Investors should consider the investment objectives, risks, charges and
expenses of the funds carefully before investing. This and other
information are contained in the fund’s prospectus and summary
prospectus, if available, which may be obtained by contacting your
investment professional or PIMCO representative or by visiting
www.pimco.com. Please read them carefully before you invest or send
money.
Past performance is not a guarantee or a reliable indicator of future
results.
The performance figures presented reflect the total return performance and
reflect changes in share price and reinvestment of dividend and capital
gain distributions. All periods longer than one year are annualized. The
minimum initial investment for Institutional class shares is $1 million;
however, it may be modified for certain financial intermediaries who submit
trades on behalf of eligible investors.
Investments made by a Fund and the results achieved by a Fund are not
expected to be the same as those made by any other PIMCO-advised Fund,
including those with a similar name, investment objective or policies. A
new or smaller Fund’s performance may not represent how the Fund is
expected to or may perform in the long-term. New Funds have limited
operating histories for investors to evaluate and new and smaller Funds may
not attract sufficient assets to achieve investment and trading
efficiencies. A Fund may be forced to sell a comparatively large portion of
its portfolio to meet significant shareholder redemptions for cash, or hold
a comparatively large portion of its portfolio in cash due to significant
share purchases for cash, in each case when the Fund otherwise would not
seek to do so, which may adversely affect performance.
Differences in the Fund’s performance versus the index and related
attribution information with respect to particular categories of securities
or individual positions may be attributable, in part, to differences in the
pricing methodologies used by the Fund and the index.
A word about risk:
Investing in the bond market is subject to risks,
including market, interest rate, issuer, credit, inflation risk, and
liquidity risk. The value of most bonds and bond strategies are impacted by
changes in interest rates. Bonds and bond strategies with longer durations
tend to be more sensitive and volatile than those with shorter durations;
bond prices generally fall as interest rates rise, and the current low
interest rate environment increases this risk. Current reductions in bond
counterparty capacity may contribute to decreased market liquidity and
increased price volatility. Bond investments may be worth more or less than
the original cost when redeemed. The fund will seek exposure tocommodities through commodity-linked derivatives and through the PIMCO Cayman
Commodity Fund VIII Ltd., a wholly-owned subsidiary of the Fund organized
under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary is
advised by PIMCO, and has the same investment objective as the Fund. The
Subsidiary (unlike the Fund) may invest without limitation in
commodity-linked swap agreements and other commodity-linked derivative
instruments. Commodities contain heightened risk including market,
political, regulatory, and natural conditions, and may not be suitable for
all investors. Derivatives and commodity-linked derivatives may involve
certain costs and risks such as liquidity, interest rate, market, credit,
management and the risk that a position could not be closed when most
advantageous. Commodity-linked derivative instruments may involve
additional costs and risks such as changes in commodity index volatility or
factors affecting a particular industry or commodity, such as drought,
floods, weather, livestock disease, embargoes, tariffs and international
economic, political and regulatory developments. Investing in derivatives
could lose more than the amount invested. High yield, lower-rated securities involve greater risk
than higher-rated securities; portfolios that invest in them may be subject
to greater levels of credit and liquidity risk than portfolios that do not. Mortgage and asset-backed securities may be sensitive to
changes in interest rates, subject to early repayment risk, and their value
may fluctuate in response to the market’s perception of issuer
creditworthiness; while generally supported by some form of government or
private guarantee there is no assurance that private guarantors will meet
their obligations. Investing in foreign denominated and/or domiciled securities may
involve heightened risk due to currency fluctuations, and economic and
political risks, which may be enhanced in emerging markets. The strategy
may utilize quantitative models as part of implementing
its investment strategies. The models evaluate securities or securities
markets based on certain assumptions concerning the interplay of market
factors. Models used may not adequately take into account certain factors,
may not perform as intended, and may result in a decline in the value of
your investment, which could be substantial. The Fund is non-diversified, which means that it may
concentrate its assets in a smaller number of issuers than a diversified
fund.
There is no guarantee that these investment strategies will work under all
market conditions or are suitable for all investors and each investor
should evaluate their ability to invest long-term, especially during
periods of downturn in the market. Investors should consult their
investment professional prior to making an investment decision.
This material contains the opinions of the manager and such opinions are
subject to change without notice. This material has been distributed for
informational purposes only and should not be considered as investment
advice or a recommendation of any particular security, strategy or
investment product. Information contained herein has been obtained from
sources believed to be reliable, but not guaranteed. No part of this
material may be reproduced in any form, or referred to in any other
publication, without express written permission. PIMCO is a trademark of
Allianz Asset Management of America L.P. in the United States and
throughout the world. ©2017, PIMCO.
PIMCO Investments LLC
, distributor, 1633 Broadway, New York, NY, 10019 is a company of PIMCO.
If this material is used after 30 June 2017, it must be accompanied by the most recent Performance Supplement. For performance to the most recent quarter-end, please visit PIMCO TRENDS Managed Futures Strategy Fund.