Global Bond Opportunities Fund (Unhedged)

PAGPX

Updated June 14, 2019

Objective

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

Primary Portfolio

Intermediate maturity U.S. and unhedged foreign fixed income securities

Overview

Fund Overview

Access high-quality fixed income worldwide

PIMCO Global Bond Opportunities Fund (Unhedged) utilizes a benchmark agonistic approach that provides greater flexibility to invest across global markets than a traditional, benchmark-oriented bond strategy. By navigating exposures across different rate environments, growth dynamics, credit profiles, and policy objectives, the fund has demonstrated an ability to deliver attractive returns while reducing overall portfolio volatility.

Why Invest In This Fund

Enhanced flexibility to invest across global markets

Guided by PIMCO’s global outlook, the fund’s flexible structure allows it to focus on what we believe are the best ideas in global fixed income while also retaining core bond characteristics.

Increased return diversification relative to domestic bonds

Diversifying instruments internationally can help mitigate volatility, and may also grant rich opportunities for solid diversification and the potential for strong risk-adjusted returns over time.

Time-tested process

Supported by a deep international presence with over 50 global portfolio managers located around the world, the fund capitalizes on PIMCO’s industry leadership and time-tested investment process, which guide portfolio construction via our top-down macroeconomic outlook and rigorous bottom-up credit analysis.

PRIMARY BENCHMARK

Bloomberg Barclays Global Aggregate (USD Unhedged) Index

PRIMARY BENCHMARK DESCRIPTION

Bloomberg Barclays Global Aggregate (USD Unhedged) Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian Government securities, and USD investment grade 144A securities. It is not possible to invest directly in an unmanaged index.

DIVIDEND FREQUENCY

Monthly with Daily Accrual

SHARE CLASS INCEPTION

01/31/2018

CUSIP

72202G356

Managers

Andrew Balls

CIO Global Fixed Income

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Sachin Gupta

Head of Global Portfolio Management Desk

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Lorenzo Pagani

Head of European Government Bond Portfolio Management

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Fees & Expenses

Effective as of 07/30/2018
Total Expense Ratio 1.05%
The Net Expense Ratio excluding interest expense is 0.95%. Interest expense can result from portfolio investment transactions and is not paid to PIMCO.

Front End Sales Charge Schedule

Sales Range (USD) Sales Charge %
Under $100,000 3.75%
$100,000 but under $250,000 3.25%
$250,000 but under $500,000 2.25%
$500,000 but under $1 million 1.75%
$1 million+* 0.00%

Portfolio Composition

All data as of unless otherwise stated

Maturity %

0-1 yrs -21.80
1-3 yrs 21.98
3-5 yrs 58.15
5-10 yrs 34.73
10-20 yrs 9.15
20+ yrs -2.21
Effective Maturity (yrs) 4.99

Duration in Years

Effective Duration (yrs) 3.11

Top Countries Duration %

United States 45.37
Australia 15.39
Israel 8.40
China 7.45
Germany 6.26
Canada 4.91
Denmark 4.82
Sweden 4.66
Peru 4.56
Spain 3.77
Portfolio Composition Footnotes & Disclosures

disclosures

Portfolio information in the charts is based on the fund's net assets. These percentages may differ from those used for the fund's compliance calculations, including the fund's prospectus, regulatory, and other investment limitations and policies, which may be based on total assets of the fund or other measurements, may include or exclude various categories of investments from those covered in the portfolio allocation categories shown in this report, and may be based on different classifications and measurements of the fund’s investments and other criteria.
References to specific sectors, securities or issuers are for illustrative purposes only. All holdings are subject to change daily. All share classes have the same portfolio but different expenses.
Duration is a measure of a portfolio’s price sensitivity expressed in years. Effective duration is the duration for a bond with an embedded option when the value is calculated to include the expected change in cash flow caused by the option as interest rates change.

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