMCO identifies these areas by grouping Fixed Income Instruments into sectors such as money markets, governments, corporates, mortgages, asset-backed and international. In seeking to identify undervalued currencies, PIMCO may consider many factors, including but not limited to longer-term analysis of relative interest rates, inflation rates, real exchange rates, purchasing power parity, trade account balances and current account balances, as well as other factors that influence exchange rates such as flows, market technical trends and government policies. Sophisticated proprietary software then assists in evaluating sectors and pricing specific investments. Once investment opportunities are identified, PIMCO will shift assets among sectors depending upon changes in relative valuations, credit spreads and other factors. There is no guarantee that PIMCO's investment selection techniques will produce the desired results.

Investors should be aware that the investments made by a Fund and the results achieved by a 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 a Fund.

Fixed Income Instruments

"Fixed Income Instruments," as used generally in this prospectus, includes:

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securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises ("U.S. Government Securities");

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corporate debt securities of U.S. and non-U.S. issuers, including convertible securities and corporate commercial paper;

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mortgage-backed and other asset-backed securities;

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inflation-indexed bonds issued both by governments and corporations;

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structured notes, including hybrid or "indexed" securities and event-linked bonds;

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bank capital and trust preferred securities;

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loan participations and assignments;

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delayed funding loans and revolving credit facilities;

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bank certificates of deposit, fixed time deposits and bankers' acceptances;

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repurchase agreements on Fixed Income Instruments and reverse repurchase agreements on Fixed Income Instruments;

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debt securities issued by states or local governments and their agencies, authorities and other government-sponsored enterprises;

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obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises; and

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obligations of international agencies or supranational entities.

Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury.

The Funds (other than the PIMCO All Asset and PIMCO All Asset All Authority Funds), to the extent permitted by the 1940 Act, or exemptive relief therefrom, may invest in derivatives based on Fixed Income Instruments.

Duration

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. Similarly, 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. By way of example, the price of a bond fund with an average duration of eight years would be expected to fall approximately 8% if interest rates rose by one percentage point. Conversely, the price of a bond fund with an average duration of negative three years would be expected to rise approximately 3% if interest rates rose by one percentage point. The maturity of a security, another commonly used measure of price sensitivity, measures only the time until final payment is due, whereas duration takes into account the pattern of all payments of interest and principal on a security over time, including how these payments are affected by prepayments and by changes in interest rates, as well as the time until an interest rate is reset (in the case of variable-rate securities). PIMCO uses an internal model for calculating duration, which may result in a different value for the duration of an index compared to the duration calculated by the index provider or another third party.

U.S. Government Securities

U.S. Government Securities are obligations of, or guaranteed by, the U.S. Government, its agencies or government-sponsored enterprises. The U.S. Government does not guarantee the NAV of the Fund's shares. U.S. Government Securities are subject to market and interest rate risk, as well as varying degrees of credit risk. Some U.S. Government Securities are issued or guaranteed by the U.S. Treasury and are supported by the full faith and credit of the United States. Other types of U.S. Government Securities are supported by the full faith and credit of the United States (but not issued by the U.S. Treasury). These securities may have less credit risk than U.S. Government Securities not supported by the full faith and credit of the United States. Such other types of U.S. Government Securities are: (1) supported by the ability of the issuer to borrow from the U.S. Treasury; (2) supported only by the credit of the issuing agency, instrumentality or government-sponsored corporation; or (3) supported by the United States in some other way. These securities may be subject to greater credit risk. U.S. Government Securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.

Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. Government National Mortgage Association ("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. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage Corporation ("FHLMC"). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

Municipal Bonds

Municipal Bonds are generally issued by states, territories, possessions and local governments and their agencies, authorities and other instrumentalities. Municipal Bonds are subject to interest rate, credit and market risk. The ability of an issuer to make payments could be affected by litigation, legislation or other political events or the bankruptcy of the issuer. Lower rated Municipal Bonds are subject to greater credit and market risk than higher quality Municipal Bonds. The types of Municipal Bonds in which the Funds may invest include municipal lease obligations, municipal general obligation bonds, municipal cash equivalents, and pre-refunded and escrowed to maturity Municipal Bonds. The Funds may also invest in industrial development bonds, which are Municipal Bonds issued by a government agency on behalf of a private sector company and, in most cases, are not backed by the credit of the issuing municipality and may therefore involve more risk. The Funds may also invest in securities issued by entities whose underlying assets are Municipal Bonds.

Pre-refunded Municipal Bonds are tax-exempt bonds that have been refunded to a call date on or before the final maturity of principal and remain outstanding in the municipal market. The payment of principal and interest of the pre-refunded Municipal Bonds held by a Fund is funded from securities in a designated escrow account that holds U.S. Treasury securities or other obligations of the U.S. Government (including its agencies and instrumentalities ("Agency Securities")). As the payment of principal and interest is generated from securities held in a designated escrow account, the pledge of the municipality has been fulfilled and the original pledge of revenue by the municipality is no longer in place. The escrow account securities pledged to pay the principal and interest of the pre-refunded Municipal Bond do not guarantee the price movement of the bond before maturity. Investment in pre-refunded Municipal Bonds held by a Fund may subject the Fund to interest rate risk, market risk and credit risk. In addition, while a secondary market exists for pre-refunded Municipal Bonds, if a Fund sells pre-refunded Municipal Bonds prior to maturity, the price received may be more or less than the original cost, depending on market conditions at the time of sale.

The Funds may invest, without limitation, in residual interest bonds ("RIBs"), which brokers create by depositing a Municipal Bond in a trust. The trust in turn issues a variable rate security and RIBs. The interest rate for the variable rate security is determined by the remarketing broker-dealer, while the RIB holder receives the balance of the income from the underlying municipal bond. The market prices of RIBs may be highly sensitive to changes in market rates and may decrease significantly when market rates increase.

In a transaction in which a Fund purchases a RIB from a trust, and the underlying Municipal Bond was held by the Fund prior to being deposited into the trust, the Fund treats the transaction as a secured borrowing for financial reporting purposes. As a result, the Fund will incur a non-cash interest expense with respect to interest paid by the trust on the variable rate securities, and will recognize additional interest income in an amount directly corresponding to the non-cash interest expense. Therefore, the Fund's NAV per share and performance are not affected by the non-cash interest expense. This accounting treatment does not apply to RIBs acquired by the Funds where the Funds did not previously own the underlying Municipal Bond.

Mortgage-Related and Other Asset-Backed Securities

Mortgage-related securities include mortgage pass-through securities, collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities ("SMBSs") and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property.

The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Fund to a lower rate of return upon reinvestment of principal. When interest rates rise, the value of a mortgage-related security generally will decline; however, when interest rates are declining, the value of mortgage-related securities with prepayment features may not increase as much as other fixed income securities. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may shorten or extend the effective maturity of the security beyond what was anticipated at the time of purchase. If unanticipated rates of prepayment on underlying mortgages increase the effective maturity of a mortgage-related security, the volatility of the security can be expected to increase. The value of these securities may fluctuate in response to the market's perception of the creditworthiness of the issuers. See "Extension Risk" and "Prepayment Risk" below. The value of these securities may also fluctuate in response to the market's perception of the creditworthiness of the issuers. Additionally, although mortgage and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.

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Extension Risk. Mortgage-related and other asset-backed securities are subject to Extension Risk, which is the risk that the issuer of such a security pays back the principal of such an obligation later than expected. This may occur when interest rates rise. This may negatively affect Fund returns, as the value of the security decreases when principal payments are made later than expected. In addition, because principal payments are made later than expected, the Fund may be prevented from investing proceeds it would otherwise have received at a given time at the higher prevailing interest rates.

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Prepayment Risk. Mortgage-related and other asset-backed securities are subject to Prepayment Risk, which is the risk that the issuer of such a security pays back the principal of such an obligation earlier than expected (due to the sale of the underlying property, refinancing, or foreclosure). This may occur when interest rates decline. Prepayment may expose the Fund to a lower rate of return upon reinvestment of principal. Also, if a security subject to prepayment has been purchased at a premium, the value of the premium would be lost in the event of prepayment.

One type of SMBS has one class receiving all of the interest from the mortgage assets (the interest-only, or "IO" class), while the other class will receive all of the principal (the principal-only, or "PO" class). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on a Fund's yield to maturity from these securities. Each Fund may invest up to 5% of its total assets in any combination of mortgage-related or other asset backed IO, PO, or inverse floater securities.

Each Fund may invest in each of collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), other collateralized debt obligations ("CDOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high-risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. Certain Funds may invest in other asset-backed securities that have been offered to investors.

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Privately issued mortgage-related securities are not traded on an exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, mortgage-related securities held in a Fund's portfolio may be particularly difficult to value because of the complexities involved in assessing the value of the underlying mortgage loans. Privately Issued Mortgage-Related Securities include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants.

Loan Participations and Assignments

Each Fund may invest in fixed- and floating-rate loans, which investments generally will be in the form of loan participations and assignments of portions of such loans. Participations and assignments involve special types of risk, including credit risk, interest rate risk, liquidity risk, and the risks of being a lender. If a Fund purchases a participation, it may only be able to enforce its rights through the lender, and may assume the credit risk of the lender in addition to the borrower.

Reinvestment

Each Fund may be subject to the risk that the returns of a Fund will decline during periods of falling interest rates because the Fund may have to reinvest the proceeds from matured, traded or called debt obligations at interest rates below the Fund's current earnings rate. For instance, when interest rates decline, an issuer of debt obligations may exercise an option to redeem securities prior to maturity, thereby forcing the Fund to invest in lower-yielding securities. A Fund also may choose to sell higher-yielding portfolio securities and to purchase lower-yielding securities to achieve greater portfolio diversification, because the Fund's portfolio manager believes the current holdings are overvalued or for other investment-related reasons. A decline in the returns received by a Fund from its investments is likely to have an adverse effect on the Fund's net asset value, yield and total return.

Focused Investment

To the extent that a Fund focuses its investments in a particular sector, the Fund may be susceptible to loss due to adverse developments affecting that sector. These developments include, but are not limited to, governmental regulation; inflation; rising interest rates; cost increases in raw materials, fuel and other operating expenses; technological innovations that may render existing products and equipment obsolete; competition from new entrants; high research and development costs; increased costs associated with compliance with environmental or other governmental regulations; and other economic, business or political developments specific to that sector. Furthermore, a Fund may invest a substantial portion of its assets in companies in related sectors that may share common characteristics, are often subject to similar business risks and regulatory burdens, and whose securities may react similarly to the types of developments described above, which will subject the Fund to greater risk. A Fund also will be subject to focused investment risk to the extent that it invests a substantial portion of its assets in a particular issuer, market, asset class, country or geographic region.

Corporate Debt Securities

Corporate debt securities are subject to the risk of the issuer's inability to meet principal and interest payments on the obligation and may also be subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity. When interest rates rise, the value of corporate debt securities can be expected to decline. Debt securities with longer maturities tend to be more sensitive to interest rate movements than those with shorter maturities.

Bank Capital Securities and Trust Preferred Securities

There are two common types of bank capital: Tier I and Tier II. Bank capital is generally, but not always, of investment grade quality. Tier I securities often take the form of trust preferred securities. Tier II securities are commonly thought of as hybrids of debt and preferred stock, are often perpetual (with no maturity date), callable and, under certain conditions, allow for the issuer bank to withhold payment of interest until a later date.

Trust preferred securities have the characteristics of both subordinated debt and preferred stock. The primary advantage of the structure of trust preferred securities is that they are treated by the financial institution as debt securities for tax purposes and as equity for the calculation of capital requirements. Trust preferred securities typically bear a market rate coupon comparable to interest rates available on debt of a similarly rated issuer. Typical characteristics include long-term maturities, early redemption by the issuer, periodic fixed or variable interest payments, and maturities at face value. The market value of trust preferred securities may be more volatile than those of conventional debt securities. There can be no assurance as to the liquidity of trust preferred securities and the ability of holders, such as a Fund, to sell their holdings.

Cash Equivalent Securities

The Funds may invest in cash equivalent securities. Cash equivalent securities are defined as investment grade securities with a duration of approximately one year or less.

High Yield Securities and Distressed Companies

Securities rated lower than Baa by Moody's, or equivalently rated by S&P or Fitch, are sometimes referred to as "high yield securities" or "junk bonds." Issuers of these securities may be distressed and undergoing restructuring, bankruptcy or other proceedings in an attempt to avoid insolvency. Investing in these securities involves special risks in addition to the risks associated with investments in higher-rated fixed income securities. While offering a greater potential opportunity for capital appreciation and higher yields, high yield securities typically entail greater potential price volatility and may be less liquid than higher-rated securities. High yield securities may be regarded as predominately speculative with respect to the issuer's continuing ability to meet principal and interest payments. They may also be more susceptible to real or perceived adverse economic and competitive industry conditions than higher-rated securities. Issuers of securities in default may fail to resume principal or interest payments, in which case a Fund may lose its entire investment. Certain Funds may invest in securities that are in default with respect to the payment of interest or repayment of principal or present an imminent risk of default with respect to such payments.

Variable and Floating Rate Securities

Variable and floating rate securities are securities that pay interest at rates that adjust whenever a specified interest rate changes and/or that reset on predetermined dates (such as the last day of a month or calendar quarter). Each Fund may invest in floating rate debt instruments ("floaters") and engage in credit spread trades. Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general.

Conversely, floating rate securities will not generally increase in value if interest rates decline. Each Fund may also invest in inverse floating rate debt instruments ("inverse floaters"). An inverse floater may exhibit greater price volatility than a fixed rate obligation of similar credit quality. Each Fund may invest up to 5% of its total assets in any combination of mortgage-related or other asset-backed IO, PO or inverse floater securities. Additionally, each Fund may also invest, without limitation, in RIBs.

Inflation-Indexed Bonds

Inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds, which are more fully described below) are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

With regard to municipal inflation-indexed bonds and certain corporate inflation-indexed bonds, the inflation adjustment is reflected in the semi-annual coupon payment. As a result, the principal value of municipal inflation-indexed bonds and such corporate inflation-indexed bonds does not adjust according to the rate of inflation.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity.

Event-Linked Exposure

Each Fund may obtain event-linked exposure by investing in "event-linked bonds" or "event-linked swaps" or by implementing "event-linked strategies." Event-linked exposure results in gains or losses that typically are contingent, or formulaically related to defined trigger events. Examples of trigger events include hurricanes, earthquakes, weather-related phenomena, or statistics relating to such events. Some event-linked bonds are commonly referred to as "catastrophe bonds." If a trigger event occurs, a Fund may lose a portion or its entire principal invested in the bond or notional amount on a swap. Event-linked exposure often provides for an extension of maturity to process and audit loss claims where a trigger event has, or possibly has, occurred. An extension of maturity may increase volatility. Event-linked exposure may also expose a Fund to certain unanticipated risks including credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations, and adverse tax consequences. Event-linked exposures may also be subject to liquidity risk.

Convertible and Equity Securities

Common stock represents equity ownership in a company and typically provides the common stockholder the power to vote on certain corporate actions, including the election of the company's directors. Common stockholders participate in company profits through dividends and, in the event of bankruptcy, distributions, on a pro-rata basis after other claims are satisfied. Many factors affect the value of common stock, including earnings, earnings forecasts, corporate events and factors impacting the issuer's industry and the market generally. Common stock generally has the greatest appreciation and depreciation potential of all corporate securities.

Each Fund may invest in convertible securities and equity securities. Convertible securities are generally preferred stocks and other securities, including fixed income securities and warrants, that are convertible into or exercisable for common stock at a stated price or rate. The price of a convertible security will normally vary in some proportion to changes in the price of the underlying common stock because of this conversion or exercise feature. However, the value of a convertible security may not increase or decrease as rapidly as the underlying common stock. A convertible security will normally also provide income and is subject to interest rate risk. Convertible securities may be lower-rated securities subject to greater levels of credit risk. A Fund may be forced to convert a security before it would otherwise choose, which may have an adverse effect on the Fund's ability to achieve its investment objective.

"Synthetic" convertible securities are selected based on the similarity of their economic characteristics to those of a traditional convertible security due to the combination of separate securities that possess the two principal characteristics of a traditional convertible security, i.e., an income-producing security ("income-producing component") and the right to acquire an equity security ("convertible component"). The income-producing component is achieved by investing in non-convertible, income-producing securities such as bonds, preferred stocks and money market instruments, which may be represented by derivative instruments. The convertible component is achieved by investing in securities or instruments such as warrants or options to buy common stock at a certain exercise price, or options on a stock index. A simple example of a synthetic convertible security is the combination of a traditional corporate bond with a warrant to purchase equity securities of the issuer of the bond. A Fund may also purchase synthetic securities created by other parties, typically investment banks, including convertible structured notes. The income-producing and convertible components of a synthetic convertible security may be issued separately by different issuers and at different times.

Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Preferred stocks may pay fixed or adjustable rates of return. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred stock generally pays dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects.

While some countries or companies may be regarded as favorable investments, pure fixed income opportunities may be unattractive or limited due to insufficient supply, or legal or technical restrictions. In such cases, subject to its applicable investment restrictions, a Fund may consider convertible securities or equity securities to gain exposure to such investments.

At times, in connection with the restructuring of a preferred stock or Fixed Income Instrument either outside of bankruptcy court or in the context of bankruptcy court proceedings, a Fund may determine or be required to accept equity securities, such as common stocks, in exchange for all or a portion of a preferred stock or Fixed Income Instrument. Depending upon, among other things, PIMCO's evaluation of the potential value of such securities in relation to the price that could be obtained by a Fund at any given time upon sale thereof, a Fund may determine to hold such securities in its portfolio.

Equity securities generally have greater price volatility than fixed income securities. The market price of equity securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. Equity securities may decline in value due to factors affecting equity securities markets generally or particular industries represented in those markets. The value of an equity security may also decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

Foreign (Non-U.S.) Securities

Each Fund may invest in securities and instruments that are economically tied to foreign (non- U.S.) countries. PIMCO generally considers an instrument to be economically tied to a non-U.S. country if the issuer is a foreign government (or any political subdivision, agency, authority or instrumentality of such government), or if the issuer is organized under the laws of a non-U.S. country. A Fund's investments in foreign securities may include American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs") and similar securities that represent interests in non-U.S. companies securities that have been deposited with a bank or trust and that trade on a U.S. exchange or over-the-counter. ADRs, EDRs and GDRs may be less liquid or may trade at a different price than the underlying securities of the issuer. In the case of certain money market instruments, such instruments will be considered economically tied to a non-U.S. country if either the issuer or the guarantor of such money market instrument is organized under the laws of a non-U.S. country. With respect to derivative instruments, PIMCO generally considers such instruments to be economically tied to non-U.S. countries if the underlying assets are foreign currencies (or baskets or indexes of such currencies), or instruments or securities that are issued by foreign governments or issuers organized under the laws of a non-U.S. country (or if the underlying assets are certain money market instruments, if either the issuer or the guarantor of such money market instruments is organized under the laws of a non-U.S. country).

Investing in foreign (non-U.S.) securities involves special risks and considerations not typically associated with investing in U.S. securities. Investors should consider carefully the substantial risks involved for Funds that invest in securities issued by foreign companies and governments of foreign countries. These risks include: differences in accounting, auditing and financial reporting standards; generally higher commission rates on foreign portfolio transactions; the possibility of nationalization, expropriation or confiscatory taxation; adverse changes in investment or exchange control regulations; and political instability. Individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, capital reinvestment, resources, self-sufficiency and balance of payments position. The securities markets, values of securities, yields and risks associated with foreign (non-U.S.) securities markets may change independently of each other. Also, foreign (non-U.S.) securities and dividends and interest payable on those securities may be subject to foreign taxes, including taxes withheld from payments on those securities. Foreign (non-U.S.) securities often trade with less frequency and volume than domestic securities and therefore may exhibit greater price volatility. Investments in foreign (non-U.S.) securities may also involve higher custodial costs than domestic investments and additional transaction costs with respect to foreign currency conversions. Changes in foreign exchange rates also will affect the value of securities denominated or quoted in foreign currencies.

Certain Funds also may invest in sovereign debt issued by governments, their agencies or instrumentalities, or other government-related entities. Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. In addition, there is no bankruptcy proceeding by which defaulted sovereign debt may be collected.

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Emerging Market Securities. Each Fund that may invest in foreign (non-U.S.) securities may invest in securities and instruments that are economically tied to developing (or "emerging market") countries. PIMCO generally considers an instrument to be economically tied to an emerging market country if the security's "country of exposure" is an emerging market country, as determined by the criteria set forth below. Alternatively, such as when a "country of exposure" is not available or when PIMCO believes the following tests more accurately reflect which country the security is economically tied to, PIMCO may consider an instrument to be economically tied to an emerging market country if the issuer or guarantor is a government of an emerging market country (or any political subdivision, agency, authority or instrumentality of such government), if the issuer or guarantor is organized under the laws of an emerging market country, or if the currency of settlement of the security is a currency of an emerging market country. With respect to derivative instruments, PIMCO generally considers such instruments to be economically tied to emerging market countries if the underlying assets are currencies of emerging market countries (or baskets or indexes of such currencies), or instruments or securities that are issued or guaranteed by governments of emerging market countries or by entities organized under the laws of emerging market countries. A security's "country of exposure" is determined by PIMCO using certain factors provided by a third-party analytical service provider. The factors are applied in order such that the first factor to result in the assignment of a country determines the "country of exposure." The factors, listed in the order in which they are applied, are: (i) if an asset-backed or other collateralized security, the country in which the collateral backing the security is located, (ii) if the security is guaranteed by the government of a country (or any political subdivision, agency, authority or instrumentality of such government), the country of the government or instrumentality providing the guarantee, (iii) the "country of risk" of the issuer, (iv) the "country of risk" of the issuer's ultimate parent, or (v) the country where the issuer is organized or incorporated under the laws thereof. "Country of risk" is a separate four-part test determined by the following factors, listed in order of importance: (i) management location, (ii) country of primary listing, (iii) sales or revenue attributable to the country, and (iv) reporting currency of the issuer. PIMCO has broad discretion to identify countries that it considers to qualify as emerging markets. In making investments in emerging market securities, a Fund emphasizes those countries with relatively low gross national product per capita and with the potential for rapid economic growth. Emerging market countries are generally located in Asia, Africa, the Middle East, Latin America and Eastern Europe. PIMCO will select the country and currency composition based on its evaluation of relative interest rates, inflation rates, exchange rates, monetary and fiscal policies, trade and current account balances, legal and political developments and any other specific factors it believes to be relevant.

Investing in emerging market securities imposes risks different from, or greater than, risks of investing in domestic securities or in foreign, developed countries. These risks include: smaller market capitalization of securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; possible repatriation of investment income and capital. In addition, foreign investors may be required to register the proceeds of sales; future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization, or creation of government monopolies. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by a Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

Additional risks of emerging market securities may include: greater social, economic and political uncertainty and instability; more substantial governmental involvement in the economy; less governmental supervision and regulation; unavailability of currency hedging techniques; companies that are newly organized and small; differences in auditing and financial reporting standards, which may result in unavailability of material information about issuers; and less developed legal systems. In addition, emerging securities markets may have different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions or otherwise make it difficult to engage in such transactions. Settlement problems may cause a Fund to miss attractive investment opportunities, hold a portion of its assets in cash pending investment, or be delayed in disposing of a portfolio security. Such a delay could result in possible liability to a purchaser of the security.

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Investments in Russia. Certain Funds may invest in securities and instruments that are economically tied to Russia. Investments in Russia are subject to political, economic, legal, market and currency risks. The risks include uncertain political and economic policies, short-term market volatility, poor accounting standards, corruption and crime, an inadequate regulatory system, and unpredictable taxation. The Russian securities market is characterized by limited volume of trading, resulting in difficulty in obtaining accurate prices and trading. The Russian securities market, as compared to U.S. markets, has significant price volatility, less liquidity, a smaller market capitalization and a smaller number of traded securities. There may be little publicly available information about issuers. Settlement, clearing and registration of securities transactions are subject to risks because of registration systems that may not be subject to effective government supervision. This may result in significant delays or problems in registering the transfer of securities. Russian securities laws may not recognize foreign nominee accounts held with a custodian bank, and therefore the custodian may be considered the ultimate owner of securities they hold for their clients. Ownership of securities issued by Russian companies is recorded by companies themselves and by registrars instead of through a central registration system. It is possible that the ownership rights of the Fund could be lost through fraud or negligence. While applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. Adverse currency exchange rates are a risk and there may be a lack of available currency hedging instruments. Investments in Russia may be subject to the risk of nationalization or expropriation of assets. Oil, natural gas, metals, and timber account for a significant portion of Russia's exports, leaving the country vulnerable to swings in world prices.

Foreign (Non-U.S.) Currencies

A Fund that invests directly in foreign (non-U.S.) currencies or in securities that trade in, or receive revenues in, foreign (non-U.S.) currencies will be subject to currency risk. Foreign currency exchange rates may fluctuate significantly over short periods of time. They generally are determined by supply and demand in the foreign exchange markets and the relative merits of investments in different countries, actual or perceived changes in interest rates and other complex factors. Currency exchange rates also can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments. Currencies in which the Funds' assets are denominated may be devalued against the U.S. dollar, resulting in a loss to the Funds.

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Foreign Currency Transactions. Funds that invest in securities denominated in foreign (non-U.S.) currencies may engage in foreign currency transactions on a spot (cash) basis, enter into forward foreign currency exchange contracts and invest in foreign currency futures contracts and options on foreign currencies and futures. A forward foreign currency exchange contract, which involves an obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract, reduces a Fund's exposure to changes in the value of the currency it will deliver and increases its exposure to changes in the value of the currency it will receive for the duration of the contract. Certain foreign currency transactions may also be settled in cash rather than the actual delivery of the relevant currency. The effect on the value of a Fund is similar to selling securities denominated in one currency and purchasing securities denominated in another currency. A contract to sell a foreign currency would limit any potential gain which might be realized if the value of the hedged currency increases. A Fund may enter into these contracts to hedge against foreign exchange risk, to increase exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. Suitable hedging transactions may not be available in all circumstances and there can be no assurance that a Fund will engage in such transactions at any given time or from time to time. Also, such transactions may not be successful and may eliminate any chance for a Fund to benefit from favorable fluctuations in relevant foreign currencies. A Fund may use one currency (or a basket of currencies) to hedge against adverse changes in the value of another currency (or a basket of currencies) when exchange rates between the two currencies are positively correlated. A Fund will segregate or "earmark" assets determined to be liquid by PIMCO in accordance with the procedures established by the Board of Trustees (or, as permitted by applicable law, enter into certain offsetting positions) to cover its obligations under forward foreign currency exchange contracts entered into for non-hedging purposes.

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Redenomination. Continuing uncertainty as to the status of the euro and the European Monetary Union (the "EMU") has created significant volatility in currency and financial markets generally. Any partial or complete dissolution of the EMU could have significant adverse effects on currency and financial markets and on the values of a Fund's portfolio investments. If one or more EMU countries were to stop using the euro as its primary currency, a Fund's investments in such countries may be redenominated into a different or newly adopted currency. As a result, the value of those investments could decline significantly and unpredictably. In addition, securities or other investments that are redenominated may be subject to currency risk, liquidity risk and risk of improper valuation to a greater extent than similar investments currently denominated in euros. To the extent a currency used for redenomination purposes is not specified in respect of certain EMU-related investments, or should the euro cease to be used entirely, the currency in which such investments are denominated may be unclear, making such investments particularly difficult to value or dispose of. A Fund may incur additional expenses to the extent it is required to seek judicial or other clarification of the denomination or value of such securities.

There can be no assurance that if a Fund earns income or capital gains in a non-U.S. country or PIMCO otherwise seeks to withdraw a Fund's investments from a given country, capital controls imposed by such country will not prevent, or cause significant expense in, doing so.

Repurchase Agreements

Each Fund may enter into repurchase agreements, in which the Fund purchases a security from a bank or broker-dealer, which agrees to repurchase the security at the Fund's cost plus interest within a specified time. If the party agreeing to repurchase should default, the Fund will seek to sell the securities which it holds. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price. Repurchase agreements maturing in more than seven days and which may not be terminated within seven days at approximately the amount at which a Fund has valued the agreements are considered illiquid securities.

Reverse Repurchase Agreements, Dollar Rolls and Other Borrowings

Each Fund may enter into reverse repurchase agreements and dollar rolls, subject to the Fund's limitations on borrowings. A reverse repurchase agreement involves the sale of a security by a Fund and its agreement to repurchase the instrument at a specified time and price. A dollar roll is similar except that the counterparty is not obligated to return the same securities as those originally sold by the Fund but only securities that are "substantially identical." Reverse repurchase agreements and dollar rolls may be considered borrowing for some purposes. A Fund will segregate or "earmark" assets determined to be liquid by PIMCO in accordance with procedures established by the Board of Trustees to cover its obligations under reverse repurchase agreements and dollar rolls. Reverse repurchase agreements, dollar rolls and other forms of borrowings may create leveraging risk for a Fund.

Each Fund may borrow money to the extent permitted under the 1940 Act. This means that, in general, a Fund may borrow money from banks for any purpose in an amount up to ⅓ of the Fund's total assets, less all liabilities and indebtedness not represented by senior securities. A Fund may also borrow money for temporary administrative purposes in an amount not to exceed 5% of the Fund's total assets.

Derivatives

Each Fund may, but is not required to, use derivative instruments for risk management purposes or as part of its investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate or index, and may relate to stocks, bonds, interest rates, spreads between different interest rates, currencies or currency exchange rates, commodities, and related indexes. Examples of derivative instruments include options contracts, futures contracts, options on futures contracts and swap agreements (including, but not limited to, credit default swaps and swaps on exchange-traded funds). Each Fund may invest some or all of its assets in derivative instruments. A portfolio manager may decide not to employ any of these strategies and there is no assurance that any derivatives strategy used by a Fund will succeed. A description of these and other derivative instruments that the Funds may use are described under "Investment Objectives and Policies" in the Statement of Additional Information.

A Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other more traditional investments. Certain derivative transactions may have a leveraging effect on a Fund. For example, a small investment in a derivative instrument may have a significant impact on a Fund's exposure to interest rates, currency exchange rates or other investments. As a result, a relatively small price movement in a derivative instrument may cause an immediate and substantial loss or gain. A Fund may engage in such transactions regardless of whether the Fund owns the asset, instrument or components of the index underlying the derivative instrument. A Fund may invest a significant portion of its assets in these types of instruments. If it does, the Fund's investment exposure could far exceed the value of its portfolio securities and its investment performance could be primarily dependent upon securities it does not own. A description of various risks associated with particular derivative instruments is included in "Investment Objectives and Policies" in the Statement of Additional Information. The following provides a more general discussion of important risk factors relating to all derivative instruments that may be used by the Funds.

CPI Swap. A CPI swap is a fixed maturity, over-the-counter derivative in which the investor receives the "realized" rate of inflation as measured by the Consumer Price Index for All Urban Consumers ("CPI") over the life of the swap. The investor in turn pays a fixed annualized rate over the life of the swap. This fixed rate is often referred to as the "breakeven inflation" rate and is generally representative of the difference between treasury yields and TIPS yields of similar maturities at the initiation of the swap. CPI swaps are typically in "bullet" format, where all cash flows are exchanged at maturity. In addition to counterparty risk, CPI swaps are also subject to inflation risk, where the swap can potentially lose value if the realized rate of inflation over the life of the swap is less than the fixed market implied inflation rate (fixed breakeven rate) that the investor agrees to pay at the initiation of the swap.

Management Risk. Derivative products are highly specialized instruments that require investment techniques and risk analyses different from those associated with stocks and bonds. The use of a derivative requires an understanding not only of the underlying instrument but also of the derivative itself, without the benefit of observing the performance of the derivative under all possible market conditions.

Credit Risk. The use of many derivative instruments involves the risk that a loss may be sustained as a result of the failure of another party to the contract (usually referred to as a "counterparty") to make required payments or otherwise comply with the contract's terms. Additionally, a short position in a credit default swap could result in losses if a Fund does not correctly evaluate the creditworthiness of the company on which the credit default swap is based.

Liquidity Risk. Liquidity risk exists when a particular derivative instrument is difficult to purchase or sell. If a derivative transaction is particularly large or if the relevant market is illiquid (as is the case with many privately negotiated derivatives), it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price.

Leverage Risk. Because many derivatives have a leverage component, adverse changes in the value or level of the underlying asset, reference rate or index could result in a loss substantially greater than the amount invested in the derivative itself. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. When a Fund uses derivatives for leverage, investments in that Fund will tend to be more volatile, resulting in larger gains or losses in response to market changes. To limit leverage risk, each Fund will segregate or "earmark" assets determined to be liquid by PIMCO in accordance with procedures established by the Board of Trustees (or, as permitted by applicable regulation, enter into certain offsetting positions) to cover its obligations under derivative instruments.

Lack of Availability. Because the markets for certain derivative instruments (including markets located in foreign countries) are relatively new and still developing, suitable derivatives transactions may not be available in all circumstances for risk management or other purposes. Upon the expiration of a particular contract, a portfolio manager may wish to retain a Fund's position in the derivative instrument by entering into a similar contract, but may be unable to do so if the counterparty to the original contract is unwilling to enter into the new contract and no other suitable counterparty can be found. There is no assurance that a Fund will engage in derivatives transactions at any time or from time to time. A Fund's ability to use derivatives may also be limited by certain regulatory and tax considerations.

Market and Other Risks. Like most other investments, derivative instruments are subject to the risk that the market value of the instrument will change in a way detrimental to a Fund's interest. If a portfolio manager incorrectly forecasts the values of securities, currencies or interest rates or other economic factors in using derivatives for a Fund, the Fund might have been in a better position if it had not entered into the transaction at all. While some strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other Fund investments. A Fund may also have to buy or sell a security at a disadvantageous time or price because the Fund is legally required to maintain offsetting positions or asset coverage in connection with certain derivatives transactions.

Other risks in using derivatives include the risk of mispricing or improper valuation of derivatives and the inability of derivatives to correlate perfectly with underlying assets, rates and indexes. Many derivatives, in particular privately negotiated derivatives, are complex and often valued subjectively. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to a Fund. Also, the value of derivatives may not correlate perfectly, or at all, with the value of the assets, reference rates or indexes they are designed to closely track. For example, a swap agreement on an exchange traded fund would not correlate perfectly with the index upon which the exchange traded fund is based because the fund's return is net of fees and expenses. In addition, a Fund's use of derivatives may cause the Fund to realize higher amounts of short-term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.

Correlation Risk. In certain cases, the value of derivatives may not correlate perfectly, or at all, with the value of the assets, reference rates or indexes they are designed to closely track. In this regard, many of the Funds offered in this prospectus seek to achieve their investment objectives, in part, by investing in derivatives positions that are designed to closely track the performance (or inverse performance) of an index on a daily basis. However, the overall investment strategies of these Funds are not designed or expected to produce returns which replicate the performance (or inverse performance) of the particular index, and the degree of variation could be substantial, particularly over longer periods. There are a number of factors which may prevent a mutual fund, or derivatives or other strategies used by a fund, from achieving a desired correlation (or inverse correlation) with an index. These may include, but are not limited to: (i) the impact of fund fees, expenses and transaction costs, including borrowing and brokerage costs/ bid-ask spreads, which are not reflected in index returns; (ii) differences in the timing of daily calculations of the value of an index and the timing of the valuation of derivatives, securities and other assets held by a fund and the determination of the net asset value of fund shares; (iii) disruptions or illiquidity in the markets for derivative instruments or securities in which a fund invests; (iv) a fund having exposure to or holding less than all of the securities in the underlying index and/or having exposure to or holding securities not included in the underlying index; (v) large or unexpected movements of assets into and out of a fund (due to share purchases or redemptions, for example), potentially resulting in the fund being over- or under-exposed to the index; (vi) the impact of accounting standards or changes thereto; (vii) changes to the applicable index that are not disseminated in advance; (viii) a possible need to conform a fund's portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; and (ix) fluctuations in currency exchange rates.

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A Note on the PIMCO Global Multi-Asset Fund. In light of certain revenue rulings and private letter rulings issued by the IRS, as discussed above under "Tax Consequences—A Note on the PIMCO Global Multi-Asset Fund," the Fund will seek to gain exposure to the commodity markets primarily through investments in leveraged or unleveraged commodity index-linked notes, which are derivative debt instruments with principal and/or coupon payments linked to the performance of commodity indices, and through investments in its Subsidiary (as discussed below). The Fund may also invest in commodity-linked notes with principal and/or coupon payments linked to the value of particular commodities or commodity futures contracts, or a subset of commodities and commodities futures contracts. These notes are sometimes referred to as "structured notes" because the terms of these notes may be structured by the issuer and the purchaser of the note. The value of these notes will rise or fall in response to changes in the underlying commodity, commodity futures contract, subset of commodities, subset of commodities futures contracts or commodity index.

These notes expose the Fund economically to movements in commodity prices. These notes also are subject to risks, such as credit, market and interest rate risks, that in general affect the values of debt securities. In addition, these notes are often leveraged, increasing the volatility of each note's market value relative to changes in the underlying commodity, commodity futures contract or commodity index. Therefore, at the maturity of the note, the Fund may receive more or less principal than it originally invested. The Fund might receive interest payments on the note that are more or less than the stated coupon interest payments.

The Fund may also invest in other commodity-linked derivative instruments, including swap agreements, commodity options, futures and options on futures. The value of a commodity-linked derivative investment generally is based upon the price movements of a physical commodity (such as energy, mineral, or agricultural products), a commodity futures contract, a subset of commodities, a subset of commodities futures contracts or commodity index, or other economic variable based upon changes in the value of commodities or the commodities markets. Options transactions may be effected on securities exchanges or in the OTC market. When options are purchased OTC, the Fund's portfolio bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Options may also be illiquid and, in such cases, the Fund may have difficulty closing out its position. OTC options also may include options on baskets of specific securities. Swap transactions are privately negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows or assets at specified intervals in the future. The obligations may extend beyond one year. There is often no central exchange for swap transactions and therefore they can be less liquid investments than exchange-traded instruments. The Dodd-Frank Act and related regulatory developments ultimately will require the clearing and exchange-trading of certain standardized over-the-counter derivative instruments that the CFTC and SEC recently defined as "swaps." Mandatory exchange-trading and clearing will occur on a phased-in basis based on the type of market participant and CFTC approval of contracts for central clearing. The investment adviser will continue to monitor these developments, particularly to the extent regulatory changes affect a Fund's ability to enter into swap agreements.

As described below under "Characteristics and Risks of Securities and Investment Techniques—Investments in Wholly-Owned Subsidiary," the Fund may gain exposure to commodity markets by investing in its Subsidiary. It is expected that the Subsidiary will invest primarily in commodity-linked derivative instruments, including swap agreements, commodity options, futures and options on futures. The IRS issued a revenue ruling that limits the extent to which the Fund may invest directly in commodity linked swaps or certain other commodity-linked derivatives. The Subsidiary, on the other hand, may invest in these commodity-linked derivatives generally without limitation. See "Tax Consequences—A Note on the PIMCO Global Multi-Asset Fund" above for further information.

Investments in a Wholly Owned Subsidiary

Investments in its Subsidiary are expected to provide the PIMCO Global Multi-Asset Fund with exposure to the commodity markets within the limitations of the Subchapter M of the Code and recent IRS revenue rulings, as discussed above under "Tax Consequences—A Note on the PIMCO Global Multi-Asset Fund."

It is expected that the Subsidiary will invest primarily in investment vehicles that invest in physical commodities, commodity-linked derivative instruments, including swap agreements, commodity options, futures and options on futures, backed by a fund of Fixed Income Instruments. The Fund will likely gain exposure to these derivative instruments indirectly by investing in the Subsidiary. To the extent that PIMCO believes that these commodity-linked derivative instruments are better suited to provide exposure to the commodities market than commodity index-linked notes, the Fund's investment in the Subsidiary will likely increase. The Subsidiary will also invest in Fixed Income Instruments, which are intended to serve as margin or collateral for the Subsidiary's derivatives position, common and preferred stocks as well as convertible securities of issuers in commodity-related industries, collateralized debt obligations, event-linked bonds and event-linked swaps. To the extent that the Fund invests in the Subsidiary, it may be subject to the risks associated with those derivative instruments and other securities, which are discussed elsewhere in this prospectus.

While the Subsidiary may be considered similar to an investment company, it is not registered under the 1940 Act and, unless otherwise noted in the prospectus, is not subject to all the investor protections of the 1940 Act. In addition, changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and the Statement of Additional Information and could adversely affect the Fund. Changes in the laws of the United States and/or the Cayman Islands could adversely affect the performance of the Fund and/or the Subsidiary and result in the Fund underperforming its benchmark index.

Exchange-Traded Notes (ETNs)

ETNs are senior, unsecured, unsubordinated debt securities whose returns are linked to the performance of a particular market benchmark or strategy minus applicable fees. ETNs are traded on an exchange (e.g., the NYSE) during normal trading hours. However, investors can also hold the ETN until maturity. At maturity, the issuer pays to the investor a cash amount equal to the principal amount, subject to the day's market benchmark or strategy factor.

ETNs do not make periodic coupon payments or provide principal protection. ETNs are subject to credit risk and the value of the ETN may drop due to a downgrade in the issuer's credit rating, despite the underlying market benchmark or strategy remaining unchanged. The value of an ETN may also be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying assets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political, or geographic events that affect the referenced underlying asset. When a Fund invests in ETNs, it will bear its proportionate share of any fees and expenses borne by the ETN. A Fund's decision to sell its ETN holdings may be limited by the availability of a secondary market. ETNs are also subject to tax risk. The IRS and Congress are considering proposals that would change the timing and character of income and gains from ETNs. There may be times when an ETN share trades at a premium or discount to its market benchmark or strategy.

Real Estate Investment Trusts (REITs)

REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. Some REITs also finance real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. Therefore, REITs tend to pay higher dividends than other issuers.

REITs can be divided into three basic types: Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest the majority of their assets directly in real property. They derive their income primarily from rents received and any profits on the sale of their properties. Mortgage REITs invest the majority of their assets in real estate mortgages and derive most of their income from mortgage interest payments. As its name suggests, Hybrid REITs combine characteristics of both Equity REITs and Mortgage REITs.

An investment in a REIT, or in a real estate linked derivative instrument linked to the value of a REIT, is subject to the risks that impact the value of the underlying properties of the REIT. These risks include loss to casualty or condemnation, and changes in supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. Other factors that may adversely affect REITs include poor performance by management of the REIT, changes to the tax laws, or failure by the REIT to qualify for tax-free distribution of income. REITs are also subject to default by borrowers and self-liquidation, and are heavily dependent on cash flow. Some REITs lack diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Mortgage REITs may be impacted by the quality of the credit extended.

Delayed Funding Loans and Revolving Credit Facilities

Each Fund may also enter into, or acquire participations in, delayed funding loans and revolving credit facilities, in which a lender agrees to make loans up to a maximum amount upon demand by the borrower during a specified term. These commitments may have the effect of requiring a Fund to increase its investment in a company at a time when it might not otherwise decide to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid). To the extent that a Fund is committed to advance additional funds, it will segregate or "earmark" assets determined to be liquid by PIMCO in accordance with procedures established by the Board of Trustees in an amount sufficient to meet such commitments. Delayed funding loans and revolving credit facilities are subject to credit, interest rate and liquidity risk and the risks of being a lender.

When-Issued, Delayed Delivery and Forward Commitment Transactions

Each Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve a risk of loss if the value of the securities declines prior to the settlement date. This risk is in addition to a risk that a Fund's other assets will decline in value. Therefore, these transactions may result in a form of leverage and increase a Fund's overall investment exposure. Typically, no income accrues on securities a Fund has committed to purchase prior to the time delivery of the securities is made, although a Fund may earn income on securities it has segregated or "earmarked" to cover these positions. When a Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay for the securities, a Fund could realize a loss. Additionally, when selling a security on a when-issued, delayed delivery or forward commitment basis without owning the security, a Fund will incur a loss if the security's price appreciates in value such that the security's price is above the agreed-upon price on the settlement date.

Investment in Other Investment Companies

The PIMCO All Asset and PIMCO All Asset All Authority Funds invest substantially all of their assets in other investment companies. Each of the PIMCO All Asset and PIMCO All Asset All Authority Fund's investments in a particular Underlying PIMCO Fund normally will not exceed 50% of its total assets. The PIMCO Global Multi-Asset Fund and the PIMCO RealRetirement® Funds may invest in Underlying PIMCO Funds, and to the extent permitted by the 1940 Act or exemptive relief therefrom, other affiliated and unaffiliated funds, which may or may not be registered under the 1940 Act, such as open-end or closed-end management investment companies, exchange-traded funds and exchange traded vehicles.

Each Fund may invest in securities of other investment companies, such as open-end or closed-end management investment companies, including exchange-traded funds, or in pooled accounts, or other unregistered accounts or investment vehicles to the extent permitted by the 1940 Act and the rules and regulations thereunder and any exemptive relief therefrom. A Fund may invest in other investment companies to gain broad market or sector exposure, including during periods when it has large amounts of uninvested cash or when PIMCO believes share prices of other investment companies offer attractive values. The limitation described in the foregoing sentence shall not apply to the PIMCO Global Multi-Asset Fund's investment in its Subsidiary. As a shareholder of an investment company or other pooled vehicle, a Fund may indirectly bear investment advisory fees, supervisory and administrative fees, service fees and other fees which are in addition to the fees the Fund pays its service providers.

Each Fund may invest in certain money market funds and/or short-term bond funds ("Central Funds"), to the extent permitted by the 1940 Act, the rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT, other series of registered investment companies advised by PIMCO, in connection with their cash management activities. The main investments of the Central Funds are money market instruments and short maturity Fixed Income Instruments. The Central Funds may incur expenses related to their investment activities, but do not pay investment advisory or supervisory and administrative fees to PIMCO.

Subject to the restrictions and limitations of the 1940 Act, each Fund may, in the future, elect to pursue its investment objective either by investing directly in securities, or by investing in one or more underlying investment vehicles or companies that have substantially similar investment objectives and policies as the Fund.

Small-Cap and Mid-Cap Companies

Certain Funds may invest in equity securities of small-capitalization and mid-capitalization companies. The Funds consider a small-cap company to be a company with a market capitalization of up to $1.5 billion and a mid-cap company to be a company with a market capitalization of between $1.5 billion and $10 billion. Investments in small-cap and mid-cap companies involve greater risk than investments in large-capitalization companies. Small- and mid-cap companies may not have an established financial history, which can present valuation challenges. The equity securities of small- and mid-cap companies may be subject to increased market fluctuations, due to less liquid markets and more limited managerial and financial resources. A Fund's investment in small- and mid-cap companies may increase the volatility of the Fund's portfolio.

Short Sales

A Fund may make short sales as part of its overall portfolio management strategies or to offset a potential decline in value of a security. A short sale involves the sale of a security that is borrowed from a broker or other institution to complete the sale. Short sales expose a Fund to the risk that it will be required to acquire, convert or exchange securities to replace the borrowed securities (also known as "covering" the short position) at a time when the securities sold short have appreciated in value, thus resulting in a loss to the Fund. A Fund making a short sale (other than a "short sale against the box") must segregate or "earmark" assets determined to be liquid by PIMCO in accordance with procedures established by the Board of Trustees or otherwise cover its position in a permissible manner. A Fund may engage in short selling to the extent permitted by the 1940 Act and rules and interpretations thereunder and other federal securities laws. To the extent a Fund engages in short selling in foreign (non-U.S.) jurisdictions, the Fund will do so to the extent permitted by the laws and regulations of such jurisdiction.

Illiquid Securities

Each Fund may invest up to 15% of its net assets (taken at the time of investment) in illiquid securities. Certain illiquid securities may require pricing at fair value as determined in good faith under the supervision of the Board of Trustees. A portfolio manager may be subject to significant delays in disposing of illiquid securities, and transactions in illiquid securities may entail registration expenses and other transaction costs that are higher than those for transactions in liquid securities. The term "illiquid securities" for this purpose means securities that cannot be disposed of within seven days in the ordinary course of business at approximately the amount at which a Fund has valued the securities. Restricted securities, i.e., securities subject to legal or contractual restrictions on resale, may be illiquid. However, some restricted securities (such as securities issued pursuant to Rule 144A under the Securities Act of 1933, as amended, and certain commercial paper) may be treated as liquid, although they may be less liquid than registered securities traded on established secondary markets.

Loans of Portfolio Securities

For the purpose of achieving income, each Fund may lend its portfolio securities to brokers, dealers, and other financial institutions provided a number of conditions are satisfied, including that the loan is fully collateralized. Please see "Investment Objectives and Policies" in the Statement of Additional Information for details. When a Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned, and the Fund will also receive a fee or interest on the collateral. Securities lending involves the risk of loss of rights in the collateral or delay in recovery of the collateral if the borrower fails to return the security loaned or becomes insolvent. A Fund may pay lending fees to a party arranging the loan. Cash collateral received by a Fund in securities lending transactions may be invested in short-term liquid fixed income instruments or in money market or short-term mutual funds, or similar investment vehicles, including affiliated money market or short-term mutual funds. A Fund bears the risk of such investments.

Portfolio Turnover

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as "portfolio turnover." When the portfolio manager deems it appropriate and particularly during periods of volatile market movements, a Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective. Higher portfolio turnover (e.g., an annual rate greater than 100% of the average value of a Fund's portfolio) involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer markups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect a Fund's performance. In addition to indirectly bearing the expenses associated with portfolio turnover of the Acquired Funds, the PIMCO Global Multi-Asset Fund and PIMCO RealRetirement® Funds will directly bear these expenses to the extent that they invest in other securities and instruments. Please see a Fund's "Fund Summary—Portfolio Turnover" or the "Financial Highlights" in this prospectus for the portfolio turnover rates of the Funds that were operational during the last fiscal year.

Temporary Defensive Positions

For temporary or defensive purposes, each Fund may invest without limit in U.S. debt securities, including taxable securities and short-term money market securities, when PIMCO deems it appropriate to do so. When a Fund engages in such strategies, it may not achieve its investment objective.

Changes in Investment Objectives and Policies

The investment objective of each of the PIMCO All Asset All Authority, PIMCO Global Multi-Asset and PIMCO RealRetirement® Funds is non-fundamental and may be changed by the Board of Trustees without shareholder approval. The investment objective of each other Fund is fundamental and may not be changed without shareholder approval. Unless otherwise stated, all investment policies of the Funds may be changed by the Board of Trustees without shareholder approval.

Percentage Investment Limitations

Credit Ratings and Unrated Securities

Rating agencies are private services that provide ratings of the credit quality of fixed income securities, including convertible securities. Appendix A to this prospectus describes the various ratings assigned to fixed income securities by Moody's, S&P and Fitch. Ratings assigned by a rating agency are not absolute standards of credit quality and do not evaluate market risks. Rating agencies may fail to make timely changes in credit ratings and an issuer's current financial condition may be better or worse than a rating indicates. PIMCO does not rely solely on credit ratings, and develops its own analysis of issuer credit quality.

A Fund may purchase unrated securities (which are not rated by a rating agency) if PIMCO determines that the security is of comparable quality to a rated security that the Fund may purchase. Unrated securities may be less liquid than comparable rated securities and involve the risk that the portfolio manager may not accurately evaluate the security's comparative credit rating. Analysis of the creditworthiness of issuers of high yield securities may be more complex than for issuers of higher-quality fixed income securities. To the extent that a Fund invests in high yield and/or unrated securities, the Fund's success in achieving its investment objective may depend more heavily on the portfolio manager's creditworthiness analysis than if the Fund invested exclusively in higher-quality and rated securities.

Other Investments and Techniques

The Funds may invest in other types of securities and use a variety of investment techniques and strategies which are not described in this prospectus. These securities and techniques may subject the Funds to additional risks. Please see the Statement of Additional Information for additional information about the securities and investment techniques described in this prospectus and about additional securities and techniques that may be used by the Funds.

Descriptions of the Underlying PIMCO Funds

The PIMCO All Asset and PIMCO All Asset All Authority Funds invest substantially all of their assets in some or all of the Underlying PIMCO Funds, which, for these two Funds, is defined to include Institutional Class or Class M shares of any funds of the Trust or PIMCO Equity Series, an affiliated open-end investment company, except other funds of funds, or shares of any actively-managed funds of the PIMCO ETF Trust, an affiliated investment company. The PIMCO Global Multi-Asset Fund may invest its assets in some or all of the Underlying PIMCO Funds, which, for this Fund, is defined to include Institutional Class or Class M shares of any funds of the Trust and PIMCO Equity Series, an affiliated open-end investment company, except funds of funds. Each of the PIMCO Global Multi-Asset and PIMCO RealRetirement® Funds is further permitted to invest in Acquired Funds, which, for these Funds, is defined to include the Underlying PIMCO Funds and other affiliated funds, including funds of the PIMCO ETF Trust, and unaffiliated funds. Because the Underlying PIMCO Funds are not offered in this prospectus, the following provides a general description of the main investments and other information about the Underlying PIMCO Funds. At the discretion of PIMCO and without shareholder approval, the PIMCO All Asset, PIMCO All Asset All Authority, PIMCO Global Multi-Asset, and PIMCO RealRetirement® Funds may invest in additional Underlying PIMCO Funds created in the future. For a complete description of an Underlying PIMCO Fund, please see that Fund's prospectus (or Fund prospectus in the case of an actively-managed fund of the PIMCO ETF Trust, which is incorporated herein by reference and is available free of charge by telephoning the Trust at 888.87.PIMCO.Trust).

Category	Underlying PIMCO Fund	Main Investments	Duration	Credit Quality¹	Non-U.S. Dollar Denominated Instruments²
Short Duration	PIMCO Money Market	Money market instruments	≤ 60 days dollar-weighted average maturity	Min 97% of total assets Prime 1; ≤ 3% of total assets Prime 2	0%
	PIMCO Floating Income	Variable and floating-rate fixed income instruments and their economic equivalents	≤ 1 year	Caa to Aaa; max 10% of total assets below B	No Limitation
	PIMCO Short Asset Investment	Short maturity fixed income instruments	≤ 1.5 years	Baa to Aaa	0%
	PIMCO Short-Term	Money market instruments and short maturity fixed income instruments	≤ 1 year	B to Aaa; max 10% of total assets below Baa	0-10% of total assets³
	PIMCO Low Duration	Short maturity fixed income instruments	1-3 years	B to Aaa; max 10% of total assets below Baa	0-30% of total assets³
	PIMCO Low Duration II	Short maturity fixed income instruments with quality and non-U.S. issuer restrictions	1-3 years	A to Aaa	0%
	PIMCO Low Duration III	Short maturity fixed income instruments with prohibitions on firms engaged in socially sensitive practices	1-3 years	B to Aaa; max 10% of total assets below Baa	0-30% of total assets³
Intermediate Duration	PIMCO Moderate Duration	Short and intermediate maturity fixed income securities	+/-2 years of its benchmark	B to Aaa; max 10% of total assets below Baa	0-30% of total assets³
	PIMCO GNMA	Short and intermediate maturity mortgage-related fixed income securities issued by the Government National Mortgage Association	1-7 years	Baa to Aaa; max 10% of total assets below Aaa	0%
	PIMCO High Yield	Higher yielding fixed income securities	+/-1 year of its benchmark	Min 80% of assets below Baa; max 20% of total assets Caa or below	0-20% of total assets³
	PIMCO High Yield Spectrum	High yielding fixed income securities	+/-1 year of its benchmark	Min 80% of assets below Baa	No Limitation⁴
	PIMCO Mortgage-Backed Securities	Short and intermediate maturity mortgage-related fixed income instruments	1-7 years	Baa to Aaa; max 10% of total assets below Aaa	0%
	PIMCO Senior Floating Rate	Portfolio of senior secured loans, senior corporate debt and other senior fixed income instruments	+/-1 year of its benchmark	Max 5% of total assets below Caa	0-20% of total assets⁵
	PIMCO Total Return	Intermediate maturity fixed income instruments	+/-2 years of its benchmark	B to Aaa; max 10% of total assets below Baa	0-30% of total assets³
	PIMCO Total Return II	Intermediate maturity fixed income instruments with quality and non-U.S. issuer restrictions	+/-2 years of its benchmark	Baa to Aaa	0%
	PIMCO Total Return III	Intermediate maturity fixed income instruments with prohibitions on firms engaged in socially sensitive practices	+/-2 years of its benchmark	B to Aaa; max 10% of total assets below Baa⁶	0-30% of total assets³
	PIMCO Total Return IV	Diversified portfolio of fixed income instruments of varying maturities	+/-1.5 years of its benchmark	Baa to Aaa	0-15% of total assets⁵
	PIMCO Investment Grade Corporate Bond	Corporate fixed income securities	+/-2 years of its benchmark	B to Aaa; max 15% of total assets below Baa	0-30% of total assets³
Long Duration	PIMCO Long Duration Total Return	Long-term maturity fixed income instruments	+/-2 years of its benchmark	B to Aaa; max 10% of total assets below Baa	0-30% of total assets³
	PIMCO Extended Duration	Long-term maturity fixed income instruments	+/-3 years of its benchmark	B to Aaa; max 10% of total assets below Baa	0-30% of total assets³
	PIMCO Long-Term U.S. Government	Long-term maturity fixed income securities	≥ 8 years	A to Aaa; max 25% Aa; max 10% A	0%
	PIMCO Mortgage Opportunities	Mortgage-related assets	(-1) - 8 years	Max 50% of total assets Caa or higher⁷	0%
	PIMCO Long-Term Credit	Long-term maturity fixed income instruments	+/-2 years of its benchmark	B to Aaa; max 20% of total assets below Baa	0-30% of total assets³
Income	PIMCO Income	Broad range of fixed income instruments	0-8 years	Caa to Aaa; max 50% of total assets below Baa⁸	No Limitation⁹
Inflation-Related	PIMCO Real Return	Inflation-indexed fixed income instruments	+/-3 years of its benchmark	B to Aaa; max 10% of total assets below Baa	0-30% of total assets³
	PIMCO Real Return Asset	Inflation-indexed fixed income securities	+/-4 years of its benchmark	B to Aaa; max 20% of total assets below Baa	0-30% of total assets³
	PIMCO CommoditiesPLUS® Strategy	Commodity-linked derivative instruments backed by an actively managed low volatility bond portfolio	≤ 1 year	Baa to Aaa; max 10% of total assets below A	0-10%¹⁰
	PIMCO CommodityRealReturn Strategy®	Commodity-linked derivative instruments backed by a portfolio of inflation-indexed and other fixed income instruments	≤ 10 years	B to Aaa; max 10% of total assets below Baa	0-30% of total assets³
	PIMCO RealEstateRealReturn Strategy	Real estate-linked derivative instruments backed by a portfolio of inflation-indexed and other fixed income instruments	≤ 10 years	B to Aaa; max 10% of total assets below Baa	0-30% of total assets³
	PIMCO Tax Managed Real Return	Investment grade municipal bonds (including pre-refunded municipal bonds) and inflation-indexed securities	≤ 8 years for the fixed income portion of the Fund	Baa to Aaa	No Limitation¹⁰
Tax Exempt	PIMCO California Short Duration Municipal Income	Short to intermediate maturity municipal securities (exempt from federal and California income tax)	≤ 3 years	Caa to Aaa; max 10% of total assets below Baa	0%
	PIMCO California Municipal Bond	Municipal securities (exempt from federal and California income tax)	7-12 years	B to Aaa; max 10% of total assets below Baa	0%
	PIMCO Short Duration Municipal Income	Short to intermediate maturity municipal securities (exempt from federal income tax)	≤ 3 years	Baa to Aaa	0%
	PIMCO California Intermediate Municipal Bond	Intermediate maturity municipal securities (exempt from federal and California income tax)	3-7 years	B to Aaa; max 10% of total assets below Baa	0%
	PIMCO Municipal Bond	Intermediate to long-term maturity municipal securities (exempt from federal income tax)	3-12 years	Ba to Aaa; max 10% of total assets below Baa	0%
	PIMCO National Intermediate Municipal Bond	Municipal securities (exempt from federal income tax)	3-9 years	Ba to Aaa; max 10% of total assets below Baa	0%
	PIMCO New York Municipal Bond	Intermediate to long-term maturity municipal securities (exempt from federal and New York income tax)	3-12 years	B to Aaa; max 10% of total assets below Baa	0%
	PIMCO High Yield Municipal Bond	Intermediate to long-term maturity high yield municipal securities (exempt from federal income tax)	4-11 years	No Limitation	0%
International	PIMCO Emerging Markets Bond	Emerging market fixed income instruments	≤ 8 years	Max 15% of total assets below B	≥ 80% of assets¹¹
	PIMCO Emerging Markets Currency	Currencies or fixed income instruments denominated in currencies of non-U.S. countries	≤ 2 years	Max 15% of total assets below B	≥ 80% of assets
	PIMCO Foreign Bond (U.S. Dollar-Hedged)	Intermediate maturity hedged non-U.S. fixed income instruments	+/-3 years of its benchmark	B to Aaa; max 10% of total assets below Baa¹²	No Limitation³
	PIMCO Foreign Bond (Unhedged)	Intermediate maturity non-U.S. fixed income instruments	+/-3 years of its benchmark	B to Aaa; max 10% of total assets below Baa¹²	No Limitation
	PIMCO Global Advantage® Strategy Bond	U.S. and non-U.S. fixed income instruments	≤ 8 years	Max 15% of total assets below B	No Limitation
	PIMCO Global Bond (U.S. Dollar-Hedged)	U.S. and hedged non-U.S. intermediate maturity fixed income instruments	+/-3 years of its benchmark	B to Aaa; max 10% of total assets below Baa¹²	No Limitation³
	PIMCO Global Bond (Unhedged)	U.S. and non-U.S. intermediate maturity fixed income instruments	+/-3 years of its benchmark	B to Aaa; max 10% of total assets below Baa¹²	No Limitation
	PIMCO Diversified Income	Investment grade corporate, high yield and emerging market fixed income instruments	3-8 years	Max 10% below B	No Limitation
	PIMCO Emerging Local Bond	Fixed income instruments denominated in currencies of non-U.S. countries	+/-2 years of its benchmark	Max 15% of total assets below B	≥ 80% of assets
	PIMCO Emerging Markets Corporate Bond	Diversified portfolio of fixed income instruments economically tied to emerging market countries	≤ 10 years	Max 20% of total assets below Ba	No Limitation
Convertible	PIMCO Convertible	Convertible securities	N/A	Max 20% of total assets below B	0-30% of total assets
Absolute Return	PIMCO Unconstrained Bond	Broad range of fixed income instruments	(-3) to 8 years	Max 40% of total assets below Baa	No Limitation¹³
	PIMCO Unconstrained Tax Managed Bond	Broad range of fixed income instruments	(-3) to 10 years	Max 40% of total assets below Baa	0-50% of total assets¹³
	PIMCO Credit Absolute Return	Broad range of fixed income instruments	0 to 6 years	Max 50% of total assets below B-	No Limitation³
Domestic Equity-Related	PIMCO Fundamental Advantage Absolute Return Strategy	Long exposure to Enhanced RAFI® 1000 Index hedged by short exposure to the S&P 500 Index, backed by a portfolio of fixed income instruments	(-3) to 8 years	B to Aaa; max 20% of total assets below Baa¹²	No Limitation³
	PIMCO Fundamental IndexPLUS® AR	Enhanced RAFI® 1000 Index derivatives backed by a portfolio of fixed income instruments	(-3) to 8 years	B to Aaa; max 20% of total assets below Baa¹²	No Limitation³
	PIMCO Small Cap StocksPLUS® AR Strategy	Russell 2000® Index derivatives backed by a diversified portfolio of fixed income instruments	(-3) to 8 years	B to Aaa; max 20% of total assets below Baa¹²	No Limitation³
	PIMCO StocksPLUS® Long Duration	S&P 500 Index derivatives backed by a portfolio of actively managed long-term fixed income instruments	+/-2 years of Barclays Long-Term Government/Credit Index¹⁴	B to Aaa; max 10% of total assets below Baa	0-30% of total assets³
	PIMCO StocksPLUS® Absolute Return	S&P 500 Index derivatives backed by a portfolio of fixed income instruments	(-3) to 8 years	B to Aaa; max 20% of total assets below Baa¹²	No Limitation³
	PIMCO StocksPLUS®	S&P 500 Index derivatives backed by a portfolio of short-term fixed income instruments	≤ 1 year	B to Aaa; max 10% of total assets below Baa¹²	0-30% of total assets³
	PIMCO Small Company Fundamental IndexPLUS® AR Strategy	Enhanced RAFI® Small Company Fundamental Index derivatives backed by a portfolio of fixed income instruments	(-3) to 8 years	B to Aaa; max 20% of total assets below Baa¹²	No Limitation³
	PIMCO Dividend and Income Builder	Diversified portfolio of income producing assets	N/A	N/A	No Limitation
	PIMCO EqS® Dividend	Equity securities of attractively valued issuers that currently pay dividends	N/A	N/A	No Limitation
	PIMCO EqS® Long/Short	Long and short exposure to equity securities	N/A	N/A	No Limitation
International Equity-Related	PIMCO EM Fundamental IndexPLUS® AR Strategy	Enhanced RAFI® Emerging Markets Strategy Index® derivatives backed by a portfolio of fixed income instruments	(-3) to 8 years	B to Aaa; max 20% of total assets below Baa¹²	No Limitation¹⁵
	PIMCO International StocksPLUS® AR Strategy (Unhedged)	Non-U.S. equity derivatives backed by a portfolio of fixed income instruments	(-3) to 8 years	B to Aaa; max 20% of total assets below Baa¹²	No Limitation¹⁵
	PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)	Non-U.S. equity derivatives (hedged to U.S. dollars) backed by a portfolio of fixed income instruments.	(-3) to 8 years	B to Aaa; max 20% of total assets below Baa¹²	No Limitation³^,15
	PIMCO International Fundamental IndexPLUS® AR Strategy	Enhanced RAFI® Developed ex-U.S. Fundamental Index derivatives backed by a portfolio of fixed income instruments	(-3) to 8 years	Max 20% of total assets below Baa¹²	No Limitation¹⁵
	PIMCO EqS® Emerging Markets	Diversified portfolio of investments economically tied to emerging market countries	N/A	N/A	No Limitation
	PIMCO EqS Pathfinder®	Equity securities of issuers that PIMCO believes are undervalued	N/A	N/A	No Limitation
	PIMCO Worldwide Fundamental Advantage AR Strategy	RAFI® Country Neutral U.S. Global Index derivatives backed by a portfolio of fixed income instruments	(-3) to 8 years	B to Aaa; max 20% of total assets below Baa¹²	No Limitation¹⁶
U.S. Government Securities	PIMCO Government Money Market	U.S. government securities	≤ 60 days dollar-weighted average maturity	Min 97% of total assets Prime 1; ≤ 3% of total assets Prime 2	0%
Treasury	PIMCO Treasury Money Market	U.S. Treasury securities	≤ 60 days dollar-weighted average maturity	Min 97% of total assets Prime 1; ≤ 3% of total assets Prime 2	0%
Short Strategy	PIMCO CommoditiesPLUS® Short Strategy	Commodity-linked derivative instruments backed by an actively managed low volatility bond portfolio	≤1 year	Baa to Aaa; max 10% of total assets below A	0-10%¹⁷
	PIMCO StocksPLUS® AR Short Strategy	Short S&P 500 Index derivatives backed by a portfolio of fixed income instruments	(-3) to 8 years	B to Aaa; max 20% of total assets below Baa¹²	No Limitation³
Actively-Managed Exchange-Traded Funds	PIMCO Build America Bond Exchange-Traded Fund	Taxable municipal securities issued under the Build America Bond program	+/- 2 years of its benchmark	B to Aaa; max 20% of total assets below Baa	0%
	PIMCO Enhanced Short Maturity Exchange-Traded Fund	Short to intermediate maturity fixed income instruments	≤1 year	Baa to Aaa	0%
	PIMCO Foreign Currency Strategy Exchange-Traded Fund	Currencies or fixed income instruments denominated in currencies of non-U.S. countries	0-3 years	Ba to Aaa	No Limitation¹⁸
	PIMCO Global Advantage® Inflation-Linked Bond Exchange-Traded Fund	U.S. and non-U.S. inflation-linked fixed income instruments	+/- 2 years of its secondary benchmark	Baa to Aaa	No Limitation
	PIMCO Goverment Limited Maturity Exchange-Traded Fund	U.S. government securities	≤1 year	Aa to Aaa	0%
	PIMCO Intermediate Municipal Bond Exchange-Traded Fund	Intermediate maturity municipal securities (exempt from federal income tax)	3-8 years	Baa to Aaa	0%
	PIMCO Prime Limited Maturity Exchange-Traded Fund	Corporate and floating rate U.S. government agency fixed income instruments	≤ 90 days	A to Aaa	0%
	PIMCO Short Term Municipal Bond Exchange-Traded Fund	Short maturity municipal securities (exempt from federal income tax)	≤ 3 years	Baa to Aaa	0%
	PIMCO Total Return Exchange-Traded Fund	Intermediate maturity fixed income instruments	+/- 2 years of its benchmark	B to Aaa; max 10% of total assets below Baa	0-30% of total assets³

¹	As rated by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality.

²	Certain Underlying PIMCO Funds may invest beyond these limits in U.S. dollar-denominated instruments of non-U.S. issuers.

³	The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets.

⁴	The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to within 10% (plus or minus) of the Fund's benchmark's foreign currency exposure.

⁵	The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 5% of its total assets.

⁶	Within such limitation, the Fund may invest in mortgage-backed securities rated below B.

⁷	Such limitation shall not apply to the Fund's investments in mortgage-related securities.

⁸	Such limitation shall not apply to the Fund's investments in mortgage- and asset-backed securities.

⁹	The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 10% of its total assets.

¹⁰	The Fund will normally limit its non-U.S. dollar-denominated securities exposure to 5% of its total assets.

¹¹	The percentage limitation relates to Fixed Income Instruments of non-U.S. issuers denominated in any currency.

¹²	Within such limitation, the Fund may invest in mortgage-related securities rated below B.

¹³	The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 35% of its total assets.

¹⁴	The 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.

¹⁵	With respect to the Fund's fixed income investments, the Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets.

¹⁶	The Fund will normally limit its foreign currency exposure from non U.S. dollar-denominated Fixed Income Instruments to 20% of its total assets, but may gain foreign currency exposure beyond this limit through other securities and instruments.

¹⁷	The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to within 1% (plus or minus) of the foreign currency exposure of the Fund's benchmark.

¹⁸	The Fund will normally limit its exposure to a single non-U.S. currency (from currency holdings or investments in securities denominated in that currency) to 20% of its total assets.

Financial Highlights

The financial highlights table is intended to help a shareholder understand the financial performance of Institutional Class, Class P, Administrative Class, Class D, Class A, Class B, Class C and Class R shares of each Fund for the last five fiscal years or, if shorter, the period since a Fund or a class commenced operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in a particular class of shares of a Fund (assuming reinvestment of all dividends and distributions). This information has been audited by PricewaterhouseCoopers LLP, whose report, along with each Fund's financial statements, are included in the Trust's annual report to shareholders. The annual report is available free of charge by calling the Trust at the phone number on the back of this prospectus. The annual report is also available for download free of charge on the Trust's Web site at pimco.com/investments. Note: All footnotes to the financial highlights table appear at the end of the tables.

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income ^(a)		Net Realized/ Unrealized Gain (Loss)			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Basis Return of Capital		Total Distributions			Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets Excluding Waivers			Ratio of Expenses to Average Net Assets Excluding Interest Expense			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Waivers			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate**
PIMCO All Asset All Authority Fund
Institutional Class
03/31/2013	$	10.63	$	0.72	$	0.27		$	0.99		$	(0.69	)	$	0.00		$	0.00	$	(0.69	)	$	10.93		9.40	%	$	15,915,147		0.83	%^(b)		0.87	%^(b)		0.21	%		0.25	%		6.56	%		18	%
03/31/2012		10.80		0.91		(0.20	)		0.71			(0.88	)		0.00			0.00		(0.88	)		10.63		7.11			7,813,207		0.69	^(b)		0.72	^(b)		0.22			0.25			8.51			55
03/31/2011		10.37		0.87		0.31			1.18			(0.72	)		(0.03	)		0.00		(0.75	)		10.80		11.65			4,370,025		0.56	^(b)		0.56	^(b)		0.25			0.25			8.01			68
03/31/2010		9.06		0.97		1.17			2.14			(0.83	)		0.00			0.00		(0.83	)		10.37		23.98			1,742,748		0.44	^(b)		0.44	^(b)		0.25			0.25			9.34			45
03/31/2009		10.99		0.58		(1.86	)		(1.28	)		(0.53	)		(0.12	)		0.00		(0.65	)		9.06		(11.73	)		635,426		0.55	^(b)		0.55	^(b)		0.25			0.25			5.96			117
Class P
03/31/2013		10.62		0.70		0.29			0.99			(0.67	)		0.00			0.00		(0.67	)		10.94		9.35			6,376,178		0.93	^(b)		0.97	^(b)		0.31			0.35			6.41			18
03/31/2012		10.79		0.92		(0.22	)		0.70			(0.87	)		0.00			0.00		(0.87	)		10.62		7.02			2,999,496		0.79	^(b)		0.82	^(b)		0.32			0.35			8.59			55
03/31/2011		10.37		0.85		0.31			1.16			(0.71	)		(0.03	)		0.00		(0.74	)		10.79		11.46			1,651,590		0.66	^(b)		0.66	^(b)		0.35			0.35			7.82			68
03/31/2010		9.06		1.09		1.05			2.14			(0.83	)		0.00			0.00		(0.83	)		10.37		23.91			530,846		0.54	^(b)		0.54	^(b)		0.35			0.35			10.42			45
07/10/2008 - 03/31/2009		11.01		0.98		(2.36	)		(1.38	)		(0.45	)		(0.12	)		0.00		(0.57	)		9.06		(12.59	)		250		0.58	*^(b)		0.58	*^(b)		0.35	*		0.35	*		14.98	*		117
Class D
03/31/2013		10.54		0.66		0.28			0.94			(0.58	)		0.00			0.00		(0.58	)		10.90		8.98			1,994,391		1.23	^(b)		1.27	^(b)		0.61			0.65			6.04			18
03/31/2012		10.71		0.86		(0.19	)		0.67			(0.84	)		0.00			0.00		(0.84	)		10.54		6.79			1,146,466		1.09	^(b)		1.12	^(b)		0.62			0.65			8.17			55
03/31/2011		10.30		0.79		0.33			1.12			(0.68	)		(0.03	)		0.00		(0.71	)		10.71		11.13			646,732		0.96	^(b)		0.96	^(b)		0.65			0.65			7.34			68
03/31/2010		9.02		1.00		1.08			2.08			(0.80	)		0.00			0.00		(0.80	)		10.30		23.38			292,246		0.84	^(b)		0.84	^(b)		0.65			0.65			9.63			45
03/31/2009		10.94		0.38		(1.69	)		(1.31	)		(0.49	)		(0.12	)		0.00		(0.61	)		9.02		(12.07	)		57,816		1.05	^(c)^(b)		1.05	^(c)^(b)		0.75	^(c)		0.75	^(c)		3.87			117
Class A
03/31/2013		10.56		0.65		0.30			0.95			(0.57	)		0.00			0.00		(0.57	)		10.94		9.01			5,312,366		1.28	^(b)		1.32	^(b)		0.66			0.70			5.98			18
03/31/2012		10.74		0.84		(0.18	)		0.66			(0.84	)		0.00			0.00		(0.84	)		10.56		6.60			3,163,944		1.15	^(b)^(d)		1.18	^(b)^(d)		0.68	^(d)		0.71	^(d)		7.87			55
03/31/2011		10.33		0.78		0.33			1.11			(0.67	)		(0.03	)		0.00		(0.70	)		10.74		10.92			2,181,350		1.16	^(b)		1.16	^(b)		0.85			0.85			7.27			68
03/31/2010		9.03		0.85		1.23			2.08			(0.78	)		0.00			0.00		(0.78	)		10.33		23.29			899,594		1.04	^(b)		1.04	^(b)		0.85			0.85			8.28			45
03/31/2009		10.96		0.55		(1.88	)		(1.33	)		(0.48	)		(0.12	)		0.00		(0.60	)		9.03		(12.25	)		544,594		1.16	^(b)		1.16	^(b)		0.85			0.85			5.63			117
Class C
03/31/2013		10.46		0.57		0.28			0.85			(0.37	)		0.00			0.00		(0.37	)		10.94		8.11			4,592,645		2.03	^(b)		2.07	^(b)		1.41			1.45			5.29			18
03/31/2012		10.65		0.77		(0.19	)		0.58			(0.77	)		0.00			0.00		(0.77	)		10.46		5.87			2,540,771		1.90	^(b)^(d)		1.93	^(b)^(d)		1.43	^(d)		1.46	^(d)		7.28			55
03/31/2011		10.26		0.72		0.30			1.02			(0.60	)		(0.03	)		0.00		(0.63	)		10.65		10.11			1,562,700		1.91	^(b)		1.91	^(b)		1.60			1.60			6.70			68
03/31/2010		8.99		0.80		1.18			1.98			(0.71	)		0.00			0.00		(0.71	)		10.26		22.28			582,851		1.79	^(b)		1.79	^(b)		1.60			1.60			7.79			45
03/31/2009		10.92		0.50		(1.90	)		(1.40	)		(0.41	)		(0.12	)		0.00		(0.53	)		8.99		(12.87	)		248,865		1.91	^(b)		1.91	^(b)		1.60			1.60			5.10			117
PIMCO All Asset Fund
Institutional Class
03/31/2013	$	12.14	$	0.71	$	0.45		$	1.16		$	(0.72	)	$	0.00		$	0.00	$	(0.72	)	$	12.58		9.65	%	$	26,626,154		0.125	%		0.225	%		0.125	%		0.225	%		5.69	%		36	%
03/31/2012		12.38		0.82		(0.20	)		0.62			(0.86	)		0.00			0.00		(0.86	)		12.14		5.34			21,691,755		0.155			0.225			0.155			0.225			6.72			56
03/31/2011		11.69		0.99		0.64			1.63			(0.94	)		0.00			0.00		(0.94	)		12.38		14.35			16,140,734		0.165			0.225			0.165			0.225			8.15			77
03/31/2010		9.75		0.94		1.90			2.84			(0.90	)		0.00			0.00		(0.90	)		11.69		29.57			11,900,977		0.245			0.225			0.245			0.225			8.23			78
03/31/2009		12.61		0.64		(2.85	)		(2.21	)		(0.65	)		0.00			0.00		(0.65	)		9.75		(17.90	)		9,006,687		0.205			0.225			0.205			0.225			5.70			89

Please see footnotes on last page of financial highlights.

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income ^(a)		Net Realized/ Unrealized Gain (Loss)			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Basis Return of Capital			Total Distributions			Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets Excluding Waivers			Ratio of Expenses to Average Net Assets Excluding Interest Expense			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Waivers			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate**
Class P
03/31/2013		12.14		0.72		0.42			1.14			(0.68	)		0.00			0.00			(0.68	)		12.60		9.54			1,507,357		0.225			0.325			0.225			0.325			5.73			36
03/31/2012		12.38		0.83		(0.23	)		0.60			(0.84	)		0.00			0.00			(0.84	)		12.14		5.25			971,650		0.255			0.325			0.255			0.325			6.80			56
03/31/2011		11.70		1.05		0.56			1.61			(0.93	)		0.00			0.00			(0.93	)		12.38		14.15			605,583		0.265			0.325			0.265			0.325			8.57			77
03/31/2010		9.76		1.06		1.77			2.83			(0.89	)		0.00			0.00			(0.89	)		11.70		29.45			241,450		0.345			0.325			0.345			0.325			9.17			78
04/30/2008 - 03/31/2009		12.73		0.67		(3.00	)		(2.33	)		(0.64	)		0.00			0.00			(0.64	)		9.76		(18.62	)		7,770		0.305	*		0.325	*		0.305	*		0.325	*		7.64	*		89
Administrative Class
03/31/2013		12.11		0.69		0.43			1.12			(0.63	)		0.00			0.00			(0.63	)		12.60		9.38			487,385		0.375			0.475			0.375			0.475			5.58			36
03/31/2012		12.36		0.79		(0.21	)		0.58			(0.83	)		0.00			0.00			(0.83	)		12.11		5.03			355,331		0.405			0.475			0.405			0.475			6.48			56
03/31/2011		11.68		1.01		0.58			1.59			(0.91	)		0.00			0.00			(0.91	)		12.36		14.02			269,338		0.415			0.475			0.415			0.475			8.29			77
03/31/2010		9.74		0.95		1.87			2.82			(0.88	)		0.00			0.00			(0.88	)		11.68		29.32			163,748		0.495			0.475			0.495			0.475			8.31			78
03/31/2009		12.59		0.58		(2.81	)		(2.23	)		(0.62	)		0.00			0.00			(0.62	)		9.74		(18.07	)		100,063		0.455			0.475			0.455			0.475			5.10			89
Class D
03/31/2013		12.06		0.67		0.43			1.10			(0.58	)		0.00			0.00			(0.58	)		12.58		9.21			1,071,887		0.525			0.625			0.525			0.625			5.40			36
03/31/2012		12.31		0.76		(0.20	)		0.56			(0.81	)		0.00			0.00			(0.81	)		12.06		4.90			809,555		0.555			0.625			0.555			0.625			6.26			56
03/31/2011		11.64		1.01		0.56			1.57			(0.90	)		0.00			0.00			(0.90	)		12.31		13.84			673,857		0.565			0.625			0.565			0.625			8.28			77
03/31/2010		9.71		0.94		1.85			2.79			(0.86	)		0.00			0.00			(0.86	)		11.64		29.13			331,333		0.645			0.625			0.645			0.625			8.25			78
03/31/2009		12.56		0.55		(2.81	)		(2.26	)		(0.59	)		0.00			0.00			(0.59	)		9.71		(18.31	)		191,631		0.705	^(c)		0.725	^(c)		0.705	^(c)		0.725	^(c)		4.92			89
Class A
03/31/2013		12.04		0.64		0.44			1.08			(0.53	)		0.00			0.00			(0.53	)		12.59		9.08			2,230,692		0.625			0.725			0.625			0.725			5.18			36
03/31/2012		12.29		0.74		(0.19	)		0.55			(0.80	)		0.00			0.00			(0.80	)		12.04		4.80			2,015,779		0.665	^(e)		0.735	^(e)		0.665	^(e)		0.735	^(e)		6.12			56
03/31/2011		11.62		0.94		0.60			1.54			(0.87	)		0.00			0.00			(0.87	)		12.29		13.64			1,806,797		0.765			0.825			0.765			0.825			7.72			77
03/31/2010		9.70		0.87		1.89			2.76			(0.84	)		0.00			0.00			(0.84	)		11.62		28.80			1,200,093		0.845			0.825			0.845			0.825			7.68			78
03/31/2009		12.54		0.56		(2.82	)		(2.26	)		(0.58	)		0.00			0.00			(0.58	)		9.70		(18.33	)		990,893		0.805			0.825			0.805			0.825			5.01			89
Class B
03/31/2013		11.97		0.49		0.49			0.98			(0.27	)		0.00			0.00			(0.27	)		12.68		8.21			26,672		1.375			1.475			1.375			1.475			4.00			36
03/31/2012		12.21		0.60		(0.14	)		0.46			(0.70	)		0.00			0.00			(0.70	)		11.97		4.05			46,577		1.415	^(e)		1.485	^(e)		1.415	^(e)		1.485	^(e)		5.00			56
03/31/2011		11.54		0.72		0.72			1.44			(0.77	)		0.00			0.00			(0.77	)		12.21		12.79			85,559		1.515			1.575			1.515			1.575			6.03			77
03/31/2010		9.64		0.75		1.90			2.65			(0.75	)		0.00			0.00			(0.75	)		11.54		27.82			141,265		1.595			1.575			1.595			1.575			6.72			78
03/31/2009		12.47		0.46		(2.79	)		(2.33	)		(0.50	)		0.00			0.00			(0.50	)		9.64		(18.98	)		137,548		1.555			1.575			1.555			1.575			4.12			89
Class C
03/31/2013		11.90		0.55		0.43			0.98			(0.32	)		0.00			0.00			(0.32	)		12.56		8.31			2,141,098		1.375			1.475			1.375			1.475			4.45			36
03/31/2012		12.16		0.65		(0.19	)		0.46			(0.72	)		0.00			0.00			(0.72	)		11.90		4.05			1,807,849		1.415	^(e)		1.485	^(e)		1.415	^(e)		1.485	^(e)		5.43			56
03/31/2011		11.51		0.83		0.61			1.44			(0.79	)		0.00			0.00			(0.79	)		12.16		12.82			1,566,715		1.515			1.575			1.515			1.575			6.95			77
03/31/2010		9.62		0.77		1.88			2.65			(0.76	)		0.00			0.00			(0.76	)		11.51		27.83			1,062,366		1.595			1.575			1.595			1.575			6.92			78
03/31/2009		12.45		0.47		(2.80	)		(2.33	)		(0.50	)		0.00			0.00			(0.50	)		9.62		(18.99	)		836,206		1.555			1.575			1.555			1.575			4.26			89
Class R
03/31/2013		11.98		0.64		0.41			1.05			(0.49	)		0.00			(0.00	)		(0.49	)		12.54		8.81			140,896		0.875			0.975			0.875			0.975			5.17			36
03/31/2012		12.24		0.72		(0.21	)		0.51			(0.77	)		0.00			0.00			(0.77	)		11.98		4.51			78,655		0.965	^(f)		1.035	^(f)		0.965	^(f)		1.035	^(f)		6.03			56
03/31/2011		11.59		0.98		0.53			1.51			(0.86	)		0.00			0.00			(0.86	)		12.24		13.33			46,994		1.065			1.125			1.065			1.125			8.06			77
03/31/2010		9.69		0.98		1.74			2.72			(0.82	)		0.00			0.00			(0.82	)		11.59		28.44			10,365		1.145			1.125			1.145			1.125			8.55			78
03/31/2009		12.55		0.60		(2.90	)		(2.30	)		(0.56	)		0.00			0.00			(0.56	)		9.69		(18.60	)		2,031		1.105			1.125			1.105			1.125			5.70			89
PIMCO Global Multi-Asset Fund
Institutional Class
03/31/2013	$	11.35	$	0.29	$	0.15		$	0.44		$	(0.38	)	$	(0.04	)	$	0.00		$	(0.42	)	$	11.37		3.93	%	$	2,232,436		0.54	%		1.04	%		0.52	%		1.02	%		2.59	%		223	%
03/31/2012		12.04		0.34		(0.31	)		0.03			(0.56	)		(0.16	)		0.00			(0.72	)		11.35		0.54			2,396,376		0.52			0.99			0.52			0.99			2.93			94
03/31/2011		11.20		0.48		1.08			1.56			(0.50	)		(0.22	)		0.00			(0.72	)		12.04		14.34			1,750,218		0.54			0.97			0.54			0.97			4.20			71
03/31/2010		9.31		0.29		2.23			2.52			(0.49	)		(0.14	)		0.00			(0.63	)		11.20		27.20			951,110		0.69			0.95			0.69			0.95			2.60			217
10/29/2008 - 03/31/2009		10.00		0.41		(0.78	)		(0.37	)		(0.32	)		0.00			0.00			(0.32	)		9.31		(3.78	)		191,340		0.52	*		1.10	*		0.52	*		1.10	*		10.40	*		83
Class P
03/31/2013		11.33		0.28		0.15			0.43			(0.35	)		(0.04	)		0.00			(0.39	)		11.37		3.83			789,716		0.64			1.14			0.62			1.12			2.46			223
03/31/2012		12.03		0.35		(0.34	)		0.01			(0.55	)		(0.16	)		0.00			(0.71	)		11.33		0.38			922,381		0.62			1.09			0.62			1.09			3.06			94
03/31/2011		11.19		0.51		1.04			1.55			(0.49	)		(0.22	)		0.00			(0.71	)		12.03		14.26			504,342		0.64			1.07			0.64			1.07			4.39			71
03/31/2010		9.31		0.31		2.20			2.51			(0.49	)		(0.14	)		0.00			(0.63	)		11.19		27.06			164,760		0.78			1.05			0.78			1.05			2.77			217
10/29/2008 - 03/31/2009		10.00		0.46		(0.83	)		(0.37	)		(0.32	)		0.00			0.00			(0.32	)		9.31		(3.80	)		10		0.62	*		1.15	*		0.62	*		1.15	*		11.59	*		83
Administrative Class
03/31/2013		11.33		0.27		0.14			0.41			(0.31	)		(0.04	)		0.00			(0.35	)		11.39		3.72			3,177		0.79			1.29			0.77			1.27			2.38			223
10/14/2011 - 03/31/2012		11.44		0.08		0.37			0.45			(0.40	)		(0.16	)		0.00			(0.56	)		11.33		4.24			2,407		0.77	*		1.24	*		0.77	*		1.24	*		1.55	*		94

Please see footnotes on last page of financial highlights.

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income ^(a)		Net Realized/ Unrealized Gain (Loss)			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Basis Return of Capital			Total Distributions			Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets Excluding Waivers			Ratio of Expenses to Average Net Assets Excluding Interest Expense			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Waivers			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate**
Class D
03/31/2013		11.27		0.21		0.16			0.37			(0.18	)		(0.04	)		0.00			(0.22	)		11.42		3.35			186,755		1.14			1.64			1.12			1.62			1.89			223
03/31/2012		11.98		0.26		(0.30	)		(0.04	)		(0.51	)		(0.16	)		0.00			(0.67	)		11.27		(0.09	)		242,360		1.12			1.59			1.12			1.59			2.24			94
03/31/2011		11.15		0.41		1.08			1.49			(0.44	)		(0.22	)		0.00			(0.66	)		11.98		13.71			222,235		1.14			1.57			1.14			1.57			3.54			71
03/31/2010		9.30		0.22		2.23			2.45			(0.46	)		(0.14	)		0.00			(0.60	)		11.15		26.39			121,844		1.29			1.55			1.29			1.55			2.02			217
10/29/2008 - 03/31/2009		10.00		0.15		(0.53	)		(0.38	)		(0.32	)		0.00			0.00			(0.32	)		9.30		(3.92	)		17,099		1.12	*		1.82	*		1.12	*		1.82	*		3.89	*		83
Class A
03/31/2013		11.27		0.21		0.16			0.37			(0.18	)		(0.04	)		0.00			(0.22	)		11.42		3.35			887,996		1.14			1.64			1.12			1.62			1.89			223
03/31/2012		11.97		0.26		(0.29	)		(0.03	)		(0.51	)		(0.16	)		0.00			(0.67	)		11.27		0.01			1,229,935		1.12			1.59			1.12			1.59			2.29			94
03/31/2011		11.14		0.41		1.08			1.49			(0.44	)		(0.22	)		0.00			(0.66	)		11.97		13.72			1,030,403		1.14			1.57			1.14			1.57			3.61			71
03/31/2010		9.30		0.22		2.22			2.44			(0.46	)		(0.14	)		0.00			(0.60	)		11.14		26.30			548,302		1.29			1.55			1.29			1.55			2.05			217
10/29/2008 - 03/31/2009		10.00		0.17		(0.55	)		(0.38	)		(0.32	)		0.00			0.00			(0.32	)		9.30		(3.91	)		41,693		1.12	*		1.81	*		1.12	*		1.81	*		4.38	*		83
Class C
03/31/2013		11.13		0.13		0.15			0.28			(0.06	)		(0.04	)		0.00			(0.10	)		11.31		2.58			737,592		1.89			2.39			1.87			2.37			1.18			223
03/31/2012		11.87		0.18		(0.31	)		(0.13	)		(0.45	)		(0.16	)		0.00			(0.61	)		11.13		(0.87	)		917,668		1.87			2.34			1.87			2.34			1.60			94
03/31/2011		11.06		0.33		1.07			1.40			(0.37	)		(0.22	)		0.00			(0.59	)		11.87		12.92			714,316		1.89			2.32			1.89			2.32			2.90			71
03/31/2010		9.28		0.15		2.20			2.35			(0.43	)		(0.14	)		0.00			(0.57	)		11.06		25.40			332,605		2.04			2.30			2.04			2.30			1.37			217
10/29/2008 - 03/31/2009		10.00		0.08		(0.48	)		(0.40	)		(0.32	)		0.00			0.00			(0.32	)		9.28		(4.13	)		16,972		1.87	*		2.55	*		1.87	*		2.55	*		1.99	*		83
Class R
03/31/2013		11.21		0.20		0.13			0.33			(0.14	)		(0.04	)		0.00			(0.18	)		11.36		3.02			20,858		1.39			1.89			1.37			1.87			1.79			223
03/31/2012		11.93		0.25		(0.32	)		(0.07	)		(0.49	)		(0.16	)		0.00			(0.65	)		11.21		(0.31	)		19,436		1.37			1.84			1.37			1.84			2.16			94
03/31/2011		11.13		0.52		0.93			1.45			(0.43	)		(0.22	)		0.00			(0.65	)		11.93		13.39			11,560		1.39			1.82			1.39			1.82			4.46			71
03/31/2010		9.30		0.22		2.20			2.42			(0.45	)		(0.14	)		0.00			(0.59	)		11.13		26.05			1,085		1.53			1.80			1.53			1.80			2.03			217
10/29/2008 - 03/31/2009		10.00		0.07		(0.46	)		(0.39	)		(0.31	)		0.00			0.00			(0.31	)		9.30		(4.03	)		151		1.37	*		1.97	*		1.37	*		1.97	*		1.80	*		83
PIMCO RealRetirement® 2015 Fund
Institutional Class
03/31/2013	$	9.97	$	0.42	$	0.44		$	0.86		$	(0.47	)	$	0.00		$	0.00		$	(0.47	)	$	10.36		8.77	%	$	16,901		0.23	%		0.75	%		0.23	%		0.75	%		4.08	%		12	%
06/30/2011 - 03/31/2012		10.00		0.37		(0.20	)		0.17			(0.20	)		0.00			0.00			(0.20	)		9.97		1.75			8,663		0.31	*		1.00	*		0.31	*		1.00	*		4.90	*		24
Class P
03/31/2013		9.97		0.56		0.29			0.85			(0.46	)		0.00			0.00			(0.46	)		10.36		8.67			234		0.33			0.85			0.33			0.85			5.42			12
10/31/2011 - 03/31/2012		9.90		0.20		0.07			0.27			(0.20	)		0.00			0.00			(0.20	)		9.97		2.74			10		0.41	*		1.10	*		0.41	*		1.10	*		4.89	*		24
Administrative Class
03/31/2013		9.95		0.45		0.39			0.84			(0.43	)		0.00			0.00			(0.43	)		10.36		8.51			25,740		0.48			1.00			0.48			1.00			4.34			12
06/30/2011 - 03/31/2012		10.00		0.26		(0.11	)		0.15			(0.20	)		0.00			0.00			(0.20	)		9.95		1.50			8,747		0.56	*		1.25	*		0.56	*		1.25	*		3.46	*		24
Class D
03/31/2013		9.96		0.43		0.37			0.80			(0.38	)		0.00			0.00			(0.38	)		10.38		8.15			1,344		0.73			1.25			0.73			1.25			4.13			12
06/30/2011 - 03/31/2012		10.00		0.21		(0.07	)		0.14			(0.18	)		0.00			0.00			(0.18	)		9.96		1.45			377		0.81	*		1.50	*		0.81	*		1.50	*		2.76	*		24
Class A
03/31/2013		9.96		0.40		0.41			0.81			(0.37	)		0.00			0.00			(0.37	)		10.40		8.24			3,209		0.73			1.25			0.73			1.25			3.85			12
06/30/2011 - 03/31/2012		10.00		0.18		(0.04	)		0.14			(0.18	)		0.00			0.00			(0.18	)		9.96		1.48			1,630		0.81	*		1.50	*		0.81	*		1.50	*		2.43	*		24
Class C
03/31/2013		9.94		0.31		0.42			0.73			(0.25	)		0.00			0.00			(0.25	)		10.42		7.35			529		1.48			2.00			1.48			2.00			3.04			12
06/30/2011 - 03/31/2012		10.00		0.22		(0.14	)		0.08			(0.14	)		0.00			0.00			(0.14	)		9.94		0.87			209		1.56	*		2.25	*		1.56	*		2.25	*		2.91	*		24
Class R
03/31/2013		9.95		0.39		0.39			0.78			(0.39	)		0.00			0.00			(0.39	)		10.34		7.96			184		0.98			1.50			0.98			1.50			3.72			12
06/30/2011 - 03/31/2012		10.00		0.22		(0.11	)		0.11			(0.16	)		0.00			0.00			(0.16	)		9.95		1.17			10		1.06	*		1.75	*		1.06	*		1.75	*		2.94	*		24
PIMCO RealRetirement® 2020 Fund
Institutional Class
03/31/2013	$	8.17	$	0.38	$	0.35		$	0.73		$	(0.38	)	$	0.00		$	(0.05	)	$	(0.43	)	$	8.47		9.03	%	$	31,921		0.22	%		0.75	%		0.22	%		0.75	%		4.46	%		11	%
03/31/2012		8.28		0.41		(0.18	)		0.23			(0.31	)		(0.03	)		0.00			(0.34	)		8.17		2.93			18,089		0.31			0.75			0.31			0.75			4.95			25
03/31/2011		8.10		0.60		0.17			0.77			(0.59	)		0.00			0.00			(0.59	)		8.28		9.69			4,748		0.40			0.75			0.40			0.75			7.24			1
03/31/2010		6.40		0.36		1.64			2.00			(0.30	)		0.00			0.00			(0.30	)		8.10		31.41			3,350		0.39			0.75			0.39			0.75			4.68			13
03/31/2009		10.00		0.41		(2.57	)		(2.16	)		(0.36	)		(1.08	)		0.00			(1.44	)		6.40		(21.76	)		2,346		0.22			2.51			0.22			2.51			4.92			232
Class P
03/31/2013		8.18		0.47		0.24			0.71			(0.37	)		0.00			(0.05	)		(0.42	)		8.47		8.80			249		0.32			0.85			0.32			0.85			5.49			11
10/31/2011 - 03/31/2012		8.18		0.15		0.07			0.22			(0.19	)		(0.03	)		0.00			(0.22	)		8.18		2.76			10		0.41	*		0.85	*		0.41	*		0.85	*		4.48	*		25
Administrative Class
03/31/2013		8.31		0.38		0.34			0.72			(0.34	)		0.00			(0.05	)		(0.39	)		8.64		8.74			41,461		0.47			1.00			0.47			1.00			4.41			11
03/31/2012		8.42		0.37		(0.16	)		0.21			(0.29	)		(0.03	)		0.00			(0.32	)		8.31		2.69			17,612		0.56			1.00			0.56			1.00			4.44			25
03/31/2011		8.15		0.59		0.17			0.76			(0.49	)		0.00			0.00			(0.49	)		8.42		9.52			374		0.65			1.00			0.65			1.00			7.05			1
03/31/2010		6.40		0.88		1.10			1.98			(0.23	)		0.00			0.00			(0.23	)		8.15		31.07			26		0.73			1.00			0.73			1.00			10.98			13
06/30/2008 - 03/31/2009		9.92		0.32		(2.44	)		(2.12	)		(0.32	)		(1.08	)		0.00			(1.40	)		6.40		(21.42	)		8		0.47	*		3.46	*		0.47	*		3.46	*		5.42	*		232

Please see footnotes on last page of financial highlights.

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income ^(a)		Net Realized/ Unrealized Gain (Loss)			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Basis Return of Capital			Total Distributions			Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets Excluding Waivers			Ratio of Expenses to Average Net Assets Excluding Interest Expense			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Waivers			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate**
Class D
03/31/2013		8.14		0.32		0.36			0.68			(0.28	)		0.00			(0.05	)		(0.33	)		8.49		8.51			3,668		0.72			1.25			0.72			1.25			3.77			11
03/31/2012		8.25		0.28		(0.09	)		0.19			(0.27	)		(0.03	)		0.00			(0.30	)		8.14		2.46			2,600		0.82	^(e)		1.26	^(e)		0.82	^(e)		1.26	^(e)		3.43			25
03/31/2011		8.07		0.54		0.18			0.72			(0.54	)		0.00			0.00			(0.54	)		8.25		9.15			1,847		1.00			1.35			1.00			1.35			6.52			1
03/31/2010		6.39		0.49		1.46			1.95			(0.27	)		0.00			0.00			(0.27	)		8.07		30.61			1,001		1.03			1.35			1.03			1.35			6.28			13
03/31/2009		10.00		0.44		(2.65	)		(2.21	)		(0.32	)		(1.08	)		0.00			(1.40	)		6.39		(22.24	)		114		0.93			7.44			0.93			7.44			6.35			232
Class A
03/31/2013		8.13		0.36		0.32			0.68			(0.30	)		0.00			(0.05	)		(0.35	)		8.46		8.47			8,028		0.72			1.25			0.72			1.25			4.24			11
03/31/2012		8.24		0.28		(0.09	)		0.19			(0.27	)		(0.03	)		0.00			(0.30	)		8.13		2.48			3,077		0.82	^(e)		1.26	^(e)		0.82	^(e)		1.26	^(e)		3.48			25
03/31/2011		8.06		0.54		0.18			0.72			(0.54	)		0.00			0.00			(0.54	)		8.24		9.15			2,068		1.00			1.35			1.00			1.35			6.50			1
03/31/2010		6.39		0.38		1.55			1.93			(0.26	)		0.00			0.00			(0.26	)		8.06		30.37			1,036		1.03			1.35			1.03			1.35			4.93			13
03/31/2009		10.00		0.45		(2.66	)		(2.21	)		(0.32	)		(1.08	)		0.00			(1.40	)		6.39		(22.23	)		209		0.82			4.29			0.82			4.29			5.59			232
Class C
03/31/2013		8.12		0.25		0.37			0.62			(0.17	)		0.00			(0.05	)		(0.22	)		8.52		7.66			2,112		1.47			2.00			1.47			2.00			3.01			11
03/31/2012		8.23		0.21		(0.08	)		0.13			(0.21	)		(0.03	)		0.00			(0.24	)		8.12		1.72			1,122		1.57	^(e)		2.01	^(e)		1.57	^(e)		2.01	^(e)		2.60			25
03/31/2011		8.06		0.47		0.19			0.66			(0.49	)		0.00			0.00			(0.49	)		8.23		8.33			1,106		1.75			2.10			1.75			2.10			5.69			1
03/31/2010		6.39		0.41		1.48			1.89			(0.22	)		0.00			0.00			(0.22	)		8.06		29.69			488		1.78			2.10			1.78			2.10			5.18			13
07/31/2008 - 03/31/2009		9.74		0.25		(2.24	)		(1.99	)		(0.28	)		(1.08	)		0.00			(1.36	)		6.39		(20.57	)		8		1.59	*		4.92	*		1.59	*		4.92	*		4.95	*		232
Class R
03/31/2013		8.15		0.30		0.37			0.67			(0.25	)		0.00			(0.05	)		(0.30	)		8.52		8.27			1,155		0.97			1.50			0.97			1.50			3.57			11
03/31/2012		8.25		0.24		(0.07	)		0.17			(0.24	)		(0.03	)		0.00			(0.27	)		8.15		2.19			692		1.07	^(e)		1.51	^(e)		1.07	^(e)		1.51	^(e)		2.93			25
03/31/2011		8.07		0.51		0.19			0.70			(0.52	)		0.00			0.00			(0.52	)		8.25		8.87			765		1.25			1.60			1.25			1.60			6.17			1
03/31/2010		6.40		0.42		1.51			1.93			(0.26	)		0.00			0.00			(0.26	)		8.07		30.22			466		1.33			1.60			1.33			1.60			5.28			13
07/31/2008 - 03/31/2009		9.74		0.28		(2.24	)		(1.96	)		(0.30	)		(1.08	)		0.00			(1.38	)		6.40		(20.25	)		8		1.09	*		4.42	*		1.09	*		4.42	*		5.45	*		232
PIMCO RealRetirement® 2025 Fund
Institutional Class
03/31/2013	$	9.87	$	0.47	$	0.46		$	0.93		$	(0.48	)	$	0.00		$	(0.03	)	$	(0.51	)	$	10.29		9.60	%	$	23,011		0.19	%		0.75	%		0.19	%		0.75	%		4.60	%		9	%
06/30/2011 - 03/31/2012		10.00		0.50		(0.39	)		0.11			(0.24	)		0.00			0.00			(0.24	)		9.87		1.20			10,159		0.26	*		0.95	*		0.26	*		0.95	*		6.82	*		27
Class P
03/31/2013		9.87		0.62		0.30			0.92			(0.47	)		0.00			(0.03	)		(0.50	)		10.29		9.49			943		0.29			0.85			0.29			0.85			6.05			9
10/31/2011 - 03/31/2012		9.71		0.27		0.13			0.40			(0.24	)		0.00			0.00			(0.24	)		9.87		4.19			10		0.36	*		1.05	*		0.36	*		1.05	*		6.71	*		27
Administrative Class
03/31/2013		9.85		0.49		0.42			0.91			(0.44	)		0.00			(0.03	)		(0.47	)		10.29		9.36			39,958		0.44			1.00			0.44			1.00			4.80			9
06/30/2011 - 03/31/2012		10.00		0.33		(0.24	)		0.09			(0.24	)		0.00			0.00			(0.24	)		9.85		0.95			12,019		0.51	*		1.20	*		0.51	*		1.20	*		4.49	*		27
Class D
03/31/2013		9.84		0.47		0.42			0.89			(0.40	)		0.00			(0.03	)		(0.43	)		10.30		9.15			1,891		0.69			1.25			0.69			1.25			4.59			9
06/30/2011 - 03/31/2012		10.00		0.34		(0.27	)		0.07			(0.23	)		0.00			0.00			(0.23	)		9.84		0.76			311		0.76	*		1.45	*		0.76	*		1.45	*		4.59	*		27
Class A
03/31/2013		9.85		0.51		0.38			0.89			(0.40	)		0.00			(0.03	)		(0.43	)		10.31		9.12			2,571		0.69			1.25			0.69			1.25			5.06			9
06/30/2011 - 03/31/2012		10.00		0.21		(0.13	)		0.08			(0.23	)		0.00			0.00			(0.23	)		9.85		0.82			579		0.76	*		1.45	*		0.76	*		1.45	*		2.83	*		27
Class C
03/31/2013		9.82		0.31		0.49			0.80			(0.27	)		0.00			(0.03	)		(0.30	)		10.32		8.28			328		1.44			2.00			1.44			2.00			3.03			9
06/30/2011 - 03/31/2012		10.00		0.30		(0.28	)		0.02			(0.20	)		0.00			0.00			(0.20	)		9.82		0.23			48		1.51	*		2.20	*		1.51	*		2.20	*		4.08	*		27
Class R
03/31/2013		9.84		0.28		0.57			0.85			(0.36	)		0.00			(0.03	)		(0.39	)		10.30		8.75			391		0.94			1.50			0.94			1.50			2.78			9
06/30/2011 - 03/31/2012		10.00		0.26		(0.21	)		0.05			(0.21	)		0.00			0.00			(0.21	)		9.84		0.59			81		1.01	*		1.70	*		1.01	*		1.70	*		3.47	*		27
PIMCO RealRetirement® 2030 Fund
Institutional Class
03/31/2013	$	7.68	$	0.42	$	0.40		$	0.82		$	(0.37	)	$	0.00		$	(0.07	)	$	(0.44	)	$	8.06		10.83	%	$	28,693		0.23	%		0.80	%		0.23	%		0.80	%		5.23	%		3	%
03/31/2012		7.93		0.43		(0.34	)		0.09			(0.32	)		(0.02	)		0.00			(0.34	)		7.68		1.33			10,070		0.35			0.80			0.35			0.80			5.64			21
03/31/2011		7.76		0.59		0.22			0.81			(0.64	)		0.00			0.00			(0.64	)		7.93		10.83			4,098		0.44			0.80			0.44			0.80			7.43			3
03/31/2010		5.92		0.37		1.78			2.15			(0.24	)		(0.07	)		0.00			(0.31	)		7.76		36.55			3,607		0.41			0.80			0.41			0.80			5.08			9
03/31/2009		10.00		0.39		(3.07	)		(2.68	)		(0.32	)		(1.08	)		0.00			(1.40	)		5.92		(27.14	)		2,186		0.26			2.69			0.26			2.69			4.72			233
Class P
03/31/2013		7.68		0.50		0.31			0.81			(0.36	)		0.00			(0.07	)		(0.43	)		8.06		10.72			817		0.33			0.90			0.33			0.90			6.30			3
10/31/2011 - 03/31/2012		7.66		0.20		0.04			0.24			(0.20	)		(0.02	)		0.00			(0.22	)		7.68		3.26			10		0.45	*		0.90	*		0.45	*		0.90	*		6.41	*		21
Administrative Class
03/31/2013		7.68		0.39		0.40			0.79			(0.33	)		0.00			(0.07	)		(0.40	)		8.07		10.49			49,990		0.48			1.05			0.48			1.05			4.86			3
03/31/2012		7.93		0.45		(0.37	)		0.08			(0.31	)		(0.02	)		0.00			(0.33	)		7.68		1.15			16,505		0.60			1.05			0.60			1.05			5.84			21
03/31/2011		7.76		0.57		0.23			0.80			(0.63	)		0.00			0.00			(0.63	)		7.93		10.58			11		0.69			1.05			0.69			1.05			7.26			3
03/31/2010		5.93		0.32		1.81			2.13			(0.23	)		(0.07	)		0.00			(0.30	)		7.76		36.00			10		0.66			1.05			0.66			1.05			4.45			9
06/30/2008 - 03/31/2009		9.97		0.29		(2.95	)		(2.66	)		(0.30	)		(1.08	)		0.00			(1.38	)		5.93		(27.03	)		7		0.51	*		3.73	*		0.51	*		3.73	*		5.17	*		233

Please see footnotes on last page of financial highlights.

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income ^(a)		Net Realized/ Unrealized Gain (Loss)			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Basis Return of Capital			Total Distributions			Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets Excluding Waivers			Ratio of Expenses to Average Net Assets Excluding Interest Expense			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Waivers			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate**
Class D
03/31/2013		7.63		0.34		0.43			0.77			(0.28	)		0.00			(0.07	)		(0.35	)		8.05		10.26			3,231		0.73			1.30			0.73			1.30			4.27			3
03/31/2012		7.89		0.35		(0.30	)		0.05			(0.29	)		(0.02	)		0.00			(0.31	)		7.63		0.77			2,250		0.86	^(e)		1.31	^(e)		0.86	^(e)		1.31	^(e)		4.50			21
03/31/2011		7.73		0.57		0.19			0.76			(0.60	)		0.00			0.00			(0.60	)		7.89		10.15			1,317		1.04			1.40			1.04			1.40			7.24			3
03/31/2010		5.91		0.58		1.52			2.10			(0.21	)		(0.07	)		0.00			(0.28	)		7.73		35.74			894		1.05			1.40			1.05			1.40			7.68			9
03/31/2009		10.00		0.14		(2.87	)		(2.73	)		(0.28	)		(1.08	)		0.00			(1.36	)		5.91		(27.57	)		50		0.98			9.28			0.98			9.28			1.93			233
Class A
03/31/2013		7.63		0.40		0.37			0.77			(0.30	)		0.00			(0.07	)		(0.37	)		8.03		10.28			7,599		0.73			1.30			0.73			1.30			5.10			3
03/31/2012		7.89		0.32		(0.27	)		0.05			(0.29	)		(0.02	)		0.00			(0.31	)		7.63		0.78			2,186		0.86	^(e)		1.31	^(e)		0.86	^(e)		1.31	^(e)		4.20			21
03/31/2011		7.73		0.54		0.22			0.76			(0.60	)		0.00			0.00			(0.60	)		7.89		10.14			941		1.04			1.40			1.04			1.40			6.85			3
03/31/2010		5.91		0.45		1.65			2.10			(0.21	)		(0.07	)		0.00			(0.28	)		7.73		35.68			565		1.05			1.40			1.05			1.40			6.09			9
03/31/2009		10.00		0.30		(3.02	)		(2.72	)		(0.29	)		(1.08	)		0.00			(1.37	)		5.91		(27.55	)		64		0.93			7.18			0.93			7.18			3.86			233
Class C
03/31/2013		7.59		0.24		0.46			0.70			(0.12	)		0.00			(0.07	)		(0.19	)		8.10		9.36			1,136		1.48			2.05			1.48			2.05			3.02			3
03/31/2012		7.84		0.26		(0.26	)		0.00			(0.23	)		(0.02	)		0.00			(0.25	)		7.59		0.16			1,386		1.61	^(e)		2.06	^(e)		1.61	^(e)		2.06	^(e)		3.44			21
03/31/2011		7.69		0.50		0.20			0.70			(0.55	)		0.00			0.00			(0.55	)		7.84		9.29			1,455		1.79			2.15			1.79			2.15			6.40			3
03/31/2010		5.90		0.46		1.57			2.03			(0.17	)		(0.07	)		0.00			(0.24	)		7.69		34.55			872		1.80			2.15			1.80			2.15			6.20			9
07/31/2008 - 03/31/2009		9.73		0.10		(2.57	)		(2.47	)		(0.28	)		(1.08	)		0.00			(1.36	)		5.90		(25.73	)		81		1.72	*		8.31	*		1.72	*		8.31	*		2.44	*		233
Class R
03/31/2013		7.66		0.30		0.45			0.75			(0.25	)		0.00			(0.07	)		(0.32	)		8.09		9.97			1,109		0.98			1.55			0.98			1.55			3.82			3
03/31/2012		7.90		0.25		(0.21	)		0.04			(0.26	)		(0.02	)		0.00			(0.28	)		7.66		0.57			450		1.11	^(e)		1.56	^(e)		1.11	^(e)		1.56	^(e)		3.27			21
03/31/2011		7.74		0.53		0.21			0.74			(0.58	)		0.00			0.00			(0.58	)		7.90		9.86			250		1.29			1.65			1.29			1.65			6.73			3
03/31/2010		5.92		0.47		1.62			2.09			(0.20	)		(0.07	)		0.00			(0.27	)		7.74		35.37			2		1.34			1.65			1.34			1.65			6.18			9
07/31/2008 - 03/31/2009		9.73		0.25		(2.71	)		(2.46	)		(0.27	)		(1.08	)		0.00			(1.35	)		5.92		(25.60	)		8		1.13	*		4.90	*		1.13	*		4.90	*		5.29	*		233
PIMCO RealRetirement® 2035 Fund
Institutional Class
03/31/2013	$	9.68	$	0.59	$	0.53		$	1.12		$	(0.52	)	$	0.00		$	(0.05	)	$	(0.57	)	$	10.23		11.81	%	$	24,627		0.22	%		0.80	%		0.22	%		0.80	%		5.90	%		3	%
06/30/2011 - 03/31/2012		10.00		0.58		(0.57	)		0.01			(0.33	)		0.00			0.00			(0.33	)		9.68		0.22			8,282		0.31	*		1.05	*		0.31	*		1.05	*		8.06	*		29
Class P
03/31/2013		9.68		0.70		0.41			1.11			(0.51	)		0.00			(0.05	)		(0.56	)		10.23		11.70			1,119		0.32			0.90			0.32			0.90			6.94			3
10/31/2011 - 03/31/2012		9.57		0.35		0.08			0.43			(0.32	)		0.00			0.00			(0.32	)		9.68		4.68			11		0.41	*		1.15	*		0.41	*		1.15	*		8.83	*		29
Administrative Class
03/31/2013		9.67		0.51		0.57			1.08			(0.47	)		0.00			(0.05	)		(0.52	)		10.23		11.45			31,532		0.47			1.05			0.47			1.05			5.08			3
06/30/2011 - 03/31/2012		10.00		0.38		(0.39	)		(0.01	)		(0.32	)		0.00			0.00			(0.32	)		9.67		0.07			10,448		0.56	*		1.30	*		0.56	*		1.30	*		5.33	*		29
Class D
03/31/2013		9.66		0.54		0.54			1.08			(0.45	)		0.00			(0.05	)		(0.50	)		10.24		11.36			798		0.72			1.30			0.72			1.30			5.37			3
06/30/2011 - 03/31/2012		10.00		0.42		(0.45	)		(0.03	)		(0.31	)		0.00			0.00			(0.31	)		9.66		(0.17	)		108		0.81	*		1.55	*		0.81	*		1.55	*		5.78	*		29
Class A
03/31/2013		9.67		0.69		0.38			1.07			(0.46	)		0.00			(0.05	)		(0.51	)		10.23		11.30			1,627		0.72			1.30			0.72			1.30			6.88			3
06/30/2011 - 03/31/2012		10.00		0.35		(0.37	)		(0.02	)		(0.31	)		0.00			0.00			(0.31	)		9.67		(0.08	)		41		0.81	*		1.55	*		0.81	*		1.55	*		4.89	*		29
Class C
03/31/2013		9.63		0.41		0.58			0.99			(0.26	)		0.00			(0.05	)		(0.31	)		10.31		10.45			104		1.47			2.05			1.47			2.05			4.15			3
06/30/2011 - 03/31/2012		10.00		0.40		(0.48	)		(0.08	)		(0.29	)		0.00			0.00			(0.29	)		9.63		(0.71	)		74		1.56	*		2.30	*		1.56	*		2.30	*		5.53	*		29
Class R
03/31/2013		9.66		0.24		0.80			1.04			(0.40	)		0.00			(0.05	)		(0.45	)		10.25		10.93			263		0.97			1.55			0.97			1.55			2.38			3
06/30/2011 - 03/31/2012		10.00		0.53		(0.57	)		(0.04	)		(0.30	)		0.00			0.00			(0.30	)		9.66		(0.23	)		43		1.06	*		1.80	*		1.06	*		1.80	*		7.39	*		29
PIMCO RealRetirement® 2040 Fund
Institutional Class
03/31/2013	$	7.48	$	0.50	$	0.42		$	0.92		$	(0.42	)	$	0.00		$	(0.07	)	$	(0.49	)	$	7.91		12.59	%	$	32,834		0.27	%		0.85	%		0.27	%		0.85	%		6.47	%		3	%
03/31/2012		7.84		0.51		(0.46	)		0.05			(0.39	)		(0.02	)		0.00			(0.41	)		7.48		0.75			7,563		0.37			0.85			0.37			0.85			6.75			47
03/31/2011		7.65		0.71		0.25			0.96			(0.77	)		0.00			0.00			(0.77	)		7.84		13.10			3,709		0.46			0.85			0.46			0.85			9.11			7
03/31/2010		5.35		0.43		2.19			2.62			(0.28	)		(0.04	)		0.00			(0.32	)		7.65		49.11			3,257		0.45			0.85			0.45			0.85			6.04			13
03/31/2009		10.00		0.31		(3.58	)		(3.27	)		(0.29	)		(1.09	)		0.00			(1.38	)		5.35		(33.25	)		2,001		0.33			2.92			0.33			2.92			3.90			244
Class P
03/31/2013		7.48		0.61		0.30			0.91			(0.41	)		0.00			(0.07	)		(0.48	)		7.91		12.49			1,499		0.37			0.95			0.37			0.95			7.85			3
10/31/2011 - 03/31/2012		7.44		0.25		0.05			0.30			(0.24	)		(0.02	)		0.00			(0.26	)		7.48		4.22			10		0.47	*		0.95	*		0.47	*		0.95	*		8.00	*		47
Administrative Class
03/31/2013		7.46		0.39		0.51			0.90			(0.38	)		0.00			(0.07	)		(0.45	)		7.91		12.32			34,566		0.52			1.10			0.52			1.10			5.12			3
03/31/2012		7.83		0.63		(0.61	)		0.02			(0.37	)		(0.02	)		0.00			(0.39	)		7.46		0.44			20,794		0.62			1.10			0.62			1.10			8.54			47
03/31/2011		7.64		0.68		0.27			0.95			(0.76	)		0.00			0.00			(0.76	)		7.83		12.85			11		0.71			1.10			0.71			1.10			8.80			7
03/31/2010		5.34		0.39		2.22			2.61			(0.27	)		(0.04	)		0.00			(0.31	)		7.64		48.87			10		0.70			1.10			0.70			1.10			5.56			13
06/30/2008 - 03/31/2009		9.96		0.22		(3.47	)		(3.25	)		(0.28	)		(1.09	)		0.00			(1.37	)		5.34		(33.19	)		7		0.58	*		4.08	*		0.58	*		4.08	*		4.20	*		244

Please see footnotes on last page of financial highlights.

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income ^(a)		Net Realized/ Unrealized Gain (Loss)			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Basis Return of Capital			Total Distributions			Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets Excluding Waivers			Ratio of Expenses to Average Net Assets Excluding Interest Expense			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Waivers			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate**
Class D
03/31/2013		7.43		0.40		0.47			0.87			(0.34	)		0.00			(0.07	)		(0.41	)		7.89		11.96			2,436		0.77			1.35			0.77			1.35			5.18			3
03/31/2012		7.79		0.41		(0.40	)		0.01			(0.35	)		(0.02	)		0.00			(0.37	)		7.43		0.34			1,664		0.88	^(e)		1.36	^(e)		0.88	^(e)		1.36	^(e)		5.43			47
03/31/2011		7.61		0.72		0.19			0.91			(0.73	)		0.00			0.00			(0.73	)		7.79		12.44			589		1.06			1.45			1.06			1.45			9.26			7
03/31/2010		5.33		0.57		2.00			2.57			(0.25	)		(0.04	)		0.00			(0.29	)		7.61		48.36			327		1.08			1.45			1.08			1.45			7.75			13
03/31/2009		10.00		0.26		(3.57	)		(3.31	)		(0.27	)		(1.09	)		0.00			(1.36	)		5.33		(33.71	)		9		0.93			4.25			0.93			4.25			3.27			244
Class A
03/31/2013		7.42		0.39		0.49			0.88			(0.35	)		0.00			(0.07	)		(0.42	)		7.88		12.08			4,171		0.77			1.35			0.77			1.35			5.13			3
03/31/2012		7.78		0.37		(0.36	)		0.01			(0.35	)		(0.02	)		0.00			(0.37	)		7.42		0.29			1,840		0.88	^(e)		1.36	^(e)		0.88	^(e)		1.36	^(e)		5.01			47
03/31/2011		7.60		0.54		0.37			0.91			(0.73	)		0.00			0.00			(0.73	)		7.78		12.49			1,150		1.06			1.45			1.06			1.45			6.97			7
03/31/2010		5.32		0.48		2.09			2.57			(0.25	)		(0.04	)		0.00			(0.29	)		7.60		48.35			181		1.08			1.45			1.08			1.45			6.62			13
03/31/2009		10.00		0.27		(3.59	)		(3.32	)		(0.27	)		(1.09	)		0.00			(1.36	)		5.32		(33.76	)		30		0.93			5.59			0.93			5.59			3.93			244
Class C
03/31/2013		7.37		0.33		0.48			0.81			(0.25	)		0.00			(0.07	)		(0.32	)		7.86		11.14			509		1.52			2.10			1.52			2.10			4.33			3
03/31/2012		7.74		0.39		(0.44	)		(0.05	)		(0.30	)		(0.02	)		0.00			(0.32	)		7.37		(0.46	)		211		1.63	^(e)		2.11	^(e)		1.63	^(e)		2.11	^(e)		5.19			47
03/31/2011		7.58		0.62		0.22			0.84			(0.68	)		0.00			0.00			(0.68	)		7.74		11.48			58		1.81			2.20			1.81			2.20			8.09			7
03/31/2010		5.33		0.47		2.04			2.51			(0.22	)		(0.04	)		0.00			(0.26	)		7.58		47.12			29		1.83			2.20			1.83			2.20			6.59			13
07/31/2008 - 03/31/2009		9.71		0.17		(3.21	)		(3.04	)		(0.25	)		(1.09	)		0.00			(1.34	)		5.33		(31.88	)		7		1.70	*		5.74	*		1.70	*		5.74	*		3.82	*		244
Class R
03/31/2013		7.42		0.32		0.53			0.85			(0.29	)		0.00			(0.07	)		(0.36	)		7.91		11.68			1,103		1.02			1.60			1.02			1.60			4.19			3
03/31/2012		7.79		0.43		(0.44	)		(0.01	)		(0.34	)		(0.02	)		0.00			(0.36	)		7.42		0.08			848		1.13	^(e)		1.61	^(e)		1.13	^(e)		1.61	^(e)		5.75			47
03/31/2011		7.62		0.80		0.08			0.88			(0.71	)		0.00			0.00			(0.71	)		7.79		11.97			110		1.31			1.70			1.31			1.70			10.37			7
03/31/2010		5.34		0.44		2.12			2.56			(0.24	)		(0.04	)		0.00			(0.28	)		7.62		47.92			313		1.33			1.70			1.33			1.70			6.12			13
07/31/2008 - 03/31/2009		9.71		0.19		(3.20	)		(3.01	)		(0.27	)		(1.09	)		0.00			(1.36	)		5.34		(31.61	)		8		1.20	*		5.43	*		1.20	*		5.43	*		4.32	*		244
PIMCO RealRetirement® 2045 Fund
Institutional Class
03/31/2013	$	9.99	$	0.72	$	0.59		$	1.31		$	(0.62	)	$	0.00		$	0.00		$	(0.62	)	$	10.68		13.39	%	$	27,180		0.25	%		0.97	%		0.25	%		0.97	%		6.87	%		6	%
02/29/2012 - 03/31/2012		10.00		0.09		(0.10	)		(0.01	)		0.00			0.00			0.00			0.00			9.99		(0.10	)		2,997		0.34	*		11.28	*		0.34	*		11.28	*		10.67	*		20
Class P
03/31/2013		9.99		0.69		0.60			1.29			(0.61	)		0.00			0.00			(0.61	)		10.67		13.16			305		0.35			1.07			0.35			1.07			6.54			6
02/29/2012 - 03/31/2012		10.00		0.09		(0.10	)		(0.01	)		0.00			0.00			0.00			0.00			9.99		(0.10	)		10		0.44	*		11.38	*		0.44	*		11.38	*		10.57	*		20
Administrative Class
03/31/2013		9.99		0.54		0.74			1.28			(0.59	)		0.00			0.00			(0.59	)		10.68		13.08			5,701		0.50			1.22			0.50			1.22			5.13			6
02/29/2012 - 03/31/2012		10.00		0.09		(0.10	)		(0.01	)		0.00			0.00			0.00			0.00			9.99		(0.10	)		10		0.59	*		11.53	*		0.59	*		11.53	*		10.41	*		20
Class D
03/31/2013		9.99		0.43		0.82			1.25			(0.57	)		0.00			0.00			(0.57	)		10.67		12.81			325		0.75			1.47			0.75			1.47			4.09			6
02/29/2012 - 03/31/2012		10.00		0.09		(0.10	)		(0.01	)		0.00			0.00			0.00			0.00			9.99		(0.10	)		10		0.84	*		11.78	*		0.84	*		11.78	*		10.15	*		20
Class A
03/31/2013		9.99		0.70		0.55			1.25			(0.55	)		0.00			0.00			(0.55	)		10.69		12.83			488		0.75			1.47			0.75			1.47			6.66			6
02/29/2012 - 03/31/2012		10.00		0.09		(0.10	)		(0.01	)		0.00			0.00			0.00			0.00			9.99		(0.10	)		10		0.84	*		11.78	*		0.84	*		11.78	*		10.15	*		20
Class C
03/31/2013		9.98		0.61		0.56			1.17			(0.46	)		0.00			0.00			(0.46	)		10.69		11.91			96		1.50			2.22			1.50			2.22			5.80			6
02/29/2012 - 03/31/2012		10.00		0.08		(0.10	)		(0.02	)		0.00			0.00			0.00			0.00			9.98		(0.20	)		10		1.59	*		12.53	*		1.59	*		12.53	*		9.38	*		20
Class R
03/31/2013		9.98		0.03		1.20			1.23			(0.49	)		0.00			0.00			(0.49	)		10.72		12.55			240		1.00			1.72			1.00			1.72			0.24			6
02/29/2012 - 03/31/2012		10.00		0.08		(0.10	)		(0.02	)		0.00			0.00			0.00			0.00			9.98		(0.20	)		10		1.09	*		12.03	*		1.09	*		12.03	*		9.88	*		20
PIMCO RealRetirement® 2050 Fund
Institutional Class
03/31/2013	$	7.70	$	0.53	$	0.46		$	0.99		$	(0.44	)	$	0.00		$	(0.06	)	$	(0.50	)	$	8.19		13.14	%	$	26,336		0.26	%		0.85	%		0.26	%		0.85	%		6.67	%		7	%
03/31/2012		8.18		0.52		(0.57	)		(0.05	)		(0.43	)		0.00			0.00			(0.43	)		7.70		(0.42	)		5,687		0.36			0.85			0.36			0.85			6.71			42
03/31/2011		7.99		0.76		0.23			0.99			(0.80	)		0.00			0.00			(0.80	)		8.18		12.95			3,748		0.47			0.85			0.47			0.85			9.33			9
03/31/2010		5.31		0.47		2.46			2.93			(0.18	)		(0.07	)		0.00			(0.25	)		7.99		55.35			3,183		0.42			0.85			0.42			0.85			6.50			14
03/31/2009		10.00		0.24		(3.69	)		(3.45	)		(0.24	)		(1.00	)		0.00			(1.24	)		5.31		(35.10	)		1,947		0.36			2.94			0.36			2.94			3.04			227
Class P
03/31/2013		7.70		0.55		0.42			0.97			(0.43	)		0.00			(0.06	)		(0.49	)		8.18		12.91			168		0.36			0.95			0.36			0.95			6.86			7
10/31/2011 - 03/31/2012		7.65		0.32		(0.01	)		0.31			(0.26	)		0.00			0.00			(0.26	)		7.70		4.20			10		0.46	*		0.95	*		0.46	*		0.95	*		10.00	*		42
Administrative Class
03/31/2013		7.66		0.44		0.52			0.96			(0.40	)		0.00			(0.06	)		(0.46	)		8.16		12.84			16,651		0.51			1.10			0.51			1.10			5.50			7
03/31/2012		8.16		0.50		(0.59	)		(0.09	)		(0.41	)		0.00			0.00			(0.41	)		7.66		(0.84	)		6,947		0.61			1.10			0.61			1.10			6.54			42
03/31/2011		7.98		0.73		0.23			0.96			(0.78	)		0.00			0.00			(0.78	)		8.16		12.57			12		0.72			1.10			0.72			1.10			9.06			9
03/31/2010		5.31		0.44		2.47			2.91			(0.17	)		(0.07	)		0.00			(0.24	)		7.98		54.99			10		0.67			1.10			0.67			1.10			6.07			14
06/30/2008 - 03/31/2009		9.78		0.15		(3.39	)		(3.24	)		(0.23	)		(1.00	)		0.00			(1.23	)		5.31		(33.73	)		6		0.61	*		4.12	*		0.61	*		4.12	*		2.91	*		227

Please see footnotes on last page of financial highlights.

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income ^(a)		Net Realized/ Unrealized Gain (Loss)			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Basis Return of Capital			Total Distributions			Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets Excluding Waivers			Ratio of Expenses to Average Net Assets Excluding Interest Expense			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Waivers			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate**
Class D
03/31/2013		7.62		0.40		0.53			0.93			(0.35	)		0.00			(0.06	)		(0.41	)		8.14		12.44			4,055		0.76			1.35			0.76			1.35			5.05			7
03/31/2012		8.11		0.51		(0.61	)		(0.10	)		(0.39	)		0.00			0.00			(0.39	)		7.62		(1.08	)		3,452		0.87	^(e)		1.36	^(e)		0.87	^(e)		1.36	^(e)		6.63			42
03/31/2011		7.94		0.90		0.04			0.94			(0.77	)		0.00			0.00			(0.77	)		8.11		12.28			2,741		1.07			1.45			1.07			1.45			11.09			9
03/31/2010		5.30		0.71		2.16			2.87			(0.16	)		(0.07	)		0.00			(0.23	)		7.94		54.36			301		1.03			1.45			1.03			1.45			9.52			14
03/31/2009		10.00		0.18		(3.67	)		(3.49	)		(0.21	)		(1.00	)		0.00			(1.21	)		5.30		(35.41	)		10		0.96			4.54			0.96			4.54			2.35			227
Class A
03/31/2013		7.62		0.38		0.55			0.93			(0.35	)		0.00			(0.06	)		(0.41	)		8.14		12.53			1,226		0.76			1.35			0.76			1.35			4.80			7
03/31/2012		8.11		0.60		(0.69	)		(0.09	)		(0.40	)		0.00			0.00			(0.40	)		7.62		(0.93	)		772		0.87	^(e)		1.36	^(e)		0.87	^(e)		1.36	^(e)		7.92			42
03/31/2011		7.94		0.70		0.23			0.93			(0.76	)		0.00			0.00			(0.76	)		8.11		12.19			204		1.07			1.45			1.07			1.45			8.71			9
03/31/2010		5.29		0.57		2.31			2.88			(0.16	)		(0.07	)		0.00			(0.23	)		7.94		54.65			75		1.02			1.45			1.02			1.45			7.85			14
03/31/2009		10.00		0.17		(3.67	)		(3.50	)		(0.21	)		(1.00	)		0.00			(1.21	)		5.29		(35.50	)		20		0.96			5.19			0.96			5.19			2.43			227
Class C
03/31/2013		7.56		0.33		0.53			0.86			(0.23	)		0.00			(0.06	)		(0.29	)		8.13		11.60			476		1.51			2.10			1.51			2.10			4.20			7
03/31/2012		8.05		0.41		(0.56	)		(0.15	)		(0.34	)		0.00			0.00			(0.34	)		7.56		(1.74	)		253		1.62	^(e)		2.11	^(e)		1.62	^(e)		2.11	^(e)		5.30			42
03/31/2011		7.89		0.64		0.23			0.87			(0.71	)		0.00			0.00			(0.71	)		8.05		11.42			252		1.82			2.20			1.82			2.20			8.05			9
03/31/2010		5.29		0.85		1.96			2.81			(0.14	)		(0.07	)		0.00			(0.21	)		7.89		53.33			129		1.79			2.20			1.79			2.20			11.32			14
07/31/2008 - 03/31/2009		9.63		0.10		(3.24	)		(3.14	)		(0.20	)		(1.00	)		0.00			(1.20	)		5.29		(33.22	)		8		1.73	*		6.10	*		1.73	*		6.10	*		2.27	*		227
Class R
03/31/2013		7.62		0.38		0.53			0.91			(0.33	)		0.00			(0.06	)		(0.39	)		8.14		12.21			747		1.01			1.60			1.01			1.60			4.82			7
03/31/2012		8.11		0.54		(0.65	)		(0.11	)		(0.38	)		0.00			0.00			(0.38	)		7.62		(1.14	)		307		1.12	^(e)		1.61	^(e)		1.12	^(e)		1.61	^(e)		7.08			42
03/31/2011		7.94		0.65		0.26			0.91			(0.74	)		0.00			0.00			(0.74	)		8.11		11.86			32		1.32			1.70			1.32			1.70			8.12			9
03/31/2010		5.30		0.46		2.40			2.86			(0.15	)		(0.07	)		0.00			(0.22	)		7.94		54.10			26		1.27			1.70			1.27			1.70			6.32			14
07/31/2008 - 03/31/2009		9.63		0.12		(3.24	)		(3.12	)		(0.21	)		(1.00	)		0.00			(1.21	)		5.30		(32.94	)		11		1.23	*		6.10	*		1.23	*		6.10	*		2.84	*		227
PIMCO RealRetirement® Income and Distribution Fund
Institutional Class
03/31/2013	$	8.52	$	0.36	$	0.40		$	0.76		$	(0.40	)	$	0.00		$	(0.01	)	$	(0.41	)	$	8.87		9.04	%	$	15,873		0.23	%		0.75	%		0.23	%		0.75	%		4.03	%		74	%
03/31/2012		8.51		0.35		0.02			0.37			(0.31	)		(0.05	)		0.00			(0.36	)		8.52		4.50			9,707		0.32			0.75			0.32			0.75			4.12			14
03/31/2011		8.30		0.56		0.21			0.77			(0.56	)		0.00			0.00			(0.56	)		8.51		9.53			4,885		0.39			0.75			0.39			0.75			6.55			0
03/31/2010		6.78		0.44		1.47			1.91			(0.33	)		(0.06	)		0.00			(0.39	)		8.30		28.20			3,934		0.38			0.75			0.38			0.75			5.48			10
03/31/2009		10.00		0.44		(2.16	)		(1.72	)		(0.38	)		(1.12	)		0.00			(1.50	)		6.78		(17.26	)		2,480		0.23			2.38			0.23			2.38			5.09			186
Class P
03/31/2013		8.53		0.44		0.31			0.75			(0.39	)		0.00			(0.01	)		(0.40	)		8.88		8.94			210		0.33			0.85			0.33			0.85			4.99			74
10/31/2011 - 03/31/2012		8.57		0.05		0.14			0.19			(0.18	)		(0.05	)		0.00			(0.23	)		8.53		2.30			10		0.42	*		0.85	*		0.42	*		0.85	*		1.46	*		14
Administrative Class
03/31/2013		8.50		0.38		0.36			0.74			(0.36	)		0.00			(0.01	)		(0.37	)		8.87		8.85			27,540		0.48			1.00			0.48			1.00			4.27			74
03/31/2012		8.51		0.35		(0.02	)		0.33			(0.29	)		(0.05	)		0.00			(0.34	)		8.50		4.08			7,029		0.57			1.00			0.57			1.00			4.08			14
03/31/2011		8.30		0.49		0.27			0.76			(0.55	)		0.00			0.00			(0.55	)		8.51		9.30			22		0.64			1.00			0.64			1.00			5.74			0
03/31/2010		6.77		0.39		1.51			1.90			(0.31	)		(0.06	)		0.00			(0.37	)		8.30		28.11			11		0.63			1.00			0.63			1.00			4.89			10
06/30/2008 - 03/31/2009		9.88		0.34		(2.00	)		(1.66	)		(0.33	)		(1.12	)		0.00			(1.45	)		6.77		(16.74	)		8		0.50	*		3.26	*		0.50	*		3.26	*		5.58	*		186
Class D
03/31/2013		8.48		0.34		0.37			0.71			(0.32	)		0.00			(0.01	)		(0.33	)		8.86		8.52			3,493		0.73			1.25			0.73			1.25			3.87			74
03/31/2012		8.48		0.30		0.03			0.33			(0.28	)		(0.05	)		0.00			(0.33	)		8.48		3.98			1,557		0.83	^(e)		1.26	^(e)		0.83	^(e)		1.26	^(e)		3.51			14
03/31/2011		8.28		0.57		0.15			0.72			(0.52	)		0.00			0.00			(0.52	)		8.48		8.89			390		0.99			1.35			0.99			1.35			6.72			0
03/31/2010		6.77		0.64		1.22			1.86			(0.29	)		(0.06	)		0.00			(0.35	)		8.28		27.52			273		1.00			1.35			1.00			1.35			7.84			10
03/31/2009		10.00		0.28		(2.06	)		(1.78	)		(0.33	)		(1.12	)		0.00			(1.45	)		6.77		(17.82	)		28		0.87			5.40			0.87			5.40			3.50			186
Class A
03/31/2013		8.47		0.35		0.36			0.71			(0.31	)		0.00			(0.01	)		(0.32	)		8.86		8.46			9,077		0.73			1.25			0.73			1.25			3.95			74
03/31/2012		8.47		0.28		0.04			0.32			(0.27	)		(0.05	)		0.00			(0.32	)		8.47		3.94			6,065		0.83	^(e)		1.26	^(e)		0.83	^(e)		1.26	^(e)		3.28			14
03/31/2011		8.27		0.63		0.09			0.72			(0.52	)		0.00			0.00			(0.52	)		8.47		8.93			3,069		0.99			1.35			0.99			1.35			7.44			0
03/31/2010		6.76		0.45		1.41			1.86			(0.29	)		(0.06	)		0.00			(0.35	)		8.27		27.54			892		0.98			1.35			0.98			1.35			5.68			10
03/31/2009		10.00		0.47		(2.25	)		(1.78	)		(0.34	)		(1.12	)		0.00			(1.46	)		6.76		(17.78	)		261		0.87			4.62			0.87			4.62			6.14			186
Class C
03/31/2013		8.43		0.28		0.36			0.64			(0.19	)		0.00			(0.01	)		(0.20	)		8.87		7.62			2,612		1.48			2.00			1.48			2.00			3.22			74
03/31/2012		8.44		0.22		0.04			0.26			(0.22	)		(0.05	)		0.00			(0.27	)		8.43		3.21			1,578		1.58	^(e)		2.01	^(e)		1.58	^(e)		2.01	^(e)		2.60			14
03/31/2011		8.25		0.43		0.23			0.66			(0.47	)		0.00			0.00			(0.47	)		8.44		8.10			694		1.74			2.10			1.74			2.10			5.04			0
03/31/2010		6.75		0.34		1.46			1.80			(0.24	)		(0.06	)		0.00			(0.30	)		8.25		26.64			310		1.73			2.10			1.73			2.10			4.26			10
07/31/2008 - 03/31/2009		9.73		0.20		(1.75	)		(1.55	)		(0.31	)		(1.12	)		0.00			(1.43	)		6.75		(15.98	)		101		1.69	*		7.41	*		1.69	*		7.41	*		4.37	*		186

Please see footnotes on last page of financial highlights.

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income ^(a)		Net Realized/ Unrealized Gain (Loss)			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Basis Return of Capital			Total Distributions			Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets Excluding Waivers			Ratio of Expenses to Average Net Assets Excluding Interest Expense			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Waivers			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate**
Class R
03/31/2013		8.46		0.28		0.41			0.69			(0.26	)		0.00			(0.01	)		(0.27	)		8.88		8.26			379		0.98			1.50			0.98			1.50			3.25			74
03/31/2012		8.47		0.24		0.06			0.30			(0.26	)		(0.05	)		0.00			(0.31	)		8.46		3.69			235		1.08	^(e)		1.51	^(e)		1.08	^(e)		1.51	^(e)		2.85			14
03/31/2011		8.27		0.53		0.16			0.69			(0.49	)		0.00			0.00			(0.49	)		8.47		8.55			53		1.24			1.60			1.24			1.60			6.23			0
03/31/2010		6.76		0.38		1.46			1.84			(0.27	)		(0.06	)		0.00			(0.33	)		8.27		27.24			115		1.23			1.60			1.23			1.60			4.73			10
07/31/2008 - 03/31/2009		9.73		0.22		(1.76	)		(1.54	)		(0.31	)		(1.12	)		0.00			(1.43	)		6.76		(15.77	)		36		1.23	*		9.83	*		1.23	*		9.83	*		4.34	*		186

*	Annualized
**	Effective April 1, 2010, the calculation methodology of the portfolio turnover rate has been updated to exclude investments in the PIMCO Short-Term Floating NAV Portfolio.
(a)	Per share amounts based on average number of shares outstanding during the year or period.
(b)	Ratio of expenses to average net assets includes line of credit expenses.
(c)	Effective October 1, 2008, the Class's supervisory and administrative fee was decreased by 0.20% to an annual rate of 0.20%.
(d)	Effective May 1, 2011, the Class's supervisory and administrative fee was decreased by 0.15% to an annual rate of 0.25%.
(e)	Effective May 1, 2011, the Class's supervisory and administrative fee was decreased by 0.10% to an annual rate of 0.30%.
(f)	Effective May 1, 2011, the Class's supervisory and administrative fee was decreased by 0.10% to an annual rate of 0.35%.

Appendix A
Description of Securities Ratings

A Fund's investments may range in quality from securities rated in the lowest category in which a Fund is permitted to invest to securities rated in the highest category (as rated by Moody's, S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality). The percentage of a Fund's assets invested in securities in a particular rating category will vary. The following terms are generally used to describe the credit quality of fixed income securities:

High Quality Debt Securities are those rated in one of the two highest rating categories (the highest category for commercial paper) or, if unrated, deemed comparable by PIMCO.

Investment Grade Debt Securities are those rated in one of the four highest rating categories or, if unrated, deemed comparable by PIMCO.

Below Investment Grade, High Yield Securities ("Junk Bonds") are those rated lower than Baa by Moody's, BBB by S&P or Fitch, and comparable securities. They are deemed predominantly speculative with respect to the issuer's ability to repay principal and interest.

The following is a description of Moody's, S&P's and Fitch's rating categories applicable to fixed income securities.

Moody's Investors Service, Inc.

Long-Term Corporate Obligation Ratings
Moody's long-term obligation ratings are opinions of the relative credit risk of fixed-income obligations with an original maturity of one year or more. They address the possibility that a financial obligation will not be honored as promised. Such ratings use Moody's global scale and reflect both the likelihood of default and any financial loss suffered in the event of default.

Aaa: Obligations rated Aaa are judged to be of the highest quality, with minimal credit risk.

Aa: Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

A: Obligations rated A are considered upper-medium grade and are subject to low credit risk.

Baa: Obligations rated Baa are subject to moderate credit risk. They are considered medium-grade and as such may possess certain speculative characteristics.

Ba: Obligations rated Ba are judged to have speculative elements and are subject to substantial credit risk.

B: Obligations rated B are considered speculative and are subject to high credit risk.

Caa: Obligations rated Caa are judged to be of poor standing and are subject to very high credit risk.

Ca: Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C: Obligations rated C are the lowest rated class of bonds and are typically in default, with little prospect for recovery of principal or interest.

Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

Medium-Term Note Ratings
Moody's assigns long-term ratings to individual debt securities issued from medium-term note (MTN) programs, in addition to indicating ratings to MTN programs themselves. These long-term ratings are expressed on Moody's general long-term scale. Notes issued under MTN programs with such indicated ratings are rated at issuance at the rating applicable to all pari passu notes issued under the same program, at the program's relevant indicated rating, provided such notes do not exhibit any of the characteristics listed below:

■

Notes containing features that link interest or principal to the credit performance of any third party or parties (i.e., credit-linked notes);

■

Notes allowing for negative coupons, or negative principal;

■

Notes containing any provision that could obligate the investor to make any additional payments;

■

Notes containing provisions that subordinate the claim.

For notes with any of these characteristics, the rating of the individual note may differ from the indicated rating of the program.

For credit-linked securities, Moody's policy is to "look through" to the credit risk of the underlying obligor. Moody's policy with respect to non-credit linked obligations is to rate the issuer's ability to meet the contract as stated, regardless of potential losses to investors as a result of non-credit developments. In other words, as long as the obligation has debt standing in the event of bankruptcy, we will assign the appropriate debt class level rating to the instrument.

Market participants must determine whether any particular note is rated, and if so, at what rating level. Moody's encourages market participants to contact Moody's Ratings Desks or visit www.moodys.com directly if they have questions regarding ratings for specific notes issued under a medium-term note program. Unrated notes issued under an MTN program may be assigned an NR (not rated) symbol.

Short-Term Ratings
Moody's short-term ratings are opinions of the ability of issuers to honor short-term financial obligations. Ratings may be assigned to issuers, short-term programs or to individual short-term debt instruments. Such obligations generally have an original maturity not exceeding thirteen months, unless explicitly noted.

Moody's employs the following designations to indicate the relative repayment ability of rated issuers:

P-1: Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

P-2: Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

P-3: Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

NP: Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

Canadian issuers rated P-1 or P-2 have their short-term ratings enhanced by the senior-most long-term rating of the issuer, its guarantor or support-provider.

US Municipal Ratings
Moody's US Municipal ratings are opinions of the investment quality of issuers and issues in the US municipal market. As such, these ratings incorporate Moody's assessment of the default probability and loss severity of these issuers and issues. The default and loss content for Moody's municipal long-term rating scale differs from Moody's general long-term rating scale. Historical default and loss rates for obligations rated on the US Municipal Scale are significantly lower than for similarly rated corporate obligations. It is important that users of Moody's ratings understand these differences when making rating comparisons between the Municipal and Global Scales.

US Municipal Long-Term Debt Ratings
Municipal Ratings are based upon the analysis of five primary factors related to municipal finance: market position, financial position, debt levels, governance, and covenants. Each of the factors is evaluated individually and for its effect on the other factors in the context of the municipality's ability to repay its debt.

Aaa: Issuers or issues rated Aaa demonstrate the strongest creditworthiness relative to other US municipal or tax-exempt issuers or issues.

Aa: Issuers or issues rated Aa demonstrate very strong creditworthiness relative to other US municipal or tax-exempt issuers or issues.

A: Issuers or issues rated A present above-average creditworthiness relative to other US municipal or tax-exempt issuers or issues.

Baa: Issuers or issues rated Baa represent average creditworthiness relative to other US municipal or tax- exempt issuers or issues.

Ba: Issuers or issues rated Ba demonstrate below-average creditworthiness relative to other US municipal or tax-exempt issuers or issues.

B: Issuers or issues rated B demonstrate weak creditworthiness relative to other US municipal or tax- exempt issuers or issues.

Caa: Issuers or issues rated Caa demonstrate very weak creditworthiness relative to other US municipal or tax-exempt issuers or issues.

Ca: Issuers or issues rated Ca demonstrate extremely weak creditworthiness relative to other US municipal or tax-exempt issuers or issues.

C: Issuers or issues rated C demonstrate the weakest creditworthiness relative to other US municipal or tax-exempt issuers or issues.

US Municipal Short-Term Debt and Demand Obligation Ratings

Short-Term Obligation Ratings
There are three rating categories for short-term municipal obligations that are considered investment grade. These ratings are designated as Municipal Investment Grade (MIG) and are divided into three levels—MIG 1 through MIG 3. In addition, those short-term obligations that are of speculative quality are designated SG, or speculative grade. MIG ratings expire at the maturity of the obligation.

MIG 1: This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

MIG 2: This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

MIG 3: This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

SG: This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

Demand Obligation Ratings
In the case of variable rate demand obligations (VRDOs), a two-component rating is assigned; a long- or short-term debt rating and a demand obligation rating. The first element represents Moody's evaluation of the degree of risk associated with scheduled principal and interest payments. The second element represents Moody's evaluation of the degree of risk associated with the ability to receive purchase price upon demand ("demand feature"), using a variation of the MIG rating scale, the Variable Municipal Investment Grade or VMIG rating.

When either the long- or short-term aspect of a VRDO is not rated, that piece is designated NR, e.g., Aaa/NR or NR/VMIG 1. VMIG rating expirations are a function of each issue's specific structural or credit features.

VMIG 1: This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

VMIG 2: This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

VMIG 3: This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

SG: This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have an investment grade short-term rating or may lack the structural and/or legal protections necessary to ensure the timely payment of purchase price upon demand.

Standard & Poor's Ratings Services

Long-Term Issue Credit Ratings
Issue credit ratings are based, in varying degrees, on Standard & Poor's analysis of the following considerations:

■

Likelihood of payment—capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with the terms of the obligation;

■

Nature of and provisions of the obligation;

■

Protection afforded by, and relative position of, the obligation in the event of bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

Issue ratings are an assessment of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect the lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

Investment Grade
AAA: An obligation rated 'AAA' has the highest rating assigned by Standard & Poor's. The obligor's capacity to meet its financial commitment on the obligation is extremely strong.

AA: An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong.

A: An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong.

BBB: An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

Speculative Grade
Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

BB: An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation.

B: An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation.

CCC: An obligation rated 'CCC' is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

CC: An obligation rated 'CC' is currently highly vulnerable to nonpayment.

C: A 'C' rating is assigned to obligations that are currently highly vulnerable to nonpayment, obligations that have payment arrearages allowed by the terms of the documents, or obligations of an issuer that is the subject of a bankruptcy petition or similar action which have not experienced a payment default. Among others, the 'C' rating may be assigned to subordinated debt, preferred stock or other obligations on which cash payments have been suspended in accordance with the instrument's terms or when preferred stock is the subject of a distressed exchange offer, whereby some or all of the issue is either repurchased for an amount of cash or replaced by other instruments having a total value that is less than par.

D: An obligation rated 'D' is in payment default. The 'D' rating category is used when payments on an obligation are not made on the date due unless Standard & Poor's believes that such payments will be made within five business days, irrespective of any grace period. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action if payments on an obligation are jeopardized. An obligation's rating is lowered to 'D' upon completion of a distressed exchange offer, whereby some or all of the issue is either repurchased for an amount of cash or replaced by other instruments having a total value that is less than par.

Plus (+) or minus (-): The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

NR: This indicates that no rating has been requested, that there is insufficient information on which to base a rating, or that Standard & Poor's does not rate a particular obligation as a matter of policy.

Short-Term Issue Credit Ratings
A-1: A short-term obligation rated 'A-1' is rated in the highest category by Standard & Poor's. The obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

A-2: A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitment on the obligation is satisfactory.

A-3: A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

B: A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead to the obligor's inadequate capacity to meet its financial commitments.

C: A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation.

D: A short-term obligation rated 'D' is in payment default. The 'D' rating category is used when payments on an obligation, including a regulatory capital instrument, are not made on the date due even if the applicable grace period has not expired, unless Standard & Poor's believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action if payments on an obligation are jeopardized.

Dual Ratings: Standard & Poor's assigns "dual" ratings to all debt issues that have a put option or demand feature as part of their structure. The first rating addresses the likelihood of repayment of principal and interest as due, and the second rating addresses only the demand feature. The long-term rating symbols are used for bonds to denote the long-term maturity and the short-term rating symbols for the put option (for example, 'AAA/A-1+'). With U.S. municipal short-term demand debt, note rating symbols are used with the short-term issue credit rating symbols (for example, 'SP-1+/A-1+').

Active Qualifiers
Standard & Poor's uses six qualifiers that limit the scope of a rating. The structure of the transaction can require the use of a qualifier such as a 'p' qualifier, which indicates the rating addressed the principal portion of the obligation only. Likewise, the qualifier can indicate a limitation on the type of information used, such as "pi" for public information. A qualifier appears as a suffix and is part of the rating.

L: Ratings qualified with 'L' apply only to amounts invested up to federal deposit insurance limits.

p: This suffix is used for issues in which the credit factors, the terms, or both, that determine the likelihood of receipt of payment of principal are different from the credit factors, terms or both that determine the likelihood of receipt of interest on the obligation. The 'p' suffix indicates that the rating addresses the principal portion of the obligation only. The 'p' suffix will always be used in conjunction with the 'i' suffix, which addresses likelihood of receipt of interest. For example, a rated obligation could be assigned ratings of "AAAp NRi" indicating that the principal portion is rated "AAA" and the interest portion of the obligation is not rated.

i: This suffix is used for issues in which the credit factors, terms, or both, that determine the likelihood of receipt of payment of interest are different from the credit factors, terms or both that determine the likelihood of receipt of principal on the obligation. The 'i' suffix indicates that the rating addresses the interest portion of the obligation only. The 'i' suffix will always be used in conjunction with the 'p' suffix, which addresses likelihood of receipt of principal. For example, a rated obligation could be assigned ratings of "AAAp NRi" indicating that the principal portion is rated "AAA" and the interest portion of the obligation is not rated.

pi: Ratings with a 'pi' suffix are based on an analysis of an issuer's published financial information, as well as additional information in the public domain. They do not, however, reflect in-depth meetings with an issuer's management and therefore may be based on less comprehensive information than ratings without a 'pi' suffix. Ratings with a 'pi' suffix are reviewed annually based on a new year's financial statements, but may be reviewed on an interim basis if a major event occurs that may affect the issuer's credit quality.

preliminary: Preliminary ratings, with the 'prelim' suffix, may be assigned to obligors or obligations, including financial programs, in the circumstances described below. Assignment of a final rating is conditional on the receipt by Standard & Poor's of appropriate documentation. Standard & Poor's reserves the right not to issue a final rating. Moreover, if a final rating is issued, it may differ from the preliminary rating.

■

Preliminary ratings may be assigned to obligations, most commonly structured and project finance issues, pending receipt of final documentation and legal opinions.

■

Preliminary ratings are assigned to Rule 415 Shelf Registrations. As specific issues, with defined terms, are offered from the master registration, a final rating may be assigned to them in accordance with Standard & Poor's policies.

■

Preliminary ratings may be assigned to obligations that will likely be issued upon the obligor's emergence from bankruptcy or similar reorganization, based on late-stage reorganization plans, documentation and discussions with the obligor. Preliminary ratings may also be assigned to the obligors. These ratings consider the anticipated general credit quality of the reorganized or postbankruptcy issuer as well as attributes of the anticipated obligation(s).

■

Preliminary ratings may be assigned to entities that are being formed or that are in the process of being independently established when, in Standard & Poor's opinion, documentation is close to final. Preliminary ratings may also be assigned to these entities' obligations.

■

Preliminary ratings may be assigned when a previously unrated entity is undergoing a well-formulated restructuring, recapitalization, significant financing or other transformative event, generally at the point that investor or lender commitments are invited. The preliminary rating may be assigned to the entity and to its proposed obligation(s). These preliminary ratings consider the anticipated general credit quality of the obligor, as well as attributes of the anticipated obligation(s), assuming successful completion of the transformative event. Should the transformative event not occur, Standard & Poor's would likely withdraw these preliminary ratings.

■

A preliminary recovery rating may be assigned to an obligation that has a preliminary issue credit rating.

t: This symbol indicates termination structures that are designed to honor their contracts to full maturity or, should certain events occur, to terminate and cash settle all their contracts before their final maturity date.

Inactive Qualifiers (no longer applied or outstanding)
*: This symbol indicated continuance of the ratings is contingent upon Standard & Poor's receipt of an executed copy of the escrow agreement or closing documentation confirming investments and cash flows. Discontinued use in August 1998.

c: This qualifier was used to provide additional information to investors that the bank may terminate its obligation to purchase tendered bonds if the long-term credit rating of the issuer is below an investment-grade level and/or the issuer's bonds are deemed taxable. Discontinued use in January 2001.

G: The letter 'G' followed the rating symbol when a fund's portfolio consisted primarily of direct U.S. government securities.

pr: The letters 'pr' indicate that the rating is provisional. A provisional rating assumes the successful completion of the project financed by the debt being rated and indicates that payment of debt service requirements is largely or entirely dependent upon the successful, timely completion of the project. This rating, however, while addressing credit quality subsequent to completion of the project, makes no comment on the likelihood of or the risk of default upon failure of such completion. The investor should exercise his own judgment with respect to such likelihood and risk.

q: A 'q' subscript indicates that the rating is based solely on quantitative analysis of publicly available information. Discontinued use in April 2001.

r: The 'r' modifier was assigned to securities containing extraordinary risks, particularly market risks, which are not covered in the credit rating. The absence of an 'r' modifier should not be taken as an indication that an obligation will not exhibit extraordinary non-credit related risks. Standard & Poor's discontinued the use of the 'r' modifier for most obligations in June 2000 and for the balance of obligations (mainly structured finance transactions) in November 2002.

Fitch, Inc.

Long-Term Credit Ratings

Investment Grade
AAA: Highest credit quality. 'AAA' ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA: Very high credit quality. "AA" ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A: High credit quality. "A" ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

BBB: Good credit quality. "BBB" ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

Speculative Grade
BB: Speculative. 'BB' ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

B: Highly speculative. 'B' ratings indicate that material credit risk is present.

CCC: Substantial credit risk. 'CCC' ratings indicate that substantial credit risk is present.

CC: Very high levels of credit risk. 'CC' ratings indicate very high levels of credit risk.

C: Exceptionally high levels of credit risk. 'C' indicates exceptionally high levels of credit risk.

Defaulted obligations typically are not assigned 'D' ratings, but are instead rated in the 'B' to 'C' rating categories, depending upon their recovery prospects and other relevant characteristics. This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the 'AAA' obligation rating category, or to corporate finance obligation ratings in the categories below 'CCC.'

The subscript 'emr' is appended to a rating to denote embedded market risk which is beyond the scope of the rating. The designation is intended to make clear that the rating solely addresses the counterparty risk of the issuing bank. It is not meant to indicate any limitation in the analysis of the counterparty risk, which in all other respects follows published Fitch criteria for analyzing the issuing financial institution. Fitch does not rate these instruments where the principal is to any degree subject to market risk.

Recovery Ratings
Recovery Ratings are assigned to selected individual securities and obligations. These currently are published for most individual obligations of corporate issuers with IDRs in the 'B' rating category and below.

Among the factors that affect recovery rates for securities are the collateral, the seniority relative to other obligations in the capital structure (where appropriate), and the expected value of the company or underlying collateral in distress.

The Recovery Rating scale is based upon the expected relative recovery characteristics of an obligation upon the curing of a default, emergence from insolvency or following the liquidation or termination of the obligor or its associated collateral.

Recovery Ratings are an ordinal scale and do not attempt to precisely predict a given level of recovery. As a guideline in developing the rating assessments, the agency employs broad theoretical recovery bands in its ratings approach based on historical averages, but actual recoveries for a given security may deviate materially from historical averages.

RR1: Outstanding recovery prospects given default. 'RR1' rated securities have characteristics consistent with securities historically recovering 91%-100% of current principal and related interest.

RR2: Superior recovery prospects given default. 'RR2' rated securities have characteristics consistent with securities historically recovering 71%-90% of current principal and related interest.

RR3: Good recovery prospects given default. 'RR3' rated securities have characteristics consistent with securities historically recovering 51%-70% of current principal and related interest.

RR4: Average recovery prospects given default. 'RR4' rated securities have characteristics consistent with securities historically recovering 31%-50% of current principal and related interest.

RR5: Below average recovery prospects given default. 'RR5' rated securities have characteristics consistent with securities historically recovering 11%-30% of current principal and related interest.

RR6: Poor recovery prospects given default. 'RR6' rated securities have characteristics consistent with securities historically recovering 0%-10% of current principal and related interest.

Short-Term Credit Ratings
A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity or security stream and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention. Typically, this means up to 13 months for corporate, sovereign and structured obligations, and up to 36 months for obligations in US public finance markets.

F1: Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

F2: Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

F3: Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.

B: Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

C: High short-term default risk. Default is a real possibility.

RD: Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Applicable to entity ratings only.

D: Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

INVESTMENT ADVISER AND ADMINISTRATOR

PIMCO, 840 Newport Center Drive, Newport Beach, CA 92660

DISTRIBUTOR

PIMCO Investments LLC, 1633 Broadway, New York, NY 10019

CUSTODIAN

State Street Bank & Trust Co., 801 Pennsylvania Avenue, Kansas City, MO 64105

TRANSFER AGENT

Boston Financial Data Services
Institutional Class, Class P, Administrative Class, Class D — 330 W. 9th Street, 5th Floor, Kansas City, MO 64105
Class A, Class B, Class C, Class R — P.O. Box 55060, Boston, MA 02205-5060

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP, 1100 Walnut Street, Suite 1300, Kansas City, MO 64106-2197

LEGAL COUNSEL

Dechert LLP, 1900 K Street N.W., Washington, DC 20006

For further information about the PIMCO Funds, call 888.87.PIMCO or visit our Web site at pimco.com/investments.

PIMCO FUNDS
840 Newport Center Drive
Newport Beach, CA 92660

The Trust's Statement of Additional Information ("SAI") and annual and semi-annual reports to shareholders include additional information about the Funds. The SAI and the financial statements included in the Funds' most recent annual report to shareholders are incorporated by reference into this Prospectus, which means they are part of this Prospectus for legal purposes. The Funds' annual report discusses the market conditions and investment strategies that significantly affected each Fund's performance during its last fiscal year.

The SAI contains detailed information about Fund purchase, redemption and exchange options and procedures and other information about the Funds. You can get a free copy of the SAI.

You may get free copies of any of these materials, request other information about a Fund, or make shareholder inquiries by calling the Trust at 888.87.PIMCO (888.877.4626) or by writing to:

PIMCO Funds
840 Newport Center Drive
Newport Beach, CA 92660

You may review and copy information about the Trust, including its SAI, at the Securities and Exchange Commission's public reference room in Washington, D.C. You may call the Commission at 202.551.8090 for information about the operation of the public reference room. You may also access reports and other information about the Trust on the EDGAR Database on the Commission's Web site at www.sec.gov. You may get copies of this information, with payment of a duplication fee, by writing the Public Reference Section of the Commission, Washington, D.C. 20549-1520, or by e-mailing your request to publicinfo@sec.gov.

You can also visit our web site at pimco.com/investments for additional information about the Funds, including the SAI and the annual and semi-annual reports, which are available for download free of charge.

Reference the Trust's Investment Company Act file number in your correspondence.

Investment Company Act File Number: 811-05028

PF0001_073113

Prospectus

PIMCO Funds


Bond Funds	July 31, 2013

	Inst	P	Admin	D	A	B	C	R
PIMCO Extended Duration Fund	PEDIX	PEDPX	PEDAX	—	—	—	—	—
PIMCO GNMA Fund	PDMIX	PPGNX	—	PGNDX	PAGNX	PBGNX	PCGNX	—
PIMCO Investment Grade Corporate Bond Fund	PIGIX	PBDPX	PGCAX	PBDDX	PBDAX	—	PBDCX	—
PIMCO Long Duration Total Return Fund	PLRIX	PLRPX	—	—	—	—	—	—
PIMCO Long-Term U.S. Government Fund	PGOVX	PLTPX	PLGBX	—	PFGAX	PFGBX	PFGCX	—
PIMCO Moderate Duration Fund	PMDRX	PMOPX	—	—	—	—	—	—
PIMCO Mortgage-Backed Securities Fund	PTRIX	PMRPX	PMTAX	PTMDX	PMRAX	PMRBX	PMRCX	—
PIMCO Mortgage Opportunities Fund	PMZIX	PMZPX	—	PMZDX	PMZAX	—	PMZCX	—
PIMCO Total Return Fund	PTTRX	PTTPX	PTRAX	PTTDX	PTTAX	PTTBX	PTTCX	PTRRX
PIMCO Total Return Fund II	PMBIX	PMTPX	PRADX	—	—	—	—	—
PIMCO Total Return Fund III	PTSAX	PRAPX	PRFAX	—	—	—	—	—
PIMCO Total Return Fund IV	PTUIX	PTUPX	__	__	PTUZX	—	PTUCX	—
PIMCO Unconstrained Bond Fund	PFIUX	PUCPX	PUBFX	PUBDX	PUBAX	—	PUBCX	PUBRX

Table of Contents


Fund Summaries
PIMCO Extended Duration Fund
PIMCO GNMA Fund
PIMCO Investment Grade Corporate Bond Fund
PIMCO Long Duration Total Return Fund
PIMCO Long-Term U.S. Government Fund
PIMCO Moderate Duration Fund
PIMCO Mortgage-Backed Securities Fund
PIMCO Mortgage Opportunities Fund
PIMCO Total Return Fund
PIMCO Total Return Fund II
PIMCO Total Return Fund III
PIMCO Total Return Fund IV
PIMCO Unconstrained Bond Fund
Summary of Other Important Information Regarding Fund Shares

Description of Principal Risks

Disclosure of Portfolio Holdings

Management of the Funds

Classes of Shares

Purchases, Redemptions and Exchanges

How Fund Shares are Priced

Fund Distributions

Tax Consequences

Characteristics and Risks of Securities and Investment Techniques

Financial Highlights

Appendix A - Description of Securities Ratings

PIMCO Extended Duration Fund

Investment Objective

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold 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 49 of the Fund's prospectus or from your financial advisor.

Shareholder Fees (fees paid directly from your investment):

	Inst Class	Class P	Admin Class	Class A
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None	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	None	1.00%

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class	Class A
Management Fees	0.50%	0.60%	0.50%	0.65%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%	0.25%
Other Expenses¹	0.04%	0.04%	0.04%	0.04%
Total Annual Fund Operating Expenses²	0.54%	0.64%	0.79%	0.94%

²	Total Annual Fund Operating Expenses excluding interest expense is 0.50%, 0.60%, 0.75% and 0.90% for Institutional Class, Class P, Administrative Class and Class A shares, respectively.

Example. The Example is intended to help you compare the cost of investing in Institutional Class, Class P, Administrative 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If you redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$55	$173	$302	$677
Class P	$65	$205	$357	$798
Administrative Class	$81	$252	$439	$978
Class A	$467	$663	$876	$1,486

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$55	$173	$302	$677
Class P	$65	$205	$357	$798
Administrative Class	$81	$252	$439	$978
Class A	$467	$663	$876	$1,486

Portfolio Turnover

Principal Investment Strategies

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 Pacific Investment Management Company LLC ("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. The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets.

Principal Risks

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:

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 and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments

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

Performance Information

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 P 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 actual distribution and/or service (12b-1) fees and other expenses paid by that class of shares. The Administrative Class and Class A 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 Citigroup 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 Citigroup U.S. Treasury 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.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is -12.40%. 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 -15.18% in the Q4 2010.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		5 Years		Since Inception (08/31/2006)
Institutional Class Return Before Taxes	2.89	%	14.15	%	13.30	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	-5.14	%	8.07	%	8.09	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	3.45	%	8.67	%	8.46	%
Class P Return Before Taxes	2.79	%	14.04	%	13.19	%
Citigroup STRIPS Index, 20+ Year Sub-Index (reflects no deductions for fees, expenses or taxes)	3.14	%	12.95	%	12.47	%

Lipper Corporate Debt Funds BBB-Rated Funds Average (reflects no deductions for taxes)

9.98

7.33

6.91

Investment Adviser/Portfolio Manager

PIMCO serves as the investment adviser for the Fund. The Fund's portfolio is managed by Stephen Rodosky. Mr. Rodosky is a Managing Director of PIMCO, and he has managed the Fund since July 2007.

Other Important Information Regarding Fund Shares

PIMCO GNMA Fund

Investment Objective

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold 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 49 of the Fund's prospectus or from your financial advisor.

Shareholder Fees (fees paid directly from your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class B	Class C
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%	3.50%	1.00%

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class B	Class C
Management Fees	0.50%	0.60%	0.50%	0.65%	0.65%	0.65%	0.65%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%	0.25%	0.25%	1.00%	1.00%
Other Expenses¹	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Total Annual Fund Operating Expenses²	0.51%	0.61%	0.76%	0.91%	0.91%	1.66%	1.66%

²	Total Annual Fund Operating Expenses excluding interest expense is 0.50%, 0.60%, 0.75%, 0.90%, 0.90%, 1.65% and 1.65% for Institutional Class, Class P, Administrative Class, Class D, Class A, Class B and Class C shares, respectively.

Example. The Example is intended to help you compare the cost of investing in Institutional Class, Class P, Administrative Class, Class D, Class A, Class B 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If you redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$52	$164	$285	$640
Class P	$62	$195	$340	$762
Administrative Class	$78	$243	$422	$942
Class D	$93	$290	$504	$1,120
Class A	$464	$654	$860	$1,453
Class B	$519	$723	$952	$1,496
Class C	$269	$523	$902	$1,965

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$52	$164	$285	$640
Class P	$62	$195	$340	$762
Administrative Class	$78	$243	$422	$942
Class D	$93	$290	$504	$1,120
Class A	$464	$654	$860	$1,453
Class B	$169	$523	$902	$1,496
Class C	$169	$523	$902	$1,965

Portfolio Turnover

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. 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 1,502% of the average value of its portfolio.

Principal Investment Strategies

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"), 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") forecast for interest rates. 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.

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 stocks.

Principal Risks

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:

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

Performance Information

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 P 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 actual distribution and/or service (12b-1) fees and other expenses paid by that class of shares. The Administrative Class of the Fund has not commenced operations as of the date of this prospectus. Performance for Class A, Class B 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.

The 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.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is -2.63%. For the periods shown in the bar chart, the highest quarterly return was 3.83% in the Q3 2006, and the lowest quarterly return was -0.61% in the Q2 2004.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		5 Years		10 Years
Institutional Class Return Before Taxes	3.01	%	6.86	%	5.74	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	1.54	%	4.74	%	3.91	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	1.97	%	4.64	%	3.85	%
Class P Return Before Taxes	2.91	%	6.75	%	5.63	%
Class D Return Before Taxes	2.60	%	6.43	%	5.32	%
Class A Return Before Taxes	-1.26	%	5.61	%	4.91	%
Class B Return Before Taxes	-1.62	%	5.56	%	4.77	%
Class C Return Before Taxes	0.85	%	5.64	%	4.53	%
Barclays GNMA Index (reflects no deductions for fees, expenses or taxes)	2.42	%	6.03	%	5.21	%

Lipper GNMA Funds Average (reflects no deductions for taxes)

2.40

5.65

4.59

Investment Adviser/Portfolio Manager

PIMCO serves as the investment adviser for the Fund. The Fund's portfolio is jointly managed by Michael Cudzil and Daniel Hyman. Messrs. Cudzil and Hyman are Executive Vice Presidents of PIMCO. Mr. Hyman has managed the Fund since July 2012, and Mr. Cudzil has managed the Fund since January 2013.

Other Important Information Regarding Fund Shares

PIMCO Investment Grade Corporate Bond Fund

Investment Objective

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold 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 49 of the Fund's prospectus or from your financial advisor.

Shareholder Fees (fees paid directly from your investment):

	Inst Class	Class P	Admin Class	Class D	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 (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C
Management Fees	0.50%	0.60%	0.50%	0.65%	0.65%	0.65%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%	0.25%	0.25%	1.00%
Total Annual Fund Operating Expenses	0.50%	0.60%	0.75%	0.90%	0.90%	1.65%

If you redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$51	$160	$280	$628
Class P	$61	$192	$335	$750
Administrative Class	$77	$240	$417	$930
Class D	$92	$287	$498	$1,108
Class A	$463	$651	$855	$1,441
Class C	$268	$520	$897	$1,955

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$51	$160	$280	$628
Class P	$61	$192	$335	$750
Administrative Class	$77	$240	$417	$930
Class D	$92	$287	$498	$1,108
Class A	$463	$651	$855	$1,441
Class C	$168	$520	$897	$1,955

Portfolio Turnover

Principal Investment Strategies

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 corporate 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 corporate 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 Barclays U.S. Credit Index, as calculated by PIMCO, which as of June 30, 2013 was 6.45 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") 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 Pacific Investment Management Company LLC ("PIMCO") to be of comparable quality (except that within such limitation, the Fund may invest in mortgage-related securities rated below B). 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. The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets.

Principal Risks

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:

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 and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments

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

Performance Information

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 P shares (April 30, 2008) and Class D, Class A and Class C shares (July 30, 2004), 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 actual distribution and/or service (12b-1) fees and other 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. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

The 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 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 five to ten years.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is -3.14%. 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.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		5 Years		10 Years
Institutional Class Return Before Taxes	14.99	%	10.68	%	8.32	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	12.54	%	7.65	%	5.81	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	9.93	%	7.47	%	5.71	%
Class P Return Before Taxes	14.88	%	10.57	%	8.21	%
Administrative Class Return Before Taxes	14.70	%	10.41	%	8.05	%
Class D Return Before Taxes	14.54	%	10.24	%	7.89	%
Class A Return Before Taxes	10.28	%	9.39	%	7.48	%
Class C Return Before Taxes	12.70	%	9.42	%	7.08	%
Barclays U.S. Credit Index (reflects no deductions for fees, expenses or taxes)	9.37	%	7.65	%	6.23	%

Lipper Intermediate Investment Grade Debt Funds Average (reflects no deductions for taxes)

6.80

5.92

4.98

Investment Adviser/Portfolio Manager

PIMCO serves as the investment adviser for the Fund. The Fund's portfolio is managed by Mark Kiesel. Mr. Kiesel is a Managing Director of PIMCO and he has managed the Fund since November 2002.

Other Important Information Regarding Fund Shares

PIMCO Long Duration Total Return Fund

Investment Objective

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold 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 49 of the Fund's prospectus or from your financial advisor.

Shareholder Fees (fees paid directly from your investment):

	Inst Class	Class P	Admin Class	Class A
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None	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	None	1.00%

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class	Class A
Management Fees	0.50%	0.60%	0.50%	0.65%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%	0.25%
Other Expenses¹	0.03%	0.03%	0.03%	0.03%
Total Annual Fund Operating Expenses²	0.53%	0.63%	0.78%	0.93%

²	Total Annual Fund Operating Expenses excluding interest expense is 0.50%, 0.60%, 0.75% and 0.90% for Institutional Class, Class P, Administrative Class and Class A shares, respectively.

If you redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$54	$170	$296	$665
Class P	$64	$202	$351	$786
Administrative Class	$80	$249	$433	$966
Class A	$466	$660	$870	$1,475

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$54	$170	$296	$665
Class P	$64	$202	$351	$786
Administrative Class	$80	$249	$433	$966
Class A	$466	$660	$870	$1,475

Portfolio Turnover

Principal Investment Strategies

Principal Risks

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:

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 and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments

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

Performance Information

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 P 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 actual distribution and/or service (12b-1) fees and other expenses paid by that class of shares. The Administrative Class and Class A 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 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.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is -7.77%. 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 -5.92% in the Q1 2009.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		5 Years		Since Inception (08/31/2006)
Institutional Class Return Before Taxes	10.28	%	11.62	%	10.82	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	7.96	%	8.89	%	8.27	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	7.14	%	8.47	%	7.89	%
Class P Return Before Taxes	10.17	%	11.52	%	10.72	%
Barclays Long-Term Government/Credit Index (reflects no deductions for fees, expenses or taxes)	8.78	%	10.16	%	9.50	%

Lipper Corporate Debt Funds BBB-Rated Funds Average (reflects no deductions for taxes)

9.98

7.33

6.91

Investment Adviser/Portfolio Manager

PIMCO serves as the investment adviser for the Fund. The Fund's portfolio is managed by Stephen Rodosky. Mr. Rodosky is a Managing Director of PIMCO, and he has managed the Fund since July 2007.

Other Important Information Regarding Fund Shares

PIMCO Long-Term U.S. Government Fund

Investment Objective

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold 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 49 of the Fund's prospectus or from your financial advisor.

Shareholder Fees (fees paid directly from your investment):

	Inst Class	Class P	Admin Class	Class A	Class B	Class C
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%	3.50%	1.00%

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class	Class A	Class B	Class C
Management Fees	0.475%	0.575%	0.475%	0.575%	0.575%	0.575%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%	0.25%	1.00%	1.00%
Other Expenses¹	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%
Total Annual Fund Operating Expenses²	0.505%	0.605%	0.755%	0.855%	1.605%	1.605%

²	Total Annual Fund Operating Expenses excluding interest expense is 0.475%, 0.575%, 0.725%, 0.825%, 1.575% and 1.575% for Institutional Class, Class P, Administrative Class, Class A, Class B and Class C shares, respectively.

Example. The Example is intended to help you compare the cost of investing in Institutional Class, Class P, Administrative Class, Class A, Class B 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If you redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$52	$162	$282	$634
Class P	$62	$194	$338	$756
Administrative Class	$77	$241	$420	$936
Class A	$459	$638	$831	$1,390
Class B	$513	$706	$923	$1,434
Class C	$263	$506	$873	$1,906

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$52	$162	$282	$634
Class P	$62	$194	$338	$756
Administrative Class	$77	$241	$420	$936
Class A	$459	$638	$831	$1,390
Class B	$163	$506	$873	$1,434
Class C	$163	$506	$873	$1,906

Portfolio Turnover

Principal Investment Strategies

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 Pacific Investment Management Company LLC ("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.

Principal Risks

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:

Performance Information

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 Class P 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 actual distribution and/or service (12b-1) fees and other expenses paid by that class of shares. Performance for Class A, Class B 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.

The 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.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is -7.80%. 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 -7.74% in the Q4 2010.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		5 Years		10 Years
Institutional Class Return Before Taxes	5.05	%	10.90	%	8.02	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	2.16	%	7.27	%	5.34	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	3.69	%	7.28	%	5.34	%
Class P Return Before Taxes	4.94	%	10.79	%	7.91	%
Administrative Class Return Before Taxes	4.82	%	10.63	%	7.75	%
Class A Return Before Taxes	0.76	%	9.64	%	7.18	%
Class B Return Before Taxes	0.55	%	9.59	%	7.03	%
Class C Return Before Taxes	2.95	%	9.66	%	6.80	%
Barclays Long-Term Treasury Index (reflects no deductions for fees, expenses or taxes)	3.56	%	9.71	%	7.65	%

Lipper General U.S. Government Funds Average (reflects no deductions for taxes)

2.36

4.92

4.06

Investment Adviser/Portfolio Manager

PIMCO serves as the investment adviser for the Fund. The Fund's portfolio is managed by Stephen Rodosky. Mr. Rodosky is a Managing Director of PIMCO, and he has managed the Fund since July 2007.

Other Important Information Regarding Fund Shares

PIMCO Moderate Duration Fund

Investment Objective

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

Shareholder Fees (fees paid directly from your investment): None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class
Management Fees	0.46%	0.56%	0.46%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%
Total Annual Fund Operating Expenses	0.46%	0.56%	0.71%

Example. The Example is intended to help you compare the cost of investing in Institutional Class, Class P 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$47	$148	$258	$579
Class P	$57	$179	$313	$701
Administrative Class	$73	$227	$395	$883

Portfolio Turnover

Principal Investment Strategies

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") 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 Pacific Investment Management Company LLC ("PIMCO") to be of comparable quality (except that within such limitation, the Fund may invest in mortgage-backed securities rated below B). 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. The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets.

Principal Risks

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:

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 and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments

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

Performance Information

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 P 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 actual distribution and/or service (12b-1) fees and other expenses paid by that class of shares. The Administrative Class of the Fund has 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 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.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is -1.51%. 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.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		5 Years		10 Years
Institutional Class Return Before Taxes	8.52	%	7.38	%	5.96	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	6.73	%	5.39	%	4.14	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	5.71	%	5.20	%	4.06	%
Class P Return Before Taxes	8.41	%	7.27	%	5.85	%
Barclays Intermediate Government/Credit Index (reflects no deductions for fees, expenses or taxes)	3.89	%	5.18	%	4.62	%

Lipper Short-Intermediate Investment Grade Debt Funds Average (reflects no deductions for taxes)

4.73

4.70

3.92

Investment Adviser/Portfolio Manager

PIMCO serves as the investment adviser for the Fund. The Fund's portfolio is managed by William H. Gross. Mr. Gross is a Managing Director, Co-Chief Investment Officer and a founding partner of PIMCO and he has managed the Fund since January 1998.

Other Important Information Regarding Fund Shares

PIMCO Mortgage-Backed Securities Fund

Investment Objective

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold 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 49 of the Fund's prospectus or from your financial advisor.

Shareholder Fees (fees paid directly from your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class B	Class C
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%	3.50%	1.00%

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class B	Class C
Management Fees	0.50%	0.60%	0.50%	0.65%	0.65%	0.65%	0.65%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%	0.25%	0.25%	1.00%	1.00%
Total Annual Fund Operating Expenses	0.50%	0.60%	0.75%	0.90%	0.90%	1.65%	1.65%

If you redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$51	$160	$280	$628
Class P	$61	$192	$335	$750
Administrative Class	$77	$240	$417	$930
Class D	$92	$287	$498	$1,108
Class A	$463	$651	$855	$1,441
Class B	$518	$720	$947	$1,485
Class C	$268	$520	$897	$1,955

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$51	$160	$280	$628
Class P	$61	$192	$335	$750
Administrative Class	$77	$240	$417	$930
Class D	$92	$287	$498	$1,108
Class A	$463	$651	$855	$1,441
Class B	$168	$520	$897	$1,485
Class C	$168	$520	$897	$1,955

Portfolio Turnover

Principal Investment Strategies

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") forecast for interest rates. 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.

Principal Risks

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:

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

Performance Information

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 P 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 actual distribution and/or service (12b-1) fees and other expenses paid by that class of shares. Performance for Class A, Class B 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.

The Barclays U.S. MBS Fixed Rate Index covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The MBS Index is formed by grouping the universe of over 600,000 individual fixed rate MBS pools into approximately 3,500 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.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is -2.00%. 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 -1.48% in the Q4 2008.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		5 Years		10 Years
Institutional Class Return Before Taxes	5.04	%	6.65	%	5.76	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	3.35	%	4.23	%	3.73	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	3.26	%	4.28	%	3.73	%
Class P Return Before Taxes	4.93	%	6.55	%	5.66	%
Administrative Class Return Before Taxes	4.77	%	6.39	%	5.50	%
Class D Return Before Taxes	4.62	%	6.23	%	5.35	%
Class A Return Before Taxes	0.72	%	5.42	%	4.94	%
Class B Return Before Taxes	0.34	%	5.36	%	4.80	%
Class C Return Before Taxes	2.84	%	5.44	%	4.56	%
Barclays U.S. MBS Fixed Rate Index (reflects no deductions for fees, expenses or taxes)	2.60	%	5.72	%	5.11	%

Lipper U.S. Mortgage Funds Average (reflects no deductions for taxes)

4.33

5.16

4.25

Investment Adviser/Portfolio Manager

Other Important Information Regarding Fund Shares

PIMCO Mortgage Opportunities Fund

Investment Objective

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold 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 49 of the Fund's prospectus or from your financial advisor.

Shareholder Fees (fees paid directly from your investment):

	Inst Class	Class P	Admin Class	Class D	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 (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Management Fees	0.60%	0.70%	0.60%	0.75%	0.75%	0.75%	0.75%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%	0.25%	0.25%	1.00%	0.50%
Other Expenses¹	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Total Annual Fund Operating Expenses²	0.62%	0.72%	0.87%	1.02%	1.02%	1.77%	1.27%

²	Total Annual Fund Operating Expenses excluding interest expense is 0.60%, 0.70%, 0.85%, 1.00%, 1.00%, 1.75% and 1.25% for Institutional Class, Class P, Administrative Class, Class D, Class A, Class C and Class R shares, respectively.

If you redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$63	$199	$346	$774
Class P	$74	$230	$401	$894
Administrative Class	$89	$278	$482	$1,073
Class D	$104	$325	$563	$1,248
Class A	$475	$688	$917	$1,576
Class C	$280	$557	$959	$2,084
Class R	$129	$403	$697	$1,534

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$63	$199	$346	$774
Class P	$74	$230	$401	$894
Administrative Class	$89	$278	$482	$1,073
Class D	$104	$325	$563	$1,248
Class A	$475	$688	$917	$1,576
Class C	$180	$557	$959	$2,084
Class R	$129	$403	$697	$1,534

Portfolio Turnover

Principal Investment Strategies

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, 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"). The Fund will invest in a broad array of mortgage-related securities in seeking to generate consistent, absolute returns across full market cycles. The remainder of the Fund's assets may be invested in other types of "Fixed Income Instruments," which 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 (negative) 1 year to positive 8 years based on PIMCO's forecast for interest rates. 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") that are rated Caa or higher by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Rating Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by Pacific Investment Management Company LLC ("PIMCO") to be of comparable quality (except such limitation shall not apply to the Fund's investments in mortgage-related securities). The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.

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 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.

Principal Risks

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:

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 and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments

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

Performance Information

The Fund's benchmark index is the 3-Month USD LIBOR Index. LIBOR (London Interbank Offered Rate) is an average interest rate, determined by the British Bankers Association that banks charge one another for the use of short-term money (3 months) in England's Eurodollar market.

Investment Adviser/Portfolio Manager

PIMCO serves as the investment adviser for the Fund. The Fund's portfolio is jointly managed by Joshua Anderson, Daniel Hyman and Alfred T. Murata. Messrs. Anderson and Murata are Managing Directors of PIMCO. Mr. Hyman is an Executive Vice President of PIMCO. They have managed the Fund since its inception in October 2012.

Other Important Information Regarding Fund Shares

PIMCO Total Return Fund

Investment Objective

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold 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 49 of the Fund's prospectus or from your financial advisor.

Shareholder Fees (fees paid directly from your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class B	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	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%	3.50%	1.00%	None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class B	Class C	Class R
Management Fees	0.46%	0.56%	0.46%	0.50%	0.60%	0.60%	0.60%	0.60%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%	0.25%	0.25%	1.00%	1.00%	0.50%
Total Annual Fund Operating Expenses	0.46%	0.56%	0.71%	0.75%	0.85%	1.60%	1.60%	1.10%

If you redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$47	$148	$258	$579
Class P	$57	$179	$313	$701
Administrative Class	$73	$227	$395	$883
Class D	$77	$240	$417	$930
Class A	$459	$636	$829	$1,385
Class B	$513	$705	$921	$1,428
Class C	$263	$505	$871	$1,900
Class R	$112	$350	$606	$1,340

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$47	$148	$258	$579
Class P	$57	$179	$313	$701
Administrative Class	$73	$227	$395	$883
Class D	$77	$240	$417	$930
Class A	$459	$636	$829	$1,385
Class B	$163	$505	$871	$1,428
Class C	$163	$505	$871	$1,900
Class R	$112	$350	$606	$1,340

Portfolio Turnover

Principal Investment Strategies

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") 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 Pacific Investment Management Company LLC ("PIMCO") to be of comparable quality (except that within such limitation, the Fund may invest in mortgage-related securities rated below B). 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. 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.

Principal Risks

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:

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 and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments

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

Performance Information

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 Class P 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 distribution and/or service (12b-1) fees and other expenses paid by that class of shares. Performance for Class A, Class B 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.

The 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. The Lipper 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 five to ten years.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is -3.02%. 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 -2.18% in the Q2 2004.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		5 Years		10 Years
Institutional Class Return Before Taxes	10.36	%	8.34	%	6.81	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	8.10	%	5.92	%	4.82	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	6.92	%	5.77	%	4.74	%
Class P Return Before Taxes	10.25	%	8.23	%	6.71	%
Administrative Class Return Before Taxes	10.08	%	8.07	%	6.55	%
Class D Return Before Taxes	10.04	%	8.02	%	6.49	%
Class A Return Before Taxes	5.81	%	7.06	%	5.93	%
Class B Return Before Taxes	5.62	%	7.00	%	5.78	%
Class C Return Before Taxes	8.12	%	7.07	%	5.55	%
Class R Return Before Taxes	9.66	%	7.61	%	6.07	%
Barclays U.S. Aggregate Index (reflects no deductions for fees, expenses or taxes)	4.21	%	5.95	%	5.18	%

Lipper Intermediate Investment Grade Debt Funds Average (reflects no deductions for taxes)

6.80

5.92

4.98

Investment Adviser/Portfolio Manager

Other Important Information Regarding Fund Shares

PIMCO Total Return Fund II

Investment Objective

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

Shareholder Fees (fees paid directly from your investment): None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class
Management Fees	0.50%	0.60%	0.50%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%
Total Annual Fund Operating Expenses	0.50%	0.60%	0.75%

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$51	$160	$280	$628
Class P	$61	$192	$335	$750
Administrative Class	$77	$240	$417	$930

Portfolio Turnover

Principal Investment Strategies

Principal Risks

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:

Performance Information

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 Class P 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 actual distribution and/or service (12b-1) fees and other 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.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is -3.04%. 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 -1.90% in the Q2 2004.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		5 Years		10 Years
Institutional Class Return Before Taxes	8.17	%	7.78	%	6.21	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	6.29	%	5.69	%	4.38	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	5.88	%	5.55	%	4.31	%
Class P Return Before Taxes	8.07	%	7.67	%	6.11	%
Administrative Class Return Before Taxes	7.90	%	7.51	%	5.95	%
Barclays U.S. Aggregate Index (reflects no deductions for fees, expenses or taxes)	4.21	%	5.95	%	5.18	%

Lipper Intermediate Investment Grade Debt Funds Average (reflects no deductions for taxes)

6.80

5.92

4.98

Investment Adviser/Portfolio Manager

Other Important Information Regarding Fund Shares

PIMCO Total Return Fund III

Investment Objective

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

Shareholder Fees (fees paid directly from your investment): None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class
Management Fees	0.50%	0.60%	0.50%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%
Total Annual Fund Operating Expenses	0.50%	0.60%	0.75%

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$51	$160	$280	$628
Class P	$61	$192	$335	$750
Administrative Class	$77	$240	$417	$930

Portfolio Turnover

Principal Investment Strategies

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 Barclays U.S. Aggregate Index, as calculated by PIMCO, which as of June 30, 2013 was 5.18 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 Pacific Investment Management Company LLC ("PIMCO") to be engaged principally in the provision of healthcare services, the manufacture of alcoholic beverages, tobacco products, pharmaceuticals or military equipment, the operation of gambling casinos or in the production or trade of pornographic materials. 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 (a "Sudan-Related Issuer"). In analyzing whether an issuer is a Sudan-Related Issuer, PIMCO may rely upon, among other things, information from a list provided by an independent third party.

The Fund invests primarily in investment grade securities, but may invest up to 10% of its total assets in high yield securities ("junk bonds") 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 (except that within such limitation, the Fund may invest in mortgage-backed securities rated below B). 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. The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets.

Principal Risks

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:

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 and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments

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

Performance Information

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 P 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 actual distribution and/or service (12b-1) fees and other 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.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is -2.88%. 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 -2.79% in the Q3 2008.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		5 Years		10 Years
Institutional Class Return Before Taxes	9.69	%	8.00	%	6.66	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	7.69	%	5.64	%	4.60	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	6.49	%	5.49	%	4.52	%
Class P Return Before Taxes	9.58	%	7.89	%	6.55	%
Administrative Class Return Before Taxes	9.42	%	7.74	%	6.40	%
Barclays U.S. Aggregate Index (reflects no deductions for fees, expenses or taxes)	4.21	%	5.95	%	5.18	%

Lipper Intermediate Investment Grade Debt Funds Average (reflects no deductions for taxes)

6.80

5.92

4.98

Investment Adviser/Portfolio Manager

Other Important Information Regarding Fund Shares

PIMCO Total Return Fund IV

Investment Objective

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold 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 49 of the Fund's prospectus or from your financial advisor.

Shareholder Fees (fees paid directly from your investment):

	Inst Class	Class P	Admin Class	Class D	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 (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Management Fees	0.50%	0.60%	0.50%	0.60%	0.60%	0.60%	0.60%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%	0.25%	0.25%	1.00%	0.50%
Total Annual Fund Operating Expenses	0.50%	0.60%	0.75%	0.85%	0.85%	1.60%	1.10%

If you redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$51	$160	$280	$628
Class P	$61	$192	$335	$750
Administrative Class	$77	$240	$417	$930
Class D	$87	$271	$471	$1,049
Class A	$459	$636	$829	$1,385
Class C	$263	$505	$871	$1,900
Class R	$112	$350	$606	$1,340

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$51	$160	$280	$628
Class P	$61	$192	$335	$750
Administrative Class	$77	$240	$417	$930
Class D	$87	$271	$471	$1,049
Class A	$459	$636	$829	$1,385
Class C	$163	$505	$871	$1,900
Class R	$112	$350	$606	$1,340

Portfolio Turnover

Principal Investment Strategies

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 Barclays U.S. Aggregate Index, as calculated by Pacific Investment Management Company LLC ("PIMCO"), which as of June 30, 2013 was 5.18 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.

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 stock, convertible securities and other equity-related securities, although the Fund will not invest in common stock.

Principal Risks

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:

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

Leveraging Risk: the risk that certain transactions of the Fund, such as the use of when-issued, delayed delivery or forward commitment transactions, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged

Performance Information

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 shares (June 1, 2012), 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 actual distribution and/or service (12b-1) fees and other expenses paid by that class of shares. The Administrative Class, Class D and Class R of the Fund have not commenced operations as of the date of this prospectus. 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.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is -2.42%. 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 0.97% in the Q4 2012.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		Since Inception (05/26/2011)
Institutional Class Return Before Taxes	9.30	%	9.70	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	7.15	%	8.17	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	6.10	%	7.41	%
Class P Return Before Taxes	9.19	%	9.59	%
Class A Return Before Taxes	4.84	%	6.75	%
Class C Return Before Taxes	7.09	%	8.48	%
Barclays U.S. Aggregate Index (reflects no deductions for fees, expenses or taxes)	4.21	%	5.63	%

Lipper Intermediate Investment Grade Debt Funds Average (reflects no deductions for taxes)

6.80

6.11

Investment Adviser/Portfolio Manager

Other Important Information Regarding Fund Shares

PIMCO Unconstrained Bond Fund

Investment Objective

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

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold 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 49 of the Fund's prospectus or from your financial advisor.

Shareholder Fees (fees paid directly from your investment):

	Inst Class	Class P	Admin Class	Class D	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 (expenses that you pay each year as a percentage of the value of your investment):

	Inst Class	Class P	Admin Class	Class D	Class A	Class C	Class R
Management Fees	0.90%	1.00%	0.90%	1.05%	1.05%	1.05%	1.05%
Distribution and/or Service (12b-1) Fees	N/A	N/A	0.25%	0.25%	0.25%	1.00%	0.50%
Other Expenses¹	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Total Annual Fund Operating Expenses²	0.91%	1.01%	1.16%	1.31%	1.31%	2.06%	1.56%

²	Total Annual Fund Operating Expenses excluding interest expense is 0.90%, 1.00%, 1.15%, 1.30%, 1.30%, 2.05% and 1.55% for Institutional Class, Class P, Administrative Class, Class D, Class A, Class C and Class R shares, respectively.

If you redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$93	$290	$504	$1,120
Class P	$103	$322	$558	$1,236
Administrative Class	$118	$368	$638	$1,409
Class D	$133	$415	$718	$1,579
Class A	$503	$775	$1,066	$1,895
Class C	$309	$646	$1,108	$2,390
Class R	$159	$493	$850	$1,856

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$93	$290	$504	$1,120
Class P	$103	$322	$558	$1,236
Administrative Class	$118	$368	$638	$1,409
Class D	$133	$415	$718	$1,579
Class A	$503	$775	$1,066	$1,895
Class C	$209	$646	$1,108	$2,390
Class R	$159	$493	$850	$1,856

Portfolio Turnover

Principal Investment Strategies

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") forecast for interest rates. 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. 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 stocks.

Principal Risks

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:

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 and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments

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

Performance Information

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 Administrative Class shares (June 7, 2013) and 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 actual distribution and/or service (12b-1) fees and other 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. 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 Index (Resets Quarterly). LIBOR (London Interbank Offered Rate) is an average interest rate, determined by the British Bankers Association, that banks charge one another for the use of short-term money (3 months) in England's Eurodollar market, resetting quarterly. The 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.

Calendar Year Total Returns — Institutional Class*

*The year-to-date return as of June 30, 2013 is -1.19%. 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 -1.06% in the Q3 2011.

Average Annual Total Returns (for periods ended 12/31/12)

	1 Year		Since Inception (06/30/2008)
Institutional Class Return Before Taxes	9.04	%	6.69	%
Institutional Class Return After Taxes on Distributions⁽¹⁾	7.79	%	5.44	%
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares⁽¹⁾	5.89	%	5.02	%
Class P Return Before Taxes	8.93	%	6.58	%
Administrative Class Return Before Taxes	8.77	%	6.42	%
Class D Return Before Taxes	8.60	%	6.26	%
Class A Return Before Taxes	4.57	%	5.36	%
Class C Return Before Taxes	6.89	%	5.49	%
Class R Return Before Taxes	8.33	%	6.00	%
3 Month USD LIBOR Index (reflects no deductions for fees, expenses or taxes)	0.47	%	0.81	%

Lipper Absolute Return Funds Average (reflects no deductions for taxes)

4.76

1.55

Investment Adviser/Portfolio Manager

PIMCO serves as the investment adviser for the Fund. The Fund's portfolio is managed by Chris Dialynas. Mr. Dialynas is a Managing Director of PIMCO, and he has managed the Fund since its inception in June 2008.

Other Important Information Regarding Fund Shares

Summary of Other Important Information Regarding Fund Shares

Purchase and Sale of Fund Shares

Institutional Class, Class P, Administrative Class and Class D

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Sending a written request by mail to:
PIMCO Funds c/o BFDS Midwest
330 W. 9th Street, Kansas City, MO 64105

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Calling us at 888.87.PIMCO and a Shareholder Services associate will assist you

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Sending a fax to our Shareholder Services department at 816.421.2861

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Sending an e-mail to pimcoteam@bfdsmidwest.com

Class A, Class B, Class C and Class R

Tax Information

Payments to Broker-Dealers and Other Financial Firms

Description of Principal Risks

Principal Risk	PIMCO Extended Duration Fund	PIMCO GNMA Fund	PIMCO Investment Grade Corporate Bond Fund	PIMCO Long Duration Total Return Fund	PIMCO Long-Term U.S. Govenment Fund	PIMCO Moderate Duration Fund	PIMCO Mortgage-Backed Securities Fund
Interest Rate	x	x	x	x	x	x	x
Credit	x	x	x	x	x	x	x
High Yield	x	–	x	x	–	x	–
Market	x	x	x	x	x	x	x
Issuer	x	x	x	x	x	x	x
Liquidity	x	x	x	x	–	x	x
Derivatives	x	x	x	x	x	x	x
Equity	x	x	x	x	x	x	x
Mortgage-Related and Other Asset-Backed Securities	x	x	x	x	x	x	x
Extension	–	–	–	–	–	–	–
Prepayment	–	–	–	–	–	–	–
Privately Issued Mortgage-Related Securities	–	–	–	–	–	–	–
Foreign (Non-U.S.) Investment	x	x	x	x	–	x	x
Emerging Markets	x	x	x	x	–	x	x
Currency	x	–	x	x	–	x	–
Leveraging	x	x	x	x	x	x	x
Management	x	x	x	x	x	x	x
Issuer Non-Diversification	–	–	–	–	–	–	–
Short Sale	x	x	x	x	x	x	x
Convertible Securities	–	–	–	–	–	–	–

Principal Risk	PIMCO Mortgage Opportunities Fund	PIMCO Total Return Fund	PIMCO Total Return Fund II	PIMCO Total Return Fund III	PIMCO Total Return Fund IV	PIMCO Unconstrained Bond Fund
Interest Rate	x	x	x	x	x	x
Credit	x	x	x	x	x	x
High Yield	x	x	–	x	–	x
Market	x	x	x	x	x	x
Issuer	x	x	x	x	x	x
Liquidity	x	x	x	x	x	x
Derivatives	x	x	x	x	x	x
Equity	–	x	x	x	x	x
Mortgage-Related and Other Asset-Backed Securities	x	x	x	x	x	x
Extension	x	–	–	–	-	–
Prepayment	x	–	–	–	–	–
Privately Issued Mortgage-Related Securities	x	–	–	–	–	–
Foreign (Non-U.S.) Investment	–	x	–	x	x	x
Emerging Markets	–	x	–	x	x	x
Currency	–	x	–	x	–	x
Leveraging	x	x	x	x	x	x
Management	x	x	x	x	x	x
Issuer Non-Diversification	x	–	–	–	–	–
Short Sale	x	x	x	x	x	x
Convertible Securities	–	x	–	–	x	–

Interest Rate Risk

Credit Risk

High Yield Risk

Market Risk

Issuer Risk

Liquidity Risk

Derivatives Risk

Equity Risk

Mortgage-Related and Other Asset-Backed Securities Risk

Extension Risk

The issuer of a security held by a Fund (such as a mortgage-related or other asset-backed security) may under certain circumstances make principal payments on such security later than expected. This may occur, for example, when interest rates rise. Such later-than-expected principal payments decrease the value of the security held by a Fund. In addition, as payments are received later than expected, a Fund may miss the opportunity to reinvest in higher yielding securities.

Prepayment Risk

The issuer of a security held by a Fund (such as a mortgage-related or other asset-backed security) may under certain circumstances make principal payments on such security sooner than expected. This may occur, for example, when interest rates decline. Such sooner-than-expected principal payments may reduce the returns of a Fund because the Fund is forced to forego expected future interest payments on the principal amount paid back early and the Fund may be forced to reinvest the money it receives from such early payments at the lower prevailing interest rates. Additionally, the yield to maturity on an IO class of a stripped MBS ("SMBS") is extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on a Fund's yield to maturity from these securities.

Privately Issued Mortgage-Related Securities Risk

There are no direct or indirect government or agency guarantees of payments in pools created by non-governmental issuers. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

Foreign (Non-U.S.) Investment Risk

Emerging Markets Risk

Currency Risk

Leveraging Risk

Certain transactions may give rise to a form of leverage. Such transactions may include, among others, reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions. The use of derivatives may also create leveraging risk. To mitigate leveraging risk, PIMCO will segregate or "earmark" liquid assets (or cash equivalent securities in the case of the PIMCO Total Return Fund IV) or otherwise cover the transactions that may give rise to such risk. Certain Funds also may be exposed to leveraging risk by borrowing money for investment purposes. Leveraging may cause a Fund to liquidate portfolio positions to satisfy its obligations or to meet segregation requirements when it may not be advantageous to do so. Leveraging, including borrowing, may cause a Fund to be more volatile than if the Fund had not been leveraged. This is because leveraging tends to exaggerate the effect of any increase or decrease in the value of a Fund's portfolio securities. Certain types of leveraging transactions, such as short sales that are not "against the box," could theoretically be subject to unlimited losses in cases where a Fund, for any reason, is unable to close out the transaction. In addition, to the extent a Fund borrows money, interest costs on such borrowings may not be recovered by any appreciation of the securities purchased with the borrowed amounts and could exceed the Fund's investment returns, resulting in greater losses.

Management Risk

Each Fund is subject to management risk because it is an actively managed investment portfolio. PIMCO and each individual portfolio manager will apply investment techniques and risk analyses in making investment decisions for the Funds, but there can be no guarantee that these decisions will produce the desired results. Additionally, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and each individual portfolio manager in connection with managing the Funds and may also adversely affect the ability of the Funds to achieve their investment objectives.

Issuer Non-Diversification Risk

Short Sale Risk

Convertible Securities Risk

Disclosure of Portfolio Holdings

Please see "Disclosure of Portfolio Holdings" in the Statement of Additional Information for information about the availability of the complete schedule of each Fund's holdings.

Management of the Funds

Investment Adviser and Administrator

Management Fees

	Management Fees
Fund Name	Inst Class	Class P	Admin Class	Class D	Class A	Class B	Class C	Class R
PIMCO Extended Duration Fund	0.50%	0.60%	0.50%	N/A	0.65%	N/A	N/A	N/A
PIMCO GNMA Fund	0.50%	0.60%	0.50%	0.65%	0.65%	0.65%	0.65%	N/A
PIMCO Investment Grade Corporate Bond Fund	0.50%	0.60%	0.50%	0.65%	0.65%	N/A	0.65%	N/A
PIMCO Long Duration Total Return Fund	0.50%	0.60%	0.50%	N/A	0.65%	N/A	N/A	N/A
PIMCO Long-Term U.S. Government Fund	0.475%	0.575%	0.475%	N/A	0.575%	0.575%	0.575%	N/A
PIMCO Moderate Duration Fund	0.46%	0.56%	0.46%	N/A	N/A	N/A	N/A	N/A
PIMCO Mortgage-Backed Securities Fund	0.50%	0.60%	0.50%	0.65%	0.65%	0.65%	0.65%	N/A
PIMCO Mortgage Opportunities Fund	0.60%	0.70%	0.60%	0.75%	0.75%	N/A	0.75%	0.75%
PIMCO Total Return Fund	0.46%	0.56%	0.46%	0.50%	0.60%	0.60%	0.60%	0.60%
PIMCO Total Return Fund II	0.50%	0.60%	0.50%	N/A	N/A	N/A	N/A	N/A
PIMCO Total Return Fund III	0.50%	0.60%	0.50%	N/A	N/A	N/A	N/A	N/A
PIMCO Total Return Fund IV	0.50%	0.60%	0.50%	0.60%	0.60%	N/A	0.60%	0.60%
PIMCO Unconstrained Bond Fund	0.90%	1.00%	0.90%	1.05%	1.05%	N/A	1.05%	1.05%

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Fund	Advisory Fees¹ All Classes
PIMCO Extended Duration Fund	0.25%
PIMCO GNMA Fund	0.25%
PIMCO Investment Grade Corporate Bond Fund	0.25%
PIMCO Long Duration Total Return Fund	0.25%
PIMCO Long-Term U.S. Government Fund	0.225%
PIMCO Moderate Duration Fund	0.25%
PIMCO Mortgage-Backed Securities Fund	0.25%
PIMCO Mortgage Opportunities Fund	0.35%
PIMCO Total Return Fund	0.25%
PIMCO Total Return Fund II	0.25%
PIMCO Total Return Fund III	0.25%
PIMCO Total Return Fund IV	0.25%
PIMCO Unconstrained Bond Fund	0.60%

¹	For details regarding changes to this rate within the last 5 years, please see the footnote disclosures for the Funds in the Financial Highlights section beginning on page 75.

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Supervisory and Administrative Fee. Each Fund pays for the supervisory and administrative services it requires under what is essentially an all-in fee structure. Shareholders of each Fund pay a supervisory and administrative fee to PIMCO, computed as a percentage of the Fund's assets attributable in the aggregate to that class of shares. PIMCO, in turn, provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Funds bear other expenses which are not covered under the supervisory and administrative fee which may vary and affect the total level of expenses paid by the shareholders, such as taxes and governmental fees, brokerage fees, commissions and other transaction expenses, costs of borrowing money, including interest expenses, extraordinary expenses (such as litigation and indemnification expenses) and fees and expenses of the Trust's Independent Trustees and their counsel. PIMCO generally earns a profit on the supervisory and administrative fee paid by the Funds. Also, under the terms of the supervision and administration agreement, PIMCO, and not Fund shareholders, would benefit from any price decreases in third-party services, including decreases resulting from an increase in net assets.

	Supervisory and Administrative Fee¹
Fund	Inst Class	Class P	Admin Class	Class D	Class A	Class B	Class C	Class R
PIMCO Extended Duration Fund	0.25%	0.35%	0.25%	N/A	0.40%	N/A	N/A	N/A
PIMCO GNMA Fund	0.25%	0.35%	0.25%	0.40%	0.40%	0.40%	0.40%	N/A
PIMCO Investment Grade Corporate Bond Fund	0.25%	0.35%	0.25%	0.40%	0.40%	N/A	0.40%	N/A
PIMCO Long Duration Total Return Fund	0.25%	0.35%	0.25%	N/A	0.40%	N/A	N/A	N/A
PIMCO Long-Term U.S. Government Fund	0.25%	0.35%	0.25%	N/A	0.35%	0.35%	0.35%	N/A
PIMCO Moderate Duration Fund	0.21%	0.31%	0.21%	N/A	N/A	N/A	N/A	N/A
PIMCO Mortgage-Backed Securities Fund	0.25%	0.35%	0.25%	0.40%	0.40%	0.40%	0.40%	N/A
PIMCO Mortgage Opportunities Fund	0.25%	0.35%	0.25%	0.40%	0.40%	N/A	0.40%	0.40%
PIMCO Total Return Fund	0.21%	0.31%	0.21%	0.25%	0.35%	0.35%	0.35%	0.35%
PIMCO Total Return Fund II	0.25%	0.35%	0.25%	N/A	N/A	N/A	N/A	N/A
PIMCO Total Return Fund III	0.25%	0.35%	0.25%	N/A	N/A	N/A	N/A	N/A
PIMCO Total Return Fund IV	0.25%	0.35%	0.25%	0.35%	0.35%	N/A	0.35%	0.35%
PIMCO Unconstrained Bond Fund	0.30%	0.40%	0.30%	0.45%	0.45%	N/A	0.45%	0.45%

¹	For details regarding changes to this rate within the last 5 years, please see the footnote disclosures for the Funds in the Financial Highlights section beginning on page 75.

Individual Portfolio Managers

The following individuals have primary responsibility for managing each of the noted Funds.

Fund	Portfolio Manager	Since	Recent Professional Experience
PIMCO Moderate Duration PIMCO Total Return PIMCO Total Return II PIMCO Total Return III PIMCO Total Return IV	William H. Gross	1/98 5/87^* 12/91* 5/91* 5/11*	Managing Director, Co-Chief Investment Officer and a founding partner of PIMCO. Mr. Gross has been associated with PIMCO since 1971.
PIMCO Investment Grade Corporate Bond	Mark Kiesel	11/02	Managing Director, PIMCO. Mr. Kiesel is a portfolio manager and a senior member of PIMCO's investment strategy group. He has served as a portfolio manager, head of equity derivatives and as a senior Credit Analyst since joining PIMCO in 1996.
PIMCO Extended Duration PIMCO Long-Term U.S. Government PIMCO Long Duration Total Return	Stephen Rodosky	7/07 7/07 7/07	Managing Director, PIMCO. Mr. Rodosky joined PIMCO in 2001 and specializes in portfolio management of treasuries, agencies and futures.
PIMCO GNMA PIMCO Mortgage-Backed Securities	Michael Cudzil	1/13 1/13	Executive Vice President, PIMCO. Mr. Cudzil is a portfolio manager and mortgage specialist. Prior to joining PIMCO in 2012, he worked as a managing director and head of pass-through trading at Nomura.
PIMCO GNMA PIMCO Mortgage-Backed Securities PIMCO Mortgage Opportunities	Daniel Hyman	7/12 7/12 10/12*	Executive Vice President, PIMCO. Mr. Hyman is a portfolio manager focusing on mortgage-backed securities and derivatives. Prior to joining PIMCO in 2008, he was a vice president at Credit Suisse where he traded Agency pass-throughs.
PIMCO Mortgage Opportunities	Joshua Anderson	10/12*	Managing Director, PIMCO. Mr. Anderson is a portfolio manager focusing on global structured credit investments. Prior to joining PIMCO in 2003, he was an analyst at Merrill Lynch covering both the residential ABS and collateralized debt obligation sectors and was ranked as one of the top analysts by Institutional investor magazine. He was previously a portfolio manager at Merrill Lynch Investment Managers.
PIMCO Mortgage Opportunities	Alfred T. Murata	10/12*	Managing Director, PIMCO. Mr. Murata is a portfolio manager focusing on mortgage- and asset-backed securities. Prior to joining PIMCO in 2001, he researched and implemented exotic equity and interest-rate derivatives at Nikko Financial Technologies.
PIMCO Unconstrained Bond	Chris Dialynas	6/08*	Managing Director, PIMCO. Mr. Dialynas joined PIMCO in 1980 and is a senior member of PIMCO's investment strategy group.

^*	Inception of the Fund.

Distributor

Classes of Shares

Sales Charges

Initial Sales Charges — Class A Shares

Amount of Purchase	Initial Sales Charge as % of Public Offering Price	Initial Sales Charge as % of Net Amount Invested
Under $100,000	3.75%	3.90%
$100,000 but under $250,000	3.25%	3.36%
$250,000 but under $500,000	2.25%	2.30%
$500,000 but under $1,000,000	1.75%	1.78%
$1,000,000 +	0.00%^*	0.00%*

The term "Qualifying Investor" refers to:

a trustee or other fiduciary for a single trust (except family trusts* noted above), estate or fiduciary account although more than one beneficiary may be involved; or

an employee benefit plan of a single employer.

Please see the Statement of Additional Information for details and for restrictions applicable to shares held by certain employer-sponsored benefit programs.

■

all of the investor's accounts held directly with the Trust or through a financial firm;

■

any account of the investor at another financial firm; and

■

accounts of Qualifying Investors, at any financial firm.

Contingent Deferred Sales Charges

Class A Shares

Class B and Class C Shares

Class B Shares

Years Since Purchase Payment was Made	Percentage Contingent Deferred Sales Charge
First	3.50%
Second	2.75%
Third	2.00%
Fourth	1.25%
Fifth	0.50%
Sixth and thereafter	0.00%^*

^*	After the fifth year, Class B shares convert into Class A shares.

Class C Shares^*
Years Since Purchase Payment was Made	Percentage Contingent Deferred Sales Charge
First	1%
Thereafter	0%

^*	Except shares of the PIMCO Government Money Market, PIMCO Money Market and PIMCO Treasury Money Market Funds that were not acquired by exchanging Class C shares of another Fund.

How CDSCs will be Calculated

The following rules apply under the method for calculating CDSCs:

■

Shares acquired through the reinvestment of dividends or capital gains distributions will be redeemed first and will not be subject to any CDSC.

■

CDSCs will be deducted from the proceeds of your redemption, not from amounts remaining in your account.

■

In determining whether a CDSC is payable, it is assumed that you will redeem first the lot of shares which will incur the lowest CDSC.

For example, the following illustrates the operation of the Class C CDSC:

■

Reductions and Waivers of Initial Sales Charges and CDSCs

No Sales Charges — Class R Shares

These fees and expenses could reduce an investment return in Class R shares. For further information on Class R shares and related items, please refer to the Statement of Additional Information.

No Sales Charges — Institutional Class, Class P, Administrative Class and Class D Shares

Distribution and Servicing (12b-1) Plans

Class A	Servicing Fee	Distribution Fee
All Funds	0.25%	0.00%

Class B	Servicing Fee	Distribution Fee
All Funds	0.25%	0.75%

Class C	Servicing Fee	Distribution Fee
All Funds	0.25%	0.75%

Class R	Servicing Fee	Distribution Fee
All Funds	0.25%	0.25%

Administrative Class & Class D	Distribution and/or Servicing Fee
All Funds	0.25%

Servicing Arrangements

Other Payments to Financial Firms

For further details about payments made by the Distributor to financial firms, please see the Statement of Additional Information.

Purchases, Redemptions and Exchanges

The following section provides basic information about how to purchase, redeem and exchange shares of the Funds.

■

Automated telephone and wire transfer procedures

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Automatic purchase, exchange and withdrawal programs

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A link from your PIMCO Fund account to your bank account

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Special arrangements for tax-qualified retirement plans

■

Investment programs which allow you to reduce or eliminate the initial sales charges

■

Categories of investors that are eligible for waivers or reductions of initial sales charges and CDSCs

Purchasing Shares — Class A and Class C

You can purchase Class A or Class C shares of the Funds in the following ways:

■

Investment Minimums — Class A and Class C Shares. The following investment minimums apply for purchases of Class A and Class C shares.

Purchasing Shares — Class B

Purchasing Shares — Class R

■

Investment Minimums — Class R Shares. There is no minimum initial or additional investment in Class R shares.

Purchasing Shares — Institutional Class, Class P and Administrative Class

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Facsimile: 816.421.2861

Regular Mail:
    PIMCO Funds
    c/o BFDS Midwest
    330 W. 9th Street
    Kansas City, MO 64105

E-mail: pimcoteam@bfdsmidwest.com

Except as described below, an investor may purchase Institutional Class and Administrative Class shares only by wiring federal funds to:

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Other Purchase Information. Purchases of a Fund's Institutional Class, Class P and Administrative Class shares will be made in full and fractional shares.

Purchasing Shares — Class D

Eligible investors may purchase Class D shares of the Funds at NAV without a sales charge. See "No Sales Charges — Institutional Class, Class P, Administrative Class and Class D Shares" above.

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Investment Minimums — Class D Shares. The following investment minimums apply for purchases of Class D shares.

Purchasing Shares — Additional Information

In the interest of economy and convenience, certificates for shares will not be issued.

Redeeming Shares — Class A, Class B and Class C

You can redeem (sell) Class A, Class B or Class C shares of the Funds in the following ways:

■

any share certificates issued for any of the shares to be redeemed (see "Certificated Shares" below); and

The Statement of Additional Information describes a number of additional ways you can redeem your shares, including:

■

Telephone requests to the Transfer Agent

■

Expedited wire transfers

■

Automatic Withdrawal Plan

■

Automated Clearing House (ACH) Network

Redeeming Shares — Class R

Redeeming Shares — Institutional Class and Administrative Class

■

Redemptions in Writing. Investors may redeem (sell) Institutional Class and Administrative Class shares by sending a facsimile, written request or e-mail as follows:

Facsimile: 816.421.2861

Regular Mail:
    PIMCO Funds
    c/o BFDS Midwest
    330 W. 9th Street
    Kansas City, MO 64105

E-mail: pimcoteam@bfdsmidwest.com

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Redeeming Shares — Class P

Redeeming Shares — Class D

Redeeming Shares — Additional Information

Redemptions In Kind

Certificated Shares

Signature Validation

Minimum Account Size

Due to the relatively high cost of maintaining small accounts, the Trust reserves the right to redeem shares in any account that falls below the values listed below.

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Request for Multiple Copies of Shareholder Documents

Exchanging Shares

Acceptance and Timing of Purchase Orders, Redemption Orders and Share Price Calculations

Abusive Trading Practices

Verification of Identity

Name;

Date of birth (for individuals);

Residential or business street address; and

Social security number, taxpayer identification number, or other identifying number.

Federal law prohibits the Funds and other financial institutions from opening a new account unless they receive the minimum identifying information listed above.

How Fund Shares Are Priced

Fund Distributions

Each Fund distributes substantially all of its net investment income to shareholders in the form of dividends. You begin earning dividends on Fund shares the day after the Fund receives your purchase payment. Dividends paid by each Fund with respect to each class of shares are calculated in the same manner and at the same time, but dividends on different classes of shares may be different as a result of the service and/or distribution fees applicable to certain classes of shares. Each Fund intends to declare income dividends daily and distribute them monthly to shareholders of record.

A Class A, Class B, Class C, Class D, or Class R shareholder may choose from the following distribution options:

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The financial service firm may offer additional distribution reinvestment programs or options. Please contact the firm for details.

Tax Consequences

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Your financial intermediary or the Fund (if you hold your shares in a Fund direct account) is also required to report gains and losses to the IRS in connection with redemptions of shares by S corporations purchased after January 1, 2012. If a shareholder is a corporation and has not instructed the Fund that it is a C corporation in its Account Application or by written instruction, the Fund will treat the shareholder as an S corporation and file a Form 1099-B.

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Foreign Withholding Taxes. A Fund may be subject to foreign withholding or other foreign taxes, which in some cases can be significant on any income or gain from investments in foreign securities. In that case, the Fund's total return on those securities would be decreased. Each Fund may generally deduct these taxes in computing its taxable income. Rather than deducting these foreign taxes if more than 50% of the value of a Fund's total assets at the close of its taxable year consists of stock or securities of foreign corporations, or if at least 50% of the value of a Fund's total assets at the close of each quarter of its taxable year is represented by interests in other regulated investment companies, such Fund may make an election to treat a proportionate amount of eligible foreign taxes as constituting a taxable distribution to each shareholder, which would, subject to certain limitations, generally allow the shareholder to either (i) credit that proportionate amount of taxes against U.S. Federal income tax liability as a foreign tax credit or (ii) take that amount as an itemized deduction. Although in some cases the Fund may be able to apply for a refund of a portion of such taxes, the ability to successfully obtain such a refund may be uncertain.

Characteristics and Risks of Securities and Investment Techniques

This section provides additional information about some of the principal investments and related risks of the Funds described under "Fund Summaries" and "Description of Principal Risks" above. It also describes characteristics and risks of additional securities and investment techniques described herein that may be used by the Funds from time to time. Most of these securities and investment techniques are discretionary, which means that PIMCO can decide whether to use them or not. This prospectus does not attempt to disclose all of the various types of securities and investment techniques that may be used by the Funds. As with any mutual fund, investors in the Funds rely on the professional investment judgment and skill of PIMCO and the individual portfolio managers. Please see "Investment Objectives and Policies" in the Statement of Additional Information for more detailed information about the securities and investment techniques described in this section and about other strategies and techniques that may be used by the Funds.

Investment Selection

Certain Funds seek maximum total return. The total return sought by a Fund consists of both income earned on a Fund's investments and capital appreciation, if any, arising from increases in the market value of a Fund's holdings. Capital appreciation of Fixed Income Instruments generally results from decreases in market interest rates, foreign currency appreciation, or improving credit fundamentals for a particular market sector or security.

Fixed Income Instruments

"Fixed Income Instruments," as used generally in this prospectus, includes:

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securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises ("U.S. Government Securities");

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corporate debt securities of U.S. and non-U.S. issuers, including convertible securities and corporate commercial paper;

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mortgage-backed and other asset-backed securities;

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inflation-indexed bonds issued both by governments and corporations;

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structured notes, including hybrid or "indexed" securities and event-linked bonds;

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bank capital and trust preferred securities;

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loan participations and assignments;

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delayed funding loans and revolving credit facilities;

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bank certificates of deposit, fixed time deposits and bankers' acceptances;

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repurchase agreements on Fixed Income Instruments and reverse repurchase agreements on Fixed Income Instruments;

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debt securities issued by states or local governments and their agencies, authorities and other government-sponsored enterprises;

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obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises; and

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obligations of international agencies or supranational entities.

Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury.

The Funds may invest in derivatives based on Fixed Income Instruments.

Duration

U.S. Government Securities

Municipal Bonds

The Funds (except the PIMCO Total Return IV Fund) may invest, without limitation, in residual interest bonds ("RIBs"), which brokers create by depositing a Municipal Bond in a trust. The trust in turn issues a variable rate security and RIBs. The interest rate for the variable rate security is determined by the remarketing broker-dealer, while the RIB holder receives the balance of the income from the underlying municipal bond. The market prices of RIBs may be highly sensitive to changes in market rates and may decrease significantly when market rates increase.

Mortgage-Related and Other Asset-Backed Securities

The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Fund to a lower rate of return upon reinvestment of principal. When interest rates rise, the value of a mortgage-related security generally will decline; however, when interest rates are declining, the value of mortgage-related securities with prepayment features may not increase as much as other fixed income securities. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may shorten or extend the effective maturity of the security beyond what was anticipated at the time of purchase. If unanticipated rates of prepayment on underlying mortgages increase the effective maturity of a mortgage-related security, the volatility of the security can be expected to increase. The value of these securities may fluctuate in response to the market's perception of the creditworthiness of the issuers. See "Extension Risk" and "Prepayment Risk" below. The value of these securities may also fluctuate in response to the market's perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.

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One type of SMBS has one class receiving all of the interest from the mortgage assets (the interest-only, or "IO" class), while the other class will receive all of the principal (the principal-only, or "PO" class). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on a Fund's yield to maturity from these securities. Each Fund (except the PIMCO Total Return IV and PIMCO Mortgage Opportunities Funds) may invest up to 5% of its total assets in any combination of mortgage-related or other asset backed IO, PO, or inverse floater securities. The PIMCO Mortgage Opportunities Fund may invest up to 10% of its total assets in any combination of mortgage-related or other asset backed IO, PO or inverse floater securities.

Certain Funds may invest in mortgage-related securities that reflect an interest in reverse mortgages. Due to the unique nature of the underlying loans, reverse mortgage-related securities may be subject to risks different than other types of mortgage-related securities. The date of repayment for such loans is uncertain and may occur sooner or later than anticipated. The timing of payments for the corresponding mortgage-related security may be uncertain.

Each Fund (except the PIMCO Total Return IV Fund) may invest in each of collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), other collateralized debt obligations ("CDOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high-risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. Certain Funds may invest in other asset-backed securities that have been offered to investors.

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Privately Issued Mortgage-Related Securities. Pools created by non-governmental issuers generally offer a higher rate of interest than government and government-related pools because there are no direct or indirect government or agency guarantees of payments in such pools. Privately issued mortgage-related securities are not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee. As a result, the mortgage loans underlying privately issued mortgage-related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics than government or government-sponsored mortgage-related securities and have wider variances in a number of terms including interest rate, term, size, purpose and borrower characteristics. The risk of nonpayment is greater for mortgage-related securities that are backed by loans that were originated under weak underwriting standards, including loans made to borrowers with limited means to make repayment. A level of risk exists for all loans, although, historically, the poorest performing loans have been those classified as subprime. Privately issued mortgage-related securities are not traded on an exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, mortgage-related securities held in a Fund's portfolio may be particularly difficult to value because of the complexities involved in assessing the value of the underlying mortgage loans.

Privately Issued Mortgage-Related Securities include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants.

Loan Participations and Assignments

Reinvestment

Focused Investment

Corporate Debt Securities

Bank Capital Securities and Trust Preferred Securities

Cash Equivalent Securities

The Funds may invest in cash equivalent securities. Cash equivalent securities are defined as investment grade securities with a duration of approximately one year or less.

High Yield Securities

Securities rated lower than Baa by Moody's, or equivalently rated by S&P or Fitch, are sometimes referred to as "high yield securities" or "junk bonds." Investing in these securities involves special risks in addition to the risks associated with investments in higher-rated fixed income securities. While offering a greater potential opportunity for capital appreciation and higher yields, high yield securities typically entail greater potential price volatility and may be less liquid than higher-rated securities. High yield securities may be regarded as predominately speculative with respect to the issuer's continuing ability to meet principal and interest payments. They may also be more susceptible to real or perceived adverse economic and competitive industry conditions than higher-rated securities. Issuers of securities in default may fail to resume principal or interest payments, in which case a Fund may lose its entire investment. Certain Funds may invest in securities that are in default with respect to the payment of interest or repayment of principal, or present an imminent risk of default with respect to such payments.

Variable and Floating Rate Securities

Inflation-Indexed Bonds

Event-Linked Exposure

Convertible and Equity Securities

Each Fund may invest in convertible securities and equity securities. The PIMCO Total Return Fund and the PIMCO Total Return Fund IV may not purchase common stock, but this limitation does not prevent the Funds from holding common stock obtained through the conversion of convertible securities or common stock that is received as part of a corporate reorganization or debt restructuring (for example, as may occur during bankruptcies or distressed situations). Convertible securities are generally preferred stocks and other securities, including fixed income securities and warrants, that are convertible into or exercisable for common stock at a stated price or rate. The price of a convertible security will normally vary in some proportion to changes in the price of the underlying common stock because of this conversion or exercise feature. However, the value of a convertible security may not increase or decrease as rapidly as the underlying common stock. A convertible security will normally also provide income and is subject to interest rate risk. Convertible securities may be lower-rated securities subject to greater levels of credit risk. A Fund may be forced to convert a security before it would otherwise choose, which may have an adverse effect on the Fund's ability to achieve its investment objective.

Foreign (Non-U.S.) Securities

Each Fund (except the PIMCO Long-Term U.S. Government and PIMCO Total Return II Funds) may invest in securities and instruments that are economically tied to foreign (non- U.S.) countries. PIMCO generally considers an instrument to be economically tied to a non-U.S. country if the issuer is a foreign government (or any political subdivision, agency, authority or instrumentality of such government), or if the issuer is organized under the laws of a non-U.S. country. A Fund's investments in foreign securities may include American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs") and similar securities that represent interests in non-U.S. companies securities that have been deposited with a bank or trust and that trade on a U.S. exchange or over-the-counter. ADRs, EDRs and GDRs may be less liquid or may trade at a different price than the underlying securities of the issuer. In the case of certain money market instruments, such instruments will be considered economically tied to a non-U.S. country if either the issuer or the guarantor of such money market instrument is organized under the laws of a non-U.S. country. With respect to derivative instruments, PIMCO generally considers such instruments to be economically tied to non-U.S. countries if the underlying assets are foreign currencies (or baskets or indexes of such currencies), or instruments or securities that are issued by foreign governments or issuers organized under the laws of a non-U.S. country (or if the underlying assets are certain money market instruments, if either the issuer or the guarantor of such money market instruments is organized under the laws of a non-U.S. country).

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Foreign (Non-U.S.) Currencies

A Fund that invests directly in foreign currencies or in securities that trade in, or receive revenues in, foreign (non-U.S.) currencies will be subject to currency risk. Foreign currency exchange rates may fluctuate significantly over short periods of time. They generally are determined by supply and demand in the foreign exchange markets and the relative merits of investments in different countries, actual or perceived changes in interest rates and other complex factors. Currency exchange rates also can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments. Currencies in which the Funds' assets are denominated may be devalued against the U.S. dollar, resulting in a loss to the Funds.

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Foreign Currency Transactions. Funds that invest in securities denominated in foreign (non-U.S.) currencies may engage in foreign currency transactions on a spot (cash) basis, enter into forward foreign currency exchange contracts and invest in foreign currency futures contracts and options on foreign currencies and futures. The PIMCO Total Return Fund IV may not engage in options on foreign currencies and futures. A forward foreign currency exchange contract, which involves an obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract, reduces a Fund's exposure to changes in the value of the currency it will deliver and increases its exposure to changes in the value of the currency it will receive for the duration of the contract. Certain foreign currency transactions may also be settled in cash rather than the actual delivery of the relevant currency. The effect on the value of a Fund is similar to selling securities denominated in one currency and purchasing securities denominated in another currency. A contract to sell a foreign currency would limit any potential gain which might be realized if the value of the hedged currency increases. A Fund may enter into these contracts to hedge against foreign exchange risk, to increase exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. Suitable hedging transactions may not be available in all circumstances and there can be no assurance that a Fund will engage in such transactions at any given time or from time to time. Also, such transactions may not be successful and may eliminate any chance for a Fund to benefit from favorable fluctuations in relevant foreign currencies. A Fund may use one currency (or a basket of currencies) to hedge against adverse changes in the value of another currency (or a basket of currencies) when exchange rates between the two currencies are positively correlated. A Fund will segregate or "earmark" assets (or cash equivalent securities in the case of the PIMCO Total Return Fund IV) determined to be liquid by PIMCO in accordance with the procedures established by the Board of Trustees (or, as permitted by applicable law, enter into certain offsetting positions) to cover its obligations under forward foreign currency exchange contracts entered into for non-hedging purposes.

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Repurchase Agreements

Reverse Repurchase Agreements, Dollar Rolls and Other Borrowings

Each Fund (except the PIMCO Total Return IV Fund) may enter into reverse repurchase agreements and dollar rolls, subject to the Fund's limitations on borrowings. The PIMCO Total Return Fund IV may enter into dollar rolls, subject to the Fund's limitations on borrowings. A reverse repurchase agreement involves the sale of a security by a Fund and its agreement to repurchase the instrument at a specified time and price. A dollar roll is similar except that the counterparty is not obligated to return the same securities as those originally sold by the Fund but only securities that are "substantially identical." Reverse repurchase agreements and dollar rolls may be considered borrowing for some purposes. A Fund will segregate or "earmark" assets (or cash equivalent securities in the case of the PIMCO Total Return Fund IV) determined to be liquid by PIMCO in accordance with procedures established by the Board of Trustees to cover its obligations under reverse repurchase agreements and dollar rolls. Reverse repurchase agreements, dollar rolls and other forms of borrowings may create leveraging risk for a Fund.

Each Fund (except the PIMCO Total Return Fund IV) may borrow money to the extent permitted under the 1940 Act. This means that, in general, a Fund may borrow money from banks for any purpose in an amount up to ⅓ of the Fund's total assets, less all liabilities and indebtedness not represented by senior securities. A Fund may also borrow money for temporary administrative purposes in an amount not to exceed 5% of the Fund's total assets. The PIMCO Total Return Fund IV may not borrow in excess of 10% of the value of its respective total assets and then only as a temporary measure to facilitate the meeting of redemption requests (not for leverage) or for extraordinary or emergency purposes.

Derivatives

Each Fund may, but is not required to, use derivative instruments for risk management purposes or as part of its investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate or index, and may relate to stocks, bonds, interest rates, spreads between different interest rates, currencies or currency exchange rates, commodities, and related indexes. Examples of derivative instruments include options contracts, futures contracts, options on futures contracts and swap agreements (including, but not limited to, credit default swaps and swaps on exchange-traded funds). Each Fund may invest some or all of its assets in derivative instruments. The PIMCO Total Return Fund IV will seek to limit exposure to interest rate swaps to 10% of its total assets and will limit exposure to credit default swaps to 5% of its total assets. The PIMCO Total Return Fund IV will not invest in options. A portfolio manager may decide not to employ any of these strategies and there is no assurance that any derivatives strategy used by a Fund will succeed. A description of these and other derivative instruments that the Funds may use are described under "Investment Objectives and Policies" in the Statement of Additional Information.

Leverage Risk. Because many derivatives have a leverage component, adverse changes in the value or level of the underlying asset, reference rate or index could result in a loss substantially greater than the amount invested in the derivative itself. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. When a Fund uses derivatives for leverage, investments in that Fund will tend to be more volatile, resulting in larger gains or losses in response to market changes. To limit leverage risk, each Fund will segregate or "earmark" assets (or cash equivalent securities in the case of the PIMCO Total Return Fund IV) determined to be liquid by PIMCO in accordance with procedures established by the Board of Trustees (or, as permitted by applicable regulation, enter into certain offsetting positions) to cover its obligations under derivative instruments.

Real Estate Investment Trusts (REITs)

Exchange-Traded Notes (ETNs)

Delayed Funding Loans and Revolving Credit Facilities

Each Fund may also enter into, or acquire participations in, delayed funding loans and revolving credit facilities, in which a lender agrees to make loans up to a maximum amount upon demand by the borrower during a specified term. These commitments may have the effect of requiring a Fund to increase its investment in a company at a time when it might not otherwise decide to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid). To the extent that a Fund is committed to advance additional funds, it will segregate or "earmark" assets (or cash equivalent securities in the case of the PIMCO Total Return Fund IV) determined to be liquid by PIMCO in accordance with procedures established by the Board of Trustees in an amount sufficient to meet such commitments. Delayed funding loans and revolving credit facilities are subject to credit, interest rate and liquidity risk and the risks of being a lender.

When-Issued, Delayed Delivery and Forward Commitment Transactions

Investment in Other Investment Companies

Each Fund may invest in securities of other investment companies, such as open-end or closed-end management investment companies, including exchange-traded funds, or in pooled accounts, or other unregistered accounts or investment vehicles to the extent permitted by the 1940 Act and the rules and regulations thereunder and any exemptive relief therefrom. A Fund may invest in other investment companies to gain broad market or sector exposure, including during periods when it has large amounts of uninvested cash or when PIMCO believes share prices of other investment companies offer attractive values. As a shareholder of an investment company or other pooled vehicle, a Fund may indirectly bear investment advisory fees, supervisory and administrative fees, service fees and other fees which are in addition to the fees the Fund pays its service providers.

Subject to the restrictions and limitations of the 1940 Act, each Fund may elect to pursue its investment objective by investing in one or more underlying investment vehicles or companies that have substantially similar investment objectives and policies as the Fund.

Small-Cap and Mid-Cap Companies

Short Sales

A Fund may make short sales as part of its overall portfolio management strategies or to offset a potential decline in value of a security. A short sale involves the sale of a security that is borrowed from a broker or other institution to complete the sale. Short sales expose a Fund to the risk that it will be required to acquire, convert or exchange securities to replace the borrowed securities (also known as "covering" the short position) at a time when the securities sold short have appreciated in value, thus resulting in a loss to the Fund. A Fund making a short sale (other than a "short sale against the box") must segregate or "earmark" assets determined to be liquid by PIMCO in accordance with procedures established by the Board of Trustees or otherwise cover its position in a permissible manner. A Fund (except the PIMCO Total Return Fund IV) may engage in short selling to the extent permitted by the 1940 Act and rules and interpretations thereunder and other federal securities laws. The PIMCO Total Return Fund IV will limit short sales, including short exposures obtained using derivative instruments, to 10% of its total assets. To the extent a Fund engages in short selling in foreign (non-U.S.) jurisdictions, the Fund will do so to the extent permitted by the laws and regulations of such jurisdiction.

Illiquid Securities

Loans of Portfolio Securities

For the purpose of achieving income, each Fund (except the PIMCO Total Return Fund IV) may lend its portfolio securities to brokers, dealers, and other financial institutions provided a number of conditions are satisfied, including that the loan is fully collateralized. Please see "Investment Objectives and Policies" in the Statement of Additional Information for details. When a Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned, and the Fund will also receive a fee or interest on the collateral. Securities lending involves the risk of loss of rights in the collateral or delay in recovery of the collateral if the borrower fails to return the security loaned or becomes insolvent. A Fund may pay lending fees to a party arranging the loan. Cash collateral received by a Fund in securities lending transactions may be invested in short-term liquid fixed income instruments or in money market or short-term mutual funds, or similar investment vehicles, including affiliated money market or short-term mutual funds. A Fund bears the risk of such investments.

Portfolio Turnover

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as "portfolio turnover." When the portfolio manager deems it appropriate and particularly during periods of volatile market movements, each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective. Higher portfolio turnover (e.g., an annual rate greater than 100% of the average value of the Fund's portfolio) involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer markups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect a Fund's performance. Please see a Fund's "Fund Summary—Portfolio Turnover" or the "Financial Highlights" in this prospectus for the portfolio turnover rates of the Funds that were operational during the last fiscal year.

Temporary Defensive Positions

Changes in Investment Objectives and Policies

The investment objectives of the PIMCO Extended Duration, PIMCO Long Duration Total Return, PIMCO Total Return IV and PIMCO Unconstrained Bond Funds are non-fundamental and may be changed by the Board of Trustees without shareholder approval. The investment objective of each other Fund is fundamental and may not be changed without shareholder approval. Unless otherwise stated, all other investment policies of the Funds may be changed by the Board of Trustees without shareholder approval.

Percentage Investment Limitations

Unless otherwise stated, all percentage limitations on Fund investments listed in this prospectus will apply at the time of investment. A Fund would not violate these limitations unless an excess or deficiency occurs or exists immediately after and as a result of an investment. Each of the PIMCO GNMA, PIMCO Investment Grade Corporate Bond, PIMCO Long-Term U.S. Government Bond, PIMCO Mortgage-Backed Securities and PIMCO Unconstrained Bond Funds has adopted a non-fundamental investment policy to invest at least 80% of its assets in investments suggested by its name. For purposes of this policy, the term "assets" means net assets plus the amount of borrowings for investment purposes.

Credit Ratings and Unrated Securities

Other Investments and Techniques

Financial Highlights

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income (Loss)^(a)		Net Realized/ Unrealized Gain (Loss)			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Basis Return of Capital		Total Distributions			Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets Excluding Waivers			Ratio of Expenses to Average Net Assets Excluding Interest Expense			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Waivers			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate**
PIMCO Extended Duration Fund
Institutional Class
03/31/2013	$	9.59	$	0.27	$	0.87		$	1.14		$	(0.26	)	$	(2.65	)	$	0.00	$	(2.91	)	$	7.82		10.35	%	$	251,318		0.54	%		0.54	%		0.50	%		0.50	%		2.69	%		113	%
03/31/2012		7.49		0.32		2.96			3.28			(0.31	)		(0.87	)		0.00		(1.18	)		9.59		43.47			305,425		0.50			0.50			0.50			0.50			3.41			355
03/31/2011		7.39		0.33		0.39			0.72			(0.32	)		(0.30	)		0.00		(0.62	)		7.49		9.48			381,563		0.51			0.51			0.50			0.50			3.94			412
03/31/2010		12.56		0.42		(2.38	)		(1.96	)		(0.44	)		(2.77	)		0.00		(3.21	)		7.39		(16.80	)		324,253		0.50			0.50			0.50			0.50			4.42			615
03/31/2009		10.90		0.44		2.08			2.52			(0.43	)		(0.43	)		0.00		(0.86	)		12.56		23.62			195,036		0.57			0.57			0.50			0.50			3.88			780
Class P
03/31/2013		9.59		0.27		0.86			1.13			(0.25	)		(2.65	)		0.00		(2.90	)		7.82		10.24			16,320		0.64			0.64			0.60			0.60			2.55			113
03/31/2012		7.49		0.30		2.97			3.27			(0.30	)		(0.87	)		0.00		(1.17	)		9.59		43.33			73,634		0.60			0.60			0.60			0.60			3.12			355
03/31/2011		7.39		0.32		0.39			0.71			(0.31	)		(0.30	)		0.00		(0.61	)		7.49		9.37			1,016		0.61			0.61			0.60			0.60			3.82			412
03/31/2010		12.56		0.41		(2.38	)		(1.97	)		(0.43	)		(2.77	)		0.00		(3.20	)		7.39		(16.87	)		881		0.60			0.60			0.60			0.60			4.29			615
09/11/2008 - 03/31/2009		11.21		0.26		1.76			2.02			(0.24	)		(0.43	)		0.00		(0.67	)		12.56		18.01			978		0.66	*		0.66	*		0.60	*		0.60	*		3.79	*		780
PIMCO GNMA Fund
Institutional Class
03/31/2013	$	11.75	$	0.13	$	0.17		$	0.30		$	(0.33	)	$	(0.18	)	$	0.00	$	(0.51	)	$	11.54		2.59	%	$	486,148		0.51	%		0.51	%		0.50	%		0.50	%		1.14	%		1,502	%
03/31/2012		11.42		0.21		0.72			0.93			(0.26	)		(0.34	)		0.00		(0.60	)		11.75		8.27			660,966		0.50			0.50			0.50			0.50			1.77			2,397
03/31/2011		11.62		0.26		0.42			0.68			(0.27	)		(0.61	)		0.00		(0.88	)		11.42		5.88			391,519		0.51			0.51			0.50			0.50			2.21			1,990
03/31/2010		11.33		0.35		0.66			1.01			(0.40	)		(0.32	)		0.00		(0.72	)		11.62		9.02			436,282		0.50			0.50			0.50			0.50			2.99			1,747
03/31/2009		11.37		0.51		0.11			0.62			(0.53	)		(0.13	)		0.00		(0.66	)		11.33		5.73			375,682		0.66			0.66			0.50			0.50			4.59			1,652
Class P
03/31/2013		11.75		0.12		0.17			0.29			(0.32	)		(0.18	)		0.00		(0.50	)		11.54		2.49			110,566		0.61			0.61			0.60			0.60			1.05			1,502
03/31/2012		11.42		0.20		0.72			0.92			(0.25	)		(0.34	)		0.00		(0.59	)		11.75		8.16			114,939		0.60			0.60			0.60			0.60			1.66			2,397
03/31/2011		11.62		0.25		0.42			0.67			(0.26	)		(0.61	)		0.00		(0.87	)		11.42		5.78			62,198		0.61			0.61			0.60			0.60			2.14			1,990
03/31/2010		11.33		0.32		0.67			0.99			(0.38	)		(0.32	)		0.00		(0.70	)		11.62		8.92			39,309		0.60			0.60			0.60			0.60			2.74			1,747
04/30/2008 - 03/31/2009		11.32		0.46		0.15			0.61			(0.47	)		(0.13	)		0.00		(0.60	)		11.33		5.63			11		0.76	*		0.76	*		0.60	*		0.60	*		4.47	*		1,652
Class D
03/31/2013		11.75		0.09		0.16			0.25			(0.28	)		(0.18	)		0.00		(0.46	)		11.54		2.18			219,259		0.91			0.91			0.90			0.90			0.74			1,502
03/31/2012		11.42		0.16		0.72			0.88			(0.21	)		(0.34	)		0.00		(0.55	)		11.75		7.84			295,028		0.90			0.90			0.90			0.90			1.38			2,397
03/31/2011		11.62		0.22		0.41			0.63			(0.22	)		(0.61	)		0.00		(0.83	)		11.42		5.46			147,172		0.91			0.91			0.90			0.90			1.82			1,990
03/31/2010		11.33		0.30		0.66			0.96			(0.35	)		(0.32	)		0.00		(0.67	)		11.62		8.59			132,564		0.90			0.90			0.90			0.90			2.60			1,747
03/31/2009		11.37		0.48		0.09			0.57			(0.48	)		(0.13	)		0.00		(0.61	)		11.33		5.30			139,917		1.06			1.06			0.90			0.90			4.26			1,652
Class A
03/31/2013		11.75		0.09		0.16			0.25			(0.28	)		(0.18	)		0.00		(0.46	)		11.54		2.18			583,927		0.91			0.91			0.90			0.90			0.75			1,502
03/31/2012		11.42		0.16		0.72			0.88			(0.21	)		(0.34	)		0.00		(0.55	)		11.75		7.84			706,763		0.90			0.90			0.90			0.90			1.39			2,397
03/31/2011		11.62		0.21		0.42			0.63			(0.22	)		(0.61	)		0.00		(0.83	)		11.42		5.46			474,744		0.91			0.91			0.90			0.90			1.82			1,990
03/31/2010		11.33		0.30		0.66			0.96			(0.35	)		(0.32	)		0.00		(0.67	)		11.62		8.59			455,544		0.90			0.90			0.90			0.90			2.58			1,747
03/31/2009		11.37		0.48		0.09			0.57			(0.48	)		(0.13	)		0.00		(0.61	)		11.33		5.31			343,522		1.06			1.06			0.90			0.90			4.26			1,652

Please see footnotes on last page of financial highlights.

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income (Loss)^(a)		Net Realized/ Unrealized Gain (Loss)			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Basis Return of Capital		Total Distributions			Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets Excluding Waivers			Ratio of Expenses to Average Net Assets Excluding Interest Expense			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Waivers			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate**
Class B
03/31/2013		11.75		0.00		0.16			0.16			(0.19	)		(0.18	)		0.00		(0.37	)		11.54		1.42			7,790		1.66			1.66			1.65			1.65			0.02			1,502
03/31/2012		11.42		0.08		0.71			0.79			(0.12	)		(0.34	)		0.00		(0.46	)		11.75		7.03			10,998		1.65			1.65			1.65			1.65			0.71			2,397
03/31/2011		11.62		0.12		0.42			0.54			(0.13	)		(0.61	)		0.00		(0.74	)		11.42		4.68			16,908		1.66			1.66			1.65			1.65			1.03			1,990
03/31/2010		11.33		0.22		0.65			0.87			(0.26	)		(0.32	)		0.00		(0.58	)		11.62		7.78			35,303		1.65			1.65			1.65			1.65			1.86			1,747
03/31/2009		11.37		0.39		0.10			0.49			(0.40	)		(0.13	)		0.00		(0.53	)		11.33		4.52			39,447		1.81			1.81			1.65			1.65			3.49			1,652
Class C
03/31/2013		11.75		0.00		0.16			0.16			(0.19	)		(0.18	)		0.00		(0.37	)		11.54		1.42			275,788		1.66			1.66			1.65			1.65			0.01			1,502
03/31/2012		11.42		0.08		0.72			0.80			(0.13	)		(0.34	)		0.00		(0.47	)		11.75		7.03			289,101		1.65			1.65			1.65			1.65			0.66			2,397
03/31/2011		11.62		0.13		0.41			0.54			(0.13	)		(0.61	)		0.00		(0.74	)		11.42		4.68			225,520		1.66			1.66			1.65			1.65			1.06			1,990
03/31/2010		11.33		0.21		0.66			0.87			(0.26	)		(0.32	)		0.00		(0.58	)		11.62		7.78			246,550		1.65			1.65			1.65			1.65			1.80			1,747
03/31/2009		11.37		0.39		0.10			0.49			(0.40	)		(0.13	)		0.00		(0.53	)		11.33		4.52			144,761		1.81			1.81			1.65			1.65			3.50			1,652
PIMCO Investment Grade Corporate Bond Fund
Institutional Class
03/31/2013	$	10.60	$	0.40	$	0.89		$	1.29		$	(0.52	)	$	(0.23	)	$	0.00	$	(0.75	)	$	11.14		12.39	%	$	6,378,075		0.50	%		0.50	%		0.50	%		0.50	%		3.64	%		165	%
03/31/2012		10.57		0.46		0.39			0.85			(0.52	)		(0.30	)		0.00		(0.82	)		10.60		8.29			4,404,375		0.50			0.50			0.50			0.50			4.31			124
03/31/2011		11.18		0.56		0.51			1.07			(0.60	)		(1.08	)		0.00		(1.68	)		10.57		10.04			4,132,194		0.50			0.50			0.50			0.50			4.98			325
03/31/2010		9.66		0.61		1.90			2.51			(0.65	)		(0.34	)		0.00		(0.99	)		11.18		26.70			4,687,510		0.50			0.50			0.50			0.50			5.65			248
03/31/2009		10.44		0.52		(0.74	)		(0.22	)		(0.52	)		(0.04	)		0.00		(0.56	)		9.66		(2.03	)		3,117,364		0.50			0.50			0.50			0.50			5.28			348
Class P
03/31/2013		10.60		0.39		0.89			1.28			(0.51	)		(0.23	)		0.00		(0.74	)		11.14		12.28			554,328		0.60			0.60			0.60			0.60			3.54			165
03/31/2012		10.57		0.43		0.41			0.84			(0.51	)		(0.30	)		0.00		(0.81	)		10.60		8.19			392,153		0.60			0.60			0.60			0.60			4.09			124
03/31/2011		11.18		0.54		0.52			1.06			(0.59	)		(1.08	)		0.00		(1.67	)		10.57		9.93			147,668		0.60			0.60			0.60			0.60			4.86			325
03/31/2010		9.66		0.61		1.89			2.50			(0.64	)		(0.34	)		0.00		(0.98	)		11.18		26.58			137,987		0.60			0.60			0.60			0.60			5.52			248
04/30/2008 - 03/31/2009		10.51		0.45		(0.80	)		(0.35	)		(0.46	)		(0.04	)		0.00		(0.50	)		9.66		(3.24	)		10		0.60	*		0.60	*		0.60	*		0.60	*		4.97	*		348
Administrative Class
03/31/2013		10.60		0.38		0.88			1.26			(0.49	)		(0.23	)		0.00		(0.72	)		11.14		12.11			238,471		0.75			0.75			0.75			0.75			3.39			165
03/31/2012		10.57		0.40		0.42			0.82			(0.49	)		(0.30	)		0.00		(0.79	)		10.60		8.03			172,288		0.75			0.75			0.75			0.75			3.83			124
03/31/2011		11.18		0.53		0.51			1.04			(0.57	)		(1.08	)		0.00		(1.65	)		10.57		9.76			45,160		0.75			0.75			0.75			0.75			4.76			325
03/31/2010		9.66		0.59		1.89			2.48			(0.62	)		(0.34	)		0.00		(0.96	)		11.18		26.39			55,024		0.75			0.75			0.75			0.75			5.38			248
03/31/2009		10.44		0.50		(0.74	)		(0.24	)		(0.50	)		(0.04	)		0.00		(0.54	)		9.66		(2.26	)		6,183		0.75			0.75			0.75			0.75			5.10			348
Class D
03/31/2013		10.60		0.36		0.89			1.25			(0.48	)		(0.23	)		0.00		(0.71	)		11.14		11.95			980,086		0.90			0.90			0.90			0.90			3.24			165
03/31/2012		10.57		0.41		0.40			0.81			(0.48	)		(0.30	)		0.00		(0.78	)		10.60		7.86			573,259		0.90			0.90			0.90			0.90			3.86			124
03/31/2011		11.18		0.51		0.52			1.03			(0.56	)		(1.08	)		0.00		(1.64	)		10.57		9.60			336,201		0.90			0.90			0.90			0.90			4.54			325
03/31/2010		9.66		0.57		1.90			2.47			(0.61	)		(0.34	)		0.00		(0.95	)		11.18		26.21			306,182		0.90			0.90			0.90			0.90			5.24			248
03/31/2009		10.44		0.50		(0.76	)		(0.26	)		(0.48	)		(0.04	)		0.00		(0.52	)		9.66		(2.42	)		191,774		0.90			0.90			0.90			0.90			5.13			348
Class A
03/31/2013		10.60		0.36		0.89			1.25			(0.48	)		(0.23	)		0.00		(0.71	)		11.14		11.94			1,768,357		0.90			0.90			0.90			0.90			3.24			165
03/31/2012		10.57		0.41		0.40			0.81			(0.48	)		(0.30	)		0.00		(0.78	)		10.60		7.86			1,236,863		0.90			0.90			0.90			0.90			3.85			124
03/31/2011		11.18		0.51		0.52			1.03			(0.56	)		(1.08	)		0.00		(1.64	)		10.57		9.60			727,685		0.90			0.90			0.90			0.90			4.55			325
03/31/2010		9.66		0.57		1.90			2.47			(0.61	)		(0.34	)		0.00		(0.95	)		11.18		26.21			621,321		0.90			0.90			0.90			0.90			5.24			248
03/31/2009		10.44		0.48		(0.74	)		(0.26	)		(0.48	)		(0.04	)		0.00		(0.52	)		9.66		(2.44	)		376,473		0.90			0.90			0.90			0.90			4.92			348
Class C
03/31/2013		10.60		0.28		0.89			1.17			(0.40	)		(0.23	)		0.00		(0.63	)		11.14		11.12			1,003,538		1.65			1.65			1.65			1.65			2.49			165
03/31/2012		10.57		0.33		0.40			0.73			(0.40	)		(0.30	)		0.00		(0.70	)		10.60		7.06			660,637		1.65			1.65			1.65			1.65			3.11			124
03/31/2011		11.18		0.42		0.52			0.94			(0.47	)		(1.08	)		0.00		(1.55	)		10.57		8.79			438,435		1.65			1.65			1.65			1.65			3.80			325
03/31/2010		9.66		0.49		1.90			2.39			(0.53	)		(0.34	)		0.00		(0.87	)		11.18		25.27			350,334		1.65			1.65			1.65			1.65			4.47			248
03/31/2009		10.44		0.41		(0.74	)		(0.33	)		(0.41	)		(0.04	)		0.00		(0.45	)		9.66		(3.16	)		121,602		1.65			1.65			1.65			1.65			4.16			348
PIMCO Long Duration Total Return Fund
Institutional Class
03/31/2013	$	11.54	$	0.47	$	0.72		$	1.19		$	(0.44	)	$	(0.46	)	$	0.00	$	(0.90	)	$	11.83		10.36	%	$	6,669,123		0.53	%		0.53	%		0.50	%		0.50	%		3.86	%		81	%
03/31/2012		10.75		0.50		1.29			1.79			(0.49	)		(0.51	)		0.00		(1.00	)		11.54		16.91			5,815,733		0.50			0.50			0.50			0.50			4.33			219
03/31/2011		10.72		0.53		0.46			0.99			(0.59	)		(0.37	)		0.00		(0.96	)		10.75		9.31			5,130,906		0.51			0.51			0.50			0.50			4.71			240
03/31/2010		10.14		0.54		0.95			1.49			(0.57	)		(0.34	)		0.00		(0.91	)		10.72		14.91			3,976,419		0.51			0.51			0.50			0.50			5.02			364
03/31/2009		10.51		0.51		(0.25	)		0.26			(0.50	)		(0.13	)		0.00		(0.63	)		10.14		2.63			2,431,539		0.51			0.51			0.50			0.50			5.02			398
Class P
03/31/2013		11.54		0.46		0.72			1.18			(0.43	)		(0.46	)		0.00		(0.89	)		11.83		10.25			21,240		0.63			0.63			0.60			0.60			3.75			81
03/31/2012		10.75		0.49		1.29			1.78			(0.48	)		(0.51	)		0.00		(0.99	)		11.54		16.79			12,896		0.60			0.60			0.60			0.60			4.20			219
03/31/2011		10.72		0.51		0.47			0.98			(0.58	)		(0.37	)		0.00		(0.95	)		10.75		9.21			6,894		0.61			0.61			0.60			0.60			4.58			240
03/31/2010		10.14		0.53		0.95			1.48			(0.56	)		(0.34	)		0.00		(0.90	)		10.72		14.83			2,493		0.61			0.61			0.60			0.60			4.89			364
09/11/2008 - 03/31/2009		10.37		0.30		(0.12	)		0.18			(0.28	)		(0.13	)		0.00		(0.41	)		10.14		1.86			914		0.61	*		0.61	*		0.60	*		0.60	*		5.41	*		398

Please see footnotes on last page of financial highlights.

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income (Loss)^(a)		Net Realized/ Unrealized Gain (Loss)			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Basis Return of Capital		Total Distributions			Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets Excluding Waivers			Ratio of Expenses to Average Net Assets Excluding Interest Expense			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Waivers			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate**
PIMCO Long-Term U.S. Government Fund
Institutional Class
03/31/2013	$	10.89	$	0.30	$	0.65		$	0.95		$	(0.29	)	$	(0.77	)	$	0.00	$	(1.06	)	$	10.78		8.49	%	$	1,546,068		0.505	%		0.505	%		0.475	%		0.475	%		2.63	%		143	%
03/31/2012		10.39		0.36		1.97			2.33			(0.36	)		(1.47	)		0.00		(1.83	)		10.89		22.39			812,883		0.485			0.485			0.475			0.475			3.14			426
03/31/2011		10.79		0.43		0.56			0.99			(0.46	)		(0.93	)		0.00		(1.39	)		10.39		9.13			443,715		0.485			0.485			0.475			0.475			3.78			363
03/31/2010		11.58		0.46		(0.24	)		0.22			(0.50	)		(0.51	)		0.00		(1.01	)		10.79		1.92			1,175,131		0.495			0.495			0.475			0.475			4.09			415
03/31/2009		11.30		0.46		0.37			0.83			(0.47	)		(0.08	)		0.00		(0.55	)		11.58		7.69			568,232		0.505			0.505			0.475			0.475			4.19			367
Class P
03/31/2013		10.89		0.30		0.64			0.94			(0.28	)		(0.77	)		0.00		(1.05	)		10.78		8.38			40,134		0.605			0.605			0.575			0.575			2.52			143
03/31/2012		10.39		0.35		1.97			2.32			(0.35	)		(1.47	)		0.00		(1.82	)		10.89		22.27			403,440		0.585			0.585			0.575			0.575			3.03			426
03/31/2011		10.79		0.41		0.57			0.98			(0.45	)		(0.93	)		0.00		(1.38	)		10.39		9.03			57,226		0.585			0.585			0.575			0.575			3.61			363
03/31/2010		11.58		0.44		(0.23	)		0.21			(0.49	)		(0.51	)		0.00		(1.00	)		10.79		1.79			10,934		0.595			0.595			0.575			0.575			3.97			415
04/30/2008 - 03/31/2009		11.08		0.42		0.59			1.01			(0.43	)		(0.08	)		0.00		(0.51	)		11.58		9.40			11		0.605	*		0.605	*		0.575	*		0.575	*		4.16	*		367
Administrative Class
03/31/2013		10.89		0.28		0.64			0.92			(0.26	)		(0.77	)		0.00		(1.03	)		10.78		8.26			66,872		0.755			0.755			0.725			0.725			2.39			143
03/31/2012		10.39		0.33		1.97			2.30			(0.33	)		(1.47	)		0.00		(1.80	)		10.89		22.09			70,022		0.735			0.735			0.725			0.725			2.87			426
03/31/2011		10.79		0.40		0.56			0.96			(0.43	)		(0.93	)		0.00		(1.36	)		10.39		8.86			73,068		0.735			0.735			0.725			0.725			3.46			363
03/31/2010		11.58		0.44		(0.25	)		0.19			(0.47	)		(0.51	)		0.00		(0.98	)		10.79		1.64			92,333		0.745			0.745			0.725			0.725			3.91			415
03/31/2009		11.30		0.44		0.36			0.80			(0.44	)		(0.08	)		0.00		(0.52	)		11.58		7.44			113,114		0.755			0.755			0.725			0.725			3.97			367
Class A
03/31/2013		10.89		0.26		0.65			0.91			(0.25	)		(0.77	)		0.00		(1.02	)		10.78		8.11			208,077		0.855			0.855			0.825			0.825			2.26			143
03/31/2012		10.39		0.32		1.97			2.29			(0.32	)		(1.47	)		0.00		(1.79	)		10.89		21.96			228,297		0.835	^(b)		0.835	^(b)		0.825	^(b)		0.825	^(b)		2.76			426
03/31/2011		10.79		0.38		0.56			0.94			(0.41	)		(0.93	)		0.00		(1.34	)		10.39		8.70			192,776		0.885			0.885			0.875			0.875			3.33			363
03/31/2010		11.58		0.42		(0.25	)		0.17			(0.45	)		(0.51	)		0.00		(0.96	)		10.79		1.49			176,403		0.895			0.895			0.875			0.875			3.73			415
03/31/2009		11.30		0.42		0.37			0.79			(0.43	)		(0.08	)		0.00		(0.51	)		11.58		7.27			201,456		0.905			0.905			0.875			0.875			3.82			367
Class B
03/31/2013		10.89		0.18		0.64			0.82			(0.16	)		(0.77	)		0.00		(0.93	)		10.78		7.31			2,559		1.605			1.605			1.575			1.575			1.52			143
03/31/2012		10.39		0.24		1.97			2.21			(0.24	)		(1.47	)		0.00		(1.71	)		10.89		21.05			4,282		1.585	^(b)		1.585	^(b)		1.575	^(b)		1.575	^(b)		2.08			426
03/31/2011		10.79		0.30		0.56			0.86			(0.33	)		(0.93	)		0.00		(1.26	)		10.39		7.90			7,584		1.635			1.635			1.625			1.625			2.60			363
03/31/2010		11.58		0.34		(0.25	)		0.09			(0.37	)		(0.51	)		0.00		(0.88	)		10.79		0.74			16,774		1.645			1.645			1.625			1.625			3.01			415
03/31/2009		11.30		0.34		0.36			0.70			(0.34	)		(0.08	)		0.00		(0.42	)		11.58		6.47			26,934		1.655			1.655			1.625			1.625			3.07			367
Class C
03/31/2013		10.89		0.18		0.64			0.82			(0.16	)		(0.77	)		0.00		(0.93	)		10.78		7.31			68,538		1.605			1.605			1.575			1.575			1.52			143
03/31/2012		10.39		0.23		1.98			2.21			(0.24	)		(1.47	)		0.00		(1.71	)		10.89		21.06			64,297		1.585	^(b)		1.585	^(b)		1.575	^(b)		1.575	^(b)		1.99			426
03/31/2011		10.79		0.29		0.57			0.86			(0.33	)		(0.93	)		0.00		(1.26	)		10.39		7.90			48,209		1.635			1.635			1.625			1.625			2.58			363
03/31/2010		11.58		0.34		(0.25	)		0.09			(0.37	)		(0.51	)		0.00		(0.88	)		10.79		0.74			45,276		1.645			1.645			1.625			1.625			3.00			415
03/31/2009		11.30		0.34		0.36			0.70			(0.34	)		(0.08	)		0.00		(0.42	)		11.58		6.47			56,492		1.655			1.655			1.625			1.625			3.06			367
PIMCO Moderate Duration Fund
Institutional Class
03/31/2013	$	10.74	$	0.23	$	0.49		$	0.72		$	(0.32	)	$	(0.25	)	$	0.00	$	(0.57	)	$	10.89		6.84	%	$	2,666,070		0.46	%		0.46	%		0.46	%		0.46	%		2.08	%		373	%
03/31/2012		10.69		0.23		0.25			0.48			(0.26	)		(0.17	)		0.00		(0.43	)		10.74		4.54			2,505,387		0.46			0.46			0.46			0.46			2.17			391
03/31/2011		10.73		0.27		0.44			0.71			(0.32	)		(0.43	)		0.00		(0.75	)		10.69		6.68			2,333,258		0.46			0.46			0.46			0.46			2.52			325
03/31/2010		9.67		0.36		1.30			1.66			(0.42	)		(0.18	)		0.00		(0.60	)		10.73		17.48			2,034,711		0.47			0.47			0.46			0.46			3.51			844
03/31/2009		10.34		0.47		(0.49	)		(0.02	)		(0.51	)		(0.14	)		0.00		(0.65	)		9.67		(0.13	)		1,589,238		0.54	^(c)		0.54	^(c)		0.46	^(c)		0.46	^(c)		4.78			302
Class P
03/31/2013		10.74		0.22		0.49			0.71			(0.31	)		(0.25	)		0.00		(0.56	)		10.89		6.73			31,824		0.56			0.56			0.56			0.56			2.00			373
03/31/2012		10.69		0.22		0.25			0.47			(0.25	)		(0.17	)		0.00		(0.42	)		10.74		4.44			36,425		0.56			0.56			0.56			0.56			2.08			391
03/31/2011		10.73		0.27		0.43			0.70			(0.31	)		(0.43	)		0.00		(0.74	)		10.69		6.57			826		0.56			0.56			0.56			0.56			2.54			325
12/31/2009 - 03/31/2010		10.48		0.06		0.26			0.32			(0.07	)		0.00			0.00		(0.07	)		10.73		3.01			10		0.56	*		0.56	*		0.56	*		0.56	*		2.27	*		844
PIMCO Mortgage-Backed Securities Fund
Institutional Class
03/31/2013	$	10.66	$	0.10	$	0.31		$	0.41		$	(0.37	)	$	(0.12	)	$	0.00	$	(0.49	)	$	10.58		3.93	%	$	252,445		0.50	%		0.50	%		0.50	%		0.50	%		0.96	%		1,226	%
03/31/2012		10.62		0.24		0.41			0.65			(0.30	)		(0.31	)		0.00		(0.61	)		10.66		6.27			197,818		0.50			0.50			0.50			0.50			2.24			1,322
03/31/2011		10.74		0.31		0.31			0.62			(0.34	)		(0.40	)		0.00		(0.74	)		10.62		5.82			192,699		0.50			0.50			0.50			0.50			2.85			966
03/31/2010		10.21		0.54		0.91			1.45			(0.49	)		(0.43	)		0.00		(0.92	)		10.74		14.59			242,791		0.56			0.56			0.50			0.50			5.11			1,035
03/31/2009		10.88		0.71		(0.60	)		0.11			(0.69	)		(0.09	)		0.00		(0.78	)		10.21		1.17			442,478		1.60			1.60			0.50			0.50			6.80			1,093
Class P
03/31/2013		10.66		0.10		0.30			0.40			(0.36	)		(0.12	)		0.00		(0.48	)		10.58		3.82			36,644		0.60			0.60			0.60			0.60			0.89			1,226
03/31/2012		10.62		0.22		0.41			0.63			(0.28	)		(0.31	)		0.00		(0.59	)		10.66		6.17			42,441		0.60			0.60			0.60			0.60			2.04			1,322
03/31/2011		10.74		0.30		0.31			0.61			(0.33	)		(0.40	)		0.00		(0.73	)		10.62		5.72			28,103		0.60			0.60			0.60			0.60			2.74			966
03/31/2010		10.21		0.47		0.97			1.44			(0.48	)		(0.43	)		0.00		(0.91	)		10.74		14.49			27,825		0.62			0.62			0.60			0.60			4.42			1,035
04/30/2008 - 03/31/2009		10.85		0.66		(0.57	)		0.09			(0.64	)		(0.09	)		0.00		(0.73	)		10.21		0.97			10		1.81	*		1.81	*		0.60	*		0.60	*		6.96	*		1,093

Please see footnotes on last page of financial highlights.

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income (Loss)^(a)			Net Realized/ Unrealized Gain (Loss)			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Basis Return of Capital		Total Distributions			Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets Excluding Waivers			Ratio of Expenses to Average Net Assets Excluding Interest Expense			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Waivers			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate**
Administrative Class
03/31/2013		10.66		0.09			0.30			0.39			(0.35	)		(0.12	)		0.00		(0.47	)		10.58		3.67			42,414		0.75			0.75			0.75			0.75			0.81			1,226
03/31/2012		10.62		0.22			0.40			0.62			(0.27	)		(0.31	)		0.00		(0.58	)		10.66		6.01			72,356		0.75			0.75			0.75			0.75			2.00			1,322
03/31/2011		10.74		0.28			0.31			0.59			(0.31	)		(0.40	)		0.00		(0.71	)		10.62		5.56			72,665		0.75			0.75			0.75			0.75			2.61			966
03/31/2010		10.21		0.54			0.88			1.42			(0.46	)		(0.43	)		0.00		(0.89	)		10.74		14.31			73,797		0.84			0.84			0.75			0.75			5.09			1,035
03/31/2009		10.88		0.70			(0.61	)		0.09			(0.67	)		(0.09	)		0.00		(0.76	)		10.21		0.92			201,935		1.89			1.89			0.75			0.75			6.73			1,093
Class D
03/31/2013		10.66		0.07			0.30			0.37			(0.33	)		(0.12	)		0.00		(0.45	)		10.58		3.51			86,378		0.90			0.90			0.90			0.90			0.62			1,226
03/31/2012		10.62		0.20			0.40			0.60			(0.25	)		(0.31	)		0.00		(0.56	)		10.66		5.85			107,224		0.90			0.90			0.90			0.90			1.85			1,322
03/31/2011		10.74		0.27			0.30			0.57			(0.29	)		(0.40	)		0.00		(0.69	)		10.62		5.40			95,938		0.90			0.90			0.90			0.90			2.45			966
03/31/2010		10.21		0.49			0.92			1.41			(0.45	)		(0.43	)		0.00		(0.88	)		10.74		14.14			123,426		0.96			0.96			0.90			0.90			4.67			1,035
03/31/2009		10.88		0.68			(0.61	)		0.07			(0.65	)		(0.09	)		0.00		(0.74	)		10.21		0.77			196,793		2.02			2.02			0.90			0.90			6.51			1,093
Class A
03/31/2013		10.66		0.07			0.30			0.37			(0.33	)		(0.12	)		0.00		(0.45	)		10.58		3.51			77,316		0.90			0.90			0.90			0.90			0.61			1,226
03/31/2012		10.62		0.20			0.40			0.60			(0.25	)		(0.31	)		0.00		(0.56	)		10.66		5.85			87,646		0.90			0.90			0.90			0.90			1.85			1,322
03/31/2011		10.74		0.27			0.30			0.57			(0.29	)		(0.40	)		0.00		(0.69	)		10.62		5.40			97,366		0.90			0.90			0.90			0.90			2.45			966
03/31/2010		10.21		0.47			0.94			1.41			(0.45	)		(0.43	)		0.00		(0.88	)		10.74		14.14			125,408		0.96			0.96			0.90			0.90			4.46			1,035
03/31/2009		10.88		0.69			(0.62	)		0.07			(0.65	)		(0.09	)		0.00		(0.74	)		10.21		0.77			87,417		2.04			2.04			0.90			0.90			6.60			1,093
Class B
03/31/2013		10.66		(0.01	)		0.30			0.29			(0.25	)		(0.12	)		0.00		(0.37	)		10.58		2.74			806		1.65			1.65			1.65			1.65			(0.10	)		1,226
03/31/2012		10.62		0.13			0.39			0.52			(0.17	)		(0.31	)		0.00		(0.48	)		10.66		5.05			1,396		1.65			1.65			1.65			1.65			1.17			1,322
03/31/2011		10.74		0.19			0.30			0.49			(0.21	)		(0.40	)		0.00		(0.61	)		10.62		4.62			3,229		1.65			1.65			1.65			1.65			1.75			966
03/31/2010		10.21		0.41			0.92			1.33			(0.37	)		(0.43	)		0.00		(0.80	)		10.74		13.30			9,258		1.71			1.71			1.65			1.65			3.84			1,035
03/31/2009		10.88		0.58			(0.59	)		(0.01	)		(0.57	)		(0.09	)		0.00		(0.66	)		10.21		0.02			10,466		2.74			2.74			1.65			1.65			5.56			1,093
Class C
03/31/2013		10.66		(0.02	)		0.31			0.29			(0.25	)		(0.12	)		0.00		(0.37	)		10.58		2.75			22,257		1.65			1.65			1.65			1.65			(0.15	)		1,226
03/31/2012		10.62		0.12			0.40			0.52			(0.17	)		(0.31	)		0.00		(0.48	)		10.66		5.06			25,629		1.65			1.65			1.65			1.65			1.11			1,322
03/31/2011		10.74		0.19			0.30			0.49			(0.21	)		(0.40	)		0.00		(0.61	)		10.62		4.62			29,681		1.65			1.65			1.65			1.65			1.72			966
03/31/2010		10.21		0.40			0.93			1.33			(0.37	)		(0.43	)		0.00		(0.80	)		10.74		13.29			48,507		1.71			1.71			1.65			1.65			3.72			1,035
03/31/2009		10.88		0.60			(0.61	)		(0.01	)		(0.57	)		(0.09	)		0.00		(0.66	)		10.21		0.01			34,962		2.77			2.77			1.65			1.65			5.77			1,093
PIMCO Mortgage Opportunities Fund
Institutional Class
10/22/2012 - 03/31/2013	$	10.00	$	0.14		$	1.14		$	1.28		$	(0.15	)	$	0.00		$	0.00	$	(0.15	)	$	11.13		12.79	%	$	328,002		0.62	%*		0.67	%*		0.60	%*		0.65	%*		2.97	%*		427	%
Class P
10/22/2012 - 03/31/2013		10.00		0.15			1.12			1.27			(0.14	)		0.00			0.00		(0.14	)		11.13		12.74			11,097		0.72	*		0.77	*		0.70	*		0.75	*		3.01	*		427
Class D
10/22/2012 - 03/31/2013		10.00		0.12			1.14			1.26			(0.13	)		0.00			0.00		(0.13	)		11.13		12.59			42,136		1.02	*		1.07	*		1.00	*		1.05	*		2.38	*		427
Class A
10/22/2012 - 03/31/2013		10.00		0.14			1.12			1.26			(0.13	)		0.00			0.00		(0.13	)		11.13		12.57			4,653		1.02	*		1.07	*		1.00	*		1.05	*		2.79	*		427
Class C
10/22/2012 - 03/31/2013		10.00		0.09			1.13			1.22			(0.09	)		0.00			0.00		(0.09	)		11.13		12.23			2,007		1.77	*		1.82	*		1.75	*		1.80	*		1.82	*		427
PIMCO Total Return Fund
Institutional Class
03/31/2013	$	11.09	$	0.29		$	0.58		$	0.87		$	(0.45	)	$	(0.27	)	$	0.00	$	(0.72	)	$	11.24		7.92	%	$	180,450,317		0.46	%		0.46	%		0.46	%		0.46	%		2.54	%		380	%
03/31/2012		10.88		0.34			0.30			0.64			(0.43	)		0.00			0.00		(0.43	)		11.09		5.99			151,703,994		0.46			0.46			0.46			0.46			3.11			584
03/31/2011		11.04		0.33			0.41			0.74			(0.36	)		(0.54	)		0.00		(0.90	)		10.88		6.86			136,538,305		0.46			0.46			0.46			0.46			2.92			430
03/31/2010		10.13		0.44			1.09			1.53			(0.51	)		(0.11	)		0.00		(0.62	)		11.04		15.49			126,335,186		0.47			0.47			0.46			0.46			4.07			402
03/31/2009		10.91		0.56			(0.28	)		0.28			(0.57	)		(0.49	)		0.00		(1.06	)		10.13		2.96			87,105,803		0.63	^(d)		0.63	^(d)		0.45	^(d)		0.45	^(d)		5.37			300
Class P
03/31/2013		11.09		0.28			0.58			0.86			(0.44	)		(0.27	)		0.00		(0.71	)		11.24		7.81			12,607,217		0.56			0.56			0.56			0.56			2.43			380
03/31/2012		10.88		0.33			0.30			0.63			(0.42	)		0.00			0.00		(0.42	)		11.09		5.88			9,917,236		0.56			0.56			0.56			0.56			3.00			584
03/31/2011		11.04		0.32			0.41			0.73			(0.35	)		(0.54	)		0.00		(0.89	)		10.88		6.75			8,184,067		0.56			0.56			0.56			0.56			2.83			430
03/31/2010		10.13		0.39			1.13			1.52			(0.50	)		(0.11	)		0.00		(0.61	)		11.04		15.38			5,469,785		0.57			0.57			0.56			0.56			3.62			402
04/30/2008 - 03/31/2009		10.91		0.51			(0.29	)		0.22			(0.51	)		(0.49	)		0.00		(1.00	)		10.13		2.42			286,850		0.77	*^(e)		0.77	*^(e)		0.55	*^(e)		0.55	*^(e)		5.47	*		300
Administrative Class
03/31/2013		11.09		0.26			0.58			0.84			(0.42	)		(0.27	)		0.00		(0.69	)		11.24		7.65			32,933,466		0.71			0.71			0.71			0.71			2.30			380
03/31/2012		10.88		0.31			0.30			0.61			(0.40	)		0.00			0.00		(0.40	)		11.09		5.72			31,608,990		0.71			0.71			0.71			0.71			2.85			584
03/31/2011		11.04		0.30			0.41			0.71			(0.33	)		(0.54	)		0.00		(0.87	)		10.88		6.59			32,792,128		0.71			0.71			0.71			0.71			2.67			430
03/31/2010		10.13		0.41			1.10			1.51			(0.49	)		(0.11	)		0.00		(0.60	)		11.04		15.20			32,158,676		0.72			0.72			0.71			0.71			3.85			402
03/31/2009		10.91		0.53			(0.28	)		0.25			(0.54	)		(0.49	)		0.00		(1.03	)		10.13		2.70			24,596,373		0.88	^(d)		0.88	^(d)		0.70	^(d)		0.70	^(d)		5.10			300

Please see footnotes on last page of financial highlights.

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income (Loss)^(a)		Net Realized/ Unrealized Gain (Loss)			Total Income (Loss) from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Basis Return of Capital			Total Distributions			Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets Excluding Waivers			Ratio of Expenses to Average Net Assets Excluding Interest Expense			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Waivers			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate**
Class D
03/31/2013		11.09		0.26		0.58			0.84		(0.42	)		(0.27	)		0.00			(0.69	)		11.24		7.61			19,790,241		0.75			0.75			0.75			0.75			2.25			380
03/31/2012		10.88		0.31		0.30			0.61		(0.40	)		0.00			0.00			(0.40	)		11.09		5.68			17,905,432		0.75			0.75			0.75			0.75			2.81			584
03/31/2011		11.04		0.29		0.42			0.71		(0.33	)		(0.54	)		0.00			(0.87	)		10.88		6.55			17,422,193		0.75			0.75			0.75			0.75			2.63			430
03/31/2010		10.13		0.40		1.10			1.50		(0.48	)		(0.11	)		0.00			(0.59	)		11.04		15.16			16,162,579		0.76			0.76			0.75			0.75			3.69			402
03/31/2009		10.91		0.53		(0.28	)		0.25		(0.54	)		(0.49	)		0.00			(1.03	)		10.13		2.65			8,557,627		0.93			0.93			0.75			0.75			5.09			300
Class A
03/31/2013		11.09		0.25		0.57			0.82		(0.40	)		(0.27	)		0.00			(0.67	)		11.24		7.50			27,514,833		0.85			0.85			0.85			0.85			2.16			380
03/31/2012		10.88		0.30		0.30			0.60		(0.39	)		0.00			0.00			(0.39	)		11.09		5.57			26,837,998		0.85	^(b)		0.85	^(b)		0.85	^(b)		0.85	^(b)		2.71			584
03/31/2011		11.04		0.28		0.41			0.69		(0.31	)		(0.54	)		0.00			(0.85	)		10.88		6.39			26,070,979		0.90			0.90			0.90			0.90			2.48			430
03/31/2010		10.13		0.39		1.10			1.49		(0.47	)		(0.11	)		0.00			(0.58	)		11.04		14.99			25,941,564		0.91			0.91			0.90			0.90			3.61			402
03/31/2009		10.91		0.51		(0.28	)		0.23		(0.52	)		(0.49	)		0.00			(1.01	)		10.13		2.49			17,656,880		1.08			1.08			0.90			0.90			4.92			300
Class B
03/31/2013		11.09		0.16		0.58			0.74		(0.32	)		(0.27	)		0.00			(0.59	)		11.24		6.70			278,512		1.60			1.60			1.60			1.60			1.43			380
03/31/2012		10.88		0.22		0.29			0.51		(0.30	)		0.00			0.00			(0.30	)		11.09		4.78			350,844		1.60	^(b)		1.60	^(b)		1.60	^(b)		1.60	^(b)		1.96			584
03/31/2011		11.04		0.19		0.42			0.61		(0.23	)		(0.54	)		0.00			(0.77	)		10.88		5.60			540,862		1.65			1.65			1.65			1.65			1.70			430
03/31/2010		10.13		0.32		1.09			1.41		(0.39	)		(0.11	)		0.00			(0.50	)		11.04		14.13			978,692		1.66			1.66			1.65			1.65			2.97			402
03/31/2009		10.91		0.43		(0.28	)		0.15		(0.44	)		(0.49	)		0.00			(0.93	)		10.13		1.73			965,329		1.83			1.83			1.65			1.65			4.14			300
Class C
03/31/2013		11.09		0.16		0.58			0.74		(0.32	)		(0.27	)		0.00			(0.59	)		11.24		6.70			12,666,824		1.60			1.60			1.60			1.60			1.40			380
03/31/2012		10.88		0.21		0.30			0.51		(0.30	)		0.00			0.00			(0.30	)		11.09		4.79			11,673,671		1.60	^(b)		1.60	^(b)		1.60	^(b)		1.60	^(b)		1.96			584
03/31/2011		11.04		0.19		0.42			0.61		(0.23	)		(0.54	)		0.00			(0.77	)		10.88		5.60			11,717,441		1.65			1.65			1.65			1.65			1.73			430
03/31/2010		10.13		0.29		1.12			1.41		(0.39	)		(0.11	)		0.00			(0.50	)		11.04		14.13			11,103,810		1.66			1.66			1.65			1.65			2.73			402
03/31/2009		10.91		0.44		(0.29	)		0.15		(0.44	)		(0.49	)		0.00			(0.93	)		10.13		1.72			4,934,686		1.83			1.83			1.65			1.65			4.19			300
Class R
03/31/2013		11.09		0.22		0.58			0.80		(0.38	)		(0.27	)		0.00			(0.65	)		11.24		7.24			3,583,839		1.10			1.10			1.10			1.10			1.90			380
03/31/2012		10.88		0.27		0.30			0.57		(0.36	)		0.00			0.00			(0.36	)		11.09		5.31			3,179,665		1.10	^(b)		1.10	^(b)		1.10	^(b)		1.10	^(b)		2.46			584
03/31/2011		11.04		0.25		0.42			0.67		(0.29	)		(0.54	)		0.00			(0.83	)		10.88		6.13			2,641,023		1.15			1.15			1.15			1.15			2.24			430
03/31/2010		10.13		0.35		1.11			1.46		(0.44	)		(0.11	)		0.00			(0.55	)		11.04		14.71			2,031,285		1.16			1.16			1.15			1.15			3.29			402
03/31/2009		10.91		0.49		(0.28	)		0.21		(0.50	)		(0.49	)		0.00			(0.99	)		10.13		2.23			1,038,081		1.33			1.33			1.15			1.15			4.73			300
PIMCO Total Return Fund II
Institutional Class
03/31/2013	$	10.70	$	0.25	$	0.41		$	0.66	$	(0.26	)	$	(0.45	)	$	0.00		$	(0.71	)	$	10.65		6.23	%	$	3,026,082		0.50	%		0.50	%		0.50	%		0.50	%		2.26	%		374	%
03/31/2012		10.37		0.27		0.34			0.61		(0.28	)		0.00			0.00			(0.28	)		10.70		5.95			3,329,568		0.50			0.50			0.50			0.50			2.55			647
03/31/2011		10.59		0.23		0.44			0.67		(0.25	)		(0.63	)		(0.01	)		(0.89	)		10.37		6.40			3,177,804		0.50			0.50			0.50			0.50			2.15			563
03/31/2010		9.71		0.42		1.01			1.43		(0.50	)		(0.05	)		0.00			(0.55	)		10.59		15.00			3,124,654		0.53			0.53			0.50			0.50			4.05			502
03/31/2009		10.44		0.51		(0.33	)		0.18		(0.52	)		(0.39	)		0.00			(0.91	)		9.71		1.93			2,531,920		1.00			1.00			0.50			0.50			5.10			278
Class P
03/31/2013		10.70		0.23		0.42			0.65		(0.25	)		(0.45	)		0.00			(0.70	)		10.65		6.13			17,169		0.60			0.60			0.60			0.60			2.14			374
03/31/2012		10.37		0.26		0.34			0.60		(0.27	)		0.00			0.00			(0.27	)		10.70		5.84			16,145		0.60			0.60			0.60			0.60			2.45			647
03/31/2011		10.59		0.23		0.43			0.66		(0.24	)		(0.63	)		(0.01	)		(0.88	)		10.37		6.30			6,937		0.60			0.60			0.60			0.60			2.15			563
12/31/2009 - 03/31/2010		10.45		0.06		0.14			0.20		(0.06	)		0.00			0.00			(0.06	)		10.59		1.93			10		0.60	*		0.60	*		0.60	*		0.60	*		2.24	*		502
Administrative Class
03/31/2013		10.70		0.22		0.42			0.64		(0.24	)		(0.45	)		0.00			(0.69	)		10.65		5.97			69,577		0.75			0.75			0.75			0.75			2.00			374
03/31/2012		10.37		0.24		0.34			0.58		(0.25	)		0.00			0.00			(0.25	)		10.70		5.68			84,512		0.75			0.75			0.75			0.75			2.30			647
03/31/2011		10.59		0.21		0.43			0.64		(0.22	)		(0.63	)		(0.01	)		(0.86	)		10.37		6.13			102,227		0.75			0.75			0.75			0.75			1.91			563
03/31/2010		9.71		0.40		1.00			1.40		(0.47	)		(0.05	)		0.00			(0.52	)		10.59		14.71			89,389		0.78			0.78			0.75			0.75			3.83			502
03/31/2009		10.44		0.48		(0.33	)		0.15		(0.49	)		(0.39	)		0.00			(0.88	)		9.71		1.67			75,119		1.24			1.24			0.75			0.75			4.84			278
PIMCO Total Return Fund III
Institutional Class
03/31/2013	$	9.76	$	0.23	$	0.47		$	0.70	$	(0.34	)	$	(0.24	)	$	0.00		$	(0.58	)	$	9.88		7.19	%	$	3,853,810		0.50	%		0.50	%		0.50	%		0.50	%		2.34	%		376	%
03/31/2012		9.64		0.27		0.18			0.45		(0.33	)		0.00			0.00			(0.33	)		9.76		4.81			3,582,497		0.50			0.50			0.50			0.50			2.78			522
03/31/2011		9.78		0.27		0.44			0.71		(0.30	)		(0.55	)		0.00			(0.85	)		9.64		7.40			3,147,867		0.50			0.50			0.50			0.50			2.73			377
03/31/2010		8.76		0.39		1.10			1.49		(0.47	)		0.00			0.00			(0.47	)		9.78		17.37			2,995,293		0.53			0.53			0.50			0.50			4.19			459
03/31/2009		9.59		0.48		(0.37	)		0.11		(0.50	)		(0.44	)		0.00			(0.94	)		8.76		1.37			2,184,491		0.82			0.82			0.50			0.50			5.24			305
Class P
03/31/2013		9.76		0.22		0.47			0.69		(0.33	)		(0.24	)		0.00			(0.57	)		9.88		7.08			111,523		0.60			0.60			0.60			0.60			2.20			376
03/31/2012		9.64		0.26		0.19			0.45		(0.33	)		0.00			0.00			(0.33	)		9.76		4.71			66,045		0.60			0.60			0.60			0.60			2.68			522
03/31/2011		9.78		0.27		0.43			0.70		(0.29	)		(0.55	)		0.00			(0.84	)		9.64		7.29			54,539		0.60			0.60			0.60			0.60			2.69			377
03/31/2010		8.76		0.27		1.21			1.48		(0.46	)		0.00			0.00			(0.46	)		9.78		17.24			3,849		0.60			0.60			0.60			0.60			2.78			459
03/31/2009 - 03/31/2009		8.76		0.00		0.00			0.00		0.00			0.00			0.00			0.00			8.76		0.00			10		0.60	*		0.60	*		0.60	*		0.60	*		(0.60	)*		305

Please see footnotes on last page of financial highlights.

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income (Loss)^(a)		Net Realized/ Unrealized Gain (Loss)			Total Income (Loss) from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Basis Return of Capital		Total Distributions			Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets Excluding Waivers			Ratio of Expenses to Average Net Assets Excluding Interest Expense			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Waivers			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate**
Administrative Class
03/31/2013		9.76		0.21		0.46			0.67		(0.31	)		(0.24	)		0.00		(0.55	)		9.88		6.93			119,239		0.75			0.75			0.75			0.75			2.09			376
03/31/2012		9.64		0.24		0.19			0.43		(0.31	)		0.00			0.00		(0.31	)		9.76		4.55			101,645		0.75			0.75			0.75			0.75			2.53			522
03/31/2011		9.78		0.25		0.43			0.68		(0.27	)		(0.55	)		0.00		(0.82	)		9.64		7.14			101,711		0.75			0.75			0.75			0.75			2.51			377
03/31/2010		8.76		0.36		1.11			1.47		(0.45	)		0.00			0.00		(0.45	)		9.78		17.08			72,002		0.78			0.78			0.75			0.75			3.77			459
03/31/2009		9.59		0.46		(0.38	)		0.08		(0.47	)		(0.44	)		0.00		(0.91	)		8.76		1.11			36,067		1.08			1.08			0.75			0.75			5.12			305
PIMCO Total Return Fund IV
Institutional Class
03/31/2013	$	10.67	$	0.21	$	0.63		$	0.84	$	(0.31	)	$	(0.30	)	$	0.00	$	(0.61	)	$	10.90		8.03	%	$	864,590		0.50	%		0.50	%		0.50	%		0.50	%		1.95	%		540	%
05/26/2011 - 03/31/2012		10.00		0.19		0.63			0.82		(0.15	)		0.00			0.00		(0.15	)		10.67		8.27			698,774		0.50	*		0.51	*		0.50	*		0.51	*		2.16	*		771
Class P
03/31/2013		10.67		0.22		0.61			0.83		(0.30	)		(0.30	)		0.00		(0.60	)		10.90		7.93			394		0.60			0.60			0.60			0.60			1.95			540
05/26/2011 - 03/31/2012		10.00		0.23		0.59			0.82		(0.15	)		0.00			0.00		(0.15	)		10.67		8.18			4,969		0.60	*		0.61	*		0.60	*		0.61	*		2.54	*		771
Class A
03/31/2013		10.67		0.16		0.64			0.80		(0.27	)		(0.30	)		0.00		(0.57	)		10.90		7.66			21,829		0.85			0.85			0.85			0.85			1.50			540
05/26/2011 - 03/31/2012		10.00		0.17		0.63			0.80		(0.13	)		0.00			0.00		(0.13	)		10.67		7.98			2,184		0.85	*		0.86	*		0.85	*		0.86	*		1.94	*		771
Class C
06/01/2012 - 03/31/2013		10.90		0.06		0.40			0.46		(0.16	)		(0.30	)		0.00		(0.46	)		10.90		4.33			4,095		1.60	*		1.60	*		1.60	*		1.60	*		0.69	*		540
PIMCO Unconstrained Bond Fund
Institutional Class
03/31/2013	$	11.04	$	0.30	$	0.57		$	0.87	$	(0.35	)	$	(0.01	)	$	0.00	$	(0.36	)	$	11.55		8.00	%	$	16,836,479		0.91	%		0.91	%		0.90	%		0.90	%		2.65	%		786	%
03/31/2012		11.17		0.37		(0.23	)		0.14		(0.27	)		0.00			0.00		(0.27	)		11.04		1.31			8,959,702		0.91			0.91			0.90			0.90			3.35			1,001
03/31/2011		11.01		0.31		0.13			0.44		(0.26	)		(0.02	)		0.00		(0.28	)		11.17		4.08			9,222,128		0.98			0.98			0.90			0.90			2.79			1,240
03/31/2010		10.17		0.39		1.07			1.46		(0.37	)		(0.25	)		0.00		(0.62	)		11.01		14.62			2,711,977		0.90			0.90			0.90			0.90			3.59			1,039
06/30/2008 - 03/31/2009		10.00		0.22		0.11			0.33		(0.16	)		0.00			0.00		(0.16	)		10.17		3.40			578,445		0.91	*		0.93	*		0.90	*		0.92	*		2.91	*		417
Class P
03/31/2013		11.04		0.29		0.57			0.86		(0.34	)		(0.01	)		0.00		(0.35	)		11.55		7.89			2,891,666		1.01			1.01			1.00			1.00			2.51			786
03/31/2012		11.17		0.36		(0.23	)		0.13		(0.26	)		0.00			0.00		(0.26	)		11.04		1.21			1,167,332		1.01			1.01			1.00			1.00			3.25			1,001
03/31/2011		11.01		0.30		0.13			0.43		(0.25	)		(0.02	)		0.00		(0.27	)		11.17		3.98			1,420,955		1.08			1.08			1.00			1.00			2.70			1,240
03/31/2010		10.17		0.37		1.08			1.45		(0.36	)		(0.25	)		0.00		(0.61	)		11.01		14.52			340,363		1.00			1.00			1.00			1.00			3.37			1,039
06/30/2008 - 03/31/2009		10.00		0.21		0.11			0.32		(0.15	)		0.00			0.00		(0.15	)		10.17		3.32			129		1.01	*		1.03	*		1.00	*		1.02	*		2.84	*		417
Class D
03/31/2013		11.04		0.27		0.56			0.83		(0.31	)		(0.01	)		0.00		(0.32	)		11.55		7.57			1,488,822		1.31			1.31			1.30			1.30			2.32			786
03/31/2012		11.17		0.32		(0.22	)		0.10		(0.23	)		0.00			0.00		(0.23	)		11.04		0.90			1,141,138		1.31			1.31			1.30			1.30			2.95			1,001
03/31/2011		11.01		0.27		0.13			0.40		(0.22	)		(0.02	)		0.00		(0.24	)		11.17		3.66			1,367,527		1.38			1.38			1.30			1.30			2.41			1,240
03/31/2010		10.17		0.34		1.07			1.41		(0.32	)		(0.25	)		0.00		(0.57	)		11.01		14.17			767,372		1.30			1.30			1.30			1.30			3.15			1,039
06/30/2008 - 03/31/2009		10.00		0.19		0.11			0.30		(0.13	)		0.00			0.00		(0.13	)		10.17		3.09			134,508		1.31	*		1.33	*		1.30	*		1.32	*		2.51	*		417
Class A
03/31/2013		11.04		0.27		0.56			0.83		(0.31	)		(0.01	)		0.00		(0.32	)		11.55		7.57			1,958,198		1.31			1.31			1.30			1.30			2.35			786
03/31/2012		11.17		0.33		(0.23	)		0.10		(0.23	)		0.00			0.00		(0.23	)		11.04		0.90			1,802,378		1.31			1.31			1.30			1.30			2.95			1,001
03/31/2011		11.01		0.27		0.13			0.40		(0.22	)		(0.02	)		0.00		(0.24	)		11.17		3.66			2,666,336		1.38			1.38			1.30			1.30			2.39			1,240
03/31/2010		10.17		0.34		1.07			1.41		(0.32	)		(0.25	)		0.00		(0.57	)		11.01		14.16			1,152,457		1.30			1.30			1.30			1.30			3.14			1,039
06/30/2008 - 03/31/2009		10.00		0.19		0.11			0.30		(0.13	)		0.00			0.00		(0.13	)		10.17		3.08			198,080		1.31	*		1.33	*		1.30	*		1.32	*		2.48	*		417
Class C
03/31/2013		11.04		0.20		0.55			0.75		(0.23	)		(0.01	)		0.00		(0.24	)		11.55		6.89			1,084,967		1.95			2.06			1.94			2.05			1.71			786
03/31/2012		11.17		0.25		(0.23	)		0.02		(0.15	)		0.00			0.00		(0.15	)		11.04		0.19			1,004,843		2.02			2.06			2.01			2.05			2.24			1,001
03/31/2011		11.01		0.18		0.13			0.31		(0.13	)		(0.02	)		0.00		(0.15	)		11.17		2.89			1,257,972		2.13			2.13			2.05			2.05			1.64			1,240
03/31/2010		10.17		0.26		1.07			1.33		(0.24	)		(0.25	)		0.00		(0.49	)		11.01		13.31			485,355		2.05			2.05			2.05			2.05			2.34			1,039
07/31/2008 - 03/31/2009		9.89		0.13		0.23			0.36		(0.08	)		0.00			0.00		(0.08	)		10.17		3.66			41,397		2.06	*		2.08	*		2.05	*		2.07	*		1.91	*		417
Class R
03/31/2013		11.04		0.24		0.56			0.80		(0.28	)		(0.01	)		0.00		(0.29	)		11.55		7.30			15,856		1.56			1.56			1.55			1.55			2.13			786
03/31/2012		11.17		0.30		(0.23	)		0.07		(0.20	)		0.00			0.00		(0.20	)		11.04		0.65			15,687		1.56			1.56			1.55			1.55			2.69			1,001
03/31/2011		11.01		0.24		0.13			0.37		(0.19	)		(0.02	)		0.00		(0.21	)		11.17		3.41			37,398		1.63			1.63			1.55			1.55			2.16			1,240
03/31/2010		10.17		0.33		1.06			1.39		(0.30	)		(0.25	)		0.00		(0.55	)		11.01		13.88			4,531		1.55			1.55			1.55			1.55			3.04			1,039
07/31/2008 - 03/31/2009		9.89		0.17		0.22			0.39		(0.11	)		0.00			0.00		(0.11	)		10.17		3.99			9,537		1.56	*		1.58	*		1.55	*		1.57	*		2.52	*		417

*	Annualized
**	Effective April 1, 2010, the calculation methodology of the portfolio turnover rate has been updated to exclude investments in the PIMCO Short-Term Floating NAV Portfolio.
(a)	Per share amounts based on average number of shares outstanding during the year or period.
(b)	Effective May 1, 2011, the Class's supervisory and administrative fee was decreased by 0.05% to an annual rate of 0.35%.
(c)	Effective October 1, 2008, the Class's supervisory and administrative fee was increased by 0.01% to an annual rate of 0.21%.
(d)	Effective October 1, 2008, the Class's supervisory and administrative fee was increased by 0.03% to an annual rate of 0.21%.
(e)	Effective October 1, 2008, the Class's supervisory and administrative fee was increased by 0.03% to an annual rate of 0.31%.