PIMCO High Yield Fund INSTL (PHIYX)

All data as of 04/30/13, unless otherwise indicated.
PIMCO
Objective
Seeks maximum total return, consistent with preservation of capital and prudent investment management
Primary Portfolio
High yield bonds (2-6 yr. avg. duration)
At a Glance
SymbolPHIYX
CUSIP Number 693390841
Total Fund Assets (in millions) $19,408.2
Share Class Inception Date 12/15/1992
Dividend Frequency Accrues Daily; Distributes Monthly
Maximum Sales Charge -
Net Operating Expenses 0.55 %
Total Annual Operating Expenses 0.55 %

Daily Price
NAV Day Return
$9.83 -$0.01 -0.06%
YTD Return
4.31%
As of 05/17/13

Historical Prices

05/14/13

$9.85

05/15/13

$9.84

05/16/13

$9.84
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. Click Performance tab for performance current to the most recent month-end.
Fund Overview
A conservative, innovative approach to high yield investing

By concentrating on the upper credit tiers of the high yield market and focusing on income as well as capital management, PIMCO High Yield Fund takes a conservative approach to high yield investing, avoiding exposure to the more risky and speculative lower tier of non-investment-grade bonds.


Why Invest In This Fund
Greater income potential

Below-investment-grade bonds are often the issues of corporations that lack a long-term track record of earnings or growth and are usually considered riskier than other fixed income instruments. To compensate investors for taking on this additional risk, these bonds have the potential for significantly higher income – which is why they are commonly referred to as “high yield” bonds.


Attractive risk-reward tradeoff

By focusing on the upper-and middle-credit quality tiers of the high yield market, the fund seeks to avoid exposure to the more speculative and risky lower-tier high yield bonds. This focus on quality has, in the past, resulted in a less volatile high yield fund without sacrificing return potential.


Time-tested management experience

PIMCO has an experienced team of high yield portfolio managers and credit analysts, each of whom focuses on credit analysis for certain industries. The fund utilizes our disciplined approach to credit research accessing the full breadth and depth of our in-house global credit team.

View All Fund Literature

Managers

Andrew R. Jessop

Mr. Jessop is an executive vice president and high yield portfolio manager in the Newport Beach office. Prior to joining PIMCO in 2009, he was a managing director, portfolio manager and co-head of the high yield group at Goldman Sachs Asset Management, where he spent 12 years. Mr. Jessop was previously a high yield portfolio manager at Saudi International Bank in London. He has 24 years of investment experience and is a graduate of Queens' College, Cambridge University.

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 financial advisor 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.

A word about risk: This Fund may invest a portion of its assets in high-yield securities that are below investment grade. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. This Fund may also invest in mortgage-related securities, in euro-denominated securities, without limit in U.S. dollar-denominated non-U.S. securities, and without limit in derivatives. Non-U.S. securities may entail greater risk due to foreign economic and political developments. Mortgage-backed securities are subject to prepayment risk and may be sensitive to changes in prevailing interest rates. When interest rates rise, the value of fixed income securities generally declines. This Fund may use these derivative instruments for hedging purposes or as part of its investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. Portfolios investing in derivatives could lose more than the principal amount invested in those instruments.
 
Annual Report of Proxy Voting Records, Form N-PX »
Quarterly Schedule of Portfolio Holdings, Form N-Q »

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.® 2011. 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.


CLICK TO VIEW OUR BUSINESS CONTINUITY PLAN, PROXY VOTING POLICIES AND PROCEDURES, OR OUR PRIVACY POLICY.

PIMCO