Government Money Market Fund

PGYXX

Updated October 20, 2017

Objective

Seeks maximum current income, consistent with preservation of capital and daily liquidity

Primary Portfolio

Money market instruments

Overview

Fund Overview

Highlights

Employs a diverse cash strategy consisting of a portfolio of high quality Treasury and money market instruments in U.S. dollar denominated securities.

Actively managed to maintain daily liquidity and to preserve capital.

Managed to minimize any increase in risk relative to market benchmark.

Invests only in U.S. Treasury Bills, Notes, and other obligations issued or guaranteed as to principal and interest and by the U.S. government, its agencies or instrumentalities, and Repurchase Agreements secured by such obligations.

Why Invest In This Fund

For Short-Term Investment

Stock and bond funds should, in general, be viewed as long-term investments. So where can you invest the money you might need in three to six months, if not sooner? Traditionally most financial advisors recommend putting aside a minimum of three months of living expenses in a short-term, liquid investment, such as a money market fund.

Alternative to Savings Account and CDs

Money market funds strive to provide many of the same benefits as savings accounts and CDs. But with the assumption of slightly more risk, they attempt to provide a higher yield. Money market funds generally seek to offer:

  • Current income
  • Liquidity
  • Price stability
  • Of course, unlike CDs and bank savings accounts, money market fund shares are not guaranteed as to repayment of principal and interest, and they do not offer a fixed rate of return.

    An investment in the PIMCO Government Money Market Fund is not insured nor guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

    PRIMARY BENCHMARK

    Citi 3-Month Treasury Bill Index

    PRIMARY BENCHMARK DESCRIPTION

    Citi 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues. It is not possible to invest directly in an unmanaged index.

    DIVIDEND FREQUENCY

    Monthly with Daily Accrual

    SHARE CLASS INCEPTION

    05/13/2016

    CUSIP

    72202E534

    Managers

    Jerome M. Schneider

    Head of Short-Term Portfolio Management

    View Profile

    Yields & Distributions

    Historical Prices & Distributions

    Distribution Yield (At Nav) 1 as of 09/30/2017 0.97%
    30 - Day SEC Yield2 as of 09/30/2017 0.96%
    30 - Day SEC Yield2 as of 10/20/2017 0.96%
    7 - Day SEC Yield2 as of 10/20/2017 0.99%
    Latest Dividend Distribution ($ Share)3 as of 09/29/2017 $0.000824536
    Dividend Distribution (YTD) 4 as of 09/29/2017 $0.005434220
    Yields & Distributions Footnotes & Disclosures

    disclosures

    1The distribution yield for monthly paying Funds is calculated by annualizing actual dividends distributed for the monthly period ended on the date shown and dividing by the net asset value on the last business day for the same period. The distribution yield for quarterly paying Funds is calculated by taking the average of the prior four quarterly distribution yields. The quarterly distribution yields are calculated by annualizing actual dividends distributed for the quarterly period ended on the most recent quarterly distribution date and dividing by the net asset value for the same date. The distribution yield for annual paying Funds is calculated by taking the annual distribution divided by the Fund’s net asset value on ex-date. The yield is annualized if the Fund incepted less than a year ago. The yield does not include long- or short-term capital gains distributions.
    2The 30-Day SEC yield is an annualized yield based on the most recent 30 day period. The 7-Day SEC yield is an annualized yield based on the most recent 7 day period. The yield quotation more closely reflects the current earnings of the fund than the total return quotation.
    3Data does not include special cash dividends.
    4Data is based on distributions since the most recent calendar year end and does not include special cash dividends.
    Unless stated, the Fund does not have an unsubsidized yield.

    Fees & Expenses

    Total Annual Operating Expenses 0.19%

    Prices & Performance

    Daily Statistics

    All data as of 10/20/2017

    NAV $1.00 One Day Return 0.01%
    Daily Change $0.00 Daily YTD Return 0.60%
    Click here to view Historical Prices

    View Market Based NAV

    • Average Annual Returns
    • Cumulative Returns

    All data as of

    • Daily
    • Month End
    • Quarter End

    All data as of

    • Daily
    • Month End
    • Quarter End
    Performance quoted represents past performance and is not a guarantee or a reliable indicator of future results. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than average annual returns shown. Performance quoted does not reflect any sales charges, if applicable, and performance would be lower if it did.

    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.

    No assurance is being made that any fund that may have experienced high or unusual performance for one or more periods will continue to experience such performance. High performance is defined as an unusual growth in alpha between reporting periods or total return when measured to historical returns. Unusual performance is defined as an unusual change in performance (+/-) between reporting periods and the portfolio experienced unusual performance for one or more periods.

    Calendar Year Returns %

    All data as of

    Growth of $10,000 (hypothetical)

    Morningstar and Lipper

    • Morningstar Ratings
    • Lipper Rankings
    Prices & Performance Footnotes & Disclosures

    disclosures

    Performance figures presented reflect the total return performance after fees and reflect changes in share price and reinvestment of dividend and capital gain distributions on the payable date. All periods longer than one year are annualized.
    Daily YTD return is from the most recent calendar year end.
    Growth of $10,000 is calculated at NAV and assumes that all dividend and capital gain distributions were reinvested. It does not take into account sales charges or the effect of taxes. Results are not indicative of future performance.
    Past performance is not a guarantee or a reliable indicator of future results. For funds with at least a 3-yr history, Morningstar calculates a Morningstar Rating based on a risk-adjusted return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees) with an emphasis on downward variations and consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating is a weighted average of the performance figures for its 3-, 5- and 10-yr (if applicable) Morningstar Rating metrics. Morningstar, Inc.® 2017. All rights reserved. The information contained herein; (1) is proprietary to Morningstar and/or its affiliates; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Hollow stars represent a class of shares with inception dates that is different than the inception date of the fund. For the period prior to the inception date of these shares, performance information 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 the newer share class.
    The Lipper Category returns and rankings are calculated by Lipper Inc., a Reuters Company, which is a nationally recognized organization that compares the performance of mutual funds with similar investment objectives. The Category returns represent the average performance of included funds, while rankings compare an individual fund's returns to those of the other funds in its category. Both are based on total return performance, with capital gains and dividends reinvested, with annual operating expenses deducted, but without including front- or back-end sales charges. Rankings begin with the actual share class inception. Rankings are relative to a peer group and do not necessarily mean that the fund had high total returns.

    Liquidity

    Net Shareholder Activity

    Daily Liquid Assets5

    Weekly Liquid Assets6

    Market-Based NAV (Per Share)7

    Liquidity Footnotes & Disclosures

    disclosures

    5Daily liquid assets: Assets consisting of (i) cash, (ii) direct obligations of the U.S. government, (iii) securities that will mature, as determined without reference to the exceptions regarding interest rate readjustments, or are subject to a demand feature that is exercisable and payable, within one business day, or (iv) amounts receivable and due unconditionally within one business day on pending sales of portfolio securities. Money market funds are required to hold a minimum of 10% of their assets in these assets.
    6Weekly liquid assets: Assets consisting of (i) cash, (ii) direct obligations of the U.S. government, (iii) government securities that are issued by a person controlled by or supervised by and acting as an instrumentality of the government of the United States pursuant to authority granted by Congress that (A) are issued at a discount to the principal amount to be repaid at maturity without provision for the payment of interest, and (B) have a remaining maturity date of 60 days or less, (iv) securities that will mature, as determined without reference to the exceptions regarding interest rate readjustments, or are subject to a demand feature that is exercisable and payable, within five business days, or (v) amounts receivable and due unconditionally within five business days on pending sales of portfolio securities. Money market funds are required to hold a minimum of 30% of their assets in these assets.
    7Market-Based NAV (Per Share): The Market-Based NAV is the net asset value per share, calculated using available market quotations (or an appropriate substitute that reflects current market conditions) rounded to the fourth decimal place. The Market-Based NAV is not indicative of future Market-Based NAVs or the future performance of any of the Funds and classes set forth above. The Market-Based NAV may change daily and may deviate from $1.0000 even when financial markets are stable. Although the Market-Based NAV is intended to reflect the price at which a Fund's securities could be sold, the actual sales price could be more or less.

    Portfolio Composition

    All data as of unless otherwise stated

    Maturity

    DAYS TO MATURITY 9
    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.

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    Disclosures

    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.  Please read them carefully before you invest or send money.
    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. Certain U.S. Government securities are backed by the full faith of the government, obligations of U.S. Government agencies and authorities are supported by varying degrees but are generally not backed by the full faith of the U.S. Government; portfolios that invest in such securities are not guaranteed and will fluctuate in value.
    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.
    Money Market funds are not insured or guaranteed by FDIC or any other government agency and although such funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in Money Market funds. If there is a material difference between the quoted total return and the quoted current yield, the yield quotation more closely reflects the current earnings of the portfolio than the total return quotation. Yields computed by SEC-prescribed calculations and are subject to change.
    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. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission.
    PIMCO Investments LLC, distributor, 1633 Broadway, New York, NY 10019, is a company of PIMCO.