PIMCO CommodityRealReturn Strategy Fund®
Summary Prospectus
August 1, 2024 (as supplemented June 2, 2025)
| Share Class: |
Inst |
I-2 |
I-3 |
Admin |
A |
C |
R |
| Ticker: |
PCRIX |
PCRPX |
PCRNX |
PCRRX |
PCRAX |
PCRCX |
PCSRX |
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 maximum real 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, 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 59 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 |
Admin Class |
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 |
I-2 |
I-3 |
Admin
Class |
Class A |
Class C |
Class R |
| Management Fees |
0.74% |
0.84% |
0.94% |
0.74% |
0.94% |
0.94% |
0.94% |
| Distribution and/or
Service (12b-1) Fees |
N/A |
N/A |
N/A |
0.25% |
0.25% |
1.00% |
0.50% |
| Other Expenses(1) |
0.26% |
0.26% |
0.26% |
0.26% |
0.26% |
0.26% |
0.26% |
| Acquired Fund Fees
and Expenses(2) |
0.07% |
0.07% |
0.07% |
0.07% |
0.07% |
0.07% |
0.07% |
| Total Annual
Fund Operating
Expenses |
1.07% |
1.17% |
1.27% |
1.32% |
1.52% |
2.27% |
1.77% |
| Fee Waiver and/or
Expense
Reimbursement(3)(4)
|
(0.07%) |
(0.07%) |
(0.12%) |
(0.07%) |
(0.07%) |
(0.07%) |
(0.07%) |
| Total Annual
Fund Operating
Expenses After
Fee Waiver
and/or Expense
Reimbursement |
1.00% |
1.10% |
1.15% |
1.25% |
1.45% |
2.20% |
1.70% |
1
“Other Expenses” include interest expense of 0.26%. 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 0.74%, 0.84%, 0.89%, 0.99%, 1.19%, 1.94% and 1.44% for Institutional Class, I-2, I-3, Administrative Class, Class A, Class C and
Class R shares, respectively.
2
Acquired Fund Fees and Expenses include the advisory fee and the supervisory and
administrative fee paid by PIMCO Cayman Commodity Fund I 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,
Administrative Class, Class A, Class C or Class R shares of the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the noted class of shares for the time periods
indicated, and then 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:
PIMCO Funds | Summary Prospectus
PIMCO
CommodityRealReturn Strategy Fund®
If you redeem your shares
at the end of each period:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Institutional Class |
$102 |
$333 |
$583 |
$1,299 |
| I-2 |
$112 |
$365 |
$637 |
$1,414 |
| I-3 |
$117 |
$391 |
$685 |
$1,523 |
| Administrative Class |
$127 |
$411 |
$717 |
$1,584 |
| Class A |
$689 |
$997 |
$1,327 |
$2,257 |
| Class C |
$323 |
$703 |
$1,209 |
$2,411 |
| Class R |
$173 |
$550 |
$953 |
$2,078 |
If you do not redeem your shares:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Class A |
$689 |
$997 |
$1,327 |
$2,257 |
| Class C |
$223 |
$703 |
$1,209 |
$2,411 |
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 172% of the average value of its portfolio.
Principal Investment Strategies
The Fund seeks to achieve its investment objective by investing under normal circumstances in commodity-linked derivative instruments backed by a portfolio of inflation-indexed
securities and other 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. “Real Return” equals total return less the estimated cost of inflation, which is typically measured by the change in an official inflation measure. The Fund invests in commodity-linked derivative instruments,
including swap agreements, futures, options on futures, commodity index-linked notes and
commodity options that provide exposure to the investment returns of the commodities markets,
without investing directly in physical commodities. Commodities are assets that have tangible properties, such as oil, metals, and agricultural products. 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 may also invest in common and preferred securities as well as convertible securities of issuers in commodity-related industries. When determining the target allocation for the strategy, PIMCO may use
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 are different from target allocations determined by
quantitative models.
The Fund will generally seek to gain exposure to the commodity markets primarily through investments in swap agreements, futures, and options on futures and through investments in
the PIMCO Cayman Commodity Fund I 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 this prospectus, the Subsidiary (unlike the Fund) may invest without limitation in commodity-linked swap agreements and other commodity-linked derivative
instruments.
The derivative instruments in which the Fund and the Subsidiary primarily intend to invest are instruments
linked to certain commodity indices and instruments linked to the value of a particular commodity or commodity futures contract, or a subset of commodities or commodity futures contracts. These instruments may
specify exposure to commodity futures with different roll dates, reset dates or contract months than those specified by a particular commodity index. As a result, the commodity-linked derivatives component of
the Fund’s portfolio may deviate from the returns of any particular commodity index. The Fund or the Subsidiary may over-weight or under-weight its exposure to a particular commodity index, or a subset of
commodities, such that the Fund has greater or lesser exposure to that index than the value of the
Fund’s net assets, or greater or lesser exposure to a subset of commodities than is
represented by a particular commodity index. Such deviations will frequently be the result of temporary market fluctuations, and under normal circumstances the Fund will seek to maintain notional exposure to one or more commodity
indices within 5% (plus or minus) of the value of the Fund’s net assets.
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 of investment.
Assets not invested in commodity-linked derivative instruments or the Subsidiary may be invested in inflation-indexed securities and other Fixed Income Instruments, including
derivative Fixed Income Instruments. In addition, the Fund may invest its assets in particular
sectors of the commodities market.
The average portfolio duration of the fixed income portion of this Fund will vary based on PIMCO’s market forecasts and under normal market conditions is not expected to exceed
ten 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 up to 10% of its
2 Summary Prospectus | PIMCO Funds
Summary
Prospectus
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, as determined by PIMCO.
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 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 10% of its total assets in securities and instruments that are economically tied to emerging
market countries (this limitation does not apply to investment grade sovereign debt denominated in the local currency with less than 1 year remaining to maturity, which means the Fund may invest, together with any
other investments denominated in foreign currencies, up to 30% of its total assets in such instruments). The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or
currencies) to 20% of its total assets. The Fund may, without limitation, seek to obtain market
exposure to the securities in which it primarily invests by entering into a series of purchase
and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The Fund may also invest up to 10% of its total assets in preferred securities. 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. Under certain conditions, generally in a market where the value of both commodity-linked derivative instruments and fixed
income securities are declining, the Fund may experience substantial losses. 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
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
August 1, 2024 (as supplemented June 2, 2025) | SUMMARY
PROSPECTUS 3
PIMCO
CommodityRealReturn Strategy Fund®
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
Commodity Risk: the risk that investing in commodity-linked derivative instruments 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
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
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 the 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
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
Inflation-Indexed Security Risk: the risk that inflation-indexed debt securities are subject to the effects of changes in market interest rates
caused by factors other than inflation (real interest rates). In general, the value of an
inflation-indexed security, including TIPS, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the
principal and interest are adjusted for inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in
the principal amount of an inflation-indexed debt security will be considered taxable ordinary
income, even though the Fund will not receive the principal until maturity
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 Investment
4 Summary Prospectus | PIMCO Funds
Summary
Prospectus
Company Act of 1940, as amended (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
Gold-Related Risk: the risk that investments tied to the price of gold may fluctuate substantially over short periods of time or be more volatile than other types of investments due
to, among other matters, changes in inflation or inflation expectations or other economic,
financial and political factors in the U.S. and foreign (non-U.S.) countries
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
Collateralized Loan Obligations Risk: the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured investments exposes the
Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks
including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or
default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity
of the transaction and the legal documents may not be fully understood at the time of investment
and could lead to disputes with the issuer or among investors regarding the characterization of
proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly
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), performance information shown in the table for I-3 shares is based on the performance of the Fund’s Institutional
Class shares, adjusted to reflect the fees and expenses paid by I-3 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 S&P 500 Index. The Fund’s regulatory index is shown in
connection with certain regulatory requirements to provide a broad measure of market performance. The S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The S&P 500
Index is composed of 500 selected common stocks that represent approximately two-thirds of the
total market value of all U.S. common stocks. The S&P 500 Index focuses on the large-cap
segment of the U.S. equities market. The supplemental index shown is the Bloomberg Commodity
Index Total Return. The Bloomberg Commodity Index Total Return is an unmanaged index composed of
futures contracts on a number of physical commodities. The index is designed to be a highly liquid and diversified benchmark for commodities as an asset class. The futures exposures of the benchmark are collateralized by U.S.
T-bills.
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 |
March 31, 2022 |
24.35% |
| Worst Quarter |
March 31, 2020 |
-28.37% |
| Year-to-Date |
June 30, 2024 |
4.78% |
August 1, 2024 (as supplemented June 2, 2025) | SUMMARY
PROSPECTUS 5
PIMCO
CommodityRealReturn Strategy Fund®
Average Annual Total
Returns (for periods ended 12/31/23)
| |
1 Year |
5 Years |
10 Years |
| Institutional Class Return Before Taxes |
-7.37% |
8.78% |
-0.61% |
| Institutional Class Return After Taxes on
Distributions(1) |
-9.14% |
3.17% |
-4.04% |
| Institutional Class Return After Taxes on Distributions
and Sales of Fund Shares(1) |
-4.35% |
4.67% |
-1.81% |
| I-2 Return Before Taxes |
-7.66% |
8.67% |
-0.71% |
| I-3 Return Before Taxes |
-7.68% |
8.62% |
-0.76% |
| Administrative Class Return Before Taxes |
-7.72% |
8.52% |
-0.88% |
| Class A Return Before Taxes |
-12.94% |
7.08% |
-1.62% |
| Class C Return Before Taxes |
-9.45% |
7.50% |
-1.81% |
| Class R Return Before Taxes |
-8.17% |
8.02% |
-1.32% |
| S&P 500 Index (reflects no deductions for fees,
expenses or taxes) |
26.29% |
15.69% |
12.03% |
| Bloomberg Commodity Index Total Return (reflects no
deductions for fees, expenses or taxes) |
-7.91% |
7.23% |
-1.11% |
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 Managers
PIMCO serves as the investment adviser for the Fund. The Fund’s portfolio is jointly and primarily managed by Mike Cudzil,
Steve Rodosky, Greg Sharenow, Andrew DeWitt and Daniel He. Messrs. Cudzil, Rodosky and Sharenow are Managing Directors of PIMCO and Messrs. DeWitt and He are
Executive Vice Presidents of PIMCO. Mr. Cudzil has managed the Fund since June 2025. Mr. Rodosky
has managed the Fund since January 2019. Mr. Sharenow has managed the Fund since November 2018.
Mr. DeWitt has managed the Fund since February 2022. Mr. He has managed the Fund since June 2025.
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, I-3 and Administrative Class
The minimum initial investment for Institutional Class, I-2, I-3 and 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.
You may sell (redeem) all or part of your Institutional Class, I-2, I-3 and Administrative Class 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
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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,
Class C and Class R
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, 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.
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 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.
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.
6 Summary Prospectus | PIMCO Funds
Summary
Prospectus
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.
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