Mortgage Opportunities and Bond Fund

PMZCX

Updated April 18, 2019

Objective

Seeks maximum long-term return, consistent with prudent investment management

Primary Portfolio

Mortgage-related assets, including Agency residential and commercial mortgage-backed securities (MBS) and private label residential and commercial MBS

Overview

Fund Overview

An unconstrained approach to the mortgage market

This fund seeks to generate consistent, absolute returns across full market cycles by investing in a broad array of mortgage-related securities, though it may not fully participate in strong (positive) market rallies.

Why Invest In This Fund

Flexibility to pursue the most attractive opportunities

Untethered to a traditional benchmark, the fund has the ability to tactically allocate across various subsectors of the global mortgage-backed securities (MBS) market, including U.S. and European, residential and commercial and Agency and private label MBS.

Targeting long-term absolute returns

Seeking attractive absolute returns across full market cycles, the fund’s flexibility and wide duration band (-1 to 8 years) allows for active management of its exposure to a variety of risk factors, including interest-rate risk and credit risk.

PIMCO’s deep resources

PIMCO has been investing in the mortgage-backed securities market for over thirty years and is one of the largest, most sophisticated investors in this space. With one of the deepest mortgage investment teams in the industry, PIMCO’s sector-specific specialists cover the entire spectrum of mortgage-related assets.

Our Expertise

The fund’s veteran portfolio management team brings unique skills and expertise in the global mortgage-backed securities market to the portfolio. The fund also benefits from PIMCO’s broader mortgage investment team - one of the deepest in the industry - and sector-specific specialists who cover the entire spectrum of mortgage-related assets.

PRIMARY BENCHMARK

3 Month USD LIBOR Index

PRIMARY BENCHMARK DESCRIPTION

The 3 Month USD LIBOR (London Interbank Offered Rate) Index is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money (3 months) in England's Eurodollar market. It is not possible to invest in an unmanaged index.

DIVIDEND FREQUENCY

Monthly with Daily Accrual

SHARE CLASS INCEPTION

10/22/2012

CUSIP

72201U661

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Managers

Jing Yang began managing the fund on 30 July 2018.

Joshua Anderson

Head of Global ABS Portfolio Management

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Daniel H. Hyman

Head of Agency MBS Portfolio Management

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Alfred T. Murata

Portfolio Manager, Mortgage Credit

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Jing Yang

Portfolio Manager, Structured Credit

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Yields & Distributions