|
|
PIMCO Mortgage-Backed Securities Fund
|
July 31, 2012 (as supplemented January 25, 2013)
|
Share Class:
|
Inst
|
P
|
Admin
|
D
|
|
Ticker:
|
PTRIX
|
PMRPX
|
PMTAX
|
PTMDX
|
Before you invest, you may want to review the Fund's prospectus, which 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, 2012, as supplemented, along with the financial statements included in the Fund's most recent annual report to shareholders dated March 31, 2012, are incorporated by reference into this Summary Prospectus.
Investment Objective
The Fund seeks maximum total return,
consistent with preservation of capital and 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:
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
|
Class P
|
Admin Class
|
Class D
|
|
Management Fees
|
0.50%
|
0.60%
|
0.50%
|
0.65%
|
|
Distribution and/or Service (12b-1) Fees
|
N/A
|
N/A
|
0.25%
|
0.25%
|
|
Total Annual Fund Operating Expenses
|
0.50%
|
0.60%
|
0.75%
|
0.90%
|
Example
. The Example is intended to help you compare the cost of investing in Institutional Class, Class P, Administrative Class or Class D 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, the Example shows what your costs would be based on these assumptions.
|
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
Institutional Class
|
$51
|
$160
|
$280
|
$628
|
|
Class P
|
$61
|
$192
|
$335
|
$750
|
|
Administrative Class
|
$77
|
$240
|
$417
|
$930
|
|
Class D
|
$92
|
$287
|
$498
|
$1,108
|
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. 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 1,322%
of the average value of its portfolio.
Principal Investment Strategies
The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified
portfolio of mortgage-related Fixed Income Instruments of varying maturities (such as mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage-backed securities and mortgage dollar rolls), which may be represented
by 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
average portfolio duration of this Fund normally varies from one to seven years based on Pacific Investment Management Company LLC's ("PIMCO") forecast for interest rates. Duration is a measure used to determine the sensitivity of a security's price
to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. The Fund may invest without limit in securities issued or guaranteed by the U.S. Government, its agencies or
government-sponsored enterprises. In addition, the Fund may invest up to 10% of its total assets in investment grade securities rated below Aaa by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings
Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality, subject to a minimum rating of Baa by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable
quality. The Fund may also invest up to an additional 5% of its total assets in mortgage-related high yield instruments ("junk bonds") rated below Baa by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be
of comparable quality. The Fund may not invest in securities denominated in foreign currencies, but may invest without limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 10% of its total assets in U.S.
dollar-denominated securities and instruments that are economically tied to emerging market countries.
The Fund may
invest, without limitation, in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities, subject to applicable law and any other restrictions described in the Fund's prospectus or
Statement of Additional Information. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may,without limitation, seek to obtain market exposure to the
securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). 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 or improving credit fundamentals for a particular sector or security. The Fund may also invest up to 10% of its total assets in preferred
stocks.
Principal Risks
It is possible to lose money on an investment in the Fund. The principal risks of 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 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
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
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 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
Emerging Markets Risk:
the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment 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
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
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 performance information shows
summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by
showing how the Fund's average annual returns compare with the returns of a broad-based securities market index and an index of similar funds. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar
chart shows performance of the Fund's Institutional Class shares. For periods prior to the inception date of Class P shares (April 30, 2008), performance information shown in the table for that class is based on the performance of the Fund's
Institutional Class shares, adjusted to reflect the actual distribution and/or service (12b-1) fees and other expenses paid by that class of shares.
The Fund's past performance, before and after taxes, is not necessarily an indication of how the
Fund will perform in the future.
The Barclays U.S. MBS Fixed Rate Index covers the mortgage-backed pass-through
securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The MBS Index is formed by grouping the universe of over 600,000 individual fixed rate MBS pools into approximately 3,500 generic aggregates. The Lipper U.S. Mortgage Funds
Average is a total return performance average of funds tracked by Lipper, Inc. that invest at least 65% of their assets in mortgages/securities issued or guaranteed as to principal and interest by the U.S. government and certain federal
agencies.
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.
Calendar Year Total Returns — Institutional Class*
*The year-to-date return as of June 30, 2012 is 2.46%. For the periods shown in the bar chart,
the highest quarterly return was 5.31% in the Q3 2009, and the lowest quarterly return was -1.48% in the Q4 2008.
Average Annual Total Returns (for periods ended 12/31/11)
|
|
1 Year
|
5 Years
|
10 Years
|
|
Institutional Class Return Before Taxes
|
5.45
|
%
|
7.12
|
%
|
6.20
|
%
|
|
Institutional Class Return After Taxes on Distributions
(1)
|
3.48
|
%
|
4.62
|
%
|
4.11
|
%
|
|
Institutional Class Return After Taxes on Distributions and Sales of Fund Shares
(1)
|
3.72
|
%
|
4.63
|
%
|
4.08
|
%
|
|
Class P Return Before Taxes
|
5.35
|
%
|
7.01
|
%
|
6.09
|
%
|
|
Administrative Class Return Before Taxes
|
5.19
|
%
|
6.85
|
%
|
5.94
|
%
|
|
Class D Return Before Taxes
|
5.03
|
%
|
6.69
|
%
|
5.78
|
%
|
|
Barclays U.S. MBS Fixed Rate Index (reflects no deductions for fees, expenses or taxes)
|
6.32
|
%
|
6.61
|
%
|
5.72
|
%
|
|
Lipper U.S. Mortgage Funds Average (reflects no deductions for taxes)
|
5.75
|
%
|
5.21
|
%
|
4.59
|
%
|
(1) After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an
investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some
cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are for Institutional Class shares only. After-tax returns
for other classes
will vary.
Investment Adviser/Portfolio Manager
PIMCO serves as the investment adviser for the Fund. The Fund's portfolio is jointly managed by Michael Cudzil and Daniel Hyman. Messrs. Cudzil and Hyman are Executive Vice Presidents of PIMCO. Mr. Hyman
has co-managed the Fund since July 2012 and Mr. Cudzil has managed the Fund since January 2013.
Purchase and Sale of Fund Shares
Institutional Class, Class P or
Administrative Class shares: 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.
Class D shares: 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 Fund shares on any business day (normally any day when the New York Stock Exchage is open).
Depending on the elections made on the Account Application Form, you may sell by:
■
Sending a
written request by mail to:
PIMCO Funds c/o BFDS Midwest
330 W. 9th Street, Kansas City, MO 64105
■
Calling us
at 888.87.PIMCO, and a Shareholder Services associate will assist you
■
Sending a fax to our Shareholder Services department at 1-816-421-2861
■
Sending an
email to pimcoteam@bfdsmidwest.com
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.
Payments to
Broker-Dealers and Other Financial Firms
If you purchase shares of a 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.
|
|
PIMCO Mortgage-Backed Securities Fund
|
July 31, 2012 (as supplemented January 25, 2013)
|
Share Class:
|
A
|
B
|
C
|
|
Ticker:
|
PMRAX
|
PMRBX
|
PMRCX
|
Before you invest, you may want to review the Fund's prospectus, which 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, 2012, as supplemented, along with the financial statements included in the Fund's most recent annual report to shareholders dated March 31, 2012, are incorporated by reference into this Summary Prospectus.
Investment Objective
The Fund seeks maximum total return,
consistent with preservation of capital and 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—Class A, B, C and R Shares" section on page 137 of the Fund's prospectus or from your financial advisor.
Shareholder Fees (fees paid directly from your investment):
|
|
Class A
|
Class B
|
Class C
|
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
|
3.75%
|
NONE
|
NONE
|
|
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or redemption price)
|
1.00%
|
3.50%
|
1.00%
|
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment):
|
|
Class A
|
Class B
|
Class C
|
|
Management Fees
|
0.65%
|
0.65%
|
0.65%
|
|
Distribution and/or Service (12b-1) Fees
|
0.25%
|
1.00%
|
1.00%
|
|
Total Annual Fund Operating Expenses
|
0.90%
|
1.65%
|
1.65%
|
Example.
The Example is intended to help you compare the cost of investing in Class A, Class B or Class C 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. The Example also assumes conversion of Class B shares to Class A shares after five years. 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:
|
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
Class A
|
$463
|
$651
|
$855
|
$1,441
|
|
Class B
|
$518
|
$720
|
$947
|
$1,485
|
|
Class C
|
$268
|
$520
|
$897
|
$1,955
|
If you do not redeem your
shares:
|
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
Class A
|
$463
|
$651
|
$855
|
$1,441
|
|
Class B
|
$168
|
$520
|
$897
|
$1,485
|
|
Class C
|
$168
|
$520
|
$897
|
$1,955
|
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. 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 1,322%
of the average value of its portfolio.
Principal Investment Strategies
The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified
portfolio of mortgage-related Fixed Income Instruments of varying maturities (such as mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage-backed securities and mortgage dollar rolls), which may be represented
by 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
average portfolio duration of this Fund normally varies from one to seven years based on Pacific Investment Management Company LLC's ("PIMCO") forecast for interest rates. Duration is a measure used to determine the sensitivity of a security's price
to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. The Fund may invest without limit in securities issued or guaranteed by the U.S. Government, its agencies or
government-sponsored enterprises. In addition, the Fund may invest up to 10% of its total assets in investment grade securities rated below Aaa by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings
Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality, subject to a minimum rating of Baa by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable
quality. The Fund may also invest up to an additional 5% of its total assets in mortgage-related high yield instruments ("junk bonds") rated below Baa by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be
of comparable quality. The Fund may not invest in securities denominated in foreign currencies, but may invest without limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 10% of its total assets in U.S.
dollar-denominated securities and instruments that are economically tied to emerging market countries.
The Fund may
invest, without limitation, in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities, subject to applicable law and any other restrictions described in the Fund's prospectus or
Statement of Additional Information. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may,without limitation, seek to obtain market exposure to the
securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). 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 or improving credit fundamentals for a particular sector or security. The Fund may also invest up to 10% of its total assets in preferred
stocks.
Principal Risks
It is possible to lose money on an investment in the Fund. The principal risks of 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 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
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
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 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
Emerging Markets Risk:
the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment 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
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
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 performance information shows
summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by
showing how the Fund's average annual returns compare with the returns of a broad-based securities market index and an index of similar funds. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar
chart shows performance of the Fund's Class A shares, but does not reflect the impact of sales charges (loads).
If it did, the returns would be lower than those shown
. Unlike the bar chart, performance for Class A, Class B and Class C shares
in the Average Annual Total Returns table reflects the impact of sales charges.
The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
The Barclays U.S. MBS Fixed Rate Index covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and
Freddie Mac (FHLMC). The MBS Index is formed by grouping the universe of over 600,000 individual fixed rate MBS pools into approximately 3,500 generic aggregates. The Lipper U.S. Mortgage Funds Average is a total return performance average of funds
tracked by Lipper, Inc. that invest at least 65% of their assets in mortgages/securities issued or guaranteed as to principal and interest by the U.S. government and certain federal agencies.
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.
Calendar Year Total Returns — Class A*
*The year-to-date return as of June 30, 2012 is 2.26%. For the periods shown in the bar chart,
the highest quarterly return was 5.21% in the Q3 2009, and the lowest quarterly return was -1.59% in the Q4 2008.
Average Annual Total Returns (for periods ended 12/31/11)
|
|
1 Year
|
5 Years
|
10 Years
|
|
Class A Return Before Taxes
|
1.05
|
%
|
5.89
|
%
|
5.38
|
%
|
|
Class A Return After Taxes on Distributions
(1)
|
-0.70
|
%
|
3.56
|
%
|
3.44
|
%
|
|
Class A Return After Taxes on Distributions and Sales of Fund Shares
(1)
|
0.86
|
%
|
3.67
|
%
|
3.46
|
%
|
|
Class B Return Before Taxes
|
0.77
|
%
|
5.82
|
%
|
5.23
|
%
|
|
Class C Return Before Taxes
|
3.26
|
%
|
5.90
|
%
|
4.99
|
%
|
|
Barclays U.S. MBS Fixed Rate Index (reflects no deductions for fees, expenses or taxes)
|
6.32
|
%
|
6.61
|
%
|
5.72
|
%
|
|
Lipper U.S. Mortgage Funds Average (reflects no deductions for taxes)
|
5.75
|
%
|
5.21
|
%
|
4.59
|
%
|
(1) After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an
investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some
cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are for Class A shares only. After-tax returns for other
classes will vary.
Investment Adviser/Portfolio Manager
PIMCO serves as the investment adviser for the Fund. The Fund's portfolio is jointly managed by Michael Cudzil and Daniel Hyman. Messrs. Cudzil and Hyman are Executive Vice Presidents of PIMCO. Mr. Hyman
has co-managed the Fund since July 2012 and Mr. Cudzil has managed the Fund since January 2013.
Purchase and Sale of Fund Shares
Shares of the Fund 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 Distributor.
■
The
minimum initial investment for Class A, Class B and Class C shares of the Fund is $1,000 and $50 for each minimum subsequent investment, except that the minimum initial investment may be modified for certain financial firms that submit orders on
behalf of their customers. Effective November 1, 2009, Class B shares are no longer available for purchase, except through exchanges and dividend reinvestments as described in "Sales of Class B shares" in the Fund's prospectus. You may purchase or
sell (redeem) all or part of your Fund shares through a broker, dealer, or other financial firm, or directly from the Trust 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 as further described in the Fund's prospectus. The Distributor reserves the right to require payment by wire or U.S. Bank check.
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.
Payments to Broker-Dealers and Other Financial Firms
If you purchase shares of a 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.
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