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Fund's Prospectus for Instruments Issued by Sovereign Entities May Decline in Value As a Result a More Detailed Description of the Risks of Investing in the Fund

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PIMCO Funds Supplement dated August 30, 2021 to the Asset Allocation Funds Prospectus, Bond Funds Prospectus, Credit Bond Funds Prospectus, Equity-Related Strategy Funds Prospectus, International Bond Funds Prospectus, Municipal Value Funds Prospectus, Real Return Strategy Funds Prospectus and Tax-Efficient Strategy Funds Prospectus, each dated July 30, 2021, as supplemented from time to time (the “Prospectuses”) and the PIMCO All Asset All Authority Fund, PIMCO All Asset Fund, PIMCO California Intermediate Municipal Bond Fund, PIMCO California Municipal Bond Fund, PIMCO California Short Duration Municipal Income Fund, PIMCO Climate Bond Fund, PIMCO Diversified Income Fund, PIMCO Global Advantage® Strategy Bond Fund, PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged), PIMCO Global Bond Opportunities Fund (Unhedged), PIMCO Global Core Asset Allocation Fund, PIMCO GNMA and Government Securities Fund, PIMCO Municipal Bond Fund, PIMCO High Yield Municipal Bond Fund, PIMCO Income Fund, PIMCO Inflation Response Multi-Asset Fund, PIMCO International Bond Fund (U.S. Dollar-Hedged), PIMCO International Bond Fund (Unhedged), PIMCO Investment Grade Credit Bond Fund, PIMCO Long Duration Total Return Fund, PIMCO Long-Term Credit Bond Fund, PIMCO Long-Term Real Return Fund, PIMCO Long-Term U.S. Government Fund, PIMCO Low Duration Income Fund, PIMCO Moderate Duration Fund, PIMCO Mortgage-Backed Securities Fund, PIMCO New York Municipal Bond Fund, PIMCO Real Return Fund, PIMCO Short Duration Municipal Income Fund, PIMCO StocksPLUS® Long Duration Fund, PIMCO Total Return Fund, PIMCO Total Return Fund II, PIMCO Total Return Fund IV and PIMCO Total Return ESG Fund Summary Prospectuses, each dated July 30, 2021, each as supplemented from time to time (the “Summary Prospectuses) The Bloomberg Barclays fixed income indices have been renamed in connection with the rebranding of the indices as the “Bloomberg Fixed Income Indices.” In addition, the Bloomberg Barclays MSCI indices have been renamed in connection with the rebranding of the indices as the “Bloomberg MSCI ESG Fixed Income Indices.” Accordingly, effective immediately, all references in the Prospectuses and Summary Prospectuses to the indexes listed in the “Previous Index Name” column below are hereby removed and replaced with the indexes listed in the “New Index Name” column below. Previous Index Name New Index Name Bloomberg Barclays MSCI Green Bond Index Bloomberg MSCI Green Bond Index Bloomberg Barclays GNMA Index Bloomberg GNMA Index Bloomberg Barclays U.S. Credit Index Bloomberg U.S. Credit Index Bloomberg Barclays Long-Term Government/Credit Bloomberg Long-Term Government/Credit Index Index Bloomberg Barclays Long-Term Treasury Index Bloomberg Long-Term Treasury Index Bloomberg Barclays Intermediate Government/ Bloomberg Intermediate Government/Credit Index Credit Index Bloomberg Barclays U.S. MBS Fixed Rate Index Bloomberg U.S. MBS Fixed Rate Index Bloomberg Barclays U.S. Aggregate Index Bloomberg U.S. Aggregate Index Bloomberg Barclays U.S. Aggregate 1-3 Years Index Bloomberg U.S. Aggregate 1-3 Years Index Bloomberg Barclays Global Aggregate (USD Bloomberg Global Aggregate (USD Unhedged) Unhedged) Index Index Bloomberg Barclays Global Aggregate (USD Bloomberg Global Aggregate (USD Hedged) Index Hedged) Index Bloomberg Barclays California 1-10 Year (1-12) Bloomberg California 1-10 Year (1-12) Municipal Municipal Securities Index Securities Index Bloomberg Barclays U.S. TIPS Index Bloomberg U.S. TIPS Index Previous Index Name New Index Name Bloomberg Barclays U.S. TIPS: 1-10 Year Index Bloomberg U.S. TIPS: 1-10 Year Index Bloomberg Barclays Global Credit Hedged USD Bloomberg Global Credit Hedged USD Index Index Bloomberg Barclays Global Aggregate Credit ex Bloomberg Global Aggregate Credit ex Emerging Emerging Markets (USD Hedged) Index Markets (USD Hedged) Index Bloomberg Barclays Global Aggregate ex-USD Bloomberg Global Aggregate ex-USD (USD (USD Unhedged) Index Unhedged) Index Bloomberg Barclays Global Aggregate ex-USD Bloomberg Global Aggregate ex-USD (USD (USD Hedged) Index Hedged) Index Bloomberg Barclays High Yield Municipal Bond Bloomberg High Yield Municipal Bond Index Index Bloomberg Barclays California Municipal Bond Bloomberg California Municipal Bond Index Index Bloomberg Barclays California Intermediate Bloomberg California Intermediate Municipal Bond Municipal Bond Index Index Bloomberg Barclays California 1 Year Municipal Bloomberg California 1 Year Municipal Bond Index Bond Index Bloomberg Barclays 1 Year Municipal Bond Index Bloomberg 1 Year Municipal Bond Index Bloomberg Barclays Municipal Bond 1-10 Year Bloomberg Municipal Bond 1-10 Year Blend (1-12) Blend (1-12) Index Index Bloomberg Barclays Municipal Bond Index Bloomberg Municipal Bond Index Bloomberg Barclays 1-15 Year Municipal Bond Bloomberg 1-15 Year Municipal Bond Index Index Bloomberg Barclays New York Municipal Bond Bloomberg New York Municipal Bond Index Index Bloomberg Barclays U.S. Long Credit Index Bloomberg U.S. Long Credit Index Bloomberg Barclays U.S. Treasury Inflation Notes: Bloomberg U.S. Treasury Inflation Notes: 10+ Years 10+ Years Index Index Investors Should Retain This Supplement for Future Reference PIMCO_SUPP3_083021 PIMCO Funds Prospectus July 30, 2021 Credit Bond Funds Inst I-2 I-3 Admin A C C-2 R PIMCO Credit Opportunities PCARX PPCRX - - PZCRX PCCRX - - Bond Fund PIMCO Diversified Income PDIIX PDVPX PDNIX PDAAX PDVAX PDICX - - Fund PIMCO ESG Income Fund PEGIX PEGPX PEGQX PEGAX PEGBX PIMCO High YieId Fund PHIYX PHLPX PHNNX PHYAX PHDAX PHDCX - PHYRX PIMCO High YieId Spectrum PHSIX PHSPX PHFNX - PHSAX PHSCX - - Fund PIMCO Income Fund PIMIX PONPX PIPNX PIINX PONAX PONCX - PONRX PIMCO Long-Term Credit Bond PTCIX PLCPX - - - - - - Fund PIMCO Low Duration Credit PSRIX PSRPX - - PSRZX PSRWX - - Fund PIMCO Low Duration Income PFIIX PFTPX PFNIX - PFIAX PFNCX PLDCX - Fund PIMCO Preferred and CapitaI PFINX PFPNX PFNNX - PFANX PFCJX - - Securities Fund As with other mutuaI funds, neither the U.S. Securities and Exchange Commission nor the U.S. Commodity Futures Trading Commission has approved or disapproved these securities, or determined if this prospectus is truthfuI or compIete. Any representation to the contrary is a criminaI offense. As permitted by reguIations adopted by the Securities and Exchange Commission, paper copies of the Fund's annuaI and semi-annuaI sharehoIder reports wiII no Ionger be sent by maiI, unIess you specificaIIy request paper copies of the reports from the Fund or from your financiaI intermediary, such as a broker-deaIer or bank. Instead, the reports wiII be made avaiIabIe on the Fund's website, pimco.com/Iiterature, and you wiII be notified by maiI each time a report is posted and provided with a website Iink to access the report. If you aIready eIected to receive sharehoIder reports eIectronicaIIy, you wiII not be affected by this change and you need not take any action. You may eIect to receive sharehoIder reports and other communications from the Fund eIectronicaIIy by visiting pimco.com/edeIivery or by contacting your financiaI intermediary, such as a broker-deaIer or bank. You may eIect to receive aII future reports in paper free of charge. If you own these shares through a financiaI intermediary, such as a broker-deaIer or bank, you may contact your financiaI intermediary to request that you continue to receive paper copies of your sharehoIder reports. If you invest directIy with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your sharehoIder reports by caIIing 888.87.PIMCO (888.877.4626). Your eIection to receive reports in paper wiII appIy to aII funds heId with the fund compIex if you invest directIy with the Fund or to aII funds heId in your account if you invest through a financiaI intermediary, such as a broker-deaIer or bank. Table of Contents Page Fund Summaries 1 PIMCO Credit Opportunities Bond Fund 1 PIMCO Diversified Income Fund 5 PIMCO ESG Income Fund 10 PIMCO High Yield Fund 14 PIMCO High Yield Spectrum Fund 18 PIMCO Income Fund 22 PIMCO Long-Term Credit Bond Fund 26 PIMCO Low Duration Credit Fund 30 PIMCO Low Duration Income Fund 34 PIMCO Preferred and Capital Securities Fund 38 Summary of Other Important Information Regarding Fund Shares 43 Description of Principal Risks 44 Disclosure of Portfolio Holdings 56 Management of the Funds 57 Classes of Shares 61 Purchases, Redemptions and Exchanges 68 How Fund Shares are Priced 76 Fund Distributions 77 Tax Consequences 78 Characteristics and Risks of Securities and Investment Techniques 79 Financial Highlights 98 Appendix A - Description of Securities RatingsA-1 Appendix B - Financial Firm-Specific Sales Charge Waivers and Discounts B-1 PIMCO Credit Opportunities Bond Fund If you redeem your shares at the end of each period: Investment Objective The Fund seeks maximum total return, consistent with preservation of 1 Year 3 Years 5 Years 10 Years capital and prudent investment management. Institutional Class $92 $287 $498 $1,108 I-2 $102 $318 $552 $1,225 Fees and Expenses of the Fund I-3 $107 $345 $601 $1,336 Class A $502 $772 $1,061 $1,884 This table describes the fees and expenses that you may pay if you buy, Class C $308 $643 $1,103 $2,379 hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which If you do not redeem your shares: 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 1 Year 3 Years 5 Years 10 Years the future, at least $100,000 in Class A shares of eligible funds offered Class A $502 $772 $1,061 $1,884 by PIMCO Equity Series and PIMCO Funds. More information about Class C $208 $643 $1,103 $2,379 these and other discounts is available in the “Classes of Shares” section on page 61 of the Fund’s prospectus, Appendix B to the Fund’s Portfolio Turnover prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) The Fund pays transaction costs when it buys and sells securities (or or from your financial professional.
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