The information relating to the Fund presented on this website has not been audited and may be calculated and presented differently from similar information (such as representations of portfolio composition, assets and leverage and other data) included in the Fund's shareholder reports and other sources.
The Fund is a closed-end exchange traded investment fund. The material on this website is presented only to provide information and is not intended for trading purposes. 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.
A word about risk: Holdings are subject to market risk. PIMCO may or may not continue to own the securities referenced herein and, if such securities are owned, no representation is being made that such securities will continue to be held. 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 the current low interest rate environment increases this risk. Current 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. 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. 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. Mortgage- and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and while generally supported by a government, government-agency or private guarantor, there is no assurance that the guarantor will meet its obligations. The use of leverage may cause a portfolio to liquidate positions when it may ot be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage, including borrowing, may cause a portfolio to be more volatile than if the portfolio had not been leveraged. Distributions are not guaranteed and are subject to change and/or elimination. 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.
Investment policies, management fees and other matters of interest to prospective investors may be found in each closed-end fund prospectus used in its initial public offering, as revised by subsequent shareholder reports.
Shares of closed-end funds frequently trade at a discount to their net asset value, which may increase risk of loss. The risk may be greater for investors expecting to sell their shares in a relatively short period after completion of the fund's initial public offering.
The products and services provided by PIMCO Canada Corp. may only be available in certain provinces or territories of Canada and only through dealers authorized for that purpose. PIMCO Canada has retained PIMCO LLC as sub-adviser. PIMCO Canada will remain responsible for any loss that arises out of the failure of its sub-adviser.
The fund may make substantial use of interest rate swap and other derivatives transactions (“paired swap transactions”) 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 a paired swap transaction the fund may enter into opposite sides (with one side being referred to as the “initial leg” and the other side referred to as the “forward leg”) 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. A significant portion of the fund’s monthly distributions may be sourced from paired swap transactions utilized to produce current distributable income for tax purposes on the initial leg, with a substantial possibility that the fund will later realize a corresponding capital loss and potential decline in its net asset value with respect to the forward leg (to the extent there are not corresponding offsetting capital gains being generated from other sources). Please see the fund’s most recent shareholder report for details.
A significant portion of the fund's monthly distributions may be sourced from the fund's derivatives transactions. Some or all of these transactions, such as paired swap transactions, may also generate capital losses without corresponding offsetting capital gains, such that portions of the fund's distributions recognized as ordinary income for tax purposes may be economically similar to a taxable return of capital when considered together with such capital losses. Please see the fund's most recent shareholder report for details.
As with any stock, the price of the fund’s common shares will fluctuate with market conditions and other factors. Shares of closed-end management investment companies frequently trade at a price that is less than (a “discount”) or more than (a “premium”) from their net asset value. If the fund’s shares trade at a premium to net asset value, 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. Additionally, the 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 the fund distribution rate at a future time.
Total net asset value (NAV) return measures the change in NAV per unit over the period indicated. Total maket value return is computed based upon the Fund's TSX market price per unit and excludes the effects of brokerage commissions. Dividends and distributions are assumed, for purposes of these calculations, to be reinvested at prices obtained under the Fund's dividend reinvestment plan.