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Fact Sheet Prospectus Monthly Commentaries

REALPATH® Blend 2065 Fund

PBLIX

Updated December 05, 2023

Fact Sheet Prospectus Monthly Commentaries

Objective

The Fund seeks to maximize total return, consistent with prudent investment management.

Primary Portfolio

Access to PIMCO-managed mutual funds, PIMCO Exchange-Traded Funds and unaffiliated funds

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Overview

Fund Overview

A risk-managed approach to retirement investing

A suite of target-date funds that uses a blend of active and passive portfolio management which seeks to capture global growth opportunities, maintain purchasing power and guard against the market shocks that can derail retirement savings.

Why Invest In This Fund

Seeks to build and support purchasing power

REALPATH® Blend funds aim to build purchasing power by investing across an exceptionally broad range of asset classes and in an effort to maintain purchasing power by investing in inflation-related investments, such as TIPS. The funds generally combine a passive, index-based approach to equities with an actively-managed approach to other investments.

Aims to Manage risk

REALPATH® Blend funds take a measured approach to equity risk exposure, emphasizing capital preservation and carefully managing risk allocations over the entire course of an investor’s time-horizon,- especially near retirement.

Seeks to guard against shocks

In addition to taking a broadly diversified approach, REALPATH® funds employ hedging strategies, for vintages within 10 years of their target date, specifically designed to help curb the effects of severe market stress on a retirement portfolio. If left unchecked, the losses caused by market setbacks can be devastating, especially in the years directly before retirement.

PRIMARY BENCHMARK

S&P Target Date 2065 Index

PRIMARY BENCHMARK DESCRIPTION

The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers. It is not possible to invest directly in an unmanaged index.

DIVIDEND FREQUENCY

Quarterly

SHARE CLASS INCEPTION

12/30/2022

CUSIP

72202L280

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Managers

Erin Browne

Portfolio Manager, Multi-Asset Strategies

View Profile for Erin Browne

Brendon Shvetz

Portfolio Manager, Rates and Foreign Exchange

View Profile for Brendon Shvetz

Graham A. Rennison

Quantitative Portfolio Manager

View Profile for Graham A. Rennison

Fees & Expenses

Effective as of 10/30/2023
Gross Expense Ratio 0.29%
Net Expense Ratio 0.15%
The Net Expense Ratio reflects a contractual fee waiver and/or expense reduction, which is in place through 10/31/2024 and renews automatically for a full year unless terminated by PIMCO in accordance with the terms of the agreement. See the Fund's prospectus for more information.
Adjusted Expense Ratio 0.13%
The Adjusted Expense Ratio is the same as the Net Expense Ratio, but also excludes certain investment expenses, such as interest expense from borrowings and repurchase agreements and dividend expense from investments on short sales, incurred directly by the Fund or indirectly through the Fund’s investments in underlying PIMCO Funds (if applicable), none of which are paid to PIMCO.

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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:

The Fund invests in other PIMCO funds and performance is subject to underlying investment weightings which will vary. The cost of investing in a fund that invests in other funds will generally be higher than the cost of investing in a fund that invests directly in individual stocks and bonds.  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 low interest rate environments increase this risk. 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.  Equities may decline in value due to both real and perceived general market, economic and industry conditions.  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.  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. REITs are subject to risk, such as poor performance by the manager, adverse changes to tax laws or failure to qualify for tax-free pass-through of income. 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. Diversification does not ensure against loss.

Tail risk hedging may involve entering into financial derivatives that are expected to increase in value during the occurrence of tail events. Investing in a tail event instrument could lose all or a portion of its value even in a period of severe market stress. A tail event is unpredictable; therefore, investments in instruments tied to the occurrence of a tail event are speculative. 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. Investing in derivatives could lose more than the amount invested.

Target Date Funds are designed to provide investors with a retirement solution tailored to the time when they expect to retire or plan to start withdrawing money (the "target date"). Target Date Funds will gradually shift their emphasis from more aggressive investments to more conservative ones based on their target dates. Target Date Funds invest in other funds and instruments based on a long-term asset allocation glide path developed by PIMCO, and performance is subject to underlying investment weightings, which will change over time. An investment in a Target Date Fund does not eliminate the need for an investor to determine whether a Fund is appropriate for his or her financial situation. An investment in a Fund is not guaranteed. Investors may experience losses, including losses near, at, or after the target date, and there is no guarantee that a Fund will provide adequate income at and through retirement.
PIMCO does not provide legal or tax advice. Please consult your tax and/or legal counsel for specific tax or legal questions and concerns.
PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the current opinions of the manager and such opinions are subject to change without notice. For Informational Purposes Only. 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 LLC in the United States and throughout the world. ©2023, PIMCO
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