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PIMCO Emerging Markets Full Spectrum Bond 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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C
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R
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Ticker:
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PFSIX
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PFSPX
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__
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PFSYX
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PFSSX
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PFSCX
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—
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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 maximum total
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 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 51 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 C
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Class R
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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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1.00%
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None
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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 C
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Class R
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Management Fees
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0.99%
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1.09%
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0.99%
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1.14%
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1.14%
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1.14%
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1.14%
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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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0.50%
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Acquired Fund Fees and Expenses
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0.95%
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0.95%
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0.95%
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0.95%
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0.95%
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0.95%
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0.95%
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Total Annual Fund Operating Expenses
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1.94%
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2.04%
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2.19%
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2.34%
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2.34%
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3.09%
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2.59%
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Fee Waiver and/or Expense Reimbursement
1
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(0.95%)
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(0.95%)
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(0.95%)
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(0.95%)
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(0.95%)
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(0.95%)
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(0.95%)
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Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
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0.99%
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1.09%
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1.24%
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1.39%
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1.39%
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2.14%
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1.64%
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1
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Pacific Investment Management Company LLC ("PIMCO") has contractually agreed, through July 31, 2014, to waive, first, the advisory fee and, second, the supervisory and
administrative fee it receives from the Fund in an amount equal to the expenses attributable to the Management Fees of Underlying PIMCO Funds indirectly incurred by the Fund in connection with its investments in Underlying PIMCO Funds, to the extent
the Fund's Management Fees are greater than or equal to the Management Fees of the Underlying PIMCO Funds. This waiver renews annually for a full year unless terminated by PIMCO upon at least 30 days' notice prior to the end of the contract
term.
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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 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 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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$101
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$315
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$547
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$1,213
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Class P
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$111
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$347
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$601
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$1,329
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Administrative Class
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$126
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$393
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$681
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$1,500
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Class D
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$142
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$440
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$761
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$1,669
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Class A
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$511
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$799
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$1,107
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$1,981
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Class C
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$317
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$670
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$1,149
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$2,472
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Class R
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$167
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$517
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$892
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$1,944
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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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$101
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$315
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$547
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$1,213
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Class P
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$111
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$347
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$601
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$1,329
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Administrative Class
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$126
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$393
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$681
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$1,500
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Class D
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$142
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$440
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$761
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$1,669
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Class A
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$511
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$799
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$1,107
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$1,981
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Class C
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$217
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$670
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$1,149
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$2,472
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Class R
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$167
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$517
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$892
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$1,944
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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 16% of the average value of its portfolio.
Principal Investment Strategies
The Fund is designed to provide dynamic
exposure to a broad range of emerging market fixed income asset classes, such as external debt obligations of sovereign, quasi-sovereign, and corporate entities; currencies, and local currency-denominated obligations of sovereigns, quasi-sovereigns,
and corporate issuers. PIMCO uses a three-step active management approach in seeking to achieve the Fund's investment objective: 1) develop a target asset allocation to implement across the eligible investments; 2) identify additional opportunities
for country and security selection designed to add value beyond the target asset allocation within each of the eligible investments; and 3) employ additional investment strategies designed to either mitigate or emphasize risks resulting from the
implementation of the target asset allocation. This active management approach is driven by PIMCO's global macroeconomic views, emerging markets expertise and experience across a wide range of investment instruments. The Fund's assets are allocated
in a manner that reflects PIMCO's views regarding the attractiveness of key investment risk factors, considering both return potential and volatility, and includes an assessment of aggregate country, issuer and currency exposures.
PIMCO evaluates these three steps daily and uses varying combinations of Acquired Funds (defined below) and/or direct investments in
efforts to achieve the most efficient execution of PIMCO's investment views. Specifically, "Acquired Funds" refers to the following: funds of the Trust and funds of PIMCO Equity Series and PIMCO ETF Trust, affiliated open-end investment companies,
except funds of funds ("Underlying PIMCO Funds") and other affiliated and unaffiliated funds in which the Fund may invest. Acquired Funds may or may not be registered under the Investment Company Act of 1940 (the "1940 Act"). To the extent
Underlying PIMCO Funds of the Trust or PIMCO Equity Series are held, Institutional Class or Class M shares will be held. The Fund's investments may also include Fixed Income Instruments of varying maturities, 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 Fund will invest in such funds,
securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified
fund.
The Fund invests under normal circumstances at least 80% of its assets in investments economically tied to
emerging market countries and 80% of its assets in Fixed Income Instruments, which may be represented by direct or indirect (through an Acquired Fund) investments. The Fund may invest, without limitation, in securities denominated in foreign
currencies and in U.S. dollar-denominated securities of foreign issuers. In addition, the Fund may invest in both investment-grade securities and high yield securities ("junk bonds") rated at least Caa by Moody's Investors Service, Inc. ("Moody's"),
or equivalently rated by Standard & Poor's Rating Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality. The Fund's benchmark index is a blend of 50% JPMorgan Global Bond Index Emerging Markets-
Global Diversified, 25% JPMorgan Emerging Markets Bond Index Global and 25% JPMorgan Corporate Emerging Market Bond Index Diversified (the "Benchmark"). The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated
securities or currencies) to between 20% and 80% of its assets. The average portfolio duration of this Fund normally varies within two years (plus or minus) of the portfolio duration of the securities comprising the Benchmark, as calculated by
PIMCO, which as of June 30, 2013 was 5.49 years. The Fund may purchase and sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales.
The Fund's assets are not allocated according to a predetermined blend of investment exposures or mix of instruments. PIMCO has the
flexibility to reallocate the Fund's assets among any or all of the investment exposures represented by affiliated or unaffiliated funds, or invest directly in securities, instruments and other investments, based on its ongoing analyses of the
global economy and financial markets. While these analyses are performed daily, material shifts in investment exposures typically take place over longer periods of time, unless in response to a perceived short-term opportunity or market dislocation.
The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals
for a particular sector or security.
Additional information for the Underlying PIMCO Funds can be found in the
Statement of Additional Information and/ or the Underlying PIMCO Funds' prospectuses and financial reports. Additional Underlying PIMCO Funds may be added or deleted in the future without shareholder notification.
Principal Risks
It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund include risks from direct investments and/or indirect exposure through investment in Acquired Funds.
The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are:
Allocation Risk:
the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions as to
how its assets are allocated or reallocated
Acquired Fund Risk:
the risk that a Fund's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability
of a Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives
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
Distressed Company Risk:
the risk that securities of distressed companies may be subject to greater levels of credit, issuer and
liquidity risk than a portfolio that does not invest in such securities. Securities of distressed companies include both debt and equity securities. Debt securities of distressed companies are considered predominantly speculative with respect to the
issuers' 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
Commodity Risk:
the risk that
investing in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements,
commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory
developments
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
Real Estate
Risk:
the risk that a Fund's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses
from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. A Fund's investments in REITs or real
estate-linked derivative instruments subject it to management and tax risks
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
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. A Fund's investments in smaller companies
subject it to greater levels of credit, market and issuer risk
Leveraging Risk:
the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward
commitment transactions, or derivative instruments, may give rise to leverage, 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
Issuer Non-Diversification
Risk:
the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are
"non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular foreign government) than funds that are "diversified"
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
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 certain Underlying PIMCO Funds that invest in a subsidiary (each a "Subsidiary"), the Fund is indirectly exposed to the risks associated with a Subsidiary's investments. The Subsidiaries are not registered under the 1940 Act
and may not be subject to all the investor protections of the 1940 Act. There is no guarantee that the investment objective of a Subsidiary will be achieved
Value Investing Risk:
a value stock may decrease in price or may not increase in price as anticipated by PIMCO 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
Arbitrage Risk:
the risk that securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived
relationship between the value of two securities may not perform as expected
Convertible Securities Risk:
as convertible securities share both fixed income and equity characteristics, they are subject to risks to which fixed income and equity investments are subject. These
risks include equity risk, interest rate risk and credit risk
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 Fund does not have a full calendar year of performance. Thus, no bar chart or Average Annual
Total Returns table is included for the Fund. 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.
Investment Adviser/Portfolio Manager
PIMCO serves as the investment adviser for the Fund. The Fund's portfolio is managed by Michael Gomez. Mr. Gomez is a Managing Director of PIMCO and he has managed the Fund since its inception
in February 2013.
Purchase and Sale of Fund Shares
Fund shares may be purchased or sold (redeemed) on any business day (normally any day when the New York Stock Exchange 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:
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Sending a written request by mail to:
PIMCO Funds c/o BFDS Midwest
330 W. 9th Street, Kansas City, MO 64105
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Calling us
at 888.87.PIMCO and a Shareholder Services associate will assist you
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Sending a fax to our Shareholder Services department at 816.421.2861
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Sending an
e-mail to pimcoteam@bfdsmidwest.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 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.
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
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.
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.
SMSA Crane Acquistion (CE) (USOTC:SSCR)
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SMSA Crane Acquistion (CE) (USOTC:SSCR)
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