PIMCO High Income Fund : Supplement dated December 22, 2022 to the Fund's Prospectus dated May 31, 2022 (the "Prospectus"), as supplemented from time to time - Form 8-K
December 22, 2022 at 05:11 pm EST
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Supplement dated December 22, 2022 to the Fund's Prospectus dated May 31, 2022 (the "Prospectus"), as supplemented from time to time
The Fund's Board of Trustees approved the elimination of a non-fundamental investment disclosure guideline governing the amount of leverage the Fund can maintain and related asset segregation and coverage requirements that are no longer applicable to the Fund. Accordingly, effective immediately, the following disclosure is removed from the first paragraph of the "Leverage" section:
The Fund currently utilizes leverage principally through its outstanding auction rate preferred shares ("ARPS" and, together with any other preferred shares the Fund may have outstanding, "Preferred Shares") and reverse repurchase agreements. The Fund may also obtain additional leverage through dollar rolls or borrowings, such as through bank loans or commercial paper and/or other credit facilities. The Fund will segregate liquid assets against or otherwise cover its future obligations under such transactions to the extent that, immediately after entering into such a transaction, the Fund's future commitments that it has not segregated liquid assets against or otherwise covered, together with any outstanding Preferred Shares, would exceed 38% of the Fund's total assets.
In addition, effective immediately, the following disclosure is removed from (i) the first paragraph of the "Portfolio Contents - Leverage" section and (ii) the first paragraph of the "Use of Leverage" section of the Prospectus:
The Fund currently utilizes leverage principally through its outstanding auction rate preferred shares ("ARPS" and, together with any other preferred shares the Fund may have outstanding, "Preferred Shares") and reverse repurchase agreements and may also obtain additional leverage through dollar rolls or borrowings, such as through bank loans or commercial paper and/or credit facilities. The Fund will segregate liquid assets against or otherwise cover its future obligations under such transactions to the extent that, immediately after entering into such a transaction, the Fund's future commitments that it has not segregated liquid assets against or otherwise covered, together with any outstanding Preferred Shares, would exceed 38% of the Fund's total assets.
Investors Should Retain This Supplement for Future Reference
Pimco High Income Fund published this content on 22 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 December 2022 22:09:15 UTC.
PIMCO High Income Fund (Fund) is a closed-end management investment company. The Fund seeks to achieve its investment objectives by utilizing a dynamic asset allocation strategy among multiple fixed income sectors in the global credit markets, which include corporate debt, such as fixed-, variable- and floating-rate bonds, bank loans, convertible securities and stressed debt securities issued by United States (US) or foreign (non-US) 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 securities, including emerging of the issuer's credit characteristics, forecast for interest rates and outlook for particular countries/regions, currencies, industries, sectors and the global economy and bond markets generally. The investment manager of the Fund is Pacific Investment Management Company LLC.
PIMCO High Income Fund : Supplement dated December 22, 2022 to the Fund's Prospectus dated May 31, 2022 (the "Prospectus"), as supplemented from time to time - Form 8-K