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PIMCO StocksPLUS® Absolute Return Fund
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SUMMARY PROSPECTUS
July 31, 2013
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Share Class:
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Inst
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P
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Admin
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D
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A
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B
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C
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Ticker:
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PSPTX
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PTOPX
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–
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PSTDX
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PTOAX
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PTOBX
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PSOCX
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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 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 pimcoteam@bfdsmidwest.com. The Fund's prospectus and Statement of
Additional Information, both dated July 31, 2013, as supplemented, along with the financial statements included in the Fund's most recent annual report to shareholders dated March 31, 2013, are incorporated by reference into this Summary
Prospectus.
Investment Objective
The Fund seeks total return which
exceeds that of the S&P 500 Index.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge
discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in
the "Classes of Shares" section on page 61 of the Fund's prospectus or from your financial advisor.
Shareholder Fees (fees paid directly from your investment):
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Inst
Class
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Class P
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Admin Class
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Class D
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Class A
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Class B
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Class C
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Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
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None
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None
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None
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None
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3.75%
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None
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None
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Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or redemption price)
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None
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None
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None
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None
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1.00%
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3.50%
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1.00%
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Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment):
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Inst
Class
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Class P
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Admin
Class
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Class D
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Class A
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Class B
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Class C
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Management Fees
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0.64%
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0.74%
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0.64%
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0.79%
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0.79%
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0.79%
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0.79%
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Distribution and/or Service (12b-1) Fees
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N/A
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N/A
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0.25%
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0.25%
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0.25%
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1.00%
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1.00%
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Total Annual Fund Operating Expenses
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0.64%
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0.74%
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0.89%
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1.04%
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1.04%
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1.79%
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1.79%
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Example
. The Example is intended to help you compare the cost of investing in Institutional Class, Class P, Administrative Class, Class D, Class A, Class B or Class C
shares of the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the noted class of shares for the time periods indicated and then redeem all your shares at the end of those periods. The Example
also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
If you redeem your shares at the end of each period:
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1 Year
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3 Years
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5 Years
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10 Years
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Institutional Class
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$65
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$205
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$357
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$798
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Class P
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$76
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$237
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$411
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$918
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Administrative Class
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$91
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$284
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$493
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$1,096
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Class D
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$106
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$331
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$574
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$1,271
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Class A
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$477
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$694
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$927
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$1,598
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Class B
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$532
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$763
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$1,020
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$1,642
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Class C
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$282
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$563
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$970
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$2,105
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If you do not redeem your
shares:
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1 Year
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3 Years
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5 Years
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10 Years
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Institutional Class
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$65
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$205
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$357
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$798
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Class P
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$76
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$237
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$411
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$918
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Administrative Class
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$91
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$284
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$493
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$1,096
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Class D
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$106
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$331
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$574
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$1,271
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Class A
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$477
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$694
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$927
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$1,598
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Class B
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$182
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$563
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$970
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$1,642
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Class C
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$182
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$563
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$970
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$2,105
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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 419% of the average value of its portfolio.
Principal Investment Strategies
The Fund seeks to exceed the total
return of the S&P 500 Index by investing under normal circumstances in S&P 500 Index derivatives, backed by a portfolio of Fixed Income Instruments. In managing the Fund's investments in Fixed Income Instruments, PIMCO utilizes an absolute
return approach, which is designed to have flexibility with respect to duration, overall sector exposures, non-U.S. exposures and credit quality, both as a function of the strategy's investment guidelines and lack of a fixed income index benchmark.
The absolute return approach does not apply to the equity index replicating component of the Fund. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or
private-sector entities. The Fund may invest in common stocks, options, futures, options on futures and swaps. The Fund normally uses S&P 500 Index derivatives instead of S&P 500 Index stocks to attempt to equal or exceed the daily performance of
the S&P 500 Index. The Fund typically will seek to gain long exposure to its benchmark index in an amount, under normal circumstances, approximately equal to the Fund's net assets. The value of S&P 500 Index derivatives should closely track changes
in the value of the S&P 500 Index. However, S&P 500 Index derivatives may be purchased with a small fraction of the assets that would be needed to purchase the equity securities directly, so that the remainder of the assets may be invested in Fixed
Income Instruments. Pacific Investment Management Company LLC ("PIMCO") actively manages the Fixed Income Instruments held by the Fund with a view toward enhancing the Fund's total return, subject to an overall portfolio duration which normally
varies from (negative) 3 years to positive 8 years based on PIMCO's forecast for interest rates. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration,
the more sensitive it will be to changes in interest rates.
The 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 Fund seeks to remain invested in S&P 500 Index derivatives or S&P 500 Index stocks even when the S&P 500 Index is declining.
Though the Fund does not normally invest directly in S&P 500 Index securities, when S&P 500 Index derivatives appear to be overvalued
relative to the S&P 500 Index, the Fund may invest all of its assets in a "basket" of S&P 500 Index stocks. The Fund also may invest in exchange-traded funds based on the S&P 500 Index, such as Standard & Poor's Depositary Receipts.
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 purchase or sell securities on a when-issued, delayed delivery or
forward commitment basis and may engage in short sales. Assets not invested in equity securities or derivatives may be invested in Fixed Income Instruments. The Fund may invest up to 20% of its total assets in high yield securities ("junk
bonds") rated B or higher by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality (except that
within such limitation, the Fund may invest in mortgage-related securities rated below B). The Fund may invest, without limitation, in securities denominated in foreign currencies and in U.S. dollar-denominated securities of foreign
issuers. The Fund may invest up to 25% of its total assets in securities and instruments that are economically tied to emerging market countries. The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities
or currencies) to 20% of its total assets. The Fund may also invest up to 10% of its total assets in preferred stocks.
Principal Risks
It is possible to lose money on an
investment in the Fund. Under certain conditions, generally in a market where the value of both S&P 500 Index derivatives and Fixed Income Instruments are declining or in periods of heightened market volatility, the Fund may experience greater
losses or lesser gains than would be the case if it invested directly in a portfolio of S&P 500 Index stocks. 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 will
decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration
Credit Risk:
the risk that the Fund could lose money if the
issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations
High Yield Risk:
the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk
bonds") are subject to greater levels of credit and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments
Market Risk:
the risk that the value of securities owned by the
Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries
Issuer Risk:
the risk that the value of a security may decline for a reason directly related to the issuer, such as
management performance, financial leverage and reduced demand for the issuer's goods or services
Liquidity Risk:
the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve
its desired level of exposure to a certain sector
Derivatives Risk:
the risk of investing in derivative instruments, including liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the
value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested
Equity Risk:
the risk that the value of equity securities, such as common stocks and preferred stocks, may decline due to general
market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities
Mortgage-Related and Other Asset-Backed Securities Risk:
the
risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk and prepayment risk
Foreign (Non-U.S.) Investment Risk:
the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing
more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory
taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers
Emerging Markets Risk:
the risk of investing in emerging market securities, primarily increased foreign
(non-U.S.) investment risk
Currency Risk:
the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure
to, foreign (non-U.S.) currencies
Leveraging
Risk:
the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise
to leverage, causing the Fund to be more volatile than if it had not been leveraged
Management Risk:
the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that legislative, regulatory, or tax developments may affect the
investment techniques available to PIMCO and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved
Short Sale Risk:
the risk of entering into short sales,
including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund
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 a broad-based securities market index and an index of similar funds. Absent any applicable fee
waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. For periods prior to the inception date of Class P shares (April 30, 2008) and Class A, Class B and
Class D shares (July 31, 2003), performance information shown in the table for these classes is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the actual distribution and/or service (12b-1) fees and other
expenses paid by these classes. Performance of the Fund's Class A shares does not reflect the impact of sales charges (loads). If it did, the returns would be lower than those shown. Performance for Class A, Class B and Class C shares in the Average
Annual Total Returns table reflects the impact of sales charges. The Administrative Class of the Fund has not commenced operations as of the date of this prospectus.
The Fund's past performance, before and after taxes, is not necessarily an
indication of how the Fund will perform in the future.
The S&P 500 Index is an unmanaged market index generally
considered representative of the stock market as a whole. The Index focuses on the large-cap segment of the U.S. equities market. The Lipper Large-Cap Core Funds Average is a total return performance average of funds tracked by Lipper, Inc. that
invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P Super-Composite 1500
Index.
Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily updates on
the net asset value and performance page at http://investments.pimco.com/DailyPerformance and quarterly updates at http://investments.pimco.com/QuarterlyPerformance.
Calendar Year Total Returns — Institutional Class*
*The year-to-date return as of June 30, 2013 is 11.55%. For the periods shown in the bar chart,
the highest quarterly return was 25.83% in the Q2 2009, and the lowest quarterly return was -22.30% in the Q4 2008.
Average Annual Total Returns (for periods ended 12/31/12)
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1 Year
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5 Years
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10 Years
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Institutional Class Return Before Taxes
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26.57
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%
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5.63
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%
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9.63
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%
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Institutional Class Return After Taxes on Distributions
(1)
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23.03
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%
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2.27
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%
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6.47
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%
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Institutional Class Return After Taxes on Distributions and Sales of Fund Shares
(1)
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17.22
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%
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2.62
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%
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6.54
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%
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Class P Return Before Taxes
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26.24
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%
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5.52
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%
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9.56
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%
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Class D Return Before Taxes
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25.71
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%
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5.19
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%
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9.20
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%
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Class A Return Before Taxes
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21.16
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%
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4.39
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%
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8.80
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%
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Class B Return Before Taxes
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21.73
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%
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4.38
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%
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8.55
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%
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Class C Return Before Taxes
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24.02
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%
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4.44
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%
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8.39
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%
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S&P 500 Index (reflects no deductions for fees, expenses or taxes)
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16.00
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%
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1.66
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%
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7.10
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%
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Lipper Large-Cap Core Funds Average (reflects no deductions for taxes)
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15.02
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%
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0.83
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%
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6.53
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%
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(1) After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an
investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some
cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are for Institutional Class shares only. After-tax returns
for other classes
will vary.
Investment Adviser/Portfolio Manager
PIMCO serves as the investment adviser for the Fund. The Fund's portfolio is managed by William H. Gross. Mr. Gross is a Managing Director, Co-Chief Investment Officer and a founding partner of PIMCO, and he has managed
the Fund since its inception in June 2002.
Purchase and Sale of Fund
Shares
Fund shares may be purchased or sold (redeemed) on any business day (normally any day when the New York Stock
Exchange is open). Generally, purchase and redemption orders for Fund shares are processed at the net asset value next calculated after an order is received by the Fund.
Institutional Class, Class P, Administrative Class and Class D
The minimum initial investment for Institutional Class, Class P or Administrative Class shares of the Fund is $1 million, except that the minimum initial investment may be modified for certain
financial firms that submit orders on behalf of their customers.
The minimum initial investment for Class D shares of
the Fund is $1,000, except that the minimum initial investment may be modified for certain financial firms that submit orders on behalf of their customers. The minimum subsequent investment for Class D shares is $50.
You may sell (redeem) all or part of your Institutional Class, Class P, Administrative Class and Class D shares of the Fund on any
business day. If you are the registered owner of the shares on the books of the Fund, depending on the elections made on the Account Application Form, you may sell by:
■
Sending a written request by mail to:
PIMCO Funds c/o BFDS Midwest
330 W. 9th Street, Kansas City, MO 64105
■
Calling us
at 888.87.PIMCO and a Shareholder Services associate will assist you
■
Sending a fax to our Shareholder Services department at 816.421.2861
■
Sending an
e-mail to pimcoteam@bfdsmidwest.com
Class A, Class B and Class C
The minimum initial investment for Class A, Class B and Class C shares of the Fund is $1,000. The minimum subsequent investment for Class
A, Class B and Class C shares is $50. The minimum initial investment may be modified for certain financial firms that submit orders on behalf of their customers. Effective November 1, 2009, Class B shares are no longer available for purchase, except
through exchanges and dividend reinvestments as described in "Purchasing Shares – Class B" in the Fund's prospectus. You may purchase or sell (redeem) all or part of your Class A, Class B and Class C shares through a broker-dealer, or other
financial firm, or, if you are the registered owner of the shares on the books of the Fund, by regular mail to PIMCO Funds, P.O. Box 55060, Boston, MA 02205-5060 or overnight mail to PIMCO Funds, c/o Boston Financial Data Services, Inc., 30 Dan
Road, Canton, MA 02021-2809. The Fund reserves the right to require payment by wire or U.S. Bank check in connection with accounts opened directly with the Fund by Account Application.
Tax Information
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k)
plan or an individual retirement account. Distributions paid by the Fund that are properly designated as "exempt interest dividends" normally will be exempt from federal income taxes, but may not be exempt from the federal alternative minimum
tax.
Payments to Broker-Dealers and Other Financial Firms
If you purchase shares of the Fund through a broker-dealer or other financial firm (such as a bank), the Fund and/or its related
companies (including PIMCO) may pay the financial firm for the sale of those shares of the Fund and/or related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial firm and your
salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial firm's Web site for more information.
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