Flexible Credit Income Fund

PFLEX

Updated May 29, 2020

Objective

The Fund seeks to provide attractive risk adjusted returns and current income.

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Overview

Fund Overview

The fund utilizes a flexible, multi-sector credit strategy and can provide access to less liquid investment strategies given its limited expected share repurchases in an attempt to provide risk-adjusted returns and current income. To achieve its objective, the fund looks to allocate across a wide array of global credit sectors, including corporate, mortgage, consumer emerging market, and municipal credit markets, and has the flexibility to invest in both public and private credit sectors.

The fund will invest, under normal circumstances, at least 80% of its assets (plus any borrowings for investment purposes) in a portfolio of debt instruments of varying maturities. At least 25% of its total assets will typically be invested in public and private issued mortgage-related assets, and up to 40% of its total assets may be invested in securities of issuers economically tied to emerging market countries. The average portfolio duration of the fund is expected to be between zero and eight years. (See the fund prospectus for more detailed portfolio information.)

The Fund is an interval fund and as such offers limited expected share repurchases. The fund has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding common shares at net asset value. Subject to applicable law and approval of the Board of Trustees, for each quarterly repurchase offer, the fund currently expects to offer to repurchase 5% of the fund’s outstanding common shares at net asset value.

DIVIDEND FREQUENCY

Quarterly with Daily Accrual

SHARE CLASS INCEPTION

02/22/2017

CUSIP

72202M106

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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

Marc P. Seidner

CIO Non-traditional Strategies

View Profile for Marc P. Seidner

Mark R. Kiesel

CIO Global Credit

View Profile for Mark R. Kiesel

Christian Stracke

Global Head of Credit Research

View Profile for Christian Stracke

Eve Tournier

Head of European Credit Portfolio Management

View Profile for Eve Tournier

Distributions

Historical Prices & Distributions

1 - Day Distribution Yield as of - -
30 - Day SEC Yield as of - -
NAV Distribution Rate as of 03/31/2020 10.03%
Latest Distribution ($ Share)1 as of 03/31/2020 $0.192600000
Distribution (YTD) 2 as of 03/31/2020 $0.192600000

disclosures

1Data does not include special cash dividends.
2Data 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 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

Effective as of 10/28/2019
Gross Expense Ratio 3.92%
Net Expense Ratio 3.91%
The Net Expense Ratio reflects a contractual fee waiver and/or expense reduction, which is in place through 11/01/2020 and renews automatically for a full year unless terminated by PIMCO in accordance with the terms of the agreement. See the Fund's prospectus for more information.
Adjusted Expense Ratio 2.18%
The Adjusted Expense Ratio is the same as the Net Expense Ratio, but also excludes certain investment expenses, such as interest expense from borrowings and repurchase agreements and dividend expense from investments on short sales, incurred directly by the Fund or indirectly through the Fund’s investments in underlying PIMCO Funds (if applicable), none of which are paid to PIMCO.

Prices & Performance

Daily Statistics

All data as of 05/29/2020

NAV $7.94 One Day Return -0.05%
Daily Change $-0.01 Daily YTD Return -15.15%