PIMCO Climate Bond Fund
Summary Prospectus
August 1,
2024
| Share Class: |
Inst |
I-2 |
I-3 |
A |
C |
| Ticker: |
PCEIX |
PCEPX |
PCEWX |
PCEBX |
PCECX |
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 optimal risk adjusted returns, consistent with prudent
investment management, while giving consideration to long term climate related risks and
opportunities.
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 93 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 |
2.25% |
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 |
0.50% |
0.60% |
0.70% |
0.65% |
0.65% |
| Distribution and/or Service (12b-1) Fees |
N/A |
N/A |
N/A |
0.25% |
1.00% |
| Other Expenses(1) |
0.11% |
0.11% |
0.11% |
0.11% |
0.11% |
| Total Annual Fund Operating Expenses |
0.61% |
0.71% |
0.81% |
1.01% |
1.76% |
| Fee Waiver and/or Expense Reimbursement(2) |
N/A |
N/A |
(0.05%) |
N/A |
N/A |
| Total Annual Fund Operating Expenses
After Fee Waiver and/or Expense
Reimbursement |
0.61% |
0.71% |
0.76% |
1.01% |
1.76% |
1
“Other Expenses” include interest expense of 0.11%. Interest expense is
borne by the Fund separately from the management fees paid to Pacific Investment Management Company
LLC (“PIMCO”). Excluding interest expense, Total Annual Fund Operating
Expenses After Fee Waiver
and/or Expense Reimbursement are 0.50%, 0.60%, 0.65%, 0.90% and 1.65% for Institutional Class, I-2, I-3, Class A and Class C shares, respectively.
2
PIMCO has contractually agreed, through July 31, 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 |
$62 |
$195 |
$340 |
$762 |
| I-2 |
$73 |
$227 |
$395 |
$883 |
| I-3 |
$78 |
$254 |
$445 |
$997 |
| Class A |
$326 |
$539 |
$770 |
$1,433 |
| Class C |
$279 |
$554 |
$954 |
$1,875 |
If you do not redeem your shares:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Class A |
$326 |
$539 |
$770 |
$1,433 |
| Class C |
$179 |
$554 |
$954 |
$1,875 |
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 28% 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 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 will normally vary from 2 years to 8 years based on PIMCO’s market forecasts.
Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.
PIMCO Funds | Summary Prospectus
PIMCO Climate Bond
Fund
The Fund invests opportunistically in a
broad spectrum of climate focused instruments and debt from issuers demonstrating leadership with
respect to addressing climate related factors. Given the long term nature of the risks and opportunities presented by climate change and resource depletion, PIMCO may emphasize investment strategies that are more strategic, or long-term in nature,
with less emphasis on short-term, tactical trading strategies.
The Fund’s investments ordinarily include labeled and unlabeled “green” bonds, as well as
the debt of issuers demonstrating leadership in addressing risk and opportunities around climate related change. Labeled green bonds are those issues with proceeds specifically earmarked to be used for climate and
environmental projects. Labeled green bonds are often verified by a third party, which certifies that the bond will fund projects that include environmental benefits. Unlabeled green bonds or climate-aligned bonds
are securities of climate-aligned issuers with use of proceeds for climate-related projects and initiatives, and may be issued without formal third party verifications or frameworks. When considering whether an issuer
has demonstrated leadership in addressing risk and opportunities around climate related change,
PIMCO may consider a variety of factors, such as whether an issuer provides low carbon solutions, has implemented or prepared a transition plan to a low carbon economy or such other factors that PIMCO may determine are
relevant.
When considering an investment, PIMCO may utilize the
following resources, among others, to evaluate climate related factors: PIMCO’s internal
research and scoring process relating to climate factors, third party research and data providers, an issuer’s alignment with international commitments deemed relevant by PIMCO (such as the 2016 Paris Agreement on climate change),
and/or information made available by the issuer, such as carbon emissions and intensity. In
determining the efficacy of an issuer’s environmental practices, PIMCO will use its own
proprietary assessments of material environmental and climate-oriented issues and may also reference standards as set forth by recognized global organizations, such as entities sponsored by the United Nations, and augment its assessments
based on engagements with issuers regarding their environmental practices that have the potential
to enhance risk-adjusted returns. The Fund may avoid investment in the securities of issuers whose business practices with respect to climate specific factors do not meet criteria determined by PIMCO. PIMCO’s activities in this
respect may include, but are not limited to, direct dialogue with company management, such as through in-person meetings, phone calls, electronic communications and letters. The Fund has flexibility to invest in
securities of issuers whose climate-related practices are weaker relative to certain peers or industry benchmarks, with the expectation that these practices may improve over time. The Fund may exclude those
issuers that are not receptive to PIMCO’s engagement efforts, as determined in PIMCO’s sole discretion.
The Fund will not invest in the securities of any issuer determined by PIMCO to be engaged principally in the fossil fuel-related sectors, including distribution/retail, equipment
and services, extraction and production, petrochemicals, pipelines and transportation and refining,
and the production or distribution of coal and coal fired generation. The
Fund may invest in the securities of
issuers determined by PIMCO to be engaged principally in biofuel production or natural gas generation or sales and trading activities. Moreover, the Fund will not invest in the securities of any issuer determined by
PIMCO to be engaged principally in the manufacture of alcoholic beverages, tobacco products or military equipment, the operation of gambling casinos, or in the production or distribution of adult entertainment
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.
The Fund may invest in labeled green, sustainability, social and sustainability-linked bonds from issuers involved in fossil fuel-related sectors. Labeled bonds are those issues with proceeds specifically earmarked
to be used for climate, environmental sustainability and/or social projects and, in the case of
sustainability-linked bonds, bonds that include sustainability-linked covenants, as explained by
the issuer through use of a framework and/or legal documentation. Labeled bonds are often verified by a third party, which certifies that the bond will or has been used to fund projects that include eligible benefits or,
in the case of a sustainability-linked bond, that the bond includes sustainability-linked
covenants.
The Fund may invest in up to 25% of its total assets in high yield securities (“junk bonds”), as
rated by Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) or Fitch Ratings, Inc. (“Fitch”), or, if unrated, determined by PIMCO (except such limitation shall not
apply to the Fund’s investments in mortgage- and asset-backed securities). In the event that ratings and services assign different ratings to the same security, PIMCO will use the highest rating as the credit rating for that
security. 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 25% of its total
assets in securities and instruments that are economically tied to emerging market countries
(this limitation does not apply to investment grade sovereign debt denominated in the local
currency with less than 1 year remaining to maturity, which means the Fund may invest in such instruments without limitation subject to any applicable legal or regulatory limitation). The Fund will normally limit its foreign
currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total
assets. The Fund may also invest up to 10% of its total assets in preferred
securities.
The Fund may invest, without limitation, in derivative
instruments, such as options, futures contracts or swap agreements, or in mortgage- or
asset-backed securities, subject to applicable law and any other restrictions described in the
Fund’s prospectus or Statement of Additional Information. The Fund may invest in derivatives, such as credit default swaps, on indexes of securities which may include exposure to issuers that the Fund is not
permitted to invest in directly. 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 also invest
directly in real estate investment trusts (“REITs”). The Fund may, without limitation, seek to obtain market
2 Summary Prospectus | PIMCO Funds
Summary
Prospectus
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).
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.
Small Fund Risk: the risk that a smaller fund may not achieve investment or trading efficiencies. Additionally, a smaller fund may be more adversely affected by large
purchases or redemptions of fund shares
Climate-Related Investing Risk: the risk that, because the Fund’s climate-related investment strategy may select or typically exclude
securities of certain issuers for reasons in addition to performance, the Fund’s
performance may differ from funds that do not utilize a climate-related investment strategy. Climate-related investing is qualitative and subjective by nature, and there is no guarantee that the factors utilized by PIMCO or any
judgment exercised by PIMCO will reflect the opinions of any particular investor
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
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
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 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
August 1, 2024 | SUMMARY PROSPECTUS 3
PIMCO Climate Bond
Fund
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
Real Estate Risk: the risk that the Fund’s investments in real estate investment trusts (“REITs”) or real estate-linked derivative instruments will subject the Fund to
risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning
laws, regulatory limitations on rents, property taxes and operating expenses. The Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition,
privately traded REITs subject the Fund to liquidity and valuation risk
Leveraging Risk: the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio
securities, and the use of when-issued, delayed delivery or forward commitment transactions, or
derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss
Management Risk: the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that
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
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
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. 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.
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 Global Aggregate (USD Hedged) Index. The Bloomberg Global
Aggregate (USD Hedged) Index provides a broad-based measure of the global investment-grade fixed
income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes
Eurodollar and Euro-Yen corporate bonds, Canadian Government securities, and USD investment grade
144A securities. The supplemental index shown is the Bloomberg MSCI Global Green Bond Index, USD Hedged which offers investors an objective and robust measure of the global market for fixed income securities issued to fund projects with
direct environmental benefits. An independent research driven methodology is used to evaluate
index-eligible green bonds to ensure they adhere to established Green Bond Principles and to
classify bonds by their environmental use of proceeds.
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.
4 Summary Prospectus | PIMCO Funds
Summary
Prospectus
| Best Quarter |
June 30, 2020 |
8.11% |
| Worst Quarter |
June 30, 2022 |
-5.85% |
| Year-to-Date |
June 30, 2024 |
0.54% |
Average Annual Total Returns (for periods ended 12/31/23)
| |
1 Year |
Since
Inception |
Inception Date |
| Institutional Class Return Before Taxes |
8.82% |
0.38% |
12/10/2019 |
| Institutional Class Return After Taxes on
Distributions(1) |
7.40% |
-1.01% |
|
| Institutional Class Return After Taxes on
Distributions and Sales of Fund Shares(1) |
5.18% |
-0.30% |
|
| I-2 Return Before Taxes |
8.71% |
0.27% |
12/10/2019 |
| I-3 Return Before Taxes |
8.66% |
0.22% |
12/10/2019 |
| Class A Return Before Taxes |
5.99% |
-0.58% |
12/10/2019 |
| Class C Return Before Taxes |
6.58% |
-0.78% |
12/10/2019 |
| Bloomberg Global Aggregate (USD Hedged)
Index (reflects no deductions for fees, expenses or
taxes) |
7.15% |
-0.24% |
|
| Bloomberg MSCI Global Green Bond Index, USD
Hedged (reflects no deductions for fees, expenses
or taxes) |
9.55% |
-1.40% |
|
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 Managers
PIMCO serves as the investment adviser for the Fund. The Fund’s portfolio is jointly and primarily managed by Jelle Brons, Regina Borromeo, Grover Burthey and Samuel Mary.
Messrs. Brons and Ms. Borromeo and Burthey are Executive Vice Presidents of PIMCO. Mr. Mary is a
Senior Vice President of PIMCO. Messrs. Brons and Mary have jointly and primarily managed the Fund since its inception in December 2019. Mr. Burthey has jointly and primarily managed the Fund since August 2022. Ms. Borromeo has jointly and
primarily managed the Fund since June 2023.
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 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,
August 1, 2024 | SUMMARY PROSPECTUS 5
PIMCO Climate Bond
Fund
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.
PFC4761_080124