Interval Funds

Flex into potentially higher yielding opportunities across public and private markets



As a leading interval fund provider, our goal is simple: give more investors access to the alternative strategies that institutions have been using for decades.

These funds aim to capitalize on our highest conviction ideas in their respective asset classes, leveraging PIMCO's expertise and significant presence across public and private markets, with lower investment minimums and greater liquidity than traditional private funds.

Why Interval Funds?

Play Offense Amid

Free from daily redemptions, interval funds can invest at potentially attractive entry points during market stress, when traditional open-end funds may be forced to sell.

Enhance Income

Interval funds can meaningfully invest in illiquid, complex, and alternative asset classes – which may offer high yields in return.

Access Institutional Strategies

Interval funds provide access to similar private strategies that have long benefited large institutions, at lower investment minimums and with simpler 1099 tax treatment.

Explore Our Interval Funds Across a Range of Markets

Flexible Credit Income Fund - PFLEX

Invest in our highest conviction ideas across the global credit universe

PFLEX has the structural ability to significantly expand the opportunity set for credit investors – a comprehensive approach for today’s markets.

Supported by dedicated experts covering every facet of the credit markets, the fund seeks attractive risk-adjusted returns and income from investments across sectors, geographies, and capital structures in the public and private credit markets.

Seek value in a shifting landscape

A half-circle pie chart in the shape of a setting sun shows a breakdown of public and private credit. The left-hand side, shaded in blue, displays the classes of public credit, including corporate and securitized debt. The corporate asset classes include investment grade credit, high yield, bank loans, emerging markets and stressed debt. The securitized asset classes include agency mortgage-backed securities, non-agency MBS, asset-backed securities, commercial mortgage-backed securities, collateralized loan obligation debt, and specialty ABS. Private credit, shaded in green, is on the right of the chart. The private debt classes include corporate lending, residential lending, CRE lending, consumer lending, specialty lending, distressed credit, loan portfolios, structured finance, and special situations. Image Pop Up

Source: PIMCO. For illustrative purposes only.

Flexible Municipal Income Fund ("MuniFlex") - PMFLX

Target enhanced tax efficient income by playing offense in volatile markets

MuniFlex aims to exploit inherent illiquidity in the municipal bond market for enhanced tax-efficient income.

Its interval fund structure allows it to stay invested during outflow cycles in the muni market, which may increase in both frequency and severity because of declining liquidity and other market conditions, and invest opportunistically at discounted prices and potentially higher yields.

For California-based investors, we also offer a CA-specific version of the Fund that seeks to maximize investors' tax efficiency at the state and Federal level.

Be on offense during periods of muni market stress

A line graph shows municipal bond yield to worst for both investment grade and high yield munis, as well as market flows from 2010 to 2022. Monthly municipal fund net flows are scaled on the left-hand vertical axis, while muni bond yield to worst is shown on the right-hand side of the graph. The graph highlights five periods of outflows, shaded in gray: Meredith Whitney (11/30/2010-5/31/2011); Taper Tantrum, Detroit Bankruptcy, Puerto Rico Headlines (3/29/2013-12/31/2013); U.S. Presidential Elections (11/30/2016-12/31/2016); COVID-19 Crisis (03/31/2020-04/30/2020), and one this year. In each of the outflow periods, or right before them, yields for investment grade and high yield munis rise sharply. And after each period, a longer span of inflows commences. In 2022, yields are up significantly, to about 5.5% for high-yield, up from a chart low of less than 3%, while those for investment grade are around 3%, up from less than 1%.Image Pop Up

Source: PIMCO, Bloomberg, ICI as of 30 June 2022. Flow data prior to 12/31/2012 do not include ETFs, all data thereafter include both mutual fund and ETF flow data. Past performance is not a guarantee or reliable indicator of future results. This chart is presented for illustrative purposes only and is not intended to represent the fund’s performance or how the fund’s portfolio will be invested or allocated at any particular time. Investment Grade (IG) Municipal Bond is represented by the Bloomberg Municipal Bond Index; HY Muni Bond is represented by the Bloomberg Muni High Yield Bond Index. Meredith Whitney (11/30/2010-5/31/2011); Taper Tantrum, Detroit Bankruptcy, Puerto Rico Headlines (3/29/2013-12/31/2013); U.S. Presidential Elections (11/30/2016-12/31/2016); COVID-19 Crisis (03/31/2020-04/30/2020).

Yield to Worst (YTW) is the estimated lowest potential yield that can be received on a bond without the issuer actually defaulting. The YTW is calculated by making worst-case scenario assumptions by calculating the returns that would be received if provisions, including prepayment, call, or sinking fund, are used by the bond's issuer. The measure does not reflect the deduction of fees and expenses and is not necessarily indicative of a portfolio's worst possible performance.

Flexible Emerging Markets Income Fund - EMFLX

Access the higher return potential of an expansive emerging markets opportunity set

EMFLX targets attractive returns and income by pursuing less liquid, potentially higher-yielding opportunities across global public and private EM credit markets – beyond the seemingly overcrowded traditional EM opportunity set.

The fund can also complement investors' existing alternative credit exposure, because of its historically lower correlation to U.S. and other developed market credit.

Tap value across a broader EM universe

A chart shows four boxes side by side representing a range of markets and lending arrangements, left to right, spanning from lower to higher potential liquidity/complexity premiums. A box representing liquid traded bonds is on the left, indicating the lowest potential liquidity/complexity premiums. Moving to the right, next are less-liquid bonds, followed by brokered loans. Direct originations are on the far right, presenting the highest potential liquidity/complexity premiums. The visual demonstrates that EMFLX may access less liquid markets and pursue less conventional lending arrangements that could offer a potential yield advantage – without moving down the capital structure. Image Pop Up

*Complexity in its various forms: underwriting, modeling, sourcing, originating, structuring or servicing.

Source: PIMCO. For illustrative purposes only.

Flexible Real Estate Income Fund - REFLX

Flex across private and public commercial real estate to uncover opportunity

REFLX invests across the four quadrants of real estate – private and public debt and equity – seeking to deliver current income and long-term capital appreciation. Some real estate assets may also act as a hedge against inflation within a portfolio.*

In sourcing and evaluating opportunities, the fund draws on PIMCO’s extensive resources as one of the largest real estate managers globally.

Take a four quadrant approach to seek the best relative value in real estate markets

A two-by-two array of four boxes describes the investment focus of PIMCO Flexible Real Estate Income Fund (“REFLX”) across the different quadrants of commercial real estate: private and public debt and equity. Two boxes in the left-hand column, shaded in blue, display potential allocations for private assets. Private equity and debt boxes include properties and loans as examples, respectively. The boxes in the right-hand column represent the fund’s potential public equity and debt exposure, including listed REITs and CMBS as examples, respectively. Image Pop Up

Source: PIMCO. For illustrative purposes only. These investment types are presented as a general example of the types of investments that may be acquired by the Fund. There is no guarantee that REFLX will have access to these or comparable investments and the Fund may invest in asset types not referred to in this example. A listed REIT refers to a real estate investment trust that is listed on public stock exchanges.

*As of 30 September, 2022. Source: PIMCO. Based on historical reported net operating income and property values from Green Street relative to the Core CPI. There is no guarantee that these trends will continue.


Looking for Additional Investment Options?


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 investment professional or PIMCO representative. Click here for a complete list of the PIMCO Funds prospectuses and summary prospectuses. Please read them carefully before you invest or send money.

Each Fund is an unlisted closed‐end "interval fund." Limited liquidity is provided to shareholders only through the Fund's quarterly offers to repurchase between 5% to 25% (expected to be 5% for PIMCO Flexible Credit Income Fund and PIMCO Flexible Emerging Markets Income Fund and PIMCO Flexible Real Estate Income Fund; expected to be 10% for PIMCO Flexible Municipal Income Fund and PIMCO California Flexible Municipal Income Fund) of its outstanding shares at net asset value. There is no secondary market for the Funds' shares and none is expected to develop. Investors should consider shares of the interval funds to be an illiquid investment.

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.

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 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. 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. Mortgage-related assets and other asset-backed instruments 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. 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. 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. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. 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, 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. 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.

Investments in distressed loans and bankrupt companies are speculative and the repayment of default obligations contains significant uncertainties. The value of real estate and portfolios that invest in real estate may fluctuate due to: losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, property tax rates, regulatory limitations on rents, zoning laws, and operating expenses. Investments in commercial real estate debt and residential/commercial mortgage loans 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. Private Credit will also be subject to real estate-related risks, which include new regulatory or legislative developments, the attractiveness and location of properties, the financial condition of tenants, potential liability under environmental and other laws, as well as natural disasters and other factors beyond the fund’s control. 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. 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 der Close maximize HTML Editorivative instruments that could lose more than the principal amount invested. 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. The use of leverage may cause a portfolio to liquidate positions when it may not 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.

An investment in an interval fund is not appropriate for all investors. Unlike typical closed-end funds an interval fund's shares are not typically listed on a stock exchange. Although interval funds provide limited liquidity to investors by offering to repurchase a limited amount of shares on a periodic basis, investors should consider shares of the Fund to be an illiquid investment. Investments in interval funds are therefore subject to liquidity risk as an investor may not be able to sell the shares at an advantageous time or price. There is also no secondary market for the Fund's shares and none is expected to develop. There is no guarantee that an investor will be able to tender all or any of their requested Fund shares in a periodic repurchase offer.

There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for a long-term especially during periods of downturn in the market. An investment in the Fund is speculative involving a high degree of risk, including the risk of a substantial loss of investment. Investors should consult their investment professional prior to making an investment decision.

PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the current opinions of the manager and such opinions are subject to change without notice. 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. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2022, PIMCO

PIMCO Investments LLC, distributor, 1633 Broadway, New York, NY 10019, is a company of PIMCO.