PIMCO RAE PLUS Small Fund
Summary Prospectus
August 1, 2025 (as supplemented August 14, 2025)
| Share Class: |
Inst |
I-2 |
A |
C |
R |
| Ticker: |
PCFIX |
PCCPX |
PCFAX |
PCFEX |
- |
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 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@sscinc.com. The Fund’s prospectus and Statement of Additional Information, both dated August 1, 2025, as supplemented, are incorporated by reference into this Summary Prospectus.
Investment Objective
The Fund seeks total return which exceeds that of its benchmark.
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 87 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 |
Class A |
Class C |
Class R |
| Maximum Sales Charge (Load) Imposed on
Purchases (as a percentage of offering price) |
None |
None |
3.75% |
None |
None |
| Maximum Deferred Sales Charge (Load) (as a
percentage of the lower of the original purchase
price or redemption price) |
None |
None |
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 |
Class A |
Class C |
Class R |
| Management Fees |
0.84% |
0.94% |
0.94% |
0.94% |
0.94% |
| Distribution and/or Service (12b-1) Fees |
N/A |
N/A |
0.25% |
1.00% |
0.50% |
| Other Expenses(1) |
0.23% |
0.23% |
0.23% |
0.23% |
0.23% |
| Total Annual Fund Operating Expenses |
1.07% |
1.17% |
1.42% |
2.17% |
1.67% |
1
“Other Expenses” include interest expense of 0.23%. Interest expense is
borne by the Fund separately from the management fees paid to Pacific Investment Management Company
LLC (“PIMCO”). Excluding interest expense, Total Annual Fund Operating Expenses are 0.84%, 0.94%, 1.19%, 1.94% and 1.44% for Institutional Class, I-2, Class A, Class C and Class R shares, respectively.
Example. The Example is intended to help you compare the cost of investing in Institutional Class, I-2, 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:
If you redeem your shares at the end of each period:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Institutional Class |
$109 |
$340 |
$590 |
$1,306 |
| I-2 |
$119 |
$372 |
$644 |
$1,420 |
| Class A |
$514 |
$807 |
$1,122 |
$2,013 |
| Class C |
$320 |
$679 |
$1,164 |
$2,313 |
| Class R |
$170 |
$526 |
$907 |
$1,976 |
If you do not redeem your shares:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Class A |
$514 |
$807 |
$1,122 |
$2,013 |
| Class C |
$220 |
$679 |
$1,164 |
$2,313 |
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 623% of the average value of its portfolio.
Principal Investment Strategies
The Fund seeks to exceed the total return of the Russell 2000® Value Index under normal circumstances by obtaining exposure to a portfolio of stocks of U.S. small companies
(“RAE US Small Model Portfolio”), and complementing this equity exposure with absolute return bond alpha strategy (“AR Bond Alpha Strategy”). The stocks are selected by the Fund’s
sub-adviser, Research Affiliates (“Sub-Adviser”), from a broad universe of companies which satisfy certain liquidity and capacity requirements. Under normal circumstances equity total return swaps are used to obtain exposure to the RAE US
Small Model Portfolio.
The Sub-Adviser uses the RAE® methodology for portfolio construction. The RAE® methodology is a
rules-based model that selects stocks using quantitative signals that indicate higher expected returns, e.g., value, quality, and momentum. The model then weights selected stocks by using their fundamental measures of company
size, e.g., sales, cash flow, dividends and book value. The Sub-Adviser applies the RAE®
methodology to small U.S. companies as determined by cumulative fundamental measures of company
size for the RAE US Small Model Portfolio. The fundamental weights of U.S. companies are sorted in
descending order where the top cumulative 86% weights are eligible as large and mid-sized
companies and the remaining companies are eligible as small-sized companies. Actual stock positions in the RAE US Small Model Portfolio, which drift apart from target weights as market prices change, are rebalanced to target
weights periodically. The RAE®
PIMCO Funds | Summary Prospectus
PIMCO RAE PLUS Small
Fund
methodology’s systematic portfolio
rebalancing reflects a value orientation. Portfolio managers do not have discretion with respect to
the allocations determined by the RAE® methodology. The RAE® methodology is not updated
according to any predetermined schedule.
The Sub-Adviser provides investment advisory services in connection with the Fund’s swap-based exposure
to the RAE US Small Model Portfolio by, among other things, providing PIMCO, or counterparties
designated by PIMCO, with the RAE US Small Model Portfolio for purposes of developing equity
total return swaps based on the RAE US Small Model Portfolio. In a typical swap agreement, the Fund will receive the total return of the RAE US Small Model Portfolio from the counterparty to the swap agreement in
exchange for paying the counterparty an agreed upon short-term interest rate.
Because the RAE US Small Model Portfolio is a proprietary portfolio, there
may be a limited number of counterparties willing or able to serve as counterparties to a swap agreement. If such swap agreements are not available, or if swap pricing is unattractive or for other reasons, the Fund may invest in other
instruments, “baskets” of stocks, or individual securities to replicate the performance of the RAE US Small Model Portfolio.
The Fund seeks to remain exposed to the RAE US Small Model Portfolio even when the value of the RAE US Small
Model Portfolio is declining.
In managing the Fund’s
investments in the AR Bond Alpha Strategy, PIMCO seeks to outperform the short-term interest rate cost of obtaining equity exposure, thereby enhancing the Fund’s total return and return versus the benchmark
(sometimes referred to as “alpha”). The AR Bond Alpha Strategy invests in a diversified portfolio of Fixed Income Instruments, 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 AR
Bond Alpha Strategy is not designed to systematically provide bond market exposure, although the returns may (or may not) be positively correlated with the returns of the bond market.
The AR Bond Alpha Strategy seeks to maintain an overall portfolio duration which normally varies from (negative) 3 years to positive 8 years based on PIMCO’s market
forecasts among other factors. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to
changes in interest rates. In addition to duration, the AR Bond Alpha Strategy has flexibility with respect to overall sector exposures, non-U.S. exposures and credit quality, both as a function of the strategy’s
investment guidelines and lack of a bond market index benchmark.
The Fund may invest, without limitation, in common stocks and derivative
instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities, subject to applicable law and any other restrictions described in the Fund’s prospectus or Statement of Additional
Information. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward
commitment basis and may engage in short
sales. The Fund may invest up to 20% of its total assets in high yield securities (“junk bonds”), as rated by Moody’s Ratings (“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, without limitation, in securities denominated in foreign (non-U.S.) currencies and in U.S. dollar-denominated securities of foreign (non-U.S.) issuers. The Fund may invest up to 25% of its total
assets in securities and instruments that are economically tied to emerging market countries
(this limitation does not apply to investment grade sovereign debt denominated in the local
currency with less than 1 year remaining to maturity, which means the Fund may invest in such instruments without limitation subject to any applicable legal or regulatory limitation). The Fund will normally limit its net
foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 35% of its total assets. The Fund will normally limit its exposure (from non-U.S. dollar-denominated securities or currencies)
to each non-U.S. currency to 10% of its total assets. The Fund will normally limit its aggregate U.S. dollar exposure from transactions or instruments that reference the relative return of a non-U.S. currency or
currencies as compared to the U.S. dollar to 20% of its total assets. The Fund may also invest up to 10% of its total assets in preferred securities.
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 the RAE US Small Model Portfolio underperforms the
benchmark and/or the AR Bond Alpha Strategy underperforms short term interest rates, the Fund may
experience greater losses or lesser gains than would be the case if it invested in the benchmark.
The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are:
Interest Rate Risk: the risk that fixed income securities and dividend-paying equity 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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields
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 including 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 experience losses 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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer’s continuing ability to make principal and interest payments, and
their values 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 reasons 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 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, options, 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
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 Fund’s guidelines), which generally carry higher levels of the foregoing
risks
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
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, corporate governance and auditing standards, increased risk of delayed
settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency
blockage, political changes, diplomatic developments, trade restrictions (including tariffs) 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
August 1, 2025 (as supplemented August 14, 2025) |
SUMMARY
PROSPECTUS 3
PIMCO RAE PLUS Small
Fund
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. The use of leverage may also increase the Fund’s sensitivity to interest rate risks
Smaller Company Risk: the risk that the value of securities issued by a smaller company may go up or down, sometimes rapidly and
unpredictably as compared to more widely held securities, due to narrow markets and limited
resources of smaller companies. Investments in smaller companies generally are subject to greater levels of credit, market and issuer risk
Management Risk: the risk that the investment techniques and risk analyses applied by PIMCO and Research Affiliates,
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 or Research Affiliates and the individual portfolio managers in connection
with managing the Fund and may cause PIMCO or Research Affiliates to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be
achieved
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. The performance of the investment models may be impacted by software or other technology malfunctions, human error, programming inaccuracies, power loss, and other events
or circumstances, which may be difficult to detect and may be beyond the control of the Fund
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
Value Investing
Risk: a value stock may decrease in price or may not increase in price as anticipated by the Sub-Adviser if it continues to be undervalued by the market or the
factors that the portfolio manager believes will cause the stock price to increase do not occur
Turnover Risk: the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower
investment performance
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 in the Average Annual Total Returns table reflects the impact of sales charges. The Fund’s Class R shares have not commenced operations as of the date of this prospectus. The Fund’s past performance, before and after taxes, is not
necessarily an indication of how the Fund will perform in the future.
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) two supplemental indexes. It is not possible to invest directly in an unmanaged index. 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 Russell 2000® Value Index is a supplemental index of the Fund. The Russell 2000® Value Index measures the performance of the small-capitalization value sector of the U.S. equity market, as defined by
FTSE Russell. The Russell 2000® Value Index is a subset of the Russell 2000® Index. The Russell 2000® Index is also a supplemental index of the Fund. The Russell 2000® Index is composed of 2,000 of the smallest
companies in the Russell 3000® Index and is considered to be representative of the small-cap market in general.
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 |
December 31, 2020 |
36.91% |
| Worst Quarter |
March 31, 2020 |
-40.24% |
| Year-to-Date |
June 30, 2025 |
-4.16% |
Average Annual Total Returns (for periods ended 12/31/24)
| |
1 Year |
5 Years |
10 Years |
| Institutional Class Return Before Taxes |
22.99% |
14.08% |
10.80% |
| Institutional Class Return After Taxes on Distributions(1) |
18.93% |
3.75% |
4.18% |
| Institutional Class Return After Taxes on Distributions
and Sales of Fund Shares(1) |
13.41% |
6.90% |
5.84% |
| I-2 Return Before Taxes |
22.89% |
13.97% |
10.69% |
| Class A Return Before Taxes |
17.94% |
12.78% |
9.99% |
| Class C Return Before Taxes |
20.69% |
12.82% |
9.59% |
| S&P 500 Index (reflects no deductions for fees,
expenses or taxes) |
25.02% |
14.53% |
13.10% |
| Russell 2000® Value Index (reflects no deductions for
fees, expenses or taxes) |
8.06% |
7.29% |
7.14% |
| Russell 2000® Index (reflects no deductions for fees,
expenses or taxes) |
11.54% |
7.40% |
7.82% |
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. Research Affiliates serves as the Fund’s sub-adviser. The Fund’s
portfolio is jointly and primarily managed by Robert D. Arnott, Marc Seidner, Daniel Hyman, Bryan Tsu and Jing Yang. Mr. Arnott is the Chairman and Founder of Research
Affiliates. Mr. Seidner is CIO Non-traditional Strategies and a Managing Director of PIMCO. Messrs. Hyman and Tsu and Ms. Yang are Managing Directors of PIMCO. Mr. Arnott has jointly and primarily managed the Fund since
September 2014, and Mr. Tsu and Ms. Yang have jointly and primarily managed the Fund since July
2018. Mr. Seidner has jointly and primarily managed the Fund since February 2021. Mr. Hyman has
jointly and primarily managed the Fund since August 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 and I-2
The minimum initial investment for Institutional Class and I-2 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 and I-2 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.
801 Pennsylvania Avenue, STE 219024, Kansas City, MO 64105-1307
■
Calling us at 1.888.87.PIMCO and a Shareholder Services associate will assist you
■
Sending a fax to our Shareholder Services department at 816.421.2861
■
Sending an e-mail to piprocess@sscinc.com
August 1, 2025 (as supplemented August 14, 2025) |
SUMMARY
PROSPECTUS 5
PIMCO RAE PLUS Small
Fund
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., 801 Pennsylvania Avenue, STE 219294,
Kansas City, MO 64105-1307. 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., 801 Pennsylvania Avenue, STE 219294,
Kansas City, MO 64105-1307.
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.
PFS4196_081425