The performance figures presented reflect the total return performance, unless otherwise noted, and reflect changes in share price, reinvestment of dividends, and capital gain distributions. NAV returns reflect the deduction of management fees and expenses. NAV and Market Price returns do not reflect broker sales charges or commissions and would be lower if they were deducted. All periods longer than one year are annualized. Periods less than one year are cumulative.
Investments made by a Fund and the results achieved by a Fund are not expected to be the same as those made by any other PIMCO-advised Fund, including those with a similar name, investment objective or policies. A new or smaller Fund’s performance may not represent how the Fund is expected to or may perform in the long-term. New Funds have limited operating histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies. A Fund may be forced to sell a comparatively large portion of its portfolio to meet significant shareholder redemptions for cash, or hold a comparatively large portion of its portfolio in cash due to significant share purchases for cash, in each case when the Fund otherwise would not seek to do so, which may adversely affect performance.
Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index.
It is important to note that differences exist between the fund’s daily internal accounting records, the fund’s financial statements prepared in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. It is possible that the 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 see the fund’s most recent shareholder report for more details.
Although select Funds may seek to maintain stable distributions, the Funds’ distribution rates may be affected by numerous factors, including but not limited to changes in realized and projected market returns, fluctuations in market interest rates, 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 or that the rate will be sustainable in the future.
For instance, during periods of low or declining interest rates, the Fund’s distributable income and dividend levels may decline for many reasons. For example, the Fund may have to deploy uninvested assets (whether from purchases of Fund shares, proceeds from matured, traded or called debt obligations or other sources) in new, lower yielding instruments. Additionally, payments from certain instruments that may be held by the Fund (such as variable and floating rate securities) may be negatively impacted by declining interest rates, which may also lead to a decline in the Fund’s distributable income and dividend levels.
PIMCO California Municipal Intermediate Value Fund and PIMCO National Municipal Intermediate Value Fund were funds registered under the Investment Company Act of 1940 and managed by Gurtin (the “Predecessor Funds”) that was reorganized into the Funds effective March 15, 2019. The Predecessor Funds had investment objectives and strategies that were, in all materials respects, the same as those of the Funds. The Funds’ performance for periods prior to the commencement of operations on March 18, 2019 is that of the Predecessor Funds. The performance of the Predecessor Funds has not been restated to reflect the fees, estimated expenses and fee waivers and/or expense limitations applicable to the Funds. If restated, the performance may have been higher or lower than the performance shown. The performance of each class of shares of the Funds will differ as a result of the different levels of fees and expenses applicable to each class of shares.
PIMCO California Municipal Opportunistic Value Fund and PIMCO National Municipal Opportunistic Value Fund were privately offered funds managed by Gurtin (the “Private Predecessor Funds”) that was reorganized into funds registered under the Investment Company Act of 1940 (the “1940 Act”) that were also managed by Gurtin (the “Registered Predecessor Funds,” together with the Private Predecessor Funds, the “Predecessor Funds”) on or about November 3, 2014. The Private Predecessor Funds were organized on November 16, 2009 and commenced operations on May 3, 2010 and had investment objectives and strategies that were, in all material respects, identical to those of the Registered Predecessor Funds, and were managed by Gurtin in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Registered Predecessor Funds. However, the Private Predecessor Funds were not registered as an investment company under the 1940 Act, and the Private Predecessor Funds were not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986 which, if applicable, may have adversely affected their performance. The Registered Predecessor Funds commenced operations on or about November 3, 2014 and had investment objectives and strategies that were, in all material respects, identical to those of the Funds, and were managed by Gurtin in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Funds. The Funds’ performance for periods prior to the commencement of operations on March 18, 2019 is that of the Predecessor Funds. The Funds’ performance for the period from May 3, 2010 to November 2, 2014 is that of the Private Predecessor Funds. The Fund’s performance for the period from November 3, 2014 to March 15, 2019 is that of the Registered Predecessor Funds. The performance of the Private Predecessor Funds were calculated net of the Private Predecessor Funds’ fees and expenses. The performance of the Predecessor Funds has not been restated to reflect the fees, estimated expenses and fee waivers and/or expense limitations of the Funds. If restated, the performance may have been higher or lower than the performance shown. The performance of each class of shares of the Funds will differ as a result of the different levels of fees and expenses applicable to each class of shares.
PIMCO RAE Emerging Markets Fund, PIMCO RAE US Fund and PIMCO RAE US Small Fund were privately offered funds managed by the Fund’s Sub-Adviser and were reorganized into the Funds as of 5 June 2015. For periods prior to the commencement of Funds’ operations, the Funds’ performance is that of the privately offered funds. The performance of the privately offered funds has not been restated to reflect the fees, estimated expenses and fee waivers and/or expense limitations applicable to each class of shares of the Funds. If the performance of the privately offered funds had been restated to reflect the applicable fees and expenses of each share class of the Funds, the performance may have been higher or lower. The privately offered fund began operations on 31 May 2006, 22 December 2004 and 29 September 2005, for the PIMCO RAE Emerging Markets Fund, PIMCO RAE US Fund and PIMCO RAE US Small Fund, respectively, and on 5 June 2015, were reorganized into the Funds. Prior to the reorganization, the privately offered funds had an investment objective and investment strategies that were, in all material respects, the same as those of the Funds, and were managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Funds. However, the privately offered funds were not registered as an investment company under the Investment Company Act of 1940 and were not subject to its requirements or requirements imposed by the Internal Revenue Code of 1986 which, if applicable, may have adversely affected their performance. The performance of each class of shares of the Funds will differ as a result of the different levels of fees and expenses applicable to each class of shares.
There is no assurance that any fund, including any fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a fund’s total return in excess of that of the fund’s benchmark between reporting periods or 2) a fund’s total return in excess of the fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a fund’s performance as compared to one or more previous reporting periods.
Funds typically offer different share classes, which are subject to different fees and expenses (which may affect performance), having different minimum investment requirements and are entitled to different services.