Access Income Fund

PAXS

Updated June 24, 2022

Objective

Seeks current income as a primary objective and capital appreciation as a secondary objective.

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Overview

Fund Overview

The fund utilizes an opportunistic approach to pursue high conviction income-generating ideas across global credit markets to seek current income as a primary objective and capital appreciation as a secondary objective.

In managing the fund, PIMCO will employ an active approach to allocation among multiple fixed income sectors based on, among other things, market conditions, valuation assessments, economic outlook, credit market trends and other economic factors. With PIMCO’s macroeconomic analysis as the basis for top-down investment decisions, including geographic and credit sector emphasis, PIMCO will manage the fund with a focus on seeking income generating investment ideas across fixed income sectors, including opportunites in developed and multiple emerging global credit markets. PIMCO may choose to focus on particular countries/regions, asset classes, industries and sectors to the exclusion of others at any time and from time to time based on market conditions and other factors. The relative value assessment within fixed income sectors will draw on PIMCO’s regional and sector specialist insights.

The Fund seeks to achieve its investment objectives by utilizing a dynamic asset allocation strategy among multiple sectors in the global public and private credit markets, including corporate debt, mortgage-related and other asset-backed instruments, government and sovereign debt, taxable municipal bonds and other fixed-, variable- and floating-rate income-producing securities of U.S. and foreign issuers, including emerging market issuers and real estate-related investments (“real estate investments”).The Fund may invest without limitation in investment grade debt securities and below investment grade debt securities (commonly referred to as “high yield” securities or “junk bonds”), including securities of stressed, distressed or defaulted issuers.

PIMCO has been actively managing income-producing securities since the firm’s founding in 1971. Our innovative investment process is designed to add value for clients by marrying a top-down, global macroeconomic outlook with bottom-up analysis from one of the industry’s most experienced research teams.

ASSET CLASS
  • Fixed Income
  • Multi Sector
CUSIP

72203T100

IPO Market Price

$20.00

IPO NAV

$20.00

Managers

Daniel J. Ivascyn

Group Chief Investment Officer

View Profile for Daniel J. Ivascyn

Alfred T. Murata

Portfolio Manager, Mortgage Credit

View Profile for Alfred T. Murata

Joshua Anderson

Portfolio Manager, Income and Asset-Backed Securities

View Profile for Joshua Anderson

Sonali Pier

Portfolio Manager, Multi-Sector Credit

View Profile for Sonali Pier

Jing Yang

Portfolio Manager, Structured Credit

View Profile for Jing Yang

Jamie Weinstein

Portfolio Manager, Head of Corporate Special Situations

View Profile for Jamie Weinstein

Distributions

Historical Prices & Distributions

Daily Distribution Rates

as of 06/24/2022
Daily NAV Distribution Rate 8.03%
Daily Market Price Distribution Rate 8.95%

Monthly Distribution Rates

as of 05/31/2022
Monthly NAV Distribution Rate 7.62%
Monthly Market Price Distribution Rate 8.07%

Distributions

Latest Distribution ($ / Share) as of 06/10/2022 $0.116700
Distribution (YTD)1 as of 06/10/2022 $0.466800

disclosures

1Data is based on distributions since the most recent calendar year end and does not include special cash dividends.
Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or Market Price as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. A negative value for Undistributed Net Investment Income represents the potential for a ROC on an estimated tax basis. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the composition of distributions. Final determination of a distribution’s tax character will be made on Form 1099 DIV sent to shareholders each January.

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 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.

Fees & Expenses

Management Fee2 1.25%
Total Expense Ratio (excluding interest expense)3 2.09%
Total Expense Ratio (including interest expense)3 2.63%

disclosures

2The Management Fee is applied to the Fund's total managed assets. Total managed assets includes total assets of the fund (including assets attributable to any reverse repurchase agreements, dollar rolls, borrowings and preferred shares that may be outstanding) minus accrued liabilities (other than liabilities representing reverse repurchase agreements, dollar rolls and borrowings). By way of clarification, with respect to any reverse repurchase agreement or similar transaction, “total managed assets” includes any proceeds from the sale of an asset of the fund to a counterparty in such a transaction, in addition to the value of the underlying asset as of the relevant measuring date. In addition, for purposes of calculating “total managed assets,” the fund’s derivative investments will be valued based on their market value.
3Expense ratios are calculated as a percentage of common net assets, and are estimated for the current fiscal year. Total expense ratio (excluding interest expense) excludes certain investment expenses, such as expenses from borrowings and repurchase agreements, any dividends and other costs paid on preferred shares issued by the Fund, and dividend expenses from investments on short sales.

Prices & Performance

Daily Statistics

All data as of 06/24/2022

NAV $17.43 Market Price $15.65
Daily Change $0.01 Daily Change $-0.04
One Day Return 0.06% One Day Return -0.25%
Premium / Discount -10.21%

All data as of

All data as of

Fund Pricing

(Since Inception) All data as of 06/24/2022

High/Low Ranges - One Year

All data as of 06/24/2022

High/Low NAV $20.02/$17.42
High/Low Market Price $20.02/$15.15

disclosures

Past performance is not a guarantee or a reliable indicator of future results. An investment in the 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 NAV or market price (as applicable) in the specific period. The calculation assumes that all dividends and distributions, if any, have been reinvested. NAV and market price returns does 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 is not annualized. Returns for a period of more than one year represents 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 the fund, market conditions, supply and demand for the fund’s shares or changes in fund dividends and distributions.
Daily YTD return is from the most recent calendar year end.

Portfolio Composition

All data as of unless otherwise stated

Top Industry Sectors
Market Value %

Wirelines 4.34
Healthcare 3.90
Consumer Products 3.78
Aerospace/Defense 3.73
Banks 3.24
Technology 2.91
Media Noncable: Broadcasting 2.70
Media Cable 2.67
Electric Utility 1.77
Independent E&P 1.62

Sector Allocation %4

MV % DWE %
US Government Related5 -0.29 3.01
Mortgage 21.14 30.43
Non-Agency Mortgage 21.14 30.43
Agency MBS 0.00 0.00
CMBS 21.70 10.96
High Yield Credit 21.63 18.95
Non-USD Developed 11.73 10.12
Emerging Markets6 8.58 15.98
Invest. Grade Credit 3.16 7.63
Municipal 1.58 3.11
Other7 2.17 1.20
Net Other Short Duration Instruments8 8.61 -1.40

Top Countries %9

MV% DWE%
United States 74.35 66.19
South Africa 2.96 3.16
Luxembourg 2.10 1.44
Brazil 2.09 3.49
United Kingdom 1.97 0.97

Duration in Years

Total Leveraged-Adjusted Effective Durations (yrs.) 4.01

Maturity %

0-1 yrs 29.34
1-3 yrs 15.28
3-5 yrs 22.14
5-10 yrs 19.05
10-20 yrs 8.21
20+ yrs 6.00
Effective Maturity (yrs) 7.94

disclosures

4For information as of October 31, 2015 and hereafter, the Sector Allocation MV% shown reflects exposures gained through the use of interest rate swaps at the market value of the swaps. Such exposures were reflected at the notional amount of the swaps for prior periods. As a result, this change may have the effect of reflecting lower exposures for one or more sectors and correspondingly higher exposures for other sectors than has or would be shown using the prior method.
5May include nominal and inflation-protected Treasuries, Treasury futures and options, agencies, FDIC-guaranteed and government-guaranteed corporate securities, and interest rate swaps.
6Short duration emerging markets instruments includes an emerging market security or other instrument economically tied to an emerging market country by country of risk with an effective duration less than one year and rated investment grade or higher or if unrated, determined to be similar quality by PIMCO. Emerging Markets includes the value of short duration emerging markets instruments previously reported in another category.
7May include convertibles, preferreds, and yankee bonds.
8Net Other Short Duration Instruments includes securities and other instruments (except instruments tied to emerging markets by country of risk) with an effective duration less than one year and rated investment grade or higher or, if unrated, determined by PIMCO to be of comparable quality, commingled liquidity funds, uninvested cash, interest receivables, net unsettled trades, broker money, short duration derivatives (for example Eurodollar futures) and derivatives offsets. With respect to certain categories of short duration securities, the Adviser reserves the discretion to require a minimum credit rating higher than investment grade for inclusion in this category. Derivatives Offsets includes offsets associated with investments in futures, swaps and other derivatives. Such offsets may be taken at the notional value of the derivative position which in certain instances may exceed the actual amount owed on such positions.
9By country of issuer, sorted by gross market value.
Duration is a measure of the fund's price sensitivity to changes in interest rates expressed in years.
Total Leverage -Adjusted Duration represents the Fund’s effective portfolio duration taking into account its use of leverage, including both portfolio leverage (e.g., reverse repos, credit default swaps, and tender option bonds), and any structural leverage, such as auction-rate preferred shares, if any, issued by the Fund. Effective duration is the duration for a bond with an embedded option when the value is calculated to include the expected change in cash flow caused by the option as interest rates change.

Assets & Leverage

All data as of 05/31/2022 unless otherwise stated

Assets (in millions)

Common Net Assets $808
Outstanding Preferred Shares $0
Total Managed Assets10 $1,202

Leverage

% of Total Managed Assets % of Common Net Assets
Total Effective Leverage 32.71 48.61
Preferred Shares11 0.00 0.00
Reverse Repurchase Agreements12 28.84 42.85
Floating Rate Notes Issued13 0.00 0.00
Credit Default Swaps14 3.87 5.76

disclosures

10Total Managed Assets include Net Assets Applicable to Common Shareholders ("Common Net Assets") + Preferred Shares + Reverse Repurchase Agreements + Credit Default Swaps + Floating Rate Notes Issued in Tender Option Bond ("TOB") transactions, as applicable. In TOB transactions, a fund sells a fixed rate municipal bond to a broker who places that bond in a Special Purpose Trust from which Floating Rate Notes and Inverse Floaters are issued.
11Preferred Shares (%) consists of Preferred Shares divided by Total Managed Assets.
12Reverse Repurchase Agreements (%) consists of Reverse Repurchase Agreements divided by Total Managed Assets.
13Floating Rate Notes Issued (%) consists of Floating Rate Notes Issued in transactions divided by Total Managed Assets. In TOB transactions, a fund sells a fixed rate municipal bond to a broker who places that bond in a Special Purpose Trust from which Floating Rate Notes and Inverse Floaters are issued.
14Credit Default Swaps (“CDS”) (%) consists of the aggregate notional amount of sell protection CDS plus the net market value of buy protection CDS, as applicable, divided by Total Managed Assets.
Past performance is no guarantee of future results. Investing in securities entails risk, including possible loss of principal. The use of leverage may cause a Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. The use of leverage may cause a Fund to be more volatile, which may increase the risk of investment loss.

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Disclosures

The 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. An investor may lose money by investing in the fund. Certain risks associated with investing in the Fund are summarized below.

 

The Fund is a newly organized, non-diversified, limited term, closed-end management investment company with no operating history. The Fund is not designed to be a complete investment program. All of the Fund’s portfolio may consist of below-investment-grade securities (commonly referred to as “high yield” securities or “junk bonds”). An investment in the Fund involves a high degree of risk and should be considered speculative. Investors could lose some or all of their investment.

 

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. Shares of the Fund are not redeemable.

 

Past performance is not a guarantee or a reliable indicator of future results. There can be no assurance that the Fund will achieve its investment objectives or be able to structure its investment portfolio as anticipated.

 

No Prior History. The Fund is a newly organized, non-diversified, limited term, closed-end management investment company with no history of operations and is designed for long-term investors and not as a trading vehicle.

 

Limited Term Risk. Unless the limited term provision of the Fund’s Agreement and Declaration of Trust (“Declaration”) is amended by shareholders in accordance with the Declaration, or unless the Fund completes an Eligible Tender Offer and converts to perpetual existence, the Fund will terminate on or about the Dissolution Date. The Fund’s investment objectives and policies are not designed to seek to return to investors that purchase shares in this offering their initial investment of $20.00 per share on the Dissolution Date or in an Eligible Tender Offer, and such investors and investors that purchase shares after the completion of this offering may receive more or less than their original investment upon dissolution or in an Eligible Tender Offer.

 

Credit Risk. The Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities is unable or unwilling, or is perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor its obligations. The downgrade of the credit of a security held by the Fund may decrease its value. Measures such as average credit quality may not accurately reflect the true credit risk of the Fund. This is especially the case if the Fund consists of securities with widely varying credit ratings. This risk is greater to the extent the Fund uses leverage or derivatives in connection with the management of the Fund. Mortgage-Related and Other Asset-Backed Instruments Risk. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related assets, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Fund may exhibit additional volatility since individual mortgage holders are less likely to exercise prepayment options, thereby putting additional downward pressure on the value of these securities and potentially causing the Fund to lose money. Privately-Issued Mortgage-Related Securities Risk. There are no direct or indirect government or agency guarantees of payments in pools created by non-governmental issuers. Privately-issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee. High Yield Securities Risk. To the extent that the Fund invests in high yield securities and unrated securities of similar credit quality (commonly known as “high yield securities” or “junk bonds”), the Fund will be subject to greater levels of credit risk, call risk and liquidity risk than funds that do not invest in such securities, which could have a negative effect on the NAV or market price of the Fund’s common shares or common share dividends. These securities are considered predominantly speculative with respect to an issuer’s continuing ability to make principal and interest payments, and may be more volatile than other types of securities. Issuer Risk. The value of a security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. A change in the financial condition of a single issuer may affect securities markets as a whole. These risks can apply to the common shares issued by the Fund and to the issuers of securities and other instruments in which the Fund invests.

 

Loans and Other Indebtedness Risk. Loans are subject to the risk that scheduled interest or principal payments will not be made in a timely manner or at all, either of which may adversely affect the values of the loan. If the Fund does not receive scheduled interest or principal payments on such indebtedness, the Fund’s share price and yield could be adversely affected. Loan Origination Risk. If the Fund is unable to sell, assign or successfully close transactions for the loans that it originates, the Fund will be forced to hold its interest in such loans for an indeterminate period of time. To the extent the Fund engages in origination and/or servicing directly, or has a financial interest in, or is otherwise affiliated with an origination or servicing company, the Fund will be subject to enhanced risks of litigation, regulatory actions and other proceedings. As a result, the Fund may be required to pay legal fees, settlement costs, damages, penalties or other charges, any or all of which could materially adversely affect the Fund and its holdings.

 

Risk Retention Investment Risk. The Fund may invest in risk retention tranches of commercial mortgage-backed securities or other eligible securitizations. Due to the limited guidance on the application of risk retention rules specific to securitization structures, as well as the generally illiquid nature of such investments, no assurance can be given as to what, if any, exit strategies will ultimately be available for any given position.

 

Real Estate Risk. Real estate values have been historically cyclical, and real estate companies may incur large swings in their profits and the prices of their securities. To the extent that the Fund invests in real estate investments, including investments in equity or debt securities issued by private and public REITs, real estate operating companies, private or public real estate-related loans and real estate-linked derivative instruments, it will be subject to the risks associated with owning real estate and with the real estate industry generally, including but not limited to general and local economic conditions, changes in supply and demand, financial condition of buyers and tenants, availability of debt financing, fiscal policies and zoning laws, environmental and other laws and/or regulations, acts of God and other factors which are beyond the control of PIMCO. REIT Risk. An investment in a real estate investment trust (REIT) is subject to the risks that impact the value of the underlying properties of the REIT.

 

Interest Rate Risk. Interest rate risk is the risk that fixed income securities and other instruments in the Fund’s portfolio will decline in value because of a change in interest rates. Interest rate changes can be sudden and unpredictable, and the Fund may lose money as a result of movements in interest rates. Distressed and Defaulted Securities Risk. Investments in the securities of financially distressed issuers 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. Foreign (Non-U.S.) Investment Risk. Foreign (non-U.S.) securities may experience more rapid and extreme changes in value than securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of foreign (non-U.S.) securities are usually not subject to the same degree of regulation as U.S. issuers. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. Investing in securities of companies domiciled in China involve a high degree of risk and special considerations not typically associated with investing in the U.S. securities markets. This risk is heightened in Emerging Markets.

 

U.S. Government Securities Risk. Certain U.S. government securities, such as U.S. Treasury bills, notes, bonds, and mortgage-related securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the United States; others, such as those of the Federal Home Loan Banks (“FHLBs”) or the Federal Home Loan Mortgage Corporation (“FHLMC”), are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as those of the Federal National Mortgage Association (“FNMA”), are supported by the discretionary authority of the U.S. government to purchase the agency’s obligations; and still others are supported only by the credit of the agency, instrumentality or corporation. Although legislation has been enacted to support certain government sponsored entities, including the FHLBs, FHLMC and FNMA, there is no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default. It is difficult, if not impossible, to predict the future political, regulatory or economic changes that could impact the government sponsored entities and the values of their related securities or obligations. Convertible Securities Risk. The market values of convertible securities may decline as interest rates increase and, conversely, may increase as interest rates decline. A convertible security’s market value, however, tends to reflect the market price of the common stock of the issuing company when that stock price approaches or is greater than the convertible security’s “conversion price.” The conversion price is defined as the predetermined price at which the convertible security could be exchanged for the associated stock. Contingent Convertible Securities Risk (“CoCos”). The risks of investing in CoCos include, without limit, the risk that interest payments will be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of the Fund’s investment becoming further subordinated as a result of conversion from debt to equity, the risk that the principal amount due can be written down to a lesser amount, and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Fund. 

 

Leverage Risk. The Fund’s use of leverage creates the opportunity for increased common share net income, but also creates special risks for common shareholders. To the extent used, there is no assurance that the Fund’s leveraging strategies will be successful. Leverage is a speculative technique that may expose the Fund to greater risk and increased costs. The Fund’s assets attributable to leverage, if any, will be invested in accordance with the Fund’s investment objectives and policies. Interest expense payable by the Fund with respect to derivatives and other forms of leverage, and dividends payable with respect to preferred shares outstanding, if any, will generally be based on shorter-term interest rates that would be periodically reset. Derivatives Risk. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of risks, such as liquidity risk, interest rate risk, market risk, credit risk, leveraging risk, counterparty risk, tax risk and management risk, as well as risks arising from changes in applicable requirements. Credit Default Swaps Risk. Credit default swap agreements may involve greater risks than if the Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. Liquidity Risk. Liquidity risk exists when particular investments are difficult to purchase or sell. Illiquid investments are investments that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Non-Diversification Risk. The Fund is “non-diversified,” which means that the Fund may invest a significant portion of its assets in the securities of a smaller number of issuers than a diversified fund. Focusing investments in a small number of issuers increases risk. A fund that invests in a relatively smaller number of issuers is more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund might be.

 

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 long-term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.

 

Information contained herein has been obtained from sources believed to be reliable, but there is no guarantee as to its accuracy or completeness. Statements concerning financial market trends are based on current market conditions, which will fluctuate. 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 through the world. Pacific Investment Management Company LLC, 650 Newport Center Drive, Newport Beach, CA 92660, 800-387-4626. ©2022, PIMCO. 

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.

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.
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. For additional information, contact your financial advisor or call 1-844-337-4626.
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 L.P. in the United States and throughout the world.
PIMCO Investments LLC, 1633 Broadway, New York, NY 10019, is a company of PIMCO.
CMR2022-0601-2226842