Emerging Markets Currency and Short-Term Investments Fund

PLMIX

Updated June 14, 2019

Objective

Seeks maximum total return, consistent with preservation of capital and prudent investment management

Primary Portfolio

Currencies or fixed income securities denominated in currencies of non-U.S. countries (0-2 yr. avg. duration)

Overview

Fund Overview

Active exposure to EM currencies

For investors looking to enhance their emerging markets (EM) allocations or hedge against the U.S. dollar, the fund provides actively managed access to a broad range of currencies.

Why Invest In This Fund

Attractive return and hedging potential

The fund invests primarily in currencies of EM countries, and is actively managed to capture the growth potential of their strengthening economies and fiscal reforms. The fund may also serve as a hedge against the U.S. dollar, which is expected to weaken over the long term.

Enhanced portfolio diversification

EM local currency instruments have had low historical correlations with other fixed income assets, such as U.S. Treasuries, and may help enhance overall portfolio diversification. While diversification can reduce risk, it does not guarantee a profit or necessarily protect against loss.

EM and foreign currency expertise

PIMCO has a long history analyzing EM bonds, as well as significant expertise in currency hedging and investment. The fund’s team draws on our global infrastructure and macroeconomic forecasts to evaluate relative country prospects and position for anticipated changes.

Our Expertise

The fund is managed by Pramol Dhawan, a managing director and co-chair of the emerging markets portfolio committee with 15 years of experience, Francesc Balcells, an executive vice president in our London office with 23 years of experience, and Ismael Orenstein, a senior vice president in our Newport Beach office with 13 years of experience. The expert team draws on our time-tested investment process, which combines macroeconomic forecasting with rigorous bottom-up credit research. PIMCO has been managing EM portfolios since 1997.

PRIMARY BENCHMARK

JPMorgan Emerging Local Markets Index Plus (Unhedged)

PRIMARY BENCHMARK DESCRIPTION

JPMorgan Emerging Local Markets Index Plus (Unhedged) tracks total returns for local-currency-denominated money market instruments in 22 emerging markets countries with at least US$10 billion of external trade. It is not possible to invest directly in an unmanaged index.

SECONDARY BENCHMARK

JPMorgan Emerging Local Markets Index Plus +Bid (Unhedged)

SECONDARY BENCHMARK DESCRIPTION

JPMorgan Emerging Local Markets Index Plus +Bid (Unhedged) tracks total returns for local-currency-denominated money market instruments in 22 emerging markets countries with at least US$10 billion of external trade. It is not possible to invest directly in an unmanaged index. For periods prior to May 2010, the JPMorgan Emerging Local Markets Index Plus +Bid (Unhedged) contains back-tested index data which re-calculates the index return using bid-side FX Spot, Forwards, and LIBOR rates.

DIVIDEND FREQUENCY

Monthly with Daily Accrual

SHARE CLASS INCEPTION

05/31/2005

CUSIP

72201F409

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