The Boards of Trustees/Directors of the PIMCO closed-end funds
below (each, a “Fund” and, collectively, the “Funds”) have declared
a monthly distribution for each Fund’s common shares as summarized
below. The distributions are payable on October 1, 2024 to
shareholders of record on September 13, 2024, with an ex-dividend
date of September 13, 2024.
|
|
|
|
|
Monthly Distribution Per
Share |
|
Fund |
NYSE Symbol |
Amount |
Change From Previous Month |
Percentage Change From Previous Month |
|
PIMCO Corporate & Income Strategy Fund |
(NYSE: PCN) |
$0.112500 |
- |
- |
|
PIMCO Corporate & Income Opportunity Fund |
(NYSE: PTY) |
$0.118800 |
- |
- |
|
PIMCO Global StocksPLUS® & Income Fund |
(NYSE: PGP) |
$0.069000 |
- |
- |
|
PIMCO High Income Fund |
(NYSE: PHK) |
$0.048000 |
- |
- |
|
PIMCO Strategic Income Fund, Inc. |
(NYSE: RCS) |
$0.051000 |
- |
- |
|
PCM Fund, Inc. |
(NYSE: PCM) |
$0.080000 |
- |
- |
|
PIMCO Income Strategy Fund |
(NYSE: PFL) |
$0.081400 |
- |
- |
|
PIMCO Income Strategy Fund II |
(NYSE: PFN) |
$0.071800 |
- |
- |
|
PIMCO Dynamic Income Fund |
(NYSE: PDI) |
$0.220500 |
- |
- |
|
PIMCO Dynamic Income Opportunities Fund |
(NYSE: PDO) |
$0.127900 |
- |
- |
|
PIMCO Municipal Income Fund |
(NYSE: PMF) |
$0.042000 |
- |
- |
|
PIMCO California Municipal Income Fund |
(NYSE: PCQ) |
$0.036000 |
- |
- |
|
PIMCO New York Municipal Income Fund |
(NYSE: PNF) |
$0.033500 |
- |
- |
|
PIMCO Municipal Income Fund II |
(NYSE: PML) |
$0.039500 |
- |
- |
|
PIMCO California Municipal Income Fund II |
(NYSE: PCK) |
$0.021500 |
- |
- |
|
PIMCO New York Municipal Income Fund II |
(NYSE: PNI) |
$0.029500 |
- |
- |
|
PIMCO Municipal Income Fund III |
(NYSE: PMX) |
$0.033000 |
- |
- |
|
PIMCO California Municipal Income Fund III |
(NYSE: PZC) |
$0.029500 |
- |
- |
|
PIMCO New York Municipal Income Fund III |
(NYSE: PYN) |
$0.024800 |
- |
- |
|
PIMCO Access Income Fund |
(NYSE: PAXS) |
$0.149400 |
- |
- |
|
PIMCO Dynamic Income Strategy Fund |
(NYSE: PDX) |
$0.113300 |
- |
- |
|
|
Fund Distribution Information as of July
31, 2024:
|
Fund |
NYSE Symbol |
Current Amount |
Annualized current distribution rate expressed as a
percentage of NAV as of 07/31/2024 |
Annualized current distribution rate expressed as a
percentage of Market Price as of 07/31/2024 |
|
PIMCO Corporate & Income Strategy Fund |
(NYSE: PCN) |
$0.112500 |
11.66% |
9.83% |
|
PIMCO Corporate & Income Opportunity Fund |
(NYSE: PTY) |
$0.118800 |
12.56% |
9.97% |
|
PIMCO Global StocksPLUS® & Income Fund |
(NYSE: PGP) |
$0.069000 |
10.75% |
10.71% |
|
PIMCO High Income Fund |
(NYSE: PHK) |
$0.048000 |
12.49% |
11.98% |
|
PIMCO Strategic Income Fund, Inc. |
(NYSE: RCS) |
$0.051000 |
13.72% |
9.07% |
|
PCM Fund, Inc. |
(NYSE: PCM) |
$0.080000 |
15.07% |
12.52% |
|
PIMCO Income Strategy Fund |
(NYSE: PFL) |
$0.081400 |
12.27% |
11.77% |
|
PIMCO Income Strategy Fund II |
(NYSE: PFN) |
$0.071800 |
12.29% |
11.92% |
|
PIMCO Dynamic Income Fund |
(NYSE: PDI) |
$0.220500 |
15.57% |
13.93% |
|
PIMCO Dynamic Income Opportunities Fund |
(NYSE: PDO) |
$0.127900 |
11.93% |
11.45% |
|
PIMCO Municipal Income Fund |
(NYSE: PMF) |
$0.042000 |
5.29% |
5.45% |
|
PIMCO California Municipal Income Fund |
(NYSE: PCQ) |
$0.036000 |
4.09% |
4.59% |
|
PIMCO New York Municipal Income Fund |
(NYSE: PNF) |
$0.033500 |
4.56% |
5.13% |
|
PIMCO Municipal Income Fund II |
(NYSE: PML) |
$0.039500 |
5.36% |
5.55% |
|
PIMCO California Municipal Income Fund II |
(NYSE: PCK) |
$0.021500 |
3.83% |
4.37% |
|
PIMCO New York Municipal Income Fund II |
(NYSE: PNI) |
$0.029500 |
4.15% |
4.72% |
|
PIMCO Municipal Income Fund III |
(NYSE: PMX) |
$0.033000 |
4.85% |
5.14% |
|
PIMCO California Municipal Income Fund III |
(NYSE: PZC) |
$0.029500 |
4.53% |
4.88% |
|
PIMCO New York Municipal Income Fund III |
(NYSE: PYN) |
$0.024800 |
4.38% |
4.95% |
|
PIMCO Access Income Fund |
(NYSE: PAXS) |
$0.149400 |
11.83% |
11.57% |
|
PIMCO Dynamic Income Strategy Fund |
(NYSE: PDX) |
$0.113300 |
5.41% |
5.93% |
|
|
|
|
|
|
Distribution rates are not performance and are
calculated by annualizing the current distribution per share
announced in this press release and dividing by the NAV or Market
Price, as applicable, as of the reported date. A Fund’s
distribution rate may be affected by numerous factors, including
changes in realized and projected market returns, Fund performance,
and other factors. There can be no assurance that a change in
market conditions or other factors will not result in a change in a
Fund’s distribution rate at a future time. Distributions may be
comprised of ordinary income, net capital gains, and/or a return of
capital (“ROC”) of your investment in a Fund. Because the
distribution rate may include a ROC, it should not be confused with
yield or performance.
Average Annual Total Returns Based on
NAV and Market Price (“MKT”) of Common Shares as of
July 31, 2024:
|
Fund |
NYSE Symbol |
Inception Date |
|
1 Year |
5 Year |
10 Year |
Since Inception |
|
PIMCO Corporate & Income Strategy Fund |
(NYSE: PCN) |
12/21/2001 |
NAV |
17.90% |
6.11% |
8.01% |
10.68% |
|
MKT |
11.52% |
4.40% |
8.70% |
10.56% |
|
PIMCO Corporate & Income Opportunity Fund |
(NYSE: PTY) |
12/27/2002 |
NAV |
19.42% |
7.39% |
9.44% |
12.55% |
|
MKT |
7.33% |
5.28% |
9.01% |
12.31% |
|
PIMCO Global StocksPLUS® & Income Fund |
(NYSE: PGP) |
5/31/2005 |
NAV |
16.67% |
6.02% |
7.43% |
10.46% |
|
MKT |
16.44% |
0.75% |
-1.19% |
6.70% |
|
PIMCO High Income Fund |
(NYSE: PHK) |
4/30/2003 |
NAV |
16.60% |
5.34% |
8.42% |
10.38% |
|
MKT |
7.48% |
0.99% |
2.25% |
7.71% |
|
PIMCO Strategic Income Fund, Inc. |
(NYSE: RCS) |
2/24/1994 |
NAV |
19.25% |
2.48% |
4.76% |
7.60% |
|
MKT |
37.18% |
2.76% |
6.37% |
8.40% |
|
PCM Fund, Inc. |
(NYSE: PCM) |
9/2/1993 |
NAV |
10.40% |
2.66% |
5.80% |
8.23% |
|
MKT |
-8.43% |
3.05% |
6.55% |
8.13% |
|
PIMCO Income Strategy Fund |
(NYSE: PFL) |
8/29/2003 |
NAV |
16.49% |
4.82% |
6.58% |
6.64% |
|
MKT |
12.59% |
3.67% |
7.19% |
6.50% |
|
PIMCO Income Strategy Fund II |
(NYSE: PFN) |
10/29/2004 |
NAV |
16.44% |
4.33% |
6.52% |
5.91% |
|
MKT |
14.26% |
3.20% |
7.20% |
5.79% |
|
PIMCO Dynamic Income Fund |
(NYSE: PDI) |
5/30/2012 |
NAV |
14.97% |
3.62% |
6.98% |
10.70% |
|
MKT |
15.62% |
2.67% |
8.48% |
10.90% |
|
PIMCO Dynamic Income Opportunities Fund |
(NYSE: PDO) |
1/29/2021 |
NAV |
16.47% |
- |
- |
-0.17% |
|
MKT |
15.70% |
- |
- |
0.72% |
|
PIMCO Municipal Income Fund |
(NYSE: PMF) |
6/29/2001 |
NAV |
3.91% |
-1.17% |
3.06% |
5.23% |
|
MKT |
-2.09% |
-3.64% |
1.65% |
4.45% |
|
PIMCO California Municipal Income Fund |
(NYSE: PCQ) |
6/29/2001 |
NAV |
6.22% |
-0.32% |
3.30% |
5.31% |
|
MKT |
-4.28% |
-9.04% |
1.21% |
4.17% |
|
PIMCO New York Municipal Income Fund |
(NYSE: PNF) |
6/29/2001 |
NAV |
4.53% |
-1.61% |
2.56% |
3.79% |
|
MKT |
-2.17% |
-6.29% |
1.43% |
3.04% |
|
PIMCO Municipal Income Fund II |
(NYSE: PML) |
6/28/2002 |
NAV |
4.79% |
-0.88% |
3.30% |
4.47% |
|
MKT |
-1.11% |
-6.36% |
2.94% |
3.95% |
|
PIMCO California Municipal Income Fund II |
(NYSE: PCK) |
6/28/2002 |
NAV |
6.25% |
-1.03% |
3.17% |
3.46% |
|
MKT |
2.04% |
-5.63% |
0.62% |
2.30% |
|
PIMCO New York Municipal Income Fund II |
(NYSE: PNI) |
6/28/2002 |
NAV |
4.72% |
-1.47% |
2.82% |
3.88% |
|
MKT |
3.34% |
-3.93% |
1.12% |
3.00% |
|
PIMCO Municipal Income Fund III |
(NYSE: PMX) |
10/31/2002 |
NAV |
4.71% |
-1.21% |
3.41% |
4.24% |
|
MKT |
2.84% |
-4.34% |
2.51% |
3.57% |
|
PIMCO California Municipal Income Fund III |
(NYSE: PZC) |
10/31/2002 |
NAV |
6.27% |
-0.32% |
3.33% |
3.66% |
|
MKT |
-5.90% |
-4.09% |
1.80% |
2.96% |
|
PIMCO New York Municipal Income Fund III |
(NYSE: PYN) |
10/31/2002 |
NAV |
4.91% |
-1.35% |
2.40% |
2.58% |
|
MKT |
1.52% |
-4.70% |
0.83% |
1.78% |
|
PIMCO Access Income Fund |
(NYSE: PAXS) |
1/31/2022 |
NAV |
15.10% |
- |
- |
0.69% |
|
MKT |
17.33% |
- |
- |
1.83% |
|
PIMCO Dynamic Income Strategy Fund |
(NYSE: PDX) |
02/01/2019 |
NAV |
33.28% |
12.53% |
- |
11.69% |
|
MKT |
44.69% |
11.96% |
- |
11.13% |
Performance for periods of more than one year is
annualized.
Past performance is not a guarantee or a
reliable indicator of future results. There can be no assurance
that a Fund or any investment strategy will achieve its investment
objectives or structure its investment portfolio as
anticipated. An investment in a Fund involves risk,
including loss of principal. Investment return and the value of
shares will fluctuate. Shares may be worth more or less than
original purchase price. Due to market volatility, current
performance may be lower or higher than average annual returns
shown. Returns are calculated by determining the percentage change
in net asset value (“NAV”) or market price (as applicable) of the
Fund’s common shares in the specific period. The calculation
assumes that all dividends and distributions, if any, have been
reinvested. NAV and market price returns do not reflect broker
sales charges or commissions in connection with the purchase or
sales of Fund shares and includes the effect of any expense
reductions. Returns for a period of less than one year are not
annualized. Returns for a period of more than one year represent
the average annual return. Performance at market price will differ
from results at NAV. Although market price returns typically
reflect investment results over time, during shorter periods
returns at market price can also be influenced by factors such as
changing views about a Fund, market conditions, supply and demand
for a Fund’s shares or changes in Fund dividends and
distributions.
Additional Information
Distributions from PMF, PML, PMX, PCQ, PCK, PZC,
PNF, PNI and PYN are generally exempt from regular federal income
taxes (i.e., excluded from gross income for federal income tax
purposes but not necessarily exempt from the federal alternative
minimum tax). In addition, distributions from PCQ, PCK and PZC are
also generally exempt from California state income taxes, and
distributions from PNF, PNI and PYN are generally exempt from New
York State and city income taxes. There can be no assurance that
all distributions paid by these Funds will be exempt from federal
income taxes or applicable state or local income taxes.
Distributions may include ordinary income, net
capital gains and/or a return of capital. Generally, a return of
capital occurs when the amount distributed by a Fund includes a
portion of (or is comprised entirely of) your investment in the
Fund in addition to (or rather than) your pro-rata portion of the
Fund’s net income or capital gains. A Fund’s distributions in any
period may be more or less than the net return earned by the Fund
on its investments, and therefore should not be used as a measure
of performance or confused with “yield” or “income.” A return of
capital is not taxable; rather it reduces a shareholder’s tax basis
in his or her shares of a Fund.
If a Fund estimates that a portion of a
distribution may be comprised of amounts from sources other than
net investment income, as determined in accordance with its
internal accounting records and related accounting practices, the
Fund will notify shareholders of the estimated composition of such
distribution through a Section 19 Notice. For these purposes, a
Fund estimates the source or sources from which a distribution is
paid, to the close of the period as of which it is paid, in
reference to its internal accounting records and related accounting
practices. If, based on such accounting records and practices, it
is estimated that a particular distribution does not include
capital gains or paid-in surplus or other capital sources, a
Section 19 Notice generally would not be issued. It is important to
note that differences exist between a Fund’s daily internal
accounting records and practices, the Fund’s financial statements
presented in accordance with U.S. GAAP, and recordkeeping practices
under income tax regulations. For instance, a Fund’s internal
accounting records and practices may take into account, among other
factors, tax-related characteristics of certain sources of
distributions that differ from treatment under U.S. GAAP. Examples
of such differences may include, among others, the treatment of
paydowns on mortgage-backed securities purchased at a discount and
periodic payments under interest rate swap contracts. Accordingly,
among other consequences, it is possible that a Fund may not issue
a Section 19 Notice in situations where the Fund’s financial
statements prepared later and in accordance with U.S. GAAP and/or
the final tax character of those distributions might later report
that the sources of those distributions included capital gains
and/or a return of capital. Please visit www.pimco.com for the most
recent Section 19 Notice, if applicable, and most recent
shareholder reports for additional information regarding the
estimated composition of distributions. Final determination of a
distribution’s tax character will be provided to shareholders when
such information is available.
The tax treatment and characterization of a
Fund’s distributions may vary significantly from time to time
because of the varied nature of the Fund’s investments. For
example, a Fund may enter into opposite sides of multiple
interest rate swaps or other derivatives with respect to the
same underlying reference instrument (e.g., a 10-year U.S.
treasury) that have different effective dates with respect to
interest accrual time periods for the principal purpose of
generating distributable gains (characterized as ordinary
income for tax purposes) that are not part of the Fund’s
duration or yield curve management strategies. In such a
“paired swap transaction”, the Fund would generally enter into
one or more interest rate swap agreements whereby the Fund
agrees to make regular payments starting at the time the Fund
enters into the agreements equal to a floating interest rate
in return for payments equal to a fixed interest rate (the “initial
leg”). The Fund would also enter into one or more interest
rate swap agreements on the same underlying instrument, but
take the opposite position (i.e., in this example, the Fund
would make regular payments equal to a fixed interest rate in
return for receiving payments equal to a floating
interest rate) with respect to a contract whereby the payment
obligations do not commence until a date following the
commencement of the initial leg (the “forward leg”).
A Fund may engage in investment strategies,
including those that employ the use of derivatives, to, among
other things, seek to generate current, distributable income,
even if such strategies could potentially result in declines
in the Fund’s NAV. A Fund’s income and gain-generating
strategies, including certain derivatives strategies, may
generate current income and gains taxable as ordinary income
sufficient to support monthly distributions even in situations
when the Fund has experienced a decline in net assets due to,
for example, adverse changes in the broad U.S. or non-U.S.
equity markets or the Fund’s debt investments, or arising from
its use of derivatives. Because some or all of these
transactions may generate capital losses without
corresponding offsetting capital gains, portions of a Fund’s
distributions recognized as ordinary income for tax purposes
(such as from paired swap transactions) may be economically
similar to a taxable return of capital when
considered together with such capital losses. The tax
treatment of certain derivatives in which a Fund invests may
be unclear and thus subject to recharacterization. Any
recharacterization of payments made or received by a Fund pursuant
to derivatives potentially could affect the amount, timing or
character of Fund distributions. In addition, the tax treatment of
such investment strategies may be changed by regulation or
otherwise.
The common shares of the Funds trade on the New
York Stock Exchange. As with any stock, the price of a Fund’s
common shares will fluctuate with market conditions and other
factors. If you sell your common shares of a Fund, the price
received may be more or less than your original investment. Shares
of closed-end investment management companies, such as the Funds,
frequently trade at a discount from their net asset value and may
trade at a price that is less than the initial offering price
and/or the net asset value of such shares. Further, if a Fund’s
shares trade at a price that is more than the initial offering
price and/or the net asset value of such shares, including at a
substantial premium and/or for an extended period of time, there is
no assurance that any such premium will be sustained for any period
of time and will not decrease, or that the shares will not trade at
a discount to net asset value thereafter.
The Funds’ daily New York Stock Exchange closing
market prices, net asset values per share, as well as other
information, including updated portfolio statistics and performance
are available at pimco.com/closedendfunds or by calling the Funds’
shareholder servicing agent at (844) 33-PIMCO. Updated portfolio
holdings information about a Fund will be available approximately
15 calendar days after such Fund’s most recent fiscal quarter end,
and will remain accessible until such Fund files a shareholder
report or a publicly available Form N-PORT for the period that
includes the date of the information.
A Fund’s shares do not represent a deposit or
obligation of, and are not guaranteed or endorsed by, any bank or
other insured depository institution, and are not insured by the
FDIC, the Federal Reserve Board or any other government agency. You
may lose money by investing in a Fund. Certain risks associated
with investing in a Fund are summarized below.
An investor should consider, among other
things, a Fund’s investment objectives, risks, charges and expenses
carefully before investing. A Fund’s annual report contains (or
will contain) this and other information about the
Fund.
A word about risk: Investing in
the bond market is subject to risks, including
market, interest rate, issuer, credit, inflation risk, and
liquidity risk. The value of most bonds and bond strategies are
impacted by changes in interest rates. Bonds and bond strategies
with longer durations tend to be more sensitive and volatile than
those with shorter durations; bond prices generally fall as
interest rates rise, and low interest rate environments increase
this risk. Reductions in bond counterparty capacity may contribute
to decreased market liquidity and increased price volatility. Bond
investments may be worth more or less than the original cost when
redeemed. Mortgage and asset-backed
securities may 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. 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. Corporate debt
securities are subject to the risk of the issuer’s
inability to meet principal and interest payments on the obligation
and may also be subject to price volatility due to factors such as
interest rate sensitivity, market perception of the
creditworthiness of the issuer and general market liquidity.
Bank loans are often less liquid than other types
of debt instruments and general market and financial conditions may
affect the prepayment of bank loans, and as such the prepayments
cannot be predicted with accuracy. There is no assurance that the
liquidation of any collateral from a secured bank loan would
satisfy the borrower’s obligation, or that such collateral could be
liquidated. Contingent Convertible (“Coco”) Bonds
are bonds that are converted into equity of the issuing company if
a pre-specified trigger occurs. Co-cos are subject to a different
type of risk from traditional bonds and may result in a partial or
total loss of value or may be converted into shares of the issuing
company which may also have suffered a loss in value.
Collateralized Loan Obligations (CLOs) may involve
a high degree of risk and are intended for sale to qualified
investors only. Investors may lose some or all of the investment
and there may be periods where no cash flow distributions are
received. CLOs are exposed to risks such as credit, default,
liquidity, management, volatility, interest rate, and credit risk.
Convertible securities may be called before
intended, which may have an adverse effect on investment
objectives. Floating rate loans are not traded on
an exchange and are subject to significant credit, valuation and
liquidity risk. A Fund may invest without limit in below investment
grade debt securities (commonly referred to as “high yield”
securities or “junk bonds”), including securities of stressed and
distressed issuers. 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. Real estate investment trusts (or REITs) are subject to
risk, such as poor performance by the manager, adverse changes to
tax laws or failure to qualify for tax-free pass-through of
income. Investments in residential/commercial mortgage
loans and commercial real estate debt are subject to risks
that include prepayment, delinquency, foreclosure, risks of loss,
servicing risks and adverse regulatory developments, which risks
may be heightened in the case of non-performing loans. Investing
in distressed loans and bankrupt
companies is speculative and the repayment of default obligations
contains significant uncertainties. Distressed and
Defaulted Securities involve substantial risks,
including the risk of default. Such investments may be in default
at the time of investment. In addition, these securities may
fluctuate more in price, and are typically less
liquid. Commodities contain heightened
risk, including market, political, regulatory and natural
conditions, and may not be appropriate for all investors. Many
energy sector master limited partnerships (or MLPs) and other
companies in which PDX may invest operate natural gas, natural gas
liquids, crude oil, refined products, coal, or other facilities
within the energy sector and will be
susceptible to adverse economic, environmental, or regulatory
occurrences affecting the sector including sharp decreases in crude
oil or natural gas prices. Energy Sector
Risk. PDX will be concentrated in the energy sector, and
will therefore be susceptible to adverse economic, environmental,
or regulatory occurrences affecting that sector. Private
credit involves an investment in non-publicly traded
securities which may be subject to illiquidity risk. Portfolios
that invest in private credit may be leveraged and may engage in
speculative investment practices that increase the risk of
investment loss. A Fund will also have exposure to such risks
through its investments in mortgage and asset-backed
securities, which are highly complex instruments that may
be sensitive to changes in interest rates and subject to early
repayment risk. Income from municipal bonds is
exempt from federal income tax and may be subject to state and
local taxes and at times the alternative minimum tax; a strategy
concentrating in a single or limited number of states is subject to
greater risk of adverse economic conditions and regulatory changes.
Structured products such as collateralized
debt obligations are also highly complex instruments,
typically involving a high degree of risk; use of these instruments
may involve derivative instruments that could lose more than the
principal amount invested. 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.
Concentration of assets in one or a few sectors
may entail greater risk than a fully diversified portfolio and
should be considered as only part of a diversified portfolio.
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. Leveraging
transactions, including borrowing, typically will cause a portfolio
to be more volatile than if the portfolio had not been leveraged.
Leveraging transactions typically involve expenses, which could
exceed the rate of return on investments purchased by a fund with
such leverage and reduce fund returns. The use of
leverage may cause a portfolio to liquidate
positions when it may not be advantageous to do so. Leveraging
transactions may increase a fund’s duration and sensitivity to
interest rate movements. 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. Each of PDO, PNF and
PYN is non-diversified, which
means that it may invest its assets in a smaller number of issuers
than a diversified Fund.
Limited Term Risk. With respect
to PDX, PDO and PAXS (each, for purposes of this paragraph only, a
“Limited Term Fund”), unless the limited term provision of a
Limited Term Fund’s Amended and Restated Agreement and Declaration
of Trust (the “Declaration of Trust”) is amended by shareholders in
accordance with the Declaration of Trust, or unless a Limited Term
Fund completes a tender offer, as of a date within twelve months
preceding the Dissolution Date (as defined below), to all common
shareholders to purchase 100% of the then outstanding common shares
of such Limited Term Fund at a price equal to the NAV per common
share on the expiration date of the tender offer (an “Eligible
Tender Offer”), and converts to perpetual existence, such Limited
Term Fund will terminate. PDX will terminate on or about
January 29, 2031; PDO will terminate on or about January 27, 2033;
and PAXS will terminate on or about January 27, 2034 (each
such termination date, a “Dissolution Date”). No Limited Term Fund
is a “target term” fund whose investment objective is to return its
original net asset value on the Dissolution Date or in an Eligible
Tender Offer. Because the assets of each Limited Term Fund will be
liquidated in connection with the dissolution, such Limited Term
Fund will incur transaction costs in connection with dispositions
of portfolio securities. The Limited Term Funds do not limit their
investments to securities having a maturity date prior to the
applicable Dissolution Date and may be required to sell portfolio
securities when they otherwise would not, including at times when
market conditions are not favorable, which may cause such Limited
Term Fund to lose money. In particular, a Limited Term Fund’s
portfolio may still have large exposures to illiquid securities as
its Dissolution Date approaches, and losses due to portfolio
liquidation may be significant. Beginning one year before the
applicable Dissolution Date (the “Wind-Down Period”), a Limited
Term Fund may begin liquidating all or a portion of its portfolio,
and may deviate from its investment strategy and may not achieve
its investment objectives. As a result, during the Wind-Down
Period, a Limited Term Fund’s distributions may decrease, and such
distributions may include a return of capital. A Limited Term
Fund’s investment objectives and policies are not designed to seek
to return investors’ original investment upon termination of such
Limited Term Fund, and investors may receive more or less than
their original investment upon termination of such Limited Term
Fund. As the assets of a Limited Term Fund will be liquidated in
connection with its termination, such Limited Term Fund may be
required to sell portfolio securities when it otherwise would not,
including at times when market conditions are not favorable, which
may cause such Limited Term Fund to lose money.
Closed-end funds, unlike open-end funds, are not
continuously offered. After the initial public offering, shares are
sold on the open market through a stock exchange. Closed-end funds
may be leveraged and carry various risks depending upon the
underlying assets owned by a fund. Investment policies, management
fees and other matters of interest to prospective investors may be
found in each closed-end fund annual and semi-annual report. For
additional information, please contact your investment professional
or call 1-844-337-4626.
About PIMCO
PIMCO was founded in 1971 in Newport Beach,
California and is one of the world’s premier fixed income
investment managers. Today we have offices across the globe and
3,000+ professionals united by a single purpose: creating
opportunities for investors in every environment. PIMCO is owned by
Allianz S.E., a leading global diversified financial services
provider.
Except for the historical information and
discussions contained herein, statements contained in this news
release constitute forward-looking statements. 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.
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. No part of this material may be
reproduced in any form, or referred to in any other publication,
without express written permission. PIMCO is a trademark of Allianz
Asset Management of America LLC in the United States and throughout
the world. PIMCO Investments LLC, 1633 Broadway, New York, NY
10019, is a company of PIMCO. ©2024, PIMCO.
For information on PIMCO Closed-End
Funds:Financial Advisors: (800) 628-1237Shareholders: (844)
337-4626 or (844) 33-PIMCOPIMCO Media Relations: (212) 597-1054
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