PIMCO High Yield Spectrum Fund INSTL (PHSIX)

All data as of 04/30/13, unless otherwise indicated.
PIMCO
Objective
The Fund seeks maximum total return, consistent with prudent investment management.
Primary Portfolio
High yield bonds
At a Glance
SymbolPHSIX
CUSIP Number 72201W204
Total Fund Assets (in millions) $3,150.3
Share Class Inception Date 9/15/2010
Dividend Frequency Accrues Daily; Distributes Monthly
Maximum Sales Charge -
Net Operating Expenses 0.60 %
Total Annual Operating Expenses 0.60 %

Daily Price
NAV Day Return
$11.20 -$0.01 -0.02%
YTD Return
5.25%
As of 05/24/13

Historical Prices

05/21/13

$11.25

05/22/13

$11.25

05/23/13

$11.21
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
Access to the full universe of global high yield bonds

High-yield bonds can play an important role in an overall portfolio, with potential benefits such as added diversification and opportunities for enhanced returns. PIMCO High Yield Spectrum Fund seeks to actively manage some of the risks of investing in below-investment grade bonds, through bottom-up security selection that draws on PIMCO’s disciplined credit research process.


Why Invest In This Fund
Broad exposure to global high yield opportunities

The fund’s investment universe spans the global reach and full credit range of high yield fixed income. This breadth provides access to the growing number of non-U.S. companies that are tapping the high yield credit markets. Likewise, credit ratings of securities at lower quality tiers may not accurately reflect company fundamentals, which may create compelling return opportunities.


Potential diversification benefits

High yield bonds typically have low correlations (the tendency to move in lockstep) to the highest-quality issues. As a result, they may help moderate volatility within a core bond portfolio. They also tend to be more sensitive to the economic outlook and stock market movements, meaning they can provide equity-type exposure with potentially less volatility; of course, diversification does not assure a profit or protect against loss.


Proven research and risk management process

PIMCO has more than 25 years of experience investing in high yield securities. Our process focuses on identifying high yield companies with improving credit profiles, prospects for ratings upgrades and lower risk of default. Bottom-up security selection, underpinned by our disciplined credit analysis, is key to both of these objectives.

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:
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. 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. Mortgage and asset-backed securitiesmay 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. 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. Diversification does not ensure against loss. The value of most bond funds and fixed income securities are impacted by changes in interest rates. Bonds and bond funds with longer durations tend to be more sensitive and more volatile than securities with shorter durations; bond prices generally fall as interest rates rise.

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.


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