PIMCO High Yield Spectrum Fund INSTL (PHSIX)

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) $1,899.1
Share Class Inception Date 9/15/2010
Dividend Frequency Accrues Daily; Distributes Monthly
Maximum Sales Charge -
Net Operating Expenses 0.6 %

Daily Price

NAV Day Return
$9.97 -$0.04 -0.38%
YTD Return
2.35%
As of 07/06/15

Historical Prices

06/30/15

$9.99

07/01/15

$10.01

07/02/15

$10.01

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

By expanding beyond the boundaries of the U.S. and accessing the full range of credit qualities within the global universe of non-investment-grade bonds, the PIMCO High Yield Spectrum Fund seeks attractive risk-adjusted returns for investors.


Why Invest In This Fund
Broad market representation

The fund represents a broad range of credit qualities, sectors and industries across the globe, supported by PIMCO’s 25 years of high yield experience. Potential benefits of high yield bonds include added portfolio diversification and enhanced returns. Of course, diversification does not ensure against loss.


Risk management

Our security selection process is focused on identifying companies with credit ratings that may not accurately reflect a company’s improving fundamentals, prospects for ratings upgrades and lower risk of default.


Fundamentals remain strong

Default rates for high yield bonds have fallen sharply since 2009, remaining well below their long-term historical average. This, along with improving balance sheets and higher recovery rates when defaults do occur, should continue to bode well for corporate fundamentals.


Our Expertise

PIMCO High Yield Spectrum Fund is managed by Andrew Jessop, a high yield expert with 20+ years of professional investing experience. Mr. Jessop and his team are supported by PIMCO’s time-tested investment process, global macroeconomic forecasts, proprietary risk-management techniques, and detailed analysis of each security represented in the fund.

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 25 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 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.

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.

Past performance is not a guarantee or a reliable indicator of future results. Morningstar Rating as of 31 May 2015 for the Institutional Class Shares; other classes may have different performance characteristics. Fund ratings are out of 5 Stars: Overall 5 Stars (152 funds rated); 3 Yrs. 5 Stars (152 funds rated); 5 Yrs. 4 Stars (133 funds rated); 10 Yrs. 5 Stars (91 funds rated). 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.


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