Fund Description

The fund aims to achieve its investment objective by investing at least 80% of its assets in high yield investments, including securities rated below investment grade or deemed of comparable quality by PIMCO. It may invest up to 20% of total assets in securities rated Caa or below and the remainder in investment-grade fixed income instruments. The fund's average portfolio duration typically varies within one year of the ICE BofA U.S. High Yield, BB-B Rated, Constrained Index, calculated by PIMCO. It may also invest in foreign currency-denominated securities, emerging market instruments, and use derivatives, while seeking total return through income and capital appreciation.