PIMCO Launches PIMCO Credit Absolute Return Fund

NEWPORT BEACH, CA--(Marketwire - Aug 31, 2011) - PIMCO, a leading global investment management firm, has launched the PIMCO Credit Absolute Return Fund for investors seeking a global, diversified strategy that is focused on absolute return and not constrained by a benchmark. The Credit Absolute Return Fund, which has a "go-anywhere" investment style and can employ a wide range of investments, is managed by Mark Kiesel, a managing director in Newport Beach, California.

The fund seeks out long-term, strategic investments as well as shorter-term tactical opportunities in an effort to provide positive returns in any market environment. It is designed to enable investors to diversify their fixed income allocation without being tied to risks that PIMCO believes can be embedded in a benchmark. The Credit Absolute Return Fund will draw on PIMCO's global credit expertise, proven investment process, research and risk management techniques to provide an absolute return strategy for investors looking for diversification from traditional long-only funds.

"PIMCO's investment process guides our macroeconomic view and helps enable us to identify risk factors across all fixed income markets," Kiesel said. "We couple this top-down view with a vigorous bottom-up analysis to seek the best long and short credit positions in every part of the fixed income market, from investment grade credit, high yield, emerging market credit and bank loans to convertible and municipal securities."

Added Kiesel: "This strategy can pivot in order to help achieve the absolute return objective. For example, the strategy can take on greater exposure to credit when spreads are attractive and, conversely, reduce overall exposure when necessary and instead focus on relative value between credit sectors."

Institutional shares of the PIMCO Credit Absolute Return Fund will trade under the ticker symbol PCARX. Additional tickers include "P" shares (PPCRX), "A" shares (PZCRX), "C" shares (PCCRX), "R" shares (PRCRX) and "D" shares (PDCRX).

About PIMCO
PIMCO is a leading global investment management firm, with offices in 10 countries throughout North America, Europe and Asia. Founded in 1971, PIMCO offers a wide range of innovative solutions to help millions of investors worldwide meet their needs. Our goal is to provide attractive returns while maintaining a strong culture of risk management and long-term discipline. PIMCO is owned by Allianz Global Investors, a subsidiary of the Munich-based Allianz S.E., a leading global diversified financial services provider.

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, by visiting www.pimco.com/investments or by calling (888)87-PIMCO. Please read them carefully before you invest or send money.

A word about risk: Investing in the bond market is subject to certain risks including market, interest-rate, issuer, credit, and inflation risk; investments may be worth more or less than the original cost when redeemed. 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. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. Convertible securities may be called before intended, which may have an adverse effect on investment objectives. Sovereign securities are generally backed by the issuing government, obligations of U.S. Government agencies and authorities are supported by varying degrees but are generally not backed by the full faith of the U.S. Government; portfolios that invest in such securities are not guaranteed and will fluctuate in value. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. 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.

This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Pacific Investment Management Company LLC. ©2011, PIMCO

PIMCO advised funds are distributed by PIMCO Investments LLC.
Except for the historical information and discussions contained herein, statements contained in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of PIMCO's sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statement.