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PIMCO FUNDS PROFILE 
All data as of 06.30.10, unless otherwise indicated. 
PIMCO Income Fund Inst (PIMIX)
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Fund Overview
Highlights

A multi-sector bond fund targeting a high and consistent level of income

Designed for investors who need steady income potential, PIMCO Income Fund takes a broad-based approach to investing in income-generating bonds. The Fund taps into multiple areas of the global bond market, and employs PIMCO’s vast analytical capabilities and sector expertise to help temper the risks of high-income investing.
Why Invest in this Fund

Pursues income across global fixed-income sectors

The global economic landscape is constantly changing, causing different bond sectors to go in and out of favor. This Fund’s multi-sector approach allows it to seek out the best income-generating ideas in any given market climate, targeting multiple sources of income from a global opportunity set.

 

A clearly defined mandate to avoid concentrated risk

Rather than pursue only the highest income streams from potentially risky securities, the Fund seeks high and consistent dividend income from diversified sources. To maintain its higher average credit quality, the Fund limits below-investment-grade holdings to 50%. Of course, its investments in fixed-income securities will fluctuate in value in response to interest rate changes since rising rates will cause fixed-income securities held by the fund to decrease in value.

 

Access to PIMCO’s proven expertise

PIMCO has been actively managing income-producing securities for more than 30 years and is recognized as one of the world’s premier bond managers. Known for their innovative philosophy, proven expertise, extensive resources and experienced managers, PIMCO has dedicated specialists in virtually every sector of global fixed income.
Investment Process

The Fund's investment process starts with PIMCO's annual secular forum where the firm develops a three- to five-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters, including duration, yield-curve positioning, sector weightings and credit quality breakdown. The portfolio manager then attempts to identify investments that provide high current income through fundamental research, driven by independent credit analysis and proprietary analytical tools. However, consideration of yield is only one component of the Fund's approach; the manager also considers issues with capital appreciation potential. Notably, the Fund has the flexibility to allocate its assets among a broad spectrum of mortgage-related, government, corporate and other debt securities of U.S. and non-U.S. issuers, including emerging-market bonds. The relative value assessment within credit sectors will draw on PIMCO's regional and sector specialist expertise.
At A Glance
Symbol Lookup
 
Symbol
CUSIP
Inst Shares
PIMIX
72201F490
Objective
Seeks to maximize current income. Long-term capital appreciation is a secondary objective

Primary Portfolio
Broad range of fixed income securities (2-8 years average duration)

Total Fund Assets (in millions)
$1,135.9

Inception Date
Mar 30, 2007

Dividend Frequency
Monthly

Net Expense Ratio
1.010%

Gross Expense Ratio
1.060%

> Share Class Pricing

Manager
Dan Ivascyn

Dan Ivascyn is a Managing Director and a member of PIMCO's mortgage and asset-backed securities team. He began his investment career in 1991, and has an MBA in analytical finance from the University of Chicago.

Management Firm
Pacific Investment Management Company LLC (PIMCO)

Newport Beach, California

Led by Founder and Co-Chief Investment Officer Bill Gross, PIMCO is widely recognized as one of the premier bond managers in the world. PIMCO applies this expertise to a range of core and specialized investment portfolios.



> Management Commentary

Investors should consider the investment objectives, risks, charges and expenses of this Fund carefully before investing. This and other information is contained in the Fund´s prospectus and summary prospectus, if available, which may be obtained by contacting your financial advisor, or by calling 888-877-4626. Click here for the Fund´s prospectus or summary prospectus. Please read them carefully before you invest or send money.

Past performance is no guarantee of future results. Please refer to the Price and Performance link for complete standardized returns. This commentary is not an offer or solicitation for the purchase or sale of any financial instrument. It is presented only to provide information on investment strategies and opportunities. The material contains the current opinions of the author, which are subject to change without notice. Statements concerning financial market trends are based on current market conditions, which will fluctuate. References to specific securities and issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities.

 

The credit quality of the investment in the portfolio does not apply to the stability or safety of the fund. Duration is a measure of the fund's price sensitivity expressed in years. In an environment where interest rates may trend upward, rising rates will negatively impact most bond funds, and fixed income securities held by a fund are likely to decrease in value. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Diversification does not assure against loss.

 

The PIMCO Income Fund normally invests a majority of its assets in a portfolio of Fixed Income Instruments of varying maturities representing a broad array of fixed income sectors, including U.S. and non-U.S. corporate and government securities, asset-backed securities, and foreign currencies. The Fund may invest without limit in securities denominated in foreign currencies and may invest to a limited extent in securities of issuers based in countries with developing  or emerging market economies. Investing in non-U.S. securities entails additional risks, including political and economic risk and the risk of currency fluctuations; these risks may be enhanced in emerging markets. The Fund will normally limit its foreign currency exposure.  

 

The Fund may invest a substantial portion of its assets in high yield securities rated below investment grade. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. The Fund may invest all of its assets in derivative instruments. 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 these instruments. When interest rates rise, bond prices generally fall.

 

PIMCO Funds and Allianz Funds are distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105-4800, www.allianzinvestors.com, 1-888-877-4626.

Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED
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