Short-Term Fund


Updated Oct 6, 2015


    Fixed Income
    $13,635 MM
    (as of 09/30/2015)
    $13,635 MM
    (as of 09/30/2015)
    Fixed Income


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

Primary Portfolio

Short-term, investment grade bonds (average duration is less than or equal to 1 yr)


Fund Overview

Potential to outperform cash investments, with low volatility

By focusing on ultra-short, high quality fixed income securities, the fund offers higher income potential than traditional cash investments, with modest additional risk.

Why Invest In This Fund

Potential to provide a steady source of current income

Short-term bonds can function as an attractive option for investors looking to generate a higher level of income than savings accounts and CDs. However, short-term bond funds do not seek to maintain stable values and offer no guarantees.

Lower potential volatility

The fund’s ultra-short duration is more resistant to interest rate fluctuations than longer-term bonds, resulting in generally lower price volatility. In fact, the fund’s net asset value (NAV) has fluctuated only moderately since its 1987 inception. This low volatility is the result of the fund’s overall ultra-short duration.

A risk-focused approach

The fund’s total return approach means that it is designed to avoid sacrificing principal by simply reaching for the highest yields. In addition to employing sophisticated risk controls, the fund seeks to benefit from the firm’s efforts to identify major market risks early and position portfolios accordingly.

Our Expertise

The portfolio manager for PIMCO Short-Term Fund is Jerome Schneider, a PIMCO Managing Director who started his investment career in 1996. Mr. Schneider is responsible for supervising all of the firm’s short-term investment strategies.


Citi 3-Month Treasury Bill Index


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.


Monthly with Daily Accrual







Jerome M. Schneider

Head of Short-Term Portfolio Management

View Profile

Yields & Distributions

Historical Prices & Distributions

Distribution Yield (At NAV)1 as of 8/31/2015 1.49%
30 - Day SEC Yield2 as of 8/31/2015 1.38%
30 - Day SEC Yield2 as of 10/6/2015 -
Latest Dividend Distribution ($ Share)3 as of 9/30/2015 $0.011552109
Dividend Distribution (YTD)4 as of 9/30/2015 $0.079047186
Yields & Distributions Footnotes & 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.
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 0.46%
Net Operating Expenses Ex-interest5 0.45%
Fees & Expenses Footnotes & Disclosures


5Ex-interest expenses reflect the accounting treatment of certain investments (e.g., reverse repurchase agreements) but do not reflect actual expenses paid to PIMCO.

Prices & Performance

Daily Statistics

All data as of 10/6/2015

NAV $9.73 One Day Return 0.00%
Daily Change $0.00 Daily YTD Return 0.62%
Click here to view Historical Prices
  • 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.

Calendar Year Returns %

All data as of

Growth of $10,000 (hypothetical)

Since inception 10/7/1987 to 8/31/2015 = $34,182

Morningstar and Lipper

  • Morningstar Ratings
  • Lipper Rankings
Prices & Performance Footnotes & 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.
Total return performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The minimum initial investment for Institutional class shares is $1 million; however, it may be modified for certain financial intermediaries who submit trades on behalf of eligible investors.

The Fund returns are since the Fund's inception and the index returns are since 09/30/1987.
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.® 2015. 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.

Portfolio Composition

All data as of unless otherwise stated

Maturity %

0-3 mos 61.92
3-6 mos 10.13
6-9 mos 5.87
9-12 mos 8.68
1-3 yrs 19.98
3-5 yrs -7.49
5+ yrs 0.92
Effective Maturity (yrs) 0.33

Duration in Years

Effective Duration (yrs) 0.02

Risk Characteristics
(Trailing 3 Years)

Standard Deviation 0.80
Sharpe Ratio6 1.41
Information Ratio7 1.40
Tracking Error8 0.81

Sector Allocation
Market Value %

US Government Related9 -9.16
Mortgage 15.41
Invest. Grade Credit 53.67
High Yield Credit 9.77
Non-USD Developed 1.42
Emerging Markets10 8.15
Municipal/Other11 8.07
Net Other Short Duration Instruments12 12.66
Portfolio Composition Footnotes & Disclosures


6The Sharpe Ratio measures the risk-adjusted performance. The risk-free rate is subtracted from the rate of return for a portfolio and the result is divided by the standard deviation of the portfolio returns.
7The information ratio is defined as the portfolio's excess return per unit of risk, or tracking error. For example, an information ratio of 1 means that a portfolio manager generates 100 basis points, or one percent of excess return for every 100 basis points of risk taken.
8Tracking error, a measure of risk, is defined as the standard deviation of the portfolio's excess return vs. the benchmark expressed in percent.
9May include nominal and inflation-protected Treasuries, Treasury futures and options, agencies, FDIC-guaranteed and government-guaranteed corporate securities, and interest rate swaps.
10Short duration emerging markets instruments includes an emerging market security or other instrument economically tied to an emerging market country by country of risk with an effective duration less than one year and rated investment grade or higher or if unrated, determined to be similar quality by PIMCO. Emerging Markets includes the value of short duration emerging markets instruments previously reported in another category.
11May include municipals, convertibles, preferreds, and yankee bonds.
12Net Other Short Duration Instruments includes securities and other instruments (except instruments tied to emerging markets by country of risk) with an effective duration less than one year and rated investment grade or higher or, if unrated, determined by PIMCO to be of comparable quality, commingled liquidity funds, uninvested cash, interest receivables, net unsettled trades, broker money, short duration derivatives (for example Eurodollar futures) and derivatives offsets. With respect to certain categories of short duration securities, the Adviser reserves the discretion to require a minimum credit rating higher than investment grade for inclusion in this category. Derivatives Offsets includes offsets associated with investments in futures, swaps and other derivatives. Such offsets may be taken at the notional value of the derivative position which in certain instances may exceed the actual amount owed on such positions.
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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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.  Click here for a complete list of the PIMCO Funds prospectuses and summary prospectuses. Please read them carefully before you invest or send money.
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.