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Fact Sheet Prospectus

Dividend and Income Fund

PQIIX

Updated April 17, 2024

Fact Sheet Prospectus

Objective

The Fund’s primary investment objective is to seek to provide current income. The Fund’s secondary objective is to seek to provide long-term capital appreciation.

Primary Portfolio

Dividend-paying equities and select fixed income securities

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Overview

Fund Overview

Current income with capital appreciation potential

By investing in dividend-paying stocks around the world and select fixed income securities, the fund aims to offer attractive and current income plus long-term growth of capital.

Why Invest In This Fund

A global and flexible multi-asset income opportunity set

The fund can flexibly navigate across global stocks and bonds to identify attractive income-generating investments that also offer capital appreciation potential.

Builds off of PIMCO’s fixed income expertise

The fund benefits from PIMCO’s fixed income franchise, featuring extensive global resources, top-down macro views, bottom-up sector expertise and robust analytical resources, in an effort to enhance the income and overall portfolio construction while managing the risks associated with income investing.

Incorporates a systematic approach to equity income investing

The fund employs a proprietary systematic global equity income strategy designed to identify stocks with strong and recurrent dividend history.

Our Expertise

The fund is managed by a team of experienced investors with expertise across global bond and stock markets. The fixed income component is led by Dan Ivascyn and Alfred Murata, seasoned investors who also manage the PIMCO Income Fund. The equity component and overall asset allocation decisions are led by Erin Browne and Emmanuel Sharef, who also manage the PIMCO Global Core Asset Allocation Fund.

PRIMARY BENCHMARK

MSCI ACWI High Dividend Yield Net USD

PRIMARY BENCHMARK DESCRIPTION

MSCI ACWI High Dividend Yield Net USD includes large and mid cap stocks across 23 developed markets and 27 emerging markets countries. The index is designed to include companies with high dividend income and quality characteristics, and that have higher than average dividend yields that are both sustainable and persistent. Securities are screened based on track record of consistent dividend payments with capacity to sustain dividend payouts into the future. Securities are also screened based on certain quality factors such as return on equity, earnings variability, debt to equity, and recent 12-month price performance. Issuer weights are capped at 5%. The index is market cap weighted and rebalanced semi-annually in May and November.

SECONDARY BENCHMARK

50% MSCI ACWI High Dividend Yield Index / 50% Bloomberg US Aggregate Index

SECONDARY BENCHMARK DESCRIPTION

The MSCI ACWI High Dividend Yield Index includes large and mid cap stocks across 23 developed markets and 27 emerging markets countries. The index is designed to include companies with high dividend income and quality characteristics, and that have higher than average dividend yields that are both sustainable and persistent. Securities are screened based on track record of consistent dividend payments with capacity to sustain dividend payouts into the future. Securities are also screened based on certain quality factors such as return on equity, earnings variability, debt to equity, and recent 12-month price performance. Issuer weights are capped at 5%. The index is market cap weighted and rebalanced semi-annually in May and November. The Bloomberg US Aggregate Index represents securities that are registered with the Securities and Exchange Commission, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. It is not possible to invest directly in an unmanaged index.

DIVIDEND FREQUENCY

Quarterly

SHARE CLASS INCEPTION

12/14/2011

CUSIP

72201T672

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Managers

Erin Browne and Emmanuel Sharef began managing the fund on 1 November 2021.

Erin Browne

Portfolio Manager, Asset Allocation

View Profile for Erin Browne

Emmanuel S. Sharef

Portfolio Manager, Asset Allocation and Multi Real Asset

View Profile for Emmanuel S. Sharef

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

Yields & Distributions

Historical Prices & Distributions

Distribution Yield (At Nav) 1 as of 03/31/2024 5.00%
1 - Day Distribution Yield as of 04/17/2024 -
30-Day SEC Yield2
Subsidized as of 03/31/2024 4.64%
Unsubsidized2 as of 03/31/2024 4.63%
Latest Dividend Distribution ($ Share)3 as of 03/14/2024 $0.12911
Dividend Distribution (YTD) 4 as of 03/14/2024 $0.12911

disclosures

1The distribution yield for quarterly paying Funds is calculated by taking the average of the prior four quarterly distribution yields. The quarterly distribution yields are calculated by annualizing actual dividends distributed for the quarterly period ended on the most recent quarterly distribution date and dividing by the net asset value for the of the last business day of the quarter. The distribution yield for annual paying Funds is calculated by taking the annual distribution divided by the Fund’s net asset value on ex-date. The yield is annualized if the Fund incepted less than a year ago. The yield does not include long- or short-term capital gains distributions.
2The Subsidized yield includes contractual expense reimbursements and it would be lower without those reimbursements. The Unsubsidized 30 Day SEC yield excludes contractual expense reimbursements. The 30 day SEC Yield is computed under an SEC standardized formula based on net income earned over the past 30 days.
3Data does not include special cash dividends.
4Data is based on distributions since the most recent calendar year end and does not include special cash dividends.

Fees & Expenses

Effective as of 10/30/2023
Gross Expense Ratio 0.76%
Net Expense Ratio 0.75%
The Net Expense Ratio reflects a contractual fee waiver and/or expense reduction, which is in place through 10/31/2024 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 0.69%
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 04/17/2024

NAV $12.02 One Day Return 0.33%
Daily Change $0.04 Daily YTD Return 0.89%

All data as of

All data as of

Click here to view the Price and Performance for all Mutual Funds

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 www.pimco.com or call (888) 87-PIMCO.

Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index.

There is no assurance that any fund, including any fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a fund’s total return in excess of that of the fund’s benchmark between reporting periods or 2) a fund’s total return in excess of the fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a fund’s performance as compared to one or more previous reporting periods.

Certain Funds may offer a share class with an inception date which is different than the inception date of the Fund. For the periods prior to the inception date of a share class, performance information is based on the performance of the Fund’s oldest class shares, adjusted to reflect the fees and expenses paid by that class of shares.

Calendar Year Returns %

All data as of

Growth of $10,000 (hypothetical)

Morningstar and Lipper

disclosures

Performance figures presented reflect the total return performance after fees, unless otherwise noted, and reflect changes in share price and reinvestment of dividend and capital gain distributions on the payable date. All periods longer than one year are annualized. Periods less than on year are cumulative.

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.
Daily YTD return is from the most recent calendar year end.
Prior to 06/16/16, the fund’s primary benchmark was MSCI All Country World Index.
Growth of $10,000 is calculated at NAV and assumes that all dividend and capital gain distributions were reinvested. It does not take into account sales charges or the effect of taxes. Results are not indicative of future performance.

Monthly Morningstar Rating™ is for the share class shown; other classes may have different performance characteristics.


A rating is not a recommendation to buy, sell or hold a fund. © 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.

The monthly Lipper Average and Rankings are calculated by Lipper, Inc, based on the total return performance of funds included by Lipper in that category. Rankings begin with the inception of the actual share class. Lipper does not take into account sales charges.

Portfolio Composition

All data as of unless otherwise stated

Maturity %

Effective Maturity (yrs) 5.68

Duration in Years

Effective Duration (yrs) 3.62

Equity Statistics

Stocks in Portfolio 191
P/E Ratio (Forward) 10.85
Weighted Median Market Cap ($US MM) 58,478.09
Active Share (%) 87.52
P/E Ratio (Trailing) 11.45
Weighted Avg Market Cap ($US MM) 149,535.14

Top Countries Market Value %

United States 90.50
United Kingdom 4.72
Switzerland 3.16
Brazil 2.89
France 2.58
Australia 2.47
Spain 2.20
Taiwan 2.14
Mexico 2.01
Italy 1.64

Risk Characteristics
(Trailing 3 Years)

Standard Deviation5 10.21
Sharpe Ratio6 0.29
Beta7 0.73
R-Squared8 0.92

Top GICS Sectors
Market Value %

Health Care 17.14
Financials 16.91
Consumer Staples 14.02
Industrials 10.96
Information Technology 10.62
Energy 8.34
Materials 6.84
Consumer Discretionary 5.92
Communication Services 5.24
Utilities 2.94

Sector Allocation - Fixed Income Duration %

US Government Related9 -12.69
Securitized10 97.88
Invest. Grade Credit 12.38
High Yield Credit 2.14
Non-USD Developed -8.87
Emerging Markets11 5.92
Other12 1.04
Net Other Short Duration Instruments13 2.19

Sector Allocation - Equity Market Value %

EM Equities 6.86
Developed Equities 45.96
Fixed Income 69.02
Other12 -66.51
Net Cash 44.67

Top Holdings Market Value %

(as of 3/31/2024)

Abbvie Inc 1.63
Johnson & Johnson Company 1.61
Cisco Systems Inc 1.32
Coca Cola Company 1.16
Verizon Communications Inc 1.13
Roche Holding Ag 1.09
Target Corporation 1.07
Altria Group Inc 1.00
Merck & Co Inc 0.97
Banco Bilbao Vizcaya Argentaria Sa (Bbva) 0.91

disclosures

5Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation.
6The Sharpe Ratio measures the risk-adjusted performance. The risk-free rate is subtracted from the rate of return for a portfolio and the result is divided by the standard deviation of the risk-free rate subtracted from the portfolio returns.
7Beta measures the market-related volatility of a portfolio. Beta is measured against the Fund’s primary benchmark. The beta of the market is 1 by definition. A beta greater than 1 indicates that a portfolio’s market risk is greater than the overall markets, while a beta less than 1 indicates a lower market risk for the portfolio. It is important to note that having a low beta does not necessarily imply low volatility, since a portfolio may experience volatility due to factors independent of the market.
8R-squared measures the percentage of a portfolio's movements that are explained by movements in the overall market. Standard deviation is an absolute measure of volatility measuring dispersion about an average which, for a mutual fund, depicts how widely the returns varied over a certain period of time.
9May include nominal and inflation-protected Treasuries, Treasury futures and options, agencies, FDIC-guaranteed and government-guaranteed corporate securities, and interest rate swaps.
10The Securitized bucket will include Agency MBS, non-Agency MBS, CMBS, ABS, CDO, CLO, and Pooled Funds.
11Emerging 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.
12May include municipals, convertibles, preferreds, and yankee bonds.
13Net Other Short Duration Instruments includes securities and other instruments (except those 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 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 or take into account other pertinent factors 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.
Portfolio information in the charts is based on the fund's net assets. These percentages may differ from those used for the fund's compliance calculations, including the fund's prospectus, regulatory, and other investment limitations and policies, which may be based on total assets of the fund or other measurements, may include or exclude various categories of investments from those covered in the portfolio allocation categories shown in this report, and may be based on different classifications and measurements of the fund’s investments and other criteria.
References to specific sectors, securities or issuers are for illustrative purposes only. All holdings are subject to change daily. All share classes have the same portfolio but different expenses.
Holdings are subject to change. The Fund's Top Ten Holdings solely reflect long positions. Securities sold short, derivatives, cash and cash equivalents are not taken into consideration. Long positions for debt (excluding cash equivalents, which generally mean investment grade debt instruments with durations of one year or less) and equity are calculated separately, and in each case, total equity holdings or total debt holdings of an issuer may be aggregated into separate line items. Other than the Fund's initial Top Ten Holdings report, newly initiated holdings will be withheld for the first 60 days unless the issuer has been previously disclosed in an annual-, semi-annual report or reported to the SEC on Form N-Q. Top Ten Holdings generally are shown as of the last day of each month (with a 10 business day delay) but may be delayed provided it is in the best interest of the Fund.
P/E Ratio is a ratio of security price to earnings per share. Typically, an undervalued security is characterized by a low P/E ratio, while an overvalued security is characterized by a high P/E ratio. Trailing P/E Ratio looks back at 12-month earnings per share while Forward P/E Ratio looks at earnings per share estimates for the next fiscal year.
Market capitalization is the value of a corporation as determined by the market price of its issued and outstanding common stock. It is calculated by multiplying the number of outstanding shares by the current share price. Active share measures the proportion of stock holdings in a portfolio’s composition to the composition of its benchmark.
Duration is a measure of a portfolio’s price sensitivity expressed in years. 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.

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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.  Please read them carefully before you invest or send money.
A word about risk:

Equities may decline in value due to both real and perceived general market, economic, and industry conditions. 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. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. 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. are subject to risk, such as poor performance by the manager, adverse changes to tax laws or failure to qualify for tax-free pass-through of income. Model Risk is the risk that the Fund’s investment models used in making investment allocation decisions may not adequately take into account certain factors and may result in a decline in the value of an investment in the Fund. The fund invests in other PIMCO funds and performance is subject to underlying investment weightings which will vary. 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. Diversification does not ensure against loss.
PIMCO does not provide legal or tax advice. Please consult your tax and/or legal counsel for specific tax or legal questions and concerns.
PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the current opinions of the manager and such opinions are subject to change without notice. For Informational Purposes Only. 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 LLC in the United States and throughout the world. ©2024, PIMCO
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CMR2021-1027-1895375