PIMCO TRENDS Managed Futures Strategy Fund
Summary Prospectus
August 1, 2024
| Share Class: |
Inst |
I-2 |
I-3 |
A |
C |
| Ticker: |
PQTIX |
PQTPX |
PQTNX |
PQTAX |
PQTCX |
Before you invest, you may want to review the Fund’s prospectus, which, as supplemented, contains more information about the Fund and its risks. You can find the Fund’s prospectus, reports to shareholders (once available) and other information about the Fund online at http://investments.pimco.com/prospectuses. You can also get this information at no cost by calling 888.87.PIMCO or by
sending an email request to piprocess@dstsystems.com. The Fund’s prospectus and Statement of Additional Information, both dated August 1, 2024, as supplemented, are incorporated by reference into this Summary Prospectus.
Investment Objective
The Fund seeks positive, risk-adjusted returns, 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, hold and sell shares of the Fund. You
may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which
are not reflected in the table and example below. 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 22 of the Fund’s prospectus, Appendix B to the Fund’s prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial
professional.
Shareholder Fees (fees paid directly from your
investment):
| |
Inst
Class |
I-2 |
I-3 |
Class A |
Class C |
| Maximum Sales Charge (Load) Imposed on
Purchases (as a percentage of offering price) |
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 |
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 |
I-2 |
I-3 |
Class A |
Class C |
| Management Fees |
1.40% |
1.50% |
1.60% |
1.55% |
1.55% |
| Distribution and/or Service (12b-1) Fees |
N/A |
N/A |
N/A |
0.25% |
1.00% |
| Other Expenses(1) |
0.96% |
0.96% |
0.96% |
0.96% |
0.96% |
| Acquired Fund Fees and Expenses(2) |
0.21% |
0.21% |
0.21% |
0.21% |
0.21% |
| Total Annual Fund Operating
Expenses |
2.57% |
2.67% |
2.77% |
2.97% |
3.72% |
| Fee Waiver and/or Expense
Reimbursement(3)(4)
|
(0.21%) |
(0.21%) |
(0.26%) |
(0.21%) |
(0.21%) |
| Total Annual Fund Operating
Expenses After Fee Waiver and/or
Expense Reimbursement |
2.36% |
2.46% |
2.51% |
2.76% |
3.51% |
1
“Other Expenses” include interest expense of 0.96%. Interest expense is
borne by the Fund separately from the management fees paid to Pacific Investment Management Company
LLC (“PIMCO”). Excluding interest expense, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement are 1.40%, 1.50%, 1.55%, 1.80% and 2.55% for Institutional Class, I-2, I-3, Class A and Class C shares, respectively. Interest expense is
calculated and presented equally across all share classes. As a result, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement may not match the Ratio of Expenses to Average Net Assets for certain share classes, as
set forth in the Financial Highlights table of the Fund’s prospectus, because the Ratio of Expenses to Average Net Assets is calculated based on the average net assets of the applicable share class.
2
Acquired Fund Fees and Expenses include the advisory fee and the supervisory and
administrative fee paid by PIMCO Cayman Commodity Fund VIII, Ltd. (the
“Subsidiary”).
3
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 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, through July 31, 2025, to reduce its supervisory and administrative fee for the Fund’s I-3 shares by 0.05% of the average daily net assets attributable to I-3
shares of the Fund. This Fee Waiver Agreement renews annually unless terminated by PIMCO upon at least 30 days’ prior notice to the end of the contract term.
Example. The Example is intended to help you compare the cost of investing in Institutional Class, I-2, I-3, Class A or
Class C shares of the Fund with the costs of investing in other mutual funds. The Example assumes
that you invest $10,000 in the noted class of shares for the time periods indicated, and then hold or 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 |
$239 |
$780 |
$1,347 |
$2,889 |
| I-2 |
$249 |
$810 |
$1,396 |
$2,987 |
| I-3 |
$254 |
$835 |
$1,441 |
$3,081 |
| Class A |
$814 |
$1,399 |
$2,009 |
$3,645 |
| Class C |
$454 |
$1,118 |
$1,903 |
$3,790 |
If you do not redeem your shares:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Class A |
$814 |
$1,399 |
$2,009 |
$3,645 |
| Class C |
$354 |
$1,118 |
$1,903 |
$3,790 |
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
PIMCO Funds | Summary Prospectus
PIMCO TRENDS Managed
Futures Strategy Fund
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 637% of the average value of its portfolio.
Principal Investment Strategies
The Fund seeks to achieve its investment objective by pursuing a quantitative trading strategy intended to capture the persistence of price trends (up and/or down) observed in
global financial markets and commodities. The Fund’s investment strategy represents a composite of financial and commodity derivatives, and may also include certain direct investments (such as in Fixed Income
Instruments), designed to provide exposure to global financial market and commodity price trends. Within the strategy’s allocations, investments are positioned either long or short based on various
characteristics related to their prices. When determining the target allocation for the strategy, PIMCO uses proprietary quantitative models. The target allocations may include long, short, or no positions in the
underlying financial markets and commodities specified in the models. The quantitative models are
developed and maintained by PIMCO, and are subject to change over time without notice in
PIMCO’s discretion. PIMCO also retains discretion over the final target asset allocation and the implementation of the target asset allocation, which may include positions that differ from target allocations determined by
quantitative models.
The Fund will invest under normal circumstances in derivative instruments linked to interest rates,
currencies, mortgages, credit, commodities (including individual commodities and commodity indices), equities and equity-related investments, and volatility-related instruments, and may also invest directly in
mortgage-related and other asset-backed securities. The Fund invests in derivative instruments,
including futures, options on futures, options and swap agreements. The Fund may invest in
derivative instruments on a speculative basis. The Fund’s investments in derivative instruments will generally be backed by a short to intermediate duration portfolio which may consist of cash equivalent securities and 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 Fund may seek to gain exposure to the commodity futures markets primarily through investments in swap
agreements and futures, and through investments in the PIMCO Cayman Commodity Fund VIII, Ltd., a
wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the
“Subsidiary”). In order to comply with certain issuer diversification limits imposed by the Internal Revenue Code, the Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by PIMCO, and has
the same investment objective as the Fund. As discussed in greater detail elsewhere in the prospectus, the Subsidiary (unlike the Fund) may invest without limitation in commodity-linked swap agreements and other
commodity-linked derivative instruments. The value of commodity-linked derivative instruments may
be affected by overall market movements and other
factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes, or
political and regulatory developments. The Fund and the Subsidiary may also invest in physical commodities.
The Fund may also invest 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.
These commodity index-linked 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 or related index.
In addition, the Fund may invest its assets in particular sectors of the commodities futures market.
The Fund may invest in high yield securities (“junk bonds”) rated below investment grade by
Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s Ratings Services (“S&P”) or Fitch Ratings, Inc. (“Fitch”), or, if unrated, determined by PIMCO to be of comparable quality. In
the event that ratings services assign different ratings to the same security, PIMCO will use the highest rating as the credit rating for that security. 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 obtain foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) without limitation. The Fund may
invest without limitation in securities and instruments that are economically tied to emerging
market countries. 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 Fund may purchase and sell securities on a
when-issued, delayed delivery or forward commitment basis and may engage in short sales.
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 listed below.
Interest Rate Risk: the risk that fixed income securities will fluctuate in value because of a change in interest rates; a fund with a longer average portfolio duration will be more
sensitive to changes in interest rates than a fund with a shorter average portfolio duration
Call Risk: the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their
maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality).
If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be
forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features
2 Summary Prospectus | PIMCO Funds
Summary
Prospectus
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, or the issuer or guarantor
of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations
High Yield Risk: the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) are subject to greater
levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer’s continuing ability to make principal and interest payments, and may be more volatile than
higher-rated securities of similar maturity
Market Risk: the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably,
due to factors affecting securities markets generally or particular industries
Issuer Risk: the risk that the value of a security may decline for a reason directly related to the issuer, such as
management performance, changes in financial condition or credit rating, financial leverage,
reputation or 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 investments at an advantageous time or price or achieve its desired level of
exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest
rate environment or other circumstances where investor redemptions from fixed income funds may be
higher than normal, causing increased supply in the market due to selling activity
Derivatives Risk: the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities)
and other similar investments, including leverage, liquidity, interest rate, market, counterparty
(including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than,
the underlying asset, rate or index, and the Fund could lose more than the initial amount invested.
Changes in the value of a derivative or other similar instrument may also create margin delivery
or settlement payment obligations for the Fund. The Fund’s use of derivatives or other similar investments may result in losses to the Fund, a reduction in the Fund’s returns and/or increased volatility.
Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of
the protections afforded to centrally-cleared derivative transactions might not be available for
non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on
derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulation relating to a registered
fund’s use of derivatives and related
instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the
Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund’s performance
Futures Contract Risk: the risk that, while the value of a futures contract tends to correlate with the value of the underlying asset that it represents, differences between the
futures market and the market for the underlying asset may result in an imperfect correlation. Futures contracts may involve risks different from, and possibly greater than, the risks associated with investing
directly in the underlying assets. The purchase or sale of a futures contract may result in losses in excess of the amount invested in the futures contract
Model Risk: the risk that the Fund’s investment models used in making investment allocation decisions may not
adequately take into account certain factors, or may contain design flaws or faulty assumptions,
and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in the Fund
Management Risk: the risk that the investment techniques and risk analyses applied by PIMCO, including the use of quantitative
models or methods, will not produce the desired results and that actual or potential conflicts of
interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Fund and may cause PIMCO to
restrict or prohibit participation in certain investments. There is no guarantee that the
investment objective of the Fund will be achieved
Commodity Risk: the risk that investing in commodity-linked derivative instruments and commodities, either directly or
indirectly through the Subsidiary, may subject the Fund to greater volatility than investments in
traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation,
interest rates, or supply and demand factors affecting a particular industry or commodity market,
such as drought, floods, weather, livestock disease, pandemics and public health emergencies,
embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international
economic, political and regulatory developments. Investments in commodities can also present
risks associated with transportation and delivery, custody, storage and maintenance, illiquidity,
and the unavailability of accurate market valuations of the commodity
Equity Risk: the risk that the value of equity or equity-related securities, such as common stocks and preferred
securities, may decline due to general market conditions which are not specifically related to a
particular company or to factors affecting a particular industry or industries. Equity or
equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred
August 1, 2024 | SUMMARY PROSPECTUS 3
PIMCO TRENDS Managed
Futures Strategy Fund
securities may be subject to greater credit
risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights
Mortgage-Related and Other Asset-Backed Securities Risk: the risks
of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. The Fund may invest in any tranche of mortgage-related and other asset-backed securities, including
junior and/or equity tranches (to the extent consistent with other of the Fund’s guidelines), which generally carry higher levels of the foregoing risks
Foreign (Non-U.S.) Investment Risk: the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due
to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of
unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments or the imposition of sanctions and other similar
measures. Foreign securities may also be less liquid and more difficult to value than securities of
U.S. issuers
Emerging Markets Risk: the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment
risk
Sovereign Debt Risk: the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit
event resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion
Currency Risk: the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the
Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies
Leveraging Risk: the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery
or forward commitment transactions, or derivative instruments, may give rise to leverage,
magnifying gains and losses and causing the Fund to be more volatile than if it had not been
leveraged. This means that leverage entails a heightened risk of loss
Short Exposure Risk: the risk of entering into short sales or other short positions, 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 or
other short position will not fulfill its contractual obligations, causing a loss to the Fund
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 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
LIBOR Transition Risk: the risk related to the discontinuation and replacement of the London Interbank Offered Rate
(“LIBOR”). Certain instruments held by the Fund rely or relied in some fashion upon LIBOR. Although the transition process away from LIBOR for most instruments has been completed, some LIBOR use is
continuing and there are potential effects related to the transition away from LIBOR or the
continued use of LIBOR on the Fund, or on certain instruments in which the Fund invests, which
can be difficult to ascertain and could result in losses to the Fund
Please see “Description of Principal Risks” in the Fund's prospectus for a more detailed description of the risks of investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency.
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 certain indexes. Absent any applicable fee waivers
and/or expense limitations, performance would have been lower. The bar chart shows performance of
the Fund’s Institutional Class shares. For periods prior to the inception date of I-3 shares (April 27, 2018) and of Class C shares (May 26, 2023), performance information shown in the table for that class is based on the performance
of the Fund’s Institutional Class shares, adjusted to reflect the fees and expenses paid by that class of shares. Performance 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.
In addition to the Fund’s performance, the Average Annual Total Returns table includes performance of:
(i) a broad-based securities market index (i.e., a regulatory index) and (ii) a supplemental index. It is not possible to invest directly in an unmanaged index. Effective July 24, 2024, the Fund’s regulatory index is the Bloomberg U.S. Aggregate Index. The Fund’s regulatory index is
shown in connection with certain regulatory requirements to provide a broad measure of market performance. The Bloomberg U.S. Aggregate Index represents securities that are
4 Summary Prospectus | PIMCO Funds
Summary
Prospectus
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 supplemental index shown is the ICE BofA SOFR Overnight Rate Index. The ICE
BofA SOFR Overnight Rate Index tracks the performance of a synthetic asset paying SOFR to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity
and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. SOFR
(Secured Overnight Funding Rate) is an overnight rate (published in arrears) and was chosen by the
Alternative Reference Rates Committee (“ARRC”) as the successor to the USD LIBOR
(London Interbank Offered Rate). SOFR is secured (collateralized by Treasuries), calculated by the Federal Reserve Bank of New York, and transactions based.
Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily and quarterly
updates on the net asset value and performance page at
https://www.pimco.com/en-us/product-finder.
| Best Quarter |
June 30, 2022 |
9.71% |
| Worst Quarter |
December 31, 2022 |
-9.51% |
| Year-to-Date |
June 30, 2024 |
-0.56% |
Average Annual Total Returns (for periods ended 12/31/23)
| |
1 Year |
5 Years |
10 Years |
| Institutional Class Return Before Taxes |
-4.19% |
6.61% |
5.02% |
| Institutional Class Return After Taxes on Distributions(1) |
-4.19% |
4.63% |
3.27% |
| Institutional Class Return After Taxes on Distributions
and Sales of Fund Shares(1) |
-2.48% |
4.30% |
3.14% |
| I-2 Return Before Taxes |
-4.21% |
6.50% |
4.89% |
| I-3 Return Before Taxes |
-4.20% |
6.48% |
4.88% |
| Class A Return Before Taxes |
-9.74% |
5.00% |
4.03% |
| Class C Return Before Taxes |
-6.20% |
5.36% |
3.68% |
| Bloomberg U.S. Aggregate Index (reflects no deductions
for fees, expenses or taxes) |
5.53% |
1.10% |
1.81% |
| ICE BofA SOFR Overnight Rate Index (reflects no
deductions for fees, expenses or taxes)(2) |
5.20% |
- |
- |
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.
2
ICE BofA SOFR Overnight Rate Index was first published on October 1, 2019.
Investment Adviser/Portfolio Managers
PIMCO serves as the investment adviser for the Fund. The Fund’s portfolio is jointly and primarily managed
by Matt Dorsten and Graham A. Rennison. Messrs. Dorsten and
Rennison are Executive Vice Presidents of PIMCO, and have managed the Fund
since its inception in December 2013.
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 (“NYSE”) 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, I-2 and I-3
The minimum initial investment for Institutional Class, I-2 and I-3 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.
You may sell (redeem) all or part of your Institutional Class, I-2 and I-3 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 regular mail to:
PIMCO Funds
P.O. Box 219024, Kansas City, MO 64121-9024
or by overnight mail to:
PIMCO Funds c/o SS&C Global Investor and Distribution Solutions, Inc.
P.O. Box 219024, Kansas City, MO 64121-9024
or by overnight mail to:
PIMCO Funds c/o SS&C Global Investor and Distribution Solutions, Inc.
430 W 7th Street, STE 219024, Kansas City, MO 64105-1407
■
Calling us at 888.87.PIMCO and a Shareholder Services associate will assist you
■
Sending a fax to our Shareholder Services department at 1.816.421.2861
■
Sending an e-mail to piprocess@dstsystems.com
Class A
and Class C
The minimum initial investment for Class A and Class C
shares of the Fund is $1,000. The minimum subsequent investment for Class A and Class C shares is
$50. The minimum initial investment may be modified
August 1, 2024 | SUMMARY PROSPECTUS 5
PIMCO TRENDS Managed
Futures Strategy Fund
for certain financial firms that submit
orders on behalf of their customers. You may purchase or sell (redeem) all or part of your Class A
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 219294, Kansas City, MO 64121-9294 or overnight mail to PIMCO Funds, c/o SS&C Global Investor and Distribution Solutions, Inc.,
430 W. 7th Street, STE 219294, Kansas City, MO 64105-1407. 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.
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, in which case distributions may be taxable upon withdrawal.
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 website for more
information.
PFT10789_080124