PIMCO Emerging Markets Full Spectrum Bond Fund
Summary Prospectus
August 1, 2025
| Share Class: |
Inst |
| Ticker: |
PFSIX |
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 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, 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.
| Shareholder Fees (fees paid directly from your investment): |
None |
Annual Fund Operating Expenses (expenses that you pay each year as a
percentage of the value of your investment):
| |
Inst Class |
| Management Fees |
0.94% |
| Acquired Fund Fees and Expenses(1) |
1.30% |
| Total Annual Fund Operating Expenses |
2.24% |
| Fee Waiver and/or Expense Reimbursement(2) |
(0.84%) |
| Total Annual Fund Operating Expenses After Fee Waiver
and/or Expense Reimbursement(3) |
1.40% |
1
Acquired Fund Fees and Expenses include interest expense of the Underlying PIMCO
Funds of 0.46%. Interest expense can result from certain transactions within the Underlying PIMCO
Funds and is separate from the management fees paid to PIMCO. Excluding interest expense of the Underlying PIMCO Funds, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement are 0.94% for Institutional Class.
2
PIMCO has contractually agreed, through July 31, 2026, 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 up to a maximum waived amount that is equal to the Fund's aggregate advisory fee and supervisory and administrative fee. 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.
3
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement do not match the Ratio of Expenses to Average Net Assets of the Fund, as set forth in the
Financial Highlights table of the Fund’s prospectus, because the Ratio of Expenses to Average Net Assets reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.
Example. The Example is intended to help you compare the cost of investing in Institutional Class 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:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Institutional Class |
$143 |
$620 |
$1,123 |
$2,509 |
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 66% 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 and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal
Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (“Underlying PIMCO Funds”) and other affiliated and unaffiliated funds in which the
Fund may invest. The term “fund of
PIMCO Funds | Summary Prospectus
