PIMCO High Yield Spectrum Fund Class A PHSAX Strategy

The investment seeks maximum total return, consistent with prudent investment management. The fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in high yield investments, which may be represented by convertibles, warrants, forwards or derivatives such as swap agreements. The fund may invest, without limitation, in derivative instruments, such as futures contracts, credit default swap agreements and total return swap agreements.