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Share Name | Share Symbol | Market | Type |
---|---|---|---|
PIMCO Corporate and Income Opportunity Fund | NYSE:PTY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.01 | -0.07% | 14.19 | 14.13 | 14.05 | 14.12 | 488,443 | 01:00:00 |
About this Prospectus Supplement |
S-3 |
S-3 | |
S-3 | |
S-5 | |
S-6 | |
S-7 | |
S-8 | |
S-8 | |
S-9 | |
S-9 | |
S-9 |
Prospectus |
|
Prospectus Summary |
1 |
Summary of Fund Expenses |
28 |
Financial Highlights |
30 |
Use of Proceeds |
33 |
The Fund |
33 |
Investment Objective and Policies |
33 |
Portfolio Contents |
34 |
Use of Leverage |
55 |
Principal Risks of the Fund |
58 |
How the Fund Manages Risk |
83 |
Management of the Fund |
85 |
Net Asset Value |
88 |
Distributions |
89 |
Dividend Reinvestment Plan |
90 |
Description of Capital Structure |
90 |
Plan of Distribution |
94 |
Market and Net Asset Value Information |
95 |
Anti-Takeover and Other Provisions in the Agreement and Declaration of Trust and Bylaws |
96 |
Repurchase of Common Shares; Conversion to Open-End Fund |
97 |
Tax Matters |
97 |
Shareholder Servicing Agent, Custodian, Transfer Agent and Dividend Disbursement Agent |
99 |
Independent Registered Public Accounting Firm |
99 |
Legal Matters |
99 |
Incorporation by Reference |
99 |
Appendix A—Description of Securities Ratings |
A-1 |
Sales load ( |
|
Offering Expenses Borne by Common Shareholders (as a percentage of offering price) |
|
Dividend Reinvestment Plan Fees |
|
|
Percentage of Net Assets Attributable to Common Shares (reflecting leverage attributable to ARPS and reverse repurchase agreements) |
Management Fees(1) |
|
Dividend Cost on Preferred Shares(2) |
|
Interest Payments on Borrowed Funds(3) |
|
Other Expenses(4) |
|
Total Annual Fund Reporting Expenses(5) |
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Total Expenses Incurred |
$ |
$ |
$ |
$ |
|
As of June 30, 2023 | |
|
Actual |
As Adjusted |
Preferred Shares, ($0.00001 par value and $25,000 liquidation preference per share applicable to an aggregate of 8,506(1) shares issued and outstanding) |
$212,650,000 |
$212,650,000 |
Composition of Net Assets: |
|
|
Common Shares: |
|
|
Common Shares, par value $0.00001 per share, unlimited shares authorized 141,521,526 shares outstanding as of June 30, 2023, and 196,119,324(2) shares estimated issued and outstanding as adjusted) |
1,415 |
1,961 |
Paid-in-capital in excess of par |
$2,092,565,000 |
$2,856,375,818 |
Distributable earnings (accumulated loss) |
$(559,675,370) |
$(589,022,680) |
Net Assets Applicable to Common Shareholders |
$1,532,891,045 |
$2,267,355,100 |
Capitalization |
$1,745,541,045 |
$2,480,005,100 |
|
Common share market price(1) |
Common share net asset value |
Premium (discount) as a % of net asset value | |||
Quarter |
High |
Low |
High |
Low |
High |
Low |
Quarter ended June 30, 2023 |
$ |
$ |
$ |
$ |
|
|
Quarter ended March 31, 2023 |
$ |
$ |
$ |
$ |
|
|
Quarter ended December 31, 2022 |
$ |
$ |
$ |
$ |
|
|
Quarter ended September 30, 2022 |
$ |
$ |
$ |
$ |
|
|
Quarter ended June 30, 2022 |
$ |
$ |
$ |
$ |
|
|
Quarter ended March 31, 2022(2) |
$ |
$ |
$ |
$ |
|
|
Quarter ended January 31, 2022 |
$ |
$ |
$ |
$ |
|
|
Quarter ended October 31, 2021 |
$ |
$ |
$ |
$ |
|
|
|
Common Shares |
PIMCO Corporate & Income Opportunity Fund |
PTY |
Sales load (as a percentage of offering price)(1) |
[--] |
Offering Expenses Borne by Common Shareholders (as a percentage of offering price)(2) |
[--] |
Dividend Reinvestment Plan Fees(3) |
None |
|
Percentage of Net Assets Attributable to Common Shares (reflecting leverage attributable to ARPS and reverse repurchase agreements) |
Management Fees(1) |
0.74% |
Dividend Cost on Preferred Shares (2) |
1.47% |
Interest Payments on Borrowed Funds(3) |
1.45% |
Other Expenses(4) |
0.04% |
Total Annual Expenses(5) |
3.70% |
|
1 Year |
3 Years |
5 Years |
10 Years |
Total Expenses Incurred |
$37 |
$113 |
$191 |
$395 |
|
|
Investment Operations |
Less Distributions to ARPS(c) |
|
Less Distributions to Common Shareholders(d) | |||||
|
|
|
|
|
|
|
|
|
|
|
Selected Per Share Data for the Year or Period Ended^: |
Net Asset Value Beginning of Year or Period(a) |
Net Investment Income (Loss)(b) |
Net Realized/ Unrealized Gain (Loss) |
From Net Investment Income |
From Net Realized Capital Gains |
Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations |
From Net Investment Income |
From Net Realized Capital Gains |
Tax Basis Return of Capital |
Total |
PIMCO Corporate & Income Opportunity Fund | ||||||||||
6/30/2023 |
$11.21 |
$1.32 |
$(0.25) |
$(0.12) |
$0.00 |
$0.95 |
$(1.58) |
$0.00 |
0.00 |
$(1.58) |
08/01/2021 - 6/30/2022(i) |
14.40 |
1.21 |
(3.22) |
(0.01) |
0.00 |
(2.02) |
(1.32) |
0.00 |
0.00 |
(1.32)(j) |
7/31/2021 |
12.44 |
1.32 |
1.78 |
0.00 |
0.00 |
3.10 |
(1.22) |
0.00 |
(0.34) |
(1.56) |
7/31/2020 |
14.66 |
1.36 |
(2.41) |
(0.05) |
0.00 |
(1.10) |
(1.59) |
0.00 |
0.00 |
(1.59) |
7/31/2019 |
14.80(h) |
1.36 |
0.09 |
(0.13) |
0.00 |
1.32 |
(1.63) |
0.00 |
0.00 |
(1.63) |
7/31/2018 |
14.87 |
1.30 |
0.16 |
(0.09) |
0.00 |
1.37 |
(1.56) |
0.00 |
0.00 |
(1.56) |
7/31/2017 |
13.27 |
1.21 |
2.06 |
(0.04) |
0.00 |
3.23 |
(1.59) |
0.00 |
(0.14) |
(1.73) |
7/31/2016 |
14.23 |
1.30 |
(0.65) |
(0.02) |
0.00 |
0.63 |
(1.59) |
0.00 |
0.00 |
(1.59) |
12/01/2014 - 07/31/2015(k) |
15.41 |
0.68 |
(0.33) |
(0.00) |
0.00 |
0.35 |
(1.69) |
0.00 |
0.00 |
(1.69)(l) |
11/30/2014 |
16.62 |
1.14 |
1.06 |
(0.00) |
(0.01) |
2.19 |
(1.56) |
(1.84) |
0.00 |
(3.40) |
11/30/2013 |
17.58 |
1.43 |
0.19 |
(0.00) |
(0.00) |
1.62 |
(1.82) |
(0.76) |
0.00 |
(2.58) |
11/30/2012 |
14.22 |
1.68 |
3.87 |
(0.01) |
0.00 |
5.54 |
(2.18) |
0.00 |
0.00 |
(2.18) |
|
|
|
Common Share |
|
Ratios/Supplemental Data | ||||||||
|
|
|
|
|
Ratios to Average Net Assets(f) |
| |||||||
Increase Resulting from Common Share Offering |
Offering Cost Charged to Paid in Capital |
Increase Resulting from Tender of ARPS(c) |
Net Asset Value End of Year or Period(a) |
Market Price End of Year or Period |
Total Investment Return(e) |
|
Net Assets Applicable to Common Shareholders (000s) |
Expenses(g) |
Expenses Excluding Waivers(g) |
Expenses Excluding Interest Expense |
Expenses Excluding Interest Expense and Waivers |
Net Investment Income (Loss) |
Portfolio Turnover Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$0.25 |
$0.00 |
$0.00 |
$10.83 |
$14.00 |
27.06 % |
$1,532,891 |
2.23 % |
2.23 % |
0.78 % |
0.78 % |
11.80 % |
35 % | |
0.15 |
0.00 |
0.00 |
11.21 |
12.51 |
(33.71 ) |
1,361,439 |
1.13 * |
1.13 * |
0.77 * |
0.77 * |
9.86 * |
58 | |
0.42 |
0.00 |
0.00 |
14.40 |
20.56 |
46.75 |
1,643,538 |
1.06 |
1.06 |
0.76 |
0.76 |
9.60 |
58 | |
0.47 |
(0.00 ) |
0.00 |
12.44 |
15.34 |
(8.77 ) |
1,248,837 |
1.30 |
1.30 |
0.82 |
0.82 |
10.20 |
34 | |
0.15 |
0.00 |
0.02 |
14.66 |
18.60 |
14.48 |
1,291,233 |
1.35 |
1.35 |
0.80 |
0.80 |
9.44 |
22 | |
0.12 |
0.00 |
0.00 |
14.80 (h) |
17.95 |
16.78 |
1,219,515 |
1.26 |
1.26 |
0.81 |
0.81 |
8.73 |
19 | |
0.10 |
0.00 |
0.00 |
14.87 |
16.92 |
29.18 |
1,140,768 |
1.08 |
1.08 |
0.83 |
0.83 |
8.68 |
39 | |
N/A |
N/A |
0.00 |
13.27 |
14.75 |
16.09 |
946,843 |
0.89 |
0.89 |
0.85 |
0.85 |
9.93 |
45 | |
N/A |
N/A |
0.16 |
14.23 |
14.31 |
(13.61 ) |
1,006,484 |
0.91 * |
0.91 * |
0.90 * |
0.90 * |
7.01 * |
34 | |
N/A |
N/A |
0.00 |
15.41 |
18.50 |
26.04 |
1,082,000 |
0.91 |
0.91 |
0.91 |
0.91 |
7.36 |
44 | |
N/A |
N/A |
0.00 |
16.62 |
17.75 |
(0.15 ) |
1,149,779 |
0.91 |
0.91 |
0.91 |
0.91 |
8.49 |
118 | |
N/A |
N/A |
0.00 |
17.58 |
20.37 |
36.86 |
1,205,090 |
1.05 |
1.05 |
0.93 |
0.93 |
10.63 |
29 |
Fiscal Year or Period Ended |
Total Amount Outstanding |
Asset Coverage per Preferred Share(1) |
Involuntary Liquidating Preference per ARPS(2) |
Average Market Value per Preferred Share(3) |
June 30, 2023 |
$212,650,000 |
$204,962 |
$25,000 |
N/A |
August 01, 2021 – June 30, 2022(i) |
$212,650,000 |
$184,988 |
$25,000 |
N/A |
July 31, 2021 |
$212,650,000 |
$218,218 |
$25,000 |
N/A |
July 31, 2020 |
$212,650,000 |
$171,815 |
$25,000 |
N/A |
July 31, 2019 |
$212,650,000 |
$176,730 |
$25,000 |
N/A |
July 31, 2018 |
$237,950,000 |
$153,072 |
$25,000 |
N/A |
July 31, 2017+ |
$237,950,000 |
$144,819 |
$25,000 |
N/A |
July 31, 2016+ |
$237,950,000 |
$124,468 |
$25,000 |
N/A |
December 01, 2014 – July 31, 2015+ |
$237,950,000 |
$130,743 |
$25,000 |
N/A |
November 30, 2014+ |
$325,000,000 |
$108,229 |
$25,000 |
N/A |
November 30, 2013+ |
$325,000,000 |
$113,443 |
$25,000 |
N/A |
November 30, 2012+ |
$325,000,000 |
$117,697 |
$25,000 |
N/A |
Assumed Return on Portfolio (Net of Expenses) |
(10.00)% |
(5.00)% |
0.00% |
5.00% |
10.00% |
Corresponding Return to Common Shareholders |
(17.44)% |
(10.05)% |
(2.66)% |
4.73% |
12.12% |
Portfolio Manager |
Since |
Title |
Recent Professional Experience |
Alfred T. Murata |
2014 |
Portfolio Manager and Managing Director |
Mr. Murata is a managing director and portfolio manager in the Newport Beach office, managing income-oriented, multisector credit, opportunistic and securitized strategies. Morningstar named him Fixed- Income Fund Manager of the Year (U.S.) for 2013. Prior to joining PIMCO in 2001, he researched and implemented exotic equity and interest rate derivatives at Nikko Financial Technologies. He has 21 years of investment experience and holds a Ph.D. in engineering-economic systems and operations research from Stanford University. He also earned a J.D. from Stanford Law School and is a member of the State Bar of California. |
Mohit Mittal |
2014 |
Portfolio Manager and Managing Director |
Mr. Mittal is a managing director and portfolio manager in the Newport Beach office, and a senior member of the liability driven investment and credit portfolio management teams. He manages multi-sector portfolios with added specialization in long credit, investment grade credit, and unconstrained bond portfolios. In addition, he is the head of U.S. investment grade trading desk. Previously, he was a specialist on PIMCO’s interest rates and derivatives desk. Mr. Mittal joined the firm in 2007 and holds an MBA in finance from the Wharton School of the University of Pennsylvania and an undergraduate degree in computer science from Indian Institute of Technology (IIT) in Delhi, India. |
Giang Bui |
October 2023* |
Portfolio Manager and Executive Vice President |
Ms. Bui is an executive vice president in the Newport Beach office and a portfolio manager and trader of securitized debt instruments, focusing on collateralized loan obligations (CLOs), asset-backed collateralized debt obligations, and off-the-run sectors within structured products. Ms. Bui joined PIMCO in 2000 and was previously a member of the bank loan portfolio management team, responsible for bank loan investments and the management of PIMCO-issued CLOs. She has 24 years of investment experience and holds an MBA from the Anderson School of Management at the University of California, Los Angeles and an undergraduate degree from the University of California, San Diego. |
Title of Class |
Amount Authorized |
Amount Held by the Fund or for its Account |
Amount Outstanding |
Common Shares |
Unlimited |
- |
143,115,790 |
Preferred Shares—ARPS |
|
- |
|
Class M |
4,520 |
- |
1,748 |
Class T |
4,520 |
- |
1,596 |
Class W |
4,520 |
- |
1,634 |
Class TH |
4,520 |
- |
1,786 |
Class F |
4,520 |
- |
1,742 |
Moody’s Credit Rating |
Applicable Percentage |
Aa3 or above |
150% |
A3 to A1 |
200% |
Baa3 to Baa1 |
225% |
Below Baa3 |
275% |
Value of the Fund's total assets less all liabilities and indebtedness not represented by senior |
|
|
|
= |
821% |
securitiesSenior securities representing indebtedness plus liquidation value of the ARPS |
|
|
|
Common share market price(1) |
Common share net asset value |
Premium (discount) as a % of net asset value | |||
Quarter |
High |
Low |
High |
Low |
High |
Low |
Quarter ended June 30, 2023 |
$14.00 |
$12.40 |
$10.99 |
$10.75 |
29.03% |
14.68% |
Quarter ended March 31, 2023 |
$14.37 |
$12.01 |
$11.55 |
$10.83 |
25.28% |
9.98% |
Quarter ended December 31, 2022 |
$13.34 |
$11.73 |
$11.29 |
$10.72 |
19.32% |
8.86% |
|
Common share market price(1) |
Common share net asset value |
Premium (discount) as a % of net asset value | |||
Quarter |
High |
Low |
High |
Low |
High |
Low |
Quarter ended September 30, 2022 |
$14.42 |
$11.50 |
$11.83 |
$10.89 |
22.72% |
4.93% |
Quarter ended June 30, 2022 |
$15.84 |
$12.51 |
$13.21 |
$11.21 |
22.65% |
9.48% |
Period ended March 31, 2022(2) |
$16.08 |
$13.48 |
$13.86 |
$12.61 |
16.55% |
6.65% |
Quarter ended January 31, 2022 |
$18.54 |
$15.53 |
$14.33 |
$13.78 |
30.70% |
12.70% |
Quarter ended October 31, 2021 |
$21.66 |
$17.94 |
$14.52 |
$14.15 |
52.21% |
24.79% |
Name, Year of Birth and Class |
Position(s) Held with the Fund |
Term of Office and Length of Time Served** |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee |
Other Directorships Held by Trustee During the Past 5 Years |
Deborah A. DeCotis 1952 Class III |
Chair of the Board, Trustee |
Chair, Since 2019 Trustee, Since 2011 |
Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since 2013); Trustee, Smith College (since 2017); Director, Watford Re (since 2017); and Director, Cadre Inc., a manufacturer of safety equipment (since 2022). Formerly, Co-Chair Special Projects Committee, Memorial Sloan Kettering (2005-2015); Trustee, Stanford University (2010- 2015); Principal, LaLoop LLC, a retail accessories company (1999-2014); Director, Helena Rubenstein Foundation (1997-2010); and Director, Armor Holdings (2002-2010). |
30 |
Trustee, Allianz Funds (2011-2021); Trustee, Virtus Funds (2021-Present) |
Sarah E. Cogan 1956 Class II |
Trustee |
Since 2019 |
Retired Partner, Simpson Thacher & Bartlett LLP (law firm)(1989-2018); Director, Girl Scouts of Greater New York, Inc. (since 2016); and Trustee, Natural Resources Defense Council, Inc. (since 2013). |
30 |
Trustee, Allianz Funds (2019-2021); Trustee, Virtus Funds (2021-Present) |
Joseph B. Kittredge, Jr. 1954 Class III |
Trustee |
Since 2020 |
Trustee (since 2019) and Governance Committee (since 2020), Vermont Law School (since 2019); Director and Treasurer, Center for Reproductive Rights (since 2015). Formerly, Director (2013-2020) and Chair (2018-2020), ACLU of Massachusetts; General Counsel, Grantham, Mayo, Van Otterloo & Co. LLC (2005-2018) and Partner (2007-2018); President, GMO Trust (institutional mutual funds) (2009-2018); Chief Executive Officer, GMO Trust (2009-2015); and President and Chief Executive Officer, GMO Series Trust (platform based mutual funds) (2011-2013). |
30 |
Trustee, GMO Trust (2010- 2018); Chairman of the Board of Trustees, GMO Series Trust (2011- 2018) |
Name, Year of Birth and Class |
Position(s) Held with the Fund |
Term of Office and Length of Time Served** |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee |
Other Directorships Held by Trustee During the Past 5 Years |
Kathleen A. McCartney 1955 Class I |
Trustee |
Since 2022 |
Director (since 2013) and President (since 2020), Five Colleges, Inc., consortium of liberal arts colleges and universities; President Emerita, Smith College (since 2023). Formerly, President, Smith College (2013-2023); Director, American Council on Education Board of Directors, (2015-2019); Director, Consortium on Financing Higher Education Board of Directors (2015-2019); Director, edX Board of Directors, online course provider (2012-2013); Director, Bellwether Education Partners Board, national nonprofit organization (2010-2013); Dean, Harvard Graduate School of Education (2006-2013); Trustee, Tufts University (2007-2013). |
30 |
None |
Alan Rappaport 1953 Class II |
Trustee |
Since 2010 |
Director, Victory Capital Holdings, Inc., an asset management firm (since 2013). Formerly, Adjunct Professor, New York University Stern School of Business (2011-2020); Lecturer, Stanford University Graduate School of Business (2013-2020); Advisory Director (formerly Vice Chairman), Roundtable Investment Partners (2009-2018); Member of Board of Overseers, NYU Langone Medical Center (2015-2016); Trustee, American Museum of Natural History (2005-2015); Trustee, NYU Langone Medical Center (2007-2015); and Vice Chairman (formerly, Chairman and President), U.S. Trust (formerly, Private Bank of Bank of America, the predecessor entity of U.S. Trust) (2001-2008). |
30 |
Trustee, Allianz Funds (2010-2021); Trustee, Virtus Closed-End Funds (2021-2023) |
Name, Year of Birth and Class |
Position(s) Held with the Fund |
Term of Office and Length of Time Served** |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee |
Other Directorships Held by Trustee During the Past 5 Years |
E. Grace Vandecruze 1963 Class II |
Trustee |
Since 2021 |
Founder and Managing Director, Grace Global Capital LLC, a strategic advisory firm to the insurance industry (since 2006); Director, The Doctors Company, a medical malpractice insurance company (since 2020); Director, Link Logistic REIT, a real estate company (since 2021); Director and Member of the Investment & Risk Committee, Resolution Life Group Holdings, a global life insurance group (since 2021); Director, Wharton Graduate Executive Board; Chief Financial Officer, ShoulderUp Technology Acquisition Corp, a special purpose acquisition company (since 2021); and Director, Blackstone Private Equity Strategies Fund L.P. (since 2022). Formerly, Director, Resolution Holdings (2015-2019); Director and Member of the Audit Committee and the Wealth Solutions Advisory Committee, M Financial Group, a life insurance company (2015-2021); Chief Financial Officer, Athena Technology Acquisition Corp, a special purpose acquisition company (2021-2022); and Director, SBLI USA, a life insurance company (2015-2018). |
30 |
None |
Name, Address and Year of Birth |
Position(s) Held with the Fund |
Term of Office and Length of Time Served |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee |
Other Directorships Held by Trustee During the Past 5 Years |
Libby D. Cantrill****(1) 1977 Class II |
Trustee |
Since April 2023 |
Managing Director, Head of Public Policy, PIMCO (since 2007); Institutional Account Manager, PIMCO (2007-2010); Legislative Aide, House of Representatives (2003-2005); Investment Banking Analyst, Morgan Stanley (2000-2003). |
30 |
Member of the Board of Directors, Covenant House New York (2021-Present); Member of the Board, Securities Industry and Financial Markets Association (2022-Present) |
David N. Fisher**** 1968 Class III |
Trustee |
Since 2019 |
Managing Director and Co-Head of U.S. Global Wealth Management Strategic Accounts, PIMCO (since 2021); and Director, Court Appointed Special Advocates (CASA) of Orange County, a non-profit organization (since 2015). Formerly, Managing Director and Head of Traditional Product Strategies, PIMCO (2015-2021); Global Bond Strategist, PIMCO (2008-2015); and Managing Director and Head of Global Fixed Income, HSBC Global Asset Management (2005-2008). |
30 |
None |
Name, Address and Year of Birth |
Position(s) Held with Fund |
Term of Office and Length of Time Served |
Principal Occupation(s) During the Past 5 Years |
Eric D. Johnson1 1970 |
President |
Since 2019 |
Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Flexible Real Estate Income Fund. |
Keisha Audain-Pressley 1975 |
Chief Compliance Officer |
Since 2018 |
Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. |
Ryan G. Leshaw1 1980 |
Chief Legal Officer |
Since 2019 |
Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Formerly, Associate, Willkie Farr & Gallagher LLP. |
Joshua D. Ratner 1976 |
Senior Vice President |
Since 2019 |
Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
Peter G. Strelow1 1970 |
Senior Vice President |
Since 2019 |
Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Formerly, Chief Administrative Officer, PIMCO. |
Name, Address and Year of Birth |
Position(s) Held with Fund |
Term of Office and Length of Time Served |
Principal Occupation(s) During the Past 5 Years |
Wu-Kwan Kit1 1981 |
Vice President Senior Counsel and Secretary |
Since 2018 |
Senior Vice President and Senior Counsel, PIMCO. Vice President, Senior Counsel and Secretary, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. Assistant Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Formerly, Assistant General Counsel, VanEck Associates Corp. |
Douglas B. Burrill 1980 |
Vice President |
Since 2022 |
Senior Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. |
Elizabeth A. Duggan1 1964 |
Vice President |
Since 2021 |
Executive Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. |
Jason R. Duran1 1977 |
Vice President |
Since March 2023 |
Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
Mark A. Jelic1 1981 |
Vice President |
Since 2021 |
Senior Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. |
Name, Address and Year of Birth |
Position(s) Held with Fund |
Term of Office and Length of Time Served |
Principal Occupation(s) During the Past 5 Years |
Kenneth W. Lee1 1972 |
Vice President |
Since 2022 |
Senior Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. |
Greg J. Mason2 1980 |
Vice President |
Since March 2023 |
Senior Vice President, PIMCO. Vice President, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Flexible Real Estate Income Fund. |
Brian J. Pittluck1 1977 |
Vice President |
Since 2020 |
Senior Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. |
Keith A. Werber1 1973 |
Vice President |
Since 2022 |
Executive Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. |
Bijal Parikh1 1978 |
Treasurer |
Since 2021 |
Executive Vice President, PIMCO. Treasurer, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Flexible Real Estate Income Fund. |
Brandon T. Evans1 1982 |
Deputy Treasurer |
Since 2022 |
Senior Vice President, PIMCO. Deputy Treasurer, PIMCO-Managed Funds. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Flexible Real Estate Income Fund. |
Name, Address and Year of Birth |
Position(s) Held with Fund |
Term of Office and Length of Time Served |
Principal Occupation(s) During the Past 5 Years |
Erik C. Brown2 1967 |
Assistant Treasurer |
Since 2015 |
Executive Vice President, PIMCO. Assistant Treasurer, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. |
Maria M. Golota 1983 |
Assistant Treasurer |
Since February 2023 |
Vice President, PIMCO/ Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Flexible Real Estate Income Fund. |
Name of Trustee |
Dollar Range of Equity Securities in the Fund |
Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Trustee in Family of Investment Companies(1) |
Independent Trustees |
|
|
Sarah E. Cogan |
None |
Over $100,000 |
Deborah A. DeCotis |
None |
Over $100,000 |
Joseph B. Kittredge, Jr. |
None |
$50,001–$100,000 |
Kathleen A. McCartney(2) |
None |
None |
William B. Ogden, IV(3) |
None |
$50,001-$100,000 |
Alan Rappaport |
None |
Over $100,000 |
E. Grace Vandecruze |
None |
None |
Interested Trustees |
|
|
Libby D. Cantrill(4) |
None |
None |
John C. Maney(5) |
None |
Over $100,000 |
David N. Fisher |
None |
Over $100,000 |
Name of Trustee |
Name of Owners and Relations to Trustee |
Company |
Title of Class |
Value of Securities |
Percent of Class |
Sarah E. Cogan |
None |
N/A |
N/A |
N/A |
N/A |
Deborah A. DeCotis |
None |
N/A |
N/A |
N/A |
N/A |
Joseph B. Kittredge, Jr. |
None |
N/A |
N/A |
N/A |
N/A |
Kathleen A. McCarthy(1) |
None |
N/A |
N/A |
N/A |
N/A |
William B. Ogden, IV(2) |
None |
N/A |
N/A |
N/A |
N/A |
Name of Trustee |
Name of Owners and Relations to Trustee |
Company |
Title of Class |
Value of Securities |
Percent of Class |
Alan Rappaport |
None |
N/A |
N/A |
N/A |
N/A |
E. Gace Vandecruze |
None |
N/A |
N/A |
N/A |
N/A |
Beneficial Owner |
Class |
Percentage of Class |
NATIONAL FINANCIAL SERVICES LLC 200 LIBERTY ST, ONE WORLD FINANCIAL CENTER NEW YORK NY 10281-1003 |
Common |
21.82% |
CHARLES SCHWAB & CO INC 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 |
Common |
20.82% |
TD AMERITRADE INC PO BOX 2226 OMAHA NE 68103-2226 |
Common |
8.90% |
MERRILL LYNCH PROFESSIONAL CLEARING CORP. 222 BROADWAY NEW YORK, NY 10038 |
Common |
6.15% |
MORGAN STANLEY SMITH BARNEY HARBORSIDE FINANCIAL CENTER,PLAZA 2 JERSEY CITY, NJ 07311 |
Common |
5.39% |
PERSHING LLC 1 PERSHING PLZ JERSEY CITY, NJ 07399-000 |
Common |
5.11% |
Record Owner |
Class |
Percentage of Class |
UBS SECURITIES LLC 677 WASHINGTON BOULEVARD, STAMFORD, CT 6912 |
Preferred |
70.31%* |
BANK OF NEW YORK MELLON ONE WALL STREET NEW YORK, NEW YORK 10286 |
Preferred |
25.48%* |
Name of Trustee(1) |
Aggregate Compensation from the Fund for the Fiscal Year Ended June 30, 2023 |
Pension or Retirement Benefits Accrued as Part of Fund Expenses |
Estimated Annual Benefits Upon Retirement |
Total Compensation from the Fund Complex Paid to the Trustees for the Calendar Year Ending December 31, 2022 |
Sarah E. Cogan |
$20,561 |
N/A |
N/A |
$275,000 |
Deborah A. DeCotis |
$24,299 |
N/A |
N/A |
$325,000 |
Joseph B. Kittredge, Jr. |
$21,308 |
N/A |
N/A |
$250,000 |
Kathleen A. McCartney(2) |
$18,691 |
N/A |
N/A |
$125,000 |
William B. Ogden, IV(3) |
$9,618 |
N/A |
N/A |
$260,000 |
Alan Rappaport |
$19,439 |
N/A |
N/A |
$260,000 |
E. Grace Vandecruze |
$19,069 |
N/A |
N/A |
$250,000 |
Fiscal Year |
Management Fee Paid by Fund (in thousands) |
June 30, 2023 |
$10,910 |
August 1, 2021 – June 30, 2022 |
$10,670 |
July 31, 2021 |
$11,105 |
Portfolio Manager |
Total Number of Other Accounts |
Total Assets of All Other Accounts (in $ Millions) |
Number of Other Accounts Paying a Performance Fee |
Total Assets of Other Accounts Paying a Performance Fee (in $ Millions) |
Alfred T. Murata |
|
|
|
|
Registered Investment Companies |
21 |
$168,162.77 |
0 |
$0.00 |
Other Pooled Investment |
22 |
$45,379.20 |
5 |
$9,569.39 |
Vehicles Other Accounts |
5 |
$1,014.08 |
0 |
$0.00 |
Mohit Mittal |
|
|
|
|
Registered Investment Companies |
30 |
$96,420.59 |
0 |
$0.00 |
Other Pooled Investment |
26 |
$36,183.15 |
4 |
$4,908.28 |
Vehicles Other Accounts |
157 |
$87,612.71 |
12 |
$2,975.46 |
Giang Bui |
|
|
|
|
Registered Investment Companies |
1 |
$226.63 |
0 |
$0.00 |
Other Pooled Investment |
2 |
$6,723.26 |
2 |
$6,723.26 |
Vehicles Other Accounts |
1 |
$439.57 |
0 |
$0.00 |
Name of Portfolio Manager |
Dollar Range of Equity Securities in the Fund |
Alfred T. Murata |
None |
Mohit Mittal |
None |
Giang Bui |
None |
Broker or Dealer |
Value of Securities Held by the Fund as of June 30, 2023 ($000) |
BNP Paribas Securities Corp. |
$128,100 |
Banc of America Securities LLC |
23,512 |
JPMorgan Chase & Co. |
22,115 |
Goldman Sachs & Co. |
17,435 |
Credit Suisse (USA), Inc. |
15,920 |
Citigroup Global Markets, Inc. |
14,951 |
Barclays, Inc. |
8,399 |
Morgan Stanley & Co., Inc. |
7,847 |
UBS Securities LLC |
4,761 |
Deutsche Bank Securities, Inc. |
1,303 |
HSBC Securities (USA), Inc. |
615 |
EX. FILING FEES
Calculation of Filing Fee Tables
424(b)(5)
(Form Type)
PIMCO Corporate & Income Opportunity Fund
(Exact Name of Registrant as Specified in its Charter)
Table 1: Newly Registered and Carry Forward Securities
Security Type |
Security Class Title |
Fee Calculation or Carry Forward Rule |
Amount Registered |
Proposed Maximum Offering Price Per Unit |
Maximum Aggregate Offering Price |
Fee Rate |
Amount of Registration Fee |
Carry Forward Form Type |
Carry Forward File Number |
Carry Forward Initial effective date |
Filing Fee Previously Paid In Connection with Unsold Securities to be Carried Forward | |||||||||||||
Newly Registered Securities | ||||||||||||||||||||||||
Fees to Be Paid |
Equity | Common Shares of Beneficial Interest, $0.00001 par value per share | Rule 456(o) and Rule 457(r) | | | $750,000,000 | $110.20 | $82,650(1) | ||||||||||||||||
Fees Previously Paid |
||||||||||||||||||||||||
Carry Forward Securities | ||||||||||||||||||||||||
Carry Forward Securities |
| | | | ||||||||||||||||||||
Total Offering Amounts | $750,000,000 | $82,650 | ||||||||||||||||||||||
Total Fees Previously Paid | | |||||||||||||||||||||||
Total Fee Offsets | | |||||||||||||||||||||||
Net Fee Due | $82,650 |
(1) | The registration fee is calculated in accordance with Rule 457(o) under the Securities Act of 1933, as amended (the Securities Act), based on the proposed maximum aggregate offering price, and Rule 457(r) under the Securities Act. In accordance with Rules 456(b) and 457(r) under the Securities Act, the registrant initially deferred payment of all of the registration fee for Registration Statement No. 333-274752. |
N-2 - USD ($) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 28, 2023 |
Aug. 31, 2023 |
Jan. 31, 2022 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
[10] | Oct. 31, 2021 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cover [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity Central Index Key | 0001190935 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment Flag | false | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Document Type | 424B5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity Registrant Name | PIMCO Corporate & Income Opportunity Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Table [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder Transaction Expenses [Table Text Block] | Shareholder Transaction Expenses
(1) Represents the maximum commission with respect to the Common Shares being sold in this offering that the Fund may pay to JonesTrading in connection with sales of Common Shares effected by JonesTrading in this offering. This is the only sales load to be paid in connection with this offering. There is no guarantee that there will be any sales of Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus. Actual sales of Common Shares under this Prospectus Supplement and the accompanying Prospectus, if any, may be less than as set forth in this table. In addition, the price per share of any such sale may be greater or less than the price set forth in this table, depending on the market price of the Common Shares at the time of any such sale. (2) You will pay brokerage charges if you direct your broker or the plan agent to sell your Common Shares that you acquired pursuant to a dividend reinvestment plan. You may also pay a pro rata share of brokerage commissions incurred in connection with open-market purchases pursuant to the Fund’s Dividend Reinvestment Plan. See “Dividend Reinvestment Plan” in the accompanying Prospectus.
|
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Sales Load [Percent] | [1] | 1.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Reinvestment and Cash Purchase Fees | [2] | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Transaction Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Transaction Expenses [Percent] | 0.05% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Expenses [Table Text Block] | Annual Expenses
(1) Management Fees include fees payable to the Investment Manager for advisory services and for supervisory, administrative and other services. The Fund pays for the advisory, supervisory and administrative services it requires under what is essentially an all-in fee structure (the “unified management fee”). Pursuant to an investment management agreement, PIMCO is paid a Management Fee of 0.65% based on the Fund’s average daily net assets (including daily net assets attributable to any Preferred Shares of the Fund that may be outstanding). The Fund (and not PIMCO) will be responsible for certain fees and expenses, which are reflected in the table above, that are not covered by the unified management fee under the investment management agreement. Please see “Management of the Fund– Investment Management Agreement” in the accompanying Prospectus for an explanation of the unified management fee. (2) Reflects the Fund’s outstanding Preferred Shares averaged over the fiscal year ended June 30, 2023, which represented 9.88% of the Fund’s total average managed assets (including the liquidation preference of outstanding Preferred Shares and assets attributable to reverse repurchase agreements), at an estimated annual dividend rate to the Fund of 10.14% (based on the weighted average Preferred Share dividend rate during the fiscal year ended June 30, 2023) and assumes the Fund will continue to pay Preferred Share dividends at the “maximum applicable rate” called for under the Fund’s Bylaws due to the ongoing failure of auctions for the ARPS. The actual dividend rate paid on the ARPS will vary over time in accordance with variations in market interest rates. See “Use of Leverage” and “Description of Capital Structure.” (3) Reflects the Fund’s use of leverage in the form of reverse repurchase agreements averaged over the fiscal year ended June 30, 2023, which represented 22.46% of the Fund’s total average managed assets (including assets attributable to reverse repurchase agreements), at an annual interest rate cost to the Fund of 3.55%, which is the weighted average interest rate cost during the fiscal year ended June 30, 2023. See “Use of Leverage—Effects of Leverage” in the accompanying Prospectus. The actual amount of interest expense borne by the Fund will vary over time in accordance with the level of the Fund’s use of reverse repurchase agreements, dollar rolls and/or borrowings and variations in market interest rates. Borrowing expense is required to be treated as an expense of the Fund for accounting purposes. Any associated income or gains (or losses) realized from leverage obtained through such instruments is not reflected in the Annual Expenses table above, but would be reflected in the Fund’s performance results. (4) Other expenses are estimated for the Fund’s current fiscal year ending June 30, 2024. (5) “Dividend Cost on Preferred Shares”, including distributions on Preferred Shares, and “Interest Payments on Borrowed Funds” are borne by the Fund separately from management fees paid to PIMCO. Excluding these expenses, Total Annual Fund Operating Expenses are 0.78%. Excluding only distributions on Preferred Shares of 1.47%, Total Annual Fund Operating Expenses are 2.23%.
|
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Management Fees [Percent] | [3] | 0.74% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expenses on Borrowings [Percent] | [4] | 1.45% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Expenses on Preferred Shares [Percent] | [5] | 1.47% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Annual Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Annual Expenses [Percent] | [6] | 0.04% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Annual Expenses [Percent] | [7] | 3.70% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example [Table Text Block] | Example The following example illustrates the expenses that you would pay on a $1,000 investment in Common Shares of the Fund (including an assumed total sales load or commission of 1.00% and the other estimated costs of this offering to be borne by the holders of Common Shares of 0.05%), assuming (1) that the Fund’s net assets do not increase or decrease, (2) that the Fund incurs total annual expenses of 3.70% of net assets attributable to Common Shares in years 1 through 10 (assuming outstanding Preferred Shares and reverse repurchase agreements representing approximately 32.34% of the Fund’s total managed assets) and (3) a 5% annual return(1):
(1) The example above should not be considered a representation of future expenses. Actual expenses may be higher or lower than those shown. The example assumes that the estimated Interest Payments on Borrowed Funds, Dividend Cost on Preferred Shares and Other Expenses set forth in the Annual Expenses table are accurate, that the rate listed under Total Annual Fund Operating Expenses remains the same each year and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% annual return shown in the example.
|
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Expense Example, Year 01 | [8] | $ 38 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, Years 1 to 3 | [8] | 115 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, Years 1 to 5 | [8] | 193 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, Years 1 to 10 | [8] | $ 399 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purpose of Fee Table , Note [Text Block] | The following table is intended to assist investors in understanding the fees and expenses (annualized) that an investor in Common Shares of the Fund would bear, directly or indirectly, as a result of an offering. The table reflects the use of leverage attributable to the Fund’s outstanding Preferred Shares and reverse repurchase agreements averaged over the fiscal year ended June 30, 2023 in an amount equal to 32.34% of the Fund’s total average managed assets (including assets attributable to such leverage), and shows Fund expenses as a percentage of net assets attributable to Common Shares. The percentage above does not reflect the Fund’s use of other forms of economic leverage, such as credit default swaps or other derivative instruments.. The extent of the Fund’s assets attributable to leverage following an offering, and the Fund’s associated expenses, are likely to vary (perhaps significantly) from these assumptions.
|
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Basis of Transaction Fees, Note [Text Block] | as a percentage of offering price | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses, Note [Text Block] | Other expenses are estimated for the Fund’s current fiscal year ending June 30, 2024. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fee not based on Net Assets, Note [Text Block] | Management Fees include fees payable to the Investment Manager for advisory services and for supervisory, administrative and other services. The Fund pays for the advisory, supervisory and administrative services it requires under what is essentially an all-in fee structure (the “unified management fee”). Pursuant to an investment management agreement, PIMCO is paid a Management Fee of 0.65% based on the Fund’s average daily net assets (including daily net assets attributable to any Preferred Shares of the Fund that may be outstanding). The Fund (and not PIMCO) will be responsible for certain fees and expenses, which are reflected in the table above, that are not covered by the unified management fee under the investment management agreement. Please see “Management of the Fund– Investment Management Agreement” in the accompanying Prospectus for an explanation of the unified management fee. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Objectives and Practices [Text Block] | Investment Objective The Fund’s investment objective is to seek maximum total return through a combination of current income and capital appreciation. Investment Strategy The Fund seeks to achieve its investment objective by utilizing a dynamic asset allocation strategy among multiple fixed-income sectors in the global credit markets, including corporate debt (including, among other things, fixed-, variable- and floating-rate bonds, loans (including, but not limited to, bank and/or other syndicated loans and non-syndicated (private direct) loans), convertible securities and stressed debt securities issued by U.S. or foreign (non-U.S.) corporations or other business entities, including emerging market issuers), mortgage-related and other asset-backed securities, 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. The Fund may invest 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 issuers. The types of securities and instruments in which the Fund may invest are summarized under “Portfolio Contents” in the accompanying Prospectus. The Fund cannot assure you that it will achieve its investment objectives, and you could lose all of your investment in the Fund.
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Risk [Text Block] | Risks Investment in the Common Shares involves substantial risks arising from, among other strategies, the Fund’s ability to invest in debt instruments that are, at the time of purchase, rated below investment grade (below Baa3 by Moody’s Investors Service, Inc. or below BBB- by either S&P Global Ratings or Fitch, Inc.) or unrated but determined by Pacific Investment Management Company LLC (“PIMCO” or the “Investment Manager”) to be of comparable quality, the Fund’s exposure to foreign and emerging markets securities and currencies and to mortgage-related and other asset-backed securities, and the Fund’s use of leverage. Debt securities of below investment grade quality are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and to repay principal, and are commonly referred to as “high yield” securities or “junk bonds.” The Fund’s exposure to foreign securities and currencies, and particularly to emerging markets securities and currencies, involves special risks, including foreign currency risk and the risk that the securities may decline in response to unfavorable political and legal developments, unreliable or untimely information or economic and financial instability. Mortgage-related and other asset-backed securities are subject to extension and prepayment risk and often have complicated structures that make them difficult to value. Because of the risks associated with investing in high yield securities, foreign and emerging market securities (and related exposure to foreign currencies) and mortgage-related and other asset-backed securities, and using leverage, an investment in the Fund should be considered speculative. The sale of Common Shares by the Fund (or the perception that such sales may occur), particularly if sold at a discount to the then-current market price of the Common Shares, may have an adverse effect on the market price of the Common Shares. Before investing in the Common Shares, you should read the discussion of the principal risks of investing in the Fund in “Principal Risks of the Fund” in the accompanying Prospectus. Certain of these risks are summarized in “Prospectus Summary—Principal Risks of the Fund” in the accompanying Prospectus. The Fund cannot assure you that it will achieve its investment objective, and you could lose all of your investment in the Fund.
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Share Price [Table Text Block] | Market and Net Asset Value Information The following table sets forth, for each of the periods indicated, the high and low closing market prices of the Fund’s Common Shares on the NYSE, the high and low NAV per Common Share and the high and low premium/discount to NAV per Common Share. See “Net Asset Value” in the accompanying Prospectus for information as to how the Fund’s NAV is determined.
(1) Such prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions. (2) Effective April 1, 2022, the end of the Fund’s Fiscal year changed from July 31 to June 30. The Fund’s NAV per Common Share at the close of business on August 31, 2023 was $10.72 and the last reported sale price of a Common Share on the NYSE on that day was $14.15, representing a 32% premium to such NAV. As of August 31, 2023, the net assets of the Fund attributable to Common Shares were $1,534,999,472 and the Fund had outstanding 143,115,790 Common Shares and 8,506 Preferred Shares. On August 14, 2023, the Fund commenced a voluntary tender offer for up to 100% of its outstanding ARPS at a price equal to 96% of the ARPS’ per share liquidation preference of $25,000. On September 20, 2023, the Fund announced the results of the tender offer, which expired on September 18, 2023. The Fund accepted 5,085 ARPS for payment, representing approximately 59.78% of its outstanding ARPS, such that on September 19, 2023, the Fund had a total of 3,421 ARPS outstanding (591 shares of Series M, 788 shares of Series T, 641 shares of Series W, 688 shares of Series TH and 713 shares of Series F) with a total liquidation value of $85,525,000.
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Share Prices Not Actual Transactions [Text Block] | Such prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions May Reduce Principal [Text Block] | Under the Sales Agreement among the Fund, the Investment Manager and JonesTrading, upon written instructions from the Fund, JonesTrading will use its commercially reasonable efforts consistent with its normal sales and trading practices, to sell the Fund’s Common Shares, under the terms and subject to the conditions set forth in the Sales Agreement. JonesTrading’s solicitation will continue until the Fund instructs JonesTrading to suspend the solicitations and offers or the solicitation is otherwise terminated in accordance with the Sales Agreement. The Fund will instruct JonesTrading as to the amount of Common Shares to be sold by JonesTrading. The Fund may instruct JonesTrading not to sell the Common Shares if the sales cannot be effected at or above the price designated by the Fund in any instruction. The Fund or JonesTrading may suspend the offering of Common Shares upon proper notice and subject to other conditions. Sales of the Common Shares, if any, under this Prospectus Supplement and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be “at the market” as defined in Rule 415 under the 1933 Act, including sales made directly on the NYSE or sales made to or through a market maker other than on an exchange at prices related to the prevailing market prices or at negotiated prices.
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Common Shares [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lowest Price or Bid | [9] | $ 15.53 | $ 12.40 | $ 12.01 | $ 11.73 | $ 11.50 | $ 12.51 | $ 13.48 | $ 17.94 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Highest Price or Bid | [9] | 18.54 | 14.00 | 14.37 | 13.34 | 14.42 | 15.84 | 16.08 | 21.66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lowest Price or Bid, NAV | 13.78 | 10.75 | 10.83 | 10.72 | 10.89 | 11.21 | 12.61 | 14.15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Highest Price or Bid, NAV | $ 14.33 | $ 10.99 | $ 11.55 | $ 11.29 | $ 11.83 | $ 13.21 | $ 13.86 | $ 14.52 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Highest Price or Bid, Premium (Discount) to NAV [Percent] | 30.70% | 29.03% | 25.28% | 19.32% | 22.72% | 22.65% | 16.55% | 52.21% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lowest Price or Bid, Premium (Discount) to NAV [Percent] | 12.70% | 14.68% | 9.98% | 8.86% | 4.93% | 9.48% | 6.65% | 24.79% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Price | $ 14.15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAV Per Share | $ 10.72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Latest Premium (Discount) to NAV [Percent] | 32.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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