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PIMCO Total Return Fund

PIMCO FUNDS |

SUMMARY PROSPECTUS

July 31, 2014

ShareClass:InstPAdminDABCR

Ticker:PTTRXPTTPXPTRAXPTTDXPTTAXPTTBXPTTCXPTRRX

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, 2014, as supplemented, along with the financial statements included in the Fund’s most recent annual report to shareholders dated March 31, 2014, are incorporated by reference into this Summary Prospectus.

Investment Objective

The Fund seeks maximum total return, consistent with preservation ofcapital and prudent investment management.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy andhold shares of the Fund. You may qualify for sales charge discounts if youand your family invest, or agree to invest in the future, at least $100,000 inClass A shares of eligible funds offered by PIMCO Equity Series and PIMCOFunds. More information about these and other discounts is available in the“Classes of Shares” section on page 56 of the Fund’s prospectus or fromyour financial advisor.

Shareholder Fees (fees paid directly from your investment):

InstClassClass PAdminClassClass DClass AClass BClass CClass R

Maximum SalesCharge (Load)Imposed onPurchases (as apercentage ofoffering price)NoneNoneNoneNone3.75%NoneNoneNoneMaximumDeferred SalesCharge (Load)(as a percentageof the lower ofthe originalpurchase price orredemption price)NoneNoneNoneNone1.00%3.50%1.00%None

Annual Fund Operating Expenses (expenses that you pay eachyear as a percentage of the value of your investment):

InstClassClass PAdminClassClass DClass AClass BClass CClass R

Management Fees0.46%0.56%0.46%0.50%0.60%0.60%0.60%0.60%Distribution and/orService (12b-1)FeesN/AN/A0.25%0.25%0.25%1.00%1.00%0.50%

Total AnnualFund OperatingExpenses0.46%0.56%0.71%0.75%0.85%1.60%1.60%1.10%

Example

. The Example is intended to help you compare the cost of investingin Institutional Class, Class P, Administrative Class, Class D, Class A, Class B,Class C or Class R shares of the Fund with the costs of investing in othermutual funds. The Example assumes that you invest $10,000 in the notedclass of shares for the time periods indicated and then redeem all your sharesat the end of those periods. The Example also assumes that your investmenthas a 5% return each year and that the Fund’s operating expenses remain thesame. Although your actual costs may be higher or lower, based on theseassumptions your costs would be:

If you redeem your shares at the end of each period:

1 Year3 Years5 Years10 Years

Institutional Class$47$148$258$579Class P$57$179$313$701Administrative Class$73$227$395$883Class D$77$240$417$930Class A$459$636$829$1,385Class B$513$705$921$1,428Class C$263$505$871$1,900Class R$112$350$606$1,340

If you do not redeem your shares:

1 Year3 Years5 Years10 Years

Institutional Class$47$148$258$579Class P$57$179$313$701Administrative Class$73$227$395$883Class D$77$240$417$930Class A$459$636$829$1,385Class B$163$505$871$1,428Class C$163$505$871$1,900Class R$112$350$606$1,340

Portfolio Turnover

The Fund pays transaction costs when it buys and sells securities (or “turnsover” its portfolio). A higher portfolio turnover rate may indicate highertransaction costs and may result in higher taxes when Fund shares are heldin a taxable account. These costs, which are not reflected in the AnnualFund Operating Expenses or in the Example tables, affect the Fund’sperformance. During the most recent fiscal year, the Fund’s portfolioturnover rate was 227% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing undernormal circumstances at least 65% of its total assets in a diversifiedportfolio of Fixed Income Instruments of varying maturities, which may berepresented by forwards or derivatives such as options, futures contracts, orswap agreements. “Fixed Income Instruments” include bonds, debtsecurities and other similar instruments issued by various U.S. and non-U.S.public- or private-sector entities. The average portfolio duration of this Fundnormally varies within two years (plus or minus) of the portfolio duration ofthe securities comprising the Barclays U.S. Aggregate Index, as calculated

PIMCO Total Return Fund

SUMMARY PROSPECTUS

| PIMCO FUNDS

by Pacific Investment Management Company LLC (“PIMCO”), which asof June 30, 2014 was 5.25 years. Duration is a measure used to determinethe sensitivity of a security’s price to changes in interest rates. The longer asecurity’s duration, the more sensitive it will be to changes in interest rates.The Fund invests primarily in investment-grade debt securities, but mayinvest up to 10% of its total assets in high yield securities (“junk bonds”)rated B or higher by Moody’s Investors Service, Inc. (“Moody’s”), orequivalently rated by Standard & Poor’s Ratings Services (“S&P”) or Fitch,Inc. (“Fitch”), or, if unrated, determined by Pacific Investment ManagementCompany LLC (“PIMCO”) to be of comparable quality (except that withinsuch limitation, the Fund may invest in mortgage-related securities ratedbelow B). The Fund may invest up to 30% of its total assets in securitiesdenominated in foreign currencies, and may invest beyond this limit in U.S.dollar-denominated securities of foreign issuers. The Fund may invest up to15% of its total assets in securities and instruments that are economicallytied to emerging market countries. The Fund will normally limit its foreigncurrency exposure (from non-U.S. dollar-denominated securities orcurrencies) to 20% of its total assets.The Fund may invest, without limitation, in derivative instruments, such asoptions, futures contracts or swap agreements, or in mortgage- or asset-backed securities, subject to applicable law and any other restrictionsdescribed in the Fund’s prospectus or Statement of Additional Information.The Fund may purchase or sell securities on a when-issued, delayed deliveryor forward commitment basis and may engage in short sales. The Fund mayinvest up to 10% of its total assets in preferred stock, convertible securitiesand other equity-related securities.The Fund may, without limitation, seek to obtain market exposure to thesecurities in which it primarily invests by entering into a series of purchaseand sale contracts or by using other investment techniques (such as buybacks or dollar rolls). The “total return” sought by the Fund consists ofincome earned on the Fund’s investments, plus capital appreciation, ifany, which generally arises from decreases in interest rates, foreigncurrency appreciation, or improving credit fundamentals for a particularsector or security.

Principal Risks

It is possible to lose money on an investment in the Fund. The principal risksof 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 invalue because of an increase in interest rates; a fund with a longer averageportfolio duration will be more sensitive to changes in interest rates than afund with a shorter average portfolio duration

Call Risk:

the risk that an issuer may exercise its right to redeem a fixedincome security earlier than expected (a call). Issuers may call outstandingsecurities prior to their maturity for a number of reasons (

e.g.

, declininginterest rates, changes in credit spreads and improvements in the issuer’scredit quality). If an issuer calls a security that the Fund has invested in, theFund may not recoup the full amount of its initial investment and may beforced to reinvest in lower-yielding securities, securities with greater creditrisks or securities with other, less favorable features

Credit Risk:

the risk that the Fund could lose money if the issuer orguarantor of a fixed income security, or the counterparty to a derivativecontract, is unable or unwilling to meet its financial obligations

High Yield Risk:

the risk that high yield securities and unrated securities ofsimilar credit quality (commonly known as “junk bonds”) are subject togreater levels of credit, call and liquidity risks. High yield securities areconsidered primarily speculative with respect to the issuer’s continuingability to make principal and interest payments, and may be more volatilethan higher-rated securities of similar maturity

Market Risk:

the risk that the value of securities owned by the Fund maygo up or down, sometimes rapidly or unpredictably, due to factors affectingsecurities markets generally or particular industries

Issuer Risk:

the risk that the value of a security may decline for areason 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 topurchase or sell and that the Fund may be unable to sell illiquid securities atan advantageous time or price or achieve its desired level of exposure to acertain sector. Liquidity risk may result from the lack of an active market,reduced number and capacity of traditional market participants to make amarket in fixed income securities, and may be magnified in a rising interestrate environment or other circumstances where investor redemptions fromfixed income mutual funds may be higher than normal, causing increasedsupply in the market due to selling activity

Derivatives Risk:

the risk of investing in derivative instruments (such asfutures, swaps and structured securities), including liquidity, interest rate,market, credit and management risks, mispricing or valuation complexity.Changes in the value of the derivative may not correlate perfectly with, andmay be more sensitive to market events than, the underlying asset, rate orindex, and the Fund could lose more than the principal amount invested.The Fund’s use of derivatives may result in losses to the Fund, a reduction inthe Fund’s returns and/or increased volatility. Derivatives are also subject tothe risk that the other party in the transaction will not fulfill its contractualobligations

Equity Risk:

the risk that the value of equity or equity-related securitiesmay decline due to general market conditions which are not specificallyrelated to a particular company or to factors affecting a particular industryor industries. Equity or equity-related securities generally have greater pricevolatility than fixed income securities

Mortgage-Related and Other Asset-Backed Securities Risk:

therisk of investing in mortgage-related and other asset-backed securities,including interest rate risk, extension risk, prepayment risk, and credit 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 andextreme changes in value than a fund that invests exclusively in securities ofU.S. companies, due to smaller markets, differing reporting, accounting andauditing standards, increased risk of delayed settlement of portfoliotransactions or loss of certificates of portfolio securities, and the risk ofunfavorable foreign government actions, including nationalization,expropriation or confiscatory taxation, currency blockage, or political changes

Summary Prospectus

JULY 31, 2014|

SUMMARY PROSPECTUS

or diplomatic developments. Foreign securities may also be less liquid andmore difficult to value than securities of U.S. issuers

Emerging Markets Risk:

the risk of investing in emerging marketsecurities, primarily increased foreign (non-U.S.) investment risk

Currency Risk:

the risk that foreign currencies will decline in value relativeto 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 inderivatives that provide exposure to, foreign (non-U.S.) currencies

Leveraging Risk:

the risk that certain transactions of the Fund, such asreverse repurchase agreements, loans of portfolio securities, and the use ofwhen-issued, delayed delivery or forward commitment transactions, orderivative instruments, may give rise to leverage, magnifying gains andlosses and causing the Fund to be more volatile than if it had not beenleveraged. This means that leverage entails a heightened risk of loss

Management Risk:

the risk that the investment techniques and riskanalyses applied by PIMCO will not produce the desired results and thatlegislative, regulatory, or tax restrictions, policies or developments mayaffect the investment techniques available to PIMCO and the individualportfolio manager in connection with managing the Fund. There is noguarantee that the investment objective of the Fund will be achieved

Short Sale Risk:

the risk of entering into short sales, including thepotential loss of more money than the actual cost of the investment, andthe risk that the third party to the short sale may fail to honor its contractterms, causing a loss to the Fund

Convertible Securities Risk:

as convertible securities share both fixedincome and equity characteristics, they are subject to risks to which fixedincome and equity investments are subject. These risks include equity risk,interest rate risk and credit riskPlease see “Description of Principal Risks” in the Fund’s prospectus for a moredetailed description of the risks of investing in the Fund. An investment in theFund is not a deposit of a bank and is not insured or guaranteed by theFederal Deposit Insurance Corporation or any other government agency.

Performance Information

The performance information shows summary performance information forthe Fund in a bar chart and an Average Annual Total Returns table. Theinformation provides some indication of the risks of investing in the Fund byshowing changes in its performance from year to year and by showing howthe Fund’s average annual returns compare with the returns of a broad-based securities market index and an index of similar funds. Absent anyapplicable fee waivers and/or expense limitations, if any, performancewould have been lower. The bar chart shows performance of the Fund’sInstitutional Class shares. For periods prior to the inception date of Class Pshares (April 30, 2008), performance information shown in the table forthat class is based on the performance of the Fund’s Institutional Classshares, adjusted to reflect the actual distribution and/or service (12b-1) feesand other expenses paid by that class of shares. Performance for Class A,Class B and Class C shares in the Average Annual Total Returns tablereflects the impact of sales charges.

The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will erform in the future.

The Barclays U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S.investment grade fixed rate bond market, with index components forgovernment and corporate securities, mortgage pass-through securities, andasset-backed securities. These major sectors are subdivided into morespecific indices that are calculated and reported on a regular basis. LipperCore Plus Bond Funds Average is a total return performance average ofFunds tracked by Lipper, Inc. that invest at least 65% in domesticinvestment-grade debt issues (rated in the top four grades) with anyremaining investment in non-benchmark sectors such as high-yield, globaland emerging market debt. These funds maintain dollar-weighted averagematurities of five to ten years.Performance for the Fund is updated daily and quarterly and may beobtained as follows: daily updates on the net asset value and performancepage at http://investments.pimco.com/DailyPerformance and quarterlyupdates at http://investments.pimco.com/QuarterlyPerformance.

Calendar Year Total Returns — Institutional Class*

'04 '05 '06 '07 '08 '09 '10 '11 '12 '13-505101520

5.14%2.89% 3.99%9.07%4.81%13.83%8.83%4.16%10.36%-1.92%

( % )

Years

*The year-to-date return as of June 30, 2014 is 3.70%. For the periods shown in the barchart, the highest quarterly return was 6.04% in the Q3 2009, and the lowest quarterlyreturn was -3.60% in the Q2 2013.

verage Annual Total Returns (for periods ended 12/31/13)

1 Year5 Years10 Years

Institutional Class Return Before Taxes-1.92%6.91%6.03%Institutional Class Return After Taxes on Distributions

(1)

-3.11%4.92%4.10%Institutional Class Return After Taxes on Distributions andSales of Fund Shares

(1)

-0.97%4.73%4.11%Class P Return Before Taxes-2.02%6.81%5.93%Administrative Class Return Before Taxes-2.17%6.64%5.77%Class D Return Before Taxes-2.21%6.60%5.71%Class A Return Before Taxes-5.97%5.66%5.16%Class B Return Before Taxes-6.36%5.60%5.02%Class C Return Before Taxes-3.98%5.68%4.78%Class R Return Before Taxes-2.55%6.21%5.31%Barclays U.S. Aggregate Index (reflects no deductions forfees, expenses or taxes)-2.02%4.44%4.55%Lipper Core Plus Bond Funds Average (reflects nodeductions for taxes)-1.01%7.06%4.87%