Taxable Bond PIMCO Low Duration Fund Class A (PTLAX) NTF No Transaction Fee 1 Hypothetical Growth of $10,0002,3 (8/31/2011-8/31/2021) Morningstar® Snapshot*4 (AS OF 8/31/2021) n PIMCO Low Duration Fund Class A $11,729 n Short-Term Bond $12,062 Morningstar Category Short-Term Bond 12.80K 12.00K Risk of this Category LOWER HIGHER 11.20K Overall Rating 10.40K 9.60K Returns LOW AVG HIGH 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Expenses LOW AVG HIGH The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when *Data provided by Morningstar you sell your shares. Current performance may be higher or lower than the performance data quoted. 2,5,6 Average Annual Total Returns Details Performance Monthly (AS OF 8/31/2021) YTD (Monthly) 1 Yr 3 Yrs 5 Yrs 10 Yrs Life Fund Inception 5/11/1987 PIMCO Low Duration Fund Class A -0.17% 0.27% 2.55% 1.81% 1.61% 4.79% NAV on 8/31/2021 $9.90 PIMCO Low Duration Fund Class A -2.41% -1.98% 1.78% 1.35% 1.38% 4.72% (Load Adjusted) Exp Ratio (Gross) 0.75% ICE BofA 1-3 Yr US Treas 0.08% 0.16% 2.63% 1.67% 1.16% 4.29% 7/30/2021 Short-Term Bond 0.66% 1.82% 3.42% 2.45% 2.05% -- Exp Ratio (Net) 0.75% Rank in Morningstar Category 84% 88% 84% 80% -- 7/30/2021 # of Funds in Morningstar Category 602 546 485 311 -- Load 2.25% Quarter-End (AS OF 6/30/2021) Minimum to Invest 9 $1,000.00 PIMCO Low Duration Fund Class A 0.81% 2.64% 1.87% 1.59% 4.79% Turnover Rate 486% PIMCO Low Duration Fund Class A -1.46% 1.86% 1.40% 1.36% 4.72% 3/31/2021 (Load Adjusted) Please note: This fund is offered load-waived through Fidelity©s NTF program. Portfolio Net Assets ($M) $9,031.95 8/31/2021 Calendar Year Returns2,5 Top 10 Holdings7 Share Class Net Assets ($M) $1,011.65 (AS OF 8/31/2021) (AS OF 6/30/2021) 8/31/2021 2017 2018 2019 2020 2021 2 Year Treasury Note Future Sept 21 PIMCO Low Duration Fund Class A Pimco Fds 10/22/2021 5 Year Treasury Note Future Sept 21 1.50% 0.22% 4.17% 3.11% -0.17% Federal National Mortgage Association 4% Fund Manager(s) 10 Year Treasury Note Future Sept 21 ICE BofA 1-3 Yr US Treas Federal National Mortgage Association 2% 0.42% 1.58% 3.55% 3.10% 0.08% Pimco Fds 10/06/2021 Manager: Team United States Treasury Bills 0% 09/28/2021 Short-Term Bond Secretaria Tesouro Nacional 0% 1.73% 0.92% 4.72% 3.81% 0.66% United States Treasury Bills 0% 09/21/2021 % of Total Portfolio: 124.37% 995 holdings as of 6/30/2021 Portfolio Data 30-Day Yield 10 -0.09% Fund Overview 8/31/2021 Objective Weighted Avg Maturity 1.46 Years 6/30/2021 The investment seeks maximum total return, consistent with preservation of capital and prudent investment management. Duration 1.47 Years Strategy 6/30/2021 The fund seeks to achieve its investment objective by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by Page 1 of 4 Taxable Bond Fund Overview (continued) Strategy Volatility Measures forwards or derivatives such as options, futures contracts, or swap agreements. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector Beta -0.04 entities. 8/31/2021 Risk R2 0.00 In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond 8/31/2021 prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual 0.89 bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them Sharpe Ratio until maturity is not possible. Additional risk information for this product may be found in the prospectus or other 8/31/2021 product materials, if available. Standard Deviation 1.53 Additional Disclosures 8/31/2021 This description is only intended to provide a brief overview of the mutual fund. Read the fund©s prospectus for more detailed information about the fund. The analysis on these pages may be based, in part, on adjusted historical returns for periods prior to the class©s actual inception of 01/13/1997. These calculated returns reflect the historical performance of the oldest share class Morningstar Ratings8 of the fund, with an inception date of 05/11/1987, adjusted to reflect the fees and expenses of this share class (when this share class©s fees and expenses are higher.) Please refer to a fund©s prospectus for information regarding fees (AS OF 8/31/2021) Morningstar Category: SHORT-TERM and expenses. These adjusted historical returns are not actual returns. Calculation methodologies utilized by BOND Morningstar may differ from those applied by other entities, including the fund itself. Overall out of 546 funds 3 Yrs out of 546 funds Asset Allocation7 (AS OF 6/30/2021) 5 Yrs out of 485 funds Domestic Bond 89.86% 10 Yrs out of 311 funds Foreign Bond 26.28% The Morningstar RatingTM for funds, or "star rating", is Others 15.45% calculated for funds with at least a three-year history. Convertibles 1.75% (Exchange-traded funds and open-end mutual funds are considered a single population for comparative purposes.) Cash -33.34% It is calculated based on a Morningstar Risk-Adjusted Domestic Stock 0.00% Return measure that accounts for variation in a fund©s monthly excess performance (excluding the effect of sales Foreign Stock 0.00% charges, if any), placing more emphasis on downward Preferred Stock 0.00% variations and rewarding consistent performance. The top 10% of funds in each fund 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% Portfolio Diversification7 receive 1 star. (AS OF 6/30/2021) Past performance is no guarantee of future results. n Portfolio Weight n Short-Term Bond Government Related 46.53% Cash & Equivalents 18.51% Corporate Bond 11.27% Agency Mortgage-Backed 7.80% Future/Forward 5.75% Government 3.92% Asset-Backed 3.11% Convertible 0.87% Swap 0.86% Non-Agency Residential Mortgage-Backed 0.80% Glossary Of Terms 30-Day Yield: A standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund©s Page 2 of 4 Taxable Bond expenses and includes any applicable waiver or reimbursement. Absent such waivers or reimbursements, the returns would have been lower. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield. Beta: A measure of a portfolio©s sensitivity to market movements (as represented by a benchmark index). The benchmark index has a beta of 1.0. A beta of more (less) than 1.0 indicates that a fund©s historical returns have fluctuated more (less) than the benchmark index. Beta is a more reliable measure of volatility when used in combination with a high R2 which indicates a high correlation between the movements in a fund©s returns and movements in a benchmark index. Duration: Duration is a measure of a security©s price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security©s interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration. Exp Ratio (Gross): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a dollar amount, or in basis points. These are costs the investor pays through a reduction in the investment©s rate of return. For a mutual fund, the gross expense ratio is the total annual fund or class operating expenses directly paid by the fund from the fund©s most recent prospectus (before waivers or reimbursements). This ratio also includes Acquired Fund Fees and Expenses, which are expenses indirectly incurred by a fund through its ownership of shares in other investment companies. If the investment option is not a mutual fund, the expense ratio may be calculated using methodologies that differ from those used for mutual funds. Exp Ratio (Net): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a dollar amount, or in basis points.