About this Prospectus Supplement |
S- 3 |
S- 3 | |
S- 3 | |
S- 5 | |
S- 6 | |
S- 7 | |
S- 7 | |
S- 8 | |
S- 9 | |
S- 9 | |
S- 9 |
Prospectus |
|
Prospectus Summary |
1 |
Summary of Fund Expenses |
30 |
Financial Highlights |
31 |
Use of Proceeds |
34 |
The Fund |
34 |
Investment Objective and Policies |
34 |
Portfolio Contents |
35 |
Use of Leverage |
57 |
Principal Risks of the Fund |
59 |
How the Fund Manages Risk |
84 |
Management of the Fund |
86 |
Net Asset Value |
88 |
Distributions |
89 |
Dividend Reinvestment Plan |
91 |
Description of Capital Structure |
91 |
Plan of Distribution |
96 |
Information Regarding State Escheatment Laws |
97 |
Market and Net Asset Value Information |
97 |
Anti-Takeover and Other Provisions in the Agreement and Declaration of Trust and Bylaws |
97 |
Repurchase of Common Shares; Conversion to Open-End Fund |
98 |
Tax Matters |
99 |
Custodian, Transfer Agent, Shareholder Servicing Agent, Auction Agent and Dividend Disbursement Agent |
101 |
Independent Registered Public Accounting Firm |
101 |
Legal Matters |
101 |
Incorporation by Reference |
101 |
Appendix A—Description of Securities Ratings |
A-1 |
Sales load ( |
(1) |
Offering Expenses Borne by Common Shareholders ( |
|
Dividend Reinvestment Plan Fees |
(2) |
|
Percentage of Net Assets Attributable to Common Shares (reflecting leverage attributable to ARPS and reverse repurchase agreements) |
Management Fees (1) |
|
Dividend Cost on Preferred Shares (2) |
|
Interest Payments on Borrowed Funds (3) |
|
Other Expenses (4) |
|
Total Annual Expenses (5) |
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Total Expenses Incurred |
$ |
$ |
$ |
$ |
As of June 30, 2023 | ||
Actual |
As Adjusted | |
Preferred Shares, ($0.00001 par value and $25,000 liquidation preference per share applicable to an aggregate of 1,808 (1) shares issued and outstanding) |
$45,200,000 |
$45,200,000 |
Composition of Net Assets: |
||
Common Shares: |
||
Common Shares, par value $0.00001 per share, unlimited shares authorized (38,168,561 shares outstanding as of June 30, 2023, and 50,710,009 (2) shares estimated issued and outstanding as adjusted) |
$382 |
$507 |
Paid-in-capital in excess of par |
$413,697,000 |
$517,828,403 |
Distributable earnings (accumulated loss) |
$(117,165,969) |
$(134,070,196) |
Net Assets Applicable to Common Shareholders |
$296,531,413 |
$383,758,714 |
Capitalization |
$341,731,413 |
$428,958,714 |
Common share market price (1) |
Common share net asset value |
Premium (discount) as a % of net asset value | ||||
Quarter |
High |
Low |
High |
Low |
High |
Low |
Quarter ended December 31, 2023 |
$ |
$ |
$ |
$ |
( | |
Quarter ended September 30, 2023 |
$ |
$ |
$ |
$ |
( | |
Quarter ended June 30, 2023 |
$ |
$ |
$ |
$ |
||
Quarter ended March 31, 2023 |
$ |
$ |
$ |
$ |
||
Quarter ended December 31, 2022 |
$ |
$ |
$ |
$ |
( |
Common share market price (1) |
Common share net asset value |
Premium (discount) as a % of net asset value | ||||
Quarter |
High |
Low |
High |
Low |
High |
Low |
Quarter ended September 30, 2022 |
$ |
$ |
$ |
$ |
( | |
Quarter ended June 30, 2022 |
$ |
$ |
$ |
$ |
( | |
Period ended March 31, 2022 (2) |
$ |
$ |
$ |
$ |
||
Quarter ended January 31, 2022 |
$ |
$ |
$ |
$ |
||
Quarter ended October 31, 2021 |
$ |
$ |
$ |
$ |
||
Quarter ended July 31, 2021 |
$ |
$ |
$ |
$ |
$150,000,000 |
Common Shares |
PIMCO Income Strategy Fund |
PFL |
Page | |
1 | |
30 | |
31 | |
34 | |
34 | |
34 | |
35 | |
57 | |
59 | |
84 | |
87 | |
89 | |
90 | |
92 | |
92 | |
97 | |
98 | |
98 | |
98 | |
99 | |
100 | |
102 | |
102 | |
102 | |
102 | |
A - 1 |
Sales load (as a percentage of offering price) (1) |
[--] |
Offering Expenses Borne by Common Shareholders (as a percentage of offering price) (2) |
[--] |
Dividend Reinvestment Plan Fees (3) |
None (2) |
Percentage of Net Assets Attributable to Common Shares (reflecting leverage attributable to ARPS and reverse repurchase agreements) | |
Management Fees (1) |
1.21% |
Dividend Cost on Preferred Shares (2) |
1.52% |
Interest Payments on Borrowed Funds (3) |
1.55% |
Other Expenses (4) |
0.05% |
Total Annual Expenses (5) |
4.33% |
1 Year |
3 Years |
5 Years |
10 Years | |
Total Expenses Incurred |
$43 |
$131 |
$220 |
$448 |
Investment Operations |
Less Distributions to Preferred Shareholders (c) |
Less Distributions to Common Shareholders (d) | ||||||||
Selected Per Share Data for the Year or Period Ended^: |
Net Asset Value Beginning of Year or Period (a) |
Net Investment Income(Loss) (b) |
Net Realized/ Unrealized Gain (Loss) |
From Net Investment Income |
From Net Realized Capital Gains |
Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations |
From Net Investment Income |
From Net Realized Capital Gains |
Tax Basis Return of Capital |
Total |
PIMCO Income Strategy Fund |
||||||||||
6/30/2023 |
$ 8.39 |
$ 0.86 |
$ (0.44) |
$ (0.09) |
$ 0 |
$ 0.33 |
$ (0.98) |
$ 0 |
$ 0.00 |
$ (0.98) |
08/01/2021 - 6/30/2022 (i) |
10.66 |
0.75 |
(2.11) |
(0.02) |
0 |
(1.38) |
(0.90) |
0 |
0.00 |
(0.90) (j) |
7/31/2021 |
9.46 |
0.91 |
1.32 |
(0.02) |
0 |
2.21 |
(0.84) |
0 |
(0.24) |
(1.08) |
7/31/2020 |
11.00 |
1.01 |
(1.52) |
(0.04) |
0 |
(0.55) |
(0.97) |
0 |
(0.11) |
(1.08) |
7/31/2019 |
11.14 (h) |
0.90 |
0.02 |
(0.07) |
0 |
0.85 |
(0.99) |
0 |
(0.09) |
(1.08) |
7/31/2018 |
11.60 |
0.87 |
(0.19) |
(0.06) |
0 |
0.62 |
(1.07) |
0 |
(0.01) |
(1.08) |
7/31/2017 |
10.53 |
0.88 |
1.31 |
(0.04) |
0 |
2.15 |
(1.08) |
0 |
0.00 |
(1.08) |
7/31/2016 |
11.46 |
0.88 |
(0.70) |
(0.03) |
0 |
0.15 |
(1.08) |
0 |
0.00 |
(1.08) |
7/31/2015 |
12.15 |
0.79 |
(0.34) |
(0.03) |
0 |
0.42 |
(1.22) |
0 |
0.00 |
(1.22) |
7/31/2014 |
11.70 |
0.79 |
0.78 |
(0.04) |
0 |
1.53 |
(1.08) |
0 |
0.00 |
(1.08) |
7/31/2013 |
11.35 |
0.92 |
0.87 |
(0.04) |
0 |
1.75 |
(1.40) |
0 |
0.00 |
(1.40) |
Common Share |
Ratios/Supplemental Data | |||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders | ||||||||||||
Increase Resulting from Tender of ARPS (c) |
Offering Cost Charged to Paid in Capital |
Increase Resulting from Tender of ARPS (c) |
Net Asset Value End of Year or Period (a) |
Market Price End of Year or Period |
Total Investment Return (e) |
Net Assets Applicable to Common Shareholders End of Year or Period (000s) |
Expenses (f)(g) |
Expenses Excluding Waivers (f)(g) |
Expenses Excluding Interest Expense (f) |
Expenses Excluding Interest Expense and Waivers (f) |
Net Investment Income (Loss) (f) |
Portfolio Turnover Rate |
$ 0.03 |
$ 0 |
$ 0 |
$ 7.77 |
$ 8.19 |
2.64 % |
$ 296,531 |
2.81 % |
2.81 % |
1.26 % |
1.26 % |
10.58 % |
35 % |
0.01 |
0 |
0 |
8.39 |
8.99 |
(21.16 ) |
297,796 |
1.64 * |
1.64 * |
1.37 * |
1.37 * |
8.31 * |
47 |
0.07 |
0 |
0 |
10.66 |
12.47 |
38.31 |
365,580 |
1.62 |
1.62 |
1.36 |
1.36 |
8.81 |
42 |
0.09 |
0 |
0 |
9.46 |
9.95 |
(7.65 ) |
295,167 |
1.69 |
1.69 |
1.21 |
1.21 |
10.03 |
21 |
0.06 |
0 |
0.03 |
11.00 |
11.99 |
8.10 |
305,453 |
1.69 |
1.69 |
1.18 |
1.18 |
8.39 |
17 |
N/A |
N/A |
0 |
11.14 (h) |
12.23 |
10.37 |
284,677 |
1.48 |
1.48 |
1.17 |
1.17 |
7.67 |
21 |
N/A |
N/A |
0 |
11.60 |
12.17 |
28.11 |
294,525 |
1.35 |
1.35 |
1.17 |
1.17 |
8.01 |
40 |
N/A |
N/A |
0 |
10.53 |
10.48 |
12.41 |
266,347 |
1.17 |
1.17 |
1.13 |
1.13 |
8.49 |
38 |
N/A |
N/A |
0.11 |
11.46 |
10.39 |
(2.62 ) |
289,909 |
1.30 |
1.30 |
1.25 |
1.25 |
6.67 |
67 |
N/A |
N/A |
0 |
12.15 |
11.87 |
9.95 |
306,475 |
1.19 |
1.19 |
1.18 |
1.18 |
6.71 |
113 |
N/A |
N/A |
0 |
11.70 |
11.83 |
5.69 |
294,017 |
1.24 |
1.24 |
1.21 |
1.21 |
7.59 |
63 |
ARPS | ||||
Selected Per Share Data for the Year or Period Ended^: |
Total Amount Outstanding |
Asset Coverage per Preferred Share (1) |
Involuntary Liquidating Preference per Preferred Share (2) |
Average Market Value per ARPS (3) |
6/30/2023 |
$ 45,200,000 |
$ 188,823 |
$ 25,000 |
N/A |
8/1/2021 - 6/30/2022 (4) |
45,200,000 |
189,645 |
25,000 |
N/A |
7/31/2021 |
45,200,000 |
227,165 |
25,000 |
N/A |
7/31/2020 |
45,200,000 |
188,225 |
25,000 |
N/A |
7/31/2019 |
45,200,000 |
193,873 |
25,000 |
N/A |
7/31/2018 |
51,275,000 |
163,725 |
25,000 |
N/A |
7/31/2017 + |
51,275,000 |
168,552 |
25,000 |
N/A |
7/31/2016 + |
51,275,000 |
154,837 |
25,000 |
N/A |
7/31/2015 + |
51,275,000 |
166,328 |
25,000 |
N/A |
7/31/2014 + |
78,975,000 |
122,004 |
25,000 |
N/A |
7/31/2013 + |
78,975,000 |
118,058 |
25,000 |
N/A |
Assumed Return on Portfolio (Net of Expenses) |
(10.00)% |
(5.00)% |
0.00% |
5.00% |
10.00% |
Corresponding Return to Common Shareholders |
(16.48)% |
(9.48)% |
(2.47)% |
4.53% |
11.54% |
Portfolio Manager |
Since |
Title |
Recent Professional Experience |
Alfred T. Murata |
2014 |
Portfolio Manager and Managing Director |
Mr. Murata is a managing director and portfolio manager in the Newport Beach office, managing income-oriented, multisector credit, opportunistic and securitized strategies. Morningstar named him Fixed- Income Fund Manager of the Year (U.S.) for 2013. Prior to joining PIMCO in 2001, he researched and implemented exotic equity and interest rate derivatives at Nikko Financial Technologies. He has 21 years of investment experience and holds a Ph.D. in engineering-economic systems and operations research from Stanford University. He also earned a J.D. from Stanford Law School and is a member of the State Bar of California. |
Mohit Mittal |
2014 |
Portfolio Manager and Managing Director |
Mr. Mittal is a managing director and portfolio manager in the Newport Beach office, and a senior member of the liability driven investment and credit portfolio management teams. He manages multi-sector portfolios with added specialization in long credit, investment grade credit, and unconstrained bond portfolios. In addition, he is the head of U.S. investment grade trading desk. Previously, he was a specialist on PIMCO’s interest rates and derivatives desk. Mr. Mittal joined the firm in 2007 and holds an MBA in finance from the Wharton School of the University of Pennsylvania and an undergraduate degree in computer science from Indian Institute of Technology (IIT) in Delhi, India. |
Giang Bui |
2023 |
Portfolio Manager and Executive Vice President |
Ms. Bui is an executive vice president in the Newport Beach office and a portfolio manager and trader of securitized debt instruments, focusing on collateralized loan obligations (CLOs), asset-backed collateralized debt obligations, and off-the-run sectors within structured products. Ms. Bui joined PIMCO in 2000 and was previously a member of the bank loan portfolio management team, responsible for bank loan investments and the management of PIMCO-issued CLOs. She has 24 years of investment experience and holds an MBA from the Anderson School of Management at the University of California, Los Angeles and an undergraduate degree from the University of California, San Diego. |
Title of Class |
Amount Authorized |
Amount Outstanding (Exclusive of Amount Held by the Fund) |
Amount Outstanding |
Common Shares |
Unlimited |
0 |
38,861,668 |
Preferred Shares—ARPS |
|||
Class T |
2,800 |
0 |
109 |
Class W |
2,800 |
0 |
172 |
Class TH |
2,800 |
0 |
123 |
Aaa |
AAA |
125% |
125 bps |
Aa3 to Aa1 |
AA- to AA+ |
150% |
150 bps |
A3 to A1 |
A- to A+ |
200% |
200 bps |
Baa3 to Baa1 |
BBB- to BBB+ |
250% |
250 bps |
Ba1 and below |
BB+ and below |
300% |
300 bps |
Value of the Fund's total assets less all liabilities and indebtedness not represented by senior |
||
= |
3,209.18% | |
Senior securities representing indebtedness plus liquidation value of the ARPS |
Total Net Discounted Assets at MV* |
||
= |
Fitch Total OC | |
Fitch Rated Liability + Other Liabilities Pari Passu and Senior to Rated Liability |
Value of the Fund's total assets less all liabilities and indebtedness not represented by senior securities |
||
= |
3,209.18% | |
Senior securities representing indebtedness plus liquidation value of the ARPS |
Common share market price (1) |
Common share net asset value |
Premium (discount) as a % of net asset value | ||||
Quarter |
High |
Low |
High |
Low |
High |
Low |
Quarter ended December 31, 2023 |
$8.44 |
$7.02 |
$8.10 |
$7.35 |
4.69% |
(4.88)% |
Quarter ended September 30, 2023 |
$8.34 |
$7.52 |
$7.77 |
$7.54 |
7.75% |
(1.05)% |
Quarter ended June 30, 2023 |
$8.23 |
$7.75 |
$7.89 |
$7.72 |
5.13% |
0.13% |
Quarter ended March 31, 2023 |
$9.00 |
$7.93 |
$8.39 |
$7.78 |
8.31% |
0.87% |
Quarter ended December 31, 2022 |
$8.61 |
$7.84 |
$8.20 |
$7.89 |
6.43% |
(1.00)% |
Quarter ended September 30, 2022 |
$9.75 |
$7.97 |
$8.74 |
$8.03 |
12.37% |
(1.60)% |
Quarter ended June 30, 2022 |
$10.44 |
$8.17 |
$9.72 |
$8.39 |
7.41% |
(4.78)% |
Quarter ended March 31, 2022 |
$10.61 |
$9.76 |
$10.13 |
$9.49 |
6.28% |
1.01% |
Quarter ended January 31, 2022 |
$11.37 |
$10.27 |
$10.53 |
$10.09 |
8.61% |
1.78% |
Quarter ended October 31, 2021 |
$13.17 |
$11.24 |
$10.73 |
$10.43 |
23.45% |
6.99% |
Quarter ended July 31, 2021 |
$12.94 |
$11.88 |
$10.72 |
$10.51 |
21.58% |
13.04% |
Name, Year of Birth and Class |
Position(s) Held with the Fund |
Term of Office and Length of Time Served** |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee |
Other Directorships Held by Trustee During the Past 5 Years |
Deborah A. DeCotis 1952 Class III |
Chair of the Board, Trustee |
Chair, Since 2019 Trustee, Since 2011 |
Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since 2013); Trustee, Smith College (since 2017); Director, Watford Re (since 2017); and Director, Cadre Inc., a manufacturer of safety equipment (since 2022). Formerly, Co-Chair Special Projects Committee, Memorial Sloan Kettering (2005-2015); Trustee, Stanford University (2010- 2015); Principal, LaLoop LLC, a retail accessories company (1999-2014); Director, Helena Rubenstein Foundation (1997-2010); and Director, Armor Holdings (2002-2010). |
30 |
Trustee, Allianz Funds (2011-2021); Trustee, Virtus Funds (2021-Present) |
Sarah E. Cogan 1956 Class I |
Trustee |
Since 2019 |
Retired Partner, Simpson Thacher & Bartlett LLP (law firm)(1989-2018); Director, Girl Scouts of Greater New York, Inc. (since 2016); and Trustee, Natural Resources Defense Council, Inc. (since 2013). |
30 |
Trustee, Allianz Funds (2019-2021); Trustee, Virtus Funds (2021-Present) |
Joseph B. Kittredge, Jr. 1954 Class III |
Trustee |
Since 2020 |
Trustee (since 2019) and Trustee (since 2019) and Governance Committee (since 2020), Vermont Law School (since 2019). Formerly, Director and Treasurer, Center for Reproductive Rights (2015-2021); Director (2013-2020) and Chair (2018-2020), ACLU of Massachusetts; General Counsel, Grantham, Mayo, Van Otterloo & Co. LLC (2005-2018) and Partner (2007-2018); President, GMO Trust (institutional mutual funds) (2009-2018); Chief Executive Officer, GMO Trust (2009-2015); and President and Chief Executive Officer, GMO Series Trust (platform based mutual funds) (2011-2013). |
30 |
Trustee, GMO Trust (2010- 2018); Chairman of the Board of Trustees, GMO Series Trust (2011- 2018) |
Name, Year of Birth and Class |
Position(s) Held with the Fund |
Term of Office and Length of Time Served** |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee |
Other Directorships Held by Trustee During the Past 5 Years |
Kathleen A. McCartney 1955 Class I |
Trustee |
Since 2022 |
Director (since 2013) and President (since 2020), Five Colleges, Inc., consortium of liberal arts colleges and universities; President Emerita, Smith College (since 2023). Formerly, President, Smith College (2013-2023); Director, American Council on Education Board of Directors, (2015-2019); Director, Consortium on Financing Higher Education Board of Directors (2015-2019); Director, edX Board of Directors, online course provider (2012-2013); Director, Bellwether Education Partners Board, national nonprofit organization (2010-2013); Dean, Harvard Graduate School of Education (2006-2013); Trustee, Tufts University (2007-2013). |
30 |
None |
Alan Rappaport 1953 Class II |
Trustee |
Since 2010 |
Director, Victory Capital Holdings, Inc., an asset management firm (since 2013). Formerly, Adjunct Professor, New York University Stern School of Business (2011-2020); Lecturer, Stanford University Graduate School of Business (2013-2020); Advisory Director (formerly Vice Chairman), Roundtable Investment Partners (2009-2018); Member of Board of Overseers, NYU Langone Medical Center (2015-2016); Trustee, American Museum of Natural History (2005-2015); Trustee, NYU Langone Medical Center (2007-2015); and Vice Chairman (formerly, Chairman and President), U.S. Trust (formerly, Private Bank of Bank of America, the predecessor entity of U.S. Trust) (2001-2008). |
30 |
Trustee, Allianz Funds (2010-2021); Trustee, Virtus Closed-End Funds (2021-2023) |
Name, Year of Birth and Class |
Position(s) Held with the Fund |
Term of Office and Length of Time Served** |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee |
Other Directorships Held by Trustee During the Past 5 Years |
E. Grace Vandecruze 1963 Class II |
Trustee |
Since 2021 |
Founder and Managing Director, Grace Global Capital LLC, a strategic advisory firm to the insurance industry (since 2006); Director, The Doctors Company, a medical malpractice insurance company (since 2020); Director, Link Logistic REIT, a real estate company (since 2021); Director and Member of the Investment & Risk Committee, Resolution Life Group Holdings, a global life insurance group (since 2021); Director, Wharton Graduate Executive Board; Chief Financial Officer; and Director, Blackstone Private Equity Strategies Fund L.P. (since 2022). Formerly, Chief Finacial Officer, ShoulderUp Technology Acquisition Corp, a special purpose acquisition company (2021-2023); Director, Resolution Holdings (2015-2019); Director and Member of the Audit Committee and the Wealth Solutions Advisory Committee, M Financial Group, a life insurance company (2015-2021); Chief Financial Officer, Athena Technology Acquisition Corp, a special purpose acquisition company (2021-2022); and Director, SBLI USA, a life insurance company (2015-2018). |
30 |
None |
Name, Address and Year of Birth |
Position(s) Held with the Fund |
Term of Office and Length of Time Served |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee |
Other Directorships Held by Trustee During the Past 5 Years |
Libby D. Cantrill****(1) 1977 Class II |
Trustee |
Since April 2023 |
Managing Director, Head of Public Policy, PIMCO (since 2007); Institutional Account Manager, PIMCO (2007-2010); Legislative Aide, House of Representatives (2003-2005); Investment Banking Analyst, Morgan Stanley (2000-2003). |
30 |
Member of the Board of Directors, Covenant House New York (2021-Present); Member of the Board, Securities Industry and Financial Markets Association (2022-Present) |
David N. Fisher**** 1968 Class III |
Trustee |
Since 2019 |
Managing Director and Co-Head of U.S. Global Wealth Management Strategic Accounts, PIMCO (since 2021); and Director, Court Appointed Special Advocates (CASA) of Orange County, a non-profit organization (since 2015). Formerly, Managing Director and Head of Traditional Product Strategies, PIMCO (2015-2021); Global Bond Strategist, PIMCO (2008-2015); and Managing Director and Head of Global Fixed Income, HSBC Global Asset Management (2005-2008). |
30 |
None |
Name, Address and Year of Birth |
Position(s) Held with Fund |
Term of Office and Length of Time Served |
Principal Occupation(s) During the Past 5 Years |
Joshua D. Ratner 1976 |
President |
Since January 2024 |
Executive Vice President and Head of Americas Operations: Deputy General Counsel, PIMCO. President, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
Keisha Audain-Pressley 1975 |
Chief Compliance Officer |
Since 2018 |
Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. |
Ryan G. Leshaw1 1980 |
Chief Legal Officer |
Since 2019 |
Executive Vice President and Deputy General Counsel, PIMCO. Chief Legal Officer, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Formerly, Associate, Willkie Farr & Gallagher LLP. |
Peter G. Strelow1 1970 |
Senior Vice President |
Since 2019 |
Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Formerly, Chief Administrative Officer, PIMCO. |
Name, Address and Year of Birth |
Position(s) Held with Fund |
Term of Office and Length of Time Served |
Principal Occupation(s) During the Past 5 Years |
Wu-Kwan Kit1 1981 |
Vice President, Senior Counsel and Secretary |
Since 2018 |
Senior Vice President and Senior Counsel, PIMCO. Vice President, Senior Counsel and Secretary, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. Assistant Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Formerly, Assistant General Counsel, VanEck Associates Corp. |
Douglas B. Burrill 1980 |
Vice President |
Since 2022 |
Senior Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. |
Carol K. Chan1 1982 |
Vice President |
Since January 2024 |
Senior Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Flexible Real Estate Income Fund. |
Alyssa M. Creighton1 1974 |
Vice President |
Since January 2024 |
Senior Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. |
Jason R. Duran1 1977 |
Vice President |
Since 2023 |
Senior Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
Name, Address and Year of Birth |
Position(s) Held with Fund |
Term of Office and Length of Time Served |
Principal Occupation(s) During the Past 5 Years |
Kenneth W. Lee1 1972 |
Vice President |
Since 2022 |
Senior Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. |
Greg J. Mason2 1980 |
Vice President |
Since 2023 |
Senior Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Flexible Real Estate Income Fund. |
Colleen P. McLaughlin2 1983 |
Vice President |
Since January 2024 |
Senior Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Flexible Real Estate Income Fund. |
Shiv Narain1 1981 |
Vice President |
Since January 2024 |
Executive Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Flexible Real Estate Income Fund. |
Keith A. Werber1 1973 |
Vice President |
Since 2022 |
Executive Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. |
Paul T. Wildermuth1 1979 |
Vice President |
Since January 2024 |
Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Flexible Real Estate Income Fund. |
Name, Address and Year of Birth |
Position(s) Held with Fund |
Term of Office and Length of Time Served |
Principal Occupation(s) During the Past 5 Years |
Bijal Parikh1 1978 |
Treasurer |
Since 2021 |
Executive Vice President, PIMCO. Treasurer, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Flexible Real Estate Income Fund. |
Brandon T. Evans1 1982 |
Deputy Treasurer |
Since 2022 |
Senior Vice President, PIMCO. Deputy Treasurer, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Flexible Real Estate Income Fund. |
Erik C. Brown2 1967 |
Assistant Treasurer |
Since 2015 |
Executive Vice President, PIMCO. Assistant Treasurer, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. |
Matthew L. Goodman 1977 |
Assistant Treasurer |
Since January 2024 |
Vice President, PIMCO. Assistant Treasurer, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Flexible Real Estate Income Fund. |
Laine E. Pacetti1 1989 |
Assistant Treasurer |
Since January 2024 |
Vice President, PIMCO. Assistant Treasurer, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Flexible Real Estate Income Fund. |
Jason R. Stern 1979 |
Assistant Treasurer |
Since January 2024 |
Vice President, PIMCO. Assistant Treasurer, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Flexible Real Estate Income Fund. |
Name, Address and Year of Birth |
Position(s) Held with Fund |
Term of Office and Length of Time Served |
Principal Occupation(s) During the Past 5 Years |
Chi H. Vu1 1983 |
Assistant Treasurer |
Since January 2024 |
Vice President, PIMCO. Assistant Treasurer, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Flexible Real Estate Income Fund. |
Name of Trustee |
Dollar Range of Equity Securities in the Fund |
Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Trustee in Family of Investment Companies(1) |
Independent Trustees |
|
|
Sarah E. Cogan |
None |
Over $100,000 |
Deborah A. DeCotis |
None |
Over $100,000 |
Joseph B. Kittredge, Jr. |
None |
$50,001 - $100,000 |
Kathleen A. McCartney |
None |
None |
Alan Rappaport |
$10,001 - $50,000 |
Over $100,000 |
E. Grace Vandecruze |
Over $100,000 |
Over $100,000 |
Name of Trustee |
Dollar Range of Equity Securities in the Fund |
Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Trustee in Family of Investment Companies(1) |
Interested Trustees |
|
|
Libby D. Cantrill(2) |
None |
None |
John C. Maney(3) |
None |
Over $100,000 |
David N. Fisher |
None |
Over $100,000 |
Name of Trustee |
Name of Owners and Relationships to Trustee |
Company |
Title of Class |
Value of Securities |
Percent of Class |
Sarah E. Cogan |
None |
N/A |
N/A |
N/A |
N/A |
Deborah A. DeCotis |
None |
N/A |
N/A |
N/A |
N/A |
Joseph B. Kittredge, Jr. |
None |
N/A |
N/A |
N/A |
N/A |
Kathleen A. McCarthy |
None |
N/A |
N/A |
N/A |
N/A |
Alan Rappaport |
None |
N/A |
N/A |
N/A |
N/A |
E. Grace Vandecruze |
None |
N/A |
N/A |
N/A |
N/A |
Record/Beneficial Owner |
% of Common Shares |
AMERICAN ENTERPRISE INVESTMENT SERVICES INC. 2723 AMERIPRISE FINANCIAL CENTER MINNEAPOLIS, MN 55474 |
8.50% |
CHARLES SCHWAB & CO INC 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
22.17% |
MERRILL LYNCH PROFESSIONALCLEARING CORP.222 BROADWAYNEW YORK, NY 10038 |
5.18% |
MORGAN STANLEY SMITH BARNEYHARBORSIDE FINANCIAL CENTER, PLAZA 2JERSEY CITY, NJ 07311 |
7.59% |
NATIONAL FINANCIAL SERVICES LLC 200 LIBERTY ST, ONE WORLD FINANCIAL CENTER NEW YORK NY 10281-1003 |
18.80% |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY, NJ 07399-000 |
6.51% |
Record/Beneficial Owner |
% of Preferred Shares |
MORGAN STANLEY SMITH BARNEYHARBORSIDE FINANCIAL CENTER, PLAZA 2JERSEY CITY, NJ 07311 |
5.45%* |
UBS SECURITIES LLC677 WASHINGTON BOULEVARD STAMFORD, CT 6912 |
87.87%* |
Name of Trustee(1) |
Aggregate Compensation from the Fund for the Fiscal Year Ended June 30, 2023 |
Pension or Retirement Benefits Accrued as Part of Fund Expenses |
Estimated Annual Benefits Upon Retirement |
Total Compensation from the Fund Complex Paid to the Trustees for the Calendar Year Ending December 31, 2023 |
Sarah E. Cogan |
$4,340 |
N/A |
N/A |
$275,000 |
Deborah A. DeCotis |
$5,129 |
N/A |
N/A |
$325,000 |
Joseph B. Kittredge, Jr. |
$4,497 |
N/A |
N/A |
$285,000 |
Kathleen A. McCartney |
$3,945 |
N/A |
N/A |
$250,000 |
Alan Rappaport |
$4,103 |
N/A |
N/A |
$260,000 |
E. Grace Vandecruze |
$4,024 |
N/A |
N/A |
$260,000 |
Fiscal Year |
Management Fee Paid by Fund (in thousands) |
June 30, 2023 |
$3,657 |
August 1, 2021 – June 30, 2022 |
$4,189 |
Fiscal Year |
Management Fee Paid by Fund (in thousands) |
July 31, 2021 |
$4,485 |
Portfolio Manager |
Total Number of Other Accounts |
Total Assets of All Other Accounts (in $ Millions) |
Number of Other Accounts Paying a Performance Fee |
Total Assets of Other Accounts Paying a Performance Fee (in $ Millions) |
Alfred T. Murata |
|
|
|
|
Registered Investment Companies |
22 |
$188,239.84 |
0 |
$0.00 |
Other Pooled Investment |
22 |
$46,920.92 |
5 |
$8,858.53 |
Portfolio Manager |
Total Number of Other Accounts |
Total Assets of All Other Accounts (in $ Millions) |
Number of Other Accounts Paying a Performance Fee |
Total Assets of Other Accounts Paying a Performance Fee (in $ Millions) |
Vehicles Other Accounts |
6 |
$1,476.14 |
0 |
$0.00 |
Mohit Mittal |
|
|
|
|
Registered Investment Companies |
30 |
$98,586.67 |
0 |
$0.00 |
Other Pooled Investment |
25 |
$37,472.56 |
4 |
$5,189.60 |
Vehicles Other Accounts |
151 |
$86,855.01 |
10 |
$3,016.70 |
Giang Bui |
|
|
|
|
Registered Investment Companies |
7 |
$4,982.71 |
0 |
$0.00 |
Other Pooled Investment |
3 |
$7,190.21 |
2 |
$6,783.38 |
Vehicles Other Accounts |
1 |
$466.66 |
0 |
$0.00 |
Name of Portfolio Manager |
Dollar Range of Equity Securities in the Fund |
Alfred T. Murata |
None |
Mohit Mittal |
None |
Giang Bui |
None |
Broker or Dealer |
Value of Securities Held by the Fund as of June 30, 2023 ($000) |
NOMURA SECURITIES INTERNATIONAL INC |
$20,500 |
J P MORGAN SECURITIES INC |
6,415 |
CREDIT SUISSE SECURITIES (USA) LLC |
3,879 |
BANK OF AMERICA |
3,655 |
BNP PARIBAS SA |
3,100 |
MORGAN STANLEY AND CO. INTERNATIONAL PLC |
2,596 |
GOLDMAN SACHS + CO LLC |
2,135 |
DEUTSCHE BANK |
1,966 |
CITIBANK |
1,259 |
BARCLAYS BANK PLC |
1,050 |
SG AMERICAS SECURITIES LLC |
408 |
STATE STREET BANK AND TRUST COMPANY |
348 |