Don't Let Volatility Be the End of Opportunity

With a vast opportunity set, fixed income seeks to deliver solutions for investors in every market environment.

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Choose the Investment Goal

Focus on Income

Look to flexible fixed income strategies that provide attractive income potential and focus on risk.

  • Mutual Fund

    Income Fund

    Multi-sector strategy seeks to provide steady and attractive income

    PIMIX
  • Mutual Fund

    Low Duration Income Fund

    Seeks to generate income with low interest rate exposure

    PFIIX
  • Interval Fund

    Flexible Credit Income Fund

    Opportunistic credit strategy seeking current income across global public and private markets

    PFLEX
  • Interval Fund

    Flexible Municipal Income Fund

    Our interval fund aims to exploit muni market inefficiencies to provide high current income exempt from federal income tax

    PMFLX

Hedge Against Inflation

Help counter inflation risks with inflation-hedging assets.

  • Mutual Fund

    Real Return Fund

    Actively managed portfolio of primarily Treasury Inflation-Protected Securities (TIPS), seeking to provide real returns

    PRRIX
  • Mutual Fund

    CommodityRealReturn Strategy Fund®

    Seeks maximum real return through actively managed exposure to commodity markets and TIPS

    PCRIX
  • Mutual Fund

    CommoditiesPLUS® Strategy Fund

    Seeks total return which exceeds that of its benchmark through actively managed exposure to commodity markets

    PCLIX
  • Mutual Fund

    Inflation Response Multi-Asset Fund

    Provides exposure to multiple inflation-related asset classes to enhance diversification and help preserve purchasing power

    PIRMX

Target Tax-Efficiency

Pursue attractive tax-efficient income potential from strategies across the muni credit spectrum.

  • Interval Fund

    Flexible Municipal Income Fund

    Our interval fund aims to exploit muni market inefficiencies to provide high current income exempt from federal income tax

    PMFLX
  • Mutual Fund

    High Yield Municipal Bond Fund

    Invests in high-yield municipal securities, seeking high current income exempt from federal income tax

    PHMIX
  • Mutual Fund

    Municipal Bond Fund

    Seeks high current income, primarily through exposure to investment grade, intermediate to long duration munis

    PFMIX
  • ETF

    Short Term Municipal Bond Active Exchange-Traded Fund

    Invests in primarily short duration, high credit quality bonds, which are exempt from federal and in some cases state tax

    SMMU

Navigate Evolving Rates

Tap into flexible strategies that can access opportunities to help navigate – and even potentially benefit from – rising rates.

  • Mutual Fund

    Mortgage Opportunities and Bond Fund

    Seeks maximum long-term return, consistent with prudent investment management

    PMZIX
  • Mutual Fund

    Income Fund

    Multi-sector strategy proven to provide steady and attractive income

    PIMIX
  • Mutual Fund

    Dynamic Bond Fund

    Seeks to take advantage of market dislocations with a focus on risk management

    PFIUX
  • Mutual Fund

    Low Duration Income Fund

    Seeks to generate income with low interest rate exposure

    PFIIX

Put Cash to Work

Allocate to short-term strategies to help mitigate volatility or put cash to work with modest additional risk.

Investor Resources

Focus on Income

Use this chart-focused brochure to talk to your clients about how to seek steady income in today's challenging environment.

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Steady Income Over Time

Income chart

As of 30 September 2022. Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit PIMCO.com or by calling 888.87.PIMCO.

The fund distributes income on a monthly basis. Distributions shown are for the final month of each quarter and are not representative of the sum total of three months' distributions. Due to an administrative issue at one of our service providers, the Fund's August distribution rate was higher than prior months in 2018. This led to a lower distribution rate in September 2018, with the average of the two months equaling a rate consistent with prior months' distribution rates. While no assurances can be made in regard to future distribution rates, and distribution rates may be affected by numerous factors, the Fund generally aims to maintain a consistent level of dividend income.

This chart does not include year-end capital gains distributions of $2,060 in 2010, $2,299 in 2011, $1,839 in 2012, $439 in 2013, $715 in 2014, and $265 in 2015. Year-end distributions have historically been derived from the fund's net income and are not guaranteed. There were no supplemental year-end distributions in 2016 and 2017.

Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (“ROC”) of your investment in the Fund. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. The amounts and composition of distributions reported on any Section 19 Notice issued by the Fund are only estimates and should not be used for tax reporting purposes. The actual amounts and composition of distributions for tax reporting purposes will depend upon the Fund's investment experience during its entire fiscal year and may be subject to changes based on tax regulations. Final determination of a distribution's tax character will be reported on Form 1099 DIV sent to shareholders for the calendar year.

Hedge Against Inflation

Use this chart-focused flyer to talk to your clients about the important diversification benefits of allocating to asset classes that may help preserve portfolios against inflation.

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Top Performers across Market Environments

Inflation chart

For Illustrative Purposes Only. Past performance is not a guarantee or a reliable indicator of future results.

As of December 31, 2021. Source: PIMCO, Survey of Professional Forecasters. Based on realized inflation and GDP relative to forecasts based on the Survey of Professional Forecasters (conducted by Federal Reserve Bank of Philadelphia). Data from 1970 onward. Core fixed income: Bloomberg U.S. Aggregate Index; TIPS: Bloomberg U.S. TIPS Index; Bloomberg Commodity TR Index; EM currencies: JPMorgan ELMI + Unhedged; High yield: ICE BofAML US HY BB-B Rated Constrained; Treasuries: Bloomberg U.S. Treasury Index; Equities: S&P 500 Index; Gold: Bloomberg Commodity Gold TR; REITs: Dow Jones US Select REIT Index. It is not possible to invest directly in an unmanaged index.

Navigating Evolving Rates

Use this chart-focused flyer to talk to your clients about the evolving interest rate environment, higher bond yields, and how to best position their portfolios.

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Rising Rates Build Potential Return

Rising Rates bar chart

Hypothetical example for illustrative purposes only.

Source: PIMCO, as of 31 August 2022. The chart shows the estimated performance of the Bloomberg U.S. Aggregate Index assuming a parallel rate rise of 0.5%, and no further changes in rates thereafter. Credit spreads are assumed to remain constant. In the analysis contained herein, PIMCO has outlined hypothetical event scenarios which, in theory, would impact the index returns as illustrated in this analysis. No representation is being made that these scenarios are likely to occur or that any portfolio is likely to achieve profits, losses, or results similar to those shown. The scenarios do not represent all possible outcomes and the analysis does not take into account all aspects of risk. Total returns are estimated by re-pricing key rate duration replicating portfolios of par-coupon bonds.

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Disclosures

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 or by visiting www.pimco.com. Please read them carefully before you invest or send money.

Exchange Traded Funds (“ETF”) are afforded certain exemptions from the Investment Company Act. The exemptions allow, among other things, for individual shares to trade on the secondary market. Individual shares cannot be directly purchased from or redeemed by the ETF. Purchases and redemptions directly with ETFs are only accomplished through creation unit aggregations or “baskets” of shares. Shares of an ETF, traded on the secondary market, are bought and sold at market price (not NAV). Brokerage commissions will reduce returns. Investment policies, management fees and other information can be found in the individual ETF’s prospectus. Buying or selling ETF shares on an exchange may require the payment of fees, such as brokerage commissions, and other fees to financial intermediaries. In addition, an investor may incur costs attributed to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the bid-ask spread). Due to the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment returns. Investment in Fund shares may not be advisable for investors who expect to engage in frequent trading. Current holdings are subject to risk. Holdings are subject to change at any time. An investment in anETF involves risk, including the loss of principal. Investment return, price, yield and Net Asset Value(NAV) will fluctuate with changes in market conditions. Investments may be worth more or less than the original cost when redeemed. Investing in the bond market is subject to certain risks including the risk that fixed income securities will decline in value because of changes in interest rates; the risk that fund shares could trade at prices other than the net asset value; and the risk that the manager's investment decisions might not produce the desired results. ETF shares may be bought or sold throughout the day at their market price on the exchange on which they are listed. However, there can be no guarantee that an active trading market for PIMCO ETFshares will develop or be maintained, or that their listing will continue or remain unchanged. Premium/Discount is the difference between the market price and NAV expressed as a percentage of NAV.

Interval funds are an unlisted closed-end fund. Limited liquidity is provided to shareholders only through the fund’s quarterly offers to repurchase between 5% to 25% of its outstanding shares at net asset value (subject to applicable law and approval of the Board of Trustees, the Fund current expectation for share repurchase is stated in the Fund’s prospectus). 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 reporting 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. 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. 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. The Fund anticipates that no secondary market will develop for its shares. There is no guarantee that an investor will be able to tender all of their requested Fund shares in a periodic repurchase offer.

Different fund types (e.g. ETFs, open-ended investment companies) and fund share classes are subject to different fees and expenses (which may affect performance). They may also have different minimum investment requirements and be entitled to different services.

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.

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 the Fund may seek to maintain stable distributions, the Fund’s 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 the 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.

The PIMCO Models described in this material are available exclusively through investment professionals.

PIMCO Models are created based on what Pacific Investment Management Company LLC (together with its affiliates, “PIMCO”) believes to be generally accepted investment theory. In adjusting PIMCO models PIMCO considers, among other things, the results of quantitative modeling. Such quantitative modeling is designed to optimize each Model’s allocation and align with the Model’s investment objective, and takes into account various factors or  inputs”, determined by PIMCO, including third party data, to generate a suggested allocation for the PIMCO Models. PIMCO’s investment team then reviews the quantitative output and adjusts the output to reflect variables, which may include, among other things, the anticipated trade size, target total expense ratio for the Model, and qualitative investment insights. PIMCO Model allocations are ultimately subject to the discretion of PIMCO’s investment team. PIMCO Models are for illustrative purposes only and may not be appropriate for all investors. PIMCO Models are not based on any particularized financial situation, or need, and are not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other strategy, product or service. Individuals should consult with their own financial advisors to determine the most appropriate allocations for their financial situation, including their investment objectives, time frame, risk tolerance, savings and other investments. Volatility is historical and is likely to change over time. PIMCO has not undertaken, and will not undertake, any analysis to determine any specific models’ suitability for specific investors.

The risks of a PIMCO Model’s allocations will be based on the risks of the PIMCO mutual funds (each, a “Fund”) included in the PIMCO Model’s allocation (“Underlying Fund”). The PIMCO Model’s allocations are subject to the risk that the Underlying Funds and the allocations and reallocation (or “rebalancing”) of the PIMCO Model among the various Underlying Funds may not produce the desired result. The PIMCO Model allocations to Underlying Funds have changed over time and are expected to change in the future. As described above. the selection and weighting process across Underlying Funds is informed based on return estimates driven by PIMCO’s quantitative models and forecasts for key risk factor inputs and forward looking view and risk estimates informed by PIMCO’s analytic infrastructure (“Systems”). These Systems rely heavily on the use of proprietary and nonproprietary data, software, hardware, and intellectual property, including data, software and hardware that may be licensed or otherwise obtained from third parties. The use of such Systems has inherent limitations and risks. Although we take reasonable steps to develop and use Systems appropriately and effectively, there can be no assurance that we will successfully do so. Errors may occur in the design, writing, testing, monitoring, and/or implementation of Systems, including in the manner in which Systems function together. The effectiveness of Systems may diminish over time, including as a result of market changes and changes in the behavior of market participants. The quality of the resulting analysis, including the PIMCO Model allocations depends on a number of factors including the accuracy and quality of data inputs into the Systems, the mathematical and analytical assumptions and underpinnings of the Systems’ coding, the accuracy in translating those analytics into program code or interpreting the output of a System by another System in order to facilitate a change in market conditions, the successful integration of the various Systems into the portfolio selection and trading process and whether actual market events correspond to one or more assumptions underlying the Systems. Management risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results, and that certain policies or developments may affect the investment techniques available to PIMCO in connection with managing the strategy.

PIMCO Model allocations are licensed or otherwise made available to investment professionals. PIMCO Models’ allocations are updated on a defined production cycle. The Underlying Funds are available by prospectus only. Implementing investment professionals may or may not implement the PIMCO Model’s allocation as provided, and actual allocations to Underlying Funds may vary. There are expenses associated with the Underlying Funds in addition to any fees charged by implementing investment professionals. Additionally, the implementing investment professional may include cash allocations, which are not reflected herein.

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 low interest rate environments increase this risk. 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. Commodities contain heightened risk, including market, political, regulatory and natural conditions, and may not be appropriate for all investors.  Inflation-linked bonds (ILBs) issued by a government are fixed income securities whose principal value is periodically adjusted according to the rate of inflation; ILBs decline in value when real interest rates rise. Treasury Inflation-Protected Securities (TIPS) are ILBs issued by the U.S. government.  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. 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. Equities may decline in value due to both real and perceived general market, economic and industry conditions. 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.

Please refer to the Fund’s prospectus for a complete overview of the primary risks associated with each Fund

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 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.

CMR2022-0928-2441032