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PIMCO Funds Prospectus July 30, 2021

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PIMCO Funds Prospectus July 30, 2021 Short Duration Strategy Funds Inst I–2 I–3 M Admin A C C–2 R PIMCO Government PGYXX PGPXX – PGFXX PGOXX AMAXX AMGXX – – Money Market Fund PIMCO Low Duration PTLDX PLDPX PTLNX – PLDAX PTLAX PTLCX PLCCX PLDRX Fund PIMCO Low Duration PLDTX – – – PDFAX – – – – Fund II PIMCO Low Duration PLDIX PLUPX – – – – – – – ESG Fund PIMCO Short Asset PAIDX PAIPX PANDX PAMSX PAIQX PAIAX – – – Investment Fund PIMCO Short–Term PTSHX PTSPX PTSNX – PSFAX PSHAX PFTCX – PTSRX 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 Government Money Market Fund 1 PIMCO Low Duration Fund 4 PIMCO Low Duration Fund II 8 PIMCO Low Duration ESG Fund 11 PIMCO Short Asset Investment Fund 15 PIMCO Short-Term Fund 19 Summary of Other Important Information Regarding Fund Shares 23 Description of Principal Risks 24 Disclosure of Portfolio Holdings 32 Management of the Funds 33 Classes of Shares 36 Purchases, Redemptions and Exchanges 43 How Fund Shares are Priced 52 Fund Distributions 53 Tax Consequences 54 Characteristics and Risks of Securities and Investment Techniques 55 Financial Highlights 72 Appendix A - Description of Securities RatingsA-1 Appendix B - Financial Firm-Specific Sales Charge Waivers and Discounts B-1 PIMCO Government Money Market Fund Investment Objective collateralized fully by such U.S. government securities or cash. The Fund may only invest in U.S. dollar-denominated securities that mature in The Fund seeks maximum current income, consistent with preservation 397 days or fewer from the date of purchase. The dollar-weighted of capital and daily liquidity. average portfolio maturity of the Fund may not exceed 60 days and the Fees and Expenses of the Fund dollar-weighted average life to maturity of the Fund may not exceed 120 days. The Fund attempts to maintain a stable net asset value of This table describes the fees and expenses that you may pay if you buy, $1.00 per share, although there is no assurance that it will be successful hold and sell shares of the Fund. You may pay other fees, such as in doing so. commissions and other fees to financial intermediaries, which are not The Fund’s investments will comply with applicable rules governing the reflected in the table and example below. quality, maturity and diversification of securities held by money market Shareholder Fees (fees paid directly from your investment): None(1) funds. 1 Regular sales charges may apply when Class A shares of the Fund (on which no sales The Fund may enter into reverse repurchase agreements and sale buy charge was paid at the time of purchase) are exchanged for shares of other funds back transactions to satisfy redemption requests or for other temporary offered by the Trust. or emergency purposes. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): Principal Risks Inst Admin You could lose money by investing in the Fund.Although the Fund seeks Class I-2 Class M Class Class A Class C to preserve the value of your investment at $1.00 per share, it cannot Management Fees 0.18% 0.28% 0.18% 0.18% 0.33% 0.33% guarantee it will do so.An investment in the Fund is not insured or Total Annual 0.18% 0.28% 0.18% 0.18% 0.33% 0.33% guaranteed by the Federal Deposit Insurance Corporation or any other Fund Operating Expenses(1) government agency.The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that 1 To maintain certain net yields for the Fund, Pacific Investment Management Company the sponsor will provide financial support to the Fund at any time. The LLC (“PIMCO”) or its affiliates may temporarily and voluntarily waive, reduce or reimburse all or any portion of the Fund’s fees and expenses. Such waivers, if any, are principal risks of investing in the Fund, which could adversely affect its not reflected in this table. See “Management of the Funds—Temporary Fee Waivers, net asset value, yield and total return are listed below. Reductions and Reimbursements” in the Fund’s prospectus for additional information. Interest Rate Risk: the risk that fixed income securities will decline in Example. The Example is intended to help you compare the cost of value because of an increase in interest rates; a fund with a longer investing in Institutional Class, I-2, Class M, Administrative Class, average portfolio duration will be more sensitive to changes in interest Class A or Class C shares of the Fund with the costs of investing in other rates than a fund with a shorter average portfolio duration mutual funds. The Example assumes that you invest $10,000 in the Call Risk: the risk that an issuer may exercise its right to redeem a noted class of shares for the time periods indicated, and then redeem all fixed income security earlier than expected (a call). Issuers may call your shares at the end of those periods. The Example also assumes that outstanding securities prior to their maturity for a number of reasons your investment has a 5% return each year and that the Fund’s (e.g., declining interest rates, changes in credit spreads and operating expenses remain the same. Although your actual costs may be improvements in the issuer’s credit quality). If an issuer calls a security higher or lower, based on these assumptions your costs would be: that the Fund has invested in, the Fund may not recoup the full amount 1 Year 3 Years 5 Years 10 Years of its initial investment and may be forced to reinvest in lower-yielding Institutional Class $18 $58 $101 $230 securities, securities with greater credit risks or securities with other, less I-2 $29 $90 $157 $356 favorable features Class M $18 $58 $101 $230 Administrative Class $18 $58 $101 $230 Credit Risk: the risk that the Fund could lose money if the issuer or Class A $34 $106 $185 $418 guarantor of a fixed income security, or the counterparty to a derivative Class C $34 $106 $185 $418 contract, 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 Principal Investment Strategies Market Risk: the risk that the value of securities owned by the Fund The Fund seeks to achieve its investment objective by investing under may go up or down, sometimes rapidly or unpredictably, due to factors normal circumstances at least 80% of its assets in a portfolio of affecting securities markets generally or particular industries U.S. government securities. The Fund invests 100% of its total assets in (i) cash, (ii) U.S. government securities, such as U.S. Treasury bills, notes, Management Risk: the risk that the investment techniques and risk and other obligations issued by, or guaranteed as to principal and analyses applied by PIMCO will not produce the desired results and that interest by, the U.S. government (including its agencies and actual or potential conflicts of interest, legislative, regulatory, or tax instrumentalities), and (iii) repurchase agreements that are restrictions, policies or developments may affect the investment PIMCO Funds | Prospectus 1 PIMCO Government Money Market Fund techniques available to PIMCO and the individual portfolio manager in connection with managing the Fund and may cause PIMCO to restrict or Calendar Year Total Returns — Class M prohibit participation in certain investments. There is no guarantee that 2.5 the investment objective of the Fund will be achieved 2.12% 2.0 1.78% Reverse Repurchase Agreements and Other Borrowings Risk: the risk that reverse repurchase agreements or other borrowings 1.5 may increase the Fund’s overall investment exposure and that the (%) related transaction costs may detract from Fund performance 1.0 0.81% Please see “Description of Principal Risks” in the Fund's prospectus for 0.5 0.30% 0.31% a more detailed description of the risks of investing in the Fund.
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